Sovereignty lies with IMF : SBP Amendment — 2 : False claims

Finance Minister is making claims that are simply untrue

UPDATE:

Now updated with alternate viewpoint at the end.

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I am still on the road so I apologize for the typos and formatting issues if any.

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فرض کرو ہم اہل وفا ہوں، فرض کرو دیوانے ہوں

فرض کرو یہ دونوں باتیں جھوٹی ہوں افسانے ہوں

فرض کرو یہ جی کی بپتا جی سے جوڑ سنائی ہو

فرض کرو ابھی اور ہو اتنی آدھی ہم نے چھپائی ہو

فرض کرو تمہیں خوش کرنے کے ڈھونڈھے ہم نے بہانے ہوں

فرض کرو یہ نین تمہارے سچ مچ کے مے خانے ہوں

فرض کرو یہ روگ ہو جھوٹا جھوٹی پیت ہماری ہو

فرض کرو اس پیت کے روگ میں سانس بھی ہم پر بھاری ہو

فرض کرو یہ جوگ بجوگ کا ہم نے ڈھونگ رچایا ہو

فرض کرو بس یہی حقیقت باقی سب کچھ مایا ہو

— ابنِ انشاء

Oh what a tangled web we weave

When first we practice to deceive

— Walter Scott

If anybody is lying here, senator, it is you

— Dr. Anthony Fauci to Senator Rand Paul

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I was tagged in the following

Motasim Bajwa @motasim

Giru @2paisay "Agar ziada chalaki dikhai to inka Koonda kur dein ge"

I couldn’t believe that the Finance Minister and a Senator to boot can state something so ridiculous.

I wondered if he was quoted out of context so I searched for the original news. Yep. Turns out he did make the subject statement when speaking to the press after the parliamentary session.

انہوں نے کہا کہ اگر فرض کریں اسٹیٹ بینک ہمارے ہاتھ سے نکلنے کی کوشش کرے گا، حالانکہ یہ ہونا نہیں چاہیے لیکن اگر ایسا ہوا تو ہم سادہ اکثریت کے ساتھ اس کی خودمختاری ختم کردیں گے، اس میں کیا مسئلہ ہے۔

It can be translated as

He said, “Suppose the SBP tries to get out of our hands, even though it shouldn't, but if it does, we will end its sovereignty with a simple majority, what is the problem in it?”

The statement is problematic on so many levels. Let me count the ways

1. What does the finance minister mean when he says that “SBP tries to get out of our hands?” SBP isn’t really independent if it is in the hands of government or finance minister.

2. SBP isn’t independent if the finance minister can threaten to end its independence with a simple majority.

3. Finally, as I covered in my last post, parliament can’t pass any legislation in future with respect to SBP unless it has “consulted” with SBP. The bill doesn’t define what does consulting entail. Does the finance minister know what is written in the bill?

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As per The Profit

While presenting the finance supplementary and SBP amendment bills in the National Assembly (NA), Tarin added that the SBP governor will be accountable as he will be answerable to the parliament. 

Which raises the question, accountable for what. Accountability will only come when performance of SBP can be measure against some objective. But the objective is some vaguely defined mumbo jumbo as covered in earlier post.

Sovereignty lies with IMF : SBP Amendment — 1: Primary objective

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How can the finance minister make such patently false and controversial claims?

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UPDATE

Babar Nizami @Bnizami

The statement by @shaukat_tarin might be controversial, but it is not false. As far as constitutional amendments are concerned, there can be no fetter on ability of the parliament to legislate. It can always amend and take the law back. 1/2

DMKM @2paisay

I couldn’t believe that Shaukat Tareen will make such a controversial yet untrue statement to the press to allay public’s fear with respect to SBP Amendment bill. https://t.co/6cnfeMhvED

Babar Nizami @Bnizami

Amendment reads: "The Bank shall be 𝑪𝒐𝒏𝒔𝒖𝒍𝒕𝒆𝒅 prior to the introduction of any Bill by the Federal Government in the Parliament which may having a bearing on the functions of the Bank." Consultation here means, to get SBP feedback & to discuss. It doesn't mean consent.

Babar Nizami @Bnizami

This is what Shaukat Tarin said: “Even though this should not happen, but lets assume that if we ever feel that the SBP is slipping out of our hands, the government will end its sovereignty by a simple majority,”

Th