Pakistan’s parliament resumes session to discuss COVID-19

In this file photo, Pakistani media personnel gather outside the Parliament building during a joint session in Islamabad on February 28, 2019. (AFP)
Short Url
Updated 31 March 2022
Follow

Pakistan’s parliament resumes session to discuss COVID-19

  • Parliamentary sessions were suspended since Mar. 13 over coronavirus fears
  • Foreign minister apprised lawmakers about government’s measure to curb virus pandemic

ISLAMABAD: The National Assembly of Pakistan, which is the lower house of the parliament, resumed its session after a month-long lull on Monday to discuss coronavirus situation in the country after parliamentary leaders from various political factions reached a consensus on necessary safety measures and rules of procedure.

The state television showed large number of parliamentarians attending the session wearing face masks and exercising social distancing.

With COVID-19 as the only article on today’s agenda, Foreign Minister Shah Mahmood gave a policy statement and briefed lawmakers about government’s step to curb the spread of coronvirus.

The legislators from the opposition benches will share their suggestions and recommendations regarding the disease trying to forge national consensus on the issue.

The last parliamentary session on Mar 13 was abruptly prorogued over coronavirus fears raised by legislatures after which all parliamentary proceedings and holding of the standing committees was suspended for the first time in the country’s 72-year history.

Earlier, the speaker of the assembly, Asad Qaiser, formed a committee to look into the possibility of holding an online session amid the growing number of COVID-19 infections in Pakistan.
However, most of the opposition parties had rejected the idea of a virtual meeting, questioning why could the legislature not convene a session when the other two organs of state – the executive and judiciary – were continuing their duties amid the pandemic.
 
Last week, Qaiser and his two children tested positive for coronavirus raising fears of probably having infected other high officials whom he met with earlier in May.
However, the speaker says he is under “self-quarantine.”

Pakistan’s virus tally soared to 30,941 on Monday with 1,476 new cases reported within 24 hours and the death toll reaching 667.


Pakistan’s deputy PM says country seeks to convert $1 billion UAE deposit into investment

Updated 28 December 2025
Follow

Pakistan’s deputy PM says country seeks to convert $1 billion UAE deposit into investment

  • Ishaq Dar says the UAE will acquire shares in Pakistani companies using the amount, with transaction to be completed by March 31
  • The UAE’s remaining $2 billion in deposits, part of funds used to shore up Pakistan’s foreign reserves, are due for rollover in January

ISLAMABAD: Pakistan is seeking to convert part of its financial support from the United Arab Emirates into long-term investment to reduce external debt, Deputy Prime Minister Ishaq Dar said on Saturday, following talks with UAE President Sheikh Mohamed bin Zayed Al Nahyan during his visit to Islamabad.

Dar said Pakistan was engaged with the UAE on converting $1 billion in deposits into equity investment, potentially involving stakes in companies linked to the Fauji Fertilizer Group, a move that would end Pakistan’s repayment obligation on that portion of the funds.

The UAE has been one of Pakistan’s key financial backers in recent years, providing $3 billion in deposits to the central bank as part of a broader effort to stabilize the country’s external finances and unlock support from the International Monetary Fund.

Speaking at a year-end briefing, Dar said Pakistan had already begun discussions with the UAE on rolling over the first $1 billion tranche, but Islamabad now wanted to replace short-term borrowing with investment.

“They will be acquiring some shares, and this liability will end,” Dar said, adding that discussions were under way for the transaction to be completed by March 31.

Dar said the Fauji Foundation Group was taking the lead in the process, with plans for partial disinvestment by Fauji-linked and other companies to facilitate the deal.

He added that Pakistan also raised the issue of a separate $2 billion rollover due in January during talks with the UAE leadership, saying Islamabad had conveyed that converting debt into investment would be preferable to repeated rollovers.

The issue was discussed during Al Nahyan’s visit, which Dar described as cordial, adding that the UAE had expressed willingness to expand its investment footprint in Pakistan.

Pakistan has relied on repeated rollovers of deposits from friendly countries to manage its balance-of-payments pressures, a practice economists say provides short-term relief but adds to debt vulnerabilities unless replaced with foreign direct investment.

The country acquired $5 billion from Saudi Arabia and $4 billion from China, which, along with the UAE, helped shore up its foreign reserves and meet IMF conditions at a time when its external account was under severe pressure.

Dar said Pakistan was now focused on shifting from temporary financing toward longer-term capital inflows to stabilize its economy and reduce reliance on external borrowing.