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Week 43
Stability in sight?
28th October 2024
Week 43 Update (21st October to 27th October)
Justice Yahya Afridi was sworn in as Pakistan's 30th Chief Justice (CJP) on October 26, 2024, at Islamabad’s President House. President Asif Ali Zardari administered the oath, marking the start of Afridi's three-year tenure, which will end in 2027. His appointment followed his nomination by a Special Parliamentary Committee, established under the recent 26th Amendment. Notable attendees at the ceremony included Prime Minister Shehbaz Sharif, military chiefs, and Supreme Court justices, while some key figures were absent, including Justice Mansoor Ali Shah, who is on Umrah pilgrimage. Soon after taking office, CJP Afridi restructured the Supreme Court’s Practice and Procedure Committee, reinstating Justice Munib Akhtar. Afridi emphasized prioritizing equitable justice, particularly in remote areas, and proposed new case categories for constitutional matters.
Source: Express Tribune 23rd October
Fun fact, Yahya Afridi Started a law firm called Afridi, Shah and Minallah 1997. We know who the Afridi is but the Shah is Mansoor Ali Shah and the Minallah is Ather Minallah. Both sitting judges of the Supreme Court of Pakistan and all three competent and considered for the top spot of Chief Justice of Pakistan.
Justice Mansoor Ali Shah did not attend the farewell reference for outgoing Chief Justice Qazi Faez Isa, publicly criticizing Isa for being "complacent" to outside pressures on the judiciary. In a pointed letter, Justice Shah accused Isa of failing to safeguard judicial independence and described his tenure as “petty” and “vindictive.” This absence was shared by four other Supreme Court judges, highlighting divisions within the court. Justice Shah’s letter emphasized that Isa’s lack of courage and consensus-building undermined the judiciary, comparing it unfavourably to past leadership.
In Khyber Pakhtunkhwa’s Lakki Marwat district, a tragic attack on a mosque during Friday's Maghrib prayers led to the martyrdom of 19-year-old Cadet Arif Ullah from the Pakistan Military Academy Kakul. According to ISPR, Arif, who was on leave and praying at his hometown mosque, heroically confronted the attackers, identified as Khwarij, sacrificing his life to protect fellow worshippers.
Abdul Majeed, an IT professional turned bodybuilder, achieved his lifelong dream by winning two gold medals and the prestigious Mr. Universe title at the World Fitness Federation event in Las Vegas, 2024. Competing in the open masters and super extreme categories, Abdul’s victory also earned him a pro card, a milestone for any bodybuilder. His journey began at Core Karachi Gym, followed by local accolades, including Mr. Karachi in 2014 and Mr. Pakistan in 2020. Over years of dedicated training and multiple jobs, he worked toward this goal, dedicating the last six months intensively to his preparation.
Aleema Khan and Uzma Khan, sisters of PTI founder Imran Khan, were released from Jhelum District Jail on Friday night following the Islamabad Anti-Terrorism Court's approval of their bails in the D-Chowk protest case, just a day after the release of former First Lady Bushra Bibi. A large crowd of PTI supporters gathered outside the jail to welcome the sisters.
Pakistan is targeting around $1 billion in a formal request for funding from the IMF facility that helps low and middle-income countries manage external shocks, according to Finance Minister Muhammad Aurangzeb. In an interview on the sidelines of the IMF/World Bank autumn meetings in Washington, he stated, "We have formally requested to be considered for this facility." While the International Monetary Fund had already agreed to a $7 billion bailout for Pakistan, further funding is available through its Resilience and Sustainability Trust (RST), established in 2022 to provide long-term concessional cash for climate-related spending, including adaptation and transitioning to cleaner energy.
In 2024, Pakistan's equity market experienced a revival, with companies raising over Rs8 billion through seven IPOs—five on the main board and two on the Growth Enterprise Market (GEM) board. Factors like declining inflation, monetary easing, currency stability, and a $7 billion IMF agreement boosted investor confidence. The KSE-100 index surged 42.4%, reaching record highs, while total IPO demand reached Rs13 billion, with a 1.6 times oversubscription. Additionally, 10 companies raised Rs18.3 billion through rights issues, and four new companies were listed via mergers, signaling a strong capital demand despite past economic and political uncertainties.
Editorial of the Week
Another one of the many editorials on the state of Karachi. This isn’t the first one, this won’t be the last one.
The Legacy of the Qazi. Came in as the M@VeR1Ck Chief Justice the entire country thought we needed. Left a disgruntled and hated man that donut shop employees were giving laanat’s to.
Podcast of the Week
How does depression impact you and those around you? Find out in this documentary by Raftar.
Another one from Raftar about the Airblue plane crash in 2010
An old one, but this expose on how the Bhutto’s and Mr. Zardari managed to siphon off USD1.5 billion throughout their time in power.
Bubyeee
This is one of those weeks when it feels like things are finally going the right way. Politically, things are easygoing; protests throughout the country have died down. Economically, we’re improving (low inflation and lowering interest rates). Plus, the SCO was fairly successful, and now we might have some money coming in.
I’m sure the past few weeks of smart decisions—or perhaps not the worst decisions—are a result of our leaders staying hydrated. With enough water, their minds function well, and hence, the decisions they make are more clear and beneficial. Therefore, stay hydrated.
I hope you have a very productive week ahead!
See you next Monday!