ISLAMABAD: Despite having clear majority, opposition’s deceptive disappearance paved the way for passage of State Bank of Pakistan (SBP) amendment bill 2021 in the Senate here on Friday, bringing absolute autonomy for the central bank.
The proceedings of the upper house suggested the opposition which had clear majority with 57 members did not show seriousness in the Senate for opposing the SBP amendment bill 2021 what it had been claiming as the bill against the national interest. The ruling alliance managed 100 % attendence to make sure that the SBP amendment bill sails through the upper house. The ruling alliance number in upper house is 43 and all its all members were present in the Senate at the time of voting on this crucial bill. The opposition which has 57 members in the upper house failed to ensure its 100 % attendence to oppose the bill which it was publically announcing to oppose on the floor of the upper house at all cost.
The opposition’s sluggish attitude in the upper house on the bill relating to financial autonomy of the country is indicative of its double standard in politics.
Mysterious absence of former prime minister and opposition leader in Senate, Yousaf Raza Gillani, is hardly understandable. Gillani’s absence from the session of the upper house suggests the level of seriousness of the Pakistan People Party (PPP) on key issues relating to Pakistan’s financial autonomy.
The opposition had been criticising the SBP amendment bill 2021 since its tabling in the lower house calling it as handing over the control of the SBP to the International Monetary Fund (IMF) . Its press talks and speeches on the floor of the house suggested the opposition was more than serious in blocking the bill in the upper house where its response on Friday proved otherwise. After going through the both houses, the bill would come into force with signing of the president which is a formality now onward.
The bill will empower the Governor SBP to take all decisions regarding Pakistan’s financial sector. It will help the Pakistan Tehreek -e- Insaf (PTI) government seek much needed bail out package from IMF. Pakistan need roughly $7 billion to make its obligations with international donors fulfilled.