Epaper_23-04-28 LHR

P M S AY S R E A D Y T O FA C E R E M O VA L B U T W I L L

N E V E R H U R T PA R L I A M E N T ’ S T R U S T

down, the prime minister resolved as the members thumped their desks

He said it was not possible that the court granted a stay on a law passed by the Parliament even before its finalization

The framing and amendment of the Constitution is the Parliament’s right The court has no power to rewrite the Constitu-

tion If the Parliament raises its voice the threat of contempt is given ” he remarked

He reiterated that the coalition government would only accept the 4-3 verdict of the Supreme Court bench Referring to the Parliament’s decisions on elections the prime minister said he as well as the government were bound to re-

spect the same

“The Parliament’s dignity and constitutional status is being challenged No one can grab the Parliament dignity and its constitutional powers Insha Allah, I stand by you and will continue to do so, he assured

Shehbaz gets confidence vote

on Wednesday afternoon but deferred it until today

ISLAMABAD S ta f f R

PRIME Minister Shehbaz Sharif on Thursday categorically said he was ready to face the ouster for respecting the Parliament s decisions but would never undermine the trust it had reposed in him

The prime minister after voluntarily getting the vote of confidence of 180 members of the National Assembly said it was his duty to respect the Parliament s decisions

The resolution for vote of confidence was moved by Foreign Minister Bilawal

Bhutto Zardari saying, “The National Assembly of the Islamic Republic of Pakistan reposes its full confidence in the leadership of Mian Muhammad Shehbaz Sharif as the Prime Minister of the Islamic Republic of Pakistan ”

Consequently 180 MNAs arose from their seats to support the resolution

Zulfikar Ali Bhutto was unjustly martyred, Nawaz Sharif was disqualified, Yusuf Raza Gilani was disqualified Today the Parliament has given me the vote of confidence

By God if they oust me in response to this vote of confidence, I am ready to go back thousands of time but will not let them

Pakistan, China to step up cooperation for regional peace, stability

ISLAMABAD

S ta f f R e p o R t

Prime Minister Shehbaz Sharif and China’s Premier Li Qiang spoke over the telephone on Thursday pledging to strengthen bilateral cooperation in all spheres to benefit their people and contribute to regional peace, prosperity, and stability The conversation was marked by the traditional warmth and cordiality that characterizes the “Pakistan-China All-Weather Strategic Cooperative Partnership according to a statement from the Prime Minister s Office (PMO) Sharif congratulated Qiang on his election to office and remarked on China’s peaceful development as a positive factor for international peace and stability He reiterated Pakistan s support for China on its core issues including the One China policy, Taiwan, Tibet, Xinjiang, Hong Kong, and the South China Sea The One China principle is a belief held by the leaders of China and its ruling party the Communist Party of China (CPC) According to this principle there is only one official country called China, and the People s Republic of China (PRC) is the only rightful government of that country This means that Taiwan which is officially called the Republic of China is seen as a part of China and not an independent country Sharif also expressed Pakistan s gratitude for China’s principled position on the Jammu and Kashmir dispute and support for Islamabad on other core issues The Chinese Premier appreciated Pakistan s support and reaffirmed China s continuing support for Pakistan s national development, sovereignty, and territorial integrity As an AllWeather Friend China would continue to stand with Pakistan at all times he pledged The two leaders took stock of bilateral cooperation in key areas, including the China-Pakistan Economic Corridor (CPEC), recalling Sharif ’s visit to China in November 2022 and his wide-ranging conversations with President Xi Jinping and the Chinese leadership Pakistan and China s enduring relationship continues to thrive, and both countries remain committed to enhancing cooperation for mutual benefit and regional stability

The prime minister won a vote of confidence from parliament on Saturday, securing 180 votes, against the 172 required to win confidence the speaker announced Shehbaz Sharif had convened parliament which is currently being boycotted by Pakistan Tehreek-i-Insaf (PTI), the nation s largest opposition political party to prove his majority, after the Supreme Court cast doubt on his support

Foreign Minister Bilawal Bhutto-Zardari moved a resolution declaring: The National Assembly [ ] reposes its full confidence in the leadership of Mian Muhammad Shehbaz Sharif, as the Prime Minister of [ ] Pakistan

The confidence motion was passed by a simple voice vote with lawmakers rising from their seats to express their support

Officials confirmed to the media that Sharif came to this decision after holding consultations with MPs from the ruling Pakistan Democratic Movement (PDM) coalition He had a meeting with them at a luncheon earlier in the day

According to The News Sharif was supposed to hold the vote

Coalition govt, PTI resume talks on polls date today

ISLAMABAD S ta f f R e p o R t

Members of the committee representing the ruling coalition and opposition PTI on Thursday agreed to resume talks on elections in Punjab and Khyber Pakhtunkhwa on Friday (tomorrow) at the Parliament House after an hour-long first round held inside Senate Chairman s chamber

Earlier a committee of leaders representing the coalition parties and a team of Pakistan Tehreek-e-Insaf (PTI) senior leaders initiated highly-anticipated negotiations at the Parliament House in an effort to build consensus on holding elections for the national and provincial assemblies on same day

T h e g o v e r n m e n t n o m i n a t e d P a k i s t a n M u s l i m L e a g u e - N a w a z ( P M L - N ) s e n i o r l e a d e r s – F i n a n c e Minister Ishaq Dar Railways Minister Khawaja Saad R a f i q u e L a w M i n i s t e r A z a m Ta r a r a n d Ay a z S a d i q a n d P a k i s t a n P e o p l e s P a r t y ( P P P ) l e a d e r s – Yo u s a f Raza Gillani and Syed Naveed Qamar as members of the committee

The MQM-P’s Kishwar Zehra was also a part of the government-nominated committee

Meanwhile

PTI Vice Chairman Shah Mahmood Qureshi, Barrister Ali Zafar and senior leader Fawad Chaudhry represented the opposition Pakistan Tehreeki-Insaf while Jamiat Ulema-e-Islam-Fazl (JUI-F) skipped the talks

Both the sides will meet on Friday at 3pm to continue the negotiation process after the first round of talks concluded Speaking to reporters after the meeting Gillani said that PTI will present its demands before the government negotiating committee on (Friday) Today s discussions were held in a positive atmosphere, he said

He also mentioned that the government has no specific demands and will present PTI’s demands to the coalition leadership F i n a n c e M i n i s t e r D a r s a i d t h e g o v e r n m e n t c o mmittee had taken a principled stance to handle the matt e r w i t h i n c o n s t i t u t i o n a l l i m i t s H e e m p h a s i s e d t h e importance of taking into account the interest of the state and the people

The development comes days after the information minister denied reports that Sharif has decided to seek a vote of confidence Marriyum Aurangzeb tweeted there had been no consultation on the topic and that there was no need for it, as the prime minister was unanimously elected” as the Leader of the House in the National Assembly in April of last year Geo News claimed that members of the opposition could participate in the vote of confidence

PM thanks PML-N Parliamentary Party coalition parties for their trust over him Later, Prime Minister Shehbaz Sharif expressed gratitude to the PML-N Parliamentary Party and the leadership and legislators of coalition parties for their continued trust over him

In a tweet on Thursday he said coalition politics is a unique experience in Pakistan s democratic evolution and we are united in strengthening Parliament The National Assembly on Thursday reposed ‘complete’ confidence in Prime Minister Shehbaz Sharif ’s leadership Chairman of the Pakistan People’s Party and the Foreign Minister Bilawal Bhutto-Zardari tabled the resolution on which 180 Members of the National Assembly (MNAs) voted yes as opposed to 174 when Shehbaz was elected as the prime minister in April last year

Cour t not forcing govt to negotiations, only wants implementation of constitution: CJP

ISLAMABAD S ta f f R e p o R t

He said that both committees will consult with their leadership after the meeting Furthermore he said that there will be a detailed meeting tomorrow (Friday) at 3pm to discuss the matter further

The development comes hours after Chairman Senate Sadiq Sanjrani wrote separate letters to the leader of the house and the opposition to nominate members from both the benches to constitute a special committee for holding political dialogue

In the letter, the Senate chairman said that both leaders, Senator Ishaq Dar and Dr Shahzad Waseem, are requested to provide the names of four members for inclusion in the special committee within two days

Sanjrani stated that the Senate of Pakistan House of Federation, being a stabilising factor of the federation is constitutionally bestowed with the responsibility of protecting the national and political harmony vis-a-vis the national and public interest

By assuming this responsibility and taking note that the Parliament is the right and the only forum for the resolution of political issues, given the prevailing political and economic situation a committee comprising of members of the Senate belonging to both sides of the aisle has been proposed to address the ongoing political and economic crisis, including the holding of general elections,” he furthered

ECC approves grant of production lease to United Energy Pakistan Beta

Chief Justice Umar Ata Bandial said on Thursday the Supreme Court could not compel the government or coalition parties to negotiate with the opposition Pakistan Tehreek-i-Insaf (PTI) as a three-judge bench resumed hearing the election delay case The bench, led by the chief justice and comprising Justice Ijazul Ahsan and Justice Munib Akhtar adjourned the hearing within an hour with Justice Bandial announcing that a detailed order would be released later Ahead of the hearing several politicians and lawyers including Shah Mahmood Qureshi of PTI, Law Minister Azam Nazir Tarar, Mian Aslam Iqbal of Jamiat Ulema-i-Islam-Fazl (JUIF) and Attorney General Mansoor Usman Awan were present At the previous hearing the court had urged political parties to conduct talks by April 26 and respond by April 27 in hopes of reaching a consensus to avoid further delays to the May 14 election date The court emphasised that the order was binding on all authorities, and the parties were asked to promptly resolve the matter However, the government failed to comply with the April 4 directive, and no talks were held National Assembly Speaker Raja Pervaiz Ashraf wrote a letter to the chief justice saying that it is best to leave the resolution of political matters to parliament and political parties AGP Awan updated the court on the progress of negotiations between the government and opposition parties According to him the first contact between the government and the opposition took place on April 19, and it was decided that a meeting would be held on April 26 The AGP explained that a committee for political dialogue was formed by Senate Chairman Sadiq Sanjarani and both sides were asked to nominate four representatives each However the chief justice questioned the legitimacy of the Senate chairman s role in the negotiations, noting that he was not a representative of either the government or the opposition

Kh Saad suspects foul play as seven killed in Karachi Express fire

Seven people were killed and several others injured when a business-class cabin of Lahore-bound Karachi Express caught fire near Tando Masti Khan in Khairpur district in the wee hours of Thursday The tragedy occurred near Tando Masti Khan, with Pakistan Railways District Coordination Officer Mohsin Siyal confirming the death toll Of the six bodies recovered police surgeon Dr Abu Talib said they were unidentifiable and would require DNA testing before being returned to their families The cause of the fire remains unknown

According to a press statement by Pakistan Railways, the train Karachi Express was traveling from Karachi to Lahore when an alert was received that the air-conditioned business coach had caught fire at around 12:30 am The train was stopped near Tando Masti Khan station, and the fire brigade arrived around 1:50 am to extinguish the fire which took 40 minutes The statement added the affected carriage was disconnected and the train resumed its journey at 6:45 am A 70-year-old woman was gravely injured while attempting to escape the burning carriage and later died from her injuries The Sukkur district commissioner district coordination officer and railway officials were present at the scene and managing the situation

ISLAMABAD

G h u l a m a b b a S

fE D E R A L Minister for Planning Development and Special Initiatives Ahsan Iqbal on Thursday set up a Steering Committee comprising experts from IT and private sector for the implementation of digital transformation and to increase digital exports in the country

The Minister made this announcement while addressing to a roundtable conference on Digital Transformation in Pakistan organized by the Ministry of Planning Development and Special Initiatives on Thursday

The Steering Committee was set up after a report was launched by the Overseas Investors Chamber of Commerce and Industry (OCCI) in the roundtable on Pakistan s digital journey and Recommendations for Digital Transformation in Pakistan

The report prepared by OICCI covers wide-ranging suggestions to boost digital infrastructure and connectivity, e-governance e-commerce EdTech Fintech AgriTech HealthTech IT exports and Web

3 0 technologies

pakistan: Un reforms must address veto power to resolve longstanding disputes

NEW YORK

S ta f f R e p o R t

The report argues that digitisation has the potential to add $60 billion to the economy by 2030 if the government creates a favourable investment climate for local and foreign investors to fill in the large gaps in digital infrastructure and connectivity Speaking on the occasion the Planning Minister highlighted that the IT sector

is the key driver to increase the digital exports He reiterated that the government is committed to give a top priority to the sector to increase digital exports

The Steering Committee will hold meetings every month to implement the recommendations of OCCI over digital transformation to increase exports

The Minister said that the only solution to get rid of the country’s economic problems lies in increasing digital exports He assured the stakeholders that the government will implement the recommendations of ICCI

It is noted that last week the Planning Minister formed a 15-member National Task Force on Artificial Intelligence (AI) aimed at achieving the required goals of national development

The key objective of the task force is to develop a 10-year roadmap for accelerated adoption of AI in the business development governance education and healthcare sectors

Since the government came into power in April 2022 several initiatives have been taken to improve the country s economy

The Planning Minister has constantly argued that political stability is the key factor for the economic growth in the country

Due to political instability, Pakistan unfortunately could not achieve development targets which its neighboring countries like India and Bangladesh have achieved by ensuring the political stability for the period of 10 years” the Planning Minister remarked

S indh, Balochistan IGPs disc uss joint ac tion against criminals

and are currently in jail

Pakistan has urged the United Nations to tackle the issue of the veto power vested in the Security Council s five permanent members, saying that it has prevented and hindered the implementation of Security Council resolutions Speaking in a debate at the UN General Assembly, Ambassador Munir Akram highlighted that the veto power has paralyzed the Council and longstanding disputes like Kashmir and Palestine could not be resolved due to it The 2022 Assembly’s resolution, adopted by consensus, requires the General Assembly to automatically meet within ten days if any of the five permanent members use their veto right, holding them accountable for exercising this special voting power All five members have exercised the veto right at some point, with 44 vetoes alone since 2000 Ambassador Akram stressed that the abolition or restraint on the misuse of the veto rights of the permanent members should be an integral part of the Security Council s reform

Therefore, he opposed the creation of new permanent members on an expanded Security Council saying that more permanent members and more veto powers would multiply the likelihood of paralysis and inaction in the Security Council Instead he suggested a new category of members, not permanent members, with longer durations in terms and the possibility of getting re-elected General Assembly President Csaba Korosi said that the veto issue affects the whole UN, and the decisions taken in these halls or the lack of decisions reverberate worldwide and vetoes should always remain the very last resort He urged ambassadors to ask tough questions and seek game-changing solutions, stressing that there is no wrong answer only new ideas He also expressed hope that Security Council members can unite and work for viable solutions, going beyond their immediate interests to act responsibly for the sake of peace across the world

A meeting was held at Central Police Office (CPO) Karachi on Thursday presided over by Inspector General of Police IGP Sindh Ghulam Nabi Memon and IGP Balochistan to discuss actions against criminals after an encounter in Jacobabad where six policemen were martyred

The SSPs of Jacobabad and Naseerabad gave a point-to-point briefing on the incident and made some necessary recommendations according to a spokesman for Sindh Police

Later, DIGPs Larkana and Naseerabad also told the meeting in their briefing that 12 operatives of the dacoit group associated with Jakhrani group have been arrested under various cases

IGP Sindh said the blood of the martyrs will not go in vain DIGP Larkana will form an investigation team and bring the accused involved in the incident to justice

He directed DIGP concerned to provide vehicles for the police while also instructing AIGP Logistics to ensure the supply of arms and ammunition required by the concerned police in the ongoing operation against dacoits

Apart from this, while giving orders to AIGP Operations Sindh to provide a platoon of rapid response force (RRF) the IGP Sindh asked SSP Jacobabad to write a formal letter to AIGP Operations for fixing the head money of the dacoits involved in the incident IGP Balochistan Abdul Khaliq

Sheikh said Sindh and Balochistan police should conduct a joint operation against the robbers gangs involved in this incident and the police of both provinces should play a lead role

He said police would have to continue their operation against the robbers adopting long-term strategy until complete elimination of the robbers

Additional IGP Investigation

DIGPs of IT Headquarters Sindh Director IB, AIGPs Operations, Admin attended the meeting directly while DIGPs of Larkana and Naseerabad and SP Usta Muhammad Balochistan attended through video link

This needs to be mentioned that six policemen embraced martyrdom and two others were injured in an encounter with criminals in Jacobabad the other day

Not ready to hold talks with PTI, says Fazl

ISLAMABAD

S ta f f R e p o R t

Pakistan Democratic Movement (PDM) head and Jamiat

Ulema-e-Islam Fazl (JUI-F) supremo Maulana Fazlur

Rehman claimed on Thursday that Prime Minister Shehbaz Sharif had shown agreement not to hold talks with Pakistan Tehreek-e-Insaf (PTI)

While addressing a press conference in Islamabad

Maulana Fazlur Rehman said that PM Shehbaz Sharif had shown agreement not to hold talks with PTI during yesterday’s session which was attended by the heads of the ruling coalition parties

The session s agenda was talks with PTI but on what basis we should hold dialogues with Pakistan Tehreek-eInsaf The PDM head alleged that the Supreme Court (SC) was forcing political parties to dialogue Centre is the primary infrastructure structure of the Constitution of Pakistan If a pillar collapses the whole infrastructure collapses ”

Health exper t urges vigilance for Mpox as contagion remains possible

ISLAMABAD S ta f f R e p o R t

A renowned child specialist Professor Dr Jai Krishin, has advised national and provincial health authorities, as well as the public to remain alert for possible cases of monkeypox

The prompt identification of symptoms is crucial to implementing preventive measures the paediatrician emphasised in an interview with PTV News on Thursday Krishin explained the virus can be

transmitted to humans through physical contact with an infected person contaminated materials, or infected animals He highlighted the early symptoms of monkeypox which include fever malaise headache sore throat cough and enlarging lymph nodes Typically, a rash develops within one to three days after the appearance of fever starting on the face and spreading to other parts of the body While the incubation period is usually between seven to 14 days it can range from five to 21 days and the illness usually lasts between two to four weeks

“Saving the federation is like saving the whole country

Why is our judiciary stuck in the 90-day deadline?”

Criticising the Supreme Court (SC) Fazlur Rehman said

The judiciary suggested politicians to hold dialogues, on the other hand, it showed gavel to them It is a questionable move [of the Supreme Court} to give schedule [for elections] and ask everyone to appease one political party He claimed that the SC s verdict was not only unacceptable but also unenforceable which should be realised by the judiciary Holding polls is the matter of the election commission and it will take this matter forward

Regarding the digital census, the PDM head said that a lack of confidence was exhibited in the procedure of the population census in different parts of the country including Karachi, rural Sindh and Balochistan capital Quetta Maulana Fazlur Rehman demanded the government to constitute an investigation committee to ascertain the reasons why the country s population is decreasing instead of increasing after five years in census statistics

PRESS RELEASE

The Board of Directors of MCB Bank Limited (MCB) in its meeting held under the Chairmanship of Mian Mohammad Mansha on April 27 2023 reviewed the performance of the Bank and approved the condensed interim financial statements for the first quarter ended March 31, 2023 The Board of Directors has declared first interim cash dividend of Rs 6 0 per share i e 60% for the quarter ended March 31, 2023

With a strong build up in core earnings MCB s Profit Before Tax (PBT) for the first quarter of 2023 increased to Rs 23 billion with an impressive growth of 54% Profit After Tax (PAT) posted a growth of 46% to reach Rs

ISLAMABAD: Chief Election Commissioner (CEC) Sikandar Sultan Raja wrote a letter to Prime Minister Shehbaz Sharif in this regard

The letter stated that taking the matter of fund release amounting to Rs21 billion for the elections in Punjab and KP provinces to Parliament, is tantamount to reducing the independence of the Election Commission The federal government is bound to give as much funds as the institutions with charged budgets including the ECP; the letter mentioned It added that the budget of the institutions including the Election Commission is charged and can only be discussed in the Parliament ECP wrote that the Parliament cannot cut charged budgets of institutions and cannot even refuse to issue budgets for institutions with smear-charged budgets Non-disbursement of funds by the Federal Government and Parliament is tantamount to reducing the independence of the ECP the letter said The federal government should issue an immediate budget for the elections in Punjab and Khyber Pakhtunkhwa CEC wrote S ta f f R e p o R t

bomb attack kills counter-terrorism official in balochistan

QUETTA: The station house officer (SHO) at a Counter-Terrorism Department (CTD) police station in Khuzdar in central Balochistan was killed in an explosion that targeted his vehicle on Thursday According to Senior Superintendent of Police (SSP) Fahad Khosa

The incident occurred near the National Highway s Jhalawan Medical College The official, Sharbat Khan Umrani, was on his way to work when the blast took place A bomb had been installed in his vehicle according to Khosa The body was transported to the District Headquarters Hospital he said Police and security forces promptly arrived at the scene accompanied by a bomb disposal squad that assessed the blast’s extent Balochistan Home Minister Mir Ziaullah Langove expressed his condolences and condemned the event saying the country s battle against terrorism would continue until the last militant was defeated He added that with public cooperation Pakistan would overcome any challenge Staff RepoRt

torkham border:

propaganda about sugar smuggling exposed

ISLAMABAD: Propaganda on social media about the smuggling of sugar in containers via the Torkham border has been exposed On April 18, several trucks loaded with goods were on their way to Afghanistan via Torkham border when they were buried under the debris after a landslide in the area Following the incident, propaganda was hatched about the smuggling of sugar in the trucks loaded with cement Sources said that three of the damaged containers labeled with sugar were waiting to cross the Pak-Afghan border after scanning? The sugar was being exported to Afghanistan with the permission of the government of Pakistan through private trucks and they had nothing to do with the NLC

All agencies including Customs and the FIA are performing their responsibilities efficiently at the Torkham border and trucks and containers are allowed to pass only after inspection Several trucks and containers loaded with goods were buried under the debris after a landslide at Torkham Export Road in the Khyber district of KP earlier this month killing at least eight drivers on the spot S ta f f R e p o R t

(+54%) for Q123

persistent high-inflation impact of sharp currency devaluation and rapidly escalating fuel and utility costs, the operating expenses of the Bank reported at Rs 11 8 billion

(+25%) The cost to income ratio of the Bank improved significantly to 32 77% from 39 65% reported in corresponding period last year

Proactive monitoring and recovery efforts led to a net provision reversal of Rs 293 million against non-performing loans (NPLs) for the period under review Persistent focus on maintaining a robust risk management framework encompassing structured assessment models effective pre-disbursement evaluation tools and an array of post disbursement monitoring systems has enabled MCB to effectively manage its credit risk

The Non-performing loan (NPLs) base of the Bank was reported at Rs 55 3 billion The Bank has not taken FSV benefit in calculation of specific provision against its non-performing loans (NPLs) base The coverage and infection ratios of the Bank were reported at 81 88% and 7 87%, respectively

On the financial position side the total asset base of the Bank grew by 1 39% to Rs 2 11 trillion Analysis of the assets mix highlights that net investments and gross advances have decreased by Rs 33 billion (-3%) and Rs 95 billion (-12%) over December 31, 2022 respectively, whereas Lending to Financial Institutions increased by Rs 71 billion (+140%)

riod of last year due to the exceptional increase in interest rates during the period Return on Assets and Return on Equity significantly improved to 2 49% and 29 63% respectively whereas the book value per share was reported at Rs 153 29

During the period under review, MCB attracted home remittance inflows of USD 786 million to further consolidate its position as an active participant in SBP s cause for improving flow of remittances into the country through banking channels; with market share improving to 12 3% compared to 11 4% in the corresponding period of last year

While complying with the regulatory capital requirements the Bank s total Capital Adequacy Ratio (CAR) is 18 01% against the requirement of 11 5% (including capital conservation buffer of 1 50% as reduced under the BPRD Circular Letter No 12 of 2020) Quality of the capital is evident from Bank’s Common Equity Tier-1 (CET1) to total risk weighted assets ratio which comes to 15 94% against the requirement of 6% Bank’s capitalization also resulted in a Leverage Ratio of 6 15% which is well above the regulatory limit of 3 0% The Bank reported Liquidity Coverage Ratio (LCR) of 245 14% and Net Stable Funding Ratio (NSFR) of 138 35% against requirement of 100% P a k i s t a n C r e d i t R a t i n g A g e n c y r e - a ff i r m

n

i n c o m e f r o m h o m e r e m i t t a n c e s

The Bank continued its focus on building no cost deposits, leading to a robust growth of Rs 178 billion (YoY: +31%) in average current deposits The average cur-

e e r i n g C o m m i t t e e f o r m e d t o i n C r e a S e d i g i ta l e x p o r t S : i q b a l

Driven by robust growth in current deposits, MCB posts profit before tax of Rs23.02b

h E Asian Development Bank’s report for 2022 said it had given Pakistan heavy loans that year making it the recipient of the most ADB loans in Asia of $31 8 billion lent, $5 5 billion came to Pakistan, which also received $ 2 billion in concessional loans, and $60 million in grants All that has been achieved, and not just because of these loans, has been to avert default these loans were conditional on Pakistan obtaining loans from the IMF which imposed its own conditionalities one issue has been that loans have not been used to finance projects which could raise revenue and pay off the loans; in recent times, debt is incurred to pay off previous debt the idea is to keep Pakistan from defaulting and thus keep open access to foreign money markets that access is needed to borrow more to meet loan repayments one of the most worrisome aspects of the situation is that nobody seems to have a reliable method of resolving the problem While embezzlement and corruption played a role it is clear that one reason for incurring the debt was because it could If multilateral institutions like the IMF and ADB drew back, Pakistan turned to bilateral aid from friendly countries Now even those countries seem to have grown tired of purring more money into what seems to be a bottomless pit and have tied aid to the IMF giving its loan

Perhaps the most overblown idea is that of an Economic Charter between the parties No doubt there should be one, but none of the parties appear to have a plan to take Pakistan out of its present dilemma It seems that an Economic Charter involves conservative policies that make Pakistan avoid default, while remaining in the same debt trap What seems to be needed is for Parliament which has been so prickly about asserting its supremacy in financial matters, to exercise oversight over all borrowing Foreign borrowing is treated as a foreign relations issue, and Parliament is patted on the head and told not to bother about it Even though it will have to shell out vast sums to service that debt For Parliament to do this it has to become a hot-button issue among the people who elect Parliament that is apart from political stability, which involves an end to military interference, and more intra-party democracy, so that Finance Ministers are up to the job rather than being placed in the party leader feels should have the job

Arif Nizami (Late)

Founding Editor

Constitution in crisis

Pakistan, in 1996, it was the PMllN) in Punjab)

M A Niazi

Joint Editor Umar Aziz Executive Editor

It was perhaps symptomatic that the 1973 Constitution s golden Jubilee s flagship event, the Constitutional Convention to mark its passage, held in the National Assembly’s hall was itself the subject of controversy because one of the members of a constitutional body, a judge of the Supreme Court Mr Justice Qazi Faez Isa was not just present but also spoke on the occasion this was because the Supreme Court and Parliament are presently at daggers drawn, and engaged in a struggle for supremacy Mr Justice Isa was the only judge present even though the other members of the Supreme Court had been invited, and he was seated next to comeone who represented Parliament as no other man has done or has done so far Asif Ali Zardari this was not because Mr Zardari leads the PPP which 50 years ago was the sole party holding the reigns of government or because his is an MNA but because he is not just a former member of the Senate (1997-2000), but also the country s sole surviving exPresident (2009-2014) As such, he has at one time or another been part (as President the whole) of the three bodies that make up Parliament and which are necessary to the legislative process one of the issues plaguing the relations between Parliament and the Supreme Court is that Supreme Court (Procedures and Practices Act) which has been passed by Parliament, and which has been struck down in advance by the Supreme Court and which the President refused to give his assent twice Perhaps the most remarkable feature of the 1973 Constitution has been its resilience Both the Martial laws imposed before it saw the existing Constitutions abrogated the 1973 Constitution has been held in abeyance twice, but both times it was restored Both times, the first Parliament to come into existence after that particular bout of military rule passed an Amendment Act which introduced certain clauses which enhanced the powers of the President over the government In 1958 and 1969 it seemed the military was totally dissatisfied with the Constitution, and decided to get rid of the existing document and replace it with an entirely new one however in 1977 and 1999 it seems that Article 6 (high treason as the charge for abrogating the Constitution, and the death sentence as punishment) was a deterrent While the coupmaker of 1977 died suddenly in office went his plane was blown up the one of 1999 was brought to trial how was awarded a death sentence, but it was never executed the sentence was struck down by the lahore high Court however the impunity with which the first three military rulers passed does not seem to be an example any more though military dissatisfaction is with many things the Constitution has been problematic for it the military first tried to have a constitution of its own design, in the shape of the 1962 Constitution,

this field In the digital age this Act aims to combat cybercrimes and safeguard people s rights to privacy It covers a variety of offenses, such as intrusion into computer systems without authorization cyberstalking and online harassment

which was presidential It also included the provision that the Cabinet would always include one officer of the rank of lieutenant-general or equivalent Another provision was that the president could only be impeached by two-thirds of the National Assembly that an impeachment motion could only be brought by 51 percent of the members, and that it the motion failed, all those voting for it would lose their seats the elections to the National Assembly and the Presidency were indirect, with a layer of Basic Democrats insulating the ordinary voter from his representatives yet even this Constitution was not good enough for the military, and was abrogated in 1969 Another of its provisions the clubbing of all the provinces and princely states of West Pakistan into one province of West Pakistan as a sort of counterpoise to the singleprovinces eastern wing of the country was also reversed Well bot entirely because the princely states stayed abolished, and were merged into the various provinces the 1971 elections threw up a National Assembly and five provincial assemblies even though a constitution remained to be written the country broke first and it was left to the National Assembly split itself into two, to write separate constitutions for what had become two independent countries It is thus perhaps ironic that the Constitution written for the rump Pakistan the 1973 Constitution whose jubilee is being marked now, contained provisions that were deemed necessary for a united Pakistan the Constitution as parliamentary not presidential meaning that the Chief Executive was elected by parliament not the voters and that the chief executive was merely the head of government, and not the head of state, which was to be a President, indirectly elected (by Parliament) and to have virtually no powers always acting on the advice of the Prime Minister the Constitution continued the break-up of one unit, but now instead of East Pakistan, it was Punjab which became the province with the majority of seats As happened in 1971 and 1996, one party won almost all of the seats in one province, and formed the government (in 1971 it was the Awami league in East

It is perhaps appropriate at this point to note how it is creaking. Creaking is not necessarily a bad thing

Countries emerge stronger after crisis. However, the present crisis is such as to reduce confidence in a document which may have survived 50 years, but 20 of those years were under military rule, and the military was very influential the rest of the time It is perhaps ironic that this Golden Jubilee is being celebrated in the midst of a crisis that has made it more disliked than it ever was under military rule

It is perhaps worth noting that the division of powers between the federation and the provinces is not as relevant as the structures put in place, which have made it a federal rather than a unitary constitution the 1962 Constitution did provide for two provinces but while a provincial assembly was elected (indirectly of course), the provincial governments were firmly under federal control the governors and the cabinets held office at the pleasure of the President which meant that the President also ruled both provinces however under the 1973 Constitution, provinces have been, from 1988 onwards frequently been ruled by parties in the opposition at the Centre one might come to think the Constitution came too late the Six Points of Sh Mujeeb had required that the Pakistan centre restrict itself to the subjects of foreign affairs defence commerce and communication that might sound like a radical programme for a loose confederation, but actually it was the basic scheme of the Indian Empire, and of the 1935 government of India Act It must not be forgotten that the 1935 Act formed the constitution of both India and Pakistan as amended by the 1947 Independence of India Act, passed by British Parliament the part of the Central Assembly which comprised the Constituent Assembly of Pakistan was empowered not just to pass a Constitution for Pakistan, but also to amend the government of India Act as needed Should it then be a surprise that the 1956 Constitution should be a reprise of the 1935 Act? or that the 1956 Constitution inspired the 1973 Constitution? the 1973 Constitution is thus not so much a revolutionary document as a link in the chain of the British imposing their system on Pakistan It must not be forgotten that the 1935 Act was not just passed from on high there were three Roundtable Conferences, between 1930 and 1932 which provided major input It is perhaps appropriate at this point to note how it is creaking Creaking is not necessarily a bad thing Countries emerge stronger after crisis however the present crisis is such as to reduce confidence in a document which may have survived 50 years, but 20 of those years were under military rule and the military was very influential the rest of the time It is perhaps ironic that this golden Jubilee is being celebrated in the midst of a crisis that has made it more disliked than it ever was under military rule

The writer is a member of staff

Alt h o u g h Pakistan has always been slow to adopt new technologies, the country’s legal system is currently transforming as a result of technology s growing influence the recent use of ChatgPt, an AI model created by open AI by a Pakistani judge to make a court decision is one notable exception to this slow adoption this cutting-edge use of artificial intelligence (AI) in the courtroom highlights how technology has the potential to revolutionize Pakistan’s legal system while also raising concerns about the various technology laws in the country as a whole

By automating routine tasks like document review and legal research which can speed up the adjudication process, AI is revolutionizing the legal profession By using AI-driven tools like ChatgPt the backlog of cases weighing down Pakistan s judiciary could be reduced ultimately resulting in a more effective and accessible justice system thoughts about biases in AI algorithms and the potential loss of human warmth and empathy in the judicial process are also raised by the integration of AI in the legal field

Pakistan has been steadily developing its technology laws in response to these technological advancements to address the particular difficulties presented by AI and other innovations the 2016 Prevention of Electronic Crimes Act (PECA) is one of the key pieces of legislation in

the Personal Data Protection Bill, which aims to regulate the gathering, handling, and storing of individuals’ personal data is another important piece of legislation this proposed law would grant people the right to access, modify and delete their personal data while also requiring that data controllers and processors uphold strict standards of data protection the Pakistani government has also established several institutions to support the advancement and control of technology in the nation in addition to these laws Some of the important organizations charged with supervising and facilitating technological advancements in Pakistan include the National telecommunication Corporation (NtC), Pakistan Software Export Board (PSEB) and the Pakistan telecommunication Authority (PtA)

Despite the efforts made by Pakistan to modernize its technology laws, there are notable shortcomings in addressing the ethical and social implications of AI use within the legal system these gaps require urgent attention to ensure the responsible and equitable integration of AI in the country’s judiciary one of the key concerns is the need for specific regulations to ensure transparency, unbiasedness and accountability in AI algorithms deployed in the legal sector transparency is crucial to prevent the misuse of AI, enabling stakeholders to understand the underlying processes and make informed decisions In addition unbiasedness is essential in preventing discrimination and upholding the principles of fairness and justice Establishing clear guidelines for the development deployment and auditing of AI algorithms can help ensure that they are designed and used in a manner that upholds these values

Accountability is another crucial aspect of AI integration in the legal system It is important to establish a robust framework that assigns respon-

sibility for the outcomes of AI systems, thereby protecting citizens’ rights and ensuring recourse in case of errors or injustices this framework should include provisions for regular assessments certifications, and compliance checks for AI algorithms as well as clear liability rules for developers users and other stakeholders involved Additionally, Pakistan needs to strike a balance between leveraging AI to enhance the efficiency of the legal system and preserving the role of human decision-making in the judicial process While AI can streamline various administrative tasks, conduct legal research, and even assist in predicting case outcomes it is imperative to maintain the primacy of human judgment in legal matters, especially in sensitive cases with far-reaching consequences this balance can be achieved by establishing clear boundaries for AI s role in the judiciary and ensuring that its use does not encroach upon human discretion, particularly in areas where empathy cultural understanding and moral reasoning are essential to address these challenges, Pakistan should consider developing a comprehensive legal and regulatory framework that encompasses all aspects of AI use in the legal system this framework should be based on international best practices and guidelines promoting cooperation with other countries and global organizations to share knowledge, experiences, and resources Furthermore, capacity-building and education programs for legal professionals policymakers and other stakeholders should be established to foster a deeper understanding of AI s capabilities and limitations, as well as the ethical and social implications of its use in the legal system

In conclusion a new era of legal innovation has begun as a result of Pakistan s growing use of technology in the legal sector as demonstrated by a Pakistani judge s innovative use of ChatgPt Although the nation has made strides in creating technology laws and putting in place pertinent institutions there is still a need to deal with the special problems presented by AI and other technological advancements in the legal field Pakistan must make sure that the regulatory framework and ethical considerations keep up with these innovations as it continues to embrace the potential of technology to change its legal system

The writer is a lawyer specializing in technology and cyberlaws He can be reached at advocatehc adam@gmail com

E d i t o r ’ s m a i l

S e n d y o u r l e t t e r s t o : L e t t e r s t o E d i t o r Pakistan today, 4 - S h a a re y F a t i m a J i n n a h , L a h o re , P a k i s t a n E - m a i l : l e t t e r s @ p a k i s t a n t o d a y c o m p k L e t t e r s s h o u l d b e a d d re s s e d t o Pakistan today e x c l u s i v e l y

Hur ting young talent

t h E current state of affairs regarding the inability of Pakistani citizens’ to participate in various international programmes is seriously disappointing and frustrating With a postgraduate degree in Media Studies I was recently selected as a young journalist fellow in the Berlin Energy transition Dialogue Conference, 2023, which is a fully-funded prog-ramme aimed at bringing together a range of energy specialists from around the world to discuss energy transition however despite being fully funded and having all the necessary docu-mentation including an invitation letter from the programme organisers, I was refused entry visa by the german embassy the reason given to me was that they were not sure that I would return to Pakistan after the programme due to the country’s economic instability Apart from being a personal setback for me, the rejection is a reflection on the larger issue that Pakistani citizens face when it comes to international travel and participation in various programmes It is deeply disappointing to be denied such an opportunity based on stereotypes and assumptions about one s nationality and economic situation As someone who is passionate about the role of the media in shaping public discourse around important global issues such as the matter of energy transition I feel I have been denied an opportunity to make a meaningful contribution to the discussion I hope that my experience can serve as a wake-up call to those running the affairs of the state in Pakistan the leadership needs to address the economic issues that are holding back the citizens and preventing them from participating alongside the global community

HINA ANWAR LAHORE

Beginning of the end

W h y is everybody so discontented these days? Whatever they have never seems to be enough for them Everybody wants more and hyperinflation is partly to blame Prices have gone up by more than 500 per cent if not more, in the last couple of years the rupee has no value anymore because it is being devalued again and again to make exports cheaper while we as a society are heavily dependent on imports those who can afford imported food are not price-sensitive, and constitute that 0 1 per cent segment of society which possesses the means to maintain the standard of living they have always enjoyed regardless of inflation the middle and lower-middle classes refuse to reduce the size of their families, but since they can no longer afford to feed their offspring, they enrol them into seminaries or put them to work from a very young age

Why can’t family planning be kept separate from religion? Where are the resources to feed all these children?

the fact is that family planning is not prohibited in religion Each child born imposes more and more pressure on the economy which has already hit rock bottom and is only surviving on debt More and more loans have to be taken for debt servicing and so it becomes a vicious loop

As we sink deeper and deeper into debt, the divide between the poor and the rich broadens more and more taxes are imposed and businesses can barely afford to keep their heads above the surface Salaries just cannot keep pace with the rapidly rising prices and the salaried class is being squeezed as the noose gets tighter and tighter all the time As a society we are unable to link cause with effect and keep on repeating the mistakes of the past hoping that the end result will be different how to go about setting things right, then? until the judiciary is strengthened the currency is stabilised and the economy is pulled out of the vicious cycle it has fallen into we cannot even imagine doing anything positive Besides, the brain drain is bound to continue and the fast-paced descent into a political, economic and structural quagmire will be hard to fight against GAITEE

The latest ADB repor t again highlights how Pakistan is choking on debt

Dedicated to the legac y of late Hameed Nizami

A new era of legal innovation has begun as a result of Pakistan’s growing use of technology in the legal sector, as demonstrated by a Pakistani judge’s innovative use of ChatGPT

A I i n t h e c o u r t r o o m

ChatGPT and the evolution of law in Pakistan

Bangladesh’s recent ‘Indo-Pacific outlook’ declaration

the outlook has four guiding principles and 15 objectives Four principles are mentioned in the outline the first of these is ‘friendship with all enmity with none the principles emphasize constructive regional and international cooperation for sustainable development, international peace and security, humanitarian action and upholding fundamental rights and freedoms

IN D o-PA C I F I C politics has garnered a lot of interest lately this was noticeable during consecutive uS officials visits to Bangladesh in recent months the publication of the uS Indo-Pacific Strategy in early 2022, followed by Canada’s and South Korea’s IPS later that year provided a better understanding along with previously adopted policies and outlooks of Japan, Australia, India, germany, France, the uK, the Eu, ASEAN and the Indian ocean Rim Association (IoRA) As a country actually in the Indo-Pacific, Bangladesh, too, has formulated its own outlook and determined its engagement with the region

B a n g l a d e s h ’s S h e i k h h a s i n a Wa j e d g o v e r n m e n t h a s s e t a n o u t l o o k f o r p e a c e i n t h e I n d o - P a c i f i c through dialogue and understanding the Bangladesh Foreign Ministry published the guidelines and objectives for the region at a press conference on Monday ahead of Prime Minister hasina s key visit to Japan the uSA and the uK Bangladesh maintained neutrality when the West and its allies tried to win its support in the region the government said it would support economic efforts but was not interested in defence cooperation

At the press conference to publish the outlook State Minister for Foreign Affairs Shahriar Alam said Bangladesh considers stability and prosperity in the Indo-Pacific to be crucial in building a modern, knowledge-based, developed country by 2041 as planned by the current regime

the Indo-Pacific area s collective share in global gDP, preponderance in international trade, enhanced climate action and growing technological dynamism can be key determinants for ensuring Bangladesh’s longterm resilience and prosperity, the government said in the outlook

“Bangladesh therefore envisions a free open peaceful secure and inclusive Indo-Pacific for the shared prosperity for all he said that as a coastal country on the Bay of Bengal, Bangladesh considers the stability and prosperity of the Indo-Pacific region as an important determinant in the implementation of its Vision-2041 the Indo-Pacific region s overall share in global gDP, leading position in international trade, overall action to combat climate change and dynamic development in the technology sector can play a far-reaching role in ensuring Bangladesh s long-term sustainable economy and prosperity Bangladesh therefore attaches importance to realizing the vision of a free open peaceful secure and inclusive Indo-Pacific for the prosperity of all concerned in the region

It has 15 objectives one of them is to maintain mutual trust and respect with a view to maintaining peace, prosperity, security and stability for all in the Indo-Pacific region Expanding areas of partnership and cooperation and emphasizing dialogue and understanding to contribute meaningfully and of international value to international disarmament peacekeeping peacebuilding and counter-terrorism activities in collaboration with relevant partners in the Indo-Pacific region to some analysts, the Indo-Pacific Strategy makes it difficult for Bangladesh to maintain the balance of power with the world powers Bangladesh faces the dilemma that it cannot put less importance in its relationship with the uSA, but at the same time, joining the IPS might put its relationship with China at stake however Bangladesh shows a clear message of focusing largely on increasing the standard of living of its people the IPS is literally a military security capability building alliance in the Bay of Bengal the Indo-Pacific outlook of Bangladesh is clearly focusing on infrastructure and economic development; not security

Bangladesh has been transforming towards a developing country from least Developed Country (lDC) status through building its economic developmental strategies the country is an economic success and all its development partners are very eager to take part in the development trajectory the historic foreign policy strategy, formulated by Bangabandhu Sheikh Mujibur Rahman which is friendship for all and malice to none continues to serve as the philosophical foundation of Bangladesh s peaceful foreign policy the country s constitution further states that in article 25(1) It thus appears that Bangladesh is so far following the avoiding strategy to find a win-win outcome to come to the best possible outcome from the proposals under the Indo-Pacific scheme it is recommended that it should follow the “collaborative strategy and analyze the cost-benefit and comparative-competitive advantage analysis of IPS

Similarly it is important for Bangladesh to develop a mental mapping of the Indo-Pacific based on its interest areas It can start with the immediate Bay of Bengal and cover the countries, trade routes and flashpoints that have significance for Bangladesh’s foreign policy and security this tailored approach would help Bangladesh sharpen its focus in areas important to the country and avoid being dragged into geopolitical vicissitudes in areas where it does not have a stake

the sectors of engagement are also important Most documents emphasise securing global trade, exploring economic opportunities developing connectivity supporting technological development and addressing climate change the uSA introduced the Indo-Pacific Economic Framework for Prosperity (IPEF) as part of this process and Japan has its Bay of Bengal Industrial growth Belt initiative (BIg-B) the uSA and Bangladesh are already cooperating in areas like climate change, counter-terrorism, maritime security, military training and uN peacekeeping Bangladesh and Japan have already decided to work together

Bangladesh has been open to expanding cooperation in non-traditional security areas as many of these issues cannot be addressed without international cooperation however, when it comes to traditional security cooperation, Bangladesh has always maintained a cautious position Publishing Bangladesh’s outlook for the Indo-Pacific has given clarity to international partners regarding this Clarity regarding the position on China is also important the conceptualisation of Indo-Pacific policies has commonly been seen as an effort targeted against China the documents of the uSA France and Canada view China as an assertive actor however, other countries and organisations avoid adopting such views For example South Korea calls for inclusiveness It sees China as a key partner for achieving prosperity and peace in the Indo-Pacific region the Eu also states that its view is inclusive of all partners wishing to cooperate with it ASEAN calls for inclusiveness in terms of ideas and proposals this shows that not all stakeholders view the Indo-Pacific through the lens of great power competition; some prefer a cooperative approach like Bangladesh the Indo-Pacific has undoubtedly become a core area of global politics and its importance is only going to grow Publicizing a holistic outlook on the Indo-Pacific is a timely initiative to project Bangladesh as an active interested and responsible stakeholder of the region this will provide clarity and prevent misinterpretation, which is very important in the current context of global politics Bangladesh has decided to work with all stakeholders for peacekeeping, peace building and counter-terrorism initiatives in the region

Why Bangladesh assumes significance?

n the announcement on Dhaka s Indo-Pacific priorities was made for the first time in a document titled

“Bangladesher Indo-Pacific Ruprekha” (Indo-Pacific outlook)

n this announcement is the first time that Bangladesh has spelt out its clear goals on the Indo-Pacific region and has adopted several conceptual parameters that are part of the thinking championed by India u S , Japan and Australia n the document also announced that Bangladesh will uphold the united Nations Convention on the law

Turkey’s election a dead heat between Erdogan and Kilicdaroglu

Th e s u r ve y f o u n d a s t at i s t i c a l t i e a s s u p p o r t f o r E rd o g a n a n d K i l i c d a ro g l u s t o o d at 4 5 2 % a n d 4 4 9 % re s p e c t i ve l y

al-monitor Staff

WI t h less than three weeks before turkey s elections on May 14, the race between turkey s President Recep tayyip Erdogan and his top challenger main opposition leader Kemal Kilicdaroglu will be the closest in the country s electoral history, according to an Al-Monitor/Premise poll the poll of 972 respondents was conducted by Al-Monitor in partnership with data and analytics firm Premise Data between April 18 and April 24 2023 across turkey the margin of error is +/-3 the survey found a statistical tie as support for Erdogan and Kilicdaroglu stood at 45 2% and 44 9% respectively By contrast the country’s previous elections had seen the gap between the two frontrunners significantly widen as the races neared the end In the lead up to the 2018 presidential election polls were putting Erdogan at an average of five-point lead ahead against his top contender Muharrem Ince at the time

While the majority of the respondents (62 1%) said they were unhappy with the current political climate in the country and some 45 8% of them believe the country was heading in the wrong direction the poll shows the country s opposition has not been able to fully capitalize on the country s deepening economic and social grievances turkey has been facing one of the worst cost-of-living crises in its recent history with the country s year-on-year inflation reaching a 24-year high of 85 5% late last year before easing to nearly 50% in March the fall is largely due to the favorable base effect from the previous period

A decisive majority also believes that the issue is the country s most immediate challenge with some 69 6% of the respondents saying the economy and inflation make up the biggest issue the country is facing

Economists believe that the Central Bank’s unorthodox rate cuts have been one of the top drivers of inflation Erdogan who holds the un-

Sun Sentinel E d I to r I A l b oA r d

conventional view that high interest rates cause high inflation pledged this week that they will not be increased as long as he is in power

A second significant concern among the voters stands out as corruption, as some 7 6% of respondents believe that issue is the top problem the country is facing turkey s transparency rankings have been steadily declining, according to the transparency International’s Corruption Perceptions Index 2022 report which ranked the country 101st among 180 countries In addition, turkey remains on the “grey list” of the Financial Action task Force since 2021 which means the country is subject to heightened scrutiny over terrorist financing, money laundering and institutional corruption Refugees meanwhile remain the thirdhighest concern among voters at 7 3% turkey is home to more than 4 5 million refugees, 4 million of them from Syria Ensuring the return of refugees remains among the top election pledges of both the ruling party and the sixparty opposition bloc the Feb 6 earthquakes that killed at least 50 500 people across the country s 11 provinces which were also home to nearly a million Syrians, have further fueled the anti-refugee sentiment in the country the government’s fatally slow earthquake response has fueled the angst against Erdogan s government and deepened the country s financial woes with international institutions estimating the temblors would cost between $30 billion and $80 billion to the national economy yet as the impact of the government s failure to make a timely response to the quakes seem to be wearing off and as its economic impacts have yet to kick in, only 26% of respondents said their trust in the government after the disaster had greatly decreased Some 24 4% said their trust in the government has somewhat decreased Meanwhile, 15 4% of respondents said their trust in the government greatly increased after the disaster and 12 3% said their trust in the government somewhat increased Erdogan, who has been the longest serving leader of the modern turkish republic and his

It was a very good day for the u S A when Fox News agreed to pay a record-shattering $787 5 million for defaming Dominion Voting Systems with its false commentaries on the 2020 presidential election Although Fox didn’t have to admit wrongdoing it was the equivalent of a no-contest plea to a historic fraud against not just Dominion but the nation on Monday, the network abruptly and with almost no notice parted ways with its most popular host, tucker Carlson jettisoning one of the nation’s biggest purveyors of election-centered fiction the decision to fire Carlson came directly from Fox CEo Rupert Murdoch, the New york times reports the lies that Fox and Carlson parroted as fact and were found to be lies by the judge contributed to the attack on Congress on Jan 6, 2021 by the mob determined to keep Donald trump in the office he had fairly lost

TRUMP’S ECHO CHAMBER: Many other voices perpetuated trump s lie that the election was stolen from him but Fox was the most prominent of his echo chambers, if only for having the most followers Even now, a recent CNN/SSRS poll showed two-thirds of Republicans continue to believe trump’s

ruling Justice and Development Party (AKP) are facing their toughest reelection bid in his more than two-decade rule as he is facing a largely united opposition front

A decisive majority of the voters believe that the elections will be fateful Asked about how important the elections will be in determining the future of turkey, 89 3% of the respondents said very important

In an indication of likely high turnout on May 14 96 7% of respondents said they were registered to vote in the elections When asked about whether they were planning to vote, 84 2% of them said they would do so the youth appear to be the most reluctant Among 11 3% remain undecided, a big segment of aged between 18-25(18%), said they were still undecided whether to vote turkey s six-party opposition bloc led by the main opposition Republican People s Party (ChP) also includes the AKP offshoots DEVA and gelecek (Future) as well as the Democrat Party Islamist Felicity and nationalist Iyi (good) parties the bloc is fielding ChP leader Kemal Kilicdaroglu as its joint presidential candidate against Erdogan

Following the country s pro-Kurdish Peoples Democratic Party (hDP) announced that it wouldn’t field a candidate in tacit support of the main opposition leader the majority of the Kurds, the expected kingmakers of the elections, are likely to support Kilicdaroglu the six-party alliance’s main pledge is to end Erdogan’s executive presidential system which was introduced in 2018 after a narrow referendum government critics argue that the system sped up the country’s democratic backsliding as well as the erosion of the rule of law and judicial independence Erdogan and his ruling alliance stress the need for stability, arguing that the six-party alliance would struggle to govern the country drawing on in-house disagreements among the alliance s highest ranks turkey has witnessed deepening polarization under the rule of Erdogan who has comfortably handled almost every electoral challenge he faced since becoming prime minister in 2003 Voters also seem to be divided on foreign policy issues Asked which country they would like turkey to develop closer ties with 34 7% of respondents said the united States while 26 5% said Russia and 23 4% said China

of the Sea (uNCloS) that establishes rights and responsibilities of the uN member states while using the oceans of the world

n As Bangladesh is a significant player in the Indo-Pacific region since its participation both in the Indian ocean Rim Association (IoRA) and the Bay of Bengal Initiative for Multi-Sectoral technical and Economic Cooperation (BIMStEC) geostrategic location regional integration, social and economic development has made it important to Indo-Pacific region

Consequently the overarching goal of Bangladesh’s Indo-Pacific outlook is to enhance country s ties with the uSA and West, engage in this region, accelerate economic growth and address common issues shared by the other nations Despite Indo-Pacific Strategy s widespread support, some countries have claimed that it s only likely to serve to escalate regional instability, slow China’s growth and Bangladesh’s leaning towards the uSA Bangladesh is hesitant to take any sides in the conflict between the uSA and its allied countries and China For instance, the Ministry of Foreign Affairs of Bangladesh had announced a fresh Indo-Pacific outlook to highlight Bangladesh s geopolitical standpoint on the region as well as its objectives to move forward as a nonaligned foreign policy

In other words Bangladesh will be likely to clarify its own stance in the Indo-Pacific region through IndoPacific outlook to take the position of regional leader, rather than joining any political bloc

In this way

uS-Bangladesh relations would reach a new level Bangladesh could gain trust from the Indian government because India is an active member of the Indo-Pacific alliance Bangladesh on the other hand can handle the Chinese predicament intelligently because its goal is to engage structurally rather than militarily Bangladesh essentially sets an example for the other littoral nations by outlining its Indo-Pacific orientation Bangladesh-like nations can adopt the method because it is so well-balanced It aims to strengthening regional economic cooperation guaranteeing the security of maritime commerce combating climate change investment opportunities and introducing new strategic alliances with other countries through upholding norms of international order the freedom of trade and commerce prosperity and the sovereign equality of all countries, their outlook aims to help advance the goal of an open free and fair Indo-Pacific region In addition Bangladesh aspires to boost its economy through increasing investment and trade; particularly in the areas of public investment and technological networking

The writer is based in Karnataka India and has completed a master s degree from Jawaharlal Nehru University in International Relations He can be reached at johnrojariojnu@gmail com

Is China the next world peacemaker?

J u s t l a s t m o nt h , C h i n a s u cce s s f u l l y b ro ke re d a S a u d iI ra n i a n ra p p ro c h e m e nt a n d i n d i c ate d t h at i t w i s h e s to p l ay p e a ce m a ke r b e t we e n R u s s i a a n d U kra i n e

expanded its presence in the Middle East beyond energy to become the largest trading partner a significant investor and a provider of infrastructure and technology for most countries these growing economic interests have been accompanied by an influx of Chinese citizens to the region, with around 200,000 living in the uAE alone What’s more China has long feared that radical elements of both Sunni and Shia stripes might spill over into its Western region and spark domestic unrest in Xinjiang

Ch I N A’ S foreign minister told his Israeli and Palestinian counterparts last week that Beijing is ready to help facilitate peace talks the separate phone calls between Foreign Minister Qin gang and Israeli and Palestinian senior diplomats fall amid recent moves by Beijing to position itself as a regional mediator

Just last month, China successfully brokered a Saudi-Iranian rapprochement and indicated that it wishes to play peacemaker between Russia and ukraine these developments did not happen in a vacuum:

Since Xi Jinping rose to power in 2012, China has stepped up its global conflict mediation efforts Several interests are driving this trend on the material front, securing its economic interests, protecting its citizens abroad and ensuring its national security are critical factors influencing where and to what extent Beijing chooses to involve itself in any given conflict over the years China gradually

Fox pays dearly for its many election lies

claim, although fewer, barely half, still think actual evidence exists to support it Perhaps their eyes will be opened by the price Fox is paying yet Fox avoided having to make an onair apology the network gave the settlement only six minutes of coverage last week and its original statement was laughable in both its avoidance and bald-faced pretense: We acknowledge the Court s rulings finding certain claims about Dominion to be false this settlement reflects FoX’s continued commitment to the highest journalistic standards We are hopeful that our decision to resolve this dispute with Dominion amicably instead of the acrimony of a divisive trial, allows the country to move forward from these issues ”

DOLLARS AND DISHONESTY: A more accurate assessment came from Bill o Reilly the host who was forced out of Fox in 2017 because of sexual harassment allegations this is what happens when money becomes more important than honest information he said Since I left FNC the template changed from Fair and Balanced to tell the audience what it wants to hear ’ And millions of trump voters, to this day, want to believe the 2020 election was rigged that opinion can cer-

tainly be presented if you provide a counter opinion equal time however once the facts begin to overwhelm any point of view a news agency has an obligation to say that the outcome wasn t perfect few settlements are and in some corners it was disappointing It was not quite half of the $1 6 billion in damages sought by Dominion whose voting equipment is used in 18 Florida counties Internal emails that exposed the difference between what Carlson and morning anchor Maria Bartiromo were saying and what they knew to be true are on the record forever So are the judge s findings of fact, which may be helpful in Dominion s pending litigation against others, including trump’s lawyers Rudy giuliani and Sidney Powell and Mike lindell the MyPillow guy Fox still faces a similar defamation suit for $2 7 billion from Smartmatic, another election technology vendor the record of the Dominion case should not intimidate any voices whether right left or center from reporting and commenting fairly and forcefully on public issues What s important is to avoid passing off opinion as fact and to clearly distinguish opinion commentary such as this editorial from the news report

Amid rising tensions with the uS Chinese leaders have come to view America’s regional security umbrella as a vulnerability and are seeking other ways to protect these interests Mediation serves as a low-risk, low-cost way of addressing this vulnerability

What is perhaps less obvious is China s desire to portray itself as a responsible stakeholder in the international arena commensurate with its newfound great power status serves as a soft power tool that generates substantial normative power, enhancing Beijing’s ability to reshape global governance and advance a multipolar world order

For example, China has offered an alternative to the Western liberal peace model at the center of mediation for much of the past half-century: peace through development likewise, the inclusion of new Chinese initiatives like the global Security Initiative (gSI) in the official statements issued following the Saudi-Iranian deal and the recent talks with Israeli and Palestinian foreign ministers serve as another example Mediation works in harmony with other efforts to catalyze multipolarity including the expansion of the Shanghai Cooperation organization – a multilateral security organization that now includes Iran Saudi Arabia and several other Middle Eastern countries –as well as the expansion of BRICS (Brazil, Russia, India, China, South Africa) and its proposal to create a global reserve currency to rival the united States dollar

In advancing multipolarity Beijing seeks to counter perceived uS efforts to contain China by reducing the power of the American-dominated institutions that form the backbone of the postwar system If successful China will have more freedom to pursue its national interests in its traditional sphere of influence and in further flung regions like the Middle East

The writer is the research and strategy director at SIGNAL (SinoIsrael Global Network and Academic Leadership) His research examines the impact of China’s rise on Israel the Middle East and North Africa

S O U N D O F A I R S T R I K E S E C H O E S I N K H A R T O U M A S U S P U S H E S F O R LO N G E R T R U C E

KHARTOUM

R e u t e R s

THE United States and African nations were racing to secure an extension of a ceasefire in Sudan on Thursday, with the Sudanese army saying it had given an initial nod to an African proposal calling for talks even as heavy fighting continued

Hundreds of people have been killed in nearly two weeks of conflict between the army and a rival paramilitary force – the Rapid Support Forces (RSF) – which are locked in a power struggle that threatens to destabilise the wider region

An RSF statement accused the army of attacking its forces on Thursday and spreading “false rumours” making no reference to the proposal which the army said came from the Intergovernmental Authority on Development (IGAD), an African regional bloc

The sound of airstrikes and anti-aircraft fire could be heard in Khartoum and the

nearby cities of Omdurman and Bahri witnesses and Reuters journalists said

The existing three-day ceasefire brought about a lull in fighting, without completely halting it, but is due to expire at midnight

(2200 GMT)

Many foreign nationals remain stuck in Sudan despite an exodus marking one of the largest such evacuations since the withdrawal of U S -led forces from Afghanistan in 2021 Sudanese civilians who have been struggling to find food water and fuel continued to flee Khartoum on Thursday

The army late on Wednesday said its leader, General Abdel Fattah al-Burhan, had given initial approval to the plan to extend the truce for another 72 hours and to send an army envoy to the South Sudan capital, Juba, for talks The military said the presidents of South Sudan, Kenya and Djibouti worked on a proposal that includes extending the truce and talks between the two forces Burhan thanked the IGAD and expresed an initial approval to that, the army

statement said Reuters could not immediately reach an IGAD spokesperson for comment

U S Secretary of State Antony Blinken and African Union Commission Chairperson Moussa Faki Mahamat discussed working together to create a sustainable end to the fighting the State Department said on Wednesday

Syrian evacuee shocked at violence

At least 512 people have been killed and close to 4 200 wounded by the fighting since April 15 The crisis has sent growing numbers of refugees across Sudan s borders The U N refugee agency has estimated 270,000 people could flee into South Sudan and Chad alone Thousands of people mainly Sudanese have been waiting at the border to cross into Egypt, Sudan s neighbour to the north France said on Thursday it had evacuated more people from Sudan, including not only French nationals but also Britons Americans Canadians Ethiopians Dutch Italians and Swedes Britain said it may not be able to con-

tinue evacuating its nationals when the ceasefire ends and they should try to reach British flights out of Sudan immediately

Mohammad Al Samman, a Syrian evacuated to Jordan by plane, expressed shock at how the violence had begun suddenly and with such intensity I didn t witness this in Syria With all the war and destruction in Syria, it didn t happen just suddenly, Al Samman told Reuters after landing in Jordan Hospitals out of action; With air strikes and artillery unleashed during the fighting, the conflict has destroyed hospitals and limited food distribution in the vast nation where a third of the 46 million people were already reliant on humanitarian aid

An estimated 50,000 acutely malnourished children have had treatment disrupted due to the conflict, and those hospitals still functioning are facing shortages of medical supplies power and water according to a

U N update on Wednesday

Sudan Doctors Union said 60 out of 86

hospitals in conflict zones had stopped operating Much of the fighting has been focused in Khartoum where RSF fighters have embedded themselves in residential areas, and the western province of Darfur, where conflict has simmered ever since civil war erupted there two decades ago

Deadly clashes broke out in Geneina in West Darfur on Tuesday and Wednesday, resulting in looting and civilian deaths and raising concerns about an escalation of ethnic tensions the update said Tension had been building for months between Sudan s army and the RSF, which together toppled a civilian government in an October 2021 coup

The friction was brought to a head by an internationally-backed plan to launch a new transition towards elections and a government led by civilian parties

A final deal was due to be signed earlier in April on the fourth anniversary of the overthrow of long-ruling Islamist autocrat Omar al-Bashir in a popular uprising

A writer explained in graphic detail on Wednesday how Donald Trump allegedly raped her nearly 30 years ago, at a civil trial to determine whether the former US president assaulted her and then lied about it I m here because Donald Trump raped me, and when I wrote about it, he lied and said it didn’t happen,” E Jean Carroll told jurors in federal court in Manhattan He lied and shattered my reputation, and I m here to try and get my life back

Carroll, 79, a former Elle magazine advice columnist is seeking unspecified damages from Trump 76 who leads the Republican field in the 2024 presidential campaign

Her lawsuit concerns an alleged encounter in a Bergdorf Goodman department store dressing room in late 1995 or early 1996, where she says Trump raped her before she could flee

Carroll says Trump defamed her by calling her rape claim a hoax lie and complete con job on his Truth Social media platform, and said she was not his type and had made up the claim to sell her memoir

She is also suing under New York’s

Adult Survivors Act which lets adults sue their alleged abusers long after statutes of limitations have run out Trump is not attending and not required to attend the trial which began on Tuesday He has a scheduled New Hampshire campaign event on Thursday, and both sides have indicated it is unlikely Trump will testify

Trump maintained his scorn nonetheless for Carroll s case on Truth Social on Wednesday, calling her lawyer a political operative and the rape claim “a made up SCAM ” adding: “This is a fraudulent & false story Witch Hunt!”

Virginia man pleads to terror charge after doing time in Pakistan

ALEXANDRIA: A northern Virginia man who traveled to Pakistan with four friends nearly 15 years ago seeking to engage in holy war pleaded guilty to a terrorism charge but he is likely to receive only a one-day jail sentence The guilty plea from Ramy Zamzam comes after he and his friends spent nearly 13 years in a Pakistani prison after their arrest there in 2009 Rather than seek additional jail time prosecutors are recommending a one-day jail term, coupled with 20 years of supervised release In a sentencing memorandum, prosecutors said that the time Zamzam and his friends served in Pakistan on similar terrorism charges provide an adequate deterrent and that no more prison time is necessary t h e A s s o c At e d P R e s s

US District Judge Lewis Kaplan warned that Trump could face more legal problems if he kept discussing the case

‘I can still feel it’, Trump’s accuser says Carroll testified that she had met Trump years before the alleged rape finding him very personable and a man about town

At Bergdorf Carroll recalled that she was leaving the store when Trump recognised her and held up his hand She stopped He said, Hey, you are that advice lady, Carroll recalled I said, ‘Hey you are that real estate tycoon '”

Carroll said Trump bantered in a

joshing tone as he shopped for lingerie for another woman She said Trump asked her to try on a piece of lingerie prompting her to joke that he should try it on Carroll said Trump then coaxed her into an open dressing room, shut the door, shoved her against a wall, and pulled down her tights She choked up and fought back tears as she described pushing him back Trump s fingers went into my vagina, which was extremely painful, extremely painful ” and he also “inserted his penis she said

As I m sitting here today I can still feel it, she said It left me unable to ever have a romantic life again ”

Asked by her lawyer if she told Trump no Carroll said I may have said it but did not know She also said she blamed herself, and feared she would be fired and Trump would retaliate if she reported him

Inspired by the #MeToo movement Carroll came forward in 2019 and denied Trump s repeated suggestions it was because she disliked his politics

“I’m not settling a political score at all Carroll said I m settling a personal score because he called me a liar repeatedly, and it really has decimated my reputation ”

‘I had no damn idea you could sing’:

Yoon’s ‘American Pie’ stuns Biden

SEOUL

A F P

From discussing nuclear war to belting out a beloved hit: South Korean President Yoon Suk Yeol’s White House visit ended on a high note when he sang Don McLean s American Pie to great applause Yoon is on a six-day state visit to Washington, where he discussed with US President Joe Biden on Wednesday “the end” of any North Korean regime that used nuclear weapons against the allies But the two leaders had more cheerful topics on the agenda at the White House state dinner in Yoon s honour later that day, with the South Korean leader who is known at home to be something of a karaoke buff sharing his love of American music

SYDNEY R e u t e R s

Australia proposed on Thursday overhauling its immigration system to speed up getting highly skilled workers into the country and smoothening the path to permanent residency

The federal Labor government said the current system used to select skilled migrants the points test will be modified to identify people with the correct skill sets the Australian economy needs going forward Our migration system [ ] is broken It is failing our businesses, it is failing migrants themselves And most importantly, it is failing Australians That cannot continue ” Home Affairs Minister Clare O’Neil said in a speech at the National Press Club Australia has been competing with comparable countries like

Canada and Germany to lure more skilled migrants with the surge in demand exacerbated by an ageing population

T h e g o v e r n m e n t s a i d t h e v i s a p r o c e s s f o r h i g hs k i l l e d p r o f e s s i o n a l s w i l l b e m a d e q u i c k e r a n d e a si e r w h i l e s t e p s w o u l d b e t a k e n t o r e t a i n i n t e r n a t i o n a l s t u d e n t s

Temporary skilled visa holders who had been denied even the opportunity to apply for permanent residency, will be able to do that by the end of this year, O’Neil said But it will not add to Australia’s annual intake of permanent migrants she said

In September Australia raised its intake of permanent migrants to 195,000 this financial year, up by 35,000, to help businesses battling widespread staff shortages and pledged more staff and funds to speed up visa processing

From July 1 the government said it would raise the migrant wage threshold of temporary skilled workers to A$70,000 ($46,250) from A$53,900, stuck at the same level since 2013 A r o u n d 9 0 p e r c e n t o f a l l f u l l - t i m e j o b s i n A u st r a l i a a r e n o w p a i d m o r e t h a n t h e c u r r e n t t h r e s h o l d l e a d i n g t o t h e e x p l o i t a t i o n o f m i g r a n t w o r k e r s , t h e g o v e r n m e n t s a i d

MANCHESTER

A F P

Billed as a Premier League title decider it was barely even a contest as Manchester City thrashed Arsenal 4-1 on Wednesday to close in on becoming English champions for the fifth time in six years City have not even hit the top spot yet as Arsenal remain two points in front But the momentum of the title race looks to have decisively swung the way of Pep Guardiola’s men as they have the chance to pull away into the distance with two games

We know this is one of your favourite songs American Pie, Biden said to Yoon, having pulled him up onto the stage at the end of the evening to listen to singers perform the classic “Yes, that’s true,” the 62year-old Yoon admitted saying that he had loved the Don McLean song released in 1971 since he was at school We want to hear you sing it, said Biden It s been a while but Yoon responded, offering only token resistance as he took the microphone Yoon belted out the first few lines of the song a capella triggering rapturous applause from the crowd and delighting Biden and the First Lady The next state dinner we re going to have, you re looking at the entertainment, Biden told the crowd referring to Yoon Then he turned to the South Korean president and said: “I had no damn idea you could sing Biden told Yoon that McLean could not be at the White House to join them but had sent a signed guitar, which the US president gifted to the South Korean leader “Yoon literally tore up the stage and White House!” one Twitter user wrote in Korean in reply to a video of the president singing Yoon has revealed his hidden signing talent, another commenter wrote, also in Korean, resharing the video It is not Yoon’s first time singing in public On the campaign trail in 2021 he appeared on the famous South Korean TV show All the Butlers wowing its celebrity hosts with a sparkling rendition of the K-pop ballad No one else” by Lee Seung-chul

CORPORATE CORNER

Etihad Group celebrates launch of new block in Etihad Town Phase I

LAHORE: Etihad Group is proud to announce the launch of a new block in its Etihad Town Phase I project The development is situated at a prime location on Main Raiwind Road and features state-of-the-art amenities, green spaces, and modern housing options that cater to the needs of families and individuals looking for a contemporary convenient and luxurious living experience Etihad Town Phase I has been declared a resounding success by its developers and has received an overwhelming response from investors and buyers alike s ta f f r e p o r t

Pakistan Nav y's offshore patrol vessel Keel Laying ceremony held at Romania

FA R M M A C H I N E S AT C A N T O N FA I R AT T R A C T PA K I S TA N I B U Y E R S

INP

B e I J I N G

DURING the 133rd China Import and Export Fair also known as Canton Fair a section for agricultural machines attracted a lot of Pakistani buyers, according to China

Economic Net (CEN) Electric trolley is one of the devices that interest visitors the most It can carry more weight, and it is auto-controlled The traditional trolley we use in Pakistan is completely different from

that ” A Pakistani buyer said, “You can see how innovative they have made it by installing a motor and hydraulic system in a small trolley It also fits smallscale farmers It can have a huge market in Pakistan ” The booth said that the electric trolley normally works with an electric wood breaker It can break wood into small pieces You can give commands through the control panel about how small the pieces you want to cut the wood into Yo u c a n a l s o c o n v e r t i t i n t o s a wd u s t T h e o u t p u t w i l l a u t o m a t i c a l l y

f a l l i n t o t h i s t r o l l e y ” T h e e x h i b i t o r i n t r o d u c e d Federal Minister for Industries and Production in Pakistan, Syed Murtaza Mahmud recently stressed the importance of farm mechanization He also encouraged converting raw products into value-added products to promote agribusiness Automatic grinder is a widely used machine for value-added agricultural products in China “It is very interesting that you can put whatever crop in it like wheat, spices, even meat Here all of your demands for the

machine will be met, whatever power and capacity you want ” said another Pakistani buyer I think the products at Canton Fair are of good quality with fair prices When you place orders in large quantity, the price will be fairer ”

In this place we can find a lot of advanced devices that can be introduced to Pakistan, which are essential for increasing the agricultural productivity of the country Hope these new technologies can give Pakistan more inspiration to make agribusiness more productive and profitable, the report added

FDRE, TDAP agree to hold ‘Ethiopia-Pakistan business forum’ in mid-M ay

Chairman Zubair Motiwala

ISLAMABAD s ta f f r e p o r t

The Embassy of the Federal Democratic Republic of Ethiopia (FDRE) in Pakistan and the Trade Development Authority of Pakistan (TDAP) on Thursday agreed to hold an Ethiopia-Pakistan Business Forum in Karachi during the second week of May to boost bilateral trade by connecting the business community of the two countries

ISLAMABAD: The Keel Laying ceremony of second Off-shore Patrol Vessel (OPV) being constructed for Pakistan Navy held on Thursday at DAMEN Shipyard Galati, Romania Ambassador of Pakistan to Romania Dr Zafar Iqbal graced the ceremony as Chief Guest, a Pakistan Navy news release here received said Owning to the satisfactory performance of 1st Batch of OPVs (PNS YARMOOK & PNS TABUK) in Pakistan Navy; the construction of 2nd Batch of OPVs was in progress at DAMEN Shipyard Romania The ship will be a multipurpose and highly adaptive platform equipped with state-of-the-art weapons and sensors to fight all domains of maritime warfare While addressing the ceremony the Chief Guest underscored the importance of OPVs by emphasizing that these platforms will act as force multipliers in enhancing PN capability of safeguarding maritime frontiers and will offer flexibility in conduct of Pakistan Navy s initiative of independent Regional Maritime Security Patrols in the Indian Ocean Region s ta f f r e p o rt

MCB posts profit before tax of Rs23.02b for Q1-2023

LAHORE: The Board of Directors of MCB Bank Limited (MCB) in its meeting held under the Chairmanship of Mian Mohammad Mansha on April 27, 2023,reviewed the performance of the Bank and approved the condensed interim financial statements for the first quarter ended March 31 2023 The Board of Directors has declared first interim cash dividend of Rs 6 0 per share i e 60% for the quarter ended March 31, 2023 With a strong build up in core earnings, MCB’s Profit Before Tax (PBT) for the first quarter of 2023 increased to Rs 23 billion with an impressive growth of 54% Profit After Tax (PAT) posted a growth of 46% to reach Rs 13 billion; translating into an Earning Per Share (EPS) of Rs 11 02compared to EPS of Rs 7 52 reported in corresponding period last year On the back of strong volumetric growth in current account and timely repositioning within the asset book net interest income for 1Q 23 increased by 66% over corresponding period last year YoY average current deposits of the Bank registered a remarkable growth of Rs 178 billion (+31%) Non-markup income increased to Rs 5 9 billion (+3%) against Rs 5 7 billion in the corresponding period last year with major contributions coming in from fee commission income The Bank registered a growth of 27% in fee commission with income from trade and guarantee business up by 59% cards related income up by 42% and income from home remittances up by 39% s ta f f r e p o r t

IESCO CEO holds live e-court today

ISLAMABAD: Chief Executive Officer IESCO, Dr Muhammad Amjad Khan will hold e-court on Friday (today) from 10am to 12:00 Noon and will attend consumer calls and issue necessary directives to relevant offices on the spot for rectification of valuable consumer electricity related issues Consumers related to Islamabad, Rawalpindi City, Rawalpindi Cantt, Attock, Jhelum Chakwal Circles and surrounding areas can contact Chief Executive IESCO on Facebook ID CEOIESCO E-Kachery and Telephone No 051-9253105 according to above mentioned schedule IESCO customers are requested to mention name, bill reference number and contact number while lodging complaints s ta f f r e p o r t

Dubai Economy & Tourism launches new campaign for Pakistani travelers

Dubai Economy & Tourism (DET) has launched a new campaign that targets Pakistani travelers with a YouTube series The episodes featuring Faisal Kapadia and Bilal Maqsood, former members of the popular band Strings take viewers on a thrilling journey through the vibrant city of Dubai showcasing its unique experiences and attractions suitable for visitors of all ages s ta f f r e p o r t

The decision to this effect was taken during a meeting between Ambassador Extraordinary and Plenipotentiary of the FDRE to the Islamic Republic of Pakistan Jemal Beker Abdula and TDAP

During the meeting, both the dignitaries discussed modalities for the forum wherein high-level officials and business delegations from the FDRE will also take part in further cementing business-to-business relations between the two countries A m b a s s a d o r J e m a l B e k e r s a i d t h e f o r u m w o u l d n o t o n l y h e l p b u s in e s s c o m m u n i t i e s o f b o t h c o u n t r i e s t o w o r k o u t a c o m p r e h e n s i v e s t r a te g y f o r b o l s t e r i n g b i l a t e r a l t r a d e b u t a l s o e n a b l e t h e m t o e s t a b l i s h s t r o n g l i n k a g e s He underlined the forum would also provide an opportunity for the business

KARACHI: The Board of Directors of National Bank of Pakistan NBP the Bank met today to approve the interim condensed financial statements for the quarter ended March 31, 2023

For Q1’23, the Bank generated gross interest income of PKR 192 4bln i e more than double the PKR 79 2 Bn for the similar period of 2022 The Bank s investments portfolio averaged PKR 3 519 2 Bn (Mar 22:PKR 1,984 6 Bn) and generated mark-up/interest income of PKR 146 2 Bn Whereas, the placements averaged PKR 66 2 Bn (Mar ’22:PKR 110 6 Bn) and generated mark-up income of PKR 2 7 Bn (Mar 22: PKR 2 7 Bn) During the quarter the Bank s loan book averaged PKR 1,411 4 Bn and generated mark-up income of PKR 43 5 Bn i e PKR 17 3 Bn or 66 2% higher than PKR 26 2 Bn for Q1’2022 This significant growth in earnings was achieved through both, a volumetric growth, as well as the favourable YoY rate variance Likewise, cost of funds for the period also recorded a significant YoY increase and amounted to PKR 159 9 Bn as against PKR 53 4 Bn for the corresponding period of 2022

Consequently, net interest income for the period closed at PKR 32 5 Bn, depicting a 26 1% increase

community of the two countries to highlight business, trade and investment opportunities in the economic sectors of Ethiopia and Pakistan T h e a m b a s s a d o r r e c a l l e d t h a t a b i g d e l e g a t i o n o f P a k i s t a n i b u s i n e s smen had visited Ethiopia and was imp r e s s e d b y t h e o n g o i n g d e v e l o p m e n t i n m a j o r e c o n o m i c s e c t o r s o f E t h i o p i a i n c l u d i n g a g r i c u l t u r e a g r op r o c e s s i n g , m i n i n g , t e c h n o l o g y t r a n s f e r a n d t o u r i s m Moreover, the chairman was informed by the ambassador that Ethiopian Airlines would start its flight operations from Karachi to Addis Ababa and vice versa on May 9 to con-

against PKR 25 8 Bn of Q1’’22 Non-fund income for the periodstood at PKR 7 5 Bn which is PKR 0 6 Bn or 7 3% lower than PKR 8 1 Bn of Mar 22

Reflecting the inflationary pressures and the Bank s continued investment into its IT systems &infrastructure operating expenses amounted to PKR 21 2 Bn which is 26 3% higher YoY The Bank is investing significantly to improve & strengthen its IT infrastructure& systems for creating synergies in business processes, rationalising operating costs and achieving higher efficiency Overall operating costs translate into a cost-to-income ratio at 52 9% which is in line with the industry norms Positively provision charge amounted to PKR 0 68 Bn as compared to PKR 1 1 Bn a charge for Q1’ 2022 Total assets of the Bank amounted to PKR 6 055 6 Bn depicting a 15 6% increase from PKR 5,240 4 Bn levels of December 31, 2022 In the prevailing high interest rate scenario, the Bank is pursuing a prudent loan growth strategy for better credit risk management Accordingly the loans & advances of the Bank amounted to PKR 1 452 9 Bn i e slightlyabove the PKR 1,438 6 Bn at end of the year 2022

nect Pakistan not only with Ethiopia but also with entire Africa

The TDAP chairman also expressed strong interest in conducting the business forum which was crucial to strengthen business-to-business and people-to-people relations between the two countries

He said a large number of businessmen would participate in the EthiopiaPakistan business forum which was crucial to advance business-to-business relations

The chairman also agreed that the start of Ethiopian Airlines would create a conducive environment to promote business between both countries

Nestlé Pakistan repor ts first quar ter sales

KARACHI: Nestlé Pakistan reported first quarter sales, for 2023, of PKR 49 5 billion The figures reflect a growth of 31 3% compared to the same period last year The operating profit also improved as a result of sales growth favorable product mix and tighter control on fixed costs The results were shared at the end of the Company s Board of Directors’ meeting at its Head Office The Company’s focus on its growth pillars as well as a favorable portfolio mix and pricing management initiatives attributed to the boost in revenue

The improvement in financial results was achieved despite external challenges of record high inflation and commodity prices increased taxation currency devaluation reduced imports due to limited availability of foreign exchange along with remnant impacts of the devastating floods of 2022 The Company maintains a cautious outlook for the rest of the year in view of the continuing external challenges s ta f f r e p o r t

Lucky Core Industries’ results for quar ter, nine-month-period ended Mar 31, 2023

KARACHI: Following the meeting of the Board of Directors, Lucky Core Industries Limited announced its financial results for the quarter and nine months ended March 31 2023

KARACHI: Standard Chartered Bank Pakistan (SCBP) Limited delivered a strong profit before tax of PKR 16 1 billion for Q1’23, registering an increase of 37 per cent year on year Performance was driven by strong income growth as well as continued cost and risk discipline Overall revenue grew by 43 per cent to deliver highest ever quarterly top-line of PKR 20 4 billion, with positive contributions from all segments Operating expenses were well managed through efficiencies and disciplined spending with an increase of 25 per cent from comparative period, in line with inflation Moreover, prudent risk approach coupled with recoveries of bad debts led to a low net charge of PKR 0 2 billion in Q1 23

With a diversified product base, the Bank stands well positioned to cater for the needs of its clients On the liabilities side the Bank’s total deposits stand at PKR 729 billion up by PKR 10 3 billion whereas current and saving accounts grew

HBL sets new benchmarks as Q1-2023 profit rises to Rs21.5b

KARACHI: HBL today declared another record quarterly profit in Q1 23 with a profit before tax (PBT) of Rs 21

by PKR 28 billion (up 4 per cent) since the start of 2023 and comprise 98 per cent of the deposit base On assets side, net advances increased by 6% and the Bank continues to follow a prudent lending approach With a strong Return on Equity (ROE) of 42 3% for the period and a Capital Adequacy Ratio (CAR) of 16 8%, the Bank remains well positioned for future growth

Commenting on the results Mr Rehan Shaikh Chief Executive Officer Standard Chartered Bank (Pakistan) Limited said, Our results for the first quarter of 2023 amid a tough external environment have set a strong and optimistic tone for the year and we plan to build on this momentum going forward The results demonstrate solid foundations and a clear path towards delivering on our strategic priorities They are also reflective of our commitment to the country and our desire to capture opportunities in the market whilst providing best in class banking services to our clients s ta f f r e p o r t

announces financial results for nine months period ended

months ended March 31, 2023 of financial year 2022-23 The Company’s net sales clocked at Rs 309 148 billion translating to a profit after tax of Rs 159 638 billion and earnings per share of Rs 37 12 for the nine months ended March 31, 2023 The Board of Directors also approved the third interim cash dividend @ Rs 1 80 per share i e 18 percent in addition to earlier interim dividends of Rs 4 00 per share i e 40 percent The Company paid Rs 36 128 billion as royalty which will be ultimately be transferred to the Provinces besides Rs 92 980 billion in the form of taxes during the nine month period The above entitlement will be paid to the shareholders whose names will appear in the register of members on May 09 2023 The share transfer books of the company will be closed from May 10 2023 to May

FINANCIAL HIGHLIGHTS: On a consolidated basis (including the results of the Company s subsidiary Lucky Core PowerGen Limited), Net Turnover for the nine months from continuing operations under review at PKR 80 429 million is higher by 11% over the same period last year (SPLY) Operating Result from continuing operations at PKR 10,509 million is higher by 3% in comparison to the SPLY On a consolidated basis, Profit After Tax (PAT) for the nine months period under review for both continuing and discontinued operations at PKR 22,175 million is 172% higher than the SPLY The increase is primarily due to the disposal of approximately 26 5% of the issued and paid up share capital of NutriCo Morinaga (Private) Limited resulting in a gain of PKR 8 911 million and a one-off notional gain of PKR 8,239 million recorded on account of re-measurement of the remaining 24 5% shareholding of NMPL in accordance with the relevant IFRS s ta f f r e p o r t

FFC unveils financial results for period ended Mar 31, 2023

KARACHI: Fauji Fertilizer Company Limited (FFC) has announced its financial results for the period ended March 31, 2023 in its Board of Directors’ meeting held on April 27, 2023 Urea production by the Company stood at 633 thousand tonnes whereas sales were recorded at 631 thousand tonnes same as last year The Company continued to face economic challenges including very high level inflation, escalating GST rates, increased interest rates besides continued devaluation of the Pak rupee negatively impacting the operating and financing costs of the Company Shortage of foreign currency reserves have also caused delay in procurement of essential spares and machinery The increase in interest rates enabled the Company to earn income on deposits of Rs 3 5 billion This income also included an unrealized exchange gain of Rs 930 million earned on the foreign exchange deposits of the Company due to devaluation of Pak rupee The net profitability of the Company thus stood at Rs 7 7 billion with earnings per share of Rs 6 08 per share compared to Rs 4 90 per share for 2022 s ta f f r e p o r t

SCBP delivers strong financial per formance for Q1-2023

NBP earns pre -tax profit of PKR 18.2b; 13.2% up YoY

argentina to paY for chinese imports in Yuan rather than doll ars

Yuan

aR G E N T I N A will start to pay for Chinese imports in yuan rather than dollars the government announced Wednesday, a measure that aims to relieve the country’s dwindling dollar reserves

In April it aims to pay around $1 billion of Chinese imports in yuan instead of dollars and thereafter around $790 million

china opens doors to pakistani cherr y with strict conditions

iSLAMABAD

G h u l a m a b b a s

Following the opening of the China-Pakistan border on April 1 the Chinese government has allowed the import of cherries from Pakistan But the trade requires stiff phytosanitary standards that are difficult to comply with according to experts The Chinese embassy informed the Ministry of National Food security and Research through a letter that the General Administration of Customs of China (GACC) has decided to carry out compliance inspections through remote video investigations on orchards and cold treatment facilities for the export of fresh cherries from Pakistan to China Zulfiqar Monin, a leading exporter of fresh fruit, has said that the cherries produced in Pakistan especially those from Gilgit Baltistan are juicier than normal cherries but also highly perishable Because of the Chinese protocols, these cherries cannot be exported to China under the existing phytosanitary measures

Under the protocol, local cherries need to be kept under one-degree temperature for over 18 days and after that period the health of the fruit will be checked for final export The only way to make the local fruits able to enter into the Chinese market is to grow imported cherry plants that may produce fruits with a shelf life of around 25 days in one degree centigrade

The existing fruits can’t survive under one degree centigrade for more than one week

However there is no packhouse or major cold storage to keep the cherry and treat them as per protocol in Gilgit-Baltistan To facilitate the export to China the existing rules need to be relaxed, and imported cherries need to be cultivated as a long-term strategy Cherry is a seasonal fruit with a limited lifetime grown throughout the lowlands of GB Some of its varieties are black, red, and French cherry It is a major source of cash for hundreds of families in the region

Growth avenues

With trade permission, the local cherry industry can blossom as China is the largest consumer of cherries in the world The Chinese and Pakistani governments have worked together since 2019 to establish an agreement on the export of fresh cherries from Pakistan to China The export protocol includes strict conditions on quarantine pests and cold treatment facilities, which must be met by cherry orchards packaging plants and refrigerated warehouses With cherries from Pakistan enjoying zero tariffs when exported to China under the China-Pakistan

russian oil shipment expected to reach soon: pm shehbaz

iSLAMABAD: s ta f f R e p o R t

of monthly imports will be paid in yuan, a government statement said The decision aims to ease the outflow of dollars, Argentina s Economy minister Sergio Massa said during an event following a meeting with the Chinese ambassador Zou Xiaoli as well as with companies from various sectors

The decision comes as the South American nation battles critical levels in its dollar reserves amid a sharp drop in agricultural exports caused by a historic

drought, as well as political uncertainty ahead of elections this year

In November last year Argentina expanded a currency swap with China by $5 billion, seeking to strengthen Argentina’s international reserves

The agreement will allow Argentina “to work on the possibility” of advancing the rate of imports Massa added with yuan-denominated import orders being authorized in 90 days rather than the standard 180 days

Prime Minister Shehbaz Sharif on Thursday announced that cheap oil imported from Russia is expected to arrive in Pakistan soon Sharif was speaking during a National Assembly session in response to claims made by the opposition Tehreek-e-Insaf (PTI) that the current government had come to power through a foreign conspiracy , wherein he refuted the allegations saying that had his government been formed as a result of a foreign-backed conspiracy it would not have imported oil from Russia Minister of State for Petroleum Musadik Malik had previously revealed to Reuters that the government had made its first purchase of Russian crude oil, with a cargo due to dock at Karachi port in May The minister stated that if the first transaction went smoothly, the country would seek to import 100,000 barrels per day (bpd) of Russian crude oil Pakistan Refinery Limited (PRL) will initially refine the crude oil in a trial run, to be followed by Pak-Arab Refinery Limited (PARCO) and other refineries Pakistan imported 154 000 bpd of oil in 2022 mostly from two Middle Eastern countries – Saudi Arabia and the United Arab Emirates However if Russian imports reach 100 000 bpd it would represent a significant drop in imports from the Gulf states This purchase will give Russia a new outlet, adding to Moscow’s growing sales to India and China as it redirects oil from Western markets because of the Ukraine conflict

forex reser ves rises by $30m to $4.46b

KArACHi p p i

c e s s

KArACHi p R o f i t R e p o R t

In a letter dated 27 April 2023 the company secretary of Sapphire Textile Mills Limited disclosed material information to the Securities and Exchange Commission in accordance with Section 96 of the Securities Act, 2015 and Clause 5 6 1(a) of PSX Regulations

The prominent textile player informed that the its wholly-owned subsidiary, Sapphire Chemicals (Private) Limited, which specialises in the manufacturing production refinement formulation acquisition conversion distribution, buying, selling, importing, exporting and dealing in all types of chemical products is planning to establish a soda ash manufacturing facility with an annual capacity of 220,000 tons

It was also shared that the proposed project has been approved by the board of directors of Sapphire Chemicals (Private) Limited The project is expected to significantly enhance the company s operations and contribute to the growth of the chemical industry

Moreover the company requested that this information be disseminated to members of the exchange in a timely and efficient manner

What is Soda Ash?

Soda ash or sodium carbonate is a weak base that is soluble in water and dissociates into sodium (Na) and carbonate (CO3) ions in solution Due to its strong alkalinity and surfactant properties, soda ash plays a critical role in the manufacturing of powdered detergents and soaps It enhances the solvency of the detergent, making for an effective stain remover, while also reducing the amount of water required Other than the detergent industry the primary consumers of soda ash are the glass and sodium silicate industries Common salt (rock or sea) and limestone are the main raw materials used in the production of soda ash, and are readily available in Pakistan therefore Pakistan does not import soda ash Additionally, local sources of natural gas and ammonia are used in the manufacturing process Who are the existing soda ash manufacturers in Pakistan?

According to the Pakistan Bureau of Statistics the production of Soda

Ash in Pakistan was 46 011 Ton th in September 2018, which marks an increase from the preceding month’s production of 43 341 Ton th in August 2018 The highest recorded production of 47 544 Ton th occurred in March 2018 while the lowest production of 14 694 Ton th was reported in February 2002 There are however not many soda ash manufacturers in Pakistan This is because only a few players monopolise the production, with Lucky Core Industries holding the top position as a supplier of soda ash and sodium bicarbonate in Pakistan, at present Lucky Core Industries has expanded its reach by exporting these products to countries including the UAE, Sri Lanka, Saudi Arabia, Qatar, Bangladesh Tanzania and Afghanistan With new players, such as Sapphire Chemicals (Private) Limited entering the field this industry has potential to expand Pakistan s scope of soda ash exporting

Foreign exchange reserves held by State Bank of Pakistan (SBP) rose by $30 million to $4 46 billion in the week ending on April 20 SBP in a statement said that its reserves have increased by $30 million to $4 46 billion as of April 20 which will provide an import cover of less than a month However the central bank did not specify the reason behind the increase in foreign exchange reserves Meanwhile the net foreign reserves held by commercial banks stand at $5 56 billion, $1 1 billion more than the SBP taking the total liquid foreign reserves to $10 02 billion Earlier on April 20 the SBP foreign exchange reserves increased to $4 43 billion after receiving Rs300 million commercial loan from China The SBP spokesperson confirmed that $300 million commercial loan from China was received and $384 million was increased to the central bank’s reserves The total reserves of the SBP increased to $4 43 billion from $4 03 billion On April 21, it was reported that the International Monetary Fund (IMF) asked Pakistan to do more to unlock stalled loan programme despite the assurances from Saudi Arabia and the United Arab Emirates about external funds The meeting of Finance Secretary Hamid Yakoob in the US remained unfruitful with the International Monetary Fund as the international lender has asked to arrange $1 billion from commercial banks to unlock the loan programme

LAHorE Da n i ya l a h m a D

Toyota announced its profits for Q3FY23 in a notification to the Pakistan Stock Exchange (PSX) on 26 April The company ended the quarter with a quarterly earning of Rs 3 2 billion and a final 9MFY23 earning of Rs 5 8 billion Whilst the quarterly earning amounts to a 141 74% quarter-onquarter (QoQ) increase, 9MFY23 earnings are down 61 79% year-on-year (YoY)

The most notable figure in Toyota’s

earnings report is that Rs 3 billion of its Rs 4 8 billion pre-tax earnings is attributable to its investment activities This is in line with Toyota s trend for the current fiscal year, whereby the bulk of its earnings now originate from it essentially being a bank rather than an automotive company Q3FY23 earnings Toyota s revenue for Q3FY23 clocked in at Rs 48 1 billion This is both a QoQ and YoY decrease from its previous earnings On a QoQ basis, Toyota s earnings fell by 2 79% from its previous

give breathing space to citizens struggling with rising costs and lead to a snowball eff e c t f o r d e c a r b o n i s a t i o n o f u r b a n m o b i lity said Hasan Mian Founder and CEO of YES Electromotive However, the twowheeler market was less than enthused I don t believe the electric two-wheelers introduced in Pakistan to date are reliable They re still in their embryonic stages ” says Muhammad Sabir Shaikh Chairman of the Association of Pakistan Motorcycle Assemblers (APMA) Companies have yet to conduct grassroots marketing activities for their products let alone on a grander scale Once these activities have been carried out, companies will have actionable feedback based on customer preferences Shaikh continues The conundrum with electric twowheelers specifically is that the designs used in China haven’t been fully imported

e r l y i t c a n

r o

Rs 49 5 billion Whilst on a YoY basis, it recorded a significant dip of 29 35% from last year ’s Rs 68 2 billion Toyota’s cost of goods sold (COGS) however fell more significantly on a QoQ basis, dropping by 9 83% from Rs 50 billion last quarter to Rs 45 15 billion for Q3FY23 On a YoY basis COGS fell by almost a third, with it dipping 28 32% YoY from Rs 62 99 billion in Q3FY22 to the aforementioned Rs 45 15 billion COGS as a percentage of revenue clocked in at 93 68% for Q3FY23 compared

to 100 99% in Q2FY23 and 92 33% in Q3FY22 The change is reflected in Toyota s gross profit margin (GPM) which stood at 6 32% in Q3FY23 This represented a significant improvement from the -0 99% it saw in Q2FY23 but again a dip from the 7 67% it recorded in Q3FY22 Gross profit for the quarter clocked in at Rs 3 billion a 720% QoQ improvement from its previous loss of Rs 490 million but a downgrade from its Rs 5 2 billion gross profit last year

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yet While some companies have introduced top-of-the-line electric scooters, most have resorted to attaching motors and batteries to CD-70 replicas There s nothing inherently wrong with this approach; however, it’s not true to the original design

of the electric vehicle, Shaikh adds We haven’t even begun manufacturing the right product yet As such there’s a risk that the government may sink resources into products that could soon become obsolete,” warns Shaikh