Epaper_16-04-2023 LHR

PM ASKS NATION TO DECIDE ITS FUTURE COURSE SANS FOREIGN DEBTS

g SAYS COUNTRY WAS NOT CREATED TO MOVE ON DEBTS AND ACT LIKE BEGGAR

LAHORE Staff RepoRt

PRIMEMinister Muhammad

Shehbaz Sharif on Saturday said that there existed economic challenges but the nation would have to decide whether they would live on foreign debts or to stand on its feet by carving a niche among the comity of nations with honesty, dedication and hard work.

The prime minister expressed the optimism that despite different challenges, Pakistan would be soon out of all difficulties.

“If the chronic issue of load-shedding, the scourge of terrorism could end, free medicines could be provided to the poor, road infrastructure could be laid, then surely, the country could move on the path of progress and prosperity, he added.

The prime minister was addressing a ceremony after reviewing the construction work on six-lane overhead bridge of Imamia Colony railways crossing –Shahdra N-5.

He said that those nations always achieved milestones that took lead with definite decisions over their future. “The country was not created to move on debts and act like beggar because their forefathers and different generations had given

g SAYS THEY MET HARSH CONDITIONS, MADE EVERY EFFORT FOR LOAN AGREEMENT WITH IMF

Naqvi, parliamentarians, Chief Secretary, Chairman National Highway Authority and concerned authorities.

The prime minister said that inflation and price hike, no doubt, had made the lives of ordinary people difficult, but the coalition government was cognizant of these affects. He urged the nation to work hard by day and night to transform the country into the visions of Quaid and Allama Iqbal.

sacrifices for the motherland, he added.

The prime minister referred to the terms of International Monetary Fund (IMF) for seeking loan agreement and said that they did every effort to implement them.

Even, they sought bilateral financial support from the friendly nations including China that realized their problems and provided a rollover of $2 billion loan besides, returning back previous debt

Govt jacks up petrol price by Rs10 per litre

ISLAMABAD Staff RepoRt

The Federal government Saturday night announced an increase of Rs10 per litre in the price of petrol fro next 15 days, taking the price to Rs282 per litre.

Finance Minister Ishaq Dar announced the increase of Rs10 per litre in the price of petrol.

In a televised address late Saturday night, the finance minister said the “rationale behind the hike in the price of petroleum products is the increase in petroleum prices in the international market and exchange rate variation”. The minister also announced that the prices of diesel and light diesel oil would remain unchanged at Rs293 and Rs174.68, respectively. He, however, added, that the price of kerosene was being increased by Rs5.78 to Rs186.07. The minister said the new prices will be effective from 12am on Sunday.

At the outset of his address, the minister said the prices of petroleum products had increased in the international market in the past 15 days.

As a result, price of petrol has been increased to Rs282 per litre, while high-speed diesel (HSD) and light diesel oil rates will remain stable at Rs293 per litre and Rs174.68 per litre, respectively. Earlier on March 31, Finance Minister Ishaq Dar announced that the prices of petrol and diesel will remain unchanged for the next 15 days. The federal government decided to maintain the petroleum products prices for the next 15 days.

On March 15, the government increased the prices of petrol and high-speed diesel (HSD) by Rs5 and Rs13 per litre. Meanwhile, Pakistan tehreek-i-Insaf rejected the hike in the petrol price, saying it would further add to the miseries of the common man already sobbing under the burden of inflation.

PROFIT REPORT

iSlamabad

No matter what the current government tells people, the IMF mission is still waiting for confirmations of necessary bilateral and external financing sources, as per the IMF mission chief.

The International Monetary Fund (IMF) said on Saturday that it is “looking forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th EFF review.”

IMF Mission Chief to Pakistan Nathan Porter through his representative in Pakistan in a statement said that “We welcome the recent announcement of important financial support to Pakistan from key bilateral partners”, During the meetings between the Pakistani delegation and IMF staff and management, there was agreement on the need to maintain strong policies and secure sufficient financing to support the authorities’ implementation efforts.

“The IMF is supporting these efforts and looks forward to obtaining the necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th EFF review”, the statement added. IMF’s 9th review in retrospect:

The IMF delegation came to Pakistan on the 1st of February, which was already pretty late in the context of the 9th review of its Extended Fund Facility (EFF). The visit was a

amount paid back by Pakistan.

The prime minister also expressed his gratitude to Saudi Arabia and the United Arab Emirates. The UAE had committed a loan of $3 billion.

He lauded the efforts of Foreign Minister Bilawal Bhutto, Finance Minister Ishaq Dar and the chief of army staff for making efforts in this regard.

The ceremony was attended by Caretaker Punjab Chief Minister Mohsin

The prime minister cited the pace of development and uplift projects across Punjab province during Nawaz Sharif’s tenure, regretting that during the last four years of PTI’s tenure, brakes were applied, ending a number of public welfare-oriented projects, besides putting other vital projects into the cold storage. Recounting the public welfare projects initiated during Nawaz Sharif’s tenure in the province, he said, some of them included the greater Iqbal park, metro bus service, cricket ground, power projects to overcome 20 hours loadshedding which was ended in 2018 and that was a huge achievement.

But during 2018, he said through ‘a fraud and fake election’, polling results were rigged and the results were changed.

CONTINUED ON PAGE 02

IPP’s warn of impending power crisis due to forex shortfall

g COUNTRY’S POWER SECTOR IS ON BRINK OF CRISIS WITH PAYMENTS WORTH $710M DUE

ISLAMABAD ahmad ahmadani

The country’s power sector is facing a potential crisis due to a shortage of foreign exchange, with Independent Power Producers (IPPs) warning of potential power plant shutdowns in the near future due to non-payment of approximately $710 million.

According to sources in the power sector, IPPs have sent letters to the federal government, expressing their concerns about outstanding payment issues and the risk of severe financial loss if these issues are not addressed. Adding to the problems facing IPPs, their power engines require overhauls, and spare parts have not been delivered due to non-payment. As a result, the production of electricity has come to a halt, resulting in significant losses for the companies. IPPs have warned that non-payment through the State Bank of Pakistan is a breach of contract and that they will take strict action if the situation does not improve. IPPs have requested the federal government to address their issues with the delay in dividend remittances to foreign shareholders, nonpayment by banks to foreign suppliers against Letters of Credit (LCs), and the availability of foreign exchange through the State Bank of Pakistan.

As per sources, Atlas Power CEO, Razi ur Rehman, has written to the MD of Private Power and Infrastructure Board (PPIB) requesting urgent intervention, while Attock Gen Limited CFO, Adil Farooq

long anticipated one by the government at that time, and the government reassured the people, time and again about the arrival of the said visit.

Weeks turned into months, days turned into weeks, but when the IMF team finally arrived, on the 1st of February, Pakistan was still not able to secure the Staff Level agreement. The two week long visit was followed by negotiations that were supposed to happen virtually. Since the IMF team has left Pakistan, Pakistan has made a considerable number of changes in its tax collection targets, its exchange rate and trade policies and expenditures.

In lieu of the IMF agreement, the government has been able to impose Rs. 170 billion in additional taxes. The exchange rate has dropped to a historic low, levy on petroleum products and electricity tariffs have been increased and subsequently the interest rate and inflation are at also at a historically highest level. But still, the IMF agreement seems far away.

What is the delay?

According to media reports, the IMF wants an external financing assurance of around $6 billion dollars from Pakistan which is necessary to bridge Pakistan’s external financing needs. It is reported that the government is still trying to secure the remaining $3 billion.

Recently, the Finance minister Ishaq dar claimed that UAE has given assurance to the IMF for a $1 billion loan to Islamabad, similarly, State Minister for Finance and Revenue

Army top brass vows to pursue goals set by NSC to eliminate terrorism

ISLAMABAD Staff RepoRt

Qureshi, has highlighted the GoP’s obligation to make foreign exchange available through the SBP.

Orient Power Company CEO, Kashif Bashir Rana, has requested that the matter be taken up with the State Bank of Pakistan to expedite the resolution of pending dividend payments, restore the confidence of foreign investors, and attract much-needed foreign investment to the country. In response, the MD of PPIB has asked the State Bank of Pakistan to facilitate IPPs with their foreign payments to fulfill their contractual obligations and prevent potential breaches of commitments and obligations made under Implementation Agreements/Power Purchase Agreements, said the sources. Available correspondence of IPPs with Managing Director (MD) of Private Power and Infrastructure Board (PPIB) disclosed that country’s power sector might face a worst crisis in the near future due to shortage of foreign exchange as power plants of IPPs are about to stop power production as overhauling of their power engines has been not made despite passing many days to the due date in this regard. And, in this regard the IPPs named as Attock Gen Limited, Atlas Power Limited, and Orient Power Company (Private) Limited have asked the federal government to take immediate notice of non-payment of $710 million as the situation has gone from bad to worse and IPPs have not been able to remit their profits abroad for the past ten months to their shareholders due to which IPPs are facing severe financial loss.

CONTINUED ON PAGE 02

A conference of corps commanders on Saturday expressed Pakistan Army’s determination to eliminate terrorism, extremism, and instability in the country, said the Inter-Services Public Relations (ISPR) in a statement. The 257th Corps Commanders’ Conference in Rawalpindi reviewed the nation’s internal and regional environment, including its external and internal security challenges. Under the leadership of the army chief, Gen. Asim Munir, the forum reiterated its commitment to shoulder its constitutionally mandated responsibilities with the support of the resilient people of Pakistan, reported the military’s media wing. According to the statement, the conference “affirmed that the military leadership is cognisant of the full spectrum of the challenges” and it resolved to “shoulder its constitutionally mandated responsibilities with [the] support of the resilient people of Pakistan”. The meeting also emphasised the need for a “whole-of-the-nation and whole-of-the-government approach to eradicate the menace of terrorism on a long-term basis.”

It further expressed its assurance to pursue the objectives set by the National Security Committee (NSC) through the coordinated application of all elements of national power. The forum also highlighted the intelligence-based operations (IBOs) undertaken by the security forces in areas along the western border and reiterated the security forces’ commitment to “fully support national responses against internal and external threats.” The conference to discuss Pakistan’s security challenges came after the army chief gave an in-camera briefing to the parliament on Friday. Gen. Munir acknowledged during the briefing that the strategy of engaging with terrorists had enabled them to regroup in the tribal areas. This observation was made in response to a surge in attacks by the proscribed Afghanistan-based Tehreek-i-Taliban Pakistan (TTP) militant group. The authorities have yet to disclose any further details on their plans to combat the growing threat of terrorism in the region. Following the briefing, no statement was issued regarding the plans to combat terrorism and militant groups in the country.

Ayesha Pasha informed the Parliamentary committee last week that Saudi Arabia has already given assurance for a $2 billion loan.

Sources said that the Finance minister on Friday requested the World Bank to disburse loan under the RISE program as the federal and provincial government has met the conditions related to sales tax. Pakistan is expected to receive an estimated amount of $600 million from the world bank and other multilateral flood-relief commitments.

Earlier, Pakistan was banking on a higher commitment from its bilateral partners. However, as of now, the government is once again looking at commercial loans for

It

Country’s population rises to 234m as digital Census extended for third time

iSLamaBad Staff RepoRt

onrecommendations of provinces, the Census Monitoring Committee led by Federal Minister for Planning and Development Ahsan Iqbal, extended the field operation for third time of 7th Population and Housing Census till 20th April, 2023 in big cities to ensure complete coverage.

The 11th meeting of Census Monitoring Committee was held under the chair of Minister of Planning, Development and

Continued from page 01

The IPPs, in its correspondence, has requested the federal government to resolve their problem arising out of delay in dividend remittances to foreign shareholders, non-payment by banks to foreign suppliers against Letters of Credit (LCs) etc. while due to non-arrival of spare parts, the production process of electricity is affected, and companies are suffering heavy losses.

The IPPs also declared that nonremittance of funds through State Bank of Pakistan is a breach of contract, and if the situation does not improve, IPPs will be forced to take strict action as per the agreement.

“This is of utmost importance now as without our imports being allowed, we will be forced to declare “Force Majeure” under our PPA,” said a letter written by Razi ur Rehaman, Chief Executive Officer (CEO) of Atlas Power to Shah Jahan Mirza, MD PPIB.

“Your intervention to resolve this serious matter is urgently sought”, reads a letter from the CEO of Atlas Power to MD PPIB. Adil Farooq Qureshi, Chief Financial Officer, Attock Gen Limited, in a letter to MD PPIB, highlighted that the GoP (through PPIB) through the Implementation Agreement signed with the company is obligated to make foreign exchange available to the company through the SBP. “We kindly request that PPIB play its due part in facilitating timely remittance of dividend and restoration of investor trust in local policies and institutions,” said a letter from CFO of Attock Gen Limited. According to a letter of Kashif Bashir Rana, CEO, Orient Power Company (Private) Limited, in a letter dated

Special Initiatives Prof Ahsan Iqbal here on Saturday.

Earlier, on Monday, the Pakistan Bureau of Statistics (PBS) extended the date for the census completion till April 15 on the recommendation of the provincial governments.

In a statement, the PBS spokesperson said that Pakistan’s total population has reached 234 million (23.4 crores), increasing by 8.06 percent as compared to 2017.

The spokesperson noted that the country’s population swelled by 10.71 million as compared to the statistics of 2017.

He informed that 100 percent census work has been completed in Khyber Pakhtunkhwa (KP) and Kashmir, 99 percent in Punjab, 98 percent in Sindh, 90 percent in Islamabad and 82 percent in Balochistan.

On April 5, the bureau said that more than 90 per cent of work was completed in Punjab, Sindh, and Khyber Pakhtunkhwa. However, according to official data released, Islamabad and Balochistan lagged significantly behind, with 72% and 62% of work completed so far, respectively.

The fieldwork of the census in Karachi will also be extended for the third time. A

meeting in this connection has been convened under the chair of the chief census commissioner. According to a third-party audit, the census is yet to be held in 30% area of the city. Sources said that the PBS officials agree that the fieldwork must be continued in areas where the census has not been completed yet.

‘Minister chairs 11th

Meeting of census

Monitoring coMMittee’:

Meanwhile, Federal Minister Ahsan Iqbal chaired the 11th meeting of Census Monitoring Committee on Saturday to

review the progress of field operation of digital census and other allied matters.

Chief Census Commissioner Dr naeemuz Zafar presented the progress of the census operation. He apprised the forum that out of 156 districts, 100 percent work has been completed in 122 districts while over 90% work has been completed in remaining districts. Overall, 230 million population has been enumerated and 40 million households have been geo-tagged. Zafar apprised that the extension proved to be very successful, enumerating an additional 5 million people in 80 thousand households.

It was also informed that after conducting an in-depth analysis to identify the reason behind undercount, teams of officers from PBS Headquarter are facilitating DCS and ACS by visiting big cities like Karachi, Hyderabad, Lahore, Faisalabad and Peshawar etc. to ensure complete coverage of all structures/houses and leftover structures.

PM asks nation to decide its future course sans foreign debts

government.

Continued from page 01

20th March 2023 to MD PPIB, before the management is directed by its foreign shareholders to invoke its rights under the IA for foreign currency availability, we request that this matter be taken up with SBP on priority for expeditious resolution and payment of pending dividend. This is critical to restore the confidence of the foreign investors and to attract foreign investment so desperately needed in the country today, said a letter of CEO, Orient Power Company (Private) Limited to MD PPIB. The MD PPIB in a letter dated 10th April 2023 to the Executive Director, Exchange Policy Department, State Bank of Pakistan (SBP) has request to facilitate IPPs for their foreign payments to fulfil their contractual obligations and also avoid the risk of creating serious financial and legal implications for the Government of Pakistan (GoP) and/or its representative entities for potential breach of commitments and obligations made under the Implementation Agreements (IAs)/Power Purchase Agreements (PPAs).

MD PPIB, in another letter to Executive Director, Financial Market and Reserve Management, SBP has requested that requisite payments applications submitted by Atlas Power Limited for foreign currency payments may be processed by banks at the earliest to avoid any serious implications and unnecessary litigation for the GoP. It is pertinent to mention here that the ongoing situation has put Pakistan’s power sector on the brink of a major crisis, and urgent measures are needed to address the concerns of IPPs and ensure the availability of foreign exchange for the smooth functioning of power plants.

With such move, the development pace was snatched which also saw a height of corruption in the province during PTI’s government. Whereas, the PML-n government had strived to eliminate the curse during its terms, he added.

He reminded the people that during his tenure as provincial chief minister, the Mall and Gulberg roads were washed but now, these roads had been left in dilapidated condition by the former rulers. He said during his 12 years term as the chief minister, he had provided flour to the people at subsidized rates, but for the first time in the country’s history, about 80 to 100 million people were being benefited from the free flour scheme for which Rs 65 billion rupees were spent in the month of Ramazan alone.

About the construction of flyovers, he said that one each flyover Imamia colony was being completed by the federal government and the other at Shahdra by the provincial

He said the metro bus project from Shahdra would be expanded to Kala Shah Kaku, adding all these projects were meant for the public benefits. The prime minister said that he had directed for completion of the work in three months.

The prime minister also criticized former chief justice of Pakistan Justice Saqib nisar for staying different projects in the province includingthe issue of 56 companies.

He said in these proceedings, not a single penny of corruption was proved.

The Orange line was a gift of China for the people of Lahore, he said, adding after a lengthy proceeding of 11-month over a case moved by PTI, the high court gave a clean chit.

But the PTI people then took the issue to the Supreme Court, where the former chief justice delayed the decision for months, with clear intentions to cause harm to PML-n and public uplift schemes.

Staff level agreement with IMF still awaited

the relationship between Pakistan and the AIIB and appreciated the economic policies and reforms of the present government for social uplift of the masses.

He highlighted the role of AIIB in infrastructure development projects and investment and extended AIIB’s complete support and cooperation to Pakistan. The Finance Minister thanked the President AIIB for his continuous support to Pakistan for the sustainable economic development of the country.

After PTC, Philip Morris also shows concerns over smuggling, sale of illicit cigarettes

Continued from BaCk page

He urged the government to apply laws uniformly to the entire industry, implement track and trace across all companies, and

provide a business environment in which an organized taxpaying industry can thrive. The implementation of the track and trace system could help bring illegal cigarettes under the law, and the government can cover the revenue deficit more easily.

IPP’s warn of impending power crisis due to forex shortfall

ihC stops sCse from taking aCtion against nfml management

iSLamaBad tLtp

iSLAMABADHigh Court has issued a stay order in response to plea challenging legality of the national Assembly Special Committee on Sacked Employees (SCSE) interference in human resource affairs of national Fertilizer Marketing Limited (nFML) for regularization of past and present employees.

Pending the next date of hearing, no coercive action shall be taken by the respondents or by any other agency under

their administrative control against the petitioner company, its board of directors, its CEO, and its management, on account of any directions or instructions issued by the Parliamentary Committee on Sacked Employees Barrister Umar Riaz and Umer

Ijaz Gilani invoked the jurisdiction of Islamabad High Court (IHC) on behalf of the Managing Director of the nFML. Petitioner made Federation of Pakistan, through Secretary, Ministry of Industries and Production, Special Committee on Affected Employees, through its Secretary, national Assembly Secretariat, Establishment Division, through its Secretary, Pakistan

Secretariat, and Ministry of Law and Justice, through its Secretary, Pakistan Secretariat, Islamabad as respondents in the matter.

After hearing preliminary arguments, the Court restrained the Establishment Division and other federal government bodies from taking any adverse action against the Board, CEO and management of nFML on account of the Special Committee directions.

Appearing before the single-member bench of the IHC comprising Justice Sardar Ejaz Ishaq Khan in the matter, petitioner’s counsels apprised the Committee headed by MnA Qadir Mandokhail had directed nFML to regularize the services of a large

number of past and present employee. They also informed the court that the Committee had also threatened the MD of the company that his services would be terminated if he failed to comply.

Umer Ijaz Gilani argued that neither the Constitution nor the Rules of Procedure and Conduct of Business in the national Assembly, 2007 grant any powers on parliamentary committee to issue directions of an executive nature to any state entity including the petitioner.

Umer Ijaz Gilani referred specially to Article 66 and Rules 214 to 244, and contended that a “holistic review of the entire Rules shows that nowhere do they make any mention of the power of committee to issue “directives” to state officials regarding executive matters.”

Counsel further argued that the directors and the officers of the company owe a fiduciary duty to the principal shareholder, the Government of Pakistan. It was against the interest of the government to pack state-

owned corporations with redundant employees. Courageous civil servants who put up a stand on account of fiduciary duties should not be penalized for resisting the political pressure of a parliamentary committee.

According to a 2-page order of the IHC, copy of which available with TLTP, Justice Sardar Ejaz Ishaq Khan said, “Pending the next date of hearing, no coercive action shall be taken by the respondents or by any other agency under their administrative control against the petitioner company, its board of directors, its CEO, and its management, on account of any directions or instructions issued by the Parliamentary Committee on Sacked Employees”.

After hearing preliminary arguments of counsel of the petitioner, the Court issued notices to the respondents and restrained them from taking any adverse action against the Directors, CEO and management of the petitioner Company. The matter was adjourned till April 27.

COMMENT

No solution in sight

inSteADof the taliban takeover of Kabul proving to lead to the terhrik taliban Pakistan becoming tamer, it merely coincided with a resurgence of terror in KP and the Punjab. the attacks taking place after the ttP called off its ceasefire, after large numbers of operatives returned from Afghanistan to Pakistan and many were released from Pakistan’s jails, not only showed that the ttP was back in business, but its targeting also showed that it was not so much trying to spread terror as trying to break the will of the state forces opposing it, especially the police.

the inability of the taliban government to stop the ttP has led Pakistani Defence Minister Kh Asif to say that Pakistan would act unilaterally if necessary. this seemed ominous for Afghanistan especially after the national Security committee in its latest meeting had sanctioned an operation against militants. the nSc meeting indicated that, at long last, the establishment had agreed that its policy, which it made sure was implemented, was misconceived, and that the threat now hd to be dealt with with an iron hand. the USA, in its agreement to withdraw, had got the taliban to commit to two things: that they would not allow Afghan soil to be used by terrorists, and that they would refrain from oppressing women the way they had done during their previous stint in power.

the complaints by Pakistan indicate that they are allowing the ttP to use its oil for terror. their treatment of women was not particularly different to begin with, and has rapidly worsened. this may be seen as the country’s internal affair, but does not take into account the taliban’s eagerness to gain recognition, and to be given aid.Pakistan is on the side of the taliban, but for how long can it continue to do so? the joy of having those it backed back in power in Kabul can only be sustained if the taliban stop damaging Pakistan’s national interests.the taliban made Afghanistan an international pariah, and almost made Pakistan one too, after 9/11. Whatever they might bdo with their own country, they must not be allowed to drag down Pakistan with them. Pakistan has already suffered enough.trying to get the international community to accept Afghanistan is a tough enough task, without gettin driven out onself.

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late)

Assault on the Supreme Court

The Bill attacks independence of the judiciary

peal or matter shall be disposed of by a Bench, comprising judges to be nominated by the chief Justice. the clause is therefore unnecessary and unwarranted and an undesirable interference in the internal working of the court.

Dr Faqir huSSain

AKeyprinciple of democratic governance is the preservation of the constitutional scheme of “separation of powers”. the constitution prescribes the manner and method of establishing the three organs of the state - legislature, executive, judiciary - and apportioning the powers of governance amongst them. this is precisely what has been provided by the constitution of Pakistan. thus, the legislature makes laws, which are enforced by the executive (Government) and conflicts and disputes, if any, are resolved by the judiciary, through proper application and interpretation of laws. By defining the role and functions of each organ, the constitution implicitly places checks and limits on their powers, and prohibits them from travelling beyond or interjecting themselves into the domain of the other organ or organs. Such a system of governance, based on the principle of “trichotomy of powers”, is regarded as a civilized system of governance. As a result, the citizens enjoy fundamental rights, including right to life, liberty, dignity, property and equality of status, opportunity and before law. this being the constitutional scheme of governance, let’s examine the “Supreme court (Practice and Procedure) Bill 2023” (“Bill”), as to whether it is in accord with the constitution or otherwise. the key provisions of the Bill are: (i) constitution of benches by three-Member committee, comprising the chief Justice and two most senior judges; (ii) cases under the original jurisdiction under Article 184 (3) shall be placed before the said committee to determine their admissibility and placement before a bench; (iii) right of appeal (with retrospective effect) is made available to the aggrieved party; (iv) right to choose counsel of choice in review jurisdiction; and (v) application for fixation of urgent matters to be heard within 14 days.

Similarly, the clause relating to the “original jurisdiction” is equally superfluous, since it too is covered by Order XXV of the Rules, which prescribe the manner and method of filing petitions for enforcement of Fundamental Rights and detailing also the number of judges to sit in every such bench. the only problematic issue had been the suo motu exercise of authority by the chief Justice, which had been taken exception to by the bar; and from time to time, was also raised by individual judges. it is a failure on the part of the Supreme court to bring about necessary changes in Rules for the purpose. the gap needs to be filled by suitable amendment in the Rules to check the discretionary powers of the chief Justice in taking up suo motu cases. there is no need for interference by the Parliament.

the clause providing for “right of appeal” is a welcome development, since one right of appeal is a universal principle of jurisprudence. the constitution was silent about it and the gap or deficiency persisted. it could not have been covered under the Rules; hence legislation was required. however, giving it retrospective effect, is problematic and will have serious implications and complications. it will open a pandora box, as scores of cases, already decided and judgments executed, will reopen! these being settled and closed transactions need not be revived.

The impression of rift within the Court is unfortunate. Judges may let go of their ego for a while and show unity to forestall the attempt to undermine the autonomy and independence of the judiciary, and maintain public trust and confidence in the system of administration of justice in the country. If enacted, the Court may strike down all its provisions, except the clause providing for right of appeal

counsel, who earlier argued the case, because he is familiar with the law and facts of the case. A new or fresh counsel is ill-suited to appear and argue. Again, not even one percent of review petitions are admitted and relief obtained. thus, the fee paid to counsel is wasted. As such, the clause is misleading, indeed, an attempt to cheat! the Government needs to inform the litigant public in this regard, rather than letting them be swindled by unscrupulous elements. Finally, the clause dealing with “fixing applications for urgent matters”, is uncalled for and unwarranted. All such applications are examined by the chief Justice in chambers, who decides as to whether or not priority be accorded to them, as against other pending cases. in short, except for the clause providing for appeal, the Bill suffers from major defects and shortcomings. it seeks to supplant the Supreme court Rules 1980, and is an undue interference in the internal working of the court. it is a supreme example of colorable legislation and a blatant intrusion into the judicial domain. it violates the principle of separation of powers.

Seemingly, the Bill is the Government response to the order of the threemember Bench for holding elections in Punjab. the Prime Minister, cabinet Members and other parliamentarians criticized the Bench, even threatening them with references for misconduct to be filed against them in the Supreme Judicial council. it was certainly violative of the safeguard under Article 68 of the constitution, which prohibits discussion in Parliament on the conduct of judges. it is an assault on the chief Justice of Pakistan (head of the Judiciary) and the justice sector. it violates the autonomy and independence of the judiciary, guaranteed by the Preamble, read with Article 2A of the constitution.

Yousaf Nizami Editor

Founding Editor M.

Niazi Joint Editor Umar Aziz Executive Editor

Toxic Textiles

What we wear can kill us

Synthetictextiles are a significant source of microplastics in the environment, which pose a severe threat to the environment and human health.

Microplastics are small plastic particles that are less than 5mm in size and can be released from synthetic textiles during washing. these particles are too small to be captured by wastewater treatment plants and end up polluting the environment, causing significant environmental damage.

Synthetic textiles, such as polyester, nylon, and acrylic, are made from petroleum-based materials that do not biodegrade. During the manufacturing, use, and disposal of synthetic textiles, small fibres can break off and be released into the environment as microplastics. the release of microplastics from synthetic textiles can occur in several ways, including shedding from the fabric during washing, during the production of the textiles, or from the disposal of textile waste. A significant source of microplastics from synthetic textiles is the shedding of fibres during washing. Research has shown that up to 700,000 microplastic fibres can be released from a single load of synthetic clothing during washing.

Several scientific studies have documented the contribution of synthetic textiles to microplastic pollution in the environment. One study estimated that microplastics from synthetic textiles contributed up to 35 percent of all microplastics in the world's oceans. the study found that polyester, a common synthetic textile, was the most significant contributor to microplastic pollution in the ocean.

Another study found that microplastics from synthetic textiles were prevalent in coastal waters around the world. the study found that microplastic fibers from textiles were present in 93 percent of the samples collected from the seabed and 72 percent of the samples collected from the water column.

Overall, there is strong scientific evidence that synthetic textiles contribute significantly to the release of microplastics into the environment, particularly in aquatic ecosystems. the release of microplastics from synthetic textiles during washing is a significant contributor to the pollution of our oceans and water-

Quite obviously, the Bill seeks to repeal and supplant the existing provisions, contained in the Supreme court Rules 1980 (“Rules”), relating to the internal working of the court. the Rules were framed under Article 191 of the constitution and are old and time tested. thus, the clause relating to the “constitution of benches” is dealt with by Order Xi of the Rules, which stipulates that every cause, ap-

ways. these microplastics can be ingested by marine life, causing physical harm, and leading to reduced growth and reproduction rates. in addition, microplastics can absorb and concentrate toxic chemicals, which can then be transferred up the food chain. this means that humans who consume seafood may be exposed to harmful chemicals, which can cause health problems such as cancer, reproductive disorders, and developmental problems.

Furthermore, microplastics can also cause damage to terrestrial ecosystems. When synthetic textiles are disposed of improperly, they can end up in landfills where they do not biodegrade and release microplastics into the environment. these microplastics can then be transported by wind or water and end up in our soil, water, and air. this can have negative consequences for wildlife and ecosystems, and potentially also impact human health.

Microplastics can also have adverse health effects on humans. inhalation of microplastics has been shown to cause respiratory problems, and ingestion of microplastics can lead to damage to the digestive system. Furthermore, microplastics can absorb and concentrate toxic chemicals, which can then be transferred up the food chain. this means that humans who consume seafood may be exposed to harmful chemicals, which can cause health problems such as cancer, reproductive disorders, and developmental problems. there are several solutions to address the issue of microplastics from synthetic textiles. One solution is to reduce the use of synthetic textiles and switch to natural alternatives such as cotton, linen, and wool. there are several natural fibres that can be used as alternatives to synthetic fibres that have similar properties and are cost-effective.

Seemingly the provision is inserted to pave way for the return of a convict, the PML(n) supremo! it is unfortunate that the august Parliament could stoop so low, so as to facilitate the process. But this is nothing new. history is witness to the fact that convicted and undertrial political figures run abroad to avoid trial and escape punishment. they return at the opportune time to get a clean slate from the courts. the Government and Judiciary share the blame for lending a helping hand. the provision for engaging a “counsel of choice” in review cases, is equally available under the Rules. Order XXVi states that the counsel who argued the appeal shall appear at the review stage. this is so, because review is not trial or appeal; its scope is extremely limited: requiring the counsel to point out errors, mistakes or blunders in the verdict. no other grounds can be quoted or justification given. this function is better performed by the

material for clothing and accessories. Organic cotton is grown without harmful pesticides and chemicals, making it a more sustainable alternative to traditional cotton. it is soft, breathable, and easy to care for, making it a popular choice for clothing,

Another example is linen, which is made from the fibres of the flax plant and is known for its strength, durability, and breathability. it is also moisture-wicking and has anti-bacterial properties, making it a popular choice for clothing and bedding. tencel can also be a good example, it is made from wood pulp and is known for its softness and breathability. it is also moisture-wicking and has anti-bacterial properties, making it ideal for clothing and bedding. Wool is a natural fibre that is known for its warmth, durability, and moisture-wicking properties. it is also a renewable resource, as sheep can be shorn multiple times throughout their lives. these natural fibres have properties similar to synthetic fibres, but are more sustainable and eco-friendly. they can be used in a variety of products, including clothing, bedding, and accessories, and are becoming increasingly popular as consumers demand more sustainable options.

The release of microplastics from synthetic textiles during washing is a significant contributor to the pollution of our oceans and waterways, causing severe environmental damage and potentially impacting human health. The use of synthetic textiles must be reduced, and alternatives such as natural materials should be encouraged. Additionally, washing machine filters, wastewater treatment upgrades, and regulations can be put in place to reduce the release of microplastics into the environment. It is crucial that we take action to address this issue to protect our environment and safeguard human health

Bamboo is a fast-growing plant that can be harvested in just a few years, making it a sustainable alternative to synthetic fibres. it is soft, durable, and moisture-wicking, making it ideal for clothing and bedding. Another example is hemp, which is another fast-growing plant that requires little water and pesticides. it is strong, durable, and has antibacterial properties, making it an ideal

Another solution is to use washing machine filters, which can capture microplastic fibres before they are released into the environment. in addition, wastewater treatment plants can be upgraded to capture microplastics, and regulations can be put in place to limit the use of microplastic materials.

the release of microplastics from synthetic textiles during washing is a significant contributor to the pollution of our oceans and waterways, causing severe environmental damage and potentially impacting human health. the use of synthetic textiles must be reduced, and alternatives such as natural materials should be encouraged. Additionally, washing machine filters, wastewater treatment upgrades, and regulations can be put in place to reduce the release of microplastics into the environment. it is crucial that we take action to address this issue to protect our environment and safeguard human health.

The writer is a Ph.D Scholar at the National Centre of Excellence in Analytical Chemistry, University of Sindh, Jamshoro, and can be reached at fayyazsalih@hotmail.com

the Bill is challenged in the Supreme court and an eight-member Bench constituted for hearing. the chief Justice may add the 2 most senior judges to the Bench. the impression of rift within the court is unfortunate. Judges may let go of their ego for a while and show unity to forestall the attempt to undermine the autonomy and independence of the judiciary, and maintain public trust and confidence in the system of administration of justice in the country. if enacted, the court may strike down all its provisions, except the clause providing for right of appeal.

(The author served as Registrar, Supreme Court and Secretary, Law & Justice Commission of Pakistan)

Editor’s mail

Send your letters to: Letters to Editor, Pakistan today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan. E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan today exclusively

Students have rights

A private school in Karachi recently came under the spotlight after one of its teachers reportedly painted a student’s face with black ink for speaking in Urdu instead of english. the matter started when the teacher heard the student concerned speak to the class fellows in Urdu instead of english, and asked other children to make fun of the student for not speaking in english. in general, it is not appropriate for schools to force the students to speak exclusively in english, particularly if it is not their language of choice. the students should be encouraged to use and develop their first language, as well as learn english as a second language. the exact response of the government in such a situation would depend on the country and its policies. however, in many countries, there are laws and policies that protect the rights of the students to use their native language in schools, and ensure that schools provide appropriate language support to non-native english language learners. the government’s response to schools that force students to speak in english should focus on ensuring that the students are able to use their native language and receive appropriate language support, while also promoting multilingualism and language diversity in schools and communities.

SABIHA ARIF KARACHI

The search for a system overhaul

PAKiStAnis going through a serious financial crunch and this is time to define our priorities and be disciplined enough to follow them with sincerity and due intent. the crisis is grave enough to make us think long-term. the public transport system is a necessity for every big and small city. While for the individual, it will be an inexpensive and convenient way to commute, for the country it would mean the world because it will reduce the import bill related to petroleum products substantially. currently, every individual has to use a motorcycle or car for commute, adding to the burden at both individual and collective levels. efficient public transport will surely replace a number of vehicles that are seen on the roads today. the private sector should also be encouraged and facilitated to share the government responsibility in this regard. On the social side, we should move away from the habit of using one’s own vehicle as a status symbol. the problems in the energy sector are numerous and crippling. Adopting renewable energy is the need of the day. the government may support local manufacturing of solar panels and let the public switch to solar energy. it will lessen the government burden in terms of an everincreasing demand of electricity, infrastructure and a lot more. Government-owned solar companies can facilitate the installation and maintenance of solar systems. Besides, industry-academia collaboration may produce meaningful results with respect to the manufacturing of solar panels and other equipment locally. As known to all, we need to reduce imports and increase exports to apply some kind of brakes to the national economy’s journey downhill. Putting a ban on letters of credit (Lcs) may not serve the purpose as the local industry needs imported items in addition to locally available raw material in order to manufacture essential products and to retain their employees. they import raw material only due to non-availability or quality issues. in a few cases, the imported items are preferred as they are more cost-effective compared to the local ones. the government may conduct a survey and new industries could be launched with the help of local and foreign investors to meet the demand of local manufacturers who are importing items due to any of the above reasons. the availability of good quality raw material locally at competitive rates would be a win-win situation for all. it would be a step towards reducing the unemployment rate in the country, too. trustworthiness and impeccable integrity are characteristics of an exemplary nation. Any amount of investment not supported by ethical values will always raise question marks on the credibility front. As Pakistanis, it is time we learned that honesty is not the best policy; it is the only policy. We all are responsible for playing our part in handing over a better Pakistan to our generations to come.

The engagement with the Taliban is not bringing down terrorism

Establishments’ portrayal in the creative arts

A look at South Asian scene and beyond

Away from the mind-wrecking and never-resolved proverbial ‘Games of thrones’ of Pakistani politics; it is time to look elsewhere. how the creative art scene has taken on the developments at the highest order, the impact, the ability to narrate, and the red lines where the practitioners of creativity had to stop; if they are interested to be viewed and heard. to have a better comparative picture; it would be opportune to have a casual probe into how the other countries like india, the USA and others have fared in that context.

in the recent past, the controversial banning of the movie Maalik by renowned actor/ bureaucrat and director Ashar Azeem in 2016 made headlines for what the director said ‘an honest portrayal’ of how the country has been managed uptill now. the movie was allowed a running time of a few weeks before the ‘invisible’ hands managed a ban on the piece of creative art. that episode is enough to illustrate the hard fact that while the creative technologies have advanced a lot during the last few decades, the basic rules of business of the governance for the freedom of expression seems to encourage encroachment of space of free speech. the country's creative scene looks more reminiscent of north Korean society or any Middle eastern totalitarian regime; on either side of the ideological divide.

here it would be appropriate to pinpoint the unceremonious banning of an iranian movie by the ‘irshad’ ministry in 2012, which was allowed to run for a week or so. Zindagi Khasoosi (Private Lives) starring Farhad Aslani and hanieh tavasolli, traces a radical politician’s life; who from a vigilante turns into a reformist editor, taking frequent swipes at the system in force in post-1979 iran. the script and the dialogue, besides the plot, was too much for the censors of that time, forcing the movie to be off the cinemas, only to be seen on youtube or namava (islamist iran’s answer to netflix).

the political situation in that nation-state since the controversial 2009 elections and the aftermath, however did force a rethink on part of the key players. the liberalization of the political censors did allow art

forms where the ‘clergy’, or ‘Rohani’ as they are referred to in the iranian society, could be portrayed in an unfavourable light. One such movie Dedaan inn film mamnooh ast (Seeing the movie is prohibited) produced in 2018-19 takes a direct swipe at a drunk son of Ayatollah literally killing a Baseej employee’s expecting wife in a roadside brawl. the movie shows how the system protects the drunk son and how the somewhat powerless uncle of the affected Baseej employee, a veteran Revolutionary Guard himself, has no option other than an offensive body language by squeezing the hands of the drunk son to get home his point. the movie also shows the system in negative light when the Baseej officer is instead arrested. From iranian standards, it looks a great leap from the 2012 banning of the much more benign subject of a politician’s private life. taking the case of the neighbouring country, the development of democracy in india had its direct bearing on the serious cinema taking on political subjects without fear. the Amir Khan Starrer Rang De Basanti makes a direct hit at the indian Air Force ‘Flying coffin’ MiG 21 programme. One of the characters in the movie, an iAF combat pilot loses life when his MiG 21 crashes

Narrowing down specifically to the Pakistani scene; Pakistani creative human assets need to learn or live to learn; as to how they can make their point heard and appreciated. Pakistan might not still be an audience for a direct reference or a direct talk or dialogue in a play. A somewhat cryptic messaging in a metaphorical way might still be the only way out. Invariably, maturity of nations depends upon the quality of literature and creative arts practiced. Art independent of the order of the day might well pave the way for the real change of hearts and minds, if not less….

close to the hindon/ Palam iAF base, due to a technical glitch in the machine. the background investigations reveal kickbacks at the highest level. that prompts protests; where the slain pilot’s mother, played by Waheeda Rehman, is manhandled and dragged by the Delhi police. that angle of probe can only be dreamt of in the Pakistani or for that matter any other teething democracy.

Pakistanis cannot imagine a similar artistic probe into crashing chinese versions of MiG jets or faulty secondhand Mirages during much of the early years of the millennium. the above-mentioned movie is only one such instance. Bengali and tamil cinema has been unforgiving in that context; especially the Bengali cinema portrayal of the communist insurgency of the 1970s. Similarly, mainstream cinema has been free to take on the subjects deemed sensitive. the hollywood movie scene despite its fifth-generation entanglement with the Pentagon, still gathers courage to call a spade a spade. the Shooter (2006), taking on the subject of a sniper exploited by men in uniform and politicians alike, is a case in this regard. the internal machinations portrayal can be termed as maturity of the system. Likewise, the depiction of assets gone berserk like the hulk movie series (no resemblance sought for the Pakistani instances) speaks of soul-searching by the system it-

self. the somewhat propaganda movie, the 2022 version of top Gun, does not shy away from the incidence of leg pulling within the defence establishment in the USA, where an ace pilot needs to have someone within the established order to save him; even from unceremonious grounding. coming back to Pakistan, the only accidental swipe at the establishment earlier than Maalik was made in 1979-80. it was a movie dealing with a fictional military coup. Produced by a diplomat’s son, Jamil Dehlavi, the movie named Blood of husain discusses a coup responded to in different ways by different individuals. A brother embedded in elite culture follows the established order meekly, while his sibling embedded in masses choses to rebel. the screenplay, a thinly veiled metaphor of the 1977 coup and the events of Karbala in 680 AD/61 Ah makes very direct references to the audience. Scenes like the earth shaking and a white stallion; a symbolic reference to the similar animal in historical references, with background recitation of poetry by the late folk singer Reshman, the stallion coming out of the earth surface; literally suggesting an uprising. the movie also offered crisp dialogues and sequences. For obvious reasons, the movie was banned indefinitely by the state of Pakistan. here it is interesting to note that the director was approached by the then military government in 2001 to make a movie on the father of the nation. the outcome movie Jinnah, which was officially commissioned to be the only piece of art on the founding father. in the backdrop of local and foreign instances; the creative scene in Pakistan, while degenerating into an endless discussion on divorces, broken homes and rebellion in the households, offers little thought provoking. the depiction of the establishment now and then is more of hardware shots than leaving any questions for the audience. Slow motion shots of swinging rotors of gunship helicopters and unbelievably clean uniforms might not win a convert to the established order. narrowing down specifically to the Pakistani scene; Pakistani creative human assets need to learn or live to learn; as to how they can make their point heard and appreciated. Pakistan might not still be an audience for a direct reference or a direct talk or dialogue in a play. A somewhat cryptic messaging in a metaphorical way might still be the only way out. invariably, maturity of nations depends upon the quality of literature and creative arts practiced. Art independent of the order of the day might well pave the way for the real change of hearts and minds, if not less….

The writer is a freelance columnist.

India’s

new foreign trade policy aims to smash dollar’s hegemony

InDiA’Snew foreign trade policy, which took effect on April 1, seeks to pivot away from the US dollar’s hegemony and promote the country’s own national currency, the rupee, in a bid to boost exports and conserve its foreign exchange reserves. in 2022, india’s exports were $453.3 billion, a 14.6% uptick year-on-year, despite a slowdown in global trade. india became the fifth-largest economy in the world last September at $3.18 trillion, even though the covid-19 pandemic slowed its march towards $5 trillion by another two years.

Amid a robust economic growth outlook, india is poised to trade in rupees with countries that are facing an acute shortage of dollars, according to the country’s commerce secretary, Sunil Barthwal. Santosh Kumar Sarangi, head of the directorategeneral of foreign trade (DGFt), has spelled out a national goal of $2 trillion in exports of merchandise and services by 2030. Additionally, india will launch a new amnesty scheme for one-time settlement of defaults on export obligations, Sarangi said. the scheme, which will remain operational till September, aims for quicker resolution of trade disputes.

INDIAN RUPEE GOES GLOBAL

the rupee’s global push got a shot in the arm after 18 countries including Russia, Germany, Singapore, israel, and the UK agreed to trade in the indian national currency. the Reserve Bank of india (RBi), the country’s central bank, recently gave its approval to these countries to pay for imported goods in rupees. the move will reduce india’s ballooning trade deficit of $233 billion between April 2022 and January 2023. india’s trade with its south Asian neighbors such as nepal, Bhutan, Bangladesh, and Sri Lanka will also grow as BRicS members push to de-dollarize the global market.

Last month, the indian government announced that the RBi had cleared 60 requests from various banks in these 18 nations to open Special Vostro Rupee Accounts (SVRAs) that allow foreign banks to settle payments in rupees.

indian importers will make payments in rupees that will be credited to the SVRAs of the foreign correspondent bank, and exporters will receive payment from the SVRAs of their foreign partners. india’s central bank has also given the nod for the surplus rupee balance in these SVRAs to be used for payments on projects and investments, import advance flow management, and investments in government securities.

the RBi’s new norms augur well for india, which holds the rotating presidency of the G20 this year. new Delhi would like to use this elite world economic club to push for international trade settlement in rupees, Barthwal said. he believes the rupee trade will help several developing and less developed economies that are facing currency issues.' A broad consensus on these lines emerged during the first trade and investment Working Group (tiWG) meeting of the G20 that was held in Mumbai, india in late March.

the spillover effect of US monetary tightening, the debate is being reignited on ending the dollar’s dominance in global trade. Another key factor is Washington’s ability to use its currency as a potent tool for political blackmail and coercion against nations it sees as adversaries. From cuba to iran to Syria to Russia, the US has been accused of arbitrarily imposing sanctions on nations to further its own economic interests while pursuing irresponsible monetary policies. Several experts have cited the weaponization of the dollar as a likely trigger that could bring an end to its dominance as the world’s most powerful currency. the call to ditch the US dollar has intensified following US sanctions on Russia due to the Ukraine conflict that started in February 2022. the punitive measures led to overseas assets of Russia’s financial institutions being frozen and multiple major Russian banks being cut off from the SWiFt system. this was an indication for the rest of the world, including india and china, of the growing risks of the US using the dollar for its geopolitical and expansionist gains. A new arrangement is needed, and currencies such as the chinese yuan have an opportunity to play an important role in providing such an alternative. Plans are afoot by many nations to ensure the SWiFt system becomes less relevant through innovative financial mechanisms that are gathering momentum. these measures would limit the system as a tool for the US and its coercive tactics. For instance, during the meeting of all ASeAn finance ministers and central bank governors in Bali, indonesia on March 30, topping the agenda were discussions about reducing financial transaction dependence on the US dollar, euro, yen, and pound sterling and alternatively making payments in regional currencies.

in January, South African Foreign Minister naledi Pandor was quoted as saying in an interview with Sputnik that the emerging economies of BRicS would like to find a way of bypassing the US dollar and creating a mechanism that would not be skewed towards wealthier Western nations. Saudi Arabian Finance Minister Mohammed Al-Jadaan echoed Pandor in January, saying the oil-rich sheikhdom would be open to talks about settling petroleum trade in currencies other than the US dollar.

NOT SO ROSY FOR RUPEE-RUBLE

TRADE: though india has been working overtime to push the rupee for its global trade, the realities are far from ideal, as the currency has considerably weakened in the past year.

in the case of india-Russia bilateral trade, which has been rapidly growing since the Ukraine conflict started, new Delhi has found a viable alternative.

india and Russia have decided to route goods through third countries such as the UAe, which enjoys healthy ties with both the nations, and also because the emirates’ currency – the dirham – is pegged to the dollar, and as a result, the dirham enjoys global stability. Both nations have come to the understanding that this is the best way to engage in bilateral trade and also avoid trading in rupees, rubles and dollars. however, the new approach contradicts the indian government’s bid to settle international trade in rupees in line with an announcement made last July. the rupeeruble payment mechanism is proving to be

Threat to the world’s communication lifeline

tough going so far because of the growing trade imbalance between india and Russia and several other teething issues. Russian banks such as Sberbank and Gazprombank, which have operations in india, are also not in favor of indian rupees piling up. Besides, the rupee lost 7.8% in the last financial year, the most since 2019-20, and it was one of the worst performing Asian currencies – falling more than 10% – in 2022. it ended this past fiscal year in March at 82.18 to a dollar. Given such volatility, using the UAe dirham appears to be a reasonable solution to help facilitate a further ramping up of bilateral trade.

FOREIGNERS LESS ENTHUSIAS-

TIC ABOUT US DEBT: Another important area where de-dollarization trends are being observed is American debt. While statistics on foreign holdings of US treasuries for any given month or even year may simply reflect the vicissitudes of markets and the relative strength of the dollar, the long-term secular trend is of foreign central banks scooping up less American debt than they once did. For decades, foreign countries sterilized a significant share of US deficits –meaning the US ran deficits that it financed with dollar-denominated debt, which other countries bought in large quantities. however, this arrangement – a key component of the special status the dollar has enjoyed – has begun being chipped away at in recent years. in fact, since 2014, foreigners have been consistent net sellers of treasuries.

DE-DOLLARIZED GLOBAL TRADE: india and china have initiated the move to de-dollarize global trade with Russia, while Brazil is joining the party and South Africa is waiting in the wings. the initiative connects the BRicS trade dots. india has paid Russia in UAe dirhams for its crude oil purchases and saved an estimated $3.6 billion in the process.

the yuan has in recent years established itself as a major global currency that is poised to contribute to the dislodging of the dollar from its position of supremacy. the yuan is now the fifth most used currency in payments, third largest in trade settlements and fifth largest reserve currency. to make matters worse for several developing countries, there has been an exponential rise in dollar borrowing costs, holding back the growth of their foreign trade. this is where comparatively lowcost yuan financing could further boost the chinese currency’s global visibility. the yuan joined the iMF's Special Drawing Right (SDR) basket in October 2016, and since then the currency’s strength has grown significantly. iMF data showed that yuan accounted for 12.28% of the SDR last year. With Beijing working overtime to make a currency play as the world’s second-largest economy, the prevailing dollar-dependent scenario could change in the next couple of years. china’s cross-Border interbank Payment System (ciPS), which is a viable alternative to SWiFt, and its digital currency (e-cny) promises to become a dominant payment system to further trade between Beijing and its partners such as the Global South. the e-cny could emerge as the significant reserve currency, which would break the dollar hegemony. the indian rupee could double down as a foil to the chinese currency in a multipolar world. De-dollarization is likely to become a reality in a new global order,

OURinterconnected world can be shut down fairly easily by severing fiber-optic lines on land or at sea. Over the past decade or two there have been constant attempts to break these telecommunications lines, either as simple vandalism or as a way to interfere in connectivity in a world increasingly focused on accelerating geopolitical change. interestingly, despite advanced Wi-Fi and cloud systems, all data still travels by fiberoptic cables, which are actually state-of-theart global communications technology.

there is a long history of cutting cables, so examples now are part of the evolution of attempts to break communications, whether by a lone wolf or state actor. Surveillance technologies are keeping pace with attacks on land, but in the maritime environment the story is different. Robotics is helping to improve sabotage capabilities as the technology evolves. clearly, maritime missions are going to require greater surveillance capacity of fiberoptic cables. to be sure, these types of attacks are not new. in 2010, in San Jose, california, an individual chainsawed a fiber-optic cable critical to a vast communications network for Santa clara, Santa cruz and San Benito counties. At that time, the Silicon Valley tech giants recognized the threats to the earlier fiber networks, which rely on an underground network of cables and wires. Since then, tech companies globally have had to think about how to protect these lines, and restore service after sabotage through network emergency Response Vehicles — fiber-optic first responders who have expanded to include local government and infrastructure specialists who now dominate crisis management. the response evolution in Silicon Valley should be an example to the rest of the world as it grows its fiber-optic hubs and spokes.

Interestingly, despite advanced Wi-Fi and cloud systems, all data still travels by fiber-optic cables, which are actually state-of-the-art global communications technology

cause damage to subsea cables when fishing nets or in some cases anchors drag along the seafloor. But numerous “occurrences” mean that this arena of fiber-optic line security, both prevention and response, is going to require additional attention. With increasing requirements for internet and other communications between different communities and stakeholders, especially in the humanitarian aid sphere, such lines of communication must be stable. Other cable incidents are meant to instill fear in a populace without communications. this “fear factor” of cutting cables and losing communication is becoming more important in terms of information warfare, so severing fiber-optic lines has an impact on human behavior. cutting important cables has also occurred in and around the UK. the SheFA-2 undersea cable linking the Faroe islands to mainland Scotland via Shetland and Orkney was damaged in two separate incidents in October 2022 that left much of the islands without internet connection. Also last year, a cable was cut at a major landing point hub for several undersea internet cables, causing a chain reaction of connectivity problems across europe. connectivity was especially disrupted on the internet cable between Marseille-Lyon, Marseille-Milan, and MarseilleBarcelona. So the impact range of these severed cables can be felt quite widely across Western europe. Again, the length of outage differed but resumption of service was within a few days to a week. the October 2022 cable cut near Aix-en-Provence in France caused a global internet connectivity slowdown. Some analysts believe the cable was severed in a deliberate act of vandalism, others have described it as sabotage. no one was ever held responsible, signaling how these attacks are easy to mask given gaps in coverage of the cable line, even on land. the good news is that repair time for land cuts is only about 48 hours.

Some have suggested that Russia may be behind these sabotage attacks, but there is no evidence to support these claims. that is a common problem. Saboteurs, especially lone wolves, are hard to find, which is increasingly problematic from a security point of view.

Fast forward to 2021 and norway’s experience with severed cables is notable. Security analysts were quick to point out that the two Svalbard undersea fiber-optic cables connecting a satellite ground station on Svalbard to the norwegian mainland were severed as part of a possible “military” attack on a military cable. Some analysts wanted to rule out sabotage by arguing that fishing trawlers routinely

infrastructure authorities and corporate developers of optic lines are stepping up security for critical land and subsea infrastructure, including those related to key industries. Some operators are working with the fiber-optic industry to develop and deploy drones to watch pipelines and other nodes in fiber-optic networks. the growth of new lines in the maritime environment, especially the Google Line around West Africa to europe, various Arabian Peninsula related projects, and other fiber-optic cables from Japan or taiwan, are vulnerable to state-level sabotage.

ARAb News Dr theoDore karaSik

Dr. Theodore Karasik is a senior adviser to Gulf State Analytics in Washington.

SPACEX WILL TRY TO LAUNCH MOST POWERFUL ROCKET EVER MONDAY

WASHINGTON: afp

SPACEX plans to carry out its first test flight on Monday of Starship, the most powerful rocket ever built, designed to send astronauts to the Moon and eventually beyond. The launch is scheduled to take place at 7:00 am (1200 GMT) from the sprawling Texas base of the private space company owned by billionaire Elon Musk. Fallback times are scheduled later in the week if Monday’s attempt is postponed.

The US space agency NASA has picked the Starship capsule to ferry its astronauts to the Moon as part of the Artemis III mission, set for late 2025 at the earliest.

Starship consists of a reusable capsule that carries crew and cargo and the first-stage Super Heavy booster rocket.

The 164-foot (50-meter) tall Starship spacecraft sits atop the 230-foot tall Super Heavy rocket.

SpaceX conducted a successful testfiring of the 33 Raptor engines on the first-stage booster of Starship in February.

The Super Heavy booster was an-

chored to the ground during the test-firing, called a static fire, to prevent it from lifting off. The rocket has never flown in its full configuration, powered by the first stage.

“Success maybe, excitement guaranteed!” Musk tweeted late Friday.

NASA will take astronauts up to lunar orbit itself in November 2024 using its own heavy rocket called the Space Launch System (SLS), which has been in development for more than a decade. Starship is both bigger and more powerful than SLS. It generates 17 million pounds of

thrust, more than double that of the Saturn V rockets used to send Apollo astronauts to the Moon. SpaceX foresees eventually putting a Starship into orbit, and then refueling it with another Starship so it can continue on a journey to Mars or beyond.

The idea of a reusable launcher, Musk’s broad strategy, is to reduce the price. Each Starship flight could eventually cost “less than $10 million,” he said early last year.

Other super heavy rockets under development include Blue Origin’s New Glenn, China’s Long March 9 and Russia’s Yenisei.

Bizenjo decides against use of bomb-and-bullet proof vehicle

QUETTA

Staff RepoRt

Balochistan Chief Minister Mir Abdul Quddus Bizenjo has decided not to use bomb-and-bullet-proof vehicle, also barring member of cabinet, Civil and Police officers from using bomb-and-bullet-proof vehicle, said a statement issued by the Chief Minister’s Secretariat here on Saturday. Issuing directives to the concerned authorities to park all bomb-and-bullet-proof vehicles, he said that if life was very dear to someone, he should also have arranged the facility of bomb-and-bulletproof vehicle for their squad and other personnel deputed for their security, adding, “We manage to protect on bomb-and-bullet-proof vehicle, leaving the security staff to target”. He said in many incidents, security personnel deputed for security of the VIPs had been targeted by the terrorists. “Life and death are in the hand of Almighty Allah and bomb-and-bullet-proof vehicle could not save life “, said Bizenjo. “Henceforth, no traffic route will be planned for any vip including me as routes for vip creates problems for the people” said he.

Judiciary will win constitutional, legal battle with people’s support: Sh Rashid

ISLAMABAD

Staff RepoRt

Awami Muslim League (AML) chief Sheikh Rashid Ahmed said on Saturday Asif Ali Zardari wanted Shehbaz Sharif to be disqualified.

He said Pakistan was fighting constitutional and legal battle and hopefully the judiciary would emerge victorious.

Talking to the media at the District and Sessions Court of Islamabad, Sheikh Rashid said that Asif Ali Zardari claimed Imran Khan was not a popular leader. He said Pakistan was fighting a war of constitution and law and judiciary will win this war because nation was standing by the judiciary. The judiciary had upheld the constitution with foresight, he added.

Sheikh Rashid said the sword of NAB law was hanging on the rulers. “We are not going to be afraid of the cases,” Mr Rashid maintained. “They say that the politicians are going to a closed street. Hopefully the judiciary will win.

The rulers have assumed power to close their cases but NAB will not spare them. This nation will take decisions on the streets. You will not be able to run away from the country,” added the AML chief. He further said puppets had made the country of 240 million people a laughing stock in the world. Sheikh Rashid said people were worried about inflation and they were dying due to sky high prices of the daily use items. The rulers were asking for charity like beggars for the last one year, he said.

LCCI, ACCA collaborate to boost SMEs in Pakistan

LAHORE: Lahore Chamber of Commerce & Industry

(LCCI) and ACCA (the Association of Chartered Certified Accountants) signed a Memorandum of Understanding (MoU) with a shared goal of advancing financial literacy among small and medium-sized enterprises (SMEs). The MoU was signed by President LCCI, Kashif Anwar and ACCA’s Head of Pakistan, Assad Hameed Khan. ACCA President, Joseph Owolabi, and senior management of both the organisations were also present at the signing ceremony. The agreement sets out to raise awareness, build capacity, and enable knowledge xexchange among SME professionals and entrepreneurs. Both organisations will support initiatives to enhance financial literacy and help build x a robust tax culture. At the signing ceremony, LCCI President, Kashif Anwar, said: ‘I would like to congratulate not only LCCI and ACCA, but also all stakeholders, the business community, and member organisations on the signing of this agreement. It x will strengthen the existing collaboration between LCCI and ACCA and support the LCCI member organisations with their capacity building needs, x particularly around taxation and financial acumen.’ ACCA president, Joseph Owolabi, commented: ‘We’re delighted to formalise our partnership with LCCI and support capacity building in Pakistan’s SME sector. We’re committed to providing SMEs with the x necessary tools and skills to navigate the complex financial landscape and make informed decisions underpinned by effective governance and driving sustainable growth. I’m certain the cooperation between ACCA and LCCI will bring positive change.’ pR

PIAF opposes too many holidays on Eid as trade, industry to suffer

ISLAMABAD: The Pakistan Industrial and Traders Associations Front (PIAF), while rejecting the government’s notification of almost week-long holidays for Eid, appealed the authorities to withdraw the decision, as the nation cannot afford xthisluxury amidst poor economic growth and serious financial crisis in the country. He observed that the national economy is already in distress and can ill x afford such a luxury. PIAF Chairman Faheemur x Rehman Saigol, expressing grave concern over the long period of holidays on Eid, said that the government has made it a precedent to declare long holidays to please thegovernment employees, who already do not have tendency to work seriously. He said that in the view of the present economic condition of the country, the decision should be reviewed, adopting a pragmatic approach which suits the national interest. He urged upon the policymakers to refrain from allowing such a long spell of holidays, which the nation cannot afford both economically and socially. Due to long holidays’ spell during Eidul Fitr together with weekly holidays, the country will remain cut off from the rest of the world for almost one week x having halted all kinds of trade and exports with foreign countries. He regretted that due to these long and unnecessary holidays the country has had to bear an irreparable monetary loss. Mr Saigol said that the country would remain disconnected with the world for almost a week, and it will cost the economy of billions. He said that long closure of banks would lead to delays in the opening of LCs and making payments. pR

Chinese seed company starts trial of single and triple gene cotton in Pak varieties

BEIJING: Chinese seed company Jinghua started trial of single and triple gene Chinese Bt cotton varieties in the farms of Central Cotton Research Institute (CCRI) Multan to assess how these high yielding, long staple and disease resistant varieties respond to the Pakistani soil and climatic conditions. Cooperation between Pakistani and Chinese agriculture scientists would benefit Pakistani cotton economy in a big way, said CCRI Multan Director Dr Zhid Mahmood in a statement. Earlier, Dr Zahid Mahmood, accompanied by other scientists witnessed the seed trial of Chinese seed company Jinghua along with company representative Mr. Li. On this occasion, Mr. Li said that the trial of single and triple gene Chinese varieties was aimed at promoting mechanized farming, high density planting and producing best quality fibre cotton in Pakistan, China Economic Net (CEN). Detailing characteristics, Mr. Li mentioned that these varieties were Glyfosate free, and have resistance against bollworms particularly the pink bollworm. Moreover, the varieties also possess resistance against Cotton Leaf Curl Virus, he added. Dr Zahid Mahmood in his remarks said that trial was aimed at studying the characteristics of these single and triple gene varieties in the Pakistani weather conditions hit by climate change phenomenon and their data would be compiled throughout the season by Pakistani scientists. He informed that trial plants have a rowto-row distance of 75cm and plant-to-plant distance maintained at just 4 cm. Staff RepoRt

World Creativity, Innovation

Day to be marked on April 21

ISLAMABAD

Staff RepoRt

World Creativity and Innovation Day will be marked on Friday, April 21

NOT-BY- PROFIT

Slowdown in venture capital funding SpellS trouble for pakiStan’S StartupS

ISLAMABAD

DeSK

NeWS

writingfor Dawn, author Mutaher Khan explains that the startup ecosystem in Pakistan was thriving just over a year ago, with investment surging more than 5 times in 2021. this led to optimism all around whenever people from the startup ecosystem were asked about their outlook for the industry. the ecosystem was flush with a high and it seemed like the moment was here to stay. However, by the second quarter of 2022, there were glaring signs of trouble. Layoffs began to appear in the industry, with Airlift announcing layoffs just nine months after announcing an $85 million round. Other well-funded players such as retailo and truck it in also cut their workforces significantly. Funding also began to decline, falling below pre-Covid levels by Q4-2022. While the deal flow has somewhat recovered from those lows in the first

quarter of 2023, the outlook is still quite bleak. Daraz and Foodpanda, two of the biggest platform-based tech companies operating in Pakistan, recently laid off more than 10% of their staff. Market reports suggest that there might be more layoffs in the offing. things aren’t any better at relatively smaller startups, as Jabberwock Ventures reportedly fired five to six people, including a change of guard at its Swyft Logistics, while Byte slashed its workforce by 30%. the situation is not unique to Pakistan, as the US has also experienced mass job cuts and declining venture capital for five consecutive quarters. According to Crunchbase tracker, around 131,000 workers in US-based tech companies have been laid off in mass job cuts in 2023. Pitchbook data shows that venture capital (VC) in the United States fell for the fifth quarter straight. this slowdown could have serious consequences for Pakistan’s nascent VC-backed startup ecosystem. if

Asian economies with consistently high growth rates and far better risk profiles are seeing massive declines in investments, what chance does Pakistan stand, considering that most of the funding into the country was from foreigners? this slowdown is concerning because venture capital was practically the only form of capital available to new businesses. Banks are not likely to lend to small and medium enterprises, and even if they do, the markups can exceed 25%. All is quiet on the subsidized Kamyab Jawan Programme because the country is sleepwalking into sovereign default.

Meanwhile, net foreign direct investment during 8MFY22 was just $784 million, down 40.4% compared to $1.32 billion in the same period of the previous fiscal year. Similarly, both equities and debts have seen outflows from international investors. Even the gulf money is becoming hard to come by now. in this bleak scenario, local businesses have few options at their dis-

Eid shopping picks up in Larkana

LARKANA

Staff RepoRt

Eid shopping is gaining momentum in the markets of Larkana with each passing day amid strict security.

SSP Larkana Dr. Muhammad imran has deployed police force in and out shopping centers and markets to protect to avert any untoward incident. Police camps have been set up at various places of the City where police officers and constables on duty round-the-clock.

the jubilant mood of young girls, women and youth

PESHAWAR

app

Like other fruit items, the business of dates (Kajoor) has also shined during the holy month of ramzan in Khyber Pakhtunkhwa.

Owing to its delicious taste, numerous health and nutrition benefits, date is an integral part of almost every “Dastarkhwan” and a prime choice of the rozadars (fasting people) during iftar parties.

the business of imported and locally produced dates (Kajoor) have get upward boom during ramzan in Khyber Pakhtunkhwa including seven merged tribal districts where the commodity was being sold like a hot cake.

All the fruits markets of Peshawar including gul Bhar, Firdus, Hasthnagri, Chamkani, Faqirabad, Boards, tehkal, Cantonment, Pishtakhara, Kohat, Dalazak roads etc are flooded with different varieties of dates, attracting buyers despite it’s high prices.

Muzafati date is being sold at rs380400 per kilogram this year compared to rsrs360-380 last year.

Similarly, iranian dates are being sold at rs260-280 this year as against

is in full swing and shopping is gradually gearing up. Eid stalls have been set up, offering cosmetics, earrings, bangles, jewelry and colorful dresses.

the people of all age groups, including women and children, are busy in Eid shopping. Main focus of the people is towards the purchase of clothes and footwear.

A larger number of makeshift shops have sprung up on almost all pavements of the city. Shopkeepers have raised the prices but many have displayed Sale signs to hoodwink customers.

Women of all ages started visiting bazaars and shop-

rs220-240 per kg last year and its price is quite high this year that needed to be checked by the district administration.

Dhaki Di Khan’s dates are also almost out of reach of poor people as it is being sold at rs420-440 this year against rs360-380 last year “Despite its high prices, Dhaki dates are my favourite and my iftar party cannot be complete without it,” said Qaisar Khan, a retired Wapda employee while talking to APP. Qaiser said he prefers Dhaki dates due to their better taste and numerous nutrition and health benefits.

Besides my family, he said most of his friends liked Dhaki dates during iftari as helping in the restoration of blood sugar levels after fasting all day.

Punjgor dates are also attracting consumers in large number in local markets due to it’s better quality and nutritious level. “My daughter has requested four kilograms’ dates but i purchased only two kilograms because of its high prices in Peshawar.” He said it was the responsibility of district administration to control prices of daily use items including dates in open markets and urged DCs to activate his staff to control price hikes during ramadan.

posal. Amid all this doom and gloom, the only solace could potentially be sought in some signs of mergers and acquisitions. For example, Portugal-based S4 Digital bought stakes in two local companies — Bramerz and Hr Ways while fintech Abhi raked up 20% of logistics player BlueEx. More importantly, two Pakistani software bigwigs, 10Pearls and Arbisoft, have also recently announced acquisitions of foreign entities. this is an encouraging sign and is part of the growing shift in the homegrown it services industry to show some ambition for scale.

However, in a pit of uncertainty and worsening economic indicators, these feel-good stories may not be enough to keep the top talent from moving abroad, even the ones who were staunchly against the idea a year ago. the industry needs a fundamental change in order to thrive in the current economic climate.

To read the full article visit www.dawn.com

ping centers after iftar.

their choicest shopping is clothes, shoes and bangles. these days city’s markets and shopping centers are flooded with the people from the rural areas who came to the city for Eid shopping. they remain busy in shopping till late night and then people return to their villages on bikes and other modes of transport.

Heavy rush can be seen particularly in the shops of shoes, cloths, garments, bangles and cosmetics. now the shops remain open in the markets and bazaars till late night amid tight security arrangements. Patrolling has been intensified in the city to avert any untoward incident. in order to ensure security, police have stopped to entry of vehicles into congested markets and bazaars.

Despite high prices, dates’ business shines during Ramzan in KP

AFTER PTC, PHILIP MORRIS ALSO SHOWS CONCERNS OVER SMUGGLING, SALE OF ILLICIT CIGARETTES

PAKISTAN

HAS BECOME SECOND-LARGEST

THEPakistani tobacco industry is facing major challenges as the sale of illicit cigarettes has spiked following a massive increase in federal excise duty.

The concerns of the industry were highlighted by Pakistan Tobacco Company (PTC), and now Philip Morris, the country’s second major tobacco company, has also raised its voice against the smuggling and sale of illicit cigarettes

According to Muhammad Zeeshan, Chief Financial Officer and Executive Director of Philips Morris (Pakistan), the major increase in taxes on legal cigarettes has caused a huge jump in smuggling and the sale of illicit cigarettes. Pakistan is currently going through a very difficult period economically and Philip Morris Pakistan stands with the people of Pakistan with its

COUNTRY

IN ASIA IN TERMS OF SALE OF ILLICIT CIGARETTES

deep commitment and firm determination in these challenging situations.

The government has imposed a ban on imports in order to reduce the pressure on foreign exchange reserves and to reduce the budget deficit, tax rates have been increased in the supplementary budget. Cigarettes are already highly taxed, and the recent increase in Federal Excise Duty (FED) has widened the gap. FED has been increased three times this fiscal year, with the most recent increase being 150% in February, bringing the excise duty on cigarettes up to 200 percent. The impact of this significant increase in excise duty has started to set in on the legal cigarette industry, and the government itself will face the negative impact of this move in the form of reduced tax revenue from cigarettes.

Zeeshan stated that whenever the tax on legal cigarettes increases in Pakistan, the sale of illegal cigarettes also increases. The statistics for the first quarter

Karachi Police arrest

PTI leader Ali Zaidi over ‘fraud allegation’

KARACHI staff RepoRt

The Sindh Police on Saturday arrested Pakistan

Tehreek-e-Insaf (PTI) Sindh President Ali Haider Zaidi after a case was registered against him at Ibrahim Hyderi police station on charges of ‘fraud’. According to details, the first information report (FIR) was registered on the complaint of a property dealer, Fazal Elahi, against the PTI leader. The FIR was registered under Sections 34 (acts done by several persons in furtherance of a common intention), 506 (punishment for criminal intimidation), 420 (cheating and dishonestly inducing delivery of property), 471 (using as genuine a forged document) and 468 (forgery for purpose of cheating) of the Pakistan Penal Code. The complainant, in the FIR, claimed that Zaidi had taken a loan of Rs180 million from him in 2013. He said that as surety, Zaidi had given him the papers of a property worth Rs16.7 million and promised to pay the remaining Rs12.5 million in next six months.

Fazal Elahi alleged that he had asked Zaidi several times to transfer the plot in his name but he continued using delaying tactics. He claimed that later, it was revealed that the file of the property was “fake”. He alleged that the “suspect had abused his trust and committed fraud” and also sought police protection from Zaidi for his family.

Earlier in the day, Sindh police arrested the president of Pakistan Tehreek-e-Insaf (PTI) Sindh chapter Ali Zaidi from PTI’s Sindh house.

‘Police vandalized PTI’s Sindh House’

According to details, the PTI senior leader Firdous Shamim Naqvi confirmed that the Sindh police arrested Ali Zaidi – the president of PTI Sindh – from the party’s Sindh house on Saturday evening.

Firdous Shamim Naqvi alleged that the Sindh police vandalized PTI’s Sindh House prior to the arrest of Ali Zaidi, while the police officials did not show any legal search warrant or First Information Report (FIR) before taking Ali Zaidi into custody.

He said that the raiding party not only broke the cellphones of the party workers who were trying to record the arrest but also took some devices with them.

However, South Zone Police Karachi – in a statement –denied arrest of PTI leader Ali Zaidi, while the police mobile of Ibrahim Hyderi police station were spotted during Ali Zaidi’s arrest. Police have not issued any official statement on the matter yet.

Earlier, a video posted on PTI’s official Twitter account showed a man, thought to be Zaidi, being escorted into a white automobile by men in civvies surrounded by uniformed police personnel.

In another video from inside the PTI Secretariat, officials can be seen pushing and dragging Zaidi by his arm.

The party’s provincial media department claimed Zaidi was arrested from the PTI Secretariat without a warrant. “The police entered the party office without any warrant,” the party’s Sindh spokesperson said. “Zaidi was holding a meeting with district representatives [at the time].” The spokesperson said the police and men in civvies moved Zaidi to an undisclosed location.

“The police personnel also confiscated some mobile phones from the party’s office,” he said, adding that the raid was “illegal”.

PTI condemns arrest

PTI Chairman Imran Khan condemned Zaidi’s arrest, reiterating his claim that it was part of the “London plan”. “Strongly condemn the arrest of another of our senior leaders, Ali Zaidi, from Karachi. All part of the London plan where Nawaz was given assurances that PTI would be crushed,” he said in a tweet, claiming that over 3,000 PTI workers had been “arrested, abducted and terrorised”.

prove that the sale of legal cigarettes has declined by 50%, whereas the increase in excise duty has benefited illegal cigarettes. The market share of illegal cigarettes was between 35 and 38 percent before the excise hike but has now reached 45 percent in just a month.

If the government does not take appropriate measures, the share may reach 50 percent. The legal industry has never opposed taxes or excise. However, such a high increase will not be in the interest of the legal industry and the government itself. The recent exorbitant increase in excise duty has doubled the price difference between legal and illegal cigarettes. With the rapid increase in illegal sales, it is estimated that the government will not be able to achieve the tax collection target of Rs 260 billion from the tobacco industry. The decrease in legal cigarette sales will result in a meager collection of Rs 170 billion, a figure that the government can easily observe by analyzing the taxes

collected in March. Moreover, the government is likely to miss the tax collection target by Rs 90 billion as a result of an abrupt increase in illicit tobacco sales following the increase in excise duty.

Pakistan has become the secondlargest country in Asia in terms of the sales of illicit cigarettes following Malaysia. Malaysia currently holds a 50% market share of illegal cigarettes, while Pakistan’s share is 40%. However, there are concerns that Pakistan may surpass Malaysia and become the leading country in Asia due to the recent increase in federal excise duty.

Zeeshan said that without curbing the illegal cigarette trade, a significant increase in the federal excise duty rate will never be effective as the entire burden of taxes is being borne by the organized and legal cigarette industry, which already contributed around 98% of taxes collected from the tobacco industry.

CONTINUED ON PAGE 02

Bilawal calls Muttaqi amid push to tackle TTP threat

ISLAMABAD news desk

Foreign Minister Bilawal BhuttoZardari held a telephonic conversation with Acting Afghan Minister for Foreign Affairs Amir Khan Muttaqi on Saturday as Pakistan presses the interim government to tackle the threat of banned Tehreek-e-Taliban Pakistan (TTP).

“The foreign minister reaffirmed Pakistan’s commitment to a stable, peaceful and prosperous Afghanistan,” said a brief statement issued by the foreign office, adding that both leaders discussed a range of issues of mutual interest.

No further details were provided but sources said the telephone call could be a prelude to the likely visit of Muttaqi to Islamabad. They said the acting foreign minister is expected to visit Islamabad as the two neighbours

are struggling to find a common ground on how to deal with TTP and its affiliates.

As per sources, Islamabad and Kabul are in contact with each other to finalise the date of the Taliban’s chief diplomat’s visit, which is likely to take place in the coming weeks. Muttaqi undertook a maiden trip to Islamabad in November 2021 months after the Afghan Taliban returned to power.

Pakistan had hoped that the Taliban takeover would improve border security and importantly the issue of terrorist sanctuaries would be sorted out. But contrary to expectations, the TTPsponsored attacks have only increased causing friction in bilateral ties. Efforts by the Afghan Taliban to mediate a peace deal between Pakistan and the TTP have failed.

At a recent meeting of the

Federal Minister for Religious Affairs dies in capital road accident

ISLAMABAD staff RepoRt

Federal Minister for Religious Affairs Maulana Abdul Shakoor on Saturday evening died in a road accident when a vehicle rammed into his car near Secretariat Chowk, police said. The Police spokesperson on Twitter said that the minister’s car was hit by a Hilux Revo while he was travelling from Mariott towards the Secretariat Chowk. “Maulana Abdul Shakoor was heading towards Secretariat Chowk from Marriott near Iftar timings when a Hilux Revo carrying five men hit his car.” Maulana Abdul Shakoor was shifted to Polyclinic Hospital but he could not survive and succumbed to his injuries. It is not clear yet whether the minister was travelling alone or there were other passengers in his car.

Senior police officers rushed to the scene while the vehicle and occupants have been taken into police custody. Further investigation is underway, police added. Political leaders have expressed their sorrow over the sad demise and condoled the family members of the deceased. Five people were travelling in the Hilux Revo and they, along with their vehicle, have been taken into custody, police added.

CONDOLENCES

National Security Committee, the country’s civil and military leadership admitted that a policy to make peace with the TTP had led to the rise in terrorism.

The stance taken by the current government and establishment means that Pakistan would no longer seek any talks with the TTP.

In February, a high-powered Pakistani delegation led by Defence Minister Khawaja Asif, along with the DG ISI and other senior officials, visited Kabul to issue a stern warning to the Afghan Taliban to tackle the TTP threat.

Pakistan confronted the Taliban government with evidence of TTP presence and their whereabouts. The Afghan intelligence officials travelled to Islamabad following the Pakistani delegation’s visit to sort out the issue. Against this backdrop, the likely visit of the Afghan interim FM would be significant.

Ex-CJP hits back at allegations of meddling in PML-N govt’s projects

LAHORE: Former chief justice of Pakistan (CJP) Saqib Nisar responded to Prime Minister Shehbaz Sharif’s allegations. As per details, former chief justice of Pakistan Saqib Nisar said that he never halted or banned the projects start by the Pakistan Muslim League Nawaz (PML-N) government. The allegations that Prime Minister Shehbaz Sharif made are not true and levelled merely for political gains, he added. The former CJP said that PM Shehbaz Sharif should not drag judiciary in politics. Earlier, Prime Minister Shehbaz Sharif said that the former chief justice Saqib Nisar had banned the projects started by the PML-N government. Prime Minister Shehbaz Sharif lambasted the former chief justice supreme court for banning and halting the projects started by the then PML-N government. He said that in out of 56 companies’ corruption cases, they did not prove corruption in even one company. The Former premier and PML-N Quaid Nawaz Sharif also criticized the former chief justice of supreme court Saqib Nisar and other retired judges about the reasons for disqualifying him. staff RepoRt

Exclusive: Sri Lanka’s bondholders send debt rework proposal to govt

PROFIT ReuteRs

A committee of Sri Lanka’s international private creditors sent its first debt rework proposal to the country’s authorities regarding over $12 billion in bonds outstanding, according to three sources with direct knowledge of the matter.

It is the first bondholder proposal after the island-nation of 22 million people defaulted on its debt a year ago. It is a first formal step to engage with the country’s authorities, said one of the people, who asked not to be named because discussions are private.

Details of the proposal were

not immediately available. Representatives for the government did not respond to a request for comment. A spokesperson representing the creditor committee declined to comment. The group of about 30 creditors includes global investment companies Amundi Asset Management, BlackRock, HBK Capital Management and T. Rowe Price Associates.

Bondholders and government officials met in Washington this week, with legal and financial advisers for both sides present, said two sources.

Separately, the Paris Club of creditor governments said on Friday it aims to start negotia-

tions to restructure Sri Lanka’s bilateral debt after a committee was set up by French, Japanese and Indian finance ministers, and representatives of Sri Lanka. China, Sri Lanka’s biggest bilateral creditor, did not join the announcement.

After the COVID pandemic that ruined the tourist sector, a spike in prices of imports following the start of the Ukraine war, and economic mismanagement, Sri Lanka fell into its worst financial crisis in more than seven decades.

Sri Lanka secured last month a $2.9 billion program from the International Monetary Fund to tackle its huge debt burden.

Prime Minister Shehbaz Sharif expressed sorrow and regret over Mufti Shakoor’s demise, a statement issued by the Prime Minister’s Office said. The premier extended his condolences to the deceased’s family and prayed for him, the statement said, adding that Shakoor was one of the “dynamic and ideological leaders” of the Jamiat Ulema-e-Islam-Fazl and a good person. PM Shehbaz praised his performance as the religious affairs minister.

FO says in contact with Pakistanis in Khartoum

ISLAMABAD staff RepoRt

The Foreign Office on Saturday said it was closely monitoring the security situation in Sudan and the Pakistani mission was in contact with Pakistanis living in Khartoum. In a statement on Saturday, Foreign Office Spokesperson Mumtaz Zahra Baloch said, “We are closely monitoring the security situation in Sudan. “There are around a thousand Pakistanis in Khartoum. Our Mission is in contact with them to ensure their safety,” the FO said. The spokesperson said: “We are closely monitoring the security situation in Sudan as there are around a thousand Pakistanis in capital Khartoum of war-hit Sudan.” According to latest reports, Sudan paramilitary chief on Saturday vowed to fight on until all army bases captured. The head of the United Nations (UN) mission in Sudan called Saturday for an “immediate” end to fighting between the regular army and paramilitaries. Sudan’s air force struck multiple paramilitary bases in Khartoum on Saturday, the reports quoting army said, as fighting raged on the streets of the capital between the rival security forces. Both, Pakistan and Sudan, share the same religion as well as historical baggage of colonial rule. Both countries are members of the Organisation of Islamic Cooperation (OIC), and the Group of 77 in the United Nations.

Eight terrorists killed, two soldiers martyred in South Waziristan IBO: ISPR

RAWALPINDI staff RepoRt

As many as two soldiers of the Pakistan Army embraced martyrdom while eight terrorists were killed amid an intense exchange of fire during an intelligence-based operation (IBO) conducted in general area Zarmilan of South Waziristan on Saturday.

According to the Inter Services Public Relations (ISPR) news release, during the conduct of the operation, intense fire exchange took place between own troops and terrorists. The Army troops effectively engaged the terrorist’s location and resultantly, eight terrorists were sent to hell. Weapons and ammunition were also recovered from the killed terrorists who remained actively involved in terrorist activities against security forces and the killing of innocent citizens. The martyred soldiers were identified as Lance Naik Shoaib Ali (age 25 years, resident of Parachinar, District Kurram) and Sepoy Rafi Ullah (age 22 years, resident of District Lakki Marwat) having fought gallantly, embraced shahadat during an intense exchange of fire. Sanitization of the area was being carried out to eliminate any other terrorists found in the area.

Boeing shares tumble as some MAX deliveries halted, airlines fret over impact

PROFIT ReuteRs

Boeing Co (BA.N) shares closed down

5.6% on Friday after the planemaker halted deliveries of some 737 MAX jets due to quality-related problems in certain components made by one of its main suppliers.

Boeing is under tough regulatory scrutiny following the deadly crashes of its MAX planes in 2018 and 2019 and the pause in deliveries may delay plans for production ramp-up as it needs to undertake inspections of affected jets, some analysts said.

Any delay in deliveries is likely to upset airlines that have been counting on the company for a timely supply of planes to boost their fleets.

Boeing was poised to raise the production of its best-selling family of jets to 38 in June and 42 by January 2024 from 31 per

month currently, Reuters reported earlier this week. The problem, disclosed by Boeing on Thursday, involves the installation of two fittings that join the aft fuselage made by Spirit AeroSystems (SPR.N) to the vertical tail, which were not attached correctly to the structure of the fuselage before it was sent to the planemaker.

The latest quality issue is the second such problem to plague the planemaker this year, after it was briefly forced to halt deliveries of 767 freighters.

The recent discoveries can be attributed to two main factors: less experienced workers and more rigorous inspections of aircraft before delivery, Melius Research Vice President Scott Mikus said.

Boeing, together with Spirit, will have to undertake inspections of the affected MAX 7, MAX 8 and MAX 8200 airplanes and fuselages.

“Unlike the recent 787 delivery pause in Q1 … this issue relates to actual nonconforming parts, which will need to be inspected (at minimum) or reworked. This likely points to a longer pause this time (BA resumed 787 deliveries after ~2 weeks),” Wells Fargo analyst Matthew Akers said.

Akers, however, added that the impact could be “short term in nature” and that Boeing may push its 2023 cash flow goal of $3 billion to $5 billion toward the lower end.

“We see more negative financial exposure to this news at Spirit than at Boeing,” J.P. Morgan analyst Seth Seifman said. The issue could weigh on the fleet-expansion plans of the airlines. Southwest Airlines (LUV.N) expects the issue to impact its current delivery schedule, while American Airlines (AAL.O) said it was working with Boeing to understand the effect.

Europe’s Ryanair (RYA.I), which was scheduled to receive 24 737 aircraft over the next 2-1/2 months, said it was working with Boeing on the possible impact.

ISLAMABAD Ghulam abbas