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State Bank ‘allocates’ Rs21bn for polls

KARACHI: On the decision of the Supreme Court, the State Bank of Pakistan has allotted Rs21 billion for elections to the Punjab and Khyber Pakhtunkhwa assemblies and has sought permission from the finance ministry to transfer the funds,

according to SBP’s chief spokesman Abid Qamar.

On Friday, the court ordered the State Bank to deliver Rs21 billion to the Election Commission of Pakistan and to provide a compliance report by Monday afternoon.

The Supreme Court also set May 14 as the date for Punjab elections.

The sum must be released from the Federal Consolidated Fund (FCF) with government consent, and the government must obtain National Assembly approval for its release.

“The required Rs21 billion is not a major issue for the government, which has already borrowed over Rs2 trillion from banks during FY23.” “The issue is political or constitutional, not financial,” a top banker explained.

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