ISLAMABAD: The Federal Cabinet authorized the winding down of the SME Bank on Friday on the recommendations of the State Bank of Pakistan, with instructions to safeguard consumer deposits.
Prime Minister Shehbaz Sharif, who presided over the Federal Cabinet meeting, directed that the security of customers’ deposits be guaranteed during the winding down process. In the first phase, it was agreed that all bank customers would be paid Rs5.557 billion.
Federal Cabinet approves lawyer protection bill
As per a press statement from the Prime Minister’s Office, the Cabinet also approved the Lawyers Protection Bill 2023 for further consideration by Parliament. The Prime Minister stated that lawyers had played an important part in Pakistan’s constitutional evolution.
He also stated that a support price of Rs8,500 per 40 kilograms of cotton had been approved in order to make the crop lucrative for the growers.
The Federal Cabinet gave ex-post facto approval to 15 bilateral and two multinational MoUs of the Securities and Exchange Commission of Pakistan with various countries and foreign institutions on the recommendation of the Finance Ministry.
The Cabinet authorized the formation of an inquiry committee led by the Additional Deputy Commissioner to investigate the extradition of a citizen, Muhammad Waseem, son of Muhammad Aslam, to Saudi Arabia in accordance with the Extradition Act of 1972.
The Saudi authorities are looking for Muhammad Waseem Aslam in connection with a murder. An extradition deal between Pakistan and Saudi Arabia exists.
Following the recommendation of the Ministry of Religious Affairs and Interfaith Harmony, the committee authorized the reconstitution of the Pakistan Sikh Gurdwara Parbadhak Committee. The committee’s 13 members would be Sikh group representatives from all provinces. The committee would be in charge of the Gurdwaras, assisting Sikh pilgrims, and handling other administrative issues.
The Federal Cabinet backed the Cabinet Committee on Legislative Cases’ decisions taken at its meeting on 13 March, including the introduction of the Lawyers Protection Bill 2023, which was prepared in response to the legal community’s plea for protection.
The meeting also endorsed the decisions of the Economic Coordination Committee, which were reached in sessions on 14 & 15 March, including the determination of Rs8,500 per kg as the cotton support price.
