Economy
Imran Khan barred from polls for 5yrs
Former Pakistan Prime Minister Imran Khan was disqualified Friday from running for political office for 5 years after the country’s election commission ruled he misled officials about gifts he received from foreign leaders while in power.
The decision is another twist in political wrangling that started even before Khan’s April ouster and is one of several legal battles being fought by the former international cricket star and his Pakistan Tehreek-e-Insaf (PTI) party.
“The ECP (Election Commission of Pakistan) has announced Imran Khan was involved in corrupt practices,” Gohar Khan, one of his lawyers, told the news media, adding he had been disqualified for 5 years.
“We are going to challenge it in the Islamabad high court right now.”
Pakistan’s courts are often used to tie up lawmakers in lengthy proceedings that rights monitors criticize for stifling political opposition, but the commission’s involvement, in this case, stems from the obligation of elected officials to declare all their assets.
The case centers on a government department known as “Toshakhana”, which during the Mughal era referred to the “treasure houses” kept by the subcontinent’s princely rulers to store and display gifts lavished on them.
Government officials must declare all gifts but are allowed to keep those below a certain value.
More expensive items must go to Toshakhana, but in some cases, the recipient can buy them back at around 50pc of their value — a discount Khan raised from 20pc while in office.
Pakistan newspapers have for months carried lurid stories alleging Khan and his wife received lavish gifts worth millions during trips abroad.
They included luxury watches, jewelry, designer handbags and perfumes.
Imran Khan is accused of failing to declare some gifts or the profit made from selling them.
The complaint to the election commission was first brought when Khan was still in office by the Pakistan Democratic Movement, a coalition whose members now make up the government.
At the time, Khan said he had not made public some gifts on national security grounds, but in a written submission admitted buying items worth nearly 22 million rupees ($100,000), and later selling them for more than twice that amount.
He says the valuation was done through proper channels.
This week, Khan won six of eight national assembly seats he stood for in a weekend by-election, a vote he called a referendum on his popularity.
Individuals can stand in multiple constituencies in Pakistan elections and choose which to forfeit if they win more than one, but it is rare for a candidate to contest as many as Khan.
The 70-year-old has attempted to disrupt Pakistan’s political process since his April ouster when he ordered all his lawmakers to give up their seats, leaving no PTI members in the National Assembly.
He has also vowed to soon announce the date of a “long march” of his supporters on the capital to pressure the government to announce an earlier national election than that scheduled for October next year.
Khan regularly holds rallies drawing tens of thousands across the country, giving fiery speeches criticizing state institutions — including the powerful military — for allegedly conspiring to topple his government.
He rode to power in 2018 on a populist platform promising social reforms, religious conservatism and a fight against corruption, overturning decades of rule by two feuding political dynasties interspersed with military takeovers.
But, under his tenure, the economy stagnated and he lost the support of the army, which was accused of helping to get him elected.
During the eleventh month of the current fiscal year, the country’s foreign currency reserves have fallen below $19 billion for the first time. After paying off some import bills, the reserves have now stood at $18.26 billion on Sunday.
According to the International Monetary Fund (IMF), as of May 8, the total foreign currency reserves of the country were $19.82 billion.
Mohammad Mezbauul Haque, the spokesperson of Bangladesh Bank, informed that through the Asian Clearing Union (ACU), the central bank has paid off import bills totaling $1.63 billion over the past two months.
However, Bangladesh Bank maintains that after paying off the import bills, the foreign currency reserves now stand at $23.71 billion.
According to the Central Bank’s accounts, the reserves were $25.27 billion on May 8.
The Dhaka Stock Exchange (DSE) and the DSE Brokers Association (DBA) have expressed gratitude towards Prime Minister Sheikh Hasina for her directive to list government companies in the capital market, a move hailed as timely and positive.
The directive was issued during the recent meeting of the Executive Committee of the National Economic Council (Ecnec) last Thursday.
Dr. Hafiz Muhammad Hasan Babu, Chairman of DSE, described the directive as a significant step towards enhancing the dynamics of the capital market. He emphasized that besides invigorating the capital market, this move would also attract foreign investment and promote sustainable development.
Despite previous efforts, government institutions had not been listed in the stock exchange, according to a notification issued by the DSE. The Prime Minister’s directive is seen as a pivotal step towards revitalizing and expanding the economy.
Dr. Babu further remarked, “The listing of reputable companies in the capital market, as directed by the Prime Minister, will greatly benefit the country’s economy. It will also enhance investor confidence.”
Similarly, the DBA released a notification applauding the Prime Minister’s directive, terming it as positive and timely for the capital market.
Saiful Islam, President of DBA, expressed optimism about the directive’s potential to accelerate the country’s capital market and overall economy. He pledged support to relevant government departments and regulatory bodies in implementing the directive, ensuring its positive impact on the economy, including the capital market.
India has expressed interest in financing Bangladesh’s Teesta project, announced Foreign Minister Hasan Mahmud. Speaking to reporters after a meeting with Indian Foreign Secretary Vinay Mohan Kwatra, Mahmud stressed the importance of aligning the project with Bangladesh’s needs. He confirmed discussions on the Teesta issue during the meeting. Mahmud also affirmed Prime Minister Sheikh Hasina’s upcoming visit to New Delhi, indicating that the finalization of the date would depend on the formation of the new Indian government following ongoing elections.
Meanwhile, the IMF has approved a $1.15 billion staff-level loan for Bangladesh in its third tranche. Mahmud noted the ongoing elections in India and the subsequent formation of the new government as factors influencing the scheduling of PM Hasina’s visit.
When asked about the sequence of visits to India and China, Mahmud suggested Delhi’s geographical proximity to Bangladesh. Diplomatic sources suggest PM Hasina’s visit to India is planned for early July, following India’s elections.
Pre-election surveys indicate strong prospects for Indian Prime Minister Narendra Modi’s re-election. Modi previously congratulated PM Hasina on her electoral victory in January, expressing optimism about strengthening ties between the two nations.
The last bilateral engagement between the prime ministers occurred during the G-20 Leaders Summit in September 2023. Modi is expected to invite South Asian and BIMSTEC leaders to his swearing-in ceremony, fostering regional cooperation.
Addressing border killings, Mahmud emphasized the government’s commitment to ending such incidents and promoting the use of non-lethal weapons by border forces. Discussions also covered enhancing physical and people-to-people connectivity, including cooperation with India to import hydropower from Nepal and Bhutan through India. Mahmud highlighted the need to further ease visa restrictions to strengthen people-to-people relations.
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