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

Rainfall throughout the night stops flights in Lahore.

Published

14 hours ago

Farwa

Allama Iqbal International Airport experienced many hours of flight disruption due to the intense rainfall and windstorms that occurred overnight in Lahore, the provincial capital of Punjab.

Aviation sources claim that because of the monsoon weather, the flight operation was unable to operate between 3 and 4 am.

It is possible that the planes will arrive at the airport at 4 am.

Amidst delays in foreign airline flights, three aircraft made landings in Multan and Peshawar.

Riyadh flights arrived in Peshawar Airport, while flights scheduled to land in Lahore in Abu Dhabi and Bahrain ended up landing in Multan Airport.

Seven hours later than scheduled, the Qatar Airways flight from Doha arrived in Lahore.

Because of the bad weather, there are delays in the arrival and departure of numerous international planes.

Latest News

Changes to Pakistan’s Test team could be significant for the Bangladesh series.

Published

14 hours ago

Farwa

Major changes to Pakistan’s team are anticipated ahead of the forthcoming Test series against Bangladesh, sources in Lahore have revealed.

As the team gets ready for the series, meetings with the players are planned for next week.

It is predicted that the Test squad would undergo several changes. The team’s lineup is expected to be strengthened by the likely inclusion of Muhammad Huraira. Key players like Faheem Ashraf, Wasim Jr., Saim Ayub, and Nauman Ali, whose contributions are vital to the team’s success, struggle to get a spot on the squad.

Furthermore, according to sources, Imamul Haq or Sahibzada Farhan are anticipated to be added to the team, subject to additional assessment. Furthermore, following a fitness assessment, Amir Jamal and Hasan Ali’s futures will be determined.

The ultimate selection for the Test team will take place following Red Ball head coach Jason Gillespie’s return to Pakistan. The ultimate squad that will play Bangladesh in the forthcoming Test series will be greatly influenced by his assessments and thoughts.

Pakistan is scheduled to visit New Zealand in March and April of 2025, according to the country’s official cricket schedule, which was released earlier this month.

Throughout their visit, the Pakistan cricket team will play three One Day Internationals (ODIs) and five Twenty20 Internationals (T20Is) in an exciting series.

The T20I series, which starts at Hagley Oval in Christchurch on March 16, will serve as the tour’s opening event.

Latest News

PM Meets With KP Lawmakers: Promises Progression and Relief Efforts in Province

Published

14 hours ago

Farwa

Khyber Pakhtunkhawa lawmakers are given assurances by Prime Minister Shehbaz Sharif regarding the province’s development, namely in the amalgamated districts, with a particular emphasis on the provision of standard health and educational facilities.

Khyber Pakhtunkhwa National and Provincial Assembly members paid a visit to Prime Minister Muhammad Shehbaz Sharif at PM House.

During the meeting, the Prime Minister stated that the PML-N Government has always given priority to the development of the combined districts.

The prime minister promised that the combined Districts would have standard health and educational facilities, and that Danish Schools would be established nearby to offer local pupils an education of the highest caliber possible.

The PM also underlined the importance of promoting solar energy, combating electricity theft, and helping the middle class and impoverished.

He said that in order to boost the agriculture sector’s growth, expand the amount of land under cultivation, and reduce the nation’s reliance on foreign fuel imports, the government was converting agricultural tubewells to solar energy nationwide.

According to PM Shehbaz Sharif, the government recently provided significant reduction from electricity rates for those with low and moderate incomes.

At the event, he also announced the creation of a committee headed by the deputy prime minister, whose goal will be to identify long-term solutions to the issues facing Khyber Pakhtunkhwa’s elected officials.

He argued that in order to preserve the nation from going into default, the current government had to make difficult political choices in order to revitalize the economy.

The parliamentarians gave Prime Minister Shehbaz Sharif high marks for his visionary leadership in transforming Pakistan’s economy.