Pakistan’s ruling party calls for dialogue amid increasing political turmoil

Pakistan Interior Minister Rana Sanaullah (C) along with ruling collation parties leaders Qamar Zaman Kaira (L) and Asad Mehmood (R) listen to a question during a press conference in Islamabad on May 24, 2022. (AFP/File)
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Updated 18 April 2023
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Pakistan’s ruling party calls for dialogue amid increasing political turmoil

  • Development follows ex-PM Khan’s decision last week to form three-member committee for dialogue
  • Interior Minister Rana Sanaullah urges all parties to play their role to resolve political deadlock in Pakistan

ISLAMABAD: The ruling Pakistan Muslim League-Nawaz’s (PML-N) member and Interior Minister Rana Sanaullah on Monday called on the country’s politicians to resolve the prevalent political crisis through dialogue, amid heightened tensions between the PML-N and former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party. 

The development takes place after ex-PM Khan formed a three-member committee last week to hold talks with the leading right-wing political party, the Jamaat-e-Islami (JI), who offered to mediate between the government and Khan to resolve Pakistan’s political deadlock. JI chief Siraj-ul-Haq also held a separate meeting with Prime Minister Shehbaz Sharif to bring political tensions down in the country. 

Tensions between the government and Khan’s party have been on the rise ever since the former premier was ousted in a parliamentary vote last year. Khan refuses to recognize the government and has been pressurizing it to hold snap elections. Sharif and his coalition government have categorically rejected his demand and said polls for all assemblies would be held as per schedule in October. 

The government and judiciary have also grown increasing hostile against one another after a landmark judgment by the Supreme Court earlier this month called for elections in Pakistan’s Punjab province to be held on May 14. The verdict did not sit well with PM Sharif and the ruling party, who called on the chief justice to resign and accused another two judges of the apex court of being biased against it. 

A three-member delegation of the Pakistan Peoples Party (PPP), which is also part of the coalition government, called on Sanaullah and other PML-N leaders to discuss Pakistan’s political crisis. Speaking to reporters after their meeting, the interior minister said the PML-N “fully endorsed” the PPP’s vision to hold talks with opponents to resolve the political deadlock in the country. 

“In democracy, especially parliamentary democracy, dialogue is the only way that can take us out of any crisis or difficult situation,” the minister said. 

Taking an indirect dig at ex-PM Khan, Sanaullah said politics of rigidity, hate and ego is responsible for the crisis Pakistan is in today. The interior minister said the crisis has also heightened tensions between Pakistan’s judiciary and parliament, adding that it can cause severe damage to the state. 

“Hence under these circumstances, it is the responsibility of all political parties to take the country out of crisis through dialogue,” Sanaullah said, adding that the PML-N leadership had always tried to not only tolerate difference of opinion but also respect it. 

PPP leader and former prime minister Yousaf Raza Gillani, who was leading the PPP delegation comprising Syed Naveed Qamar and Qamar Zaman Kaira, said the “clash of institutions” is not in Pakistan’s interest. 

“We don’t want to finish dialogue because politicians have only one weapon, and that is dialogue,” Gillani said, adding that the PPP would first meet its allies to build a consensus for talks and then reach out to others. 


Pakistan stocks hit record high on hopes of rate cut, improved US ties

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Pakistan stocks hit record high on hopes of rate cut, improved US ties

  • Benchmark index gains 2,662 points, or 1.44 percent, to close at an all-time high of 187,761 points
  • Engro, UBL, Hub Power, Fauji Fertilizer, Meezan Bank and Service Industries added 1,554 points to index

ISLAMABAD: The Pakistan Stock Exchange (PSX) hit a record high as it surpassed the 187,500-point mark on Monday, with analysts citing improving ties with the United States and expectations of an imminent interest rate cut.

The benchmark KSE-100 index gained 2,662.86 points, or 1.44 percent, to close at an all-time high of 187,761.69 points, up from the previous close of 185,098.83 points, according to PSX data.

The stock gains came a day after President Donald Trump invited Prime Minister Shehbaz Sharif to join the so-called “Board of Peace” for Gaza, amid increasing Pakistan-US diplomatic and economic engagement since Trump’s rise to presidency.

“Falling government bond yields and improving Pakistan-US relations played a catalyst role in record close at PSX,” Ahsan Mehanti, chief executive officer of Arif Habib Commodities, told Arab News.

Meanwhile, Karachi-based market research firm Topline Securities said bulls extended their rally as hopes of a rate cut by the State Bank of Pakistan (SBP) fueled investor sentiment.

“Investor sentiment remained upbeat, largely fueled by rising expectations of an imminent interest rate cut,” it said in a post on X. “Market participants increasingly priced in a 50bps reduction in the upcoming monetary policy, which kept buying interest alive and underpinned broad-based gains.”

In December, the SBP cut its key policy rate by 50 basis points to 10.5 percent, resuming monetary easing after four meetings in a move that surprised many despite International Monetary Fund guidance to keep policy “appropriately tight” to anchor inflation expectations.

Engro Holdings Limited (ENGROH), United Bank Limited (UBL), Hub Power Company Limited (HUBC), Fauji Fertilizer Company Limited (FFC), Meezan Bank Limited (MEBL) and Service Industries Limited (SRVI) collectively added 1,554 points to the benchmark index on Monday, according to Topline Securities.

“Total market volumes stood at 1,195 million shares, while the value of shares traded amounted to Rs63.7 billion,” the research firm said. “[Bank Makramah Limited] BML led the volume chart, emerging as the most actively traded stock with 246 million shares.”