Senate Committee instructs FIA to probe recent devaluation of rupee

Rehman Malik. (AP/file)
Updated 09 December 2018
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Senate Committee instructs FIA to probe recent devaluation of rupee

  • Senate body asked to submit report by December 22
  • Pakistan will resume second round of talks with the IMF next month
ISLAMABAD: Chairman of the Senate Standing Committee on Interior, Rehman Malik, has instructed the Federal Investigation Agency (FIA) to probe the abrupt decline in the value of Pak Rupee, asking its officials to investigate all stakeholders, including the State Bank of Pakistan (SBP), under the Foreign Exchange Act and submit a report on the issue by December 22.
 
In a letter, Malik pointed out that the enduring currency depreciation was weakening the national economy. He also expressed concern that the central bank had not informed the Ministry of Finance and the Prime Minister Office before such massive devaluation.
 
The Senator requested the government to take people into confidence over its negotiations with the International Monetary Fund (IMF), wondering if the recent crash of PKR had anything to do with the ruling administration’s desire to secure a substantial bailout package from the international financial institution.
 
It may be recalled that Pakistani Rupee plunged to its lowest level on November 30, hitting the 144-rupee mark against US dollar, just a few hours after the Pakistan Tehreek-e-Insaf (PTI) government was triumphantly announcing its achievements in the first hundred days of its tenure and Finance Minister Asad Umar had noted that the country was not facing any economic emergency.
 
The PTI government has been dealing with tough economic challenges since winning the last general elections in the country and has been trying to handle a major balance-of-payments crisis. It has been negotiating with the IMF for external funding and will resume the next round of talks with the Fund next month.

Pakistan opposition ends protests, PTI forms ‘Imran Khan Release Force’ for jailed ex-PM

Updated 27 min 58 sec ago
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Pakistan opposition ends protests, PTI forms ‘Imran Khan Release Force’ for jailed ex-PM

  • Opposition alliance ends week-long protests over Khan’s health concerns
  • Party announces nationwide membership drive for “peaceful” mobilization

ISLAMABAD: A Pakistani opposition alliance on Wednesday called off nationwide sit-ins held over jailed former prime minister Imran Khan’s health, while his Pakistan Tehreek-e-Insaf (PTI) party announced a new mobilization campaign, including the formation of an “Imran Khan Release Force.”

Pakistan has faced months of political confrontation between Khan’s party and the government since his arrest in 2023, with repeated protests, court battles and accusations by PTI that authorities are attempting to sideline its leader from politics, allegations the government denies.

Tensions have intensified in recent weeks after concerns emerged about Khan’s health in prison. Khan’s lawyer told Pakistan’s Supreme Court last week that the ex-cricketer had lost significant vision in his right eye while in custody, while a medical board said the swelling had reduced after treatment and his vision had improved. Since last week, the Tehreek-i-Tahafuz-i-Ayin-i-Pakistan (TTAP) opposition alliance has been holding a days-long sit-in at Parliament House over Khan’s health concerns.

“All sit-ins including the one at parliament have been called off,” Hussain Ahmad Yousafzai, a spokesperson for the alliance, told Arab News.

Separately, Khyber Pakhtunkhwa Chief Minister Muhammad Sohail Afridi told reporters the party was preparing for an organized political movement to demand their leader’s release.

“After continuous violations of court orders, an organized public struggle has now become inevitable,” Afridi said, announcing the creation of an “Imran Khan Release Force,” with membership open to youth across the country.

Afridi said the organization would include PTI’s student, youth, women, minority and professional wings and would conduct a “completely peaceful struggle,” adding that Khan himself would dissolve the body after his release.

He said membership cards would be issued within days and supporters would take oath in Peshawar after Eid, with a formal chain of command operating under leadership designated by Khan.

“This struggle is for real freedom, supremacy of the constitution and law, democracy and free media,” Afridi said.

Imran Khan, 73, a former cricket star who served as prime minister from 2018 to 2022, was removed from office in a parliamentary vote of no confidence that he says was orchestrated by political rivals with backing from the military. Both the government and armed forces deny the allegation.

Khan has been jailed since August 2023 after convictions he and his Pakistan Tehreek-e-Insaf party call politically motivated.

Broadcast outlets have been restricted from airing Khan’s name and speeches or even showing his image. Only a single court photograph has been publicly available since his imprisonment.

PTI swept to power in 2018 and retains a large support base across key provinces.