Court to look into LNG case for transparency: CJ
ISLAMABAD: Chief Justice of Pakistan Justice Iftikhar Muhammed Chaudhry stressed that no harm should be caused to the country; this is what judiciary wants, Geo News reported Tuesday.
A three-member SC bench comprising Chief Justice Iftikhar Muhammad Chaudhry, Justice Chaudhry Ijaz Ahmed and Justice Ghulam Rabbani was hearing a suo motu case over a news report published in The News regarding the award of a short-term contract for the import of LNG to a French company, GDF Suez, at exorbitant rates.
During the hearing of the case regarding awarding the over-one billion dollars Liquefied Natural Gas (LNG) import project, the CJ said it is up to the court to look into the matter for transparency.
Justice Chaudhry Ijaz said it was incumbent upon the Secretary of Petroleum to provide the precise information to Economic Coordination Committee of the Cabinet (ECC), adding the wrong ECC decision was spawned by the incorrect information provided to it.
Abdul Hafeez Pirzadah counsel of GDP Suez pleaded the court for more time, saying headway on the SC’s suggestions is underway.
Senior journalist Rauf Klasra also requested the court for time, as he wants to present explanation as to the facts unfolded by Petroleum Ministry’s counsel SM Zafar.
The court said Klasra would be afforded unhindered chance for the same.
PM announces highest civil award for PCCR
ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Thursday highly appreciated the untiring efforts of Parliamentary Committee on Constitutional Reforms (PCCR) and announced highest civil award for it.
Speaking in the Senate after passage of the bill, he congratulated Chairman of the Committee Raza Rabbani and its members over unanimous passage of the bill from parliament.
Acknowledging the efforts of Raza Rabbani in ”Balochistan Package” he said Raza Rabbani has already played an important role in ”Balochistan Package” and I will request him to head the implementation cell to ensure the implementation of 18th amendment bill.”
He also requested the Committee to supervise the implementation cell so that the people could get the benefits of the amendment bill at the earliest.
Pakistan Forex reserves fall to $11.85 billion
Lahore, Pakistan: Foreign exchange reserves fell by $394 million in the week that ended July 18 to $11.85 billion, the State Bank of Pakistan said on Thursday.
The SBP’s reserves eased to $8.43 billion from $8.86 billion a week earlier, while reserves held by commercial banks rose to $3.42 billion from the previous week’s $3.38 billion, the SBP said in a statement.
Foreign reserves hit a record high of $16.5 billion in October 2007 but fell steadily to $6.6 billion by November of last year, largely because of a soaring import bill.
Pakistan agreed in November to an International Monetary Fund emergency loan package of $7.6 billion to avert a balance of payments crisis and shore up reserves.
The fund recently reviewed the country’s performance under the deal, and its board is set to meet next month to decide on a third loan tranche of roughly $875 million.
The country has also requested about $4 billion in additional financing from the IMF as “insurance” against the economic crisis.
Original post:
Pakistan Forex reserves fall to $11.85 billion
