KARACHI: The defeat of ruling Pakistan Tehreek-e-Insaf (PTI) candidate Dr. Abdul Hafeez Sheikh in Senate polls at the hands of the joint candidate of the Pakistan Democratic Movement (PDM) Syed Yousaf Raza Gilani could probably result in an ‘ultimate’ change of the post of finance minister, sources claimed on Friday.
According to sources, the defeat of Abdul Hafeez Sheikh has weakened his grip on financial ministry posts, making it difficult for Sheikh to resolve financial issues.
Sources said Dr Hafeez Sheikh can persist to be the finance minister for an additional three months before the expiration of the six months grace period. As a result, the process can give PM Imran Khan much time to probably get him elected on a safe-seat.
Sources said the change of guard at the Finance Ministry could possible as the Supreme Court’s earlier ruling wherein unelected individuals could only be appointed for a period of six months under Article 91(9) of the Constitution.
Sources were of the view that from a macro perspective, there will likely be noise on Pakistan’s program with the IMF with a general perception of Dr Sheikh being the architect of Pakistan’s negotiation with the IMF.
Sources further added that on the market side, a knee-jerk reaction to Hafeez Sheikh’s defeat will be expected to weigh heavily, although in the near term. “In the long run, nevertheless, sources believe any downward movement is likely an accumulation opportunity with Pakistan’s growth story remaining intact.”
Meanwhile, a report by Arif Habib Limited said Hammad Azhar and Asad Umar could be two potential candidates for the post of finance minister if Shaikh changes possible.
On March 03, Yousaf Raza Gilani emerged winning by defeating his competitor Dr Abdul Hafeez Shaikh, by five votes – 169/164 as seven votes were rejected under highly suspicious circumstances in Senate elections.
The political uncertainty was further accelerated after PTI announce that PM Imran would seek a fresh vote of confidence from the National Assembly, following the upset defeat of Dr Shaikh.
Jamiat Ulema-e-Islam (JUI-F) Chief Maulana Fazlur Rehman has said that the Democratic Movement (PDM) will boycott the National Assembly session to be held (tomorrow) on Saturday during which Prime Minister Imran Khan would take a vote of confidence from the Parliament.
Speaking to the media in Islamabad on Friday, the PDM chief said, that no member of PDM would attend the National Assembly session tomorrow.
Fazlur Rehman said that the lawmakers from the opposition alliance would not participate in the National Assembly session. “The session will lose its importance in the absence of the opposition,” he said.
“Continue your government and hold assembly sessions with the fake mandate,” he added. Rehman said that Yousuf Raza Gilani’s triumph was itself a no-confidence motion against PM Imran.
President Alvi in his summary to summon Saturday’s session had fundamentally stated that Prime Minister Imran had lost the trust of the majority and he, therefore, needed to seek a vote of confidence, he claimed.
“So when the country’s president talks about losing trust to call the session of the National Assembly, then this further strengthens the stance of the opposition,” the PDM chief said. The tone in which Prime Minister Imran addressed the nation last night reflected his defeat the JUI-F chief said.
Sources said, “Fazlur Rehman held a consultation over the matter with Asif Ali Zardari and later they also took PML-N supremo Nawaz Sharif into the confidence over the matter,” they said adding that both the leaders of the PML-N and PPP supported the suggestion from Fazlur Rehman.
