Epaper_23-01-04 ISB

Profit

Cabinet approves early Markets Closure under energy-saving plan

g punJAB, Kp, trAders reJect energy coversAtion plAn

paign will be launched on the print, electronic and social media to create awareness amongst the people about the energy conservation plan.

he said pakistan’s peak summer electricity usage was 29,000 megawatts (mw) compared with 12,000 mw in the winter, mainly due to the use of fans in hotter weather.

the defence minister said water rates will be reviewed in order to ensure the conservation of water. he said building control authorities will bring necessary reforms in by-laws of housing societies to ensure efficient use of water.

ECC approves Rs60b for PSO to help clear financial obligations

ISLAMABAD Shahzad Paracha

to a decline of almost 127%.

thefederal cabinet, with prime minister shehbaz sharif in the chair, on tuesday approved the enforcement of energy conservation plan with immediate effect.

sharing salient features of the energy conservation plan at a news conference in islamabad along with other cabinet members, minister for defence Khawaja

Asif said under the plan, the markets will close down by 8.30pm and restaurants and wedding halls by 10pm. he claimed the cabinet-approved measures are expected to save the country about rs62 billion ($273m).

the defence minister said the production of inefficient electricity fans will be stopped from the first of July. he said additional duty will be levied on the inefficient electric fans which will help save rs15 billion. Khawaja Asif said that a cam-

Khawaja Asif informed that prime minister shehbaz sharif during the cabinet meeting directed to reduce the usage of electricity in all federal departments by thirty percent. he said the prime minister also directed to avoid unnecessary use of electric appliances in all the offices.

half of the street lights across the country will also remain switched off, the minister said.

the federal cabinet also approved reduction of maximum retail price of twenty medicines to provide relief to the common man. Khawaja Asif said the fBr has been directed to publish a separate tax directory of the parliamentarians.

A meeting of the economic coordination committee (ecc) of the federal cabinet among other decisions has approved the release of rs 60 billion in financing for pakistan state oil (pso) to be able to meet its financial obligations. of this, rs 10 billion is a budgered subsidy while rs 50 billion is a guarantee from the government of pakistan against bank financing, meaning the vast majority of this money will be sourced from commercial banks. the ecc meeting also discussed the status of three pakistani hospitals in Afghanistan, and the issue of sugar exports. chaired by finance minister ishaq dar, the meeting took under consideration a summary tabled by the petroleum division on the liquidity requirements of pso. late last year, pso’s financial results had raised serious alarms about the oil company’s liquidity problem. for the three month period ending in september 2022, the company recorded a net loss of rs 11.4 billion in its cash and cash equivalents, whereas for the same period last year the company recorded cash inflows of rs 41 billion. this sums up

As the national oil company, pso is responsible for importing the bulk of pakistan’s petroleum products, ranging from liquified natural and crude oil to finished products like motor gas (mogas) and high speed diesel (hsd). in its summary, the petroleum division had raised concerns about pso’s ability to import lng and petroleum products in the country. sources said that the petroleum division has proposed ecc to release rs 18 billion available under the head of “subsidy to domestic consumers through sngpl (rlng) in one go to sngpl against its outstanding claims of lng diversion of rs 109 billion. similarly, it has also asked to provide rs 100 billion as supplementary grant under the head of “subsidy to domestic consumers through sngpl (rlng) for meeting sngpl accumulated and anticipated lng diversion cost to domestic consumers. sources said that the high ups of petroleum division asked the ecc to approve the above mentioned proposals in order to enable pso to remain afloat in its payment obligations to lng suppliers as well as to avoid threat towards breakdown of lng supply chain.

ISLAMABAD Saleem jadoon

Textile industry in shambles: another company reduces production by 50%

FBR launches modules for facilitation of exporters

g meeting discusses pAKistAni hospitAls in AfghAnistAn, Addresses concerns over proposed sugAr export

Food ministry to facilitate import of soybean meal to meet poultry feed crisis

PTI WHITe PAPer PAInTS bLeAk PICTure of PML-n’S eConoMIC ouTLook

LAHORE Staff RepoRt

THEPakistan Tehreek-e-Insaf (PTI) has painted a bleak picture of the economy as it released a white paper on the economic situation of the country, blaming the PML-N-led coalition government of pushing the economy into a tailspin.

The white paper, which was unveiled on Tuesday at a ceremony in Lahore, said inflation had increased by 45 per cent during the last eight months under the coalition government.Skyrocketing inflation and flawed policies of the PDM government have made life miserable for the masses, it said.

The opposition party in the document said all economic indicators including exports, remittances, foreign direct

Maryam nawaz appointed Senior Vice President to ‘reorganize’ PML-n

ISLAMABAD Staff RepoRt

Minister for Information and Broadcasting Marriyum Aurangzeb announced on Tuesday that Pakistan Muslim League (Nawaz) President Shehbaz Sharif has appointed Maryam Nawaz Sharif as Senior Vice President of the party with immediate effect. In a tweet, while sharing the notification of Maryam Nawaz’s appointment as PML-N senior vice president, she said Shehbaz Sharif has announced the major organizational decision of the party. The notification said that Maryam Nawaz has been authorised to reorganise the party at all functional tiers/ levels as its “chief organiser”. In a tweet, the prime minister said that Maryam possessed the “drive, determination and experience to lead the party’s organisational matters”. “I have no doubts that she will very effectively galvanise our party’s rank and file with the vision of our Quaid Nawaz Sharif,” he said.

Meanwhile, Finance Minister Ishaq Dar congratulated Maryam on her appointment and wished her the best.

Govt to expand IT industry to raise its contribution in economic development: Dar

ISLAMABAD Staff RepoRt

Finance Minister Ishaq Dar on Tuesday said that the present government is keen to expand IT industry in order to increase its contribution to the economic development of Pakistan. He said this while meeting with CEO Digital Ocean Yancey Spruill. SAPM on Finance Tariq Bajwa, SAPM on Revenue Mr. Tariq Mahmood Pasha, Secretary Finance, Chairman FBR, Commissioner SECP and other senior officers from Finance Division participated in the meeting. (1/2)Mr.Yancey Spruill,CEO Digital Ocean called on Federal Finance Minister Senator Mohammad Ishaq Dar today and discussed Digital Ocean’s IT related endeavors in Pakistan. FM appreciated Digital Ocean for showing interest in training the manpower of the country in IT sector pic.twitter.com/FCECTJIRQs — Ministry of Finance (@FinMinistryPak) January 3, 2023 Yancey Spruill expressed gratitude to the Finance Minister and shared their business profile and their contribution to the economic development of Pakistan. He also apprised the Finance Minister about their current investment in the country in software development and enabling medium and cloud computing SMEs. (2/2) and extended all kind of Govt’s support to the company to expand its business and investment in the country. He also showed interest in expanding their business further in Pakistan. CEO Digital Ocean also apprised the Finance Minister that they have recently acquired Cloudways Pakistan and they are planning to start a training program for Pakistani youth in the country in collaboration with various universities in order to provide IT skills to enable them to compete in the global market. Finance Minister Senator Ishaq Dar welcomed Mr. Yancey Spruill and shared that Pakistan has a lot of potential in the IT sector and the present government is keen to expand the IT industry in order to increase its contribution to the economic development of Pakistan.

investment and others have deteriorated since the coalition government came into power in April last year.

Due to the shortage of dollars and depreciation of the rupee, hundreds of workers have been rendered unemployed as industrial units were forced to shut down their production plants, it added.

Moreover, it said the agricultural sector also suffered due to “unwise actions of the

government”.

The PTI further said that Pakistan has to pay back $127 billion dollars in external debt, of which the largest loan was from the International Monetary Fund (IMF) and 37 per cent of Pakistan’s total GDP would be spent on servicing this debt.

The white paper said poverty, unemployment and inflation are bound to increase further whether the government

accepts IMF’s tough conditionalities or push the country towards default by refusing to revive the global lender’s bailout package.

The former ruling party is highly critical of the economic performance of its rivals, the parties in the Pakistan Democratic Movement (PDM), accusing them of derailing the country ever since it was ousted from power in April last year.

The party has continuously lashed out at the ruling alliance for making the wrong economic decisions while asserting that it had worked hard to steer the country towards economic stability and growth.

While political tensions continued between the two camps, the decision to bring forth economic suggestions appeared to be a move aimed at bringing forth stability amidst a threatening economic atmosphere.

LHC rules issuance of uplift funds without LG’s approval illegal

LAHORE Staff RepoRt

ECP gets SC go-ahead to go after Imran, aides over criticism of ‘puppet’ boss

ISLAMABAD Staff RepoRt

The Supreme Court “allowed” the Election Commission of Pakistan (ECP) to continue its proceedings against former prime minister Imran Khan, and two top members of his party, Asad Umar and Fawad Chaudhry, in cases involving the alleged contempt of Sikandar Sultan Raja, the chief election commissioner.

A three-member bench headed by Chief Justice Umer Ata Bandial and comprising Justice Ayesha A Malik and Justice Athar Minallah heard the ECP petition seeking transfer and consolidation of cases filed by the PTI with different high courts challenging its contempt notices.

During the hearing, the SC asked ECP to continue contempt proceedings against PTI chief Imran Khan, Fawad Chaudhry and Asad Umar. “ECP should decide on objections raised by PTI according to law,” said SC and added, “Sindh and Lahore High Courts did not stop ECP from contempt proceedings against Imran and others.”

“The election commission is a constitutional body, how could a stay order be given on its proceedings,” SC questioned.

The leadership of the opposition party, most notably Khan, have been criticising the “partisan” conduct of the commission and Raja since its government was removed in April. Khan, in particular, has criticised Raja, describing him as a “puppet” of the ruling Pakistan Democratic Movement (PDM) alliance and “biased” against his party. The party has repeatedly demanded Raja step down, saying it cannot trust the results of polls conducted under his leadership.

Following numerous instances of Khan targeting the commission in his speeches, the ECP in August issued notices to the three over passing “inappropriate remarks” and levelling allegations against the commission and its members. It said Khan had used “insulting and indecent language” against Raja in rallies on July 12, 18, 21, 27, August 4 and 8.

According to the Election Act 2017, Section 10 titled “Power to punish for contempt” states the “election commission may exercise the same power as the high court to punish any person for contempt of court and the Contempt of Court Ordinance, 2003 (V of 2003), or any other law pertaining to contempt of court shall have effect accordingly.”

Sharif, Malaysia PM discuss upcoming UN moot on Pakistan floods

ISLAMABAD Staff RepoRt

The prime minister on Tuesday held a telephonic conversation with his Malaysia counterpart, Anwar Ibrahim, to discuss bilateral ties, floods in Pakistan and the International Conference on Climate Resilient Pakistan scheduled to take place on January 9 in Geneva.

The conference, co-hosted by Islamabad and the United Nations, will bring together governments, corporates and civil society to support Pakistan after the devastating floods, according to the world body.

During the conversation, Shehbaz Sharif

congratulated Ibrahim on his election as the leader of the Southeast Asian nation.

Ibrahim, 75, was elected in November, bringing to a close his three-decade quest for the job that had eluded him time and again and led to him spending nearly a decade in jail. The two prime ministers expressed satisfaction over the momentum of bilateral relations and agreed on the importance of frequent high-level exchanges to strengthen dialogue and cooperation.

Sharif underscored Pakistan’s desire to forge a broadbased relationship with Malaysia with robust political dialogue and trade and economic linkages.

The Lahore High Court (LHC) Tuesday declared issuance of developments funds to Punjab and federal lawmakers in Punjab without the approval of the local government unconstitutional. LHC Justice Shahid Jamil Khan issued a detailed verdict on a petition filed by a citizen, Malik Mazhar Hussain Goraya, challenging utilization of the local government’s development fund, in absence of elected representatives, to MNAS and MPAS in Punjab for carrying out development schemes. The petition had challenged a tender notice issued by District Council Dera Ghazi Khan, arguing that it was against the rules/policy and in absence of administrative approval of Secretary Local Government. He also alleged that the deputy commissioner and chief officer without TS-I to oblige MNA and MPAs of the area. In the reply, the secretary, Local Government & Community Development Department South Punjab, appeared claimed that the development schemes were prepared in accordance with Rule 5(2) of Punjab Local Government (Works) Rules, 2017 and approved under Rule 5(7) by the development committee.

Wazirabad JIT didn’t form under any law or constitution: SAPM Tarar

LAHORE Staff RepoRt

Special Assistant to Prime Minister Attaullah Tarar said on Tuesday the joint investigation team (JIT) formed to probe the Wazirabad incident was illegal, elaborating on that the Wazirabad JIT was not formed under any law or the constitution and the people have been kept in illegal custody in the name of attack case.” Talking to the media at the Lahore High Court, Mr Tarar said that two workers of PML-N – Mudassar and Ahsan, real brothers, –were arrested by the police in last two months but their custody was being denied, whereas, video footage of their arrest was available. He said that it was a very dangerous trend to keep the people in illegal custody, without declaring their arrest and producing before the court. “We approached the Lahore High Court against their illegal custody, who had sought a report from the DPO Wazirabad about the matter, within 15 days”, he added. He submitted that police did not have any evidence or witness against the brothers, adding that they were peaceful citizens and there was no police record against them. He said that Lahore Capital City Police Officer Ghulam Mehmood Dogar, who also heads the Wazirabad JIT, had a special mindset. He said that the JIT head had kept Mudassar and Ahsan in illegal custody as no progress was being made in investigations of the Wazirabad incident. Can anybody question Ghulam Mehmood Dogar that why he kept the two sons of a mother in illegal custody, he questioned.

Imran must introspect and issue white paper on his ‘evil deeds’: Marriyum

ISLAMABAD Staff RepoRt

Minister for Information and Broadcasting Marriyum Aurangzeb on Tuesday said instead pointing a finger at others Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan should better introspect and issue a white paper on the corruption, loot and wrongdoings during his four-year misrule.

The minister, in a media talk, rejected the white paper issued by the PTI on the current economic situation, saying those who had pushed the country to the brink of default should be ashamed of themselves for

their own “misadventures”.

“This is not the white paper rather a record of Imran Khan’s own evil deeds which were already being exposed every other day,” she said, asking the PTI chief to apologize to the nation for rendering a lot of countrymen unemployed, unleashing extreme inflation, taking record foreign loans and ruining the national economy during his government from 2018 to April 2022.

The white paper seemed to be an attempt on his part to hide his “sinister deeds”, but it would not help legitimize his “family corruption”, she added.

“Imran Khan should stop staging dramas

as the people fully know about his corruption, wrongdoings, loot and plunder, and conspiracies against the country,” the minister said. Marriyum accused Imran Khan and his wife Bushra Bibi of “doing black magic”. Their “evil deeds” had put the country on the verge of default.”

She said the economic growth rate was at 6 percent, with inflation at the lowest level, the China Pakistan Economic Corridorr in full swing and terrorism fully wiped out when the Pakistan Muslim League-Nawaz’s (PML-N) previous government completed its tenure.

Pakistan, she added, was progressing at

a fast pace and was self-sufficient in energy resources, with wheat flour being sold at Rs 35 per kilogram and sugar at Rs 52 per kg in 2018, but the situation got worsened when a “fascist, propagandist and incompetent person” was imposed on the country.

The minister said Imran Khan should have issued a white paper on the performance of his government, which was marred by a negative growth rate, high inflation, diplomatic blunders, corruption, and incompetency. Whether he would let the people know about the worst economic situation of the country from 2018 to April 2022, she asked.

Marriyum said Imran Khan’s wrong economic policies brought the growth rate to -1.6 percent from 6 percent in the first year of his government, as the electricity tariff was raised to Rs 26 per unit from Rs 11 per unit and the foreign debt jumped to Rs 45 trillion.

The terrorism, which was wiped out from the country due to the inclusive steps of PML-N leader Nawaz Sharif, was rearing its head again due to Imran Khan’s government policies, she said. Not a single counter-terrorism department was set up in Khyber Pakhtunkhwa where the PTI had in in government for the last nine years, the minister added.

LAHORE: Owing to domestic gas shortage in winter season, consumers throng shops to get their cylinders filled with LPG gas in Shah Alam Market Lahore. photo by zubaiR Mehfooz

PM CAuTIonS nATIon noT be CoMPLACenT

eVen If CoVID-19 IS ‘unDer ConTroL’

ISLAMABAD Staff RepoRt

THEprime minister welcomed reporting that the coronavirus situation in the country was “under control”, but said it was no time for complacency and instructed his administration to remain prepared to tackle any possible spread of the disease.

Shehbaz Sharif chaired a meeting Tuesday at the Prime Minister’s Office (PMO) to review the spread of Covid-19 in Pakistan. The participants, his office said, were informed in detail about the situation prevalent across the globe along with emerging variants and their prevention

methods.

Last week, medical staff at airports resumed screening for passengers exhibiting symptoms connected with the coronavirus after the government asked the provinces to keep a sharp lookout for any new variants of the respiratory disease, citing an increase in cases in China and other parts of the globe.

China has registered a surge in infections after ending strict restrictions, while data from the World Health Organisation (WHO) shows infections have risen in countries including Japan, South Korea and the United States in recent days.

Health experts have warned an explosion of new cases in China could create a “potential breeding ground” for new

variants to emerge.

Responding to the changing scenario, the Ministry of National Health Services announced tightening up the surveillance regime at all airports, and monitor inbound travellers. Reviewing the measures adopted to tackle the looming threat of the virus on Tuesday, Sharif underlined the need for 100 per cent vaccination for children aged five to under 12 years on an emergency basis, according to the Associated Press of Pakistan.

The prime minister instructed to further improve screening at border points as well as airports. He also sought a report on a third-party evaluation of the screening process at border points and airports.

Sharif said it was pleasing that no Covid-

related death was reported in the last 15 weeks and said the whole nation was thankful for the countries which had donated vaccines to Pakistan. The prime minister said the decline in the ratio of coronavirus infection was pleasing but “we have to be alert all the time.”

He appreciated the efforts by the National Command and Operation Center (NCOC) and other relevant office bearers for containing the spread of Covid.

During the meeting, the prime minister was briefed about the current situation, new variants, ongoing efforts, and the status of vaccination.

It was told that Pakistan apparently faced no threat from the new variant as almost

Caretaker govt by March, elections in July, Zaidi claims

KARACHI MonitoRing RepoRt

Syed Shabbar Zaidi, former chairman of the Federal Board of Revenue (FBR), claimed a caretaker setup would be installed by March to replace the incumbent Pakistan Democratic Movement (PDM) government.

In a tweet, Zaidi said that general elections will be held in July and the new government will deal with the International Monetary Fund (IMF)

and revive the programme.

“Let me clarify my position on future set-up. Not suggesting anything unconstitutional. Anything else will [be] suicidal for Pakistan, PTI, PDM and people,” wrote Zaidi.

Earlier, he had claimed that a four-week timeframe was given to the government to cobble together a caretaker administration following a deadlock between the lender and Pakistan. Previously, some sections of the media, widely understood to be sympathetic to the military,

demanded to suspend democracy and replace the government with a cabinet of experts, tasked with stabilising the collapsing economy before new elections could be held. However, the Pakistan Tehreek-i-Insaf (PTI) will oppose any attempt to impose a technocrat government in the country, said its senior vice president Fawad Chaudhry last week, as journalists considered close to the establishment floated wordy proposals for an administration made up exclusively of non-aligned experts.

Cabinet approves early markets closure under energy-saving plan

COntInuED fROM pAgE 01

The Defence Minister said the manufacturing of incandescent light bulbs will be stopped from the 1st of February. This, he said will help save twenty two billion rupees.

Khawaja Asif said all the public sector departments will ensure use of efficient energy appliances while alternate street lights will be switched on. The Defence Minister said conical baffles will be installed in geysers in a matter of one year to ensure conservation of gas which is anticipated to help save ninety two billion rupees. Khawaja Asif said electric bikes are being introduced in the country to save three billion dollars currently being spent on the use of petrol in motorbikes.

As regards work from home policy, the Defence Minister said a committee headed by Prime Minister Shehbaz Sharif will review this proposal and a decision on the matter will be taken in a matter of eight to ten days. Minister for Climate Change

Senator Sherry Rehman said the new Energy Conservation Plan will help in coping with the dangerous impacts of climate change. Minister for Power Engineer Ghulam Dastgir Khan while responding to a question said that there is no plan to privatize any department.

PUNJAB REJECTS ENERGY CONSERVATION

PLAN: The Punjab government on Tuesday rejected the energy conservation plan presented by the federal government to overcome the energy crisis amid the financial crunch.

Provincial Minister of Punjab for Industries, Commerce and Investment Mian Muhammad Aslam Iqbal said that the federal government’s energy conversion plan is not acceptable, if the government had no option but to announce such measures then it

should have consulted all the stakeholders ‘Council of Common Interests meeting should be called before taking any decision regarding taking any such decision.

He further added that the federal cabinet has to take all provinces into confidence before announcing any decision.

While criticizing the incumbent government, he said, the decision was taken in a closed-room meeting adding that expecting the provincial government to follow such a plan is arbitrary

He also suggested the government should consult all the chambers of commerce across the country before forcing the closure of markets at 8:30 pm.

While announcing his support to the country’s business community, He added, that the government should also consider the unemployment ratio and the overall business situation, reminding the coalition government that the textile industry along with several other industries are shutting down due to financial crunch.

TRADERS REJECT MARKETS CLOSURE AT 8:30PM: Traders across the country have rejected the federal government’s decision close all markets and restaurants by 8:30pm in new energy conservation plan, saying that it is not possible to save energy by such measures.

In a statement, Markazi Tanzeem-e-Tajran Pakistan (MTTP) chief Kashif Chaudhry said that the government had formulated the policy without taking the business community into confidence and refused to comply with the energy conservation plan. “It is not possible to save energy by such measures”, Kashif Chaudhry said, warning of ‘strong resistance’ if government tried to forcefully close the shops.

He lamented that despite strong protests and assurance from the authorities, the government

decided to impose its “unilateral” decision.

He suggested that the government should restricts its officials from using air conditioners and heaters in offices in a bid to save energy.

“We purchase the most expensive electricity, and therefore, favourable strategies should be devised for us,” he added.

Meanwhile, Karachi Electronics Dealers Association President Rizwan Irfan revealed that the Government of Sindh had consulted with restaurant owners and wedding hall owners regarding the energy-saving plan.

He said during the meetings, all stakeholders agreed that markets and malls should remain open till 9-10pm while restaurants and wedding halls should be allowed to remain open till 11-12pm.

“However, despite Sindh government’s assurance they imposed a unilateral decision,” Irfan lamented, asking the government to bear their expenses.

Moreover, President of Saddr Traders Association Ilyas Memon said that that the decision to close down markets early is tantamount to destroying businesses.

“The police and the administration should not harass the businessmen,” he said, adding that the Sindh government should not file an FIR as per the decisions taken in the consultation meeting.

Likewise, K-P government information adviser Barrister Muhammad Ali Saif said the federal government did not consult the provincial government on the energy conservation plan. The K-P is already taking several measures to save energy including widespread solarisation, use of LED bulbs and others, he added. He said steps are also being taken to eliminate environmental pollution. The information adviser said the provincial government had not taken any decision regarding the implementation on the federal government’s policy yet.

ECC approves Rs60b for PSO to help clear financial obligations

The first tranche to be transferred by the Ministry of Finance to the Ministry of NHSR&C account. These funds would be transferred through MoFA and sent to the Pakistan Embassy Kabul.

Sources said that the Ministry of National Health Services, Regulation and Coordination submitted a summary regarding transfer of amount to Government of Afghanistan for functioning /maintenance/equipments/salaries of three Pakistani hospitals in Afghanistan.The ECC approved the revised mechanism/modalities for transfer of funds to Afghanistan as proposed by the Afghanistan InterMinisterial Coordination Cell (AICC) with direction to attempt to release the amount in Pak rupees.

As per revised mechanism, the total amount already approved by the Cabinet for salaries Rs.1.009 billion would be transferred to Afghanistan in four tranches.

The remaining three tranches would be transferred through banking channels to the Embassy account opened for the purpose of disbursement of salaries for doctors and other staff working in hospitals in Afghanistan constructed and operated by Pakistan.

ExPORT Of 250,000 TONS SUGAR

Meanwhile, the Ministry of National Food Security and Research submitted a summary on export of sugar during the year 2022-23 and presented the recommendations of the 4th meeting of the Sugar Advisory Board (SAB).

The ECC after detailed discussions on the recommendation of SAB, allowed 250,000 tons of sugar

for export inclusive of previously permitted 100,000 tons by the ECC on first come first basis.

The ECC further decided that the total quantity of export may be distributed among provinces based on their installed crushing capacity to be determined by PSMA. The ECC further decided that dollar proceeds of exports will be recovered within sixty days of LC opening. It is worth noting that back in November 2022, a divide had appeared within the federal government over the issue of exporting sugar. Minister for Food Security Tariq Bashir Cheema, who is also the chairman of the Sugar Advisory Board, had threatened to resign from his position if the export of sugar was allowed without proper verification on the floor of the national assembly. However, Finance Minister Ishaq Dar and the sugar industry were keen on exporting what they claimed was surplus sugar.

90% of the population was fully vaccinated and 95 percent partially vaccinated.

Around five million children of 5-12 years of age have been vaccinated which was 25 percent of the total strength and the target of full vaccination would be achieved within the next few months.

The meeting was told the infection ratio of 0.2 to 0.5 percent average was reported in the country.

The participants of the meeting were told that an effective mechanism was in place at the borders to contain the spread of Covid. Moreover, the ratio of random sampling at the airport has been increased to 2 percent besides ensuring the fumigation of the planes coming from the affected countries.

It was told that Pakistan was among very few countries where genomic surveillance of Covid has been introduced to ensure early detection of the new variants.

The prime minister also appreciated the efforts by the NCOC, the officers of the Ministry of National Health Services and the officials of the Civil Aviation Authority (CAA) to contain the spread of the virus.

Two CTD officers gunned down in khanewal

LAHORE Staff RepoRt

Two officers – Additional Director and an Inspector of the Counter-Terrorism Department (CTD) were shot dead by unidentified assailants in Khanewal City here on Tuesday.

According to police and Rescue 1122, two CTD officers, identified as: Assistant Director Naveed Sadiq and Inspector Nasir Abbas, were killed when unidentified gunmen opened fire on a restaurant in Khanewal. According to police, the victims were eating at a restaurant near Khanewal when unidentified suspects opened fire on them. After the incident, a heavy contingent of police and Additional IG South Punjab Sahibzada Shahzad Sultan reached the spot. Police have started collecting evidence from the crime scene, and further investigation is underway. In a statement, Additional InspectorGeneral of Police (AIGP) Shahzad Sultan vowed to arrest the suspect involved in the killings. “The facts will be brought out by investigating the matter”, the Additional IG added.

Meanwhile, Punjab Chief Minister Pervaiz Elahi took notice of the incident and sought a report from the Punjab Inspector General of Police. He paid tribute to the slain officers while extending his condolences to their families. He said the attackers will be brought to the book very soon.

nIH

denies

presence: karachi reports six cases of new covid-19 variant

KARACHI Staff RepoRt

The Sindh Health Department on Tuesday confirmed the presence of XBB and XBB-1 sub-variants of the Omicron variant in Karachi. Six cases of the new Covid-19 variant, XBB and XBB-1, has been detected in the provincial metropolis –Karachi, the Sindh Health Department said in a statement on Tuesday. However, they confirmed that the South Asian country was still safe from the highly infectious variant – BF. According to reports, China is experiencing a surge in coronavirus cases due to a strain that is a sub-variant of the highly infectious Omicron variant: BF.7 or BA.5.2.1.7.

NIh DENIES PRESENCE Of NEW VARIANTS Of COVID-19: On the other hand, the National Institute of Health (NIH) on Tuesday denied all reports regarding the presence of new variants of Covid-19 in Pakistan. “No cases of a new variant of Covid-19 have been reported in Pakistan,” the NIH official said while adding that all “arrangements have been completed to combat the new variant” should a case emerge. According to a National Command and Control Centre (NCOC) official, new variants have also come in the past, but they were controlled in time. “We are fully prepared to tackle and control any variant.” Reports suggest the coronavirus strain spreading in China is a sub-variant of the highly infectious Omicron variant: BF.7 or BA.5.2.1.7.

Yesterday, while chairing a review meeting on the virus situation, NDMA Chairman Lt-Gen Inam Haider Malik had instructed the NIH to issue necessary guidelines for educational institutions, social gatherings and communities.

COntInuED fROM pAgE 01

ThREE PAKISTANI hOSPITALS IN AfGhANISTAN

ECP PutS oFF ContEmPt CASE AgAinSt

Pti ChiEF, two othErS till 17th

ISLAMABAD Staff RepoRt

tHEElection Commission of Pakistan (ECP) on Tuesday adjourned the hearing of a contempt case against Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and two other leaders

of his party till Jan 17.

A four-member bench headed by ECP member Nisar Durrani resumed the hearing of the case. PTI lawyer Advocate Ali Bukhari sought the adjournment of the case – saying that Imran Khan could not appear before the bench due to health issues. He sought exemption from personal appearance of Imran Khan. An-

PFA plans gradual ban on sale of loose milk in Punjab

LAHORE Staff RepoRt

The Punjab Food Authority (PFA) has decided to ban sale of loose milk in Lahore and then implement the decision gradually across the province. According to sources, the PFA has decided to impose a ban on the sale of loose milk citing a number of reasons including presence of aflatoxin (a cancer-causing chemical) and lack of pasteurization (heating to a specified temperature and time to kill pathogens that may be found in the raw milk) recommended for sale of milk. The authority is in talks with the various dairy farmers associations for packaging of milk and sources say that the decision will be implemented first in the province’s capital (Lahore) and then gradually across the whole of Punjab. It is pertinent to note here that in most developed countries, loose milk (sold in clean glass bottles) is also pasteurized according to given standards. Milk and milk products provide a wealth of nutrition benefits. But raw milk, i.e., unpasteurized milk, can harbor dangerous microorganisms that can pose serious health risks to you and your family. Raw milk that has not been pasteurized to kill harmful bacteria. Raw milk can carry dangerous bacteria such as Salmonella, E. coli, Listeria, Campylobacter, and others that cause food-borne illness, often called “food poisoning.”

On the other hand, UHT-treated milk is raw milk that has been heated to a specified temperature and time to kill pathogens that may be found in the raw milk. While most healthy people will recover from an illness caused by harmful bacteria in raw milk – or in foods made with raw milk – within a short time, some can develop symptoms that are chronic, severe, or even life-threatening. If you or someone you know becomes ill after consuming raw milk or products made from raw milk.

other accused Asad Umar missed his flight so he also could not appear before the bench. The PTI lawyer told the Commission that Fawad Chaudhry also could not make it because his mother is seriously ill and he is with her in hospital; therefore, he should be exempted from appearance. The bench asked the PTI counsel to submit Imran Khan’s medical

certificate and also submit an answer to show cause notice.

The ECP warned that if the PTI leaders did not appear before the bench in the case, it will be constrained to issue their arrest warrants. The ECP member Nisar Durrani remarked that the PTI leader Asad Umar has not appeared before the ECP for the last four months.

IHC dismisses petition seeking registration of political party

ISLAMABAD Staff RepoRt

The Islamabad High Court (IHC) dismissed a petition seeking orders to the Election Commission of Pakistan (ECP) for the registration of a new political party with the name of ‘Muslim League Pakistan’.

The court terminated the petition after declaring it as nonmaintainable.

Justice Baber Sattar of IHC

heard the case filed by a citizen Sohail Asghar Awan regarding the matter. Petitioner’s counsel Ghulam Muhammad Khan appeared before the court and adopted the stance that the ECP had refused to register the political party of his client on his application.

He said that the constitution of the party was also amended on the instructions of ECP but still it waiting for registration. The lawyer said that it was the

basic right of his client under Article 45 of the constitution to register his party. He further said that there were several political parties already registered with the name of Muslim League. At this, Justice Baber Sattar said that it could be the main reason for not registration of the party to avoid confusion of the voters.

After hearing arguments, the court declared the petition as not admissible.

CM Elahi to chair 7th UoG convocation on Friday

GUJRAT Staff RepoRt

The 7th convocation of the University of Gujrat (UoG) will be held at Hafiz Hayat Campus on Friday, according to a press release issued by the university.

Punjab Chief Minister Chaudhry Pervaiz Elahi will be the chief guest of the UoG maga ceremony. Vice Chancellor Prof Dr Shabbar Atiq in his welcome address highlight the educational and research

progress made by the institution.

Controller of Examinations Tanzila Qamar said participation in a full-dress rehearsal, which will take place at Hafiz Hayat Campus at 11:00am on Thursday, was mandatory for students.

Students will be provided transport from Gujrat city to Hafiz Hayat Campus on the rehearsal day.

Students intending to participate in the convocation for receiving their degrees may contact Deputy Controller Examinations Tauqeer Ashraf at his office extension No. 146 for more information.

Police high-ups of twin cities agree to curb terrorism

RAWALPINDI Staff RepoRt

A special meeting of police high-ups of twin cities was held regarding the establishment of joint check posts and operations, intelligence-based operations (IBOs) and to curb terrorism and prevent crime.

According to the police spokesman, IG Islamabad Dr Akbar Nasir Khan visited Regional Police Office here on Tuesday.

RPO Rawalpindi Region Nasir Mehmood Satti welcomed IG Islamabad whereas City Police Officer CPO Rawalpindi Shehzad Nadeem Bukhari and Regional Officer CTD Rawalpindi Attaur Rahman participated in the meeting.

In the meeting, the police forces of the twin cities agreed to adopt a joint plan of action in the strategy against terrorism and criminal elements.

Addressing the occasion, IG Islamabad said that all the forces of the country were united to eliminate terrorism.

He underlined that joint meetings of police forces will continue on a monthly basis.

The police forces of the twin cities will unite against terrorism and end criminal elements, Dr Akbar vowed.

Regional Police Officer RPO Nasir Mehmood Satti said that mutual cooperation would be ensured to protect people’s life and property.

He said that the forces of the twin cities were using all possible resources to maintain peace and thwart terrorism and would continue operations against antisocial elements.

Distt admin to restore historic identity of Shujabad

RepoRt

The district administration has decided to restore and upgrade the historical status of the interior Shujababad.

Deputy Commissioner Tahir Watto visited Tehsil Shujabad to inspect the performance of different departments and listen to public complaints.

He directed the officers of the Municipal Committee to take immediate steps for the improvement of infrastructure in the city. Tahir Watto said that Rs 90 million would be issued for the repair of different roads. He also hinted at the restoration of Muzaffar Palace in its original form.

CPEC provides platform for Pakistan talents to achieve career goals

ISLAMABAD Xinhua

The life of 32-year-old Shakeela Kosar took a new turn last year when her Chinese colleague shared the good news of her promotion as an assistant manager of their company in recognition of her hard work and services.

“It was a big day for me because I achieved my promotion by sheer hard work and punctuality through the years,” said Kosar, who joined the Orange Line metro train project in Lahore in 2016 as a receptionist.

The Chinese and local staff worked together on the Orange line project, which brought a revolution in the public transport domain of Lahore by introducing Pakistan’s first state-of-the-art electric train, she said, adding that the project also helped her achieve her dreams.

“If talent is polished and promoted, it can do wonders,” she said. “Now my female colleagues and other women see me as a role model, and I give its credit to my Chinese colleagues who played a great role in my career development,” the assistant manager told Xinhua, holding a bright golden award she won as an outstanding employee.

Kosar was one of the 34 local employees who were recommended by their companies to receive an award for outstanding performance in different projects of the ChinaPakistan Economic Corridor

(CPEC) across Pakistan during the year 2022.

The CPEC’s outstanding local employees, including engineers, managers, researchers, and support staff, received the awards from the Pakistani Minister of Planning, Development and Special Initiatives Ahsan Iqbal at a ceremony held in the Chinese embassy here.

In a conversation with Xinhua, the award-winning employees said that they have been provided with ample opportunities to show their talent.

Umar Farooq Diyal, manager at the China State Construction Engineering Corporation (CSCEC), has worked on numerous projects in Pakistan after joining the company in 2009, but the highlight of his work is participating in the construction of the 392-km Sukkur-

Multan Motorway, the largest transportation infrastructure under the CPEC project.

“My experience with my Chinese colleagues is totally reshaping my work,” he said, adding that his hard work has shown good results and his company gave him more opportunities to do important work on construction sites in other countries.

The employees working on different projects told Xinhua that the incentive mechanism will drive them to work harder and make their due contributions to the CPEC.

Launched in 2013, the CPEC is a corridor linking Pakistan’s Gwadar Port with Kashgar in northwest China’s Xinjiang Uygur Autonomous Region, which highlights energy, transport and industrial cooperation.

MULTAN

Staff

Pakistan-China to hold ‘Year of tourism exChanges in 2023’: offiCial

isLamabad Staff RepoRt

tHEdecision to hold the PakistanChina “Year of Tourism Exchanges in 2023” will greatly help improve people-to-people contacts and especially promote tourism cooperation.

A Pakistani official revealed that “China is the country that produced the largest number of tourists for the rest of the world before the COVID-19 pandemic. The recent policy of resuming outbound tourism for Chinese citizens in an orderly manner would help in restoring the confidence of the world in terms of the promotion of tourism while making a good contribution to the global economy,” Managing Director of Pakistan

Tourism Development Corporation (PTDC) Aftabur Rehman Rana said.

Pakistan and China have a long friendly relationship, and people would love to meet each other and experience the countries of each other, he said, adding that Pakistan is not just looking at inviting Chinese tourists to Pakistan, but also looking at sending Pakistani tourists to China.

“Our tour operators have already started holding online meetings with their Chinese counterparts. Under the exchange programs, both countries are planning to help tour operators of both sides to meet personally so they can revive their contacts and design packages and products which could attract the right kind of tourists on both sides,” the PTDC

Cold, dry weather grips KP; mercury drops to-09C in most districts

PeshaWar: The very cold and dry weather gripped most of the districts of Khyber Pakhtunkhwa where mercury level dropped from 00C to -09 during the last 24 hours. According to Met Office the minimum temperature was recorded as: -09C in Kalam, -06 in Parachinar, -05 in Dir, -03 in Chitral and -02 each in Malamjabba, Kakul and Mirkhani, 00 in Peshawar, Bannu, Risalpur, Mardan and Balakot. The Met Office predicted very cold and dry weather during the next 24 to 48 hours with dense fog over Peshawar, Charsadda, Nowshera, Mardan, Swabi and DI Khan districts, as well as over Peshawar to Swabi motorway during morning and night hours. It further said that rain with snowfall is expected from January 07 to 09 in Upper areas of the province due to which the weather would turn extremely cold. Staff RepoRt

FBR launches modules for facilitation of exporters

Continued from baCk page

“The indirect exports are a major component of the EFS and a mechanism for the transfer of raw materials and semi-and-fully-finished goods, including local sales, has been deployed in the scheme” he said adding that the FBR has developed the modules especially relating to Indirect Export Module, transfer of inputs and intermediary goods. He also said that these modules have been deployed at a fast pace to remove the difficulties being faced by exporters. Senior officers of PRAL highlighted technical aspects of modules and explained APTMA member mills on the operational aspects of modules especially relating to purchase of raw material from local suppliers under the EFS. They also explained the transfer procedure of raw material with bonds besides the SME-related scheme under the Temporary Importation regime. Speaking on the occasion, Senior Vice Chairman APTMA appreciated the highly positive role being played by FBR for attending the issues and problems being faced by exporters. Arshad said APTMA has set a way forward of value addition through the SME sector and the FBR should extend the deadlines for shifting on the EFS for another year to encourage more and more mills to switch over to EFS. He expressed the hope that bilateral cooperation would continue in future as well to make the scheme error-free and user-friendly in line with the requirements of the textile exporters.

official said.

Highlighting Pakistan has a lot to offer for Chinese tourists, he said that the wild mountains, lush green meadows, exquisite valleys, beautiful tracks for trekking, sites for adventurous sports, and several ancient archaeological places and other attractions in the South Asian country are waiting to mesmerize the Chinese tourists.

“For Pakistan, the opening of Chinese tourism is a very positive sign,” Rana said, adding that Pakistan has made a lot of preparation to welcome Chinese tourists.

The Pakistani government has been working on improving the availability of information on both sides as well as producing new literature on major tourist destinations in the Chinese language so that the Chinese

tourists know well about Pakistan, he said.

“Pakistan International Airlines has recently announced the restarting of flights between Islamabad and Beijing. If there’s any travel expo taking place in China, we’ll send our delegation there,” Rana said.

Besides providing new prospects in Pakistan’s tourism industry, the official said China has helped transform the country’s tourism by building road infrastructure under the framework of the China-Pakistan Economic Corridor (CPEC).

Launched in 2013, CPEC is a corridor linking Pakistan’s Gwadar Port with Kashgar in northwest China’s Xinjiang Uygur Autonomous Region, which highlights energy, transport, and industrial cooperation.

“We have seen the new motorways,

highways, and side roads from south to east to north, and the improvement of the road network is very important for tourism promotion. CPEC has not only improved the access to different business hubs and various cities in Pakistan but also facilitated the access to various tourist sites,” he said.

With improved accessibility, there will be quite a lot of new developments including the establishment of tourism zones, new hotels, and tourist resorts along the CPEC routes in the coming years, he said.

With improved accessibility, there will be quite a lot of new developments including the establishment of tourism zones, new hotels, and tourist resorts along the CPEC routes in the coming years, he said.

KP cabinet condemns Maulana Fazl’s statement regarding stoppage of funds to province

peshawar Staff RepoRt

Khyber Pakhtunkhwa Cabinet in its meeting held here on Tuesday with Chief Minister Mahmood Khan in the chair strongly condemned PDM president Maulana Fazlur Rahman for his statement with regard to advocating the stoppage of funds to Khyber Pakhtunkhwa province and declared that such statements and acts by Maulana tantamount to enmity with the people of this province.The meeting besides the cabinet members was also attended by the Provincial Chief Secretary, Senior Member Board of Revenue and Administrative Secretaries of various government departments.

The cabinet took strong exception to the deprecatory statement of Maulana Fazlur Rahman and termed it disrespectful to an elected government. Such actions on the part of Maulana has unveiled his real face in front of the masses, observed the cabinet.

Addressing the meeting, the Chief Minister Mahmood Khan directed the Finance Department to approve the SNEs for all the completed schemes in the province within a week time and meetings be convened with all the relevant departments forthwith, so that the benefits of the schemes could reach the masses. He also directed

implementation of the E-Tendering for schemes and said that he would soon formally inaugurate the process

The cabinet approved the formation of a sub-committee to be headed by the Food Minister and comprising of Finance Minister, Local Government Minister and other relevant authorities as its members to fix rates for wheat. The cabinet also deliberated upon the hardships faced by the consumers due to closure of CNG stations in the province and the Chief Minister assured that he will take the matter with the quarters concerned to provide relief to the masses.

The cabinet also approved the proposal with regard to declaring Peshawar and Termiz Uzbekistan as Sister Cities and authorized the Mayor/ Administrator of the

Capital Metropolitan Government Peshawar to sign the Model Sister City Agreement with Termiz Uzbekistan in this regard. The cabinet accorded approval to the amendments in the Khyber Pakhtunkhwa Village Council and Neighbourhood Council Rules of Business 2022.

According to the amendments, the remuneration of the Tehsil Mayors and Chairmen have been enhanced and Pol @200 liters per month have been fixed.

The cabinet further approved the Khyber Pakhtunkhwa Domestic Violence Against Women (Prevention and Protection) Rules, 2022 to prevent and protect women from violence at their working and living places as guaranteed under the Constitution of the Islamic Republic of Pakistan. The cabinet also granted ex-post facto approval to the charges incurred on fuel, transportation and other allied matters/expenditures for carrying out relief activities and survey process in various areas of the province affected by the recent monsoon rains and floods. Emergency was declared in various flood affected areas of the province by the Relief, Rehabilitation & Settlement Department under Section 16 (A) (1) of the National Disaster Management (Khyber Pakhtunkhwa) (Amendment) Act, 2019 upon the request(s) of the concerned District Administration and recommendation of the PDMA.

Petroleum sales continue to plummet

Continued from baCk page

Similarly, petrol sales have also seen a dip across the board apart from Hascol which was able to increase its volumetric sales by 23% when compared to the first half of the previous financial year. However, the sales volume of December compared to November saw a decline of 14%.

State owned PSO took the cake again in the volumetric sales drop of petrol, recording a decline of 17% in the first half of the current financial year when compared to the same period last year. This figure is closely followed by Shell and APL which recorded declines of 13% and 12% respectively.

Why is there a Decline in sales ?

Over the course of the previous year, prices of oil and consequently petroleum products have skyrocketed which has had a huge impact on the demand for these products globally. This has particularly affected domestic demand especially after considering the increases in levies and taxes on these products under an International Monetary Fund (IMF). The economy is currently in one of its worst cycles as our foreign reserves continue to fall and inflation remains high.

While talking to Profit, Ammar Habib Khan an energy economist said, “as economic contraction materialises, and businesses are not able to import raw material and other goods, transportation of the same has gone down, which is reflected in reduction in HSD sales.”

Whereas for the decline in petrol sales, Khan said

Govt decides on no new gas development scheme

Continued from baCk page

According to experts, these gas development schemes often cause issues for the two Sui companies in meeting their targets and getting net returns.

However, the decision means bad news for people in far-flung areas hoping to get natural gas connections. Back in September last year, a report had indicated that continuous ban on the provision of new gas connections is not only irking the consumers but also increasing the backlog of the Sui Northern Gas Pipelines Limited (SNGPL).

Details of the Decision

In order to avoid loss of asset laid to allow sui companies to capitalise the laid asset after its completion, incomplete gas development schemes where work has already been initiated may be completed while remaining within the available funds released by the government. However, no new connection may be provided under these schemes upon completion.

However, the gas schemes under the policy of 5-kilometre radius of gas fields

will continue subject to availability of funding from government while companies would consider the viability of such schemes based on depletion profile of producing fields, said sources.

They added that the government has taken this strict decision apparently due to scarcity of local natural gas and the present backlog of gas development schemes. “This government decision would also affect those gas development schemes which were approved by the former Pakistan Tehreek-iInsaf (PTI) government”, they said.

It is also learnt that since financial year (FY) 2015-16, the consumer gas prices were not adequately revised to be consistent with revenue requirements determined by OGRA and this resulted in accumulation of revenue shortfall/tariff differential amounting to Rs 547 billion, as of March 2022. The sui companies were, therefore, neither able to recover their investment, earn any return on that investment nor have sufficient gas to provide to the new and potential consumers, said sources.

Sources also informed that the government has decided no new demand notice

would be issued by sui companies against the pending applications. And, if any applicant wishes to get refund of his/her gas connection fees/urgent fee against pending application, the same would be refunded by sui companies without any delay along with interest, if the company has earned an interest on such deposit of amounts. Similarly, no new domestic/bulk domestic/special commercial connection on depleting indigenous gas may be provided.

Likewise, all pending domestic / bulk domestic applications/new housing schemes where payments have been made may be considered only on full Re-gasified Natural Gas (RLNG) price and in phased manner. Furthermore, consumers/housing schemes which opted for RLNG connections and supply were accordingly commissioned as per policy approved by government in April, 2017 must not be allowed to switch to indigenous gas supply or indigenous gas tariff under any circumstances.

The Cabinet Committee on Energy (CCoE) has taken the decision that no new gas development scheme will be approved by

that, due to an increase in prices, the overall demand for the commodity has shrunk. This can simply be attributed to the fact that people are careful about their own consumption of petroleum products.

Additional reasons that have potentially contributed to the decline in sales are due to vacations at educational institutions which led to a decrease in demand. Fog in many areas of the country and the subsequent intercity travel restrictions it has caused has also decreased sales.

A senior source in the government told Profit that smuggling of Iranian diesel has also increased drastically which has a direct impact on the sales of domestic companies. According to the source, Iranian diesel can be found up north as far as Gujranwala currently.

any forum and no new, they added. Sources said that pending gas development schemes would entail additional gas load of 172 Million Cubic Feet per Day (MMCFD) and pending gas connections would entail an additional gas load of 92 MMCFD in winters.

“Considering depletion of local natural gas, replacement of same by RLNG and present distortion in domestic consumer pricing, it did not appear viable to develop new schemes, and provide new connections or to provide RLNG to domestic consumers unless pricing structure was brought to level of full cost recovery or alternately the government funds the differential of tariff as subsidy,” they said. They added that in addition to gas development schemes, sui companies have so far been providing domestic connections based on annual targets provided by OGRA.

It is relevant to note that the Oil and Gas Regulatory Authority (OGRA) through its two separate decisions on Estimated Revenue Requirement for 2021-2022 and FY 2022-23, had earlier principally allowed Sui Northern Gas Pipelines Limited (SNGPL) to undertake ongoing schemes while assign-

ing priority to all such schemes which were more than 50 percent complete, starting from year 2011, subject to following: SNGPL shall ensure that addition of new gas connections/development schemes shall not further affect the security and continuity of gas supplies to existing consumers and arrange sufficient gas supplies for new connections. SNGPL shall ensure that addition of new gas connections/development schemes shall have no adverse and financial impact on existing consumers. It is pertinent to mention here that SNGPL and SSGCL are engaged in the transmission and distribution/sale of natural gas under licence from OGRA. In view of the socio-economic development in the country and the government’s policy, gas development schemes were initiated for supply of gas/extension of network to economically under-developed areas. For the period between 2018 to 2022, the Steering Committee of Sustainable Development Goals Achievement Program (SAP) and the sub-committee of the SAP approved a number of gas development schemes along with release of funds.

Economic stability and national security

FOLLOWING two meetings, the National Security Committee has determined that the country’s national security hinges upon economic stability. the ongoing and belated session of the NSC was called following an uptick in terrorist activity in the country, predominantly in KP and Balochistan but also in the capital, that forced the civ-mil leadership to take adequate notice of the deteriorating security situation. While it is a welcome that there is a consensus amongst those in charge of running the country that the economy must be salvaged somehow, there is no easy or quick fix.

Ironically, the institution that has of late accepted that relative economic stability is a key prerequisite to maintaining peace and bringing prosperity is the very same that has contributed most to its undoing. Since its inception, the military establishment has either directly or indirectly interfered to derail or restrict any civilian government of the past from formulating and executing a medium to long-term economic plan that would introduce meaningful and helpful reform. As a result, no elected PM has ever served a full term in our history, so much so that Imran Khan, who was brought in by the previous military top brass as part of a ‘ten-year plan’ did not make it past three and a half years, soon after he fell out of favour with Gen Qamar Bajwa owing to various disagreements. What is worse in Imran Khan’s case is the fact that he was handpicked by the establishment as their ‘man for the job’ but that project began to come undone and eventually fail miserably at the first sight of confrontation.

there will be no reprieve in the worsening of macroeconomic indicators, let alone any recovery from where we currently stand, unless a government is elected and allowed to run within the confines of the 1973 constitution, without undue hindrance. While the military insists it is now ‘neutral’ and uninterested in political meddling, there is still a long way to go before the electorate fully believes that to be the case. Political parties too must begin to resist the temptation to ‘get the establishment on-board’ to guarantee electoral success. Our economic woes need time to heal, cared for by an economic team that isn’t working under constant anxiety and pressure that they may be removed from power prematurely, so that they can put in place those longer term measures that will yield dividends over time. One hopes all participants of the NSC understand this to be the reality and only way out.

Not so much a new year, as a continuation of last year

nation of an economic downturn and successive waves of refugees that have exacerbated internal fissures, will continue its rightward drift. this winter, the fuel shortages brought on by the war in Ukraine will continue to test the mettle of Europe’s democratic institutions.

iRan: Iranians have long chafed under the oppressive rule of their Ayatollah-led regime. this past year, we witnessed inspiring and courageous mass demonstrations against the regime, but the repressive institutions of the state remain in control— and will most likely continue to hold power.

WATCH Dr JAmeS J. ZOGby

AS 2022 closed, we went through the familiar ritual of celebrating the end of the old year, while heralding the new one. there’s the false promise of change and new beginnings. We make resolutions— to stop smoking, lose weight, find more time to relax— the same ones we’ve made before and failed to keep, hoping against hope that this time will be different. Unfortunately, it won’t be, because it takes more than a new page on the calendar to alter our behaviors. What’s true for people is also true for the world in which we live. After reading dozens of fanciful projections by political commentators about what “big” changes are in store for the New Year, it feels imperative to offer a corrective note. In many ways 2023 will be nothing more than a continuation of 2022. Whether in domestic politics or international affairs, the constants remain the same. And so, barring some dramatic and unexpected events, things will slog on as they have been, leading to their inexorable conclusions. Let’s look at a few:

Despite economic sanctions and the country’s increasing isolation from the West, Iran’s leadership has been successful in finding allies and markets for their oil (and now even their weapons), reducing the prospects of either a new nuclear deal or a reduction in Iran’s meddlesome and aggressive regional role.

the last two years of President Biden’s first term in office. Not only that, but the Republican Party will continue to cannibalize itself, demonstrating the pervasive hold that Donald trump and “trumpism” continues to have over the base of the GOP. the same pundits who foolishly predicted a “Red wave” in 2022 and then, when it didn’t happen, mistakenly declared that Democrats had won unexpected victories, are now convinced that trump is finished. they are writing his political obituary and spilling ink searching for his successor. they continue to be wrong. the electorate remains deeply and nearly evenly divided. And trump and trumpism live on.

In the eyes of his followers, the fact that these institutions are now “after him” only validates their resentments, making him stronger, not weaker.

isRael and the Palestinians: Israel’s new government has publicly declared its intention to accelerate settlement in the occupied lands and intensify the repression of the captive Palestinian population. As expected, the official US response, dictated more by domestic politics than by principle, has been a rather lame “we’ll wait and see what they do”— as if the new government hasn’t already done enough to earn a rebuke. In the face of harsh Israeli policies, US public opinion will continue to shift, but not yet enough to push Congress or the White House to act decisively to stop Israeli behavior.

tRumP lives on: trump’s strength is his tapping into a deep vein of resentment in a substantial portion of the electorate. He has targeted the media, the “elites,” the “deep state,” the courts, the FBI, and the Democratic Party—the very institutions that are attacking him. In the eyes of his followers, the fact that these institutions are now “after him” only validates their resentments, making him stronger, not weaker. the only way the GOP will be able to replace him, and remain a viable party, will be in the unlikely event that he voluntarily steps aside and endorses a successor.

the lesson: When I was teaching, I would tell my students, “If you want to know where we are heading, look back to where we started, see where we are today, and follow that trajectory into the future.”

Editor

Russia’s waR in ukRaine: Despite hopeful projections that Ukraine will decisively defeat Russia or that Putin’s rule will end, neither are likely. Russia, though negatively impacted by sanctions and heavy losses in Ukraine, shows no sign of ending its assault. Better than expected, Russia has managed its economy and found new markets for its energy exports. And while the USA continues to provide increased armaments to the Ukrainians enabling them to strike back at the invaders, this has only served to exacerbate the conflict. Ukrainians and young Russian conscripts are paying the biggest price— the former because they are subjected to horrific attacks, the latter because they have been forced into service. this conflict will continue into 2023 with neither side ready or able to surrender or back away from their maximal demands.

Europe, which is already reeling from a combi-

us Political dysfunction: Here at home, political dysfunction will continue. Democrats and Republicans will continue their dance unto death. Republicans will do everything they can to disrupt

Which is why instead of a “new year,” it seems certain that absent a dramatic or transformative “act of God,” 2023 will be a continuation of 2022.

It has been a widely-read and -told notion that we Pakistanis, and the contemporary India’s inhabitants are the same because of a shared history, culture and what not. Busting this myth won’t take all that much longer.

Almost every Indo-Pak netizen, every now and then, comes across either a blog or an article or most probably a video preaching to stop wars and explore the potential trade capacity that we hold with each other; after all “we all are the same people” and hence, should not be a party to conflicts.

the second part is what we all should agree to, but the first stance of the previous statement is quite “illogically” controversial. Encouraging good relations with the neighbourhood should be the top most priority of every country’s foreign policy, but with substantial reasoning based upon evidence. Building ways to prosper association but having roots in falsehood will not prove feasible enough to benefit either. Neither we are, or were, the same people, nor we can ever be.

Are we Indians?

Why we aren’t

Here is why.

Pakistan and India are two such countries which came into being as a recent phenomenon. Odd to notice about these two regions is that the force of coherence is neither a language nor a culture but, somehow, a religion. Being neighbours you are bound to have similarities and differences because somewhere far down the line a few of our ancestors must have lived across the border and vice versa. the minor overlap between Pakistan and “today’s” India in the face of Punjab with Indian Punjab, and Sindh with Gujarat does not imply that the whole of the country is in correspondence to the other. It is how similarities and differences exist between two neighbours, and it is a bound-to-happen event.

For instance, Pakistan’s Khyber Pakhtunkhwa province shares a border with Afghanistan’s Nangarhar province where the chief language spoken is Pashto and more appealing is that both the sides have the same religion as well, which is not the scenario for the IndiaPakistan case. Should it be misunderstood the same way and stated that the Pakistanis and the Afghanis are the same people? Absolutely not! Even, in the case-scenario of Afghanistan, we also share the same religion, which is otherwise for us and India.

to cut a long story short, neither all the Pakistanis are Punjabis, nor the Indians, Gujaratis. It is just a minor overlap of a language between the two strata, and not any way near as huge of a similarity to call the two countries’ inhabitants one.

Another most frequently debated issue is of the term “India”. Some netizens quote that both Pakistanis and contemporary Indians, were once all “Indians”, pointing towards the pre-partition era of colonisation when all the people of the Subcontinent were under the same occupation of the English. this statement used

is far from a logical perspective. the word India comes from the Indus, called Sindhu in Sanskrit; the Iranians and the Greeks who came through the northwest about 2500 years ago and were familiar with the Indus, called it the Hindos or the Indos, and the land to the east of the river was called India. then in the 18 th century, when Britishers were aiming to launch an occupation, was when the word “India” was frequently used by them to represent the whole subcontinent for the purpose of simplicity. No author, historian or valid academic have ever been published saying that “India” represents the same people. It was more of a geographical term, mistook quite inexpertly.

Adding to it, history stands evident to innumerable occasions where the people from different cultures, backgrounds, ethnicities were being under one occupation. For instance, the very same people of the subcontinent were under the command of Mughal Emperors for over two centuries. there was a mere change in command to the British in the 19th century, and our identities kept intact and, yet, astoundingly diverging. At the same time, there is no denying the fact that we were once part of a British-administered India, where the term “India” implies a region of the subcontinent and is not a connotation for the same culture, ethnicity or values. All we share about this particular part is an unfortunate same history under an unwanted foreign occupation.

the period of the late 19th century till the partition of Indo-Pak also played a pivotal role in establishing two different identities, which were more religious-driven rather than by culture or language. Events like Khilafat Movement, Simla Delegation and the efforts of the Muslim leadership against the Hindu supremacy were remarkable for the divergence of the two identities towards two different religious standpoints. In the times near 1947, it was less of a Hindi vs Urdu controversy (a language conflict) and more of a Hindu vs

It is very much possible and doable, albeit laborious, to resolve all the man-made issues, like the yearly water crisis and the Kashmir issue, between the two countries, but the ‘tried’ undoing of the differences by the netizens to call the two very non-identical people, identical is not a sight any history has ever seen

Muslim war (a religious combat).

the culmination of all the past events, when put together, but to two different glasses, stirred and mixed thoroughly, is how different India is from Pakistan visà-vis its people.

It is very much possible and doable, albeit laborious, to resolve all the man-made issues, like the yearly water crisis and the Kashmir issue, between the two countries, but the ‘tried’ undoing of the differences by the netizens to call the two very non-identical people, identical is not a sight any history has ever seen.

The writer can be reached at asad.mrwt.37@gmail.com

The writer is President of the Arab American Institute

ASAD mArWAT

WASHINGTON

NSC must walk the talk

Yousaf Nizami

Dedicated to the legacy of late Hameed Nizami Arif Nizami (Late) Founding Editor

M. A. Niazi Joint Editor

Umar Aziz Executive Editor Aziz-ud-Din Ahmad Joint Editor

Reko Diq project: A ray of hope for Balochistan

Putting behind the past for future prosperity

plaint with the International Centre for Settlement of Investment Disputes (ICSID) regarding alleged violations of the Australia-Pakistan Bilateral Investment treaty (BIt) by Pakistan and with the International Chamber of Commerce (ICC) regarding alleged breaches of CHEJVA contracts by the Baluchistan government.

Gul-I-AyeSHA bHATTI

THE federal and Baluchistan governments inked a deal on Reko Diq with the Canadian business Barrick Gold on 16 December, after the Supreme Court approved a settlement to begin mining at the site located in Chagai district. the Baluchistan administration described the arrangement as historic and the largest investment pact ever made by the nation. the statement said, “the $6.5 billion punishment levied by an international court has been ineffective after signing the Reko Diq accord. Senior authorities attended a ceremony where the deal was signed by representatives of the federal and Baluchistan governments as well as Barrick Gold Corporation.”

the essential legislation has been passed by the legislature and it has gotten a favorable ruling from Pakistan’s Supreme Court. Officially, Barrick owns 50 percent of Reko Diq, 25 percent is owned by three federal state-owned enterprises, 15 percent by the Province of Baluchistan on a fully funded basis and 10 percent by the Province of Baluchistan on a free carried basis.

Reko Diq is one of the largest undeveloped copper-gold deposits in the world. On 29 July 1993, the Chagai Hills Exploration Joint Venture Agreement (CHEJVA)was signed by BHP Minerals, the Baluchistan Development Authority (BDA), and others. Later, on November 23, 2006, the tethyan Copper Company (tCC) paid $240 million for BHP’s shares in CHEJVA. Due to a novation deal between the BHP and the Balochistan government, it has joined the CHEJVA.

the tethyan Copper Company (tCC) filed its mining lease application and feasibility study on 26 August 2011, and the licensing authorities rejected them on 15 November 2011. On 6 November 2011, a petition was submitted to the Supreme Court requesting that it issue a directive prohibiting the Baluchistan government from awarding mining licenses in an arbitrary and illegal way.

the Supreme Court declared CHEJVA to be invalid from the beginning on 6 January 2013. On 12 December 2011, the tCC filed a com-

Initially, with respect to the ICSID procedures, the ICC tribunal suspended its own proceedings. the tribunal published a draught ruling on jurisdiction and responsibility on 12 February 2016, holding that it had jurisdiction over tCC’s claims and that tCC had invested in Pakistan. In this regard, Pakistan has violated its BIt commitments by expropriating tCC’s investment there.

tCC was awarded damages against Pakistan by the ICSID tribunal on 12 July 2019, totaling $5.894 billion plus interest of $700,000 per day. the London Court of Arbitration also fined Pakistan $4 billion at the same time. Subsequently, the tCC started legal action to enforce the decision in a number of countries, including Australia, the USA, and the UK (British Virgin Islands). the ICC reopened its case against the Balochistan government and was anticipated to issue another award. Pakistan contested the ICSID Award at the time by starting legal action to have the award revoked.

Undeniably, the restructured arrangement is heavily skewed in the investor’s favor. Although, it’s true that a bird in the hand is worth two in the bush, it’s time to move on and utilize the agreement to its full potential. It is high time that the government adopt the policies to make sure that Balochistan and its people will see these benefits quickly. Policymakers must start working to develop institutional capabilities, though, so they can create international accords that serve the interests of the nation rather than those of the investors

the out-of-court agreement puts an end to the protracted battle over restarting the development of the Reko Diq mine in Baluchistan’s Chaghi area by waiving the $11 billion penalty imposed on Pakistan by a World Bank arbitration court in 2019 as well as the other obligations. the agreement, which takes effect on December 16, was reached just days after Pakistan’s Supreme Court ruled that the March 2022 out-of-court settlement between the Pakistani government and the foreign corporations Barrick Gold and Antofagasta was legitimate.

However, later on, Antofagasta made the decision not to take part in the reconstituted project and withdrew its $3.9 billion claim in place of its $900 million claim. Both the tCC and Pak-

istan decided to irrevocably withdraw all pending legal actions and to work outside the court settlement. “the project’s 2010 and 2011 feasibility expansion studies are now being updated”. “By 2024, it should be finished, with the first production set for 2028.” “With its unique combination of large scale, low strip, and good grade, Reko Diq is expected to have a life of at least 40 years. We envisage a truck-and-shovel open pit operation with processing facilities producing a high-quality copper-gold concentrate.” the project will be built out in two stages, with a total annual processing capacity of 80 million tons. the project is planned to begin production between 2027 and 2028, with an estimated initial capital cost of $7 billion.During peak construction, the project is planned to employ 7,500 people and once in production, it will produce roughly 4,000 long-term jobs.

Reko Diq is predicted to have a profound influence on Pakistan’s economy. In addition to the economic advantages it would provide, the project will significantly increase Baluchistan’s growth potential, by generating jobs, boosting the local economy, and expanding investments in healthcare, education, vocational training, food security, and the provision of clean water. Full funding of the province’s stake in the mine will allow Baluchistan to profit from its 25 percent ownership’s dividends, royalties, and other advantages without having to contribute financially to its development or operation.

Undeniably, the restructured arrangement is heavily skewed in the investor’s favor. Although, it’s true that a bird in the hand is worth two in the bush, it’s time to move on and utilize the agreement to its full potential. It is high time that the government adopt the policies to make sure that Balochistan and its people will see these benefits quickly. Policymakers must start working to develop institutional capabilities, though, so they can create international accords that serve the interests of the nation rather than those of the investors.

The writer can be reached at guleayeshabhatti@gmail.com

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

Following Jinnah in order to succeed

tWO days back, the 146th birth anniversary of Quaid-i-Azam Mohammad Ali Jinnah was marked, who was once titled an ambassador of HinduMuslim unity, but the rigidity of Hindu-dominated Congress changed his perception, and he became a staunch advocate of the two-nation theory. His valuable and selfless services for the survival of Muslims in the subcontinent remain unmatched for he led a campaign to carve out a homeland exclusively for Muslims; the lone feat of its kind in the history of mankind. Jinnah’s leadership traits are undeniably incomparable to his contemporaries as well as to those who have followed him to date. It was his leadership that kept the eastern and western wings united under one flag even with about a thousand miles of geographical distance separating them. Also, he remained the most vocal proponent of religious harmony among all communities, and supported women’s participation in national affairs.

“there is no power on Earth that can undo Pakistan,” he said in a powerful message that still motivates patriotic Pakistanis to defend the country and work hard in every field. Jinnah’s personality has admirers internationally, too, as former US president Harry S. truman once stated: “Jinnah was the originator of the dream that became Pakistan and an architect of the state and father of the world’s largest Muslim nation.” Jinnah was also widely admired by renowned historians. Eminent historian Arnold toynbee said of the Quaid: “Jinnah was the greatest politician of the century the world had produced.” Sadly, today, we are a divided society with hardly any unity owing to divisive political leaders who have emerged as demagogues in the decade or so. Owing to the consequent polarisation, we face internal as well as external threats, and progress has been halted.

Besides, Pakistan is plagued by lack of good governance, economic fragility, dependence on foreign monetary assistance, corruption and political will. We need unity and sincerity more than ever before to make Pakistan a prosperous and progressive nation. For this, we need to follow the lofty ideals and principles that the Quaid left for us to follow. We need our leaders to focus on what is best for Pakistan and its people, forgetting about political and personal interests. Other than the politicians, all of us, every individual, must remember and follow the golden rules of the Quaid. We were able to get a separate homeland for Muslims by following those golden rules; we can also become a great nation by adopting prudent policies guided by those very rules again. Only a change in our behaviour, approach and thought process can lead us to the success. It will be unfortunate if we fail to follow the message of the Quaid, who was even admired by his British and Hindu critics and political rivals for his fearless campaign for a new homeland based on principles, honesty, courage and hard work.

MUHAMMAD BILAL MALIK KHAIRPUR

Inflation and mafias

INFLAtION is soaring and, in the process, breaking all sorts of records. Prices of items of daily use and other commodities are directly proportional to the rate of dollar in the market. Usually this is considered the reason for inflation. But there is another dark side to the prevailing hyperinflation. In Pakistan, one is aware of many kinds of mafias that operate with impunity without any fear, and most probably under the patronage of those who are responsible for keeping a check on factors that lead to inflation. the ‘market mafia’ is the major cause of inflation. Small businesses and many kinds of markets are controlled by them. these include vegetable markets, mobile markets, shopping plazas, etc. to present a clearer picture of the issue, let me present an example of a mobile market where a shopkeeper receives the rates of mobile phones and other accessories through a WhatsApp group on a daily basis. Will our markets continue to be controlled by WhatsApp groups run by the mafia?

In another instance, a local restaurant changed the price of breakfast from Rs90 to Rs120, although the government has not raised the price of milk or sugar. Private hospitals have become ‘business hubs’. they, on their own, have raised the normal check-up fee and prices of medicines. We have fuel stations around the country where citizens are provided lesser fuel than what they are charged for. All this happens on a daily basis, but remains ‘unnoticed’. to the best of my knowledge, it is the duty of the area assistant commissioner to ensure price control in his jurisdiction, but hardly a few will be serious in executing their duties. the poor and the underprivileged become the sole victims of the mismanagement and lethargy of the authorities concerned, and the brutality of the various mafias. the price control strategy was used by the Delhi sultanate ruler, Allaudin Khilji, who established an institution for price control, enforcing a tight control on the prices of food grain and all other articles. Even the prices of horses, cattle and goats were fixed. He not only controlled the prices and supplies of various items, but also had a grip on the transportation of goods. We should learn from history. Where the plans and meetings for economic development are carried out, there should also be a policy with regard to price control that should be put into consideration and subsequent practice. the authorities concerned, especially in small cities and towns, must visit the markets on a daily basis, and the defaulters should be dealt with severely.

SARANG ABDUL LATIF KHUHRO KARACHI

Knowledge economy

tHERE is no substitute to building up human capital. Unless we invest in human minds for skills development, we will lag behind other countries. the world is gradually turning into a knowledge-based economy where people acquire knowledge, understand concepts, and implement them practically to invent new things. this objective can be achieved by adopting some effective measures.

Public and private sectors should establish intelligence and art-based institutions to teach new skills and ideas to youngsters. the government should provide incentives in the shape of funds and rewards to private companies for this purpose. Moreover, children and youth should have proper access to the internet so that they may explore and learn new ideas. Last but not least, there should be a strong network of scholars, researchers, institutions and private companies that remain in touch with the world and seek new innovations and then teach them to the young. By following such and other steps, the country will in the long run be able to launch its own products and devices at national and global levels.

MUHAMMAD SHAHBAZ

DERA GHAZI KHAN

WhaT iN The World Will happeN iN 2023?

country’s health-care system, raising questions about the competence of the ruling Communist Party, and further weakening what was a slowing economy. China has by no means abandoned its goal of taking control of Taiwan, by force if necessary; but while it will continue to raise the pressure on Taiwan, it has most likely put off highly aggressive action for at least a few years.

nomic performance.

Seventh, the annual United Nations Climate Change Conference (COP28, set to meet in Dubai) will continue to disappoint. With nearterm economic concerns trumping medium- and long-term climate considerations, the effects of global warming are likely to get worse before they get … even worse.

The psychology of money

countercurrentS

G NARASImHA RAGHAvAN

NO matter how hard you try, you can never stop yourself from making the mistake of understanding the idea of money in a purely emotionless manner. And, that is why, for reasons well know, it is said that “Some people are so poor that all they have is money”!

HAASS

The American baseball player Lawrence “Yogi” Berra is widely quoted as observing, “It’s tough to make predictions, especially about the future.” Whether or not he actually said it, the point is valid. Nevertheless, here are ten predictions for the world for the year just getting underway.

With inflation on the rise and the era of ultralow interest rates over, financial markets will face a huge stress test in 2023. While banking systems are more robust than they were in 2008, a real-estate slump could severely affect heavily leveraged private-equity firms, producing a systemic crisis.

First, the war in Ukraine, the dominant issue of 2022, will continue, albeit at a less intense level. Neither Russia nor Ukraine will be able to achieve a complete military victory, if victory is defined as routing the other side and dictating the terms of a post-war territorial or political settlement.

Nor will the diplomats achieve victory, if victory is defined as reaching an arrangement both governments are willing to sign and abide by. Peace requires leaders who are willing and able to compromise, two elements that are conspicuously absent (if for very different reasons) on both sides.

Second, while many policymakers are focused on the potential for a war over Taiwan, this seems highly unlikely in 2023. Chinese leader Xi Jinping has his hands full contending with a surge of COVID-19 cases that is overwhelming his

Third, the sleeper story of the year will be Japan’s emergence as a major geopolitical actor. economic growth in the world’s third-largest economy has been revised upward to 1.5%, and defense spending is now on track to double, reaching 2% of GDP. Japan, with one of the most capable militaries in the region, will also more closely align itself with the US to deter or, if necessary, defend against Chinese aggression against Taiwan. even more than is the case with Germany, 2023 will be the year Japan enters the postpost-World War II era.

Fourth, North Korea will almost certainly carry out what will be its seventh nuclear test, in addition to frequent missile tests. Neither South Korea nor the US will be able to prevent such actions, while China, the only country in a position to do so, will hold off using its considerable leverage lest it weaken its neighbor and set in motion dynamics that could cause instability on its periphery.

Fifth, transatlantic relations, stronger for now because of a shared willingness to stand up to Russia’s invasion and help Ukraine, will suffer from increased friction, owing to europeans’ unhappiness with US economic protectionism and Americans’ unhappiness with the continent’s continued economic dependence on China. Ties could also suffer from emerging differences over the extent of military, economic, and diplomatic support for Ukraine and levels of defense spending.

Sixth, the global economy is likely to expand more slowly than most observers currently forecast. The International Monetary Fund is predicting 2.7% overall growth, but the reality could well be lower, owing to the knock-on effects of China’s mismanagement of COVID-19 and the trajectory of the US Federal Reserve, which seems determined to continue to raise interest rates in an effort to bring down inflation. Political instability in parts of Africa and Latin America, extreme weather events, and supply-chain disruptions will also prove to be a drag on global eco-

eighth, Israel-Palestinian relations will become more violent as Israeli settlement activity expands and diplomacy shows no prospect of bringing about a Palestinian state on terms both Israelis and Palestinians could accept. Instead, a future that could be described as a “one-state nonsolution” will come closer to becoming reality.

Ninth, India will continue to frustrate those who predict great things for it. India will continue to buy arms and oil from Russia and cling to a posture of non-alignment even as it seeks greater help from the West against China. And at home, the danger is that India will continue to become progressively more illiberal and less secular.

Lastly, Iran will likely be the dominant issue of 2023. The protests against the regime will gain traction against the backdrop of worsening economic deterioration and emerging divisions within the leadership over whether to compromise with the protesters or arrest and kill them. The 2015 nuclear deal will not be revived, given Iran’s military assistance to Russia and the US desire to avoid throwing an economic lifeline to the embattled regime.

Iran’s leaders may opt to continue to advance their nuclear-weapons program in the hopes of either achieving a breakthrough or triggering an Israeli strike, a development that would allow them to call for national unity in the face of external attack. Another possibility is that the cohesion of the security forces will give way to something resembling a civil conflict. For the first time since the fall of the Shah in 1979, the future of the Islamic Republic will be in serious doubt. All this may not make for a happy new year, but it will ensure an interesting one.

Richard Haass, President of the Council on Foreign Relations, previously served as Director of Policy Planning for the US State Department (2001-2003), and was President George W. Bush’s special envoy to Northern Ireland and Coordinator for the Future of Afghanistan.

In a very pithy and pious manner, Morgan housel, a partner at The Collaborative Fund, talks turkey to his readers, when he states, “Money is everywhere, it affects all of us, and confuses most of us. everyone thinks about it a little differently. It offers lessons on things that apply to many areas of life, like risk, confidence, and happiness. Few topics offer a more powerful magnifying glass that helps explain why people behave the way they do than money. It is one of the greatest shows on earth”. Replete with lots of real-life incidents, anecdotes, wise quotes and his good-natured advice, housel decries the thought that humans are always rational, balanced, logical and coherent in their conduct. It is never so, as the author reveals again and again the foils of a fogged up mind, as in the cases of why poor people buy lottery or even in the cases of why ethical millionaires would resort to disreputable ways just to join the billionaire clubs.

housel cautions that outward appearances are deceptive, when it comes to money-making and spending. For instance, readers would be aware of how India is still grappling with the idea of bringing back the two famous fugitives, who have duped banks to the tune of crores of rupees. however, nothing in their outward appearance and behavior would have revealed their spirit of fugitiveness. The author goes on to state: “We tend to judge wealth by what we see, because that’s the information we have in front of us. We can’t see people’s bank accounts or brokerage statements. So we rely on outward appearances to

gauge financial success. Cars. homes. Instagram photos. Modern capitalism makes helping people fake it until they make it a cherished industry. But the truth is that wealth is what you don’t see. Wealth is the nice cars not purchased. The diamonds not bought. The watches not worn, the clothes forgone and the first-class upgrade declined. Wealth is financial assets that haven’t yet been converted into the stuff you see. That’s not how we think about wealth, because you can’t contextualize what you can’t see”.

Apropos the money-time nexus that is widely talked about, this is what housel has to say: “Money’s greatest intrinsic value – and this can’t be overstated – is its ability to give you control over your time”. As with regards to grim money matters, housel is explicit: “Do not aim to be coldly rational when making financial decisions. Aim to just be pretty reasonable. Reasonable is more realistic and you have a better chance if sticking with it for the long run, which is what matters when managing money”. And, more to the point, in connection with the oft-discussed luck-risk conundrum, this is what housel affirms: “If you give luck and risk their proper respect, you realize that when judging people’s financial success – both your own and others’ – it’s never as good or as bad as it seems”.

According to housel, doing well with money, as you would have noticed by now, “isn’t necessarily about what you know. It’s all about how you behave”.

Perhaps, Jonathan Swift was wide off the mark, when he stated, “A wise person should have money in their head, but not in their heart”, because Morgan housel’s book goes on to prove just the opposite. When you get right down to money issues, everyone thinks about it a little differently.

G Narasimha Raghavan, an independent researcher is based out of Coimbatore, Tamil Nadu.

(2020).

Will Biden, Netanyahu find common ground on iran in 2023?

al Monitor

iF the Iran nuclear deal, the Joint Comprehensive Plan of Action (JCPOA), is “dead,” as US President Joe Biden said in an off-the-cuff remark last month, Israeli Prime Minister Benjamin Netanyahu stands to cash in.

Among Netanyahu’s immediate priorities is addressing concerns in Washington and the region about Israel’s new far-right government. US national security adviser Jake Sullivan will travel to Israel in the coming weeks to get ahead of possible friction with Washington over the new government’s approach to the Palestinians, settlement expansion and the rights of both Israel’s Arab and LGBTQ communities, Axios reports today. A Netanyahu visit to Washington is expected in early 2023.

Iran, however, is not one of those points of friction, and is not likely to be as long as the United States doesn’t press for a compromise deal on Iran’s nuclear program and Netanyahu doesn’t push too hard for military action to block Iran from acquiring nuclear weapons.

Netanyahu, a staunch critic of the nuclear deal, has been gifted a windfall on Iran, at least for now. The Biden administration’s official line is that the JCPOA is no longer on the agenda, replaced by “multiple rounds of sanctions” targeting Iranian officials responsible for the brutal crackdown on those protesting the death of Mahsa Amini, who died in police custody in September for a hijab violation.

Biden’s backup plan — continuing sanctions and pressure on Iran, for both its human rights violations and coordination with Russia in the war in Ukraine — sounds a lot like Donald Trump’s “maximum pressure” campaign, which is fine with Netanyahu.

Increased US-Iran tensions present other opportunities for Netanyahu as well. Look for him to encourage Biden to buck up a regional deterrent posture toward Iran, in the process bringing Israel and Saudi Arabia closer together, Ben Caspit writes. Jared Szuba tells us

that military officials at US Central Command have been advocating for an informal regional defense coalition against Iran.

For Biden, the once appealing idea of resurrecting the JCPOA may have rapidly diminishing political returns, whatever its national security merits (more on this below). The deal was the signature foreign policy achievement of President Barack Obama — not Biden. Biden has backed a return to the JCPOA since taking office, but it rarely makes his priorities or talking points. Americans aren’t clamoring for an Iran deal, especially given Iran’s crackdown on protesters and support for Russia. A Republican-led house of Representatives would savage a deal, which would have zero bipartisan support and a likely sizable number of Democratic defections if it ever comes to a vote.

Netanyahu has many friends on the hill, especially Republicans, and will work his 40-year friendship with Biden to keep the JCPOA off the agenda. Don’t sell this relationship short. Both men are seasoned politicians who pride themselves on the personal touch in diplomacy. During his visit to Israel in July this year, Biden greeted Netanyahu, who was among the Israeli officials in the welcoming delegation at the airport, with an especially enthusiastic handshake and the words “You know that I love you.”

For Bibi, it didn’t get better than Trump for US-Israel relations. But Netanyahu’s relationship with Biden could end up a close second. Biden didn’t know Netanyahu’s predecessors, Naftali Bennett and Yair Lapid, so there was no personal chemistry with either. Netanyahu went to the mattresses against the JCPOA back in 2015, souring an already strained relationship with Obama. The acrimony between them mostly washed over Biden. There will be points of friction with Wash-

ington in the coming year. But Biden and Netanyahu may find their common ground in a decades-long friendship and a shared concern about Iran.

BORRELL SAYS NO ALTERNATIVE TO JCPOA: The intent of the JCPOA was to enforce constraints and intrusive inspections on Iran’s nuclear programs to prevent the development of a bomb in return for sanctions relief and the unfreezing of Iranian assets.

high Representative of the eU for Foreign Affairs and Security Policy Josep Borrell wrote on Dec. 23 that with regard to nuclear non-proliferation, there is no alternative to the JCPOA, adding, “Those who think otherwise simply fool themselves.”

The eU has a two-track policy toward Iran — on the one hand, sanctions and pressure regarding the protests and Russia, and on the other, diplomacy on the JCPOA. Borrell and Iran Foreign Minister hossein Amir Abdollahian met at the Baghdad II Summit in Amman on Dec. 20 to attempt a reset on the stalled nuclear talks.

Iranian officials continue to suggest they want to conclude an agreement, but they have dragged out the talks for months, adding on demands beyond the scope of the JCPOA. One would think Tehran might want to take the deal on the table, which is the US-eU offer, if for no other reason than to test the Biden administration and US-eU unity at a time when the West is focused on the street protests rocking Iran. If there is no nuclear deal and no sanctions relief for the Iranian people, the fault lies in Tehran.

CAN IRAN CHANGE THE CONVERSATION IN 2023? Looking ahead to 2023, there are consequences from the absence of a nuclear deal and Iran’s sense of siege from the protests, which it blames on foreign enemies.

First, Iran may proceed with further enrichment toward a nuclear weapon, potentially spurring a nuclear or ballistic missile arms race in the region. Iran is already enriching uranium to 60%, which is one technical step away from 90%, the weapons-grade enrichment level.

Such an advancement could compel Israel to consider a military strike, which would have its own consequences for regional stability, given Iran’s proxies and networks in the Gulf, Lebanon, Yemen, Iraq, the West Bank, Gaza and elsewhere.

Second, Iran under sanctions and siege would likely have even less incentive to support the UN peace process in Yemen or advance Iran-Saudi talks, which until now have been brokered by former Iraq Prime Minister Mustafa al-Kadhimi. Iran blames the kingdom for backing the protests through Iran International, a Saudibacked media outlet.

Third, increasingly under pressure by the West, Iran is unlikely to back off in its support of Russia in the war in Ukraine.

Fourth, in Iraq, where Iran’s allies and proxies spearhead the ruling coalition, an escalation in US-Iran hostilities could turn Iraq back into a battlefield. Iran holds Iraq ransom to the export of Iranian gas for Iraq’s electricity grid. Iraq’s steps toward regional integration, especially with the Gulf, are likely in jeopardy: Don’t expect the Iraq-GCC electricity project signed earlier this year to move ahead with any speed.

Fifth, despite the blizzard of sanctions and the bravery and resilience of the protesters, the Iranian government is unlikely to loosen the siege. “Regime change is a high bar,” we wrote earlier this month, and “fragile autocratic states under extended siege rarely loosen their grip, or end with a democratic turnaround. There are numerous cases, none directly comparable, except as an analytical caution: Iraq, Syria, Afghanistan, Libya, egypt, etc.”

The worst of all worlds — an increasingly repressive Iranian government, with no constraints on its nuclear program, inching toward weapons breakout or sneak out — could be a probable if not likely scenario for 2023.

THE SLEEPER STORY OF THE COMING YEAR WILL BE JAPAN’S EMERGENCE AS A MAJOR GEOPOLITICAL ACTOR. AND, FOR THE FIRST TIME SINCE THE FALL OF THE SHAH IN 1979, THE FUTURE OF THE ISLAMIC REPUBLIC WILL BE IN SERIOUS DOUBT

EU FOREIGN POLICY CHIEF MEANWHILE SAYS ‘NO ALTERNATIVE’ TO JCPOA TO PREVENT AN IRANIAN NUCLEAR WEAPON

The Psychology of Money by Morgan Housel

Project Syndicate RICHARD

Islamabad Police recover 5-year-old abducted boy; arrest kidnapper

Islamabad Capital Police have recovered a five-year boy who was abducted for ransom and arrested a kidnapper involved in it. Addressing a press conference on Tuesday, Capital Police Officer (CPO) Operations Sohail Zafar Chatha said that a citizen Shahid s/o Naseer submitted a written application on 31st December 2022, with Koral police station that his five years old son Burhan went to the shop. After a while, he said that his other son Ayan Ali came back and told him that two unknown motorcyclists kidnapped Burhan. Upon receiving the complaint, police immediately registered a case FIR No. 02/2023 U/S 364A at Koral police station and started the investigation. IGP Islamabad Dr. Akbar Nasir Khan took notice of the incident and ordered the concerned police officers to trace and recover the boy safely upon which CPO Operations constituted eight different police teams. After the incident, the kidnappers called the family and asked for ransom money worth Rs. 10 million. Police teams immediately got the footage of nearby cameras of shops, houses, Safe City and other private installations and got the routes of the accused. Police teams in civil dress also searched various houses and conducted raids in Islamabad and Rawalpindi. Police used all available technical and human resources and succeeded to trace the location of the accused. PR

Martin Down Group win 2 GDEIB Awards

KARAcHi: Martin Dow Group, a Leading Multinational Healthcare Group in Pakistan received Global Diversity, Equity & Inclusion (DEI) Benchmark Awards 2023 in 2 categories. The company received ‘Best Practice’ award in WORK-LIFE INTEGRATION, FLEXIBILITY, & BENEFITS for demonstrating exemplary global practices in DEI whereas the organizations is also recognized as PROGRESSIVE in the category of COMMUNITY, GOVERNMENT RELATIONS & PHILANTHROPY. Shahrukh Masood, Group Director HR & Corporate Communications at Martin Dow while expressing elation on this recognition said ‘’ we are proud to be recognized by the global platform for our healthy work culture, CSR activities, and community engagement programs. These awards are in line with our values “We create opportunities for all our partners to flourish” and We are here to improve the quality of life for the communities we serve”. He further said ‘’Martin Dow Group’s activities are aligned with the internal & external goals of GDEIB. We believe in healthy work culture in all our departments including flexing working hours, weekly work-from-home, health and fitness opportunities through gym and sports, opportunities for growth through capacity building programs, facilities for female employees such as Baby’s daycare, women leadership program, pay-con, health awareness sessions.’’Martin Dow Group is constantly working on various philanthropic initiatives, helping differently abled citizens, improving socio-economic status, promoting mental wellness, promoting education. PR

PBM releaSeS fIrST PayMenT TO deServInG faMIlIeS under OWSP

Islamabad Staff RePoRt

PAKISTANBait-ul-Mal (PBM) has released the first payment to deserving families under the “Orphans and Widows Support Programme (OWSP)” during a ceremony held in Karachi on Tuesday.

According to a news release issued here, President of PPP Women Wing and Member Sindh Assembly, Faryal Talpur, launched the programme by releasing the initial payments in the presence of Senator Waqar Mehdi and Managing Director PBM Amir Fida Paracha.

Faryal Talpur, in her address, said the Benazir Income Support Pro-

gramme (BISP) truly reflects the sympathetic approach of Shaheed Benazir Bhutto towards the downtrodden segments of the country.

Admiring the OWSP project for educating and empowering poor women and girls of the country, she appreciated the PBM chief for achieving the set targets in the Social Protection Field in a short span of time.

Addressing the ceremony, Senator Waqar Mehdi appreciated the PBM’s pro-poor initiatives and said along with the other measures for orphan children, PBM’s ongoing task encompasses the unique idea of accommodating poor widows and their school-going daughters.

Highlighting the project, PBM MD

USC extends historic subsidy to customers UNDER PM's Relief Package

Islamabad PR

Utility Stores Corporation is consistent in providing subsidized items under Prime Minister's Relief Package. Spokesperson Apart from the subsidy, special discounts are also being given on hundreds of other branded items available at the utility stores.

The Federal government has announced a subsidy of billions of rupees under the Prime Minister's Relief Package through utility stores, keeping in mind the difficulties of the people, which is undoubtedly a welfare and public initiative of the government. This will not only reduce the hardships of the people but will also help in controlling the general market prices.

The procedure of providing subsidy has been changed on all utility stores across the country. Now, the poor and the middle class people will get maximum share in this subsidy and it will provide relief to the deserving people/persons of

poor, remote and backward areas.

The Federal government, under the Prime Minister's Relief Package, has extended a historic subsidy through utility stores to customers registered with the Benazir Income Support Program (BISP) whose poverty index score is PMT-32 or whose monthly income is RS.29,000 or less. According to which all such consumers who are registered under the Benazir Income Support Program will be given Atta (flour) for Rs400 per 10kg, ghee for Rs 300 per kg and sugar for Rs70 per kg.

While 15 to 20 rupees per kg subsidy will be given on pulses and rice, which will be given under a comprehensive initiative and organized system.

Apart from this, Atta will be available at Rs 400 per 10 kg bag at the Atta sales points and mobile utility stores established for the poor people of remote and backward areas of Khyber Pakhtunkhwa on the special orders of the Prime Minister.

MMBL scores two awards by HR Metrics at GDEIB Awards 2023

PR

HR Metrics has recognized Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank, for being a leader in Diversity, Equity, and Inclusion (DEI) in the following categories: Diversity and Inclusion (D&I) structure and implementation and work-life integration, flexibility, and benefits at the Global Diversity, Equity and Inclusion Benchmarks (GDEIB) Awards 2023.

The achievement highlights the Bank’s unwavering dedication to fostering a diverse and inclusive environment for all, especially women and differently-abled individuals, under its flagship Women Inspirational Network (WIN) program. Mobilink Microfinance Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries.

As part of its digital operator strategy, VEON is transforming people’s lives, creating opportunities for greater digital inclusion, and driving economic growth across countries that are home to more than 8% of the world’s population. GDEIB Awards highlight organizations that actively demonstrate inclusive behaviors in their everyday operations and have made significant contributions to improving DEI in

workplaces. The awards are reviewed by D&I experts from around the world and focus on creating true inclusion by fostering a cultural shift and involving organizations and their people.

Speaking at the occasion, Chief Operating Officer MMBL, Sardar Mohammad Abubakr shared, “Inclusion - our mantra, is firmly anchored in MMBL’s business philosophy and the GDEIB Awards represent the Bank’s longstanding commitment to promoting diversity at all tiers of operations. The Bank is taking impactful measures under its flagship program, Women Inspirational Network (WIN) to encourage inclusive leadership and equal opportunities for women and differently-abled individuals nationwide, to foster financial inclusion for all.”

Also expressing his thoughts on this achievement, Muhammad Haroon Khan, Acting Chief People Officer said, “The recent recognition by HR Metrics reflects our commitment to responsible growth and diversification across all levels. At MMBL, we not only address the major challenges that hinder the nation’s ability to achieve inclusive growth but are constantly empowering the people at the heart of this organization- our customers and employees. We strongly believe that diversity and inclusion are key levers for MMBL’s operational growth and facilitate the Bank to offer better solutions for all.”

karachI Staff RePoRt

On the occasion of the third anniversary of the martyrdom of General Qassem Soleimani and Abu Mahdi al-Muhandis, a conference "Against Islamophobia and Global Terrorism" was organized by the Consulate General of the Islamic Republic of Iran in Karachi, in which officials of the state government, various religions Scholars, academic, political and social personalities of this city participated.

The Consul General of the Islamic Republic of Iran in Karachi, Hassan Nourian, while addressing this conference, said: To in-

troduce Islam as a violent religion, the enemies attribute Islam, sectarianism, and extremism to Islam. Anti-Islamists, by creating movements in the name of Islam, try to destroy the face of real Islam.

Therefore, we must fulfill our religious and social duties by clarifying the truths and teachings of Islam against these temptations.

As the supreme leader of Iran said: Although the martyrdom of Qassem Soleimani happened at the hands of the worst president of America, the services of Shaheed Soleimani as a Muslim commander for Syria, Iraq, and other countries in the region are not hidden from anyone.

Ghulam Rasool Baloch, the former ambassador of Pakistan in Vietnam, said: Islamophobia is not only a conspiracy for the existence of Muslims, but also an obstacle for the spiritual, political, and even economic presence of Muslims in the world because human society is only one. The dynamic can be based on politics and the economy.

Hussain Abdullah Haroon, the former permanent representative of Pakistan in the United Nations, also said: The enemies of Islam are afraid of the unity and integrity of Muslims. The Muslims of the world should work to increase unity and consensus among Muslims and lay the foundation

He said the initiative translates the distinctive and compassionate idea of protecting orphan girls by providing them with education and other basic needs of life. “Ensuring transparency and efficacy in this project, the payments are released through UBL OMNI Digital Banking,” he added while explaining that a monthly stipend of Rs 8000 is being granted to the mother of a school-going orphan girl while Rs 12,000 per month is given to the mother of more than one schoolgoing orphan girls.

Paracha also reiterated his passion to materialize the vision of Mohtarma Benazir Bhutto Shaheed for the wellbeing of the vulnerable populace of the country.

GO installs reverse osmosis water filtration plant near Mahmoodkot Terminal

pr

Gas & Oil Pakistan Ltd. (GO)

size RO Water

lons

Ali Akber Khaleel, Col. Muhammad Anwar Khurshid and Mr. Muhammad Fasihuddin. Locals of the area are highly pleased and over joyous on this welfare measure by GO. It shall go a long way in winning the much-needed good will of the local community of the area. Commenting on the occasion, COO of GO, Mr. Zeeshan Tayyeb said, “The importance of clean drinking water cannot be overemphasized as it is a basic requirement of the people for healthy life. Therefore, GO has been making all out efforts to install as many ‘RO Water Filtration Plants’ as possible for both; the employees and the general public especially for those living in surrounding areas of our installations.” Water is a fundamental human right, and access to clean and safe drinking water can change the lives of human beings for the better. However, in this era of global water scarcity and stress, getting clean drinking water at all is considered a blessing for most people, especially in Pakistan.

BISP truly reflects sympathetic approach of Benazir Shaheed: Talpur

Islamabad Staff RePoRt

Pakistan Bait-ul-Mal (PBM) releases first payment to the deserving families in Karachi, under the “Orphans and Widows Support Programme (OWSP)”. In a graceful ceremony organized at Karachi, President Women Wing (PPP) and Member Provincial Assembly (Sindh), Faryal Talpur launched the programme by releasing the initial payments, in the presence of Senator Waqar Mehdi and Managing Director PBM, Amir Fida Paracha, Faryal Talpur, in her address, said the Benazir Income Support Programme truly reflects the sympathetic approach of Benazir Bhutto (Shaheed) towards the down trodden segments of the country. Admiring the OWSP project for educating and empowering poor women and girls of the country, she appreciated the PBM Chief for achieving the set targets in Social Protection Field, in short span of time. Addressing the ceremony, Senator Waqar Mehdi appreciated the PBM’s pro-poor initiatives and said along with the other measures for Orphan Children, PBM’s ongoing task encompasses the unique idea of accommodating poor widows and their school going daughters.

for the appearance of Imam Mahdi (peace be upon him). I met Sardar Soleimani many years ago and I saw that he has no concern except regional peace and security.

Hassan Habib, the former ambassador of Pakistan to North Korea and a university professor, said: Muslim countries need to invest in public diplomacy and increase the level of education at this time because the world's media used to speak openly against Muslims at that time. Is. Islamophobia is a sign of violence, militancy, and terrorism and it should not be.

In this conference, the Deputy Secretary General of Pakistan Majlis Wahdat Al-

Musleen Mr. Syed Ahmed Iqbal Rizvi said: America is no longer a superpower as it was in the past 20 years. The world is witnessing a shift in the direction of power from the West to the East. The West tried hard to freeze Islam and keep it away from politics, but Imam Khomeini (RA) proved this thinking wrong by defeating the puppet of the West in Iran. Karachi Commissioner Muhammad Iqbal Memon also said that unity among Muslims and progress in the field of media are necessary to face the upcoming challenges. A clear example of this was the display of the flag of the oppressed Palestinian people in the World Cup by the country of Qatar.

Islamabad

Amir Fida Paracha said the widows registered under BISP have been connected with OWSP with the condition of having one or more school-going orphan girls.

Anti-Islamists, by creating movements in name of Islam, try to destroy face of real Islam: Iranian CG

has installed a large

Filtration Plant, with capacity of 3,600 gal-

per day at Pateywala Basti, Qasba Gujrat about 200 metres from GO Mahmoodkot Terminal. It was inaugurated jointly by Mr.

LAHORE: PTI leaders – Asad Omar, Shaukat Tareen, Hammad Azhar, Jamshed Iqbal Cheema and Mussarat Iqbal Cheema show White Paper PTI issued on worst economic situation of the country on Tuesday. Staff Photo

A group photo of Dr. Amanullah with participants at end of Conultative Session organized by Aaghaz Foundation. PR

South Korea, uS diScuSS nuclear exerciSeS aS tenSionS flare with north

SEOUL Agencies

SouthKorea and the united States are discussing possible joint exercises using uS nuclear assets, South Korean President Yoon Suk-yeol said, as North Korean leader Kim Jong un labelled the South its “undoubted enemy” in flaring cross-border tensions.

Yoon’s comments, in a newspaper interview published on Monday, come after he called for “war preparation” with an “overwhelming” capability, following a year marked by the North’s record number of missile tests, and the intrusion of North Korean drones into the South last week. “the nuclear weapons belong to the united States, but planning, information sharing, exercises and training should be jointly conducted by South Korea and

the united States,” Yoon said in the interview with the Chosun Ilbo newspaper. the newspaper quoted Yoon as say-

ukraine, eu to hold summit on feb 3 in Kyiv: presidency

Kyiv, UKRAinE Agencies

ukraine and the European union will hold a summit in Kyiv on February 3 to discuss financial and military support, President Volodymyr Zelensky’s office said, but the bloc tuesday would not confirm the location.

Zelensky discussed details of the high-level meeting with European Commission President ursula von der Leyen in his first phone call of the year, the office said in a statement Monday.

“the parties discussed expected results of the next ukraine-Eu summit to be held on February 3 in Kyiv and agreed to intensify preparatory work,” it said. A spokesman for European Council President Charles Michel, however, could not confirm on tuesday that the joint summit would take place in the ukrainian capital. he said the bloc would be represented at the summit by Michel and von der Leyen, and not with the various leaders of Eu countries.

Eu officials said there was a standing invitation for Zelensky to visit Brussels.

Zelensky and von der Leyen, in their call, also talked about the supply of “appropriate” weapons. And they discussed a new 18 billion euro ($19 billion) financial assistance programme to ukraine, with the ukrainian leader pushing for the first tranche to be sent this month, the statement said.

Last month, the Eu cleared the way to giving ukraine the aid in a so-called “megadeal” that included the adoption of a minimum 15 percent global corporate tax rate. the move followed an impassioned plea from Zelensky not to let internal disputes within the 27-nation bloc stand in the way of backing Kyiv.

JERUSALEM The AssociATed Press

When Israel struck an agreement with the united Arab Emirates (uAE) to open diplomatic ties in 2020, it brought an electrifying sense of achievement to a country long ostracized in the Middle East.

officials insisted that Israel’s new ties with the uAE, and soon after with Bahrain, would go beyond governments and become society-wide pacts, stoking mass tourism and friendly exchanges between people long at odds.

But over two years since the breakthrough accords, the expected flood of Gulf Arab tourists to Israel has been little more than a trickle. Although more than half a million Israelis have flocked to oil-rich Abu Dhabi and skyscraper-studded Dubai, just 1,600 Emirati citizens have visited Israel since it lifted coronavirus travel restrictions last year, the Israeli tourism Ministry told the Associated Press.

the ministry does not know how many Bahrainis have visited Israel because, it said, “the numbers are too small.”

“It’s still a very weird and sensitive situation,” said Morsi hija, head of the forum for Arabic-speaking tour guides in Israel. “the Emiratis feel like they’ve done something wrong in coming here.”

the lack of Emirati and Bahraini tourists reflects Israel’s long-standing image problem in the Arab world and reveals the limits

rence,” and that Washington was also “quite positive” about the idea. the term “extended deterrence” means the ability of the uS military, particularly its nuclear forces, to deter attacks on uS allies.

A Pentagon spokesperson said: “We have nothing to announce today,” when asked about Yoon’s comments, adding that the alliance remains “rock-solid.” Yoon’s remarks were published a day after North Korean state media reported that its leader Kim called for developing new intercontinental ballistic missiles (ICBMs) and an “exponential increase” of the country’s nuclear arsenal.

Palestine condemns far-right israeli minister’s visit to Jerusalem’s al-aqsa complex

RAMALLAH Agencies

Palestine on tuesday condemned a visit by Israel’s National Security Minister Itamar Ben-Gvir to the AlAqsa Mosque complex in occupied East Jerusalem as “unprecedented provocation”.

ing the joint planning and exercises would be aimed at a more effective implementation of the uS “extended deter-

At a meeting of the ruling Workers’ Party meeting last week, Kim said South Korea has now become the North’s “undoubted enemy” and rolled out new military goals, hinting at another year of intensive weapons tests and tension.

7.75M birds culled as Japan reports record bird flu cases

“Ben-Gvir’s intrusion represents unprecedented provocation, a serious threat to the arena of conflict and a contempt to calls to stop” the visit, the Palestinian Foreign Ministry said in a statement. the ministry termed the far-right minister’s tour as “a “legitimization of further incursions to Al-Aqsa Mosque by hardline settlers.” the ministry held Israeli Prime Minister Benjamin Netanyahu responsible “for this brazen assault on Al-Aqsa”. Early on tuesday, Ben-Gvir entered the Al-Aqsa Mosque complex, a day after announcing he postponed the visit amid warnings of unrest.

For Muslims, Al-Aqsa represents the world’s thirdholiest site. Jews, for their part, call the area as the temple Mount, saying it was the site of two Jewish temples in ancient times.

Ben-Gvir holds far-right views on the Palestinians and has called for their displacement. he has repeatedly joined Israeli settlers in storming the Al-Aqsa Mosque complex in East Jerusalem.

chinese delegation of Qingdao law Society meets SeZa chairman

LAHORE sTAff rePorT

A Chinese delegation led by Mr. Cheng Dezhi, President of Qingdao Law Society along with his other executive members conducted a meeting with S.M. Naveed, Chairman Special Economic Zones Authority (SEZA), here on tuesday.

iSTAnBUL sTAff rePorT

Japan has reported record-high cases of bird flu across 23 provinces, with authorities culling around 7.75 million birds until tuesday this season, officials said.

the country’s Ministry of Agriculture, Forestry and Fisheries said the bird flu cases have risen to 54 after new infections were recorded in Chiba and

Fukuoka provinces. this is the highest number of bird flu cases this season, which have reportedly spread due to migratory birds.

Earlier, Japan had reported 52 cases of bird flu in 18 provinces between November 2020 and March 2021. It had led to the “culling of roughly 9.9 million chickens, an alltime high,” tokyo-based Kyodo News reported. “there is no possibility of people contracting bird

flu from eating chicken or eggs,” said the ministry. Meanwhile, Japan reported record 7,688 deaths due to CoVID-19 in December, higher than recorded last time in August last year when 7,329 people died of the infection, first reported in December 2019.

Japan has recorded 29.4 million confirmed cases of CoVID19 until Monday evening, including 57,944 deaths.

the meeting was attended by Cheng Dezhi, President Qingdao Law Society, Li huanting, Vice President of Qingdao Intermediate People’s Court, Yin Jhing, Vice President Qingdao Law Society, Ding Anhui, D.G of Qingdao Municipal Foreign Affairs office, Wang Caiyun, Director of Fazhigu, SCoDA, Yan hong, Director Qingdao Law Society, Moazzam Ghurki, President PCJCCI, Salahuddin hanif, Secretary General PCJCCI and many other businessmen.

Cheng Dezhi said that Qingdao Law Society is a local branch of China Law Society and a people’s organization under the leadership of the CPC Qingdao Committee. “our aim is to enhance the relationship between the party, governments, and law professionals as well as the promotion of academic research and application, institutional innovation and rule of law, participation in legalization and supervision, providing legal services and increasing public awareness,” he explained.

attention.

of the Abraham Accords, experts say.

Even as bilateral trade between Israel and the uAE has exploded from $11.2 million in 2019 to $1.2 billion last year, the popularity of the agreements in the uAE and Bahrain has plummeted since the deals were signed, according to a survey by the Washington Institute for Near East Policy, an American think tank.

In the uAE, support fell to 25 percent from 47 percent in the last two years. In Bahrain, just 20 percent of the population supports the deal, down from 45 percent in 2020. In that time, Israel waged a devastating war on Gaza and violence in the occupied West Bank surged to its highest levels in years.

Israeli officials say Gulf Arab tourism to Israel is a missing piece that would move the agreements beyond security and diplomatic ties. tourist visits from Egypt and Jordan, the first two countries to reach peace with Israel, also are virtually nonexistent.

“We need to encourage (Emiratis) to come for the first time. It’s an important mission,” Amir hayek, Israeli ambassador to the uAE, told the AP. “We need to promote tourism so people will know each other and understand each other.”

Israeli tourism officials flew to the uAE last month in a marketing push to spread the word that Israel is a safe and attractive destination. the ministry said it’s now pitching tel Aviv — Israel’s commercial and entertainment hub — as a big draw for Emiratis. tour agents say that so far, betting on

Jerusalem has backfired. the turmoil of the contested city has turned off Emiratis and Bahrainis, some of whom have faced backlash from Palestinians who see normalisation as a betrayal of their cause.

the Palestinian struggle for independence from Israel enjoys broad support across the Islamic world.

“there’s still a lot of hesitation coming from the Arab world,” said Dan Feferman, director of Sharaka, a group that promotes people-to-people exchanges between Israel and the Arab world. “they expect (Israel) to be a conflict zone, they expect to be discriminated against.” After leading two trips of Bahrainis and Emiratis to Israel, Sharaka struggled to find more Gulf Arab citizens in-

terested in visiting, he said.

When a group of Emirati and Bahraini social media influencers in 2020 visited the Al Aqsa Mosque compound, the third-holiest site in Islam, they were spat on and pelted with shoes in Jerusalem’s old City, said hija, their tour guide.

When another group of Emirati officials visited the flashpoint site accompanied by Israeli police, they drew the ire of the grand mufti of Jerusalem, Sheikh Muhammad Ahmad hussein, who issued a religious edict against Emiratis visiting the mosque under Israeli supervision.

Most Emiratis and Bahrainis who have visited Israel say they forgo their national dress and headscarves in order not to attract

the Islamic Waqf, which administers the mosque, declined to answer questions about the number of Emirati and Bahraini visitors and their treatment at the compound.

Palestinian rage against Emiratis is not confined to the sacred esplanade. Emirati citizens visiting and studying in Israel say they face frequent death threats and online attacks.

“Not everyone can handle the pressure,” said Sumaiiah Almehiri, a 31-year-old Emirati from Dubai studying to be a nurse at the university of haifa. “I didn’t give in to the threats, but fear is preventing a lot of Emiratis from going.”

the fear of anti-Arab racism in Israel can also drive Gulf Arabs away. Israeli police mistakenly arrested two Emirati tourists in tel Aviv last summer while hunting for a criminal who carried out a drive-by shooting. Some Emiratis have complained on social media about drawing unwanted scrutiny from security officials at Israel’s Ben-Gurion Airport.

“If you bring them here and don’t treat them in a sensitive way, they’ll never come back and tell all their friends to stay away,” hija said.

Benjamin Netanyahu, an extremist who returned for a sixth term as prime minister last week, has pledged to strengthen agreements with Bahrain, Morocco, the uAE and Sudan. Formal ties with Sudan remain elusive in the wake of a military coup and in the absence of a parliament to ratify its uS-brokered normalisation deal with Israel.

Imam steers PakIstan fIghtback after new Zealand’s last wIcket adds 104 runs

KARACHI staff report

PAKISTAN’stop-order batting woes continued in the new year before Imam-ul-Haq rescued his side from a complete collapse on the second day of the second Test against New Zealand at the National Bank Cricket Arena on Tuesday.

Abdullah Shafique once again fell while hooking. Shan Masood’s aggressive approach against the spinners led to his downfall and Babar Azam was runout in a terrible mix-up with Imam-ulHaq as Pakistan slipped to 99 for three before finishing the day at 154 for three.

Pakistan’s response came after New Zealand was bowled out for 449 after starting the day at 309 for six and having been reduced to 345 for nine.

Abdullah managed 19 off 32 balls with four fours, Shan scored 20 from 11 balls with four fours and Babar hit three fours and six in a 41-ball 24 before returning to the dressing room to leave Pakistan in dire straits.

However, Imam held the innings together and in partnership with Saud Sha-

keel, he has so far added 55 runs for the unfinished fourth wicket. The left-hander, who turned his back at Babar after the skipper had sprinted for the third run, was batting on 74 from 125 balls with nine fours and a six, while a consistent Saud was 13 not out from 75 balls.

For New Zealand, Matt Henry picked up the wicket of Abdullah and Ajaz Patel dismissed Shan.

Earlier, Henry and Patel had com-

no grudges as djokovic feels ‘the love’ in australia

SYDNEY afp

Novak Djokovic said Tuesday the reception he had received in Australia was more than he could wish for and the good vibes would reflect in his tennis as he targets a 22nd Grand Slam title this month.

The Serbian star, who will bid for a 10th crown at the Australian Open, is back in the country a year after being kicked out for refusing to be vaccinated against Covid-19. He was barred from returning for three years, but the government has since lifted the ban and Djokovic made a winning return at the Adelaide International, beating Frenchman Constant Lestienne 63, 6-2. The 35-year-old was given a warm welcome when he played a losing doubles clash on Monday and received similar treatment on a packed centre court. “It’s great to be back. To see the packed house for my first match was definitely a very pleasant surprise. Lots of support, lots of love,” he said at a press conference. “That obviously motivated me and allowed me to express myself in the best possible way on the court with my game.”

“A lot of Serbia flags, I know the Serbian community here in Adelaide is big but I didn’t think so many would come and I thank them very much.”

Last year’s Australian Open was overshadowed by Djokovic being put on a plane on the eve of the contest after a high-stakes legal battle over his visa status. It left a bitter taste, but he held “no grudges” and had moved on.

“It was different coming to Australia this year than any other year basically because of the events of 12 months ago,” he said.

“But at the same time, 12 months is also a long time ago, already it is behind me, I’ve moved on and looking forward. “There’s no reason to focus on … what you focus on is what you become, if you focus on the negatives that is what you’ll become, so I don’t want to do that.

“I don’t hold a grudge, I’m here to play tennis, to enjoy sports and spread good energy.”

He added: “From day one, people have been very kind and generous with me. Overall, a great experience so far.” Djokovic was also happy with the way he played so early in the season, which bodes well for his Australian Open campaign at Melbourne Park from January 16. “Obviously the first match after a longer break is tricky, you don’t know how you’re going to start,” he said.

bined to frustrate Pakistan for 92 minutes during which they added 104 runs in 149 balls for the 10th wicket to lift New Zealand to 449.

No.10 batter Henry notched up his third career half-century in the 18th match when he returned unbeaten on an attacking 81-ball 68 with eight fours and two sixes, while Patel was the last batter to be dismissed after scoring a Test-best 35 from 78 balls and four fours.

Overnight batters Tom Blundell and Ish Sodhi, along with skipper Tim Southee, were back in the hut with the addition of 36 runs as New Zealand slipped to 345 for nine before the lastwicket partnership helped the visitors reach a decent score.

Blundell, who began the day at 30, was dismissed after scoring 51 from 108 balls with six fours, while Sodhi failed to add any run to his overnight score of 11 before he was castled by Naseem Shah (three for 71).

Abrar Ahmed picked the remaining three wickets to finish with figures of 375-149-4. Abrar now has 27 wickets in seven innings of four Tests.

ScoreS in brief: New Zealand (1st innings) (overnight 309-6) 449 allout, 131 overs (Devon Conway 122, Tom Latham 71, Matt Henry 68 not out, Tom Blundell 51, Kane Williamson 36, Ajaz Patel 35, Henry Nicholls 26; Abrar Ahmed 4-149, Naseem Shah 3-71, Salman Ali Agha 3-75) Pakistan (1st innings) 154-3, 47 overs (Imam-ul-Haq 74 not out, Babar Azam 24, Shan Masood 20, Saud Shakeel 13 not out).

PCB body chief orders payment of dues to employees, players

LAHORE agencies

Pakistan Cricket Board (PCB) management committee chairman Najam Sethi has ordered to pay the remaining dues of the contracted players and employees immediately.

“I am pleased to report that PCB has been ordered to immediately clear all outstanding payments of contracted players and employees pending since the last regime,” Sethi announced in a statement on Twitter.

Earlier on January 1st, media sources claimed that the Pakistan Cricket Board’s management committee has completed the work of paying the dues of domestic cricketers on a priority basis. It further said that domestic cricketers will be paid four months in the first phase, followed by compensation

every month.

According to the management committee, the work of payments to 189 cricketers started on Monday. Earlier domestic cricketers claimed that the cricketers had not

yet been paid the monthly contract amount this season.

However, now the management committee decided to make all payments as per the agreement immediately.

PCB says ready to share sports expertise with Saudi Arabia

ISLAMABAD agencies

The Pakistan Cricket Board is ready to share sports expertise with Saudi Arabia, as the game is increasingly growing in popularity in the Kingdom.

“We would be more than willing to go and help the Saudis put up a cricketing structure there, if asked,” Pakistan Cricket Board Chairman Najam Sethi said in an interview with Arab News.

“We have the expertise, we have the talent, we have the knowledge and if the Saudis want us to help them, we’ll certainly do that,” Sethi said, cit-

ing successful experiences in cricket cooperation with other countries, like neighboring Afghanistan, which has lately become a top world player.

The Kingdom became an affiliate member of the International Cricket Council in 2003 and in 2016 was promoted to associate membership.

But the game’s real boom began only recently, with the establishment of the Saudi Arabian Cricket Federation in 2020, which has since lined up a series of programs to promote the sport at home and prepare national teams to compete with the world’s best in the future.

Cristiano Ronaldo arrives in Saudi Arabia along with his family

RIYADH agencies

Portugal’s

Cristiano Ronaldo was accorded a warm welcome upon his arrival at the King Khalid International Airport in Riyadh. The star footballer took

pictures with the children, who came to the airport to welcome him. Ronaldo will attend a contract signing ceremony at the Marsool Club today.

Al Nassr is expecting a packed stadium for the unveiling, according to one official who did not want to be named because he was not authorised to speak to media. Al Nassr, the nine-time Saudi league champions, have called Ronaldo’s signing “more than history in the making”, claiming he will inspire the rest of the league and even the country

Cristiano

touched

in Saudi Arabian capital after sealing a deal estimated at more than 200 million euros ($213m). The fivetime winner of the Ballon d’Or is staying at a luxury hotel in the city with a large entourage.

Ronaldo’s signing with Al Nassr until June 2025 is just the latest foray into top-level sports by oil-rich Saudi Arabia, which has moved into Formula One, boxing and golf, and snapped up English club Newcastle United.

kP Inter-constituency games begin

PESHAWAR staff report

Khyber Pakhtunkhwa Inter-Constituency Games-2022 kicked off with a grand ceremony here on Tuesday at Hayatabad Sports Complex with around 1000 athletes, both male and female, participating.

The male will participate in football, volleyball and cricket while female will participate in badminton and cricket. Members Provincial Assembly Ziaullah Bangash, Ranjit Singh, Special Assistant to Chief Minister Khyber Pakhtunkhwa on Minorities Wazir Zada, Wilson Wazir, MPA Shafiq Sher Afridi, MPA Abdul Salam Afridi, MPA Azizullah Gran, MPA Ayesha Bano, MPA Shaughta Malik, MPA Samira Shams, MPA Madiha Nisar, MPA Ayesha Naeem, MPA Sajida Hanif, MPA Shagufta Malik, Secretary Sports Captain (retd) Mushtaq Ahmed, DG Sports Khalid Khan, Director Sports Female Games Miss Rashida Ghaznavi, Director Operations Azizullah Jan, Director Youth Affairs Irfan Ali, Deputy Director Sports Jamshed Baloch, Director Development Salim Raza, Arshad Hussain, Shah Faisal and Jafar Shah were present.

The Games started with the recitation from Holy Quran by Laila Khan of Frontier College for Women, followed by National Anthem and a smart March Past. School girls of Government Girls High School, Daulatpura, Charsadda displayed a beautiful and excellent PT show and melodious band of Government High School No. 1 Mardan with Band of Frontier Corps, and Khattak Dance turned the whole complexion into melodious Charsadda presented PT show and band performance.

The band troop of Frontier Corps presented beautiful tunes and traditional Khattak dance of Frontier Corps also enthralled the sitting spectators. In the final round, the winning teams of all the regions of the province are participating. More than 8,000 male and female players participated in the trials at the regional level, while in the provincial final round, 1,000 male and female players will compete in cricket, badminton, football and volleyball. These games will continue for three days – Men’s football matches at Tahamas Football Stadium Peshawar, Cricket matches at Shama Cricket Ground, Volleyball matches at Peshawar Sports Complex, Women’s sports matches at Hayatabad Sports Complex and Minority matches at Islamia College Peshawar.

Secretary Sports Captain (retd) Mushtaq Ahmed in his welcome address said that on the special instructions of Provincial Sports Minister Muhammad Atif Khan, Inter-Constituency Games were organized for the first time in the history of Khyber Pakhtunkhwa, in the first phase of which 115 constituencies of all 36 districts. In order to select the teams, trials were held under the leadership of the members of the provincial assembly of this constituency, in the second stage, competitions were held at the district level, in the third round, competitions were held at the regional level, the winning teams of which would now compete in the provincial round.

“It is giving special attention to sports and this is the reason why open grounds have been built at the Union and Tehsil levels and sports complexes have been constructed in every region so that the children of the province can benefit from the facilities and make the country and the province famous. ”

He said, “Activities like this. Keeping with the continuity, mega events will be organized for InterSchools and Inter-Districts, while a football league will be organized in February to promote football.”

He said,”An MoU was signed under which the operational and functional affairs of the Stadium will be supervised by the PCB while the Arbab Niaz Cricket Stadium will be completed in four months and an agreement will be made with Peshawar Zalmi in this regard and along with this, the international activities would be organized.”

footballing superstar Cristiano Ronaldo has arrived in Riyadh, along with his family, ahead of his unveiling before thousands of fans at Saudi Arabia’s Al Nassr club.

Ronaldo has

down

Govt RaIses Rs655Bn In sPecIal t-BIll auctIon

profit report shahnawaz ali

INa special treasury bill (T-bill) auction on January 3, the State Bank of Pakistan (SBP) was able to raise Rs 655.09 billion against a target of Rs 300 billion. The complete amount of the T-bill issuance was concentrated in a three-month tenure. The yield cut off stood at 16.999%, marking no change from the previous auction which happened a week ago.

Tenders for sale of three-month, six-month and 12month government of Pakistan T-bills were invited by SBP through primary dealers on January 3, with settlement date on January 4. The bids for the shortest term bill exceeded Rs 730 billion, with a bid yield of as much as 18%. As per the auction results published by the SBP, it has maintained the yield cut off rate at 16.999%, raising 655 billion in short-term debt. Subsequently, all the bids for the six-month, and 12-month T-bills were rejected.

The competitive auctions were recorded at a face value of Rs 652.03 billion, while the non-competitive ones stood at Rs 3.06 billion. Because of the special

Petroleum sales continue to plummet

PETROLEUM SALES SEE DECLINE ACROSS THE BOARD AS THE COUNTRY’S INDUSTRIAL ACTIVITY SLOWS

The oil industry has witnessed a cumulative decline of 19% in the first half of financial year 2023 compared to the previous year, according to data published by the Oil Companies Advisory Committee (OCAC). This is in line with an economic downturn the country has been going through, along with the fact that the government has been trying its best to reduce the import bill.

The highest decline in the industry was for the sale of residual fuel oil (RFO) at 24% compared to the first half of financial year 2022. RFO is used primarily in power production. This figure is closely followed by the sale of high speed diesel which witnessed a decline of 23% and petrol which declined by 15% when compared to the same period of the previous year. Looking at the majority market share holders in the industry, Attock Petroleum Limited (APL) experienced the highest decline in its sale of RFO at 32% which was closely followed by market leader Pakistan State Oil (PSO) at 31% for the first half of the current financial year.

When comparing the monthly data for both companies, PSO, during December, went through a jaw-dropping 92% fall in its sales volume of RFO compared to the previous month. In contrast, APL only saw a decline of 27% compared to November.

Volumetric sales of diesel also declined across the industry for the most part except for Hascol which managed to increase its sales volume by 12% when compared to the first six months of the previous financial year. On a month-on-month basis, the company was able to achieve a remarkable increase of 89% in diesel sales.

The highest decline of 30% in the sale of diesel was experienced by Shell followed by APL at 23% and PSO at 14%. The demand for diesel – used in commercial and public transport – has been weak considering the sluggish state of the economy.

nature of this auction, both the competitive and the non-competitive bids were auctioned at the same time. Why is this T-bill auction special?

Typically, the auctions of T-bills are conducted fortnightly (on Wednesdays). The auction and settlement dates, target amount and maturity amount are issued through pre-announced auction calendars. The auction calendar of every quarter is published at the start of that quarter.

However, after the last auction of Q4’22, the SBP scheduled a new auction within six days of the previous one. The auction will reportedly serve the purpose of meeting the government’s mid-year revenue shortfall of Rs 225 billion.

Additionally, “there was excess liquidity available in the market and the government took advantage of that. This would also ease pressure on the government in the coming t-bill auctions,” said Fahad Rauf, the head of equity research at Ismail Iqbal Securities

It is the federal government’s prerogative to hold as many auctions as they want, while staying within the legal framework. However, an unsolicited auction shows a sense of urgency, implying that the govern-

ment is raising money to pay off older debts nearing maturity, and to meet other expenses. How do T-bill auctions work?

T-bills are short-term government securities that are issued by the government of Pakistan and distributed in the primary and secondary markets by the SBP. These highly liquid government securities have sovereign guarantees and a fixed rate of return, which is referred to as a yield. T-bills are a tool for raising short-term cash by governments.

Banks are allowed to hold this security in an Investor Portfolio of Securities (IPS) accounts for their customers. Investors can buy these securities in a competitive auction in the secondary market, or a non-competitive auction in the primary market.

On the day of the auction, primary dealers (banks and brokerage houses) offer bids for T-bills with a certain yield. This yield is determined by policy rates, market sentiment and future expectations. A certain cut-off for yield is announced that renders all the bids below that rate as accepted. The dealer pays the SBP a discounted amount for the bill, which is returned in full at maturity factoring in the yield of the T-bills.

Textile industry in shambles: another company reduces production by 50%

profit report

In the midst of ongoing economic challenges faced by the textile industry since the second half of last year, another textile business has reduced its operations. Crescent Fibres Limited (CFL) has announced to reduce its production by 50% due to worldwide global recession and lack of demand. The company made the announcement to the Pakistan Stock Exchange (PSX) on Tuesday.

“As you are aware, the global economy is heading towards a recession and this has led to widespread demand destruction in the textile as well as other sectors. Keeping in view the global economic situation and outlook, the company has decided to curtail production by up to 50%. We believe this is a temporary measure and will continue to monitor the situation and be ready to restart as soon as demand improves which we expect in the second quarter of 2023.”

The announcement comes after the textile industry has been facing one of the worst crises in the country’s history. Inflation, lack of demand, and tough economic conditions have forced many textile businesses in the country to either reduce production or close down.

At the end of last week, Suraj Cotton Mills, an associated company of CFL, also reduced its production by 40% due to economic downturn. Earlier last month, Kohinoor Spinning Mills temporarily shut down citing the worst crisis faced by the textile industry. Nishat Chunian, another leading textile company, also announced to partially close production last month.

In other sectors, Fauji Fertilizer closed its Diammonium Phosphate (DAP) Plant temporarily last month. Suzuki announced its first plant shutdown for 2023 after a string of nonoperational days last year. Similarly, Toyota also shut down production in December for the remainder of the year. On Monday this week, KSB Pumps, a major producer of industrial pumps, also closed its main hasanab-

dal factory plant due to a lack of demand.

For the fiscal year ending June 2022, CFL earned a sales revenue of Rs. 8,098 million, an increase of 32% on a yearly basis. Similarly, it earned a Profit after Tax (PAT) of Rs. 654 million, up 44% compared to the same period last year. However, while the last annual financials of the company were rosy, its quarterly financials were less than ideal.

In the first quarter ending 30th September, 2022 of the company’s new fiscal year, the company posted a PAT of only Rs. 8.05 million against a PAT of Rs. 141.7 million in the preceding quarter. This is a significant decline of over 94%. The company also posted an Earnings Per Share (EPS) of just Rs. 0.65 against an EPS of Rs. 11.41 in the last quarter.

According to the company’s last quarterly report, textile demand had started to decline in the fourth quarter of the last fiscal year. This was worsened due to a weakening global economy, rising interest rates, inflation, and volatility in financial markets which negatively impacted demand. In Pakistan, rising cost of doing business and low cotton yield have also severely impacted the textile industry.

Company profile

Crescent Fibres Limited (CFL) started operations in 1969 and is listed on the Pakistan Stock Exchange. The principal business of the Company is manufacture and sale of yarn.

In textiles, the company operates 67,064 spindles in two units located at Bhikki, Dist Sheikhupura, Punjab and Nooriabad, Sind, and specialises in the production of high value added polyester / cotton, chief value cotton (CVC), and pure cotton yarns. The units are based on the latest equipment and are staffed by well qualified and experienced personnel. The facilities are capable of producing 22 million pounds of ring spun yarn per year. The product range includes coarse, medium and fine count yarns ranging from 10/1 to 80/1.

FBR launches modules for facilitation of exporters

Omer

The Federal Board of Revenue (FBR) has developed and launched various modules for facilitation of exporters under Export Facilitation Scheme (EFS) of the Federal Board of Revenue.

Export modules were rolled out at APTMA House, Lahore by Collector Customs Nayyer Shafique along with a team of technical experts, senior officers from Directorate General of Customs Automation and Pakistan Revenue Automation (Pvt.) Ltd (PRAL). Earlier on his arrival, Collector Customs was welcomed by Senior Vice Chairman APTMA Kamran Arshad and Secretary General APTMA Raza Baqir.

The workshop was attended by a large number of APTMA members from all over the country.

Collector Customs, informed that FBR has developed various modules for smooth functioning of the Export Facilitation Scheme for the facilitation of all categories of exporters including both direct and indirect exporters.

He said that FBR attaches greater importance to the export sector and a large number of officials are exclusively assigned the task to develop and roll out modules for ease in doing business.

He said that a series of workshops will be organized to educate exporters about the newly developed modules and the modules to be rolled out shortly. The Collector explained salient features of modules which focus on facilitation for exporters and are easy to follow.

Govt decides on no new gas development scheme

The government has decided that no new gas development scheme will be approved by any forum and no new gas connection on indigenous gas will be provided from now onwards, it was reliably learnt on Tuesday.

In addition to this, any approved schemes where no progress has been made will be shelved. As the country faces an acute shortage of gas in both domestic and commercial connections, a wild-dash is being made to try and solve the problem of gas load-shedding and low-pressure.

What are gas development schemes?

Gas development schemes are usually announced by different politicians in their constituencies or by the government for areas in which there are not reliable gas connections. Since local Sui gas is cheaper, most people want connections to this indigenous gas instead of the more expensive and imported alternative — RLNG.

However, since there is not enough natural indigenous gas in the country, consumers that already have connections to this gas are facing shortages in the winter months when it is needed most. Back in December, a report of the Intelligence Bureau had pointed out that SNGPL failed to supply gas to consumers, particularly home consumers, during mealtimes in certain areas of Punjab, Khyber Pakhtunkhwa, and Islamabad.

As the dust settles from the aftermath of the soybean seeds stuck at Port Qasim in Karachi, the Ministry of Food Security and Research (MoFS&R) has decided to allow and facilitate import of soybean meals.

The months-long saga of the oilseeds stuck at Port Qasim, which had taken a number of ugly turns, had recently been solved with the government making special provisions to release the oilseeds stuck at the port due to bureaucratic red-taping. The issue had stung the poultry and livestock industry quite acutely since the residual material that is left after extracting oil from oilseeds, called ‘meal’, is used to feed poul-

try and cattle.

According to a reliable source in the ministry, the food department would be issuing import permit and facilitate the import of soybean meals, the major need of poultry industry to meet feed requirement, as an alternative solution to the crisis created after stopping imported oilseed vessels at Karachi port for being Genetically Modified Organism (GMO).

The move is apparently being initiated keeping in view the announcement of countrywide protest on January 5, 2023 by Pakistan Poultry Association against shortage of feed which ultimately caused increase in prices of broiler chicken.

The association’s spokesperson said their members would assemble at Thokar

An office bearer of the association informed this scribe that the poultry industry is only concerned about the shortage of feed. “We demand the government to allow import of soybean meals, the basic ingredient of poultry feed,” they said.

“We have nothing to do with the import of GMO seeds. What we need is the availability of meals for the poultry industry as cheaper and enough stock of feed can only pave the way for availability of affordable chicken for the masses,” they added.

Soybean meal is the key ingredient of the poultry feed, accounting to around 80 percent of it, and as the country was facing soybean shortage, the feed mills have not been able to meet the demand. As a result the price of a 50 kg chicken feed bag has reached over Rs7,000, with an increase of around Rs2,000 in mere three months, and there was no sign of easing of prices.

Speaking with Profit, Mian Tariq Javed, president Punjab Poultry Farmers Association said if import is allowed with relaxed duty, the issue of shortage of feed can be resolved within 15 days. According to him at least 40 percent duty on import of the meals was imposed in 2018 at the behest of the influential importers of soybean seeds so they

can sell both oil and meals in the country from the seed imports.

According to him, the import policy of soybean meals should not carry stiff conditions/restrictions to facilitate only a few influential importers. Traders and poultry farmers have expressed fears that the poultry meat could cross Rs800 per kg from the current Rs 650/kg almost equivalent to the red meat bones included as the live broiler chicken was being sold up to Rs370 per kilogram in Islamabad.

The poultry meat and eggs have witnessed a sharp rise since October 2022, after the customs authorities stopped the release of soybean shipments arriving mostly from the US and Brazil, and till now nine shipments have been stranded at the port.

profit report shahab

CONSUMERS LEFT WITHOUT ANY GAS IN WINTER

profit report asad ullah Kamran

profit report ahmad ahmadani

profit report

Ghulam abbas

Niaz Baig and stage a protest for the acceptance of their demands. The poultry feed had almost vanished from the local markets because of an unannounced restriction on the import of soybean and other raw material.