ISLAMABAD: President Mamnoon Hussain will convene the first session of the new National Assembly on Aug. 13, the assembly’s secretariat said on Friday.
The newly elected assembly members will take their oath of office at the inaugural session, which will be followed by the election of the speaker, deputy speaker and leader of the House. Outgoing Speaker Sardar Ayaz Sadiq will administer the oath to the newly elected members.
Pakistan Tehreek-e-Insaf (PTI) won the July 25 general election, and claims to have mustered enough support for a two-thirds majority in the House, which is mandatory for any party to form a government.
However, other mainstream political parties have joined forces in a bid to bag key positions in the Parliament.
PTI Chairman Imran Khan will be challenged for the premiership by opposition candidate Shahbaz Sharif, former chief minister of Punjab and brother of jailed former Prime Minister Nawaz Sharif.
Pakistan Peoples Party leader Khurshid Shah will contest the position of speaker. The PTI is yet to nominate its candidates for the positions of speaker and deputy speaker.
President to convene National Assembly session on Aug. 13
President to convene National Assembly session on Aug. 13
- The newly elected assembly members will take their oath of office at the inaugural session, which will be followed by the election of the speaker, deputy speaker and leader of the House
- Outgoing Speaker Sardar Ayaz Sadiq will administer the oath to the newly elected members
Pakistan, ADB sign $730 loan agreements to boost SOE reforms, energy infrastructure
- Both sign $330 million Power Transmission Strengthening Project and $400 million SOE Transformation Program loan agreements
- Economic Affairs Division official says Transmission Project will secure Pakistan’s energy future by strengthening national grid’s backbone
KARACHI: Pakistan and the Asian Development Bank (ADB) on Thursday signed two loan agreements totaling $730 million to boost reforms in state-owned enterprises (SOEs) and energy infrastructure in the country, the bank said.
The first of the two agreements pertains to the SOE Transformation Program worth $400 million while the second loan, worth $330 million, is for a Power Transmission Strengthening Project, the lender said.
The agreements were signed by ADB Country Director for Pakistan Emma Fan and Pakistan’s Secretary of Economic Affairs Division Humair Karim.
“The agreements demonstrate ADB’s enduring commitment to supporting sustainable and inclusive economic growth in Pakistan,” the ADB said.
Pakistan’s SOEs have incurred losses worth billions of dollars over the years due to financial mismanagement and corruption. These entities, including the country’s national airline Pakistan International Airlines, which was sold to a private group this week, have relied on subsequent government bailouts over the years to operate.
The ADB approved the $400 million loan for SOE reforms on Dec. 12. It said the program seeks to improve governance and optimize the performance of Pakistan’s commercial SOEs.
Karim highlighted that the Power Transmission Strengthening Project will enable reliable evacuation of 2,300 MW from Pakistan’s upcoming hydropower projects, relieve overloading of existing transmission lines and enhance resilience under contingency conditions, the Press Information Department (PID) said.
“The Secretary emphasized that both initiatives are transformative in nature as the Transmission Project will secure Pakistan’s energy future by strengthening the backbone of the national grid whereas the SOE Program will enhance transparency, efficiency and sustainability of state-owned enterprises nationwide,” the PID said.
The ADB has supported reforms by Pakistan to strengthen its public finance and social protection systems. It has also undertaken programs in the country to help with post-flood reconstruction, improve food security and social and human capital.
To date, ADB says it has committed 764 public sector loans, grants and technical assistance totaling $43.4 billion to Pakistan.
