ISLAMABAD: Opposition lawmakers in the National Assembly on Wednesday put up stiff resistance to the government's attempt to legislate on the State Bank of Pakistan (SBP) Amendment Bill and the Tax Laws (Fourth) Amendment Bill.
Yesterday, the federal cabinet gave its nod to the SBP bill, which has proposed curtailing the government's borrowing from the central bank, while the tax bill was deferred.
PML-N leader Khawaja Asif, speaking during the NA session, asked the government to have mercy and not legislate on the bills as they would have adverse effects on the country's economy.
"The [government] is planning on surrendering the country's financial autonomy through a mini-budget and the state bank bill. I plead with you not to surrender the country's economic sovereignty," the lawmaker said to the treasury benches.
For his part, PPP leader and former prime minister Raja Pervaiz Ashraf asked the Opposition benches to join hands and stop the government from legislating on the bills.
"I've heard of plans to table a mini-budget. This will increase the woes of the people who are already under pressure due to rising inflation, unemployment, and the gas crisis," he said.
Responding to the Opposition lawmakers, Minister for Foreign Affairs Shah Mahmood Qureshi said it was crucial to analyse the factors behind Pakistan's economic woes.
During Qureshi's speech, the Opposition pointed out the lack of quorum in the lower house of parliament. However, after Deputy Speaker Qasim Suri did a headcount, it was found that there are enough lawmakers present to continue the session.
Moving on with his speech, the foreign minister assured the house that the government bears responsibility for the country's economic sovereignty — and would take necessary steps to maintain it.
Meanwhile, Minister for Interior Sheikh Rasheed Ahmed said that whether the mini-budget is tabled in the parliament on January 12 or 15, there would be no dire consequences, adding that it will sail through.
The federal cabinet's approval of the SBP Amendment Bill is a part of a prior action on the government's end to fulfil International Monetary Fund's (IMF) conditions ahead of the sixth review of the Extended Fund Facility by the IMF's executive board.
The SBP Amendment Bill suggested extending the SBP governor's tenure from three to five years, divided into two terms. However, it is yet to be decided if it will become applicable to the incumbent SBP governor or not.
Meanwhile, another bill, the Tax Laws (Fourth) Amendment Bill, slated to be presented before the Cabinet, was deferred. The main reason behind the deferral was the resistance from the PTI-led regime's allies, who insisted the government take them into confidence.
The government deferred the Tax Law (Fourth) Amendment Bill, but two federal ministers confirmed to The News that the bill would be approved by the special cabinet committee within the next 48 hours — either on Wednesday or Thursday.
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