PTI funding verdict: FT finds no irreparable damage, voters’ swing to Imran Khan
The PTI has regained popularity since Khan was ousted as prime minister in April in a parliamentary vote of no confidence.
After the unveiling of a verdict on the prohibited funding case against Pakistan Tehreek-e-Insaf (PTI) by the Election Commission of Pakistan (ECP), it would be difficult to conclude if any irreparable damage was done to Imran Khan’s political fortunes or a swing of voters, British daily newspaper, Financial Times (FT), said.
FT quoted analysts saying it was too early to conclude if the PTI funding report had done irreparable damage to Khan’s political fortunes.
Arif Naqvi, a Pakistani tycoon whose financial backing for Khan was detailed in a recent FT investigation, was also cited in the ruling. Naqvi’s Dubai-based private equity firm Abraaj Group collapsed in 2019, leading to closer scrutiny of his close ties to influential Pakistanis.
The article read, “The commission’s findings come as Khan’s PTI has been gaining ground against prime minister Shehbaz Sharif’s ruling coalition. They add to the country’s unstable politics and economic problems, including rising inflation.”
The PTI kept 13 of its bank accounts “hidden” from authorities, according to the commission. In addition companies in Canada, the US, Australia and the United Arab Emirates contributed to the PTI in violation of Pakistani laws, according to the report. Funding of political parties by companies or foreign nationals is forbidden in Pakistan.
An FT investigation found that Naqvi used a charity cricket tournament to facilitate donations to Khan’s party from his Dubai-based private equity group Abraaj and a member of Abu Dhabi’s royal family. Khan has denied wrongdoing.
The electoral body has summoned Khan’s party to make its case before making a decision on its future. PTI leaders on Tuesday promised to fight back and appeal against any decision against it before Pakistan’s supreme court.
Akbar S Babar, a PTI founding member who fell out with Khan and subsequently complained to the electoral commission in 2014 about the lack of transparency in the party’s records of funds from foreign sources, on Tuesday called for the former prime minister to step down as the PTI’s leader. “He has no choice but to resign as party chair,” Babar said.
Other members of Khan’s party contested the commission’s conclusions. Fawad Chaudhry, a senior PTI member and former information minister in Khan’s government, wrote in a tweet: “Seems CEC (Chief Election Commissioner) relied on Tarot cards for this decision instead of merits.”
The elections body’s report was published at a time when Pakistan is negotiating with the IMF on the release of a $1.3bn instalment of its lending facility, and seeking to shore up financing from countries including Saudi Arabia and China.
Pakistan’s economy has been buckling under rising food and fuel prices, and its foreign exchange reserves have fallen below $9bn, enough to pay for less than two months’ worth of imports. The Sharif government has been forced to raise tariffs for electricity, gas and petroleum to win back the multilateral lender’s support, eroding its backing among voters.
News360 analysts said that the core voters of Pakistan Tehreek-e-Insaf (PTI) are based on educated and professional nationals including intellectuals, bankers, chartered accountants and others who are fully aware of the law and numbers besides having enough knowledge to scrutinise the right and wrong.
They said that the PTI funding will not force them to part ways with their political party to support the ruling political party, Pakistan Muslim League Nawaz (PML-N) whose prime minister and his son are likely to be indicted in a money laundering case on September 7.
