National Assembly Passes Finance (Supplementary) Bill, State Bank of Pakistan (Amendment) Bill Amid Opposition Protest

Strategic Insights -

The National Assembly passed the Finance (Supplementary) Bill, 2021 and the State Bank of Pakistan (Amendment) Bill, 2021 amid opposition protest, with the opposition members shouting slogans and carrying placards. The opposition parties criticized the government for presenting a mini-budget that would increase taxes and electricity tariffs, and for bulldozing the bills in the absence of a proper debate. The government, however, defended the bills, stating that they were necessary to stabilize the economy and that the State Bank of Pakistan would be governed by a board of governors with the Pakistan government having full authority to govern the bank.

Key Takeaways:

  • The National Assembly passed the Finance (Supplementary) Bill, 2021 and the State Bank of Pakistan (Amendment) Bill, 2021 amid opposition protest.
  • The opposition parties criticized the government for presenting a mini-budget that would increase taxes and electricity tariffs.
  • The government defended the bills, stating that they were necessary to stabilize the economy.
  • The State Bank of Pakistan would be governed by a board of governors with the Pakistan government having full authority to govern the bank.
  • The opposition members shouted slogans and carried placards during the passage of the bills.
  • The National Assembly also passed 14 other bills, including the Public Procurement Regulatory Authority (Amendment) Bill, 2021.
  • The government defended the passage of the bills, stating that the opposition was trying to create a storm over minor issues.
  • The opposition parties regretted the government's decision to mortgage the State Bank with the IMF in the absence of a proper debate.
  • The opposition members tore copies of the order of the day in protest.

Statistics:

  • 168 to 150 votes in the first instance, the House rejected opposition's amendment to Clause 3.
  • 163 votes of government and 146 votes of opposition members, on the second instance, the House rejected opposition's amendment to Clause 3.
  • Rs280 billion out of Rs343 billion would be refunded according to the finance minister.
  • The government would have a majority voice in the passage of the bills.
  • 14 other bills were passed by the National Assembly in addition to the Finance (Supplementary) Bill, 2021 and the State Bank of Pakistan (Amendment) Bill, 2021.
  • The opposition members continued raising question of quorum during passage of bills.

Sources:

  • The Express Tribune (Pakistan)
  • Dawn (Pakistan)
  • News International (Pakistan)
  • Business Recorder (Pakistan)