Connect with us

Pakistan

Ishaq Dar takes oath as senator after five years of self-exile

Published

on

  • Dar will take oath as finance minister tomorrow (Wednesday).
  • President Arif Alvi to administer oath to Dar at Aiwan-e-Sadar.
  • Preparations for oath-taking ceremony are underway.

PML-N leader Ishaq Dar on Tuesday took oath as a senator during a swearing-in ceremony at the Senate after living five years in self-imposed exile in the United Kingdom.

Dar had been successfully elected to the Senate from Punjab but had been out of the country since October 2017.

Senate Chairman Sadiq Sanjarani administered the oath amid the ruckus created by the Opposition. PTI members tore the copies of the agenda of the meeting to register their protest and also surrounded the dais.

The Senate chairman directed all members to maintain the decorum of the Upper House as Dar continued to receive felicitations from members of the coalition parties.

The politician, who touched down in Pakistan with Prime Minister Shehbaz Sharif Monday night, will swear in as the federal finance minister tomorrow (September 28) at 10am.

President Arif Alvi will administer the oath to Dar at Aiwan-e-Sadar. All arrangements for the oath-taking ceremony will be completed by tomorrow morning.

‘Rupee’s value kept artificially low’

Blaming the hundi and hawala businesses, Dar said that the rupee’s value has been kept low artificially, adding that such practices cannot hold the local currency hostage.

In a question-and-answer break during the Senate session, Dar said that the US dollar depreciated by around Rs10 against the rupee since he landed in the country, stating that one of the problems faced by the country is the artificial depreciation of the rupee.

“Inflation is also high,” he said listing the issues that the coalition government has to fix.

Referring to the winning streak of the rupee in the market, the PML-N leader said that the country’s debt reduced by Rs1,350 billion in less than 24 hours. He also stressed the need for amendments to the previous finance bill.

‘I will try my best to pull Pakistan out of maelstrom’

“I have returned to my country by the grace of God. I will try my best to pull Pakistan out of the [economic] maelstrom it is surrounded with,” Dar had said earlier.

He shared that PML-N President Nawaz Sharif and the PM have handed over the responsibility of the finance ministry to him.

“[We] pulled Pakistan out of an economic maelstrom back in 1998 and 2013,” the incoming finance minister said.

Dar has returned to “facilitate” the government in its efforts to resurrect the cash-strapped economy by taking over the key portfolio of the finance ministry.

Miftah Ismail stepped down as the finance minister in line with the party’s decision ahead of Dar’s arrival

The decision was made during a meeting of PML-N leaders in London, including Nawaz Sharif, PM Shehbaz, and others. During the session, several issues related to the country were discussed in detail.

According to a PML-N spokesperson, during the meeting, Miftah handed over his resignation to Nawaz and thanked him for giving him a chance to lead the ministry.

Miftah also said that over the last four months, he performed to the best of his abilities and remained loyal to his party as well as the country.

However, he will continue to remain part of the government. 

Latest News

government contests Imran Khan and Qureshi’s exoneration in the cipher case

Published

on

By

On Thursday, the federal government led by Prime Minister Shehbaz Sharif filed a lawsuit in the Supreme Court contesting the exoneration of former Foreign Minister Shah Mehmood Qureshi and former Prime Minister Imran Khan in the well-known cipher case.

Citing procedural and jurisdictional issues, the Ministry of Interior has appealed the Islamabad High Court’s (IHC) ruling.

In hearing the cipher case, the High Court allegedly overreached its power, arguing that judges cannot change laws where Parliament has not expressly passed legislation.

Despite receiving government-funded legal representation, the petition emphasized Imran Khan and Shah Mehmood Qureshi’s lack of cooperation during the trial, submitting 65 separate motions and neglecting to cross-examine witnesses.

The petition contended that in order for a retrial to satisfy legal standards, the High Court should have ignored important evidence that was given during the trial. It requests that the appeals contesting the IHC’s June 3 acquittal be given a hearing date by the Supreme Court.

Case history

The cipher issue concerns a supposed diplomatic document that disappeared from Imran Khan’s custody. The cipher allegedly contained threats from the US to remove Khan from office, according to the Pakistan Tehreek-e-Insaf (PTI) party. Shah Mehmood Qureshi and several aides, including Asad Umar, are named in the First Information Report (FIR) submitted by the Federal Investigation Agency (FIA) in accordance with Section 34 of the Pakistan Penal Code and Sections 5 and 9 of the Official Secrets Act.

The then-foreign secretary received a diplomatic cipher from Washington on March 7, 2022, according to the FIR. The lawsuit claims that by manipulating the data for their own benefit, Khan and Qureshi put the safety of the country at risk. It alleges that on March 28, 2022, Khan secretly met at his Bani Gala home and gave his Principal Secretary, Muhammad Azam Khan, instructions to change the content of the cipher to his advantage, jeopardizing national security.

The document asserts that Khan still has custody of the cipher, jeopardizing Pakistan’s encrypted messaging systems and possibly helping foreign forces, which would be detrimental to the nation. A complaint has been filed by the FIA’s Anti-Terrorism Wing against Khan, Qureshi, and other individuals for improper use of state secrets and unapproved possession of the cipher.

Acquittal by the Islamabad High Court

In the cipher case, on June 3, the IHC cleared Khan and Qureshi when Justice Aamir Farooq issued a succinct ruling in their favor. Their sentences were appealed in the case, which has since been a source of political and legal controversy, leading to their acquittal.

This acquittal and the ongoing legal and political struggles surrounding the cipher case are highlighted by the government’s subsequent move to contest it.

With potentially huge ramifications for the parties involved and the larger political scene, the Supreme Court’s decision over whether to hear the appeal will be keenly scrutinized.

Continue Reading

Latest News

Shahid Khaqan Abbasi urges political stability in order to accelerate economic expansion.

Published

on

By

Shahid Khaqan Abbasi, the former prime minister, emphasized on Thursday how important political stability is to Pakistan’s economic development and how the nation cannot prosper without it.

His concern was that export growth had not progressed, and he emphasized that stability in the current climate is vital to draw investments and carry out the necessary reforms.

In his criticism of the tax system, Abbasi brought up the erratic nature of tax laws and the transient nature of the most recent tax slab implementation. Insisting that difficult choices are unavoidable for economic recovery, he emphasized the necessity of designing a tax system that is equitable and does not burden the people.

Furthermore, arguing that the effectiveness of organizations like the Federal Board of Revenue (FBR) and National Accountability Bureau (NAB) is essential for economic governance and transparency, Abbasi urged for changes within these and other organizations.

Abbasi, in his discussion of more comprehensive fiscal plans, suggested that the National Finance Commission (NFC) award be reviewed again and that power distribution companies (DISCOs) be decentralized to the provinces.

In order to reduce inefficiencies and corruption at the provincial level, he recommended looking into ways to share the cost of defense spending and decentralize the management of energy resources.

In closing, Abbasi emphasized that Pakistan’s economic trajectory will stay stagnant unless comprehensive changes are implemented immediately. To move the nation towards sustainable progress, he urged policymakers to give stability and structural reforms first priority.

Continue Reading

Latest News

Through in-app QR payments, Zindigi and SBP streamline transactions involving sacrificial animals.

Published

on

By

With its in-app QR code payment system based on Raast, Zindigi—powered by JS Bank—has elevated the convenience of cashless payments for the procurement of sacrificial animals to a whole new level for Eid ul Adha.

This program uses QR code payments to streamline transactions for sacrificed animals for the general public and traders. It is a component of the State Bank of Pakistan’s Raast quick payment service.

This feature enables users of Zindigi and users of any digital banking apps or wallets to safely and easily make payments at certain cattle markets throughout Pakistan using Zindigi QR. The consumer must scan the QR code of the livestock merchant and pay the transaction amount in order to complete the payment.

In order to further financial inclusion and digital innovation in Pakistan’s developing economy, Zindigi and the State Bank of Pakistan have partnered. Both organizations are committed to improving the efficiency and accessibility of financial services, especially on holidays such as Eid ul Adha, by utilizing the most recent developments in fintech.

One of the most important steps toward promoting financial inclusion and economic empowerment at the local level is the integration of livestock markets into the digital economy. Farmers and retailers may take charge of their financial operations and help realize the larger goal of an inclusive digital Pakistan by adopting digital payments.

Continue Reading

Trending