Epaper_23-03-03 ISB

Profit

‘Generous’ arms supplies to India threatening regional instability: Mrs Khar

Pakistanis paying heavily for Bajwa’s ‘regime change conspiracy ’ : Imran

Pa k i s ta n ’ s c r e d i t r at i n g fa l l s , h i n t i n g at d e fa u lt

g neGLiGence, bad Luck and Low rate oF returns; can pakistan crawL back?

KArACHi

M o M i n a a s h r a f

as pak stan struggles to negotiate a bailout from iMF and sees an overnight fall in the rupee another grave problem in the background is its cred t rating Moody investment ser vices has downgraded pakistan s credit rat ng to caa3 the owest n three decades in the current extremely frag le balance of payments situation disbursements may not be secured in time to avoid a defau t the global rating agency said in a statement on tuesday similarly, looking at the data of the f rst six months of Fy 2022-2023 pakistan s ab lity to generate fore gn loans shrank sign ficantly up to 50% compared to the same per od of the ast f nancial year main y because of sta led iMF programme

Just before the commencement of the last budget the government sought a deal of $22 8 bi lion but the actual d sbursement of do lar inflow remained low the inflow of commercial oans also declined to a meagre $200 mil ion compared to $2 62 b llion in the same period ast year there is no surprise that pakistan is going through a severe l quidity crunch and the iMF staff-level agreement st ll sees no resolution in such a situation it s mportant to understand what brought pakistan to its heels in the ast year prof t reached out to Javed hassan macroeconomist and investment banker who explained pakistan s non-accessibility to the credit market is a ma or reason for the liquidity crisis although pakistan has been sur v ving on debts for the last two decades situation has gotten a lot worse since it lost access to the credit market fol owing the pol tical instability due to a vote of no confidence he sa d pol tical instab lity of ast year broke the trust of b lateral countries to give loans and invest

ISLAMABAD: pr me Minister shehbaz sharif on thursday directed the power division to ho d a departmental act on after the find ngs of an nqu r y report he d respons ble the human and techn ca error ’ for the countr ywide power breakdown of Januar y 23 the pr me minister gave the order as the inquir y report of the massive power breakdown was presented n the cabinet meeting chairing the meeting pM sharif said the nation was awa t ng strict action aga nst those responsible for the incident that left the countr y in a power blackout for several hours the inquir y report also sa d that an abnorma ncrease n the frequency of the a ternate current line tripped the automatic secur ty system of power plants it also said that the kot addu power plant had the facility of ‘b ack start however due to expir y of the contract of the plant t cou d not be made operat onal black start is the procedure to recover from a total or part al shutdown of the transmission system which has caused an extensive loss of supplies the prime min ster ordered the authorities concerned to take necessar y steps to l ne the power system with superv sor y control and data acquisition (scada) staff report

delayed negotiat on with the Fund and essentia ly reduced the conf dence in pakistan s economy the loans taken from 2013 onwards under two regimes amounting to almost $60 b lion also reach maturity so there has been a lot of outf ow in form of ser v c ng or repayment but not enough inflow “ but this s an opportunity to rebuild the house says hassan whi e suggesting restructuring debt restructuring essentially means an admission with all the b latera lenders that the borrower can not repay the debt it calls for ether reprofil ng the debt (delay ng the maturity period) reduc ng the rate of interest or reducing the overall princ pal amount historically a lot of countries have done such as Mexico Ghana sri Lanka and even pakistan in 2003 this calls for equal treatment with ever yone, inc uding ch na, paris club and arab countries the cond tions set for the proportion of debt to be repaid or nego-

tiated are s m lar however mutual borrowers such as the iMF and world bank are not included in debt restructuring in fact these lenders help make a debt susta nability analysis which dec des the nature of debt restructur ng: from strictly preemptive debt restructuring, starting negotiation for reductions while making the payments to full declaration of defau t in return the creditors ask for a guarantee of following the sustainabi ity plan in form of reducing subs dies, and inefficiencies to see that the borrower countr y wil stand at a point where to promise to in a set number of years pakistan has reached beyond the stage of strictly preemptive debt restructuring unfortunately but it can still sett e for someth ng e se pointed hassan such a condition sets tough condit ons for the countr y, similar to what pakistan is currently witness ng but promises support from iMF in helping in revival

Concocted story about plot to kill Imran Khan is ridiculous: Marriyum

D e a r R e a d e r s , o w i n g t o t h e c u r r e n t i m p o r t c u r b s , a n d t h e s u b s e q u e n t s h o r t a g e o f n e w s p r i n t , s p e c i a l l y o u r

B e r l i n e r f o r m a t , P a k i s t a n

To d a y h a s b e e n t e m p o r a r i l y s h i f t e d t o a n e i g h t - p a g e b r o a d s h e e t f o r m a t

T h e q u a l i t y o f o u r c o v e r a g e , h o w e v e r, w i l l r e m a i n w h a t i t a l w a y s h a s b e e n

PM, cOas discuss countr y’s economic, securit y situation

iSLAMABAD s ta f f r e p o r t

pr ofit report

Finance M nister ishaq dar on thursday

c a med that the government is expecting to sign a staff level agreement w th the international Monetar y Fund (iMF) next week

our negotiations with the iMF are about to conclude and we expect to s gn a staff Leve agreement with the iMF by next week, dar said, adding that all econom c indicators are slowly moving in the right direct on while fore gn commercial banks have started extending facil ties to pakistan he further said that sbp forex reser ves have been increasing and are almost

up by $1 billion as compared to four weeks ago desp te making al the due payments on t me he said that ant -pakistan elements are spreading malicious rumors that pakistan may defau t this is not only complete y fa se but also factual y incorrect, dar added it is pert nent to note that the government ’s economic team and the iMF have been negot ating to finalise the deal for a month now Later in the day the state bank of pakistan (sbp) raised the benchmark nterest rate by a significant 300 bas s po nts (bps) to 20% which was one of iMF s main conditions

Rupee sheds highest ever value against dollar, but what is the reason?

iSLAMABAD

s h a h n awa z a l i when the historic deva uation in the last week of Januar y sett ed down not a lot of people had foreseen another devaluation in such a near future and even those who d d were hoping that it happens in the worst possible circumstances by the looks of t the worst poss b e c rcumstances are here and the debate on pak stan has seen worse” seems to have been settled once and for all the pakistani currency now stands at its weakest level in histor y aga nst the us do lar the

market closed at rs 285 1 per dollar and the greenbacks are reported to hit the 287 mark at one point during the day in the open market, the dol ar is being so d for as much as rs 293 but even at th s price the buyers outnumber the se lers throughout the calendar year the rupee has depreciated var ous times cumu ative y by more than 60% since March, 2022 but what s the reason for the depreciation this time and who is to b ame? there s no one reason as to why the currency has depreciated again but the elephant in th s room also stands out to be the iMF the iMF has had a

strong emphasis on a market based exchange rate for pakistan ever since the start of the extended Fund Facility as per the fund, the rate s the true depiction of the supply and demand for the currency however in pakistan s case a peg on the exchange rate low reserves a potential store of value and an excessive demand of the dollar across the afghan border, forced the market to just keep on demanding despite various crackdowns t has been reported that the smugg ng of do lars across borders has not completely stopped

chief of army staff (coa s) General syed as m Munir thursday called on pr me Minister shehbaz sharif on thursday and discussed various ssues nc uding the countr y s economic and security s tuation according to express news regional as well as countr y s situation came under discussion during the meeting which took place at pM house in islamabad the meeting comes as the countr y is facing a resurgence of terrorism however the security forces have mult p e attempts by in m ca elements to disrupt hard-earned peace in the countr y they have conducted numerous operations across the countr y in the past three months arresting terror sts and their faci itators and foil ng several attacks in balochistan alone 3 414 operations were conducted, including 2,980 area dom nation operations 67 inte ligence-based operations and 367 area sanitisation operations during these operations security forces arrested 112 terror sts and killed 40 others a total of 1 960 operat ons were conducted in k-p out of which 1 516 were area-dominat on operations, 301 were intelligence-based operations and 143 were area-sanitisation operations as a result of the operat ons conducted by security forces 98 terrorists were killed and 540 were arrested in k-p the government and people of pakistan continue to stand behind the r secur ty forces in the r fight against terrorism and violent extremism

sanaullah: imran’s hiding place is no more

iSLAMABAD s ta f f r e p o r t M i n s t e r f o r i n t e r o r ra n a s a n a u a h k h a n m a d e a s t a t e m e n t c l a i m i n g t h a t i m r a n k h a n t h e c h a i r m a n o f pa k i s t a n te h r e e k- i - i n s a f ( p t i ) w o u l d s o o n b e a r r e s t e d a n d w o u d n o t b e a b l e t o f n d a p l a c e t o h d e w h i l e s p e a k i n g t o a t V s t a t i o n h e a l s o s a i d t h e pa k i s t a n M u s l i m Le a g u e - n a w a z ( p M L- n ) h a d a l w a y s r e s p e c t e d t h e c o u r t s a n d d e p o s e d p r i m e m i n i s t e r n a w a z s h a r i f h a d a t t e n d e d d o z e n s o f c o u r t h e a r i n g s t h e m i n i s t e r f u r t h e r a c c u s e d k h a n o f p u t t i n g p o l i t i c a l o p p o n e n t s i n a i l o n f a l s e c h a r g e s a n d s t a t e d t h a t w h e n h e w a s f o u n d g u i l t y i n t h e to s h a k h a n a c a s e h e s t a r t e d m a k n g b a s e l e s s a l l e g a t i o n s s a n a u l l a h k h a n a d d e d t h a t k h a n w o u d f a c e a t r a n s p a r e n t p r o b e f o r s e l l i n g a n e x p e n s v e w r i s t w a t c h h e a l s o s t a t e d t h a t d u e t o k h a n s i n v o l v e m e n t i n t h e s a e o f g f t s h e w o u d b e p r e s e n t e d i n c o u r t a n d m a d e t o a n s w e r f o r t h e d e t a s

State Bank hikes policy rate by 300 basis points

iSLAMABAD s h a h n awa z a l n a move that was much antic pated by the state bank the policy rate has been raised by 300 basis points From now on the effective policy rate in the countr y stands at 20% in a session that was preponed by 14 days the Mpc made the histor c decision this s the first time s nce the 22nd october 1996 that the Mpc has touched the 20% mark the current hike s a so a record for aggression in the po icy rate hike the last time the Mpc hiked the po icy rate by at least 300 basis points was also n october 1996 as per reports it was the iMF that wanted pakistan to have a pol cy rate that was comparable to the countr y s core inflat on as per the monetar y policy statement recent fisca adjustments and

exchange rate depreciation had led to a significant deterioration in the nearterm inflation outlook, w th the nationa cp inflation surging to 31 5 % in Februar y 2023 the Mpc emphasised that anchoring inflation expectations was cr tical and warranted a strong policy response ironically the exchange rate also fel rather significant y even whi e the meeting was taking place the statement points out that vulnerabilit es continue to persist on the external side includ ng pressure on FX reser ves and the exchange rate however as per the committee the recent fiscal measures are expected to help contain the other wise widening fisca and pr mar y deficits the monetar y policy statement also goes on to say that the committee envisaged fiscal consolidation which is critical for economic stab lity and wil complement the ongoing monetar y

tightening in bringing down inflation over the medium-term however with ramadan around the corner and multiple elections approaching f scal consolidation might just be hard to ach eve the Mpc also assessed the mpact of further monetar y tighten ng on financ a stabil ty and the near-term growth outlook acknowledging the trade-off between inflation and growth the committee reiterated from previous statements that the short-term costs of bringing down inflation are lower than the long-term costs of allowing it to become entrenched the comm ttee expects inflation to rise further in the next few months as the mpact of these adjustments unfolds before it beg ns to fall albeit at a gradual pace said the Mpc statement with the real nterest rate now in positive terr tor y on a for ward-looking basis the Mpc hoped to steer inflat on

to the med um-term target of 5 – 7 percent by the end of Fy25 the next Mpc meeting is set to take place on apr l 4 2023 instead of its original date which was apri 27 2023 whi e responding to a quest on about

the ant cipated hike n the next meetng the head of equity research Fahad rauf told profit that there was too much uncertainty to make a claim as of now the decis on w ll become clearer by ooking at how the inflation moves

PM orders action as inquiry report on power breakdown suggests ‘human, tech error’

G ovt ex p ect s t o s ig n s t a ff level a g reem en t w it h IM F n ex t w eek

T wo suspecTs arresTed afTer 6-year-old girl raped, murdered in K arachi

Staff report

aN hours-long protest on Karachi s National Highway against the brutal rape and murder of a sixyear-old girl, whose body was found in Bin Qasim Town on Wednesday was called off the same day after a senior police official assured the protesters of further arrests

Two suspects are in police custody so far

The minor had gone missing three days ago while stepping outside her home in Bin

Qasim Town s Data Nagar neighbourhood and her body was recovered from the drain of the Steel Town area on Wednesday, Bin

Qasim Station House Officer (SHO) Fahadul

Hasan said He further said her relatives had lodged a first information report (FIR) on Feb 28 and two suspects neighbours of the victim have been taken into custody for

interrogation Later in the day Malir Senior Superintendent of Police (SSP) Hassan

Sardar confirmed the arrests in a media talk

He said that the suspect, identified as Intizar

Hussain, was a painter by profession and originally hailed from Layyah

“He lived in the same neighbourhood as the victim ” the police official said

He revealed that another suspect Allah Raka helped Hussain throw the girl’s body into the drain

sharif, Jcsc chief mirza discuss securit y, militar y affairs

iSLamabad S ta f f R e p o R t

Chairman of the Joint Chiefs of Staff Committee (JCSC), Gen Sahir Shamshad Mirza, met with Prime Minister Shehbaz Sharif on Thursday to discuss the security situation in the country and professional matters related to the military The meeting took place at the Prime Minister s House Gen Mirza who was promoted to his current rank in November also met with the prime minister following his promotion During the meeting Sharif congratulated him on his new position and praised his professional capabilities and performance in the Pakistan Army The prime minister highlighted that the Pakistan Army is a valuable national asset, and the leadership of the two competent officers will further strengthen the country s defense

imran has no right to question gov t economic policies: marriyum

iSLamabad S ta f f R e p o R t

Minister for Information and Broadcasting Marriyum

Aurangzeb on Thursday said Imran Khan had no right to question the economic policies of the current government which had been striving to undo the mess created by Pakistan Tehreek-e-Insaf (PTI) regime in its four-year tenure She in a tweet said ironically the shameless person who pushed the country into an economic quagmire with his own hands had the audacity to lift finger on others He (Imran Khan) did not only ruin the economy but also “plunged the country into political and constitutional crises”, the minister added The minister also shared some pictures on her Twitter handle giving a complete analysis of the economic performance of the PTI and Pakistan Muslim League-Nawaz respective governments She said the launch of “Imrani Project” in 2016 was the beginning of a conspiracy against Pakistan The economic growth would not have nosedived if that project was not launched she said adding the inflation and the unemployment rate had also increased due to the wrong economic policies of the PTI’s government

Hussain kidnapped the girl by luring her with toys and then raped her He strangled her to death and later threw the body in the drain Sardar said adding that the police were trying to obtain the suspect s past criminal record Meanwhile, the victim s father demanded that the culprits should be brought to justice and awarded strict punishment

A u to p s y: The girl’s body was shifted to the Jinnah Postgraduate Medical Centre to fulfil legal formalities Police surgeon Dr Summaiya Syed said: “The body of a minor girl was found with hands and feet tied around 48 hours old ” Physical findings are conclusive for

violent vaginal and anal intercourse with the possibility of gang rape she added Saying the cause of death was reserved till reports arrived the surgeon said All relevant samples including viscera and swabs from the body have been collected

F I R o n k I d n A p p I n g: SSP Khan added the Bin Qasim Town police had registered an FIR, under sections 34 and 363 of the Pakistan Penal Codeon the complaint of the victim’s father According to the contents of the FIR, the complainant said he is a taxi driver by profession who lives in Bin Qasim Town’s Data Nagar for the last eight-nine years along with his family He said he had left his home in his taxi

at around 7am on Feb 27 when his wife informed him on the phone that their daughter had left to purchase snacks from a nearby shop at around 8am However upon her not returning home after a considerable time his wife inquired from the local residents and the shopkeeper as well but could not find her and informed him the complainant said T h e F I R f u r t h e r s a i d w h e n t h e c o m p l a i n a n t r e a c h e d h o m e a n d t a l k e d t o t h e s h o p k e e p e r h e w a s t o l d t h e g i r l h a d bought snacks and left The father said in t h e F I R t h a t h e s u s p e c t e d t h a t s o m e o n e h a d k i d n a p p e d h i s d a u g h t e r f o r s o m e unknown reason p R o t e s t o R s d e m A n d s u s p e c t’s A R R e s t: Late Wednesday night, relatives and workers of political parties including the PTI protested against the brutal killing of the girl blocking the National Highway near Steel Town Morr Demanding the immediate arrest of the suspects the protesters set old tyres on fire resulting in the highway being blocked for around four hours according to witnesses

NAB chief appointment: LHC orders copy of ruling that reinstated PTI MPs

The Lahore High Court (LHC) Thursday ordered to present a copy of its earlier judgement ordering the National Assembly speaker to reinstate Pakistan Tehreek-i-Insaf (PTI) lawmakers during the next hearing of the case concerning the appointment of the chairman of the National Accountability Bureau (NAB)

Earlier this month the high court suspended the decision of the Election Commission of Pakistan (ECP) to de-

notify 43 PTI MPs and also postponed the by-elections in the constituencies represented by the de-notified members originally scheduled to take place in two phases on March 16 and 19 until further notice The ruling came on a plea moved by the lawmakers challenging the approval by Raja Pervaiz Ashraf the speaker of their resignations The ECP had acted after the speaker sent the resignation letters to it The petition in question says that opposition leader Raja Riaz Ahmad should not have been consulted on the

appointment of the NAB chairman The petition references Ahmad who is among the disgruntled members of PTI that parted ways with former prime minister Imran Khan during the vote of no-confidence last year The petitioner a rg u e d t h a t A h m a d s a p p o i n t m e n t a s t h e o p p o s i t i o n l e a d e r w a s a l r e a d y contested and that the case was being heard in court, whereas the members of the PTI legislators had been reinstated

Therefore, until the appointment of the new opposition leader, the court should prohibit the president and prime

minister from appointing the new NAB chairman Aftab Sultan had resigned as NAB chairman having been appointed as the head of the anti-graft body on July 21 2022 for three years by the PDM government after Justice (retd) Javed Iqbal s tenure ended last year Speaking to Geo News Sultan said he had been asked to do certain things that were not acceptable to him It is believed that Sultan suffered this setback after refusing to make arrests of Khan on the government’s instruction

Govt expec ts to sign staff level agreement with IMF next week

Continued from page 01

On the other hand, the ECC on Wednesday also approved the imposition of a Rs 3 82/unit additional surcharge for four months i e Mar-23 to June-23 Earlier the government had withdrawn the subsidy for the export oriented sector as well as agriculture consumers to comply with another demand by the Fund The government had also approved a mini budget worth Rs 170 billion in new taxes in mid-February The

finance minister had said that the government will use this amount to curtail the mounting circular debt

Moreover, the government has also cut ministries or divisions expenditures by 15% besides imposing a complete ban on the purchase of all new durables as well as vehicles from June 1, 2023

Sources said that the IMF delegation does not trust the current government’s economic team due to which they have asked for the implement of the agreed points prior to the disbursement of the loan

New elec tricity charges challenged by NEPRA

Continued from baCk page

Chairman said that if NEPRA allows recoveries in this way then other procedures will become redundant If the government has the authority, then it should not shift the responsibility onto NEPRA

This situation did not emerge in one day, we had several times forewarned the government of deteriorating power management, but no heed was given It indicates the inefficiencies of the Power Division due to which every year the situation becomes bad to worse Member

NEPRA Rafique Ahmad Shaikh asked the division to do its homework on the issue take legal views regarding the surcharges and then come to us He further said that the surcharge will not solve the issues of the government

He said that the industrial tariff could go up to Rs32/unit Followed by a question if industries opt for an alternate option then how can the government recover? Ironically the power division official had no answer and said that we have not looked into this question so far Chairman NEPRA said that our energy sector governance and recoveries are not settled while challenges of losses are increasing We are pressing on the subsidy’s surcharges, but are not willing to address

the actual issues

Meanwhile, while chairing a second public hearing on the petition for recovery of staggered Fuel Charges Adjustment (FCAs) that was applicable for August and September 2022 of Discos and K-Electric in eight months starting from March 2023 The federal government has sought NEPRA s policy guidelines for transferring the burden of Rs 52 billion to the electricity consumers on account of staggered fuel charges adjustments (FCAs) for the months of June and July 2022 It is worth mentioning here that the federal cabinet had already approved the recovery of Rs 52 billion on account of two consecutive FCAs from the consumers of Discos and KE NEPRA had determined the FCAs of Rs9 89/unit and Rs4 3435/unit for the months of June and July 2022, respectively The FCA for both the months was supposed to be charged in the billing months of August and September 2022 respectively for Discos

For the consumers of K-Electric the regulator had determined an increase of Rs9 89/unit on account of FCA to be charged in the August 2022 billing cycle Similarly the tariff was increased by Rs8 09/unit on account of FCA for June 2022 which was supposed to be charged in September 2022 Since the July FCA was

Sources also informed Profit that IMF s team during their visit to Islamabad had held a meeting with ambassadors of friendly countries for confirmation of whether they were ready to give funds to Pakistan for shoring up its foreign reserves

It may be noted that according to the State Bank of Pakistan (SBP) on Tuesday, foreign exchange reserves increased by $556 million to $3,814 1 million after a $700 million loan from the Chinese Development Bank

negative Rs4 11/ unit, therefore for June FCA the consumers were supposed to pay only an additional Rs3 97/unit instead of Rs8 09/unit hike determined by NEPRA Rebasing of uniform tariff determined by NEPRA and recommended by it as “final tariff ’ for publication in the official gazette was notified by the federal government in order to not burden the consumers disproportionately through a back to back charge of Rs 3 5/unit in July and Rs 3 5/unit in August of last year

Consumers were hit by Rs 9 89per unit of FCA plus Rs 7 per unit of rebasing simultaneously in August billing This is an average increase of Rs 16 90 per unit over and above the July rates The above adjustments in tariff significantly increased the electricity bills for the months of August and September 2022 Moreover, the extensive flood due to abnormally heavy monsoon rains also affected consumers across the country Under this scenario, the Prime Minister of Pakistan decided to stagger the recovery of Discos and KElectric FCAs applicable in August and September 2022 The government wants to transfer the burden of up to Rs 14 24/unit to power consumers during next eight months which is Rs 10 34/unit for the protected consumers using up to 200 units and Rs 14 24/unit for the non-protected consumers using up to 300 units

K-Elec tric plans investment to rid city of load-shedding

govT aims for TighTer securiT y in firsT digiTal census

LaHore t h e a S S o c i at e d p R e S S

TH E government has launched Pakistan’s firstever digital population and housing census in an effort to securely gather demographic data on every individual ahead of this year ’s parliamentary elections officials said The digital count will provide data for policy decisions which now are based on the 2017 census that counted the population at 207 million people It s also meant to beef up security and avoid another morass like the one that beset the 2021 census The results of that count which was done manually were never announced over complaints about errors and exclusion The results of the digital census will be announced next month, according to Pakistan s Bureau of Statistics (PBS), which is conducting the census amid tight security On Wednesday, census workers fanned out across Pakistan to collect the data In addition to policy decisions on such matters as education and health the information also will

First- ever ‘digital population census ’ need of time to ensure transparenc y: S pokesperson

be used for the next parliamentary elections

For the first time census workers will count transgender people who are largely neglected in this nation According to human rights groups there are around 10 000 trans people living in Pakistan

ISLAMABAD: Spokesperson of the Pakistan Bureau of Statistics Muhammad Sarwar Gondal Thursday said that Pakistan s first ever digital population census was need of the time which would bring transparency in the process and would help in formulating targeted policies for equal distribution of resources The statistics on the population and housing census would give a true picture of the current population in the country , he said while talking to a private news channel Without digital and timely conduction of population census, the resources distribution amongst various areas of the country will not be ensured, he further mentioned In order to make the exercise successful, the media and public cooperation will be of great importance, he stressed Replying to a question, he explained the process that the census process is divided into two parts, in the first part the citizens have been given the option to self-enumerate through the specially designed https://self pbs gov pk portal While in the second phase, the house-to-house census will be conducted by using tablets and mobiles, in which organizers will make the process more credible, accurate and transparent, he added He also appealed to the public to fully cooperate with the census teams to make the census a success Self-enumeration is a new concept that gives every resident of the country the option to register in the census he replied in a question To another question he said any household member can register all members of the family who live and eat together as a household adding census teams are visiting houses door to door for the verification of the process S ta f f R e p o R t

E C P s e e k s R O s f r o m j u d i c i a r y fo r P u n j a b p o l l s

iSLamabad S ta f f R e p o R t

The Election Commission of Pakistan (ECP) has decided to recruit returning officers from the judiciary for the elections in Punjab A private television reported on Thursday that the registrar Lahore High

Court has agreed to provide judicial officers for the elections in Punjab Sources privy to the ECP have said that t h e r e t u r n i n g a n d a s s i s t a n t r e t u r n i n g o ff i c e r s f o r t h e e l e c t i o n w i l l b e f r o m the subordinate judiciary Meanwhile the Returning Officer for the elections will be the Additional District and Sessions Judges Assistant

lhc turns down request for contempt proceedings against sanaullah

LaHore S ta f f R e p o R t

The Lahore High Court (LHC) has rejected a petition seeking contempt proceedings against Interior Minister Rana Sanaullah Khan for allegedly scandalising the judiciary through an audio leak The audio involved former Punjab chief minister Chaudhry Parvez Elahi and his lawyer In a written verdict Justice Abid Aziz Shaikh said that the petitioner did not provide any evidence or transcript of the conversation The case was declared inadmissible as the petitioner was not a victim in the case During the hearing, the judge had remarked the Supreme Court was also looking into the matter and inquired if a forensic examination of the audio had been conducted When the petitioner said the interior minister attempted to defame the judiciary, Justice Shaikh remarked: “Now, you don’t need to worry We will handle it ” On February 16, Khan in a press conference ran an audio tape of an alleged conversation between Elahi and his counsel Supreme Court Bar Association (SCBA) President Abid Shahid Zuberi The minister claimed the former chief minister wanted to get a case fixed before his favourite judge to get a desirable verdict He also appealed to Chief Justice Umar Ata Bandial to take notice of the purported audio He also demanded the forensic test of the leaked audio tape If the former Punjab CM is found guilty after the forensic, then the matter should be presented before the judicial committee, he remarked

comsaTs boss calls on Tunisian envoy

iSLamabad

S ta f f R e p o R t

The Executive Director of COMSATS Ambassador Dr Mohammad Nafees Zakaria paid a courtesy call on the Ambassador of the Republic of Tunisia H E Mr Burhan Al-Kamel The Ambassador of Tunisia congratulated Ambassador Zakaria on his appointment as Executive Director of COMSATS an international Intergovernmental organization of 27 countries The Ambassador said that Tunisia attaches high importance to COMSATS and relevant organizations work closely with the Secretariat The Executive Director COMSATS thanked the Ambassador and apprised him of the current activities the outcome of recently held coordinating council meeting at Karachi Pakistan and ongoing programs of COMSATS Centres of Excellence Ambassador Dr Zakaria shared his ideas on ways to encourage young talented researchers and scientists as also research and innovations The Ambassador proposed Executive Director a working visit to Tunisia at the earliest possible time Ambassador Borhene wished Dr Zakaria a successful tenure and assured him of his country’s full support to COMSATS

Returning Officers will be Civil Judges and District Returning Officers will be District and Sessions Judges

Preparation of the list of judges for r e t u r n i n g o ff i c e r s a n d a s s i s t a n t returning officers will start on March

3 elections will be held on 297 general s e a t s i n P u n j a b a n d m o r e t h a n 1 5 0 d i s t r i c t a n d s e s s i o n j u d g e s w i l l b e

LaHore S ta f f R e p o R t

The Balochistan Police on Thursday claimed to have arrested Muhammad Khan Bhatti, the secretary of Punjab Assembly and principal secretary to former Punjab chief minister Chaudhry Pervaiz Elahi from Quetta The police said Bhatti was trying to ‘cross into Iran’ to escape the ongoing corruption case against him

Bhatti a close aide of the former Punjab chief minister is accused of taking more than Rs460 million as bribe from officials of the Punjab Highway

Department

On the other hand Punjab Anti-Corruption DG

Sohail Zafar Chatta constituted a four-member team to bring Muhammad Bhatti from Quetta to the AntiCorruption Establishment (ACE) headquarters in Lahore as he is wanted in a corruption case

The Punjab ACE officials confirmed that Bhatti was arrested while attempting to escape the country via the Balochistan-Iran border

The ACE has already arrested SDO Highway Police Rana Muhammad Iqbal on charges of bribery

According to the FIR Iqbal gave millions of rupees to the accused to get posts of his choice Several officials from the communications and construction departments were working for Muhammad Khan Bhatti the FIR states Bhatti s name has also come up in an audio clip of an alleged telephone conversation between the Elahi and a lawyer in which the former chief minister is

a p p o i n t e d a c r o s s P u n j a b N o t a b l y, preparations for general elections have s t a r t e d i n P u n j a b a n d K h y b e r

Pakhtunkhwa

The development came after the ruling passed by the Supreme Court of Pakistan regarding the delay in the polls The apex court has ordered to hold the election within 90 days

former general acquitted of incitement charge

iSLamabad

S ta f f R e p o R t

purportedly talking about fixing Bhatti s case before a sitting apex court judge Ch Pervaiz Elahi has denied any wrongdoing claiming that a wrong impression was being given to his conversation with the lawyer about the Muhammad Khan Bhatti case Muhammad Khan Bhatti went missing after he was apprehended last month from the Matiari district in Sindh while he was going to the Sindh High Court for protective bail Following the arrest, Bhatti s wife Kausar Parveen filed a plea in the Lahore High Court, seeking her husband’s recovery and arguing that he was being subjected to political victimisation and humiliated for his loyalty to Elahi She implored in her petition that her husband had always discharged his duties in the most faithful manner and to the best of his abilities but on account of his family s political background he is being subjected of victimisation by the government headed by rival political parties She further claimed in her petition that he husband had told her that his political rivals have decided to implicate him in false criminal cases

Edible oil price increased by Rs115 per kg in utility stores

iSLamabad S ta f f R e p o R t

The Utility Stores Corporation has increased Rs 115 per kg in the prices of subsidized ghee and cooking oil at all stores across the country with an immediate effect from March 2 for general public According to the official notification The Utility Stores Corporation increased the price of subsidized ghee from Rs 375 to Rs 490 per kg However the beneficiaries of Benazir Income Sport Program will be exempted from the increase for them the price of ghee per kg will remain Rs 300 Under the Prime Minister s package the price of general subsidized ghee has been increased for the second time in two months

Earlier on January 1, 2023, the price of edible oil

was increased by Rs 75 per kg Thus in two months under the Prime Minister s package ghee became expensive by Rs 190

The Utility Stores Corporation sources said that in order to improve demand and supply and ensure uninterrupted supply of branded items, prices of certain branded items have been increased at all Utility Stores across the country However, this increase is from branded companies, which is due to factors like market volatility/rising trend

Utility Stores Corporation does not manufacture or produce itself but purchases from reputed and certified branded companies of the country

When raw material prices increase production charges increase and transportation charges increase the product cost also increases due to which the prices have to be revised

Omar Ayub named acting PTI SG till release of Asad Umar

Pakistan Tehreek-e-Inaf (PTI) Additional Secretary General Omar Ayub Khan has been entrusted with the powers of the PTI Central Secretary General in the absence of Asad Umar who voluntarily surrendered

himself to the authorities during PTI s Jail Bharo (court arrest) movement The notification reads: “Till Asad Umar, Secretary General of the party, remains in incarceration Omar Ayub Khan the Additional Secretary General is hereby authorized to sign for and on behalf of the Secretary General ”

A district and sessions court in Islamabad granted the discharge request made by retired Lt Gen Amjad Shoaib who was arrested on Monday after being charged with inciting the public and civil servants against national institutions The charge against Shoaib which carries a seven-year sentence came after he appeared on a popular cable news station BOL News over the weekend criticising authorities for keeping the supporters of former prime minister Imran Khan jailed, especially in remote areas of the country They were arrested amid Khan s latest court arrest campaign as a way to pressure the government into holding early elections The verdict Thursday was announced by Additional District and Sessions Judge Tahir Abbas Sipra following the review plea filed by the former general, a fierce critic of the Shehbaz Sharif government, against his physical remand granted on Monday During the hearing Shoaib’s lawyer argued that a case could not be filed against his client based on his remarks which he deemed were not offensive The defence analyst also clarified that he had never supported long marches or sitins and denied meeting any political leaders The prosecutor however opposed the discharge request and argued it was necessary to detain Shoaib to investigate the case and conduct a photogrammetric test The court ultimately dismissed the charges against Shoaib after hearing the arguments Following the hearing, Shoaib spoke out, saying this was the third fake case filed against him He also clarified that he has no association with any political party and has never met Khan He added that when he gives his analysis, it is his own and individuals should interpret his views in their own way Shoaib emphasised that his advice is not a crime and that everything he says is for the benefit of Pakistan

pakistan, poland vow to enhance cooperation

iSLamabad

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar and Ambassador of the Republic of Poland, Maciej Pisarski here on Thursday discussed avenues of mutual cooperation in various sectors including investment and vowed to enhance the level of friendship and bilateral relations In a meeting with Polish Ambassador who called on him here, the finance minister highlighted cordial relations between the two countries, according to press statement issued by the finance ministry Dar said that Pakistan highly values its bilateral relations with Poland and underscored the importance of enhancement in trade economic and investment relations between both countries The minister appreciated the Polish investments in Pakistan in energy sector and extended full support and cooperation of the government to enhance the economic relations between the two countries On the occasion, the Ambassador of the Republic of Poland shared sentiments of gratitude with the Finance Minister on offering the cooperation and support for enhancing and strengthening bilateral relations between both the countries

lovebirds commit suicide after failing to tie knot

nangarparkar S ta f f R e p o R t

Bodies of a boy and a girl have been found hanging from a tree in Kotaro, a suburban village of tehsil Nangarparkar on Thursday Police have said the bodies are of lovebirds 18-year-old Meena who was a ninth class student and Mithan Kolhi a student of intermediate Police have further said both boy and girl committed suicide after they failed to marry each other And since in Hinduism, close relatives cannot marry each other these two could not tie the knot either as both were closely related to each other the Force explained

Raw material shor tages, overhead costs drive steel industr y to brink of collapse

least 6,000 rps/ton, making it impossible for many businesses to operate ” But that’s not all The industry is also facing a 3 23rps/unit electricity surcharge which has been imposed in order to adhere to IMF restrictions making it the most expensive energy in the region for industries This will additionally increase costs by around 4 000 rps/ton aggravating the already insurmountable overhead costs

jobs at risk and 42 allied industries affected ”

According to him the steel industry is a vital part of Pakistan’s economy and the government must take immediate action to support it We urgently need the SBP to open LC s in order to mitigate this crisis If we don t

many factories close down as a result More than half the industry has already shut down and this will negatively affect Pakistan’s industrialization for generations to come The announced increase in the Monetary Policy Committee (MPC) will raise the cost by at

The situation is rapidly deteriorating, warns Bukhari adding Raw material availability is only guaranteed until endMarch, and if LC’s are not opened, prices can easily cross 325,000 rps/ton This will have a severe impact on the industry as well as on the wider economy with 7 5 million

‘Missing’ Muhammad Khan Bhatti held in Q uetta ‘tr ying to flee countr y ’

DeMOCRACY is a form of government where citizens have a say in the decision-making process through their elected representatives

Artificial Intelligence (AI) and technology are changing the world we live in at an unprecedented pace

These advancements have transformed our lives and are increasingly having a significant impact on the way democracies function The question of whether technology and AI will be beneficial or detrimental to democracy is complex One of the most significant benefits of technology and AI for democracy is the improvement of access to information Technology has made it easier to obtain information on political processes, voting records, and the activities of elected representatives This transparency has helped citizens to hold their governments accountable, and to make informed decisions about political issues Technology and AI can enhance citizen engagement by enabling greater participation in the decision-making process

For instance social media platforms and online forums allow citizens to express their opinions and concerns to policymakers while online voting platforms enable citizens to participate in voting processes without the need for physical presence Technology and AI can also help to promote greater transparency and accountability in democracy For example online databases can make it easier to track political donations and spending while AI-powered tools can help to detect corruption and fraud

One of the most significant risks of technology and AI for democracy is the potential for information manipulation Social media platforms, for instance, have been criticized for their role in spreading fake news, propaganda and hate speech These platforms use AI algorithms to curate news feeds and these algorithms can be used to manipulate public opinion and undermine democratic processes

A I a n d D e m o c r a c y

The Cambridge Analytica scandal is a high-profile example of how data mining and profiling can be used to manipulate public opinion in politics Cambridge Analytica a British political consulting firm was hired by the Trump campaign during the 2016 uS Presidential election to use data from Facebook to target voters with tailored political ads The scandal exposed the risks of collecting and using data without the knowledge and consent of users and raised concerns about the role of data mining and profiling in politics

AI can be used in political campaigns to analyze voter data and preferences, and to identify trends and patterns in voting behaviour This can help political parties to tailor their messages and campaign strategies to appeal to different groups of voters However, there are also concerns that this type of data analysis could be used to manipulate public opinion and undermine the democratic process As AI becomes more advanced, it may play an increasingly important role in decision-making processes in politics For example AI could be used to analyze policy proposals to evaluate the effectiveness of different strategies and to forecast the outcomes of different scenarios However there are also risks that AI could be biased or that its decision-making processes could be opaque and difficult to understand As AI becomes more powerful it has the potential to disrupt traditional political structures and power relationships For example, AIpowered tools could be used to organize political movements and to coordinate protests and demonstrations This could challenge the existing power structures and lead to a more decentralized and grassroots approach to politics

One of the most significant threats is the possibility of governments abusing the technology to control its people Governments around the world have always been looking for ways to maintain their power and control over their citizens With the advent of AI they have a new tool at their disposal that can be used to keep a watchful eye on the population This can lead to a scenario where privacy is a thing of the past and people s every move is monitored The use of AI in surveillance can have detrimental effects on society It can lead to the erosion of democratic norms, where people are afraid to express their views or engage in political activities for fear of being monitored This can have a chilling effect on free

poses) have increased almost five-fold, from $1 3bn in 2010 to $6 3bn in 2019 (up 377 percent) And their unrestricted core contributions have risen even more: increasing from $1 0bn to $5 2bn (up 410 percent) Of these core contributions, we see that those to un agencies more than quadrupled over the decade, steadily rising from $0 3bn to $1 2bn (up 330 percent)

But by far the most striking development in e13 core contributions has come from the creation and capitalisation of two new multilateral organisations: the Asian Infrastructure Investment Bank (AIIB) and the new Development Bank (nDB)

THE ROLE OF CHINA

IT'S been 25 years since the 1997 Asian financial crisis led to the creation of the G20 forum for finance ministers; and 15 years since this became a leader-level meeting following the global financial crisis During this period there has been significant shift in the global finance and economic landscape

The ascent of several emerging economies has seen their contributions to the multilateral finance system that supports development rise significantly Our new report collates those contributions over the last decade for the first time It charts how China s annual contributions to the un and multilateral development banks rose twenty-fold from $0 1bn to $2 2bn

But it also looks collectively at a group of 13 rising economies whose developmental contributions to multilateral finance institutions have risen fivefold to over $6bn over the last decade

These contributions now make up an eighth of the total; and have seen the creation of two new multilateral finance institutions

In this piece we draw out key findings from our analysis including the balance between funding existing and new institutions like the new Development Bank

We consider whether continued growth in the 13 emerging actors could generate enough new funding for development over the next quarter century, and even create an institution as large at the World Bank's fund for low-income countries (IDA)

Despite recent rhetoric around the return to a bipolar world order this report is evidence that a wide group of countries are already playing major role in the global economic and development system and will continue to do so in years to come

THE TRANSFORMATIONAL EFFECT OF ECONOMIC GROWTH ON THE MULTILATERAL SYSTEM

In 1990 most people in the world lived in low-income countries; by 2020, this share had fallen dramatically to just seven percent of people Meanwhile, the share of the global population living in middle-income countries swelled from 30 percent in 1990 to 73 percent in 2020

Such a transformation implies a greater number of countries with the economic output to contribute internationally: widening and deepening participation in the multilateral system

And this is just what we ve seen Over the decade to 2019 we find a group of emerging actors have significantly increased their contributions of development finance to multilateral organisations These include thirteen major economies outside the group of more established providers within the Development Assistance Committee (DAC), which tend to receive more attention Ten of these emerging actors are G20 members, including the BRICS – Brazil, Russia, India, China, and South Africa – but others have grown quickly too: Argentina, Chile, Indonesia, Israel, Mexico, Saudi Arabia, Turkey, and the united Arab emirates Collectively we refer to these 13 emerging actors as the "e13

"

Over the decade the e13's annual contributions of development finance to multilateral organisations (both core and funding earmarked for particular pur-

Although China has recently stepped back its bilateral finance efforts, its multilateral contributions increased steadily to 2019; and provided a third (34 percent) of the e13 total over the decade Our colleagues have examined this in detail, including how China has the second highest aggregate voting share after the uS in international finance institutions it supports

Still our analysis also highlights the importance of Russia Brazil and India who each contributed over $3bn over the period and collectively contributed a further third of the total While China s multilateral contributions have been concentrated (59 percent) in new institutions it co-founded other providers have concentrated funding in traditional institutions: for example Argentina Chile and Mexico did not support the new institutions while for Saudi Arabia and uAe they were 17 percent and 21 percent respectively

CREATING NEW MULTILATERAL FINANCE

ORGANISATIONS

Over the 10-year period we examine, almost half of the e13 s core multilateral contributions were to the two new institutions (AIIB and nDB) After 2016, funding provided to these institutions made up over two-thirds of their contributions Indeed in 2016 the first financial contributions to AIIB and nDB caused e13 multilateral development finance to triple in a single year The e13 provided an additional $6 0bn of core funds for AIIB and nDB in 2016 without reducing their multilateral contributions through other channels

Though annual contributions reduced to $3 1bn in 2019, AIIB and nDB still accounted for half of the e13's multilateral development finance in that year, leaving their contributions at the end of the decade far ahead of the beginning EMERGING ACTORS FUND A SIXTH OF THE UN SYSTEM

As well as higher absolute contributions the e13 s role in the multilateral system has also grown in relative terms As a share of the level of finance provided by the 29 high-income countries in the OeCD DAC the e13 s core multilateral contributions rose from 5 percent in 2010 to 12 percent in 2019 – more than doubling their relative significance This was largely due to the effect of AIIB and nDB (clearly seen by the 2016 peak), but we also see that e13 core contributions to the un system steadily and quickly rose as a share of the DAC level across the decade: from 5 percent in 2010 to 17 percent in 2019

A LOOK TO 2050 – WHAT ROLE MIGHT

THE EMERGING ECONOMIES PLAY?

As the economies of the e13 continue to grow what might this mean for their multilateral contributions in the future? The share of economic output provided as development finance to multilateral organisations (either core or earmarked) tends to increase with higher levels of income per capita

Though the relationship is steeper for the DAC than the e13 even the e13 s current trajectory implies a significant increase in future multilateral development finance from this group Ian Mitchell is Co-Director

speech which is the cornerstone of any democracy

For example In China the social credit system is like a persistent online nanny constantly monitoring citizens behaviour and handing out grades like a tough elementary school teacher This AI programme assigns each person a score based on their actions, which can affect their ability to travel, buy a house, or even get a date

But while the Chinese government hails this system as a marvel of modern technology, it raises serious concerns about neglecting democratic norms After all the social credit system is essentially a way for the government to control citizens behaviour and punish those who deviate from the norm – even if the norm is subject to the whims of those in power

Imagine if your entire life was reduced to a single number like a credit score that determined your access to basic necessities like transportation housing a n d e m p l o y m e n t A n d i m a g i n e t h a t t h i s n u m b e r w a s determined not just by objective factors like your income or credit history, but also by your social behavi o u r – l i k e w h o y o u a s s o c i a t e w i t h , w h a t y o u s a y online, and how you behave in public It’s easy to see how such a system could be abused by those in power to suppress dissent, punish minorities, or reward loyalists And because the social credit system is run by an AI programme there’s little room for transparency a c c o u n t a b i l i t y o r e v e n a p p e a l I n a t r u e d e m o c r a c y citizens have the right to freedom of speech associat i o n a n d t h o u g h t T h e y h a v e t h e r i g h t t o d i s s e n t t o challenge authority and to live their lives as they see

fit– as long as they don t harm others The social credit s y s t e m h o w e v e r t u r n s t h e s e d e m o c r a t i c i d e a l s o n t h e i r h e a d I t s a t o o l o f a u t h o r i t a r i a n c o n t r o l n o t a mechanism for citizen empowerment

The impact of AI on democracy and democratic norms is complex and multifaceted, with both positive and negative effects On one hand, AI can help to increase efficiency, transparency, and accuracy in democratic processes, such as election monitoring and vote counting However there are also concerns that AI could be used to manipulate public opinion and undermine the democratic process as well as exacerbate existing inequalities and biases It is clear that the impact of AI on democracy will depend on how it is developed and deployed Policymakers researchers and technologists must work together to ensure that AI is used in a responsible and ethical manner that respects and upholds democratic values and principles

This may involve developing new regulatory frameworks, promoting transparency and accountability in AI systems, and ensuring that the benefits of AI are distributed fairly across society ultimately, the impact of AI on democracy is a complex and ongoing conversation that will require ongoing dialogue, research, and collaboration By working together we can harness the power of AI to strengthen and uphold democratic norms while mitigating any negative impacts that may arise

The writer can be reached at usama maverick@gmail com

WHen the sickening attack was over Mohammed Abu Marzouk s skull had been fractured more than 10 times Moments earlier, Abu Marzouk, his wife and two young daughters had settled in their car and were about to head home after enjoying a summer s day picnic with family and friends in Mississauga, Ontario, west of Toronto Just then, two men walked by “F**king Arab people! Terrorists,” the pair shouted “You didn’t see us?” They kicked the car Abu Marzouk got out He tried talking to the angry strangers That’s when the onslaught began First they punched Abu Marzouk He fell They kicked his head –again and again A friend attempted in vain to stop the beating He was beaten too Abu Marzouk s wife Diane Attar pleaded with the assailants Please don t touch him please don t hurt my husband I have two little girls please don t hurt my husband she said They kept kicking Attar spotted a police cruiser nearby She flagged it down for help

Attar began to pray As she cradled her husband, the louts kicked her too The couple’s children cried, worried that their father was dead By now, blood was everywhere, spilling like an open faucet from Abu Marzouk’s ears and pooling around his shattered head Soon he would fall into a coma

Later surgeons removed part of Abu Marzouk’s skull to try to staunch the potentially lethal bleeding and pressure building inside his brain and head He survived

The thugs were arrested and charged Attar told the CBC that the sudden unprovoked horror her family had suffered in July 2018 was proof that hate is alive in Canada Indeed, it is

Last year, a federal study found that hate crimes targeting Muslims in Canada had jumped by 71 percent in 2021 The number of recorded attacks grew from 84 incidents in 2020 to 144 in 2021 The figures, however appalling, only tell part of the unsettling story

The study failed to address two stubborn questions

What accounts for the disturbing spike in the hate-motivated crimes Muslim Canadians have had to endure?

And why do the Canadian police prosecutors and courts appear to deal with Muslim victims of hate less seriously than attacks on other religious groups? I think the answer to the first question informs the answer to the second

Despite the happy pretence that Canada is an accepting place Muslim Canadians are still largely treated as the other by suspicious journalists and politicians who exploit and leverage their sinister doubts into an audience or votes This is a subtle, almost polite, form of Islamophobia whose cynical aim is to raise spurious questions about their loyalty to the maple leaf Then there are, of course, the blunt, overt examples of Islamophobia that reinforce the calumny that despite calling Canada home the country’s Muslims will always be considered fanatical outsiders It was not that long ago when the former prime minister of Canada Stephen Harper was the proud architect of a snitch line that encouraged old-stock Canadians to inform on Muslim Canadians engaged in what he and his odious government labelled barbaric cultural practices

The province of Quebec followed predictable suit by passing Bill 21 which, in the convenient name of secularism , banned public servants from wearing hijabs and other religious symbols

Doubt and suspicion of Muslim Canadians – encouraged and stoked by the careless and irresponsible – have translated into harassment and violence

In the wake of Bill 21, Muslim women living and working in Quebec have reported being spat on, called a dirty immigrant , having their hijabs ripped off, and being nearly run down by a pick-up truck driven by, I gather, a tolerant Quebec secularist Canada is becoming a dangerous place for Muslims and the police courts and politicians are it seems loath to admit either that fact or their own culpability

Initially the two bigots who booted Abu Marzouk’s head like a soccer ball and called him a f**king Arab and a terrorist escaped being charged with a hate crime eventually police concluded that the ambush had been hate-motivated That not-so-curious hesitancy turned into stunning incredulity after a judge ruled recently that while the pair were guilty of assault, he was not convinced that they had intended to kill Abu Marzouk So, he acquitted them of attempted murder

This, in spite of the testimony of a police officer who told the court that the attack was “the most gruesome event” he had ever witnessed

The officer also testified that he drew his firearm because he thought the kicking “might kill” Abu Marzouk and that the attackers had refused his repeated commands to get on the ground the CBC reported

Finally and perhaps most outrageously while Justice Fletcher Dawson acknowledged that the assault was likely motivated by hate he believed it to be anti-Arab not anti-Muslim How Justice Dawson arrived at this bizarre reasoning is – to put it charitably – unclear But it confirms the troubling truth that when Muslim Canadians are the casualties of hate and terror, the police, prosecutors and courts are often reluctant to regard them as casualties of hate and terror unsurprisingly, the same double standard prevailed even after an avowed white supremacist assassinated six worshippers in a Quebec City mosque in 2017 At the time Prime Minister Justin Trudeau described the premeditated massacre as a “despicable act of terror” and the provincial police investigated it as a terrorist act not so according to the Crown prosecutor who opted to charge the attacker with first-degree murder rather than any terrorism-related offences Pursuing terrorism charges would have sent an important reassurance that Muslims are seen as equal victims of terror Ihsaan Gardee, the then-executive director of the national Council of Canadian Muslims, said in a statement That message was sent belatedly in the wake of the murder of four members of the Afzaal family who were cut down like bowling pins by a terrorist in a truck while out on an evening walk in London, Ontario in 2021 The accused terrorist has been charged with four counts of first-degree murder one count of attempted murder and associated terrorism charges Meanwhile Mohammad Abu Marzouk welcomed Justice Dawson s qualified findings of guilt He said the pain and scars on his mind soul and body will always linger The pain will stay nothing will erase it he told reporters gathered outside a courthouse in late January a large scar still prominent on the back of his head I still encourage every Canadian to stand against hate because Canada has no place for hate, Abu Marzouk said unfortunately, for far too many Canadians, it does

Andrew Mitrovica is an Al Jazeera columnist based in Toronto

How emerging economies are reshaping the international financial system

H a t e i s a l i v e i n

a n a d a — a n d i s g r o w i n g

China urges Countries to pl ay ConstruCtive role in pakistan’s eConomiC uplift

BEIJING ag e n c e S

CH I N A has called for concerted efforts of all supportive countries to play a constructive role in the economic development of Pakistan

A spokesperson for the Chinese Foreign Ministry said that the Western-led commercial creditors and the multilateral financial institutions were the basic creditors for developing countries and added, “So, China calls on concerted efforts of all parties to play a constructive role in the economic and social development of Pakistan

Mano Ning highlighted, “China and Pakistan are all-weather strategic cooperation partners and iron-clad friends The two sides have supported each other “China always carries out economic and financial cooperation with Pakistan and

helps Pakistan to achieve steady economic growth, improve its livelihood and achieve independence development,” she added

ukraine war set to dominate g20 meeting in india

NEW DELHI a f p

Russia s invasion of Ukraine was set to dominate Thursday s meeting of the world s top diplomats in New Delhi with hosts India labouring to avoid the discord that ended its last G20 meeting

The gathering will see US Secretary of State Antony Blinken and Russian Foreign Minister Sergei Lavrov in the same room for the first time since July but the two men were unlikely to hold talks Western delegates fear China is considering supplying arms to its Russian ally and they will use the foreign ministers’ summit to discourage Beijing from intervening in the conflict India s longstanding security ties with Russia have put the host of Thursday s meeting in an awkward diplomatic position after refusing to condemn the invasion over the past year

But EU foreign policy chief Josep Borrell said he was confident India would use the meeting to “make Russia understand that this war has to finish”

Certainly the success of the meeting today will be measured in respect to what we will be able to do on that,” he told reporters on Wednesday

Borrell will meet on the sidelines of the New Delhi summit with Chinese Foreign Minister Qin Gang where he will seek assurances that Beijing will not lend support to Russia’s war effort

Until now the answer has been clearly stated by China it hasn t happened and it won t happen, but we have to remain vigilant,” said a senior EU official with knowledge of the matter

Chinese state news agency Xinhua last week quoted top diplomat Wang Yi as saying Beijing was willing to “strengthen strategic coordination” with Russia after meeting Lavrov and President Vladimir Putin in Moscow

Zero evidence Blinken said he had no plans to meet with either the Russian or Chinese foreign ministers at the G20 summit

Behind bars, women of iran’s evin prison refuse to give in

PARIS

a f p

“Listen to this! One Two Three!” Down the crackling phone line from the women’s wing of Tehran’s Evin prison a chorus of prisoners then launch into a raucous song It s a Persian rendition of the Italian protest song “Bella Ciao” “All for one and one for all!” they sing laughing in shared defiance in support of the Woman life, freedom protests that have shaken Iran s clerical authorities for five months

The audio clip of the January telephone call released on social media by a daughter of one of those held has become a symbol of the courage of the women held in Evin prison and their refusal to stop campaigning even behind bars

Many such as environmental activist Niloufar Bayani arrested in 2018, have been held for several years Others including the activist Narges Mohammadi tipped by supporters as a Nobel Peace Prize contender have spent much of the past decade in and out of jail

Some were arrested well before the women-led protests sparked by the September 16 death in custody of Mahsa

Amini a young Iranian Kurd who had been detained for allegedly violating the strict dress code for women

But their numbers swelled in the ensuing crackdown

Several women have been released in recent weeks including Alieh Motalebzadeh a journalist and women s rights campaigner whose daughter posted the viral clip of the “Bella Ciao” protest song and French-Iranian academic Fariba Adelkhah

China blames certain developed country for Pakistan s financial woes In an apparent reference to the United

States Mao Ning said that the financial policies of a certain developed country were the main reason behind the financial difficulties of a large number of developing countries including Pakistan and called on concerted efforts of all parties to play a constructive role in the economic and social development of the country

“It must be pointed out that the financial policy of a certain developed country is the main reason behind the financial difficulties of a large number of developing countries including Pakistan

Mao Ning said while responding to a question during her regular briefing held at the International Press Centre (IPC) in Beijing She said that the West-led commercial creditors and the multilateral financial institutions were the basic creditors for developing countries and called on concerted efforts of all parties to play a constructive role in the economic and social development of Pakistan

Aliyev for forming UN panel on global recover y from COVID -19

BAKU a p p

Chairman of Non-Aligned Movement ( NAM) and President of Azerbaijan Ilham Aliyev on Thursday suggested establishing a UN High-Level Panel on Global Recovery from COVID-19 to elaborate recommendations on global measures for the post-pandemic period

The NAM chairman, in his address at the plenary session of Summit of NAM Contact Group in response to COVID-19 being held here said Azerbaijan would continue to provide financial and humanitarian assistance to NAM countries in need and call to support the post-pandemic recovery of Africa and Small Island Developing States

The summit was attended by several heads of state and the top leadership and government of about 70 countries NAM members

The Azerbaijan president also announced that Azerbaijan, as the first donor, was allocating 1 million US dollars for both Global Calls

He said that right after the beginning of the pandemic, NAM took the initiative to mobilize global efforts to counter COVID-19

He said Azerbaijan provided coronavirus-related financial and humanitarian support to more than 80 countries, most of those from our NAM family either through bilateral channels or World Health Organization he added

The pandemic had a negative impact on the implementation of the 2030 Sustainable Development Goals The global efforts should be reinforced to prevent inter alia backsliding on targets and to catch up with the 2030 Agenda, he remarked

Elaborating the international issues, Aliyev said that the goal of NAM was to defend justice and international law

He called for further strengthening the SouthSouth cooperation guided by the principles of respect for sovereignty national ownership equality and mutual benefit Its agenda is set by countries of

the South themselves in line with their national needs and priorities not imposed by the outside world, the Chairman of NAM said Azerbaijan strongly supports the institutional development of the Non-Aligned Movement ” he emphasised and told the gathering that Azerbaijan initiated the establishment of the NAM Parliamentary Network and the NAM Youth Organization, the head of state noted:

Our goal is to create institutional sustainability and to leave a successful legacy to the members who will take over the chairmanship after Azerbaijan ”

With 120 members the Non-Aligned Movement (NAM) is the second largest international institution after the UN General Assembly, he added

President Aliyev said the international security architecture which has existed for the last several decades, was currently facing dramatic changes, and multilateralism was at stake The erosion of international law norms and principles further threatens the international order he added

More cases of violation of sovereignty and territorial integrity and intervention in the internal affairs of states are observed The decisions of the leading international organizations are not either implemented or the selective approach and double standards are being applied ” he commented

He said as the second largest international institution after the UN, NAM should play a more visible and efficient role in the international arena and actively participate in reshaping the new world order

He also called for the implementation of UN s resolutions and suggested the composition of the Security Council should be expanded to make it more representative and more geographically fair

Some Security Council resolutions have been implemented within days However, in the case of Azerbaijan Armenia ignored the four Security Council s resolutions demanding immediate and unconditional withdrawal of its armed forces from the territories of Azerbaijan for almost 30 years,” he commented

us selling taiwan $619 million wor th of f-16 munitions

WASHINGTON

ag e n c e S

The US has approved the sale to Taiwan of $619 million in munitions for F-16 fighter jets the Pentagon announced Wednesday, in a move likely to anger Beijing The package includes 100 AGM-88B HighSpeed Anti-Radiation Missiles (HARM) 200 AIM-120C-8 Advanced Medium Range Air-to-Air Missiles (AMRAAM), and launchers and dummy missiles for training, the Pentagon said in a statement

The sale will boost Taiwan’s “capability to provide for the defense of its airspace regional security and interoperability with the United States, it added

The announcement comes amid elevated tensions between the United States and China over Taiwan as well as the downing last month of a balloon over US airspace that Washington says was a Chinese surveillance device Taiwan has been self-ruled for over seven decades but Beijing regards it as a renegade province

The US State Department said separately that the sale is consistent with the Taiwan Relations Act and Washington s One China Policy which accepts that there is only one state called China The United States support to Taiwan and steps Taiwan takes to enhance its self-defense capabilities contribute to the maintenance of peace and stability across the Taiwan Strait and within the region,” the State Department said Taiwan said it welcomes the first US arms sales of the year and the ninth so far during President Joe Biden s tenure In the face of China s continued military expansion and provocative behavior, Taiwan will continue to actively improve its self-defence capabilities Foreign Ministry spokesman Jeff Liu said

unesCo working to restore pakistan’s cultural heritage sites

UN Educational, Scientific and Cultural Organisation

(UNESCO) has allocated $350 000 from the World Heritage Emergency Assistance and the Heritage Emergency Fund to support the needs assessment and recovery of cultural sites and displaced cultural professionals affected by heavy monsoon rainfall in Pakistan The natural disaster resulted in significant loss of life, livelihoods, and shelter, and severely damaged cultural heritage sites across the country

Under the Heritage Emergency Fund the UNESCO office in Islamabad is conducting a detailed needs assessment of tangible and intangible cultural heritage in selected floodhit districts of the country to identify the most severely affected cultural professionals in need of rehabilitation

The organisation is also carrying out a damage assessment of the World Heritage Sites of Makli and Moenjodaro in Sindh in collaboration with the Culture Tourism, Antiquities, and Archives Department of Sindh

ISLAMABAD S ta f f R e p o R t

As Kulbhushan Jadhav remains a living proof of Indian hostility and state-sponsored terrorism against Pakistan the world must take notice of Indian inimical designs and policy of aggression against its neighbors Kulbhushan Jadhav, alias Hussain Mubarek Patel, an Indian (spy) terrorist, was apprehended on 3 March 2016 during a counter-intelligence operation from Mashkel Balochistan while he was travelling to Pakistan on an Iranian passport

A serving Indian Navy officer, Jadhav was involved in espionage acts of terrorism and sabotage against the state of Pakistan

According to security experts, Jadhav was running a network of terror to sponsor terrorism in Pakistan His cynical activities cost Pakistan thousands of lives and hence he was awarded the death sentence in April 2017 by the Field General Court Martial (FGCM)

Jadhav joined the Indian National Defence

Academy in 1987 and was commissioned in the engineering branch of the Indian Navy in 1991 During his service years, he was promoted to the rank of Naval Commander

He was tipped by the Indian spy agency Research and Analysis Wing (RAW) in 2013 to pursue subversive activities in Karachi and Balochistan

His job was to hold meetings with Baloch insurgents and collaborate with them to carry out terrorist activities, leading to the killing or maiming of thousands Pakistani citizens

Jadhav in pursuit of targets set by his RAW handlers, was arrested by Pakistani intelligence agencies on March 3, 2016, when he attempted to cross over into the country from the Saravan border in Iran

During interrogation Jadhav revealed that at Wadh, Khuzdar, he was in contact with Haji Baloch, who provided financial and logistic support to Baloch separatists and the Islamic State network in Karachi

He also said that the masterminds of the Safoora bus attack, where gunmen shot dead 45 Ismaili passengers were also in contact with Haji Baloch

The team visiting Moenjodaro identified urgent shortterm measures to ensure stabilisation against further damage and long-term interventions to protect the site against new risks created by the rainfall

In January, a UNESCO team visited Moenjodaro and guided the management team on the stabilisation of the affected structures They also inspected the circular drain around the site, which was blocked with silt, mud, and wild growth in many places and recommended measures to prevent further damage

UNESCO Director Youssef Filali-Meknassi and National Project Officer Mariam Farooqi visited the Makli Necropolis for an initial assessment of the damages caused by heavy rainfall and the urgent stabilisation measures carried out by the site management team Detailed needs assessment and identification of short- and long-term measures for the recovery and strengthening of Makli against future natural disasters will be carried out by UNESCO Culture and Heritage Expert Cristina Menegazzi consultant Conservation Architect Rand Eppich and the site management team in March

Pakistan envoy disc usses agreement with A zerbaijan to enhance bilateral trade

BAKU a p p

Islamabad s ambassador to Baku, Bilal Hayee, expressed hope on Thursday that the Pakistan-Azerbaijan trade would increase from its current level of $30 million after both countries signed a Preferential Trade Agreement (PTA), which is currently under discussion Hayee made this statement during an interview with APP at the Baku Congress Hall, where the Non-Aligned Movement (NAM) Contact Group’s summit on fighting against Covid-19 was taking place

Hayee explained that Pakistan s bilateral trade with Azerbaijan currently consisted of 90 percent exports from Pakistan with rice being the major commodity He also men-

tioned that Azerbaijan had recently exempted customs duty on the export of Pakistani rice, which would ultimately increase rice exports from $30-40 million

Hayee highlighted the cultural and bilateral relations between the two countries, noting that Azerbaijan was the only country in Central Asia and South Caucasus with a direct flight to Pakistan He also mentioned that Pakistani nationals had the facility of hasslefree online visas to Azerbaijan Hayee said Pakistan was an active member of NAM, and the summit was being held in a country with whom Pakistan had “very special relations ” He added that Pakistan had supported Azerbaijan at every forum throughout its struggle to get rid of foreign occupation of its territory

Hayee emphasised the importance of peaceful resolution of regional disputes, particularly those involving foreign occupation, like Jammu and Kashmir He noted that development was always linked to peace and in case of any conflict, development was always the first casualty Hayee mentioned that Economic Affairs Minister Sardar Ayaz Sadiq represented Prime Minister Shehbaz Sharif at the summit The summit would discuss south-south cooperation and put forward strategies to overcome post-Covid challenges that had become more than just health challenges, but also economic ones Hayee concluded by saying that NAM always strived for addressing the fundamental rights of developing countries, rather than indulging in bloc politics

Jadhav remains living proof of Indian hostility, state -sponsored terrorism against Pakistan

corporate corner

L A h o R e: Muhammad Ali Gulfaraz, MD/CEO, Bank of Khyber along with other participants posing for a group photo at the inauguration of new BOK branch at Allama Iqbal Town PR 57th Men & 18th Women Open Swimming Championship is being held from 3-5 March 2023 at K-Block Swimming Pool Phase-V DHA Lahore Media briefing by Maj (r) Majid Waseem, CEO Pakistan Swimming Federation held at same venue on Thursday Brig (r) Muneer Ahmad, Director Sports DHA Lahore was also present PR

LKMW T inaugurates 4th Medi-Health Clinic in S urjani Town to ser ve humanity

K A R A c h I: The Latif Kapadia Memorial Welfare Trust (LKMWT) has opened its fourth Non-Profit Medi-Health Clinic in Khuda Ki Basti, Surjani Town, Karachi, with a commitment to providing affordable healthcare services to underprivileged people in Pakistan The clinic was inaugurated by legendary Mr Anwar Maqsood and Mr Ahmed Kapadia a devoted trustee of LKMWT During the inauguration ceremony Mr Maqsood praised the high standard of medical facilities at the clinic and recalled the late Latif Kapadia s efforts towards improving the lives of people and the community He applauded the project and emphasized the need for more initiatives like these, saying that the people of Surjani Town and surrounding areas will now have access to good medical services within their reach and at a minimal cost The newly established LKMWT clinic is equipped with modern medical tools and offers free medical consultations, diagnostic tests, and medication facilities to residents of Surjani Town and adjacent areas The clinic reflects the vision of Late Mr Latif Kapadia to enable basic healthcare facilities for less privileged communities P R

Access to Justice Conference on Religious Minorities

The Legal Aid Society in collaboration with the National Commission of Human Rights, organized the Access to Justice Conference on 1st March 2023 The event started with an introduction to the work of the Legal Aid Society by CEO LAS, Barrister HayaEmaanZahid Ms RukhsanaParveenKhokhar introduced the work that the Legal Aid Society (LAS) has been doing to improve religious minority communities’ Access to Justice; for instance LAS has conducted approximately 640 clinics with 16310 individuals Additionally Ms Batool Abid Memon Assistant Manager of Research LAS introduced the extensive evidence-based research conducted by LAS in the last two years A moderated discussion on the legal cultural and administrative barriers to justice included a productive conversation on education, otherization, identity, and outdated personal laws and the potential of establishing a statutory commission that would oversee and protect the rights of religious minority communities P R

Meta par tners with PTA, TDAP and Pakistani content creators to help prevent e - commerce sc ams

K A R A c h I: Meta has partnered with the Pakistan Telecommunication Authority (PTA) and the Trade Development Authority of Pakistan (TDAP) to raise awareness about e-commerce scams and share tips on how to stay safe online Pakistani content creators like Romaisa Khan and Bilal Munir are also collaborating with Meta to alert their followers on Facebook and Instagram At Meta we are committed to connecting people including making it easier for sellers and buyers to find each other online but some people take advantage of others by running scams online said Beth Ann Lim, Meta s Policy Programs Director for the Asia Pacific region We are pleased to partner with PTA and TDAP, as well as local content creators, to promote responsible use of the internet and support all users in Pakistan to connect with their favorite businesses safely ” P R

NOT-BY- PROFIT

Pakistan faces $18b fine for not comPleting iran gas PiPeline Project on time

islamabad

N E W S D E S K

DU R I N G a meeting of the Public Accounts Committee (PAC) it was revealed that Pakistan could face a fine of $18 billion for not completing the Pakistan-Iran gas pipeline project within the agreed timeframe

non-utilisation of Rs 332 billion in gas infrastructure development cess with only Rs2 billion spent despite receiving Rs325 billion The committee demanded progress on publicly-funded projects and warned that fines could be imposed if the gas pipeline project with Iran was not completed on time The secretary of petroleum expressed concerns over safety and security in the Turkmenistan-Afghanistan-Pakjudges and generals and free fuel provided to government vehicles The PAC directed gas companies to file cases against people involved

istan-India (TAPI) pipeline project and informed the committee that Pakistan had approached the United States for relief regarding the Iran gas pipeline project The committee also asked for records of perks given to retired in gas theft and lifted the ban on new g a s c o n n e c t i o n s a n d p e t r o l p u m p s i t e s i n B a l o c h i s t a n a n d K h y b e r P a k h t u n k h w a p r o v i n c e s T h e a u d i t of all oil refineries is expected to be completed by June and the PAC dir e c t e d t o c o m p l e t e t h e a u d i t w i t h i n one month To read the full article visit www tribune com pk

ABAD reports positive outcome from boycott of steel purchase

islamabad N E W S D E S K

The Association of Builders and Developers of Pakistan (ABAD) has announced that its boycott of steel purchases has resulted in a significant reduction in steel prices in the country Steel

PTA, NADRA sign MoU for collaboration in areas of mutual interest

Pakistan Telecommunication Authority (PTA) and the National Database and Registration Authority (NADRA) signed a Memorandum of Understanding (MoU) at PTA Headquarters in Islamabad which will have significant impact at the national level for digital social and economic transformation The various areas of collaboration include the adoption of new ICT technologies for e-governance initiatives, biometric verification innovations, and the use of ICTs to achieve UN Sustainable Development Goals (SDGs) targets and contribute to Government of Pakistan's "Vision 2025" The collaboration will strengthen and streamline ongoing and future programs including Dig-

ital Identity, Multi-finger Biometric Verification System and Fraud Detect i o n & P r e v e n t i o n t o

Pakistan Banks ’ Association unveils blockchain based eKYC platform for banking industr y

Karachi

P R

Pakistan Banks Association (PBA) on behalf of all its member banks signed the project contract for the development and execution of Pakistan s first blockchain based national eKYC banking platform with the Avanza Group The signing ceremony was held at the PBA office in Karachi on March 2, 2023 The ceremony was attended by PBA Chairman, Mr Muhammad Aurangzeb, who is also President HBL; Mr Akhter Javed, Director BPRD, SBP; Mr Tawfiq Hussain, CEO PBA, the signatory for PBA; Mr Waqas Mirza, CEO Avanza Innovations; and Mr Omer Khan CEO Avanza Solutions (Pvt) Ltd; the signatory

for Avanza The eKYC (electronic Know Your Customer) project is part of SBP’s ongoing efforts to strengthen the control infrastructure for Anti Money Laundering (AML)/Terrorist Financing (TF) in the country PBA has been overseeing the planning and management of the project on behalf of the banking industry under the aegis of the State Bank of Pakistan

p r o j e c t s

To save the livelihoods of these 25 million people and strengthen the national economy, ABAD has demanded that the government reduce Regulatory Duty (RD) and Additional Regulatory Duty (ARD) on steel and taxes on other materials If the government fails to take positive steps to support the construction industry builders will be forced to move their investments to other countries

The ABAD representatives emphasized the need for the government to take immediate action to reduce the burden on the construction industry which plays a crucial role in the economy of Pakistan They urged the government to abolish RD and ARD on steel and take steps to reduce taxes on other construction materials to support the construction industry and the economy of Pakistan

To read the full article visit www brecorder com

Commander of Royal Nav y of O man visits Naval Headquar ters

islamabad

S ta f f R E P o R t

Commander of Royal Navy of Oman Rear Admiral Saif Bin Nasser Bin Mohsin Al Rahbi Called-on Chief of the Naval Staff Admiral Muhammad Amjad Khan Niazi at Naval Headquarters Islamabad Upon arrival at Naval Headquarters Commander of Royal Navy of Oman was received by Naval Chief During the meeting matters of mutual interest regional security situation and scope of military cooperation including defence, training and security between the two countries were discussed The Naval Chief highlighted Pakistan Navy initiatives for ensuring maritime security and peace in the region through Regional Maritime Security Patrols Naval Chief thanked the dignitary on Oman Navy participation in recently held Ex AMAN-23 at Karachi

The visiting dignitary lauded Pakistan Navy’s efforts and commitments in support of collaborative maritime security in the region It is expected that the recent visit of Commander of Royal Navy of Oman will further enhance bilateral collaboration between the two countries in general and navies in particular

BankIslami announces 142pc growth in profit before tax

Karachi P R

pr

The Pro Vice Chancellor University of Turbat

Dr Mansoor Ahmed has said that sports activities are important for students mental and physical health and University Administration is committed to provide all kinds of facilities to the students for sports and other extra-curricular activities at the university He expressed these views while addressing to the closing ceremony of sports week 2023 at multipurpose hall of the university here on 1st of March 2023 He congratulated the Famous outlet sealed over failure to install POS App RAWALPINDI:Regional Tax Office (RTO) Rawalpindi on Thursday sealed a famous business outlet over failure to install the Point of Sale (PoS) App on their systems and connecting their systems to the FBR for tax collection Additional Commissioner Income Tax Kamran Ullah took action against Carobar/Karegar a garments/ cloth shop located at Kashmir Road, Saddar for failing to POS App under the sales tax act 1990, said a news release The RTO Rawalpindi is committed to bringing all major retailers under its Tax Net by integrating them with Federal Board of Revenue (FBR s) online system It is pertinent to note that FBR has allowed its field formations to seal Tier-1 retailers outlets by amending provisions relating to penalties of the Sales Tax Act 1990 a P P USC offering subsidy under Prime Minister ’s Relief Pack age ISLAMABAD: Spokesman Utility Stores Corporation (USC) is providing special subsidy on basic items under the Prime Minister s Relief Package These include flour sugar ghee rice and pulses The recent wave of inflation uncertainty in general market prices non-availability of dollars and increase in general sales tax have led to price revisions by utility stores corporation suppliers There is no change in prices for customers registered under the Benazir Income Support Program Under the Benazir Income Support Program, ghee is being provided at Rs 300 per kg, sugar at Rs 70 per kg, while a 10 kg bag of flour is being provided at Rs 400 per kg P R

BankIslami Pakistan Limited ( the Bank or BankIslami ) announced its financial results for the year ended December 31, 2022 declaring a remarkable growth of 142% in profit before tax i e Rs 8 23 billion as compared to Rs 3 39 billion during last year Profit after tax closed at Rs 4 44 billion as compared to Rs 2 13 billion closed during last year i e growth of Rs 108% despite significant increase in tax rates Year 2022 has been a great success for BankIslami, where it not only achieved highest ever profitability, but also announced its first ever dividend of 10% to its shareholders This is a result of all round performance of the Bank where almost all of its segments have contributed very well This deposits surpassed Rs 400 billion landmark and closed at Rs 415 91 billion, depicting a prominent rise of Rs 71 1 billion and growth of 20 63%

winning teams runner-up teams and other players on their success and active participation in the sports week Dr Mansoor Ahmed encouraged the students to continue participating in sports and extra-curricular activities with zeal C losing ceremony of S por ts Week at Turbat University VEON’s Mobilink Bank becomes first microfinance bank globally to join GSMA-Connected Women Commitment Initiative

In Pakistan”, a n O r g a n i c A g r i c u l t u r e Po l i c y Re v i e w Wo r k s h o p w a s o r g a n i z e d a t N A R C , I s l a m a b a d T h e w o r k s h o p w a s c o n d u c t e d b y C A B I Re g i o n a l B i o s c i e n c e C e n t r e P a k i s t a n w i t h t h e s u p p o r t o f L a u d e s F o u n d a t i o n T h e c h i e f o b j e c t i v e o f w o r k s h o p w a s t o b r i n g a l l t h e o r g a n i c a g r i c u l t u r e s t a k e h o l d e r s o n t h e s a m e p a g e t o d e v e l o p a n a t i o n a l - l e v e l o r g a n i c a g r i c u l t u r e p o l i c y T h e e v e n t w a s a t t e n d e d b y a l l r e l e v a n t s t a k e h o l d e r s i n c l u d i n g r e p r e s e n t a t i v e s f r o m f e d e r a l g o v e r n m e n t , D e p a r t m e n t s o f A g r i c u l t u r e E x t e n s i o n s , P u n j a b , B a l o c h i s t a n , A J K , G B , a n d M N F S & a m p ; R , i n v e s t o r s , a c a d e m i a , c e r t i f i c a t i o n b o d i e s , a s s o c i a t i o n s , a n d e x p e r t s t o d i s c u s s t h e c u r r e n t s t a t e o f o r g a n i c a g r i c u l t u r e p o l i c y a n d m a k e r e c o m m e n d a t i o n s f o r i t s i m p r o v e m e n t W h i l e a d r e s s i n g t o t h e w o r k s h o p , C h a i r m a n P A R C , D r G h u l a m M u h a m m a d A l i e x p l a i n e d t h e n e e d a n d i m p o r t a n c e o f o r g a n i c a g r i c u l t u r e f o r Pa k i s t a n a n d t h a n k e d t h e o r g a n i z e r s f o r s t a g i n g t h

l l r u n va r i o u s p r o g ra m s t o

e l i ve r t a i l o r e d o f f e r i n g s t o i n c r e a s e t h e p e r c e n t a g e o f f e m a l e c u s t o m e r s a n d r e a c h m o r e a n d m o r e w o m e n a c r o s s Pa k i s t a n w i t h digital financial services

New eleCTRICIT y ChaRGeS ChalleNGed By NePRa

pR OfIt REpORt

TH E National Electric Power Regulatory Authority (NEPRA) on Thursday raised serious questions over the federal government s request for imposition of additional surcharge of Rs 3 39 per unit on the power consumers of the country

NEPRA held two separate public hearings under the chair Tauseef H Farooqi

billion from March to June of the current year

Sui companies seek massive gas price hike of Rs7 30/MMBTU from July 1

Agri-auto Industries set to obser ve par tial shutdown for entire M arch

ISLAMABAD

S h a h n awa z a l i

According to the State Bank of Pakistan’s data the liquid foreign reserves with the state bank have gone up to $3 814 for the week ending on February 24th

This is a $556 million dollar increase in the reserves level since the previous week

The increase in the FX reserves was seen on the back of $700 million dollars that Pakistan obtained from the Chinese development bank The total reserves of the country also saw a subsequent increase Pakistan s total reserves now stand at $9 267 billion, out of which $5 453 8 belongs to the Banks It is also important to note that the reserves with the banks have gone down by $14 2 billion dollars over the course of the last two months

Even though Pakistan’s reserves have gone up the country closes in on debt repayments According to the IMF, Pakistan is falling short of $7 billion in terms of external financing for the current fiscal year

Even with an expected rollover of around $4 billion

Pakistan will have to pay back $2 9 billion within the next three months

As of now, majority of financing commitments that Pakistan has received, are contingent upon the 9th review of the IMF Whereas the debt obligations for the current fiscal year stand at $7 2 billion

It is also important to note that even at the $3 8 billion mark Pakistan s import cover is less than 1 month Even lesser now that the exchange rate has dropped by 7% As per the IMF and experts, Pakistan needs at least $11 billion in the next 4 months of the fiscal year The Finance Minister is confident that Pakistan will not default on its debt obligations, however inflation outlook does not look promising for the next calendar year

Concocted stor y about plot to kill Imran Khan is ridiculous: Marriyum

ISLAMABAD

S ta f f R e p o R t

Minister for Information and Broadcasting Mar-

riyum Aurangzeb on Thursday said concocted story about a plot to kill Imran Khan was ridiculous

She in a tweet said the Pakistan Tehreek-e-Insaf s (PTI) narrative of cipher and foreign conspiracy has been done and dusted and now it came up with another false story to mislead the masses

Marriyum termed Imran Khan a foreign agent and accused him of hatching a conspiracy against the country in connivance with his agents residing abroad

She said Imran Khan s anti-Pakistan agenda had been exposed before the nation His involvement in foreign funding as well as malicious campaign against the military martyrs was a living proof of his dirty mindset The minister also referred to the economic mess created by Imran Khan s government

LAHORE

Agriauto Industries Limited (AGIL) has notified the Pakistan Stock Exchange (PSX) on March 2 that it will be observing a partial plant shutdown for the entirety of March The company has stated that its subsidiary Agriauto Stamping Company will also be observing the partial closure Agriautos has cited a reduction in demand for its products as the reason for this decision

Agil’s decision comes on the back of a wave of industry wide non-production days Sazgar earlier this year, announced its first ever plant closure for its four wheel division from February 27 to March 4 Similarly Suzuki has also announced plant closures from January 2 to January 6 from January 9 to January 13, from January 16 to January 20 and from February 13 to February 21 Toyota too observed plant closures from February 1 to February 14 with the decision to shift to a single shift upon the resumption of regular production from February 15 Finally Millat Tractors observed a plant closure from January 6 January 15

The key part of the aforementioned plant closures is that they all likely influenced AGIL’s decision to partially shut its own plant down Company Profile Agriauto Industries Limited (AGIL) is a parts manufacturer in Pakistan Founded in 1981 the company is listed on the Pakistan Stock Exchange and is part of the House of Habib Group In 2012, AGIL established Agriauto Stamping Company, a

wholly-owned subsidiary in Port Qasim that specialises in producing sheet metal parts jigs and accessories for the automotive sector The facility operates in collaboration with Ogihara-Thailand AGIL supplies Original Equipment Manufacturers (OEMs) like Indus Motor Company Limited Pak Suzuki Motor Company Atlas Honda Limited, and Yamaha Motor Pakistan (Private) Limited as well as the replacement market The company offers a range of products including shock absorbers, struts, power window regulators, door and hood hinges, catalytic converters, sheet metal stamping parts and more AGIL also supplies steering boxes and camshafts to the tractor segment and pipe fork and front fork assembly to the two-wheeler segment Demand Destruction All Around AGIL s decision comes on the back of both industry wide demand destruction, and with the company recording its lowest half yearly earnings over the past five years Total industry volume was down 31% year-on-year in January 2022, with the overall 7MFY23 volume down a further 34% year-on-year based on the figures provided by the Pakistan Automotive Manufacturers Association All of this has also taken its toll on AGIL as well The company recorded its lowest consolidated and unconsolidated half yearly earnings in the past five years Its consolidated earnings stood at Rs 160 million, whilst its unconsolidated earnings stood at a meagre profit of Rs 41 7 million based on the company s half yearly filings to the PSX

Pakistanis paying heavily for B ajwa’s ‘regime change conspirac y ’: Imran

LAHORE

S ta f f R e p o R t

Pakistan

Tehreek-e-Insaf (PTI) Chairman and former premier Imran Khan Thursday blasted former army chief General (r) Qamar Javed Bajwa and the incumbent PDM government for “pushing Pakistan deep into the economic turmoil and blamed them for the prevailing financial woes of the country Since his ouster, the PTI chief has maintained that the no-confidence motion against him was a huge foreign conspiracy against Pakistan that he claimed was carried out by the United States

Recently however Imran has shifted his focus away from the alleged role of the US in his ouster and towards former COAS Bajwa instead

In an interview with Financial Times in November Imran had signalled a desire to work with Washington saying he wants to mend relations with the US despite accusing it of treating Pakistan as a ‘slave’ The former premier had said he no longer “blamed” the US and wants a “dignified” relationship if re-elected Then in Februrary the PTI chief gave an interview to Voice of America where he had levelled accusations against Gen Bajwa claiming he conspired with his political opponents to remove him from office with help from the US

Later in the interview, he retracted the accusations

he had made against the US and squarely blamed Gen Bajwa for his ordeal saying it wasn t the US who told Pakistan [to oust me] It was unfortunately, from what evidence has come up Gen Bajwa who somehow managed to tell the Americans that I was anti-American The ouster plan wasn t imported from there It was exported from here to there

Continuing his attack on the Bajwa and the incumbent government Imran said that Pakistanis are paying a heavy price of the regime change conspiracy where a “bunch of criminals have been foisted upon nation by ex COAS”

Rupee slaughtered Imran exclaimed as he noted that the Pakistani currency has lost over 62% or 110/$ in 11 months of PDM ” This has increased public debt alone by Rs 14 3 trn & historic 75 yr high inflation of 31 5% , he said The former prime minister s tweet came after the Pakistani rupee plunged 8 29% (or Rs24 07) to a new all-time low of Rs290 18 against the US dollar in the interbank market at around noon on Thursday

Inflation in Pakistan has skyrocketed to the highest level of 31 5% in half a century becoming the 17th most expensive country in the world –after the government massively raised energy and fuel prices coupled with the adverse impacts of currency devaluation and imports at a halt

69/MMBTU with the start of upcoming fiscal year 2023-24 SNGPL and SSGCL, in separate petitions, have sought this colossal price hike for determination of their Estimated Revenue Requirement/prescribed prices for the next financial year OGRA will conduct one public hearing on the petition of SNGPL on March 20, 2023, in Lahore, and then two one for SSGCL; the first one will be held on March 13 2023 in Karachi and then on March 17 2023, in Quetta

The authority issued a notification to say it has invited all interested/affected persons including gas consumers and the general public to furnish their comments, suggestions, and intervention requests

According to sources if OGRA approves the requested gas price hike from July 1 2023 then Rs 356 billion will be collected from consumers of the two gas utilities This is while the government has already jacked up gas prices by 112% from January 1 2023

As per the agreement with the International Monetary Fund (IMF), the government is bound to increase gas prices and pass on the hike to the gas consumers instead of offering them subsidies they added

‘Generous’ arms supplies to India threatening regional instabilit y: Mrs Khar

Minister of State for Foreign Affairs Hina Rabbani Khar on Thursday voiced concern over the “generous” supply of conventional and non-conventional weapons to India saying it was severely straining South Asia s strategic stability, and threatening “our national security”

“The largest country in the region continues to be a beneficiary of nuclear exceptionalism in violation of established non-proliferation norms and principles, she told a high-level UN panel without naming India by video-link from Islamabad

This country also remains a net recipient of generous supplies of advanced conventional and non-conventional weapons technologies and platforms ” the minister added Ms Khar was addressing the Geneva-based Conference on Disarmament, a 65-member forum established by the international community to negotiate arm control and disarmament agreements which began its session on Thursday

The minister said that the favours being done to India were straining the security environment; heightening risks to peace and stability in the region; reinforcing a sense of impunity in the recipient state and freezing pathways to conflict resolution through peaceful means “Even as we adhere to and call for restraint and responsibility we cannot ignore threats to our security she told delegates from around the world

Emphasizing that a third of humanity that lives in South Asia deserves investments in sustainable peace and development the minister said Pakistan had a clear vision and a policy for peaceful neighbourhood on the basis of universally agreed principles; sovereign equality and undiminished security for all States; no threat or use of force and pacific settlement of disputes

We will pursue the path of peace, development and strategic stability in South Asia and beyond I can assure you of that

l e c t r i c p l a n s i nve s t m e nt to r i d c i t y o f l o a d - s h e d d i n g

KARACHI

The management of K-Electric has assured to bring down transmission and distribution losses to 12 8 percent and make Karachi city free of electricity load shedding by investing Rs 484 billion for improvement in its network during the next seven years

The K-Electric’s management gave this assurance during a hearing held on Wednesday by the National Electric Power Regulatory Authority (NEPRA) regarding KE s investment plan in transmission and distribution for a 7-year period starting from the year 2024 to 2030

The hearing was attended by a wide range of stakeholders representing industries

and community leaders alike Key themes discussed were the projects being undertaken to drive growth and reliability in KE s transmission and distribution network

Additionally the projected growth in demand within the utility s operational territory, and planned technological interventions to further improve the quality and reliability of the service The KE management also informed NEPRA that since privatization, KE has brought its T&D losses down from 34 2% to 15 3% in 2022 which beat NEPRA s benchmark for the year And, by 2030, KE aims to reduce the load-shedding in the city from 75% as of 2022 to 95% at the end of the seven year period Moonis Alvi the CEO of K-electric

(KE) said during the hearing that this plan was being conceived cognizant of the imminent changes in the power sector such as the liberalisation of the market Further adding that KE is embracing competition and has filed for a non-exclusive distribution licence Adding that the investment plan is being conceived to maintain a balance between affordability availability and sustainability of power supply which is considered today’s trilemma NEPRA inquired about the future plans to address challenges such as load shedding and theft KE shared details of investment and projects being undertaken to reduce losses in the system and provide stable power supply to a growing number of customers

Implementation of “Aerial Bundled Cables and Advanced Distribution Management System were cited as measures that would further reduce transmission and distribution losses Responding to a question Alvi stated that the T&D losses have been reduced from approximately 38% to 15%

Several intervenors inquired about KE’s plan to add generation to meet Karachi s future demand

While NEPRA chairman clarified that the hearing was on transmission and distribution specifically documents on KE s website show salient features of their combined investment plan which included an additional 1182 MW through renewable energy

The presentation also revealed KE intends to reduce its reliance on thermal power

plants from approximately 90% of the total energy requirements to a staggering 50% Reasoning for separate tariff petitions had also been presented to include greater transparency Compared to previously applied tariff the current petition has provision of review mechanism every two years KE management explained that this is to allow flexibility in the scope of investment to align it with the macroeconomic situation at the time Industrial representatives also lauded KE’s operational performance Moin Fudda Chairman of Board of Directors CDC stated that it is important to bring KE’s legacy challenges to closure such as the issue of its receivables which have accumulated to about Rs 400 billion

S B P f o r e x r e s e r v e s g o u p b y $ 5 5 6 m