Despite much protest and uproar in the Senate the past week, the PTI government managed to pass the controversial State Bank of Pakistan (SBP) Amendment Bill 2021, which grants the IMF more control over the central bank and the country’s financial system. The passage of the bill was one of the prior conditions of the Fund for releasing the $1 billion tranche under its Extended Fund Facility (EFF). Following this development, the opposition has written a dissenting note stating that the legislation will have “negative implications for the political and national security of Pakistan”. While the economic managers should thoroughly review the bill and shed light on its key features, the opposition has itself to blame for its embarrassing defeat in the upper house.
Opposition lawmakers have a clear majority in the Senate and were yet unable to block the SBP bill, which was passed with a mere majority of one extra vote in the treasury benches. Both the opposition and the government senators had a tie of 42 votes each but with Senate Chairman Sadiq Sanjrani casting his vote in favour of the ruling PTI, the government passed the bill with a razor-thin majority. Even Opposition Leader in the Senate Yusuf Raza Gilani was not present during such a crucial session. Perhaps the opposition parties ought to ask Gilani as well as eight other senators to explain their absence than calling the bill “a document of financial surrender”. In fact, the Awami National Party Senator Umer Farooq Kasi, though being present during the onset of the session, had later decided to excuse himself and left the chamber. Friday’s session raises many questions on the opposition parties’ stance on the SBP bill. Was the uproar and protests against the legislation mere politicking against Prime Minister Imran Khan-led government?
Crying foul after the passage of the bill is not going to do any favours because when it comes to actions, the opposition parties are lagging behind. The PML-N, PPP and even the Pakistan Democratic Movement (PDM) held back-to-back protests to show street power but they have done little to nothing to help the public from the many challenges they are faced with. The opposition ought to rethink its strategy because creating noise or mudslinging has helped no one ever. As for the government, recent ‘wins’ may give it reasons to gloat but it is action that will get them ahead.
