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The IMF programme has landed into controversy as the due legislation procedure was bypassed in haste for the State Bank of Pakistan (SBP) Amendment Bill.
As per the rules, the SBP bill should have been presented before the Cabinet Committee for Disposal of Legislative Cases (CCLC) but it was ignored on the wishes and whims of some powerful elements, said sources.
The lingering controversy has resulted in increasing uncertainties on Pakistan’s macroeconomic front as the rupee continues sliding and touched new heights against the US dollar on Friday.
Three personalities should be questioned about the whole fiasco and then responsibility, accordingly, could be fixed.
One top official said that the then Adviser to PM on Finance Dr. Abdul Hafeez Shaikh, Governor State Bank of Pakistan Dr Reza Baqir and then-Secretary Finance could share all relevant details to ascertain what exactly had happened after which the SBP’s bill 2021 was bulldozed by getting a waiver from the CCLC at the first stage and then passed by the federal cabinet without going into full details and scrutiny.
There is a need to give replies to certain relevant questions on this lingering stalemate. One important question arises: why was the CCLC bypassed?
Who insisted upon such kind of haste? It has now emerged that the proposed amendments into the SBP bill 2021 required constitutional changes and the incumbent regime lacked a majority in the Parliament to pass this piece of legislation.
Then the federal cabinet had passed the SBP bill 2021 in haste which also raises the question as to who asked the cabinet to approve the bill within 10-15 minutes.
Sources said that the former secretary finance, Kamran Afzal, was stopped from sharing details about the proposed changes into the SBP amendment bill 2021.
Before blaming the IMF, one should focus on cleaning their own house as it should be ascertained why the Cabinet Committee on Legislative Business (CCLC) was bypassed and the incumbent Adviser to PM on Finance Shaukat Tarin had termed it as a problematic part for getting additional $500 million from the IMF.
He had used the Urdu phrase “Gally ka Tauq” to explain his difficult situation.