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The Government is Expected to Amend the SBP Amendment Act

Islamabad: The government is expected to revise the SBP Amendment Bill in response to concerns raised by various parties. According to sources, numerous agencies have questioned the measure, particularly the central bank governor’s limitless authority.

Notably, the SBP change was approved by the Federal Cabinet in March of this year. Nonetheless, the government changed the plan when Federal Justice Minister Farogh Naseem pronounced several provisions “unconstitutional.” Naseem told IMF officials at a recent meeting that he urged the government to modify the constitution, but that this was impossible.

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According to rumors, the IMF desires that the SBP governor have the same authority as the federal finance minister. Still, lenders do not wish to ask the central bank governor about monetary policy initiatives, among other topics. Reza Baqir, the current SBP governor, is displeased with recent actions such as rate hikes, thus leaders are closely monitoring his performance.

The administration reportedly tabled an SBP amendment to the Federal Cabinet Conference and aims to fund additional legislation in 2021, according to the source. However, the cabinet disregarded the measure after the economic team informed the prime minister of the reservation of alternative quarters.

The Minister of Information said on Tuesday that the Cabinet Committee on Legislative Cases (CCoLC) will amend the SBP Amendment Act further. Consequently, the final decision has not yet been taken.

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The IMF has urged Pakistan to preserve the revised bill and pay a supplementary bill approved by Congress by January 12, 2022 in order to get a $ 1 billion tranche. The author attempted to contact Finance Minister Shokat Tallinn’s aide regarding proposing the bill at the Cabinet meeting, but received no response.

In the meantime, a spokesperson for the Ministry of Finance stated that he was uninformed that the government was submitting the aforementioned bill through ordinance rather than to Parliament (NA). Profit addressed Pakistan’s IMF official, Esther Perez Ruiz, over the aforementioned occurrences. But despite having seen the WhatsApp message, she did not respond.

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