PTI MNA Dr Arif Alvi. PHOTO: MUHAMMAD NOMAN
The sudden resignation of the governor of the State Bank of Pakistan created ripples in the National Assembly session on Friday.
The opposition accused the government of what it called a ‘systematic assault’ on economic institutions, with MNA Dr Arif Alvi alleging that the government is forcing the heads of autonomous organisations to resign. The SBP governor, he claimed, resigned under pressure from the government and finance ministry.
Meanwhile, MNA Asad Umar said officials including the prime minister had taken hefty loans from the banks due to a lack of economic policies and the state bank’s pliable position. “The loan cases of a number of people including the Leader of the House are pending in various courts,” he pointed out, adding that the SBP is entitled to ask the prime minister and finance minister why it must grant a Rs100 billion loan simply on the government’s request.
“In order to effectively regulate the economy, SBP should function as an independent organisation,” he added, saying, “We suspect the governor resigned after the institution’s autonomy was challenged in consistent interference from the government.”
He questioned the government’s intentions as the heads of the National Electric Power Regulatory Authority, Securities and Exchange Commission of Pakistan and Competition Commission of Pakistan have yet to be appointed. Pakistan’s foreign exchange reserves, currently at Rs3.3 billion, are being arranged from commercial banks, he said.
PTI MNA Shafqat Mahmood cited the case of former NADRA chairman Tariq Malik, saying “he was first removed and then his family was threatened and harassed.” Mahmood said Pemra Chairman Chaudhry Rashid Ahmad is also being harassed by the government. He said the government is dragging its feet on the appointment of a permanent head of the ECP.
PML-N’s Mian Abdul Manan came to his party’s defence, saying the PTI leaders did not have their facts in order. “There is propaganda against the printing of notes,” he said, “but the government printed notes worth Rs780 billion and deposited Rs464 billion of this amount.”
Mass grave in Khuzdar
The Ministry of States and Frontier Region’s (SAFRON) Abdul Qadir Baloch informed the assembly session that the Balochistan government has sought the services of a High Court judge to probe the discovery of a mass grave in the Tutak area of Khuzdar.
Speaking on a point of order, JUI-F member Aliya Kamran said no federal or provincial minister has visited the site of the graves or the bereaved families. “It is unfortunate that the government is not paying attention to the atrocities committed against the people of Balochistan,” she said.
Published in The Express Tribune, February 1st, 2014.
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Governor, State Bank"s sudden resignation indicates that he had immense pressure from the government on various issues. Rising inflation in the country, devaluation of Pak rupee value against dollar, printing of unlimited notes and huge borrowing from the local banks and IMF etc. are a few examples. A country whose tax base is limited mostly depends on loans from home and abroad. This is the worst thing as the debt continues to multiply and eventually government is unable to pay even interest on such loans what to speak of payment of original principal amount. Such heavily indebted countries cannot exist for a long time unless remedial measures are taken. At the same time this is the easiest way for the running of the government to complete its tenure. We should take serious steps to put our country on proper track by taking stringent steps. Unfortunately our present and previous governments did not take effective steps and corruption in the country has increased manifold particularly in revenue generating departments which is alarming. Present government has also failed to take effective steps to revive the economy and to check the corruption in the country and is totally dependent upon taking huge loans from local banks and IMF due to which prices of commodities are increasing , inflation is rising and unemployment is increasing day by day. Moreover this government is used ti appoint persons of its own liking on important posts and puts pressure on persons who do not obey its policies and hinder its motives.
PTI is the only true opposition in the Parliament . It is nice to see PTI cadre as most educated, highly professional and sophisticated amongst all other opposition groups.The MQM is second best noW entangled in the web of its own making.
PMLN is systematically removing bureaucrats who do not tow their lines by act of harassment threat and fear . PPP is now redundant as an opposition. The two crooks are now busy in meeting to greet and eat and making people fool by their conniving deeds.
As for JUI their patronizing hypo racy and opportunism has always been exemplary they are uncounted as opposition , and are always easily subdued by baiting . So the educated fraternity of this nation is very aware of who is the true opposition and the government fear most , while as always the uneducated and not so educated are fooled by party loyalties kinships and ethnic divides.
Why cry now. This is kleptocracy. As we say in punjabi, Hoor choopu
Munaf, With two suspects in custody of agencies and Ch Nisar for alleged Imran Farooq case, Don't expect any real opposition from MQM ;)
So Dr Arif also shouted out in the Speaker's corner of Pakistan's Hyde Park called (National) Assembly and Parliament
@Munaf Saleem: you are not
Instead of giving more autonomy and depoliticizing state institutions, Pmln is heading the wrong direction altogether.
I'm an MQM supporter but here I would agree with PTI. Clearly shows that there's something really fishy. I have voted for MQM twice (2008 and 2013) but really sad to see they are not doing any opposition.