Ex-PM Khan’s attempts to politicize army chief appointment ‘very unpatriotic’ — planning minister

Pakistan’s planning minister, Ahsan Iqbal, speaks to Arab News Pakistan in Islamabad, Pakistan, on September 15, 2022. (AN Photo)
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Updated 16 September 2022
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Ex-PM Khan’s attempts to politicize army chief appointment ‘very unpatriotic’ — planning minister

  • In exclusive interview with Arab News, Ahsan Iqbal accuses ex-PM Khan of trying to create rifts within army
  • Minister says Pakistan not considering renegotiating loan terms with the IMF despite billions in flood losses

Islamabad: Pakistani planning minister Ahsan Iqbal has said the appointment of a new chief of army staff (COAS) would be made on time and as per merit and law, describing former prime minister Imran Khan’s alleged attempts to politicize the issue and create rifts within the army as “sad and very unpatriotic.”

Pakistan’s current army chief, General Qamar Javed Bajwa, will complete his tenure on November 28. Bajwa became the army chief in November 2016 and was given a three-year extension in 2019, when Khan was prime minister.

Khan, who was ousted from power in a no-trust vote in April, alleged during a speech at a rally this month that Prime Minister Shehbaz Sharif and his allies were delaying elections polls in the country as they hoped to appoint an army chief of their own choice who would not question them over corruption.

The military shot back at the former PM, saying it was “aghast” at the statement, which it saw as an attempt “to discredit and undermine the senior leadership.”

“[For army chief appointment], there is a mechanism in the Constitution. When the time will come, it will be made in routine, according to the law and on merit,” Iqbal told Arab News in an exclusive interview on Thursday.

“Everyone should talk about the mechanism, instead of trying to create division in the army, that there are patriotic generals and there are unpatriotic generals, I think that’s a shame.”




Pakistan’s planning minister, Ahsan Iqbal, speaks to Arab News Pakistan in Islamabad, Pakistan, on September 15, 2022. (AN Photo)

At his speech, Khan had alleged Sharif and his allies “want their man [as army chief] because they have stolen away money … They fear that if a strong, patriotic army chief is appointed, he will question them.”

“Pakistan’s military is a very important institution in Pakistan’s security and this, we have always maintained, should remain above politics,” Iqbal said. “Unfortunately, Imran Khan has tried to politicize even the army and now [he is] politicizing the appointment of the army chief. This is very sad and very unpatriotic.” 

Speaking about damages caused by floods this monsoon season, Iqbal, who also heads the National Flood Response Coordination Center (NFRCC), said initial estimates for damages stood at more than $30 billion, but a final figure would be clear after a completion assessment, which was being carried out in collaboration with the United Nations (UN), the World Bank and the Asian Development Bank (ADB).

Unprecedented floods have killed more than 1,500 people and submerged a third of Pakistan since mid-June, affecting 35 million people across the South Asian country.

“Two to three years of effort would be required to rebuild infrastructure and rebuild people’s livelihoods,” the minister said, adding the UN would support a donor conference to help Pakistan mobilize international funding for rehabilitation and rebuilding.

Asked about the world’s response to a UN flash appeal for $160 million issued last month, he said the appeal had been subscribed to by the international community and there was assistance coming from friendly countries for rescue and relief operations.

“The funds are used very transparently through NDMA [National Disaster Management Authority] and we have created a dashboard on which we are posting on a daily basis how much relief is being collected and where it is being distributed,” Iqbal said. 

He said the prime minister had said a leading international firm should carry out an audit of all the funds.

“The ministry of finance is carrying out the necessary processes because when you have to engage a firm you have to fulfill the coded formalities, but it will be one of the big four [PwC, Deloitte, EY and KPMG] who are internationally acclaimed and recognized and respected for their authenticity.”

Asked whether Pakistan would request the International Monetary Fund (IMF), in light of the floods, to reconsider its conditions for a loan program signed in 2019, the minister said the government was not considering it. “We do not right now intend to really give any message to the international community that Pakistan is facing a serious financial viability crisis,” he said. 

Iqbal also spoke about disbanding the China-Pakistan Economic Corridor (CPEC) Authority, which was created by the Khan government to oversee projects that are part of a multi-billion dollar scheme under which Beijing has pledged over $60 billion for infrastructure projects in Pakistan, much of it in the form of loans.

Iqbal said the authority was a “redundant body” that created duplication and conflict within government departments and ministries. 

“So, by reversing CPEC Authority, we are streamlining the implementation and execution of projects and we are going back to the old model of CPEC,” Iqbal said, “that was Ministry of Planning and Development leading the program through a very efficient, small CPEC secretariat and empowering the line ministries to do their job.”


Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

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Pakistan’s first non-life Shariah-compliant takaful operator says ‘historic’ IPO oversubscribed 21 times

  • Pak-Qatar General Takaful Limited offered 30 million shares to investors with ceiling price of Rs14 per share
  • Company says IPO proceeds will be used for investments in software, infrastructure, setting up new branches

ISLAMABAD: Pakistan’s first non-life Shariah-compliant takaful operator announced on Thursday that its initial public offering (IPO) was oversubscribed 21 times at the country’s stock exchange, saying the development reflected strong investor confidence in the Islamic insurance system. 

The Pak-Qatar General Takaful Limited said earlier this month it would issue 30 million shares with a floor price of Rs 10 and a ceiling price of Rs 14 per share. Institutional investors will receive 75 percent of the shares on offer, while the remaining 25 percent will be allocated to retail investors, it added. 

“Pak-Qatar General Takaful Limited’s (PQGTL) IPO book-building has concluded with a historic oversubscription of [21x] times, marking the first-ever IPO of a dedicated General Takaful company at PSX,” the company said in a statement. 

It said investors responded “strongly” as the strike price closed at Rs 14 per share, compared to the floor price of Rs 10. Total demand reached Rs 4.74 billion [$17 million].

The company said successful bidders will be provisionally allotted 22.5 million shares while the remaining 7.5 million shares will be offered to retail investors on Jan. 28-29. 

Shahid Ali Habib, CEO of Arif Habib Ltd., which was the lead manager for the IPO, said that country’s first-ever IPO of any dedicated general takaful company, has made a historic debut at PSX.

Habib said this reflects investor confidence in Pakistan’s fast-growing takaful sector and PQGTL’s strong market position.

The statement further said proceeds from the IPO will be utilized to fund strategic initiatives, such as investments in software and other intangible assets, hardware and infrastructure, marketing and brand development and human resource enhancement. 

Proceeds will also be used to establish new branches and transform existing ones to improve operational efficiency and customer experience, it added. 

Pak-Qatar General Takaful Limited is part of Pakistan’s pioneer Islamic financial services group and is backed by Qatar-based financial institutions.