ISLAMABAD: Yousaf Raza Gillani, the opposition leader in Pakistan’s Senate, on Monday announced his resignation, days after the upper house passed a controversial bill as a precondition by the International Monetary Fund (IMF) to revive the country’s $6 billion loan program.
The government had the State Bank of Pakistan (Amendment) Bill passed by the lower house of parliament, the National Assembly, on January 13 to secure the next tranche of the IMF’s Extended Funds Facility. The central bank autonomy bill also required approval of the Pakistani parliament’s upper house to become a law.
The passage of the bill from parliament was a pre-requisite for the disbursement of around $1 billion from the IMF. The global lender’s executive board is scheduled to meet on February 2 for Pakistan’s sixth review under the $6 billion program.
The opposition has a majority of at least 14 votes in the Senate, but some of its members, including Gillani, were absent from the January 28 session, during which the bill was passed.
“I am not astonished by the harsh words of my opponents, but I am astonished by the silence of my well-wishers,” Gillani said in his address with the Senate on Monday.
“But those, who do not have credibility and who are turncoats, they are saying that I helped the government. I have already submitted my resignation to my party that I don’t want to be the leader of the opposition.”
The SBP Amendment Bill had been a major source of contention between the government and the opposition as the latter believed the legislation would compromise Pakistan’s economic sovereignty.
But the government was of the view that an autonomous central bank would help boost economic growth and stability in the country.
The revival of the IMF program would make available $1,059 million that would bring total disbursements to Pakistan to about $3,027 million and help unlock significant funding from bilateral and multilateral partners.
Pakistan secured the $6 billion Extended Funds Facility in 2019, which has been stalled since March 2021.
Opposition leader announces resignation after Pakistan’s Senate adopts IMF-backed bill
https://arab.news/9u4vg
Opposition leader announces resignation after Pakistan’s Senate adopts IMF-backed bill
- The central bank autonomy bill had been a major source of contention between government, opposition
- Yousaf Raza Gillani was among senators missing in last week’s session of opposition-majority upper house
Islamabad says surge in aircraft orders after India standoff could end IMF reliance
- Pakistani jets came into the limelight after Islamabad claimed to have shot down six Indian aircraft during a standoff in May last year
- Many countries have since stepped up engagement with Pakistan, while others have proposed learning from PAF’s multi-domain capabilities
ISLAMABAD: Defense Minister Khawaja Asif on Tuesday said Pakistan has witnessed a surge in aircraft orders after a four-day military standoff with India last year and, if materialized, they could end the country’s reliance on the International Monetary Fund (IMF).
The statement came hours after a high-level Bangladeshi defense delegation met Pakistan’s Air Chief Marshal Zaheer Ahmed Baber Sidhu to discuss a potential sale of JF-17 Thunder aircraft, a multi-role fighter jointly developed by China and Pakistan that has become the backbone of the Pakistan Air Force (PAF) over the past decade.
Fighter jets used by Pakistan came into the limelight after Islamabad claimed to have shot down six Indian aircraft, including French-made Rafale jets, during the military conflict with India in May last year. India acknowledged losses in the aerial combat but did not specify a number.
Many countries have since stepped up defense engagement with Pakistan, while delegations from multiple other nations have proposed learning from Pakistan Air Force’s multi-domain air warfare capabilities that successfully advanced Chinese military technology performs against Western hardware.
“Right now, the number of orders we are receiving after reaching this point is significant because our aircraft have been tested,” Defense Minister Asif told a Pakistan’s Geo News channel.
“We are receiving those orders, and it is possible that after six months we may not even need the IMF.”
Pakistan markets the Chinese co-developed JF-17 as a lower-cost multi-role fighter and has positioned itself as a supplier able to offer aircraft, training and maintenance outside Western supply chains.
“I am saying this to you with full confidence,” Asif continued. “If, after six months, all these orders materialize, we will not need the IMF.”
Pakistan has repeatedly turned to the IMF for financial assistance to stabilize its economy. These loans come with strict conditions including fiscal reforms, subsidy cuts and measures to increase revenue that Pakistan must implement to secure disbursements.
In Sept. 2024, the IMF approved a $7 billion bailout for Pakistan under its Extended Fund Facility (EFF) program and a separate $1.4 billion loan under its climate resilience fund in May 2025, aimed at strengthening the country’s economic and climate resilience.
Pakistan has long been striving to expand defense exports by leveraging its decades of counter-insurgency experience and a domestic industry that produces aircraft, armored vehicles, munitions and other equipment.
The South Asian country reached a deal worth over $4 billion to sell military equipment to the Libyan National Army, Reuters report last month, citing Pakistani officials. The deal, one of Pakistan’s largest-ever weapons sales, included the sale of 16 JF-17 fighter jets and 12 Super Mushak trainer aircraft for basic pilot training.
