Pakistan

SBP governor to be nominated next week: Finance Minister Miftah Ismail

Published

3 years ago

Farwa

Finance Minister Miftah Ismail says Acting SBP Governor Murtaza Syed has no hand in depreciation of rupee.
Defence Minister Khawaja Asif says govt will take all necessary steps needed to revive the economy.
If we had gone home, country could have gone bankrupt. We made a political sacrifice for the sake of country, says Asif.

ISLAMABAD: Finance Minister Miftah Ismail announced on Thursday that the government will nominate a new governor of the State Bank of Pakistan — a post that has remained vacant for more than two months — in the next week.

Addressing a press conference along with Defence Minister Khawaja Asif, the finance czar of the country said that the new governor will be nominated next week.

While talking about the depreciating rupee, Miftah also assured the reporters that Acting SBP Governor Murtaza Syed had no hand in the depreciation of the rupee.

He added that the local currency would stabilise against the greenback next month.

“Due to import payments of $7.5 billion, pressure is coming on the rupee,” said the finance minister, adding that the rupee had also come under pressure due to the political crisis that resulted following PML-N’s thrashing in the July 17 by-polls.

“The demand for dollars in banks will decrease. Last month, there were imports of $7.5 billion and this month’s imports are less than last year,” said Miftah.

He further stated that the government was focusing on minimising imports and increasing exports.

The finance minister also stated that there has been a significant decrease in the import of diesel and furnace oil, adding that the country has a couple of months of furnace oil in its reserve.

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“The economy is moving in the right direction,” said the finance minister, repeating what his colleague Khawaja Asif had said in the press conference that the coalition government would sacrifice its political capital for the sake of the country.

Talking about the pressure on him, Miftah dismissed those rumours by saying that no one in the federal cabinet has accused him of the loss the PML-N took in the July 17 by-polls.

Reviving Pakistan’s economy main priority: Khawaja Asif

On the other hand, Asif assured the reporters that the coalition government’s main priority was to revive the economy.

“Will take all necessary steps needed to revive the economy,” the defence minister said while noting that his party may face the voters’ wrath in the elections.

“How many finance ministers did the previous government change? Whatever we did in three months, we did it sincerely,” said Asif.

The ministers also spoke about the PML-N’s thumping in Sunday’s by-polls, saying that compared to 2018, the PML-N’s vote bank had increased.

“In the constituencies where we took 6,000 votes last time, we grabbed 45,000 votes. Compared to 2018, we took 200,000 more votes in the recent by-elections,” said Asif.

The PML-N stalwart noted that there were some districts where his party had no vote banks in the past but received a large number of votes from those areas on Sunday. He also noted that the party had given tickets to PTI defectors instead of its workers in some places which had made them heartbroken.

“Ever since we took an oath, we have tried to bring stability rather than doing politics. We will learn from the experience of July 17,” said Asif.

The minister also reminded the media persons that the coalition government had taken over the charge themselves.

“If we had gone home, the country could have gone bankrupt. We made a political sacrifice for the sake of the country,” said Asif.

Latest News

Protectors of the Highest Battlefield in the World: The Pakistan Army’s Valiant Position on Siachen Glacier

Published

2 days ago

Farwa

Siachen, the highest battleground in the world, is a potent symbol of the bravery, sacrifices, and unwavering resolve of Pakistan Army soldiers who are always prepared to protect their country.

With unmatched tenacity and fortitude, they survive at elevations of 21,000 feet and temperatures as low as -40°C.

With courage and determination, the courageous men of the Pakistan Army spearhead every mission, from saving the lives of those suffering from oxygen shortages to rescuing wounded comrades in avalanche-prone locations.

There is no comparison to the sacrifices made by the Pakistan Army to defend the country’s boundaries.

Latest News

Session of the National Assembly: Government Prioritising Youth Skill Development: Ch Salik Hussain

Published

1 week ago

Farwa

The National Assembly was informed that the government is concentrating on developing the skills of young people in order to meet the demand for skilled workers in other countries. To this end, the government has inked agreements with several countries.

Latest News

PTA provides a significant update on Pakistan’s Starlink launch.

Published

1 week ago

Farwa

Starlink applied for a license on February 24, 2022, and is currently in communication with the new regulatory body, according to a briefing given to the National Assembly Standing Committee on IT, which was chaired by Senator Palwasha Khan, the PTA Chairman.

Starlink needs to register with both the PSB and the Securities and Exchange Commission of Pakistan (SECP) before to starting its satellite services in Pakistan. According to the PTA Chairman, the body will proceed with further actions after the registration procedure is over.

Along with Starlink, Shanghai Space Technology is also making its debut in Pakistan, which should boost internet access and spur technical advancement in the nation.

The Pakistan Telecommunication Authority (PTA) has also made it plain that until it has government approval, it is unable to grant a license to Elon Musk’s satellite internet service, Starlink.

The chairman stated that Starlink has promised to adhere to government regulations and not circumvent the system.

The committee also chose to call a meeting of the Space and Upper Atmosphere Research Commission (SUPARCO) to take up the topic of space technology regulation. Additionally, the committee asked why the PTA is assigning its duties to other groups.

Prior to the launch of Starlink in Pakistan, Elon Musk, the CEO of SPACEX, stated that he was seeking permission from the Pakistani government.

According to information, Pakistani social media user Sanam Jamali and Elon Musk had a discussion on the launch of Starlink in Pakistan on the social media site X (previously Twitter).

Sanam asked Musk to launch Starlink in Pakistan, claiming that it might open the door to a better future by giving people access to the internet and chances to advance.

In response, Musk said that he is awaiting Pakistani official approval to introduce Starlink there. Through a massive network of satellites, SpaceX’s Starlink offers internet services.

Starlink

SpaceX, a private aircraft manufacturer and space transport services provider established by Elon Musk, is the developer of the Starlink satellite internet network. The constellation uses a network of thousands of tiny satellites in low Earth orbit (LEO) to deliver fast, dependable, and worldwide internet connectivity.

The way we access the internet could be completely changed by this cutting-edge technology, particularly in isolated and underdeveloped locations where conventional fiber-optic and cellular networks are scarce or nonexistent.

High-speed internet access with latency as low as 20 ms is what the Starlink constellation is intended to provide; this is on par with or even better than many current fiber-optic networks.

Every Starlink satellite includes a phased array antenna, which enables it to connect with numerous users at once, offering a flexible and high-capacity network. Fast and dependable internet connection is available to users from almost anywhere in the world with Starlink, which is an exciting advancement for digital inclusion and global connectedness.