Islamabad: National Assembly (NA) Standing Committee on Finance and Revenue sent issue pertaining to funds for Punjab and Khyber-Pakhtunkhwa elections back to Parliament. Minister of State for Finance and Revenue Dr Aisha Ghaus Pasha told reporters after meeting that State Bank of Pakistan (SBP) and Finance Divison had no authority to release funds from Federal Consolidated Fund (FCF).

Development comes after sources in SBP told that on Supreme Court’s order, SBP had decided to hold required amount from government’s treasury to ensure availability of funds for elections in two provinces on May 14. Supreme Court’s deadline to release Rs 21 billion for polls ends today for which special meeting of NA Committee was called. Supreme Court directs SBP to release Rs 21 billion for Punjab elections. According to Dr Pasha, Parliament’s approval is required prior to allocation of funds.

“Without approval of Parliament, no bill or budget has any legal authenticity,” she stressed. “Hence, we leave entire matter to Parliament now. Parliament is supreme for us because this is what is written in Constitution.”

She clarified that SBP could allocate funds but it cannot release them before Parliament’s approval.

Published in The Daily National Courier, April, 18 2023

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