Pakistan govt, opposition lock horns over SBP amendment bill
Jan 23, 2022
Islamabad [Pakistan], January 23 : Pakistan Tehreek-i-Insaf (PTI) led coalition government and opposition are expected to lock horns next week over the State Bank of Pakistan (Amendment) Bill 2021 in Senate.
Imran Khan's (PTI) government will make an all-out attempt to pass the bill to meet the conditions of the International Monetary Fund (IMF) amid a clear message from main opposition parties Pakistan People Party and Pakistan Muslim League-Nawaz (PML-N) -- to block its passage in the Upper House due to their numerical strength. This will be a test case for the opposition parties' claims, according to Dawn.
Further, the IMF board meeting is scheduled for January 28 and will take up Pakistan's request for approval to ensure the release of USD 1 billion for the country.
However, it is linked with prior actions such as the passing of the Finance (Supplementary) Bill 2021 and the State Bank of Pakistan (Amendment) Bill 2021.
The Finance (Supplementary) Act 2021 has already been enacted through parliament. However, the official claimed that it will be managed to sail through the Senate.
Under the rules, the SBP bill will be referred to the Senate Standing Committee on Finance and Revenue for clause-wise discussion and approval of the amendments. The committee will then return its report on amendments to the Senate. The chairman may give a specific time frame to the committee for giving its recommendations, according to Dawn.
On the other hand, PML-N senior vice president and former Prime Minister Shahid Khaqan Abbasi have asked the government to allow debate on the SBP amendments before implementing them.
The proposed amendments include domestic price stability as the primary objective of the SBP and to achieve this, the central bank will be guided by the medium-term inflation target set by the government, according to Dawn.
