Pakistan

SBP governor to be nominated next week: Finance Minister Miftah Ismail

Published

2 years ago

Farwa

Finance Minister Miftah Ismail says Acting SBP Governor Murtaza Syed has no hand in depreciation of rupee.
Defence Minister Khawaja Asif says govt will take all necessary steps needed to revive the economy.
If we had gone home, country could have gone bankrupt. We made a political sacrifice for the sake of country, says Asif.

ISLAMABAD: Finance Minister Miftah Ismail announced on Thursday that the government will nominate a new governor of the State Bank of Pakistan — a post that has remained vacant for more than two months — in the next week.

Addressing a press conference along with Defence Minister Khawaja Asif, the finance czar of the country said that the new governor will be nominated next week.

While talking about the depreciating rupee, Miftah also assured the reporters that Acting SBP Governor Murtaza Syed had no hand in the depreciation of the rupee.

He added that the local currency would stabilise against the greenback next month.

“Due to import payments of $7.5 billion, pressure is coming on the rupee,” said the finance minister, adding that the rupee had also come under pressure due to the political crisis that resulted following PML-N’s thrashing in the July 17 by-polls.

“The demand for dollars in banks will decrease. Last month, there were imports of $7.5 billion and this month’s imports are less than last year,” said Miftah.

He further stated that the government was focusing on minimising imports and increasing exports.

The finance minister also stated that there has been a significant decrease in the import of diesel and furnace oil, adding that the country has a couple of months of furnace oil in its reserve.

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“The economy is moving in the right direction,” said the finance minister, repeating what his colleague Khawaja Asif had said in the press conference that the coalition government would sacrifice its political capital for the sake of the country.

Talking about the pressure on him, Miftah dismissed those rumours by saying that no one in the federal cabinet has accused him of the loss the PML-N took in the July 17 by-polls.

Reviving Pakistan’s economy main priority: Khawaja Asif

On the other hand, Asif assured the reporters that the coalition government’s main priority was to revive the economy.

“Will take all necessary steps needed to revive the economy,” the defence minister said while noting that his party may face the voters’ wrath in the elections.

“How many finance ministers did the previous government change? Whatever we did in three months, we did it sincerely,” said Asif.

The ministers also spoke about the PML-N’s thumping in Sunday’s by-polls, saying that compared to 2018, the PML-N’s vote bank had increased.

“In the constituencies where we took 6,000 votes last time, we grabbed 45,000 votes. Compared to 2018, we took 200,000 more votes in the recent by-elections,” said Asif.

The PML-N stalwart noted that there were some districts where his party had no vote banks in the past but received a large number of votes from those areas on Sunday. He also noted that the party had given tickets to PTI defectors instead of its workers in some places which had made them heartbroken.

“Ever since we took an oath, we have tried to bring stability rather than doing politics. We will learn from the experience of July 17,” said Asif.

The minister also reminded the media persons that the coalition government had taken over the charge themselves.

“If we had gone home, the country could have gone bankrupt. We made a political sacrifice for the sake of the country,” said Asif.

Latest News

PSX surpasses 72,000 and reaches an all-time high.

Published

1 hour ago

Farwa

During intraday trading, the benchmark KSE-100 index increased by 854.19 points from its previous finish of 71,359.40 points to stand at 72,213.59.

The KSE-100 index broke yet another record, according to Muhammad Sohail, CEO of Topline Securities. According to him, following a record current account surplus, consumer inflation is anticipated to decline.

This outstanding accomplishment indicates strong growth potential in the near future and demonstrates investors’ faith in the nation’s economic prospects.

On Monday, the KSE-100 index broke beyond the crucial 71,000 threshold.

The KSE-100 Index dropped 74.06 points (-0.10 percent) to close at 71,359.40 points on Tuesday, marking a turbulent session for the Pakistan Stock Exchange.

Although the market started the day on a strong up note, trading remained erratic as the index fluctuated in both directions.

The last 45 minutes saw significant selling pressure on the index as a result of profit-taking; otherwise, the session had stayed in the range.

It is important to note that Islamabad is presently expecting the transfer of $1.1 billion under the terms of the stand-by arrangement (SBA), which was signed in the final days of the coalition government led by the PDM and was in force from July 1, 2023, to March 31, 2024.

It was previously reported that Pakistan has formally requested the International Monetary Fund (IMF) to seek the next bailout package under the Extended Fund Facility (EFF), which is expected to total between USD 6 and USD 8 billion.

Pakistan has applied twice to the International Monetary Fund (IMF) for support under two different categories: additional climate funding and the extended fund facility (EFF).

Latest News

The LHC deems ECP’s NA-79 recounting order null and void.

Published

1 hour ago

Farwa

Ahsanullah Virk, a member of parliament, filed a petition against the Election Commission of Pakistan’s order to recount the votes in NA-79. The appeal was considered by a single bench of the high court, which is composed of Justice Shahid Karim.

The bench allowed the appeal and overturned the ECP’s directive to recount the votes cast in the constituency.

Previously, the attorney for the electoral body asked for more time to obtain guidelines from the ECP.

“Notification has already been sent out by the electoral commission. The bench stated, “The decision is in front of us; the time could have been granted over an ambiguity on the issue.”

The bench said, “The election commission’s decisions are shocking; the ECP should not have allowed this to happen.”

The petitioner’s attorney had earlier requested to view the returning officer’s report from the bench.

Justice Shahid Karim questioned, “Why is all of this happening in Gujranwala?”

Latest News

MoUs are signed by Pakistan and China on IT, flood recovery, and other areas.

Published

1 hour ago

Farwa

Prime Minister Muhammad Shehbaz Sharif received a visit by a high-level team of the Chinese International Development Cooperation Agency, headed by Luo Zhaohui, the agency’s chairman, in Islamabad. Jiang Zaidong, the Chinese ambassador to Pakistan, was present at the meeting as well.

Together with a Letter of Exchange regarding the establishment of a First Aid Centre in Balochistan and Protocol on Cooperation in Human Resources Development under the Global Development Initiative, the Prime Minister witnessed the signing ceremony of four Memorandums of Understanding focusing on Flood Rehabilitation, Information and Communication Technologies, Juncao Technology, and China-Pakistan Development Cooperation Planning 2024–2028.

As he welcomed the team, Prime Minister Shehbaz praised China’s unwavering support for Pakistan and stated that it is Pakistan’s most reliable ally. The prime minister praised CIDCA in particular for its crucial assistance during the 2022 floods as well as for its relief, rehabilitation, and reconstruction efforts in Pakistan, acknowledging CIDCA’s critical role in supporting Pakistan’s economic development.

He stated that the advancement and prosperity of the peoples of the two nations, as well as Pakistan’s socioeconomic development, have been facilitated by the China-Pakistan Economic Corridor (CPEC). He thought that more industrial, scientific, and environmentally friendly development will come from CPEC Phase-II.

He continued by saying that CPEC-II offers the private sectors of both nations the chance to establish collaborative partnerships.