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In Brief
ON PUNJAB CM ELECTIONS
Hamza Sharif takes oath as chief minister of Punjab
On 23 July, Punjab Governor Balighur Rehman administered the oath to newly re-elected Chief Minister Hamza Shehbaz. This comes after provincial assembly Deputy Speaker Dost Mazari decided not to count the votes of PML-Q lawmakers on the pretext that they had violated the orders of their party chief, a blow to Chaudhry Parvez Elahi.
PA deputy speaker’s ruling; Supreme Court calls on Dost Mazari
The re-election for the position of chief minister as per the Supreme Court's directives. After counting the polled votes, the deputy speaker had announced that Elahi bagged 186 votes, while Hamza got 179 votes. However, he had refrained from declaring Elahi the chief minister and indicated that Chaudhry Shujaat Hussain instructed to PML-Q members to vote for Hamza instead of Elahi. Further, speaking about a letter he received from the Chaudhry Shujaat Hussain he said, “I called Shujaat Hussain myself and asked whether he had written the letter regarding instructions to party MPAs, and he confirmed it thrice,” adding that in light of this conversation he decided to disregard all 10 votes polled by PML-Q MPAs as they violated the party president’s instructions.
Meanwhile, the Supreme Court has called on Mazari and issued notice to Chief Minister Hamza Shahbaz in a petition filed by PML-Q.
Article 6 applies to Dost Mazari’, says Pervez Elahi
Elahi has challenged the controversial ruling of the deputy speaker, rejecting 10 votes polled by the PML-Q MPAs in his favour during the chief minister election. He said, “Article 6 of the Constitution applies to Dost Mazari,” adding, “Deputy speaker says that neither I nor my party can vote for me," he added. Criticising Mazari, the PML-Q leader said, “Even traitors can’t do what he [Deputy speaker PA] has done and no one has ever done such things in history.”
Imran Khan calls for peaceful protests
Following Mazari’s decision, Imran Khan called on the PTI party workers and supporters to register “peaceful” protests across the country. He said, “I am in shock at what happened in the Punjab Assembly.” He said, "This circus that we are seeing, it first happened in the Sindh House," adding, "The way goats and sheep are sold ... the same way members of the parliament were being sold. Even there, the biggest culprit was the biggest dacoit Asif Zardari. He has gone to jail and still rules over Sindh. He became the part of an imported conspiracy." (“Punjab governor administers oath to CM Hamza,” Dawn, 22 July 2022; “Punjab CM election: Imran urges supporters to stage 'peaceful protests', says all eyes on SC,” Dawn, 22 July 2022; “PA deputy speaker's ruling case: SC summons Dost Mazari at 2pm, issues notice to CM Hamza” The News International, 23 July 2022; “Punjab CM election: ‘Article 6 applies to Dost Mazari’, says Pervez Elahi,” The News International, 23 July 2022; “PTI supporters take to streets,” Dawn, 23 July 2022)
INTERNAL
ECP finalizes delimitation list for Islamabad
On 23 July, ECP delimitation committee announced the finalized initial delimitation list of 101 union councils for local government elections in Islamabad with EC Rawalpindi being the delimitation authority to hear suggestions and objections on the initial list. The election body said the authority will dispose of objections by August 22 and the final list of union councils and wards will be published on 26 August with the local elections to be held on July 31 on 50 union councils. (“ ECP finalizes delimitation list for Lg polls in capital,” Dawn,23 July 2022)
Military high command discusses peace talks with TTP
On 22 July, ISPR released a statement on the national security meeting, chaired by Chairman Joint Chiefs of Staff Committee Gen Nadeem Raza, was attended by all three services chiefs along with ISI Director General Lt Gen Nadeem Anjum, Peshawar Corps Commander Lt Gen Faiz Hamid, and other senior officials. Statement by ISPR said: “The forum was given a detailed briefing on review of national security situation specific to Western Border, Khyber Pakhtunkhwa and Balochistan.” The participants, the ISPR said, resolved to respond to “entire spectrum of threats” in accordance with the “comprehensive security strategy.” (Baqir Sajjad Syed, “Military huddle discusses ‘peace talks’ with TTP,” Dawn, 23 July 2022)
PROVINCES
Khyber Pakhtunkhwa: Pakistan reports its 13th polio case
On 22 July, Pakistan reported its 13th case of polio again from North Waziristan. The victim is an 18-month-old child in Lakki Marwat, North Waziristan. Federal Health Secretary Dr Fakhre Alam Irfan while speaking to Dawn said, “We have successfully managed to prevent the virus from spreading elsewhere despite the frequent movement of people between KP and other parts of the country. If we can contain and eliminate the virus from this area, we can win the fight against polio.” (Ikram Junaidi, “13th polio case from KP puts question mark on vaccination,” Dawn, 23 July 2022)
Sindh: Opposition holds protests against ECP’s decision to delay Sindh LG polls
On 22 July, several opposition parties held protests in Karachi and Hyderabad against the ECP’s decision to delay Sindh LG polls, terming it a ‘blow to democracy.’ JI Karachi chief Hafiz Naeem ur Rehman alleged that the ECP was playing a “dubious and rather dirty game.” Similarly, the Tehreek-i-Labbaik Pakistan (TLP) continued its protest sit-in outside the ECP regional office and demanded that the commission review its decision. Meanwhile, the Sindh United Party “condemned” the decision and announced that they would move the court while the Grand Democratic Alliance called for re-election in all four divisions. (“ Parties take to streets against ECP decision to delay Sindh LG polls,” Dawn,23 July 2022)
ECONOMY
Reduced LNG prices to give relief to financing and electricity generation
On 22 July, Oil and Gas Regulatory Authority (OGRA) released a report on drop in average basket price of LNG by 15-16 per cent due to long term contracts with Qatar. As such, the RLNG consumer price at the distribution stage is down by USD 3.31 per mmBtu for Sui Northern Gas Pipeline Limited (SNGPL) and USD 4.65 per mmBtu for Sui Southern Gas Pipeline Limited (SSGCL) in July when compared to June. Pakistan has two long-term contracts with Qatar, one involving six cargoes at 13.37 per cent of Brent signed by the previous PML-N government and two to three cargoes contracted by the PTI government at 10.2 per cent of Brent. (Khaleeq Kiani, “Tight spot market comes as blessing after Qatar LNG deals save the day,” Dawn, 23 July 2022)
Uniform national tariff to be increased by PKR 7.91 over three months
On 22 July, National Electric Power Regulatory Authority (NEPRA) approved a for notification PKR 7.91 per unit increase in ‘uniform national tariff to meet a pre-condition of the International Monetary Fund (IMF) for an economic bailout. No increase has been proposed for lifeline (up to 100 units) and protected category of consumers (101-200 units per month), it added. The government would still be providing PKR 234 billion subsidy, PKR 220 billion for distribution companies of ex-Wapda and Rs14bn for K-Electric finance the tariff rebasing cost of poor consumers. The tariff increase would generate additional revenue of PKR 893 billion in 2022-23 to meet the annual revenue requirement of about PKR 2.52 trillion to power companies, excluding KE besides providing a general sales tax of more than PKR 425bn to the government. (Khaleeq Kiani, “Electricity base tariff increased by Rs7.91 a unit,” Dawn, 23 July 2022)
Tax gap stands at USD 15 billion: FBR chief
On 22 July, the Federal Board of Revenue (FBR) chairman said, “We have found that the total tax potential under the jurisdiction of the federal government stands at Rs9,000 billion out of which the FBR collected Rs6,000 billion so the tax gap was assessed at Rs3,000 billion on a per annum basis.” On the directives of Prime Minister Shehbaz Sharif on eve of the budget-making exercise for 2022-23, the FBR has been assigned to conduct the first-ever formal study to assess the ‘tax gap’ keeping in view jurisdictions of the federal government under the 1973 Constitution for the imposition of taxes. He said that there was a tax gap of PKR 3,000 billion out of which PKR 1,800 billion (USD 9 billion) was a policy gap, as it occurred mainly because of tax exemptions/incentives provided by the FBR to different sectors. He said that the tax to GDP ratio was the lowest in the country but if full tax potential was collected to the tune of PKR 9,000 billion even then tax to GDP did not cross 14 per cent mark. He said that the FBR surpassed its upward revised target of PKR 6,100 billion despite facing a negative revenue impact of PKR 45 billion per month owing to zero GST on POL products. The achieving of FBR’s target was paramount to continuing the IMF programme. (“Tax gap stands at USD 15 billion: FBR chief,” The News International, 23 July 2022)
ON AFGHANISTAN
Pakistan would recognize the Taliban government only through regional consensus, says FO
On 22 July, Foreign Office Spokesperson Asim Iftikhar said that Pakistan would recognize the Taliban government through a regional and consensual approach rather than taking a unilateral decision on the matter. He said, “We thought that it would be the best to do it through a regional, consensual approach,” adding, “So some [countries] are maintaining embassies there, Pakistan is one [of them]. There are other countries, who are maintaining embassies in Afghanistan. So if you would like to link it to the question of recognition, it's not about that.” (Kamran Yousaf, “Pakistan rules out solo flight on Taliban recognition,” The Express Tribune, 23 July 2022)
ON GENDER
Law ministry announces the formation of an Anti-Rape Committee
On 22 July, The Ministry for Law and Justice notified the setting up of an anti-rape special committee to counter cases of sexual violence. The committee would be headed by former senator Ayesha Raza Farooq, with Justice Mehnaz Akbar and Usama Malik as committee members. (“Govt notifies formation of the anti-rape committee,” The Express Tribune, 23 July 2022)
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In Brief
PROVINCES
Punjab: CM elections scheduled to take place as per court order
On 22 July, the re-election for the slot of Punjab chief minister is schedule to take place as per court order. With a clear majority in the Punjab Assembly the ruling PML-N, the PTI-PML-Q alliance should have no problem getting its candidate, Chaudhry Parvez Elahi, elected to the CM’s office. Currently, in the provincial house of 368, the opposition alliance (PTI-PML-Q) has 187 lawmakers and the PML-N-led ruling coalition 179. Meanwhile, Punjab Assembly Deputy Speaker Dost Muhammad Mazari called for security cover from the provincial chief secretary and the inspector general of police for ensure a “free and fair” election for the office. (“Tally in Parvez Elahi’s favour as Punjab elects CM today,” Dawn, 22 July 2022; “Dost Mazari seeks police cover for Punjab CM re-poll,” Dawn, 22 July 2022)
Balochistan: Advisor to CM on home affairs orders stricter action against terrorists
On 21 July, taking cognizant of increased terrorist attacks in the province, Adviser to the Balochistan Chief Minister on Home presiding over a meeting asked the authorities concerned to review the law-and-order situation, to review the security of sensitive installations, places of worship and educational institutions. He asked the CTD and Special Branch to speed up intelligence-based and combing operations while closely monitoring the movement of persons on Fourth Schedule. (Saleem Shahid, “Balochistan orders stricter action against terrorists,” Dawn, 22 July 2022)
Punjab: ECP notifies PML-N as victorious in PP-7 Rawalpindi
On 22 July, ECP notified Raja Sagheer Ahmed as the winning candidate from PP-7 Rawalpindi after the scrutiny of rejected votes in the by-polls happened last week. The PML-N candidate got an increase in vote number by 12, taking the total of votes to 68,918 from 68, 906, while the PTI votes increased by 6. Led to a challenge where the result was rejected by the ECP. Sikandar Sultan Raja who headed the bench that heard the case said the petitioner could neither prove any fraud nor irregularity during the by-poll Nausheen Yusuf,“PP-7 Rawalpindi: ECP notifies PML-N's victory,” The News International,22 July 2022)
POLITICS
The federal Cabinet deliberates on several issues
On 21 July, the federal cabinet in a meeting presided over by Prime Minister Shehbaz Sharif claimed that it would bring down unbridled prices of petroleum products in the country by next month. During the meeting, Finance Minister Miftah Ismail said, “All necessary steps are being taken to bring down the dollar rate and by the next month the rupee will stabilise against dollar.” Additionally, PM Shehbaz expressed concern over the local currency’s record depreciation against the dollar. The cabinet also approved that Multi-Model Air-Road Corridor policy for trade with neighbouring Afghanistan and the “trade in goods” agreement with Turkiye. (“Govt tries ‘glass half full’ approach as crises abound,” Dawn, 22 July 2022)
INTERNAL
Single National Curriculum renamed to National Curriculum of Pakistan
On 21 July, the Federal Education Ministry decided to rename the single national curriculum the National Curriculum of Pakistan. Addressing the two-day national curriculum workshop in Islamabad, the Federal Education Minister said, “The National Curriculum of Pakistan (NCP) is the new name of the curriculum reforms,” adding, “the word single used confusion and excluded the diversity education that is an asset to the country’s rich heritage. We are now ready to get back on track.” The minister added that NCP will be a comprehensive exercise, covering all four aspects of a quality curriculum, including standards, textbooks, teachers’ training, and examination reforms. The purpose of the reform was to ensure minimum standards of quality education for all children in Pakistan where there was no education policy till 2009. (“Education ministry renames Single National Curriculum,” Dawn, 22 July 2022)
JUDICIARY
Peshawar High Court directs the government to respond to a petition on talks with TTP
On 21 July, the Peshawar High Court directed the federal government to respond to a petition which sought orders to stop the government from making a deal with the Tehreek-i-Taliban Pakistan without the consultation of the parents of those killed in the 2014 Peshawar Army Public School attack. This order came during the preliminary hearing into the petition filed by the mothers of four students and a teacher killed by the TTP militants in the APS attack. (“Peshawar High Court asks govt to explain position on talks with TTP,” Dawn, 22 July 2022)
Judges elevation is to be expected on July 28
On 22 July, Dawn reported the JCP is expected to meet on July 28, to consider the elevation of four judges to the Supreme Court which works with 13 judges against a sanctioned strength of 17. Five from three high courts have been selected for appointment as judged by the apex court presided by Umar Ata Bandiyal. Those who are being considered for elevation as judges of the SC are Justices of Lahore and Sindh high court and chief justice of Peshawar High court. (“JCP to consider the elevation of judges on 28th,” Dawn,22 July 2022)
ON AFGHANISTAN
Pakistan will have to engage the Taliban government directly to neutralise the TTP, says PIPS report
On 21 July, Pakistan Institute for Peace Studies (PIPS) in a report titled “Afghanistan as Seen from Pakistan IV” said that Pakistan would have to engage the Taliban government in Kabul directly to neutralise the Tehreek-i-Taliban Pakistan (TTP). Further, the report adds that Pakistan must have a uniform approach toward all the Taliban groups and factions. The report concludes that Pakistan should at Afghanistan as a sovereign country having the freedom to develop ties with other countries. It must also stop relying on the Taliban regime in power and should engage with other political and ethnic groups of Afghanistan, in line with its policy to build trust and strengthen relations with Afghans. (Iftikhar A. Khan, “Pakistan needs to engage Kabul directly to neutralise TTP: report,” Dawn, 22 July 2022)
EXTERNAL
Special Assistant to the Prime Minister meets US secretary of state to seek support in reviving economy
On 21 July, Special Assistant to the Prime Minister (SAPM) Tariq Fatemi met with US secretary of state to enhance and advance the US-Pakistan relationship by advancing our economic and commercial ties. A Pakistan Embassy press release, “Pakistan seeks close and cordial relations with the US on the basis of equality, mutual cooperation and mutual benefit.” The embassy’s statement said Mr Fatemi underscored Pakistan’s desire for “enhanced bilateral cooperation” in trade, investment, agriculture, textile, and IT sectors, calling it Pakistan’s “key priority”. (Anwar Iqbal, “Pakistan seeks US support for reviving economy,” Dawn, 22 July 20222)
Brotherly relations with Turkiye, says General Qamar
On 22 July, The Express Tribune reported that COAS General Qamar Javed Bajwa during a meeting with Mehmet Pacaci said that Pakistan highly values brotherly ties with Turkiye which are deeply rooted in history. During the meeting, they discussed matters of the regional security situation and mutual and professional interests with special emphasis on defence and security collaboration between the two countries. Further, they agreed to further optimize military-to-military ties, particularly in training and counter-terrorism domains. (“ Pakistan values brotherly ties with Turkiye: Gen Bajwa,” The Express Tribune, 22 July 2022)
ECONOMY
FDI up to USD 271 million was recorded in June 2022
On 21 July, SBP released its monthly statement which showed that investment in June 2022 was 92 per cent higher compared to USD 141.2 million in the prior month of May 2022 and compared to USD 141.3 million in June 2021. With this, the cumulative foreign direct investment (FDI) amounted to USD 1.87 billion in the previous fiscal year 2021-22, which was 2.6 per cent (or USD 43.7 million) higher compared to USD 1.82 billion in 2020-21. China, the United States, Switzerland, the UAE, Hong Kong, the Netherlands and Singapore were the top investors during the year. Overseas Investors Chamber of Commerce and Industry (OICCI) Secretary said: “We from the platform of OICCI keep building Pakistan’s positive image and convince global investors that it is not only Pakistan that is facing such grave issues, but almost every economy is passing through critical times.” (Salman Siddiqui, “FDI hits 20-month high in June,” The Express Tribune, 22 July 2022)
Business leaders mull over non-seriousness of the government in tackling economic crises
On 21 July, Businessman Group (BMG) comprising over 50 representatives of trade and industry including prominent businessmen like Muhammad Ali Tabba, Aqeel Karim Dhedhi and Ali Jameel attended the brainstorming session to find workable solutions to revive the deteriorating economy. They called upon the government to immediately impose an economic emergency and fix the dollar rate for at least a month. BMG chairman Zubair Motiwala ruled out the possibility of a Sri Lanka-like crisis saying that Pakistan was a land of 220 million people and an agrarian country with very different dynamics. (Aamir Shafaat Khan, “Industry leaders slam govt failure in dealing with economic challenges,” Dawn, 22 July 20222)
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In Brief
POLITICS
Imran Khan postpones Karachi visit ahead of Punjab’s chief minister election
On 21 July, Dawn reported that Imran Khan postponed his Karachi visit ahead of Punjab’s chief minister election. Previously, a PTI spokesperson said that the party decided that Imran Khan should focus more on Punjab because of which he could not visit Karachi and Hyderabad. In response to the decision, a PTI MNA from Sindh said, “It definitely hurts the momentum,” adding, “It obviously dents the campaign. It’s not only about workers and leaders at Karachi level. It’s more about millions of people who were expecting him to be here among them just days before the voting. We were expecting that back-to-back rallies and addresses by the chairman would turn this momentum into votes and bring an easy win for the party.” (Imran Ayub, “Punjab ‘takes precedence’ as Imran puts off Karachi visit,” Dawn, 21 July 2022)
Horse trading before Punjab CM election, says Imran Khan
On 20 July, Imran Khan claimed that horse trading took place in Lahore with MPAs being offered Rs500 million to sell their loyalties before the Punjab CM’s election. He alleged that Asif Ali Zardari who gets NRO for his “corruption and purchased people with his looted wealth” and asked the Supreme Court to take action as it is an attack on democracy and the moral fabric of the society. He also said to debar the turncoats for a lifetime and it would act as a deterrent. (“Imran Khan claims horse-trading happening in Lahore ahead of Punjab CM election,” The News International, 21 July 2022)
INTERNAL
COAS orders additional manpower and resources to polio workers in sensitive locations
On 20 July, COAS General Qamar Javed Bajwa ordered additional manpower and resources in sensitive locations to ensure a safe and secure environment for polio teams to ensure the effectiveness of polio campaigns. He made this statement during his visit to the National Emergency Operation Centre (NEOC) where he was briefed on the immunisation campaign and challenges being faced by the polio teams. (“Army chief orders more manpower, resources for polio teams,” The News International, 21 July 2022)
Demand for early execution of Zahir Jaffer by Noor’s parents and activists
On 20 July, F-9 Park saw a gathering of family and friends of Noor Mukadam, who was shot dead and decapitated on 20 July 2021, in Islamabad by Zahir Jaffer. There was a demand for early execution of Jaffer who was handed a death sentence in February this year. Further, rights activists urged the government and judiciary to ensure early execution of the death sentence to Jaffer. (Kashif Abbasi “Noor’s parents, activists demand execution of Zahir Jaffer at earliest,” Dawn, 21 July 2022)
PROVINCES
Sindh: ECP decided to reschedule LG-polls to August
On 21 July, the ECP decided to reschedule the second phase of the Sindh local government elections from 24 July to 28 August on the pretext of “possible rains and bad weather” in the province. An ECP spokesperson said the decision was taken based on the report of Sindh’s chief secretary and provincial election commissioner, the public’s request and data from the meteorological department. Meanwhile, the PTI leader Ali Zaidi has announced that the party would file a petition in the Sindh High Court against the postponement of the second phase of local government elections in the province. (Fahad Chaudhry, “Sindh LG polls’ second phase rescheduled for August 28 due to ‘expected rains, bad weather’,” Dawn, 21 July 2022; “PTI to move SHC against postponement of LG polls in Sindh,” The News International, 21 July 2022)
Punjab: Torture against Iftikar Khan Baloch in Jhang
On 20 July, Iftikhar Khan Baloch was tortured by a group of 10 people in Jhang. Eyewitnesses stated that Baloch was attacked along with his driver while traveling in his car by a group of men, who pulled him out of his vehicle, stripped him after tearing away his clothes, and clubbed him with rods. On information, a police team reached, prompting the suspects to flee. When asked to file a complaint he said he knew the assailants and would tackle them on his own. The Jhang police station has released a press release that Hamza Shehbaz had taken notice of the torture and asked for a report from the IGP and to arrest the culprits immediately. (Tariq Saeed, “Former MPA Iftikhar Khan Baloch tortured in broad daylight in Jhang,” Dawn, 21 July 2022)
EXTERNAL
Luxury Bus Service connecting Pak-Afghan from next month
On 20 July, Pakistan and Afghanistan agreed to launch a luxury bus service between the two countries by next month’s end and increase the operational timings to all crossing points. This decision came following the three-day bilateral talks in Kabul led by Pakistan’s commerce secretary and Afghanistan’s acting foreign minister and commerce minister. During the meeting, the two sides agreed to ensure early clearance, improve efficiency, and free movement of trade. The visit by the Pakistan delegation was meant to discuss mutual actions for enhancing bilateral trade, transit, and connectivity to take necessary trade facilitation measures to address the problems faced by imports and exports of both sides. (“Pak-Afghan luxury bus service from next month,” The Express Tribunal, 21 July 2022)
ECONOMY
USD 8-10 billion worth of investments in the tunnel, reminds finance minister
On 20 July, during a press conference, Finance Minister along with SBP officials stressed that the current PKR slide was due to political turmoil and that economic fundamentals on trade were in ideal condition. He added that PM will be briefed on the situation on 21 July. Pakistan’s current account deficit is USD 17 billion and its trade deficit at USD 48 billion. Post-IMF staff agreement and consequent support from allied banks would leave Pakistan with a shortage of USD 4 billion. FM explained that this shortage would be overcome by deferred payment on oil from a friendly country and another USD 1-2bn in the stock market under a government-to-government (G2G) mechanism from other friendly countries. (Khaleeq Kiani, “Miftah sees economy stabilising with inflows ‘on cards’,” Dawn, 21 July 2022)
Import approved for USD 222 million worth of urea and wheat
On 20 July, the Economic Coordination Committee (ECC) of the cabinet presided over by Finance Minister Miftah Ismail approved the import of 300,000 tonnes of wheat and 200,000 tonnes of urea at eight per cent and 17pc cheaper rates, respectively, at a total foreign exchange cost of about USD 222 million. ECC also approved PKR 1.56 quarterly tariff hike for Karachi Electric (KE) to bring it on a par with the national uniform power tariff. The wheat import worth USD 121.5 million would be contracted with Vittera B, a Netherland based grain contracter. Urea import worth USD 100 million has been contacted with Chinese M/s Sinochem Fertiliser and M/s CNAMPGC. (Khaleeq Kiani, “ECC okays wheat, urea imports at cheaper rates,” Dawn, 21 July 2022)
Planning ministers denies any new conditions being imposed by IMF
On 20 July, Federal Minister for Planning and Development Ahsan Iqbal who has held two meetings with IMF officials clarified that IMF did not raise any issue regarding Saudi Arabia’s commitment to financing Pakistan before it disburses fresh funds to the South Asian nation. The minister said that the IMF has agreed to “release the funds by August and extend the facility to June 2023 and add one billion dollars to the package.” The planning minister said that in his meeting with IMF officials at the UN he suggested setting up a Covid-like facility for developing countries to help them deal with the impact of the Ukraine war. (Anwar Iqbal, “IMF not adding new conditions to pact: Ahsan Iqbal,” Dawn, 21 July 2022)
We should stop politics on the economics front, says SBP official
On 21 July, The News International reported a candid interaction with a SBP official in which the official claimed that we should stop politics on economics front. The official added that SBP was keeping close watch on exchange rate volatility and forex reserves being a priority disabled a proactive approach from SBP in dealing with exchange rate movement. On the need to remain with IMF he said: “We will have to remain under the IMF program keeping in view the massive external financing requirements. We moved to avoid disorderly movement in exchange rate. The IMF can deal with any government, including caretaker setup.” (“Exchange rate: Situation different from Sri Lanka’s, says SBP,” The News International, 21 July 2022)
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