Pakistan plans climate financing policy, adds SOEs to oversight; Remittances to Pakistan reaches a seven-month high at USD 2.5 billion
In Brief
Afghan Deportation: PR Update #04
Bilawal on the distinguishing between terrorists and refugees
On 11 November, Dawn reported on PPP Chairman Bilawal Bhutto Zardari on the repatriation of illegal migrants from Pakistan. Bilawal questioned the “strong arm” policy used and urged the need to “distinguish between terrorist and common people.” He believes that if they go against people, they will never achieve the target of curbing terrorists. Over a few days over 200,00 Afghan migrants have voluntarily repatriated from Pakistan amidst the outcry from the international community stating its disapproval of the provision. On 10 November, Amnesty International accused the Pakistan government of using Afghan refugees as pawns. They demanded the immediate halt of the repatriation process and the widespread harassment. Amnesty International’s Deputy Regional Director for Campaigns for South Asia, Livia Saccardi, cited reports of alleged harassment faced by refugees at the holding centers. (Umer Farooq, Imran Ayub, “ Distinguish between Afghans, terrorists: Bilawal,” Dawn, 11 November 2023; “Amnesty accuses Pakistan of using Afghan refugees as 'political pawns',” The Express Tribune, 10 November 2023)
ECONOMY
Navigating IMF goals: Pakistan proposes backup measures for fiscal targets
On 11 November, an editorial in Dawn titled “Working with IMF,” highlighted that as the IMF mission reviewed Pakistan's progress on its short-term USD three billion loan facility goals, reports suggest that technical talks have moved smoothly. The Pakistani authorities have proposed “backup measures,” including a “fixed tax on retailers from January,” to address potential “fiscal slippages.” The government is also prepared to increase tax recovery from real estate to meet the full-year tax target. While the IMF has reportedly assented to the proposals, concerns remain about exchange rate management, the role of the Special Investment Facilitation Council (SIFC) in attracting foreign direct investment, and the government's ability to raise external financing. Successful completion of the program is crucial for securing a “bigger and longer-term bailout” from the IMF to put Pakistan’s “economy back on the road to growth.” (“Working with IMF,” Dawn, 11 November 2023)
Pakistan plans climate financing policy, adds SOEs to oversight
On 11 November, Dawn reported that the caretaker government of Pakistan, which is currently in loan review talks with the International Monetary Fund (IMF), has decided to finalise a climate financing policy and place three state-owned enterprises (SOEs) under enhanced financial surveillance. The SOEs, including the Pakistan National Shipping Corporation, Pakistan Post, and Pakistan Broadcasting Corporation, will be subject to the Ministry of Finance's Central Monitoring Unit. The move is part of a comprehensive approach to reforming the SOE sector, ensuring efficiency, financial stability, and accountability. Talks between the IMF and Pakistan will continue at the policy level next week. (Khaleeq Kiani, “Three key SOEs being moved out of govt control,” Dawn, 11 November 2023)
UAE-based Pakistani conglomerate to invest USD 20-25 billion in construction through ABAD
On 10 November, a UAE-based Pakistani conglomerate of real estate companies, including Almir, Habib Group, and Mark Stone, announced that it is set to invest USD 20-25 billion through the Association of Builders and Developers of Pakistan (ABAD). The investment is expected to boost the construction industry in Pakistan and introduce international standards for residential facilities. Overseas Pakistanis are keen on investing, and both political and military leaderships have assured the safety of their investments, according to the Adviser to the Government of Pakistan for Overseas Pakistanis in Gulf countries, Sardar Qaiser Hayat. ABAD is working to assist in policy formation for industry development. (“UAE realtors plan $25bn investment,” Dawn, 10 November 2023)
Pakistan interim government approves USD 615 million sovereign guarantees for PSO
On 11 November, The Express Tribune reported that the Economic Coordination Committee (ECC) of Pakistan's interim government has approved sovereign guarantees of PKR 100 billion for Pakistan State Oil (PSO). This move aims to prevent PSO from facing bankruptcy as the company grapples with a liquidity crisis due to mounting receivables. The ECC also allowed the recovery of a PKR 1.72 per unit hike in electricity prices from K-Electric consumers. Additionally, the ECC approved a PKR 20 billion interest-free loan to Green Corporate Initiative Ltd for the Green Pakistan Initiative. The ECC discussions also included tariff adjustments for K-Electric and other financial matters. (Shahbaz Rana, “ECC approves Rs100b guarantee for PSO,” The Express Tribune, 11 November 2023)
Remittances to Pakistan reaches a seven-month high at USD 2.5 billion
On 10 November, as per figures issued by the Central Bank of Pakistan, remittances to Pakistan experienced a significant boost in October, reaching a seven-month high of USD 2.5 billion. The inflows increased by 12 per cent on a month-on-month basis, following the government's crackdown on illicit foreign exchange activities in the grey and black markets. The efforts to reduce the currency rate gap between the official and unofficial markets encouraged Pakistani expatriates to send money through legal banking channels. Saudi Arabia and the United Arab Emirates were the leading sources of remittance inflows, contributing USD 616.8 million and USD 473.9 million, respectively. The improved remittance trend is seen as positive for Pakistan's balance of payments. The head of research of Arif Habib Limited, Tahir Abbas, said that the “convergence of interbank and open market rates alongside a crackdown on illegal channels” facilitated the “encouraging trend.” (Erum Zaidi, “$2.5bn remittances in Oct as legal inflows rise,” The News International, 11 November 2023)
Court orders release of seized properties owned by Nawaz Sharif in Toshakhana reference
On 10 November, the Accountability Court in Islamabad directed the release of all seized properties and assets owned by Nawaz Sharif in the Toshakhana reference. The court's order includes agricultural land, vehicles, and bank accounts. The properties had been confiscated in 2020, following the accountability court's decision. The Toshakhana reference involves allegations of retaining expensive vehicles gifted by foreign states, with both Nawaz Sharif and Asif Ali Zardari accused by the National Accountability Bureau (NAB). (Khalid Iqbal, “Toshakhana case: Court orders release of Nawaz’s assets,” The News International, 11 November 2023)
POLITICS
Charter for just and equitable elections and democratic governance introduced
On 11 November, the "Code of Democratic Politics and Free and Fair Elections" was unveiled by Citizens for Democracy, a civil society organization. The charter, which has the support of many notable people including politicians, lawmakers, attorneys, and journalists, strongly emphasises the need to stop hate speech and bigotry in politics. The charter noted concerns regarding electoral tampering, autocratic manipulation, and excessive influence from state institutions. Political parties were urged by the code to maintain inclusiveness, deference to mandates, and adherence to fundamental constitutional values. While rejecting political victimization, it highlights how crucial it is to protect citizens' rights, freedom of speech, and a legitimate electoral process. The charter emphasizes the need to focus on ending poverty and empowering youth, as well as peaceful, civilized methods of holding elections. ("2018 deal with TTP behind rise in terrorism:Dhar,” Dawn, 11 November 2023)
PROVINCES
Punjab: Government leaves 294,000 children unvaccinated in recent anti-polio drive
On 11 November, Dawn reported that during October’s anti-polio drive in Punjab, the provincial government left 294,000 children unvaccinated, posing a serious threat to their health and the surrounding community. Lahore had the highest percentage of unvaccinated children at 3.3 per cent, followed by Rahim Yar Khan (2.6 per cent) and Rawalpindi (2.4 per cent). An assessment report revealed that out of the 22.5 million target population of under-five children, the government missed 3.2 million children during the October National Immunisation Drive. Global health bodies have expressed serious concerns about poor coverage in Punjab, particularly in Lahore. (Asif Chaudhry, “Anti-polio campaign: 294,000 children left unvaccinated in Punjab,” Dawn, 11 November 2023)
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“Met with Palestinian President Mahmoud Abbas in Riyadh and conveyed sentiments of the people of Pakistan. We stand firm in solidarity with Palestinians against the tragic loss of innocent lives in Gaza & the West Bank.” - Anwaar ul Haq Kakar
“We have filed a petition at Sindh High Court to hault deportation of afghan refugees. The government must not arrest the POR cards and CNIC holders. We also seek intervention of NCHR and SCSW into the detention centers for monitoring.”
- Moniza Kakar
“As the Foreign Funding case progresses, it illuminates delicate balance b/wpolitical maneuvering & accountability. Supreme Court's role in this matter exemplifies the dedication to upholding the rule of law, a cornerstone in the democratic fabric of Pakistan #Niazi_Foreign_Funded.”
- ManahilKhan
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Riaz Riazuddin, ‘Our banking ‘efficiency’
Dawn, 11 November 2023
“If the purpose is to save for the medium to long term, you will hardly perform a debit transaction in six months or a year. Your account will become dormant, and you will be unable to withdraw your dollar savings unless the account is reactivated. This anecdote involves a reputed Islamic branch of a bank of foreign origin which is supposed to be a paragon of efficiency. The customer’s account was held jointly with his daughter. Under the branch officer’s instructions, both account holders visited the branch bringing their CNICs for biometric verification. The latter went off smoothly thanks to Nadra’s efficient system. The branch officer then demanded the customer’s source-of-income certificate. The customer told him it must be in his file submitted to the bank when the account was opened. We need to update it on every activation or reactivation, the banker informed him.”
Zeeshan Salahuddin, ‘COP28: Pakistan’s narrative ( Part - I)’
The News International, 11 November 2023
“The boilerplate is reductive but straightforward. One, Pakistan is one of the most affected countries by climate change. Two, climate change is not a problem created by (or contributed to) Pakistan. Three, Pakistan is a developing country with limited resources and funding. Four, the international community needs to help Pakistan overcome the gargantuan challenge of climate finance. Pakistan has maintained this narrative at every international forum. Statistics like “Pakistan contributes to less than one percent of global emissions”, and “floods in 2022 cause 30 billion dollars of damage” are often leveraged to make this case, and the principal negotiators, despite having substantially differing positions in their personal capacities, reinforce the state’s narrative.”
Naseer Memon, ‘Long road ahead’
Dawn, 11 November 2023
“The World Bank’s recent Macro Poverty Outlook estimates that poverty in Pakistan has increased in the last fiscal year due to skyrocketing food and energy prices, a struggling labour market and the aftermath of the floods. The floods of 2022 not only displaced over 10 million people in Sindh, they also scrapped their meagre asset base and left critical infrastructure and public services crippled. The Provincial Disaster Management Authority’s (PDMA) situation report released in April counts over 2m houses damaged (including 1.4m that collapsed altogether), 436,435 perished livestock heads and 3.7m acres of swamped crop area. These are not simply digits, they are also a numerical depiction of a torment inherited by posterity in the shape of poverty, malnutrition, mental disorder and social instability.”
Shahzad Chaudhry, ‘Pakistan’s political predicament’
The Express Tribune, 10 November 2023
“The hybrid nature of governance that have evolved over the last 5-6 years because of deep and multifarious challenges that Pakistani state is beset with is likely to be the order that will stay in vogue for the foreseeable future. Political players like Nawaz Sharif who has returned to the game after four years — not without corporate support — will need to relearn to coexist with such cross-spectrum structures. Not understanding the changed paradigm will only make the ride bumpier and prone to mishaps.”
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“Identity as a document can be a vanishing key, as many now fear deportation.”
- An opinion in Dawn, 'Born in Pakistan'
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