Federal Minister for Information and Broadcasting Fawad Chaudhry Friday said fissures in the opposition parties and their blunted political strategy had resulted in another demoralizing defeat for the opposition, as it failed to block passage of the State Bank of Pakistan (SBP) Amendment Bill in the Senate.
Briefing the media on Prime Minister Imran Khan’s day-long visit to Lahore earlier in the day, Fawad said on paper, the opposition claimed majority in the Upper House, yet it was incapable of stalling the SBP bill, adding that the opposition was a ‘tried and tested loser’ lacking policy.
“The opposition’s dream to table a no-confidence move against PM Imran Khan has dashed to the ground today with their defeat in the Senate where the opposition enjoys so-called majority”, he said, suggesting the opposition to rest, nurse its wounds for a few days and desist from creating a storm in a tea-cup in political scene.
Congratulating the nation on the passage of the SBP bill, Fawad said the bill had ensured that the SBP would be an autonomous entity in the country, as it had been freed of political interference by the Pakistan Tehreek e Insaf (PTI) government. He said the SBP board would be a powerful one, which will play its positive role in bolstering the country’s economy.
Fawad said the PTI had proved its majority in the Senate with the passage of the bill, adding that all opposition parties could not face Imran Khan alone.
“This is a document of financial surrender,” they said, adding that national security and assets will be under severe strain and scrutiny of the “financial imperialists”.
According to the senators, as per the bill, the central bank, which was always the lender of last resort, will no longer be able to mobilise the funds needed in time of crisis, nor will the government’s ability to issue sovereign guarantees listed as contingent liabilities be possible.
There will be a complete ban on government borrowing from the central bank, the lawmakers said.
“The amendments propose that the quasi-fiscal operation defined as monetary action taken on behalf of the government would be discontinued; however, refinancing facilities/SBP has used to support to access to credit in the underserved sector are still allowed.”
