Pakistan government not considering ‘major changes’ in Army Act — defense minister

Pakistan's defense minister Khwaja Asif speaks in the National Assembly in Islamabad, Pakistan, on October 19, 2022. (@NAofPakistan/Twitter)
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Updated 17 November 2022
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Pakistan government not considering ‘major changes’ in Army Act — defense minister

  • Khawaja Asif’s comments come ahead of highly-anticipated announcement of new army chief
  • Despite army’s assurances, there is widespread speculation incumbent chief could seek extension

ISLAMABAD: Pakistani Defense Minister Khawaja Asif has said the government was not considering “major changes” to the Pakis­tan Army Act (PAA) 1952, following widespread media reports of proposed amendments to the primary statute that governs the affairs of Pakistan’s all-powerful military, including top appointments.

The defense minister’s comments come ahead of the highly-anticipated announcement of a new army chief when General Qamar Javed Bajwa’s tenure as chief of army staff comes to an end on November 29.

This week, reports in local media suggested the government was planning amendments to Sec­tion 176 of PAA, including the insertion of the words “ret­e­ntion” and “resignation” in sub-section 2(a) of the same clause. The reports have speculated that the amendments wwere being proposed either to give Gen Bajwa an extension in service, or in order to be able to appoint Lt. Gen. Asim Munir, the army’s quartermaster general, as army chief.

Gen Munir is technically the senior-most of the top generals but is set to retire days before the incumbent hangs up his uniform.

“Media hype over amendments in Pakistan Army Act is uncalled for,” Asif said on Twitter.

“Government is not considering any major changes in the said Act. SCP had demanded review of relevant clauses of PAA in its judgment in CP 39/2019 which shall be complied with in due course.”

Other front-runners to replace Bajwa include Lt. Generals Sahir Shamshad, commander of the Rawalpindi Corps, Azhar Abbas, the army’s chief of general staff, and Nauman Mahmood, chief of the National Defense University.

An army chief’s tenure is for three years, but they often obtain extensions, as did Gen Bajwa. Despite assurances by the military that he will retire this time, there has been speculation that he could be given another extension in order to play a key role in lowering the political temperature as Pakistan attempts to survive an economic crisis and recover from historic floods.


Pakistani stocks breach 176,000 points barrier as investors expect further rate cuts

Updated 49 min 22 sec ago
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Pakistani stocks breach 176,000 points barrier as investors expect further rate cuts

  • Pakistani financial analyst attributes surge to falling inflation, investors expecting further policy rate cuts
  • Pakistan’s finance ministry said Thursday that inflation had slowed to 5.6 percent year-on-year in December 

KARACHI: Pakistani stocks continued their bullish run on Thursday, breaching the 176,000 points barrier for the first time after trading ended, with analysts attributing the surge to investors expecting further cuts in the policy rate. 

The KSE-100 benchmark gained 2,301.17 points at close of business on Thursday, marking an increase of 1.32 percent to settle at 176,355.49 points. 

Pakistan’s central bank cut its key policy rate by 50 basis points to 10.5 percent last ‌month, breaking a four-meeting ‌hold in a move ‌that ⁠surprised ​markets. Pakistan’s consumer price inflation slowed to 5.6 percent year-on-year in December, while prices fell on a monthly basis as per data from the finance ministry. 

“Upbeat data for consumer price index (CPI) inflation at 5.6pc in December 2025 [with] investors expecting a further State Bank of Pakistan rate cuts on falling inflation data,” Ahsan Mehanti, CEO of Arif Habib Commodities Ltd., told Arab News. 

The stock market witnessed a trading volume of 1,402.650 million shares, with a traded value of Rs48.424 billion ($173 million), compared with 957.239 million shares valued at Rs44.231 billion ($158 million) during the previous session.

Topline Securities, a leading brokerage firm in Pakistan, credited the surge to strong buying at the first session.

“This positivity can be accredited to buying by local institutions on the start of the new calendar year,” it said. 

Pakistan’s Finance Adviser Khurram Schehzad highlighted that the bullish trend at the stock market reflected “strong investor confidence.”

“With lower inflation, affordable fuel, stronger reserves, rising digitization and a buoyant capital market, Pakistan’s economic outlook is clearly improving--supporting greater confidence, better investment sentiment and more positive momentum for 2026,” he said on social media platform X.