Daily Times

Prime Minister Imran Khan on Wednesday urged upon the general public to follow safety procedures against coronavirus during Eid holidays.

In a meeting with his Adviser on Parliamentary Affairs Dr Babar Awan, the prime minister said the government was devising strategy to effectively control the spread of disease in the country.

Imran Khan said the government was also focusing on providing relief to people to sustain the financial impact of lockdown, imposed in the wake of COVID-19.

He expressed determination to strengthen national institutions and said the positive response of international community and investors in Sukuk Bonds was reflective of their confidence in the government.

The prime minister said Pakistan Tehreek-e-Insaf was cognizant of the importance of Federation.

He directed for convening of the session of Senate.

Dr Babar Awan presented a proposal on capacity-building of young parliamentarians aimed at their effective participation in legislative process.

The training will be given to young parliamentarians belonging to all political parties.

Prime Minister Imran Khan on Wednesday said the role of Ulema and religious leaders was vital in raising awareness about adopting safety measures against coronavirus.

He expressed these views in a meeting with Central Secretary of Pakistan Tehreek-e-Insaf for Religious Affairs Pir Syed Habib Irfani and other Ulema including Pir Syed Israr ul Haq Nizami, Pir Tauseef un Nabi Mujaddi, Allama Azmat Hussain Shah and Allama Muhammad Asghar.

The prime minister said the government believed in holding consultation with Ulema and religious leaders on all matters of importance.

The Ulema presented several proposals for improving system of regulating mosques and shrines.

Meanwhile, Imran Khan on Wednesday hailed the “landmark financial innovation” whereby the government raised Rs200 billion through sukuk issue via competitive book building at the Pakistan Stock Exchange (PSX).

Taking to Twitter, the premier said the move had led to his government saving Rs18bn which could now be used for the people’s welfare. The Rs200bn sukuk was oversubscribed to Rs339 billion, around 70pc above the target offer, at minus 0.10pc for six months Kibor. This is the first time ever that the government has been able to borrow long term at less than the Kibor.

Commenting on the development, PM Imran said the oversubscription reflected “strong market confidence in the government’s policies”.

The PM’s adviser on finance, Abdul Hafeez Shaikh, had also commented on the development late last night, lauding the government for raising the hefty amount below Kibor for the first time ever.

The PHL, a state-owned enterprise, approved the 10-year government guaranteed debt instrument with semi-annual profit payments for investors amounting to Rs199.96bn only. The instrument was issued to address liquidity constraints faced by the power sector.

By raising funds in the above manner, the government saved the cost of debt by 0.88pc in comparison to the last issuance of PES-I at a cost of Kibor plus 0.8pc.

In addition, this is the first time ever that the book building mechanism for spread discovery of any debt instrument has been done through the country’s capital markets. The bidding process was aimed at spread discovery in relation to six months Kibor basis on the Reverse Dutch Auction method.

Unlike the Sukuk issuance by the PHL last year, investors who could participate in this issue included banks, financial institutions, companies, mutual funds, voluntary pension schemes, private funds being managed by the non-bank financial companies, insurance companies, securities brokers, funds and trusts (as defined in the Employees Contributory funds), and Individual Investors having net assets of at least Rs2 million.

Given that it is a government-backed security, such an issuance is generally considered risk free and provides stable returns in the long run. Once the security is listed, investors throughout the country or residing abroad can buy or sell units of the Sukuk on the PSX trading platform through their broker.

Also, Prime Minister Imran Khan on Wednesday decided to give administrative powers of Corona Tiger Force to Governor Sindh Imran Ismail after the provincial government refused to involve the force in relief programs.

According to details, PM Imran Khan, in a meeting with his Special Assistant for Youth Affairs Usman Dar, has decided to operationalize Corona Tiger Force in Sindh.

Usman Dar, while officially announcing the decision in a press conference, said that from tomorrow Governor Imran Ismail will lead 154,000 volunteers of Corona Relief Tiger Force in Sindh.

Usman Dar also paid tribute to volunteers of the force for performing their duties in these testing times and said that in the lockdown, it was the responsibility of the Tiger Force to deliver rations from door to door.

Talking about post-lockdown role of Tiger Force, Usman Dar rejected the impression that Tiger Force will not have any responsibilities after the lockdown and said that the force has played an important role against hoarders and in the distribution of relief cash. Government will further increase responsibilities of the volunteer force after Eid, he added.

While criticizing Sindh government and PPP Chairman Bilawal Bhutto, Usman Dar said “Bilawal urges PM Imran get united in National Assembly and on the other hand shows double standards in Sindh”.

Earlier, Sindh government announced not to include “Prime Minister’s Corona Tiger Force” in the relief campaign in the province.

Sindh Energy Minister Imtiaz Shaikh said that the distribution of ration bags has nothing to do with politics. “No worker of any political party including the PPP will be part of this relief operation,” he said.

Responding to this, Usman Dar said that it was unfortunate that the Sindh government had refused to use services of 154,000 volunteers registered in the tiger force in the province only because the force had been created at the prime minister’s initiative.