Govt under fire in NA over ‘mini-budget’

ISLAMABAD:

The joint opposition on Wednesday rejected the PTI-led government’s plan to introduce the supplementary finance bill or mini-budget, vowing to vehemently resist it in parliament.

It also lashed out at the amendment bill -- passed a day earlier -- that gave absolute autonomy to the central bank.

On Tuesday, the federal cabinet had put off the approval of the mini-budget, which was scheduled to be tabled in Wednesday’s National Assembly session.

Taking the floor of the NA, PML-N's Khawaja Asif said the country was surrendering its economic sovereignty through the supplementary finance bill and the State Bank of Pakistan (SBP) Amendment Bill, 2021.

He maintained that this would be worse than the "territorial surrender" on December 16, 1971 – when East Pakistan separated from the rest of the country and became Bangladesh.

Asif claimed that the central bank had become a local branch of the International Monetary Fund (IMF), adding that the SBP governor was disguised as a "viceroy”.

“Pakistan has become a "financial colony" of international institutions.”

The PML-N leader pledged to oppose the SBP bill and the mini-budget and stressed the need to build consensus on both the issues.

He warned that the country would be stripped of its nuclear assets next.

PPP MNA Raja Pervez Ashraf also voiced his concerns over the government’s plan to introduce a mini-budget.

"Inflation, unemployment and the shortage of gas and other commodities have already ruined the lives of the people of the country,” he claimed.

“Now, if a mini-budget is on the cards that would increase their [peoples’] difficulties, then everyone sitting in the House should resist the move.”

NA Deputy Speaker Qasim Suri, who was chairing the session, told the MNAs no such bill had been presented in the House so far, and they could debate on it when it was presented.

When Foreign Minister Shah Mahmood Qureshi was given the floor to speak, the opposition lawmakers pointed out the lack of quorum and staged a walkout.

The deputy speaker then ordered a headcount and declared that the quorum was complete.

He gave the floor to the foreign minister again and the opposition lawmakers returned to the House to participate in the proceedings.

Qureshi assured the House that the government would protect the country's economic sovereignty.

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He added that protecting the country's economic independence was the joint responsibility of the government and parliament.

About the country’s nuclear assets, the minister said: “There is, was and will remain a national consensus on credible minimum deterrence.”

Qureshi also conceded that it was the government's responsibility to fulfil the quorum.

However, he urged the opposition not to repeatedly point out the quorum as it disrupted the smooth functioning of the House.

Earlier, the joint opposition held a meeting in a chamber and discussed in detail the strategy to prevent the mini-budget and other “IMF-dictated” legislation from being passed in the House.

The meeting was attended by PML-N Senior Vice President Shahid Khaqan Abbasi, Khawaja Asif, PPP Leader Naveed Qamar, JUI-F parliamentary leader Maulana Asad Mahmood and other central leaders of the joint opposition.

After mutual consultation and consensus, the leaders devised a strategy to block the mini-budget and State Bank-related bills in parliament, and ensure the attendance of all opposition lawmakers on the day the legislation would be tabled.

They held the view that the mini-budget was another “mega U-turn” of Prime Minister Imran Khan that would lead to “grave damage to the nation economy, interests and security”.

Read more Cabinet okays SBP bill, defers mini-budget

They pointed out that the PTI-led government had already buried the country under unprecedented loans. They added that the growth rate had plunged to a disastrous level; trade and budget deficits were at historic highs; US dollar had crossed Rs180; foreign exchange reserves were depleting fast; electricity and gas tariffs were shooting through the roof and the prices of essential commodities were out of the purchasing power of the common man.

With this situation at hand, another “mini-budget bomb” would prove to be the last nail in the coffin of the country's economy and its people, they observed.

The joint opposition leaders pledged to use all their power and resources to prevent the passage of these laws.