Economic Tailwinds
Pakistan has posted its highest current account surplus in nearly 10 years in November. The record surplus of $729 has resulted from a reduced trade deficit; lower interest; and dividend repatriations. The first five months of the ongoing fiscal year, per the State Bank of Pakistan, has seen the country attract $1.124 billion in foreign direct investment, a 31% surge over the corresponding period last year.
Legal Tweaks
The federal cabinet has approved the Criminal Procedure (Code of Criminal Procedure) Amendment Bill, 2024. The amendments to the colonial-era law seek to simplify the process of registering first information reports, facilitate the use of modern technology in probes, and enable recordings of witness statements. The proposed bill also seeks to strengthen the role of the prosecutor during investigations.
Civil Disobedience Deferred
Former Prime Minister Imran Khan has ‘deferred’ his call for a civil disobedience movement. According to his sister, Aleema Khan, the PTI founder has agreed to a ‘brief’ delay over concerns raised by his party leaders. To avoid the movement entirely, says Khan, the government must accept the PTI’s demands for release of all political prisoners and judicial probes into the May 9 riots and Nov. 26 protest.
Government Bunkers Down
The federal government has warned the PTI it will not engage in dialogue with the opposition party if it doesn’t withdraw its threat of a civil disobedience movement. Various PMLN ministers have praised the PTI for seeking negotiations, but stress they will prove meaningless if the opposition does not prove its sincerity. The PTI, meanwhile, says it wants talks but will not ‘beg’ for a positive government response.
Madrassa Registration Woes
JUIF chief Maulana Fazlur Rehman has reiterated a threat to launch a protest movement if the government continues to delay implementation of the Societies Registration (Amendment) Act. 2024. Speaking in the National Assembly, he has also voiced anger over attempts to divide religious scholars, maintaining this attempt is doomed to fail.
Fake Passports
Interior Minister Mohsin Naqvi has said Pakistan, with the support of Saudi Arabia, can apprehend individuals involved in passport forgery and document tampering. He says this collaboration will benefit the general public and eliminate fraudulent practices. In the recent past, Saudi authorities have apprehended 3,700 Pakistanis at airports for traveling with forged documents.
Interest Rate Cut
The State Bank of Pakistan’s reduction of the policy rate to 13% will enhance investment and promote economic growth, says Prime Minister Shehbaz Sharif. He has urged relevant authorities to use the improving economic indicators to encourage domestic investment, stressing this will in turn ‘automatically’ attract foreign investment.
PTA Denies Economic Losses
In a submission to the National Assembly, the Pakistan Telecommunication Authority has denied economic losses due to internet disruptions. It has said an estimated figure of Rs. 65 billion has not been reported to the PTA and cannot be verified. The Pakistan Software Houses Association has claimed the I.T. industry suffers $1 million in losses for every hour of internet outage.
Punjab-China Bonhomie
The Punjab government has claimed Chief Minister Maryam Nawaz’s recent visit to China has opened new avenues of cooperation in various sectors, including agriculture, health, finance, automobile, I.T., semiconductors, and environment.During the visit, Nawaz invited a Chinese company to install a solar plant in the province and invited another firm to assist Punjab in making Lahore a smart city.
Settlement Agreements
The federal cabinet has approved Pakistan’s bid to sign onto the U.N. Convention on International Settlement Agreements Resulting from Mediation. This will facilitate international dispute resolution and strengthen Pakistan’s legal framework for cross-border trade and investment. It aims to eliminate prolonged court proceedings through recognition of settlement agreements across jurisdictions.