16th September 2024

Week 37 Update (9th September -15th September)

• KP CM Ali Amin Gandapur’s fiery speech at the PTI jalsa outside Islamabad has set the ball rolling. Within 24 hours, top PTI leadership, including Gohar Ali Khan and Sher Afzal Marwat, had been arrested, while Gandapur was “missing” for 6-8 hours. This was followed by chaos in the National Assembly, with September 10 being referred to as the May 9th of democracy. Multiple PTI MNAs were arrested when men, both in uniform and in plain clothes, infiltrated the parliament and detained them. Speaker of the Parliament, Ejaz Sadiq, dismissed five security officials for allowing these abductions to take place on parliament grounds.

• The National Assembly Speaker declared the Parliament Lodges as a sub-jail for 10 Pakistan Tehreek-i-Insaf (PTI) lawmakers, arrested under anti-terrorism and public order laws after a rally. Despite being sent on physical remand, the Islamabad High Court overturned the decision, placing the lawmakers in judicial remand. The lawmakers remain detained in suites within the lodges. The court criticized the arrests and prosecution, calling the case weak and unnecessary.

  Read more at Dawn.

• The State Bank of Pakistan (SBP) has reduced its key policy rate by 200 basis points, bringing it down to 17.5%. This decision is aimed at providing relief to businesses and consumers amidst ongoing economic challenges. The rate cut is expected to stimulate economic activity by lowering borrowing costs, but it also raises concerns about inflation control and fiscal stability.

  Read more at Dawn.

• Pakistan's plan for a new Export Processing Zone (EPZ) has been halted due to pressure from the International Monetary Fund (IMF). The IMF raised concerns that such zones could undermine the country's fiscal discipline and revenue collection efforts. The government was forced to put the plan on hold to meet the IMF's conditions for financial support, as the EPZ would have provided tax breaks and incentives to investors, which the IMF views as counterproductive to economic reforms.

  Read more at The Express Tribune.

• Pakistan secured a $600 million commercial loan from Standard Chartered Bank at an 11% interest rate, the highest in its history. This loan was necessary to meet IMF conditions for a $7 billion bailout package after bilateral creditors declined additional financing. Of the total, $300 million is for LNG supply, and $300 million is syndicate financing. The high interest rate reflects Pakistan's economic difficulties, despite efforts to seek lower rates. The IMF board is scheduled to review Pakistan's case on September 25.

  Read more at The Express Tribune.

Podcast of the Week

• What went down on Sep 10 at the Parliament. Find out from those who were arrested themselves in this episode of Mahaaz from Wajahat S Khan.

• What is that red spit that people in Karachi throw everwhere? Find out everything there is about the Gutka and Mewa industry in Karachi from documentary by Raftar

Bubyeee

I spent a lot of time this week following the parliamentary debates and I can’t even tell you how unhinged they are. I’m a guy who watches a new movie or something new every night but this entire week I’ve been doing nothing but following Charsadda Journalist’s Youtube Channel and enjoying the feisty drama that is the National Assembly of Pakistan.

Not drinking enough water can lead to dehydration, headaches, weakness, drowsiness and just does weird things on your insides. Remember to have at least 4-6 glasses of water every day. #stayhydrated

Have a badass week and I’ll be back to annoy you next week!