Epaper_23-07-07 ISB

Quran’s desecration attemPt to trigger muslim-christian hostilit y: Pm

The incident took place last week when a man who fled from Iraq to Sweden several years ago, tore up and burned a copy of the Holy Quran outside Stockholm’s central mosque on the first day of Eidul Azha there The act has drawn strong criticism from several countries including Pakistan Turkiye Jordan Palestine Saudi Arabia Morocco Iraq and Iran, as well as the European Union

including the Bible as Holy Quran ordained patience and harmony

He said despite that, such deliberate Islamophobia acts were being carried out to pit Muslims against Christians

He said that despite their belated condemnation the Swedish government would have to clarify its position as to why they allowed such an act under the protection of their police on the day when the Muslims were celebrating Eidul Azha

quences if such condemnable actions were repeated

He said as the country would observe the Sanctity of Holy Quran Day on Friday, the whole nation should stage rallies across the country to condemn the desecration of Holy Quran and convey their sentiments to the world

an urgent session to invite the Muslim world leaders adopt a condemnatory resolution and also warn the Swedish government and such individuals against the recurrence of such condemnable acts

The premier urged the National Assembly Speaker Raja Pervaiz Ashraf to form a committee with a mandate to formulate recommendations for their onward dissemination to the world including international organisations so that such acts could be averted

He said as per their belief, Muslims revered all religions and revealed books

The prime minister urged the parliamentarians to condemn the act of Swedish police and make it clear that the Muslims could even sacrifice their lives to protect the sanctity of the Holy Quran

He said the peaceful protests should not be construed as weakness and that no one should complain about the conse-

Calling for using all political and legal options to avert recurrence of such acts, the prime minister also thanked the OIC for convening a special meeting in which they also adopted a condemnatory resolution and put forward suggestions

He said Pakistan was not against the freedom of speech but no one had the right to desecrate any one s belief or fan hatred in this garb

Two Inter national banks sur render primar y dealer license in FY24

in the fiscal year 2021-22 In the fiscal year

2021-22 the SBP received a notable influx of applications for the status of primary dealer with 13 applications for primary dealer status and 2 applications for special purpose primary dealer status All of these applications were successfully approved In the subsequent fiscal year of 2022-23 among the 13 primary dealers from the previous year, Faysal Bank and Allied Bank decided to withdraw from their primary dealer status However, Habib Metropolitan Bank joined as a primary dealer for the first time Faysal Bank’s decision to drop its primary dealer status was influenced by its transition towards Islamic banking which prevented them from underwriting conventional debt Profit reached out to Allied Bank to inquire about its decision, but no response was re-

All the dealers, primary and special purpose primary dealers, are required to participate in primary auctions of government securities (PIBs and MTBs) These dealers actively take part in the primary market by submitting bids in the auctions conducted by the State Bank of Pakistan (SBP) periodically

C P E C I NC L U S I V E P L AT F O R M F O R T H I R D PA R T I E S T O B E NE F I T F R O M I NV E S T M E NT O P P O R T U NI T I E S : F O

ISLAMABAD

S ta f f R e p o R t

PAKISTAN on Thursday reiterated that being an important node in cross regional connectivity, China Pakistan Economic Corridor (CPEC) was an inclusive and open platform for interested third parties to benefit from investment opportunities in its priority areas like industry agriculture IT science and technology and oil and gas sectors

The Foreign Office spokesperson Mumtaz Zahra Baloch, in her weekly press briefing, said that both Pakistan and China

remained committed to continued expansion and development of CPEC to promote winwin connectivity, development and mutual prosperity “ We w i l l c o n t i n u e t o p u s h f o r w a r d a l l

C P E C p r o j e c t s i n a s a f e s m o o t h a n d h i g h - q u a l i t y m a n n e r p r o m o t i n g c o o p e r a t i o n i n a r e a s s u c h a s e c o n o m y a n d t r a d e , i n v e s t m e n t , i n d u s t r y, a g r i c u l t u r e , h e a l t h , a n d s c i e n c e a n d

t e c h n o l o g y, ” s h e r e m a r k e d

She said Pakistan and China were celebrating the 10th anniversary of CPEC which was an important pillar of the allweather strategic cooperative partnership

with China

The spokesperson recounted that the people of Pakistan had witnessed the remarkable achievements and fruits of highquality development stimulated by CPEC since its inauguration in 2013

Under the first phase of CPEC China invested around US$ 25 4 billion in Pakistan, primarily in energy and transport infrastructure sectors CPEC projects have added: 8000 MWs of energy to the national grid; 510 km of highways; 932 km of road networks; and 820 km of Optical Fiber Line

It has also created about 200 000 jobs in Pakistan she highlighted

Coming to the situation in Indian Illegally Occupied Jammu and Kashmir, the spokesperson said the people were prevented from participating in the Eid festivities as the occupation authorities barred the Eid prayers at the historic Jamia Mosque and the Central Eidgah in Srinagar

The head cleric of the Jamia Masjid and prominent Kashmiri leader, Mirwaiz Umar Farooq, remains under arbitrary house arrest since August 2019

“For over 200 Fridays he has not been able to address the Friday congregations from the Jamia Masjid s pulpit We urge the Indian authorities to set Mirwaiz Umar

NDMA holds meeting to address rain emergency

ISLAMABAD S ta f f R e p o R t

The National Disaster Management Authority (NDMA) held a crucial meeting to address the possible threat of floods in rivers due to continuous rainfall across Punjab According to the details, the chairman of NDMA – Lt Gen Inam Haider Malik – headed the meeting which brought together representatives from various departments including the Meteorological Department, Federal Flood Commission, PDMA Punjab, and Rescue 1122

During the meeting, the attendees were briefed on the forecasted heavy rainfall expected in the Chenab River, Sutlej, and Ravi River areas from July 8 to July 10

It was emphasized that such intense rains could result in an increase in water flow in the eastern rivers potentially leading to the inundation of sloping areas

The experts also highlighted the risks of landslides in hilly regions and the possibility of floods in rivers due to the continuous rainfall

The concerned institutions assured the participants that they are actively

Army officer sacrifices life in firefight with militants in Peshawar

o R t

A Pakistan Army officer tragically lost his life in a fierce exchange of fire with terrorists in the Khyber district of Peshawar, as reported by the media wing of the military on Thursday According to the press statement issued by Inter-Services Public Relations (ISPR) security forces conducted an intelligencebased operation in the Shakhas area of Khyber on the night of July 5 and 6 While establishing blocking positions to cut off the escape routes of the terrorists

Major Mian Abdullah Shah, who was leading the operation, spotted a group of terrorists In the ensuing heavy exchange of fire, Shah, 33, a “courageous son of the nation” and hailing from Kohat fought valiantly but “embraced martyrdom ” The ISPR statement further mentioned that three terrorists and their facilitators were detained and the area is being thoroughly cleared of any remaining terrorists The press statement emphasized that the security forces of Pakistan remain resolute in their determination to eradicate the menace of terrorism, and the sacrifices made by our soldiers only strengthen their resolve

FUNERAL PRAYERS OFFERED

Funeral prayers of Major Mian Abdullah Shah Naib Subedar Sahib khan Naik Muhammad Ibrahim and Sepoy Jehangir Khan were offered at their native respective towns i e : Kohat, Mianwali, Dera Ismail Khan and Mardan respectively, today Shuhada were laid to rest with full military honours Naib Subedar Sahib khan Naik Muhammad Ibrahim and Sepoy Jehangir Khan embraced shahadat in a Suicide attack near Miran Shah while Major Mian Abdullah Shah embraced shahadat during an operation in Shahkas area of District Khyber Serving and retired officers/soldiers, relatives and a large number of people from different segments of society attended the funerals Armed Forces of Pakistan stand resolute to eliminate the menace of terrorism at all costs

These sacrifices reaffirm our resolve and strengthen our faith in fight against terrorism to provide a peaceful Pakistan to our future generations

PSL franchise Multan Sultans owner Alamgir Khan passes away

LAHORE

M o n i to R n g R e p o R t

Alamgir Tareen, owner of PSL franchise Multan Sultans and the brother Istehkam-i-Pakistan Party (IPP) leader Jahangir Tareen passed away in Lahore on Thursday The same was confirmed through the official twitter account of the Multan Sultan s

monitoring the water flow in rivers and reservoirs to closely track the situation Recognizing the importance of preparedness Chairman NDMA proposed conducting a national simulation exercise to effectively tackle potential threats posed by the heavy rains Such an exercise would facilitate early preparations for the upcoming rainy season and enhance the response capacity of the authorities

Furthermore the Chairman emphasized the significance of continuous monitoring of river flow and assigned the responsibility to the Federal Flood

Commission and Punjab Irrigation Department Their role in tracking the water levels in rivers and canals will help in timely decision-making and appropriate response measures

To ensure the safety of the local population the DGPDMA directed the evacuation of people residing in proximity to the rivers to safer locations Simultaneously, the administration of rivers Ravi Chenab Sutlej and Jhelum was urged to identify suitable locations for relief camps facilitating prompt response and assistance to affected individuals

Sindh CM orders tracing, arrest of sexual assault culprit caught on camera

KARACHI S ta f f R e p o R t

Sindh Chief Minister Murad Ali Shah on Thursday ordered the authorities to trace and arrest a man who was caught sexually assaulting a woman on camera in Gulistan-e-Johar area of Karachi

The incident came to light when the CCTV footage of the heinous act went viral on social media

The footage showed a man arriving in the neighbourhood on a motorcycle and attempting to sexually assault a veiled woman who passed by

him in broad daylight

However the woman refused to be a victim and fought back, forcing the culprit to flee the scene due to resistance from his target

It may be noted that the motorcycle he was riding did not have a number plate and the suspect was also wearing a mask to conceal his identity

No official complaint had been filed regarding the incident till the filing of this news report on Wednesday night However the police have taken the matter seriously and are investigating the incident based on

RAWALPINDI S ta f f R e p o R t

The district administration Rawalpindi has implemented a zero-tolerance policy known as No Helmet No Petrol , directing petrol pumps to not supply fuel to motorcyclists without helmets Now motorcyclists without helmets cannot buy fuel as filling station owners across Rawalpindi have been instructed not to refuel motorcycles whose riders are not wearing helmets The initiative aims to instill a culture of responsible riding and safeguard the citizens of Rawalpindi from the perils of head injuries resulting from road

the available CCTV footage S i n d h I n f o r m a t i o n M i n i s t e r S h a r j e e l I n a m M e m o n s a i d t h a t t h e c h i e f m i n i s t e r h a d t a k e n c o g n i z a n c e o f t h e m a t t e r a n d o r d e r e d t h e p o l i c e t o a r r e s t t h e c u l p r i t i n v o l v e d i n t h e g h a s t l y i n c i d e n t i m m e d i a t e l y Memon was of the view that a mentally deranged person could resort to such a brazen criminal attempt as a normal human being could never do such an act He said the government had the resolve to prevent the recurrence of such sorrowful incidents in society

Farooq free and bring an end to the restrictions imposed on Kashmiris that prevent them from freely practicing their religion ”

She told the media that the seventh martyrdom anniversary of iconic Kashmiri youth leader Burhan Muzaffar Wani would be observed on July 8

While paying homage to him as the voice of the indigenous freedom movement of the Kashmiri people, we once again urge the Government of India to bring an end to extra-judicial killings and desist from indiscriminate use of force against the Kashmiri people the spokesperson demanded H i g h l i g h t i n g t h e d i p l o m a t i c a c t i v i t i e s t o o k p l a c e d u r i n g t h e p r e v i o u s w e e k , t h e s p o k e s p e r s o n M u m t a z B a l o c h m e n t i o n e d P r i m e M i n i s t e r M o h a m m a d S h e h b a z S h a r i f ’s p a r t i c i p a t i o n i n v i r t u a l m e e t i n g o f t h e S C O C o u n c i l o f H e a d s o f S t a t e o n J u l y 4

Pakistan, Turkey hold political consultations in Ankara

ISLAMABAD a n a d o l u ag e n c y

Turkey held political consultations with Pakistan on Wednesday in the capital Ankara Deputy Foreign Minister Burak Akcapar led the Turkish side At the same time, the Pakistani team was headed by Foreign Secretary Asad Majeed Khan during the talks according to the Turkish Foreign Ministry on Thursday “All aspects of our bilateral relations with our friendly and brotherly Pakistan as well as regional and international developments, were discussed during the consultations, it added The preparations for the upcoming meeting of the High-Level Strategic Cooperation Council were also addressed ”

PTI member GB Assembly Javed Manwa quits party

GILGIT

S ta f f R e p o R t

accidents Chief Traffic Officer (CTO) Taimoor Khan stated that this policy would create a significant impact on the general public “With this decision people will realize that helmets are necessary to save lives By wearing helmets they demonstrate their sensibility and commitment to abiding by the law, he added A c c o r d i n g t o a n o ff i c i a l p r e s s r e l e a s e , t o e n s u r e a d h e r e n c e t o h e l m e t s , p e t r o l p u m p s a r e b e i n g s e c r e t l y monitored Taimoor Khan added, that legal action will b e t a k e n a g a i n s t p e t r o l p u m p s f o r s u p p l y i n g p e t r o l t o m o t o r c y c l e r i d e r s w i t h o u t h e l m e t s A l o n g w i t h displaying banners at petrol pumps written orders have also been issued

Member of the Gilgit-Baltistan Assembly and former Minister of Finance of Gilgit-Baltistan Javed Manwa on Thursday announced his resignation from the basic membership of Pakistan Tehreek-e-Insaf (PTI) Talking to media representatives here he said that when political statements clashed with national and regional interests within a party, it was necessary to make a decision in favor of the country and the region Javed Manwa stated that he had always opposed hostile behavior and policies within the party He further mentioned that he had strongly condemned the events of 9th and 10th May from the beginning and continued to do so Javed Manwa expressed that spreading discorded in the name of politics was not true politics Regarding his inclusion in another political group, he stated that it was the right of the people in his constituency and a decision would be made after consulting them on whether or not to join any other political party

Imran allowed to sk ip appearance for a day in state gif ts c ase

ISLAMABAD S ta f f R e p o R t

A sessions court in Islamabad Thursday accepted former prime minister Imran Khan s request for personal exemption in the Toshakhana case hearing, ordering him to appear before the court on Friday

The exemption was granted to the former prime minister after his counsel

Gohar Ali Khan informed Additional District and Sessions Judge Humayun

Dilawar that Khan was scheduled to appear before the Lahore High Court

(LHC)

The counsel requested the court to set a hearing date after July 10

Although the request for an extended exemption was made the court granted Khan a day-long exemption but instructed his counsel to ensure the former prime

minister s presence in court the following day The Islamabad High Court (IHC) has returned to the trial court a petition of Khan seeking to have the case against him declared as inadmissible IHC Chief Justice Aamer Farooq directed the trial court to listen to the arguments of the PTI chief s counsel and reconsider whether or not the case was admissible During the hearing, Ali Khan the counsel for Khan expressed surprise at the case being scheduled for today as it was initially set for July 8 He said they were unaware of the change in the hearing date

The judge mentioned earlier remarks by Khan’s lawyer Sher Afzal Marwat, saying that Khawaja Haris Ahmad was also expected to appear However Ali Khan clarified he was representing Haris in court that day

The judge raised concerns about the lack of coordination between the two counsels While acknowledging that he could grant exemptions for appearances on July 7 and 8 as well he emphasized the need to reach a decision in the case by July 10 and requested the counsel to present arguments

During the proceedings, Amjad Parvez, the lawyer representing the Election Commission of Pakistan (ECP) pointed out that Khan had already enjoyed a 45-day stay granted by the IHC He noted they were now back to the starting point after seven months

Following the arguments, the judge adjourned the hearing and directed both Imran Khan and his counsel, Ahmad, to appear before the court tomorrow

The case centres on a government department known as Toshakhana

which during the Mughal era referred to the treasure houses kept by the subcontinent’s princely rulers to store and display gifts lavished on them Government officials must declare all gifts to the Cabinet Division but are allowed to keep those below a certain value

More expensive items must go to Toshakhana under the administrative control of the Cabinet Division, but in some cases the recipient can buy them back at around 50 percent of their value a discount Khan raised from 20 percent while in office

The ruling coalition of the Pakistan Democratic Movement (PDM) parties has for months alleged Khan and his wife, Bushra Maneka, received lavish gifts worth millions during trips abroad They included luxury watches jewellery designer handbags and perfumes

PM condemns Israel raid, c alls for global attention to Palestine crisis

ISLAMABAD S

Prime Minister Shehbaz

Sharif expressed his strong condemnation of Israel’s actions in the occupied West Bank on Thursday highlighting the war crimes committed against Palestinians

He emphasised that Israel s actions were fueled by global silence and a disregard for the consequences In a tweet the prime minister lamented the killing of 12 Palestinians including five children, as a result of Israeli aerial and ground operations in the Jenin

Refugee Camp

He stressed that these were not mere statistics but real individuals with hopes and dreams who were being massacred while demanding their fundamental rights The tweet followed one of the largest Israeli attacks in the occupied West Bank in years The two-day attacks which the Israeli military claimed targeted infrastructure and weapons depots of pro-freedom groups in a refugee camp in the city of Jenin in the northern West Bank left a trail of wrecked streets and burned-out cars and sparked fury across the

Arab world At least 12 Palestinians were killed and around 100 wounded in an incursion that began with late-night drone strikes, followed by a sweep involving more than 1,000 Israeli troops One Israeli soldier was killed Sharif further expressed deep concern over the plight of thousands of refugees who were being forced to flee the camp due to Israeli air strikes He called on the world to t a k e n o t i c e o f t h i s h u m a n i t a r i a n c r i s i s a n d e m p h a s i z e d t h a t t h e h a u n t i n g s c e n e s s h o u l d w e i g h o n t h e c o n s c i e n c e o f humanity as a whole

R awalpindi implements ‘no helmet, no fuel ’ polic y

FA M I L I E S O F M I S S I N G I N G R E E C E M I G R A N T B O AT

D I S A S T E R P L E A D F O R R E C O V E R Y O F B O D I E S

ATHENS R e u t e R s

SINCE Matloob Hussain from Pakistan went missing during a deadly shipwreck off Greece last month his brother Adil has left the door of his Athens home open in the hope he appears It will stay open until his body is found Matloob 43 is among hundreds of migrants from Pakistan Syria and Egypt who are presumed dead after their overcrowded fishing trawler which set sail from Libya for Italy, sank off the coast of Pylos in international waters on June 14

A total of 104 men were rescued and 82 bodies were found But with survivor accounts suggesting as many as 750 people were on board several families are calling

on authorities to raise the wreck from the seabed and recover the bodies of scores believed to have been trapped in the hold

They must take out the people who are inside

If they are dead, take them out,” Adil

Hussain said urging Greece to hire a vessel to recover them “We will sell our houses we will borrow money if the state can t Just

give me the body Greek government officials said last month that the chances of retrieving the vessel were slim due to the depth around 5,000 metres (16,404 2 feet) to which it

sank Hussain said his brother was crammed with others below deck in the boat s refrigerator according to a survivor who recognised him

All of us my mother, my father, my brother ’s wife we want to know, is he

dead or alive? If we don t find his body we ll leave the door open for the rest of our lives, he said through tears I will wait in Greece for my brother Hussain has worked as a gardener in the country since 2007 after a perilous journey of his own via Turkey

Lawyers representing families of the missing plan on Thursday to ask judicial authorities investigating the case for the boat to be retrieved

“It is a fundamental obligation towards the victims who are at the bottom of the sea, an obligation towards their families and of the families towards their loved ones Takis Zotos a lawyer representing four Pakistani families told Reuters Lamenting a lack of interest in the wreck compared to the expensive rescue operation launched for the missing Titanic submersible

and its billionaire passengers that drew huge global attention Zotos said the contrast was grotesque

If we compare people as units, we are talking about five compared to 600,” he said

“But they are the wretched of the earth down there They also had the misfortune of being shipwrecked in the deepest part of the Mediterranean

Debris from the Titanic submersible was found by a robotic deep-sea diving vehicle that was sent to scour the Atlantic ocean floor more than 3,000 metres below the surface Last week presumed human remains were found and recovered from the ocean bottom WAIT FOR IDENTIFICATION

Matloob was the first of the two brothers to migrate to Greece in 2005 but after living undocumented for years, he returned to

Food Ministr y ‘s poor strategy puts mango expor t in jeopardy

ISLAMABAD G h u l a m a b b a s

A department of Ministry of Food Security and Research (MoFS&R)

Department of Plant Protection s (DPP) poor strategy has placed the mango export target at risk, raising concerns within the agricultural industry In a sudden move, the department announced new Standard Operating Procedures (SOPs) granting No Objection Certificates (NOCs) exclusively to hot water treatment plants for the current season

Mangoes exported from Pakistan undergo hot water treatment to safeguard against fruit flies However the Department of Plant Protection issued a complex and time-consuming

set of new SOPs on June 12 causing significant disruption to the industry

The recent developments have resulted in the closure of 90% of the 35 hot water treatment plants across the country due to what stakeholders perceive as discriminatory policies and favoritism The shutdown of these plants is estimated to cause a staggering loss of $44 million to Pakistan s mango export earnings

It further asserts that these nonapproved plants have successfully processed mangoes for export to various countries including Europe Iran Australia China Kenya and Iraq for many years without any complaints from buyers With the closure of 90% of the hot water treatment plants the remaining

facilities are now under immense pressure, surpassing their processing capacities This situation raises concerns about the ability to adequately treat mangoes destined for export from Pakistan

The PFVA warns that failure to adhere to international standards due to the closure of the majority of processing plants may result in a ban on the export of mangoes infected with fruit flies from Pakistan In light of these developments the PFVA has urged the Federal Ministry of Food Security to investigate the matter and take appropriate action against officials who are deemed responsible for hindering national trade They assert that certain individuals are benefiting from the non-approval of hot water

treatment plants and their actions must be addressed to protect the interests of the country s agricultural sector Meanwhile, fruit exporters from Balochistan in a statement issued on Wednesday have also alleged that the non-issuance of phyto certificates and treatment by a selected plant in Sindh have practically damaged the export of mango to Iran The wrong strategy employed by the Department of Plant Protection has not only jeopardized the mango export target but also disrupted the industry affecting both farmers and the national economy Immediate attention and corrective measures are necessary to rectify the discriminatory policies and favoritism that have hindered the smooth functioning of the mango export sector

Pakistan two years ago He struggled to get by and decided to leave again this time for Italy, borrowing $7,000 from friends to pay for the trip Hussain urges his family not to come illegally even when they tell him they have no food or work in Pakistan I say it s better you re alive If you come this way you will die And if you die everyone dies

So far, around 350 DNA samples have been collected from relatives in Greece or sent from abroad, most from Pakistan, a senior official involved in the process told Reuters

Just over 20 bodies out of 82 have been identified so far according to the official w h o s p o k e o n c o n d i t i o n o f a n o n y m i t y a s t h e i n v e s t i g a t i o n i s c o n f i d e n t i a l u n d e r Greek law

T wo International banks surrender primar y dealer license in F Y24

CONTINUED FROM PAGE 01

Q uran’s

desecration attempt to

trigger Muslim- Christian hostilit y : PM

CONTINUED FROM PAGE 01

Prime Minister Shehbaz Sharif urged the House to put forward suggestions which would be raised at the UN platform to realise the world that the billions of Muslims would not allow any repetition of such hateful acts

“This is beyond tolerance This is not the first time as earlier too same thing happened in Sweden This must be condemned in the strongest possible words he said The prime minister recalled and appreciated the former New Zealand Prime Minister Jacinda Ardern for her support to the Muslims, after an Islamophobic attack against Muslims, which was a positive attempt to establish peace between Muslims and Christians

He told the House that he was trying to contact with the UN Secretary-General Antonio Guterres to request him for convening an urgent session to invite the Muslim leaders and adopt a condemnatory resolution “I will also ask him to warn such governments and individuals against redoing such acts aimed at fanning hatred ” he added The prime minister thanked Pope Francis for condemning the act saying his dissociation of such Islamophobic action gave a positive image

The prime minister said he would convey the parliamentary resolution to the Swedish government as the Foreign Office was also making its due efforts on the diplomatic fronts Joint sitting of Parliament condemns desecration

of Holy Quran: The joint sitting of the Parliament on Thursday strongly condemned the desecration of the Holy Quran in Sweden and called upon the international community to take serious action to prevent such incidents in the future

They were speaking on a motion moved by Federal Minister for Human Rights Riaz Hussain Pirzada on the situation arising out of the desecration of Holy Quran in Sweden in the joint sitting of the Parliament, which was chaired by Speaker National Assembly Raja Pervez Ashraf

Parliamentarians from the government and the opposition sides expressed deep distress over the incident stating that Muslims worldwide have been profoundly hurt by this disgraceful act

They emphasized that no civilized society should permit the provocation and disrespect of religious sentiments under the guise of freedom of expression

They urged the international community to address this tragic incident and take effective measures to prevent similar occurrences

Leader of the Opposition in the National Assembly Raja Riaz Ahmad strongly condemned the incident and said that the entire nation was united on this matter He said that every forum should be used to raise the voice against this wrong act

He said that although it was an individual act but the government of the concerned country should take strict action against that person He said that every Pakistani would participate in peaceful protests on Friday against the incident

He praised the decision to convene an emergency

meeting of the Organization of Islamic Cooperation

(OIC) in response to the incident

Opposition Leader in Senate, Senator Dr Shahzad Waseem said that such act will increase the feeling of abhorrence among various communities of the world and urged to control such incidents He added that the Muslims living in different parts of the world strongly condemned the incident He said that similar incidents already occurred in some countries and demanded to stop happening of such incidents He said that playing with the sentiments of Muslims on the name of freedom of expression is absolutely deplorable Syed Yousaf Raza Gillani said that holding of joint sitting of the Parliament was a good step to give a message to the world that the entire nation was united on this incident He said that Muslims respect other religions in accordance with Islamic teachings and expect reciprocity from followers of other faiths for global peace He stressed that promoting interfaith harmony among nations was essential for ensuring international peace He called upon the international community to take notice and strict action against those responsible He said that our protests should be held peacefully following the teachings of Islam Federal Minister for Communications Maulana Asad Mehmood strongly condemned the anti-Islam act considering it highly unjustifiable He called for the perpetrator of this heinous crime to be brought to justice He said that freedom of expression should not be used as a means to hurt religious sentiments

Monsoon fur y: 17 dead in rain-triggered incidents in Punjab

CONTINUED FROM PAGE 01

In similar incidents three people each were killed in Chakwal and Sheikhupura while one person each died in Jhang and Faisalabad

It said 32 people across the province had sustained severe injuries in multiple rain-related incidents “They have been moved to the hospital and are being provided medical aid ”

On Wednesday nine people across Punjab had lost their lives in different incidents of electrocution roof collapses, drowning and lightning

Caretaker Punjab Chief Minister Mohsin Naqvi had termed the “record” rainfall received by Lahore 291 millimeters as unexpected

Lahore Commissioner Muhammad Ali Randhawa had echoed similar views, noting that such a large amount of rainfall in such a short amount of time had not been received for the past

30 years The Water and Sanitation Agency’s (Wasa) “record-breaking” claim however was contested by the Met Office when one of its officials who did not want to be named termed it self-serving , as it gives more time and resources to the agency to clear water from the city

On Thursday Wasa Managing Director Ghufran Ahmed reviewed the drainage operations at various underpasses including Captain Mubeen Shaheed Underpass, and roads of the provincial capital He asserted that all disposal stations were functioning at their full capacity” and also ordered for the fuel supply for all generators

draining the floodwater to be ensured

The PDMA said it was monitoring the situation from its provincial control room and was in contact with the administration

In Lahore the Water and Sanitation Agency (Wasa) Monsoon Control Room recorded the highest amount of rainfall at the Nishtar Town director office at 65mm followed by Johar Town SDO office at 57mm and Lakshmi Chowk at 38mm

The locations which received the least amount of rainfall were Upper Mall at 3 5mm the Mughalpura SDO office at 5mm and the airport area at 5 5mm

M e a n w h i l e , P u n j a b c a r e t a k e r

Chief Minister Mohsin Naqvi said that today “everything was under control” S p e a k i n g t o r e p o r t e r s i n L a h o r e h e s a i d t h a t e i g h t s e c r e t a r i e s w e r e m o n i t o r i n g o n e w h o l e Wa s a z o n e e a c h H e a d d e d t h a t s o m e m i n i s t e r s had been allotted divisions to monitor while others had gone to the divisional headquarters

He also commented on the flood alert issued for the province saying Commissioners and deputy commissioners have already started working on this The chief secretary chaired a meeting in the morning regarding this The whole administration is working on this ” Meanwhile an official statement by Punjab Chief Secretary Zahid Akhtar Zaman s office said he was present on the

Akhtar Zaman reviews the drainage operations at an underpass in Lahore on July 6 Screengrab from video provided by author Noting that Zaman visited “various roads and the Kalma Chowk underpass” the statement quoted him directing all officers to remain on the field as well

It further quoted the chief secretary as directing the secretaries of departments to assess underpasses and disposal stations “Special measures should be taken to keep the traffic flowing the statement quoted Zaman while also asserting that the official had ordered for more pumps to be installed to drain water from low-lying areas

Authorities warn of urban floods, flash floods landslides M e a n w h i l e t h e P a k i s t

Saifullah and Musa Khel during the period it cautions

Meanwhile, a weather warning from the PMD s Regional Meteorological Centre for Lahore states “Due to heavy rainfall there is a risk of land sliding and flash flooding in vulnerable areas of Punjab and Kashmir There is also a risk of urban flooding in major cities of Punjab (Rawalpindi, Sargodha, Sialkot, Gujranwala, Gujrat, Lahore, Faisalabad Jhang Sahiwal Bahawalpur Multan and Dera Ghazi Khan) during July 5-9 it adds

They also distribute government securities to non-primary dealer banks and other retail or institutional clients These dealers play an important role in developing the government securities market by increasing liquidity turnover and broadening the investor base They achieve this by raising awareness among investors and undertaking meaningful initiatives For this purpose, the PDs, PPDs and SPDs are supposed to continuously upgrade their infrastructure in terms of both physical equipment and skilled manpower Furthermore, these banks and financial institutions provide efficient custody services for their customers government securities holdings as well as handle the collection and payment of profits and maturity proceeds Additionally primary dealers and special purpose primary dealers also act as market makers in the secondary market by providing twoway prices for government securities

Customs officers grapple with each others over fraudulent impor t scam wor th $1.4bn

CONTINUED FROM BACK PAGE

Whereas under “Open Account” the Authorized dealers (commercial banks) allowed open account facility to importers in violation of Para 17 (ii) of Chapter l3 of Foreign Exchange manual, sources added The Customs officials further informed that the PSW bank integration system was not developed in consultation with the Directorate of Reform and Automation but rather development was conducted in isolation by PSW In addition PSW officials have a point of view that multiple goods declarations cannot be filed under a single financial instrument is prima facie wrong and contrary to the applicable regulations and business practices Whereas, Customs officials partially agreed that a single financial instrument can be attached with multiple import GDs However it is reiterated that certain importers of solar panels were involved in mis declaration of unit invoice value on exorbitantly lower side as compared to declared value by the importers and by doing so they were misusing single FI repeatedly practices against multiple GDs In the case of solar panels, PSW Financial instrument’s involving approx $26 million were used unlawfully In these cases, the unit declared value exceeded the unit invoice value by more than 250 Member Customs Operations Told this scribe that the issue was discovered by the Clearance Collectorate themselves & they also initiated action against such importers They also reported it to Director Reform & Automation, Karachi for creating additional checks in the system So those who discovered the issue & initiated action have nothing to conceal

SBP set to make profit of more than a trillion. But How?

CONTINUED FROM BACK PAGE

Analysts told Profit that at the end of last year outstanding amount of open market operations stood at Rs 4 trillion This amount has doubled and now stands at Rs 8 trillion And if you notice what has been happening with OMOs is that outstanding amount has been increasing So by the end of this year it might average to Rs 10 trillion The SBP makes 21% on this amount which means that the SBP might be able to make revenue of around Rs 2 trillion on OMOs”

Farooq explains HIGH PROFIT EQUATION

r o m J u l y 6 - 8

It further warns that the heavy rain may trigger landslides in the vulnerable areas of Murree, Galliyat, Kashmir Gilgit Baltistan and hilly areas of Khyber Pakhtunkhwa” Heavy falls may cause flash floods in hill torrents and local nullas of Kashmir, Dera Ghazi Khan, Kohlu, Sibbi, Barkhan, Zhob, Loralai, Qilla

A day ago the Punjab Provincial Disaster Management Authority also issued a flood alert warning of a very high to exceptionally high flood situation from July 8 to 10” Citing a PMD alert it said that widespread heavy to very heavy rainfall with extremely heavy falls at scattered places is expected over the upper catchments of rivers Sutlej, Ravi and Chenab, and up to some extent over River Jhelum” “ D u e t o t h e s e m e t e o r o l o g i c a l conditions very high to exceptionally h i g h l e v e l f l o o d i n g i s e x p e c t e d i n R i v e r C h e n a b i t w a r n e d w h i l e n o t i n g t h a t t h e f l o o d s i t u a t i o n i n r i v e r s R a v i a n d S u t l e j w i l l d e p e n d upon [water] releases from India” It went on to predict that “high to very high-level flood is expected in the nullas of River Ravi and Chenab and requested citizens to take precautionary measures to avoid any untoward situation

T h e S B P h o l d P I B s o f R s 6 t r i l l i o n r i g h t n o w A n d s o f a r a s i t h a s l e n t 8 - 9 t r i l l i o n t h r o u g h O M O S o i f y o u t a k e a n a v e r a g e r a t e o f 1 5 % , i t w i l l g i v e y o u a r e t u r n o f m o r e t h a n R s 1 5 t r i l l i o n o n t h a t A n d o b v i o u s l y t h e S B P k e e p s s o m e p r o f i t f o r i t s e l f b e c a u s e o f t h e S B P A m e n d m e n t A c t I t ( S B P ) k e e p s 2 0 % w i t h i t s e l f S o t h i s f i g u r e r e p r e s e n t s 8 0 % o f t h e p r o f i t R a u f e l a b o r a t e d T h e S B P s p r o f i t c a n e x c e e d R s 2 t r i l l i o n a s w e l l T h e o n l y r i s k t o t h i s n u m b e r i s i f c u r r e n c y d e v a l u a t e s u b s t a n t i a l l y I f t h e r e i s n o m a j o r d e v a l u a t i o n , t h a n t h i s n u m b e r c a n g o b e y o n d R s 2 t r i l l i o n a s w e l l ” F a r o o q t o l d P r o f i t A n a l y s t s f i r m l y b e l i e v e t h a t t h e b u d g e t e d p r o f i t o f R s 1 1 t r i l l i o n i s a c t u a l l y f r o m F Y 2 3 p r o f i t s I n i t i a l l y t h e g o v e r n m e n t u s e d t o r e c e i v e p r o f i t s f r o m t h e S B P a f t e r e v e r y q u a r t e r b u t t h e n e w S B P A c t t h a t c a m e i n e a r l y 2 0 2 2 h a s c h a n g e d t h a t N o w t h e g o v e r n m e n t r e c e i v e s p r o f i t s f r o m S B P a f t e r a f u l l f i s c a l y e a r f o l l o w i n g a n a u d i t F i s c a l y e a r o f t h e S B P e n d s i n J u n e A n d w i t h i n 4 m o n t h s S B P h a s t o t u r n i n i t s a c c o u n t s A f t e r 3 0 d a y s o f t u r n i n g i n t h e i r f i n a n c i a l s t a t e m e n t s d i v i d e n d s a r e p a i d F a r o o q t o l d P r o f i t B y t h i s l o g i c F Y 2 3 s p r o f i t s a r e p a i d i n i n F Y 2 4 a n d F Y 2 4 s p r o f i t w i l l b e p a i d o u t i n

Penny wise, Fund foolish

WH E N an Iraqi migrant burnt a copy of the Holy Quran in front of Stockholm’s largest mosque on Eidul Azha, at the time of the Eid prayer he was clearly trying to get a rise out of the Muslim world That he did Not only did the Swedish envoys to the Muslim world get called in to receive the displeasures of their host governments but there was a special OIC session to condemn the desecration Pakistan’s Parliament also condemned the incident, and it has been taken up by the United Nations Human Rights Council

The act of desecration took place with official permission but the Swedish government also joined in the process of condemnation, thus showing that the argument that such desecration is protected by the freedom of speech It is perhaps a sign of something being fundamentally wrong that such incidents are taking place in liberal Scandinavia Starting with the blasphemous cartoon published by a newspaper in Denmark in 2005, and the more recent Quran burning by a far-right politician in January outside the Turkish embassy in Stockholm

The last incident may yield a clue as to where the problem lies Scandinavia especially has witnessed the rise of the far-right Far-right politicians have made it a staple of their discourse that immigrants are overwhelming them, and exploiting the welfare systems put in place by social democrat governments There is a lurch towards Islamophobia because the migrants often come from Muslim countries Thus Islamophobia, and tacit support for actions such as the Quran burnings, has a strong element of racism intertwined within it Though Muslims were not targeted by the July 2011 mass killings by Anders Behring Breivik in 2012 in Norway, the manifesto he released at the time of the killings included a call for the deportation of all Muslims

It is positive that there seems to be an agreement that such incidents do hurt people’s feelings and cannot be defended as expressions of freedom of speech However it should be acknowledged that the kind of hate speech which far-right politicians engage in which is also protected as freedom is productive of such incidents

That a far-right journalist was behind this latest incident is indicative of the forces at work It is a tough task but cleaning up their societies and cleansing themselves of both racism and Islamophobia, is a task for the Western countries, because while the evil has shown itself in Sweden it is present thoughout the West

Dedicated to the legac y of late Hameed Nizami

Arif Nizami (Late)

Founding Editor

Yousaf Nizami Editor

M A Niazi

Joint Editor Umar Aziz Executive Editor

TH E Shehbaz coalition must be given credit for persistence

The IMF s refusals should have made it realize that it was not going to get the last tranche of $6 billion ESAF, but the recent mini-budget, the lifting of import restrictions as the interest rate hike made it clear that the government was not giving up

The PM s persistence paid off in the shape of a Stand-By Arrangement which should see off the threat of default, and get friendly countries to lend the amounts pledged This latest development provided another example of the IMF setting conditions in advance, and only disbursing the promised loan when the condition is fulfilled That means that the IMF does not trust the government as shown by its giving an SBA That is serious It should be pointed out that when Imran reneged on his government s deal with the IMF, it was merely something Pakistan had done before The problem is that the IMF conditions are bound to make for government unpopularity

The governments concerned may feel the IMF is out to ‘get’ them but actually the IMF is merely doing what any prudent banker does: ensure the client can repay Why does a country like Pakistan borrow from the IMF? Because it has to repay its project loans, and lacks the foreign exchange to do so Those project loans should have led to greater development, thus exporting ability, and thus foreign exchange to repay those loans That hasn’t happened mainly because those loans were not meant so much to build export capacity as to be embezzled by the country s ruling elite Yet those loans still have to be repaid with interest

Among other things, the country turns to the money markets, which basically means the international banking system When payments fall due, again the country needs foreign exchange The simple solution is to borrow again a sort of rollover in which the principal and with interest may become a new higher principal figure

These were never project loans, but they are meant to repay project loans, and depend on increased foreign exchange generated by projects This is where the IMF steps in, and offers to lend the required amount The country makes the payment and continues to make imports and what happens is that the debt is transformed From commercial debt to banks it becomes debt to the IMF

The IMF wants to be repaid, because it is a bank, even though the word is not in its title Instead of collateral, it wants to ensure the country can repay, so it dictates economic policy The IMF is not in the business of development though it is claiming to be moving in that direction probably because it realizes developing countries cannot repay loans unless they develop Its conditionalities are severe It has no problem with measures cutting back on growth, or causing suffering It also claims it is a purely economic body, with no political agenda This may be truer than for

the World Bank but the IMF has still been a tool of US foreign policy It is easier for the USA to use the World Bank this way for the Bank President is an appointee of the US President; the IMF MD is not An appointee of the Executive Board, it is usually a European; the incumbent and her predecessor have also been women However, the IMF remains a Bretton Woods institution and since the MD always belongs to a US ally it can work as a tool of foreign policy Of course, in such a case, the country would really have to need it, as Pakistan does The China-Pakistan Economic Corridor started at just the time that the USA began its trade war with China, as well as its great-power rivalry One result has been the IMF’s overweening interest in Chinese loans to Pakistan and its requirement that Pakistan not use the IMF loan to service its CPEC debt to China The agreement with the IMF implies that, over and above the economic conditions Pakistan has given the USA assurances about China They remain unknown but they are probably acceptable to China, being conveyed to it by COAS Gen Asim Munir when he visited China earlier this year

The natural question is why the government is going to all of this trouble Though the IMF s terms are onerous they are still better than the terms available on the international money market if the lenders know their borrower has been turned down by the IMF It should be remembered that the lenders need their loans secured All the recent talk of default has made lenders skittish about letting Pakistan have any money: a country has to be in a bad way if it approaches the money markets to borrow to avoid a de-

T h e F u t u r e o f N AT O ’ s E u r o p e a n L a n d

F o r c e s : C h a l l e n g e s a n d P r o s p e c t s

forces than was anticipated under the NATO Response Force (NRF) NATO s European partners are now prioritizing the recapitalization of their field troops

NATO is creating regional plans to better defend Europe They are geographically specific plans that describe how the Alliance will defend itself against the two threats described in NATO’s Strategic Concept and the NATO Military Strategy: Russia and terrorist groups according to NATO officials These plans blend National Defense plans of our front line nations into NATO plans, and this optimizes NATO’s ability to move forces to the right place at the right time,” said Gen Christopher Cavoli, Supreme Allied Commander Europe According to the regional plans the Alliance must generate additional troops with high readiness levels

cials raised military readiness and the Netherlands 2022 Defense White Paper promoted higher-readiness formations The European land forces under consideration have acknowledged weaknesses in their forces, which exist in all of them to varying degrees These weaknesses include operational overstretch a lack of stocks and resupply limitations limited unit and formation level collective training low personnel numbers outdated equipment inappropriate equipment maintenance issues, and limited budgets However, there is also a renewed focus on modernizing main battle tanks (MBTs) and tracked infantry fighting vehicles (IFVs), including in some West European states that transferred modern armour to Ukraine

This is due in part to the flow of Soviet-era armour to Ukraine by states in Eastern Europe

fault The practical result is that loans are only offered at prohibitively high interest rates; thus making the prospect of a default in the near term more likely

In short, countries and banks both seek the IMF’s ‘Seal of Good Housekeeping’ as it was called by Shahid Javed Burki when he was caretaker Finance Minister in the 1996-1997 caretaker Meraj Khalid government Friendly countries have linked their loans to Pakistan being on an IMF programme; in other words, they want the knowledge that Pakistan wouldn’t take all their money and waste it

The IFIs generally and the IMF particularly have been criticized for becoming credit rating agencies Credit rating agencies are not obtrusive and certainly do not dictate policy They let the entities they rate go to the devil in whatever way they want Whether credit rating agencies or something more, the IFIs have so far not helped any country turn around That means that while they have identified structural reforms they have not forced them to be carried out It is not that they cannot However it almost seems that they are more inclined to retain the structural reforms as a stick to beat the government over the head with, rather than actually implement Or maybe the structural reforms work?

One effect of all of these recent ups and downs has been that there has been increasing talk of a Charter of the Economy One major reason why it makes sense is that all the parties have had to deal with the IMF All have done (or tried to do) business with it even the PTI took its time doing so None can claim that it has a different economic policy from the others Perhaps it makes sense to take out of the economic debate those issues which need continuity Parties cannot be left to make populist criticisms of economic policy (which means demonizing the IMF) when they have no alternative There will be a hidden advantage to the Charter It will also provide the IFIs a series of what are the red lines they cannot cross Manifesto promises will have to be commitments to amend the Charter, which will mean taking the other parties on board

One flaw of the Charter of Democracy was that it did not include all parties nor the establishment That might also afflict a Charter of the Economy The temptation to play politics on the economy might be too good to resist, what with a general election due this year However, the need of all to get a deal with the IMF may not be so easily resisted

The writer is a member of staff

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

Animal sanctuaries

A recent issue of the famed National Geographic magazine cited elephant as one of the most intelligent animals on earth It was an excellent coverage raising mass awareness towards these majestic animals living in the wild, or around human civilisations This brings us to take a closer look at the demise of a young elephant in Karachi

It was captured in Tanzania, and was kept at the zoo in Karachi that lacked the expertise required to care for these animals This was a tragedy that should not have been allowed to happen A lot of grief over the incident and anger against the zoo management was expressed on conventional and social media platforms Tragedies like this have happened before and zoo managements have been blamed afterwards Calls for reforms are made, but then everyone seems to forget them, and animal abuse continues in the zoos A fundamental problem is the perception of our relationship with animals, in general, and zoo animals, in particular

We see zoo animals as a source of entertainment a notion that robs animals of their dignity and lifestyle conducive to their needs

EU R O P E is once again faced with the possibility of a significant land conflict involving NATO forces The full-scale Russian invasion of Ukraine in February 2022 has served as a wake-up call in the capitals of Europe Many believed that substantial ground troops and land movement capabilities, especially heavy armored formations, would not be a defining aspect of future combat before that time Even when Russia invaded and took Crimea at the beginning of 2014 and later encouraged and supported separatist action in Eastern Ukraine Some European militaries developed plans to rebuild forces for significant ground operations in 2014 after decades of decreasing their capabilities The conflict made it more urgent to address the enablers of operational capabilities that are crucial to the success and continuation of military missions and operations

At the NATO summit in Madrid in June 2022, allies adopted a new Strategic Concept

This not only designated Russia as the most significant and direct threat to allies’ security,” but it also gave NATO the go-ahead to strengthen its posture of defense and deterrence

The New Force Model (NFM) of NATO is designed to offer a larger pool of highly prepared

Additionally NATO is establishing updated capability targets that outline the quantity, nature, and organization of the tools, formations, and units required to carry out NATO missions These goals and intentions are probably going to be discussed at the Vilnius Summit which is scheduled for July 11 and 12 The regional plans are therefore anticipated to influence NATO member states priorities for command and control (C2), preparedness, and defense investment

Additionally, it will be crucial for NATO to balance its existing forces in Northern and Eastern Europe with locally sent reinforcements NATO s intentions for new joint regional command headquarters (HQs) multi-level land component command HQs and theatre reserve or strategic reserve ground formations are all unknown at this time

Some states had a specific focus on preparation immediately after 2014 and expressed concern about a potential reduction in force size Latvia reported an increase in National Guard unit preparedness in 2014 and Lithuania announced an increase in Rapid Reaction Force readiness Higher readiness was recommended in Finland’s 2017 Government’s Defense Report in light of a deteriorating security situation

In November 2022 Norwegian defence offi-

Before or after the Vilnius Summit in July 2023, NATO nations should make their contributions to the NFM (New Force Model) explicit and disclose their land contributions By doing this and holding governments accountable they can enhance planning increase the ability to deter Russia and boost ally unity The Vilnius meeting gives the alliance s top officials the chance to work together on a strategy to pinpoint problems and address burden-sharing in logistics The collective resilience of Europe would be strengthened by a comprehensive strategy that included a NATO Resilience Planning Process and sufficient investments

To make sure that NATO forces are ready and equipped to address present and future threats, it is crucial to improve their capacity to quickly raise their readiness, enablement, and combat capability Europe requires prepositioned war reserve stockpiles a strong and resilient fuel supply operational readiness of fuels and dependable infrastructure to assist Ukraine win the fight now and get ready to win the next war

The writer is a Research Officer at Centre for International Strategic Studies AJK and can be reached at Nsheikh536@gmail com

Such views of course lead to bigger issues that Australian philosopher Peter Singer in his 1975 classic Animal Liberation: A New Ethics for Our Treatment of Animals, called speciesism; a prejudice against animals that is not different from the prejudices of racism and sexism that we abhor in this day and age Zoos are not the place for animals, and, as we are encroaching on their habitats, we need to build them proper sanctuaries where the animals may live a life that is closest to their natural habitats and needs They surely deserve that much and we surely need to provide that SYED RIZVI SAN

JOSE USA

Wheat production

T H E government has expressed satisfaction over what it says is a record wheat production this year, and has taken credit for the development of the agriculture sector, stressing that Pakistan was aiming to regain its lost status of being a wheat-exporting country by ensuring continuation of pro-farmer policies

However the claim of having a record production is misplaced as according to the Federal Committee for Agriculture the country would have 20 68 million tonnes of wheat this year, which is slightly above the 20 64 million tonnes achieved in 2022

Therefore, we cannot say that Pakistan has achieved a record production, particularly in view of the over seven per cent yearly increase in local consumption Domestic consumption this year will be around 30 32 million tonnes There is a long way to go before Pakistan is able to shed its status of being a wheat-importing country and regains its status of a wheat-exporting country As the figures clearly suggest Pakistan will also have to import wheat to meet its domestic needs

During the last nine months of the fiscal, Pakistan imported wheat worth $1 billion, which is 25pc more than the corresponding period in the preceding year Despite being largely an agrarian country Pakistan has not been able to meet the local needs related to the staple food item over the years This could be because of many reasons including shrinking production area a rather sluggish adoption of modern knowhow lack of incentive for farmers, low support price, and, more importantly, change in weather patterns

Only increasing the production of wheat will not suffice, and the authorities will have to curb hoarding, smuggling and black marketing of wheat and ensure its smooth supply to local markets Besides the government should bring flour prices down to the reach of the teeming millions across the land It would be quite an achievement if the government is able to ensure there are no market distortions and wheat supply is smooth to the mills to avoid flour shortages as has been witnessed over the years This is not beyond us Y RASHEED

The ‘freedom of speech’ argument is not working

NAZIA SheIkh

To make sure that NATO forces are ready and equipped to address present and future threats, it is crucial to improve their capacity to quickly raise their readiness, enablement, and combat capability.

One flaw of the Char ter of Democracy was that it did not include all par ties, nor the establishment. That might also afflict a Charter of the Economy. The temptation to play politics on the economy might be too good to resist, what with a g eneral election due this year However, the need of all to g et a deal with the IMF may not be so easily resisted

Constitution: Beaten and Bruised!

by the judiciary

The democratic system therefore warrants adherence to the norms and principles of the constitution and rule of law

A system of governance, devoid of such attributes, is brute force without legitimacy or legality

Violation of the constitution constitutes a most serious offence for the authorities and public office holders

punity so enjoyed by them encouraged their successors to openly indulge in politics by making political alliances and formingor removing governments It is true and so acknowledged by the confession of General Bajwa, a few days before his retirement

TH E Constitution is a social contract between the people to establish a union and live together as one nation The people may belong to various ethnic cultural tribal religious or linguistic origins or backgrounds and may be residing in diverse geographical regions or territories Notwithstanding such distinctions and variations, they decide to form one state or nation Statehood or nationhood is inconceivable in the absence of such an agreement And whereas it is generally true for all modern states or nations it is especially true for a nation-state such as Pakistan And arrived at with the free will of the people the contract carries enormous sanctity and must be fully observed

The Constitution prescribes the structure of governance, based on the principle of “trichotomy of powers”, by setting up three organs, namely, a legislature, executive and judiciary Their composition and powers or functions are elaborated together with placing necessary checks and balances on their powers so as to prevent the concentration of power in any one organ or institution, which leads to despotism As Lord Acton observed, Power tends to corrupt and absolute power corrupts absolutely” The Constitution further guarantees essential civil economic social and political rights including security of life liberty dignity property and protection against illegal arrest or /detention maltreatment and discrimination It further provides essential freedoms like freedom of thought, expression, movement, assembly and association Such safeguards are essential for the development of a balanced human personality and advancement in life to become a useful and productive member of the society

The system of governance thus established is essentially democratic which the former US President Abraham Lincon described as government of the people by the people, for the people Thus, the elected representatives of the people make laws, which are enforced by the executive and disputes or controversies are settled

The perpetrator no matter how high in rank or status is liable to severe penalties Thus Article 47 of the Constitution of Pakistan provides for the impeachment of the head of State (President of Pakistan) on the charges, inter alia, of violating the Constitution In addition, due to successive abrogation of the constitutions by the Chief of the Army Staff (COAS) ending on the ignominy and humiliation of abject surrender by our troops in 1971 and dismemberment of the country a new clause (Article 6) was incorporated in the 1973 Constitution The clause stipulates that any act or attempt to abrogate, subvert or suspend the Constitution shall constitute the offence of “high treason” punishable with death The penalty is also applicable to a person who aids or abets or conspires in the commission of such act

Furthermore, loyalty to the State” and “obedience to the Constitution”, is declared to be a duty cast on every citizen of Pakistan Besides the Constitution obliges all constitutional authorities including the President, Prime Minister, governors, chief ministers, federal or provincial ministers federal or provincial law makers and chief justices and judges of the superior courts to take a solemn oath to preserve, protect and defend the Constitution and perform their functions honestly and faithfully in accordance with this basic law The members of the armed forces also take oath to “uphold the Constitution” and bear true faith and allegiance to Pakistan They further swear not to engage themselves in any political activities

The violations go on unabated and no one at the helm of affairs dare take action notwithstanding their oath to preserve protect and defend the Constitution Lacking integrity and deficient in character the political class (with few honourable exceptions), is weak and vulnerable, fearful of being dethroned or their corruption scandals and/or immoral conduct being exposed by the intelligence agencies! So perforce, they are at the beck and call of the Establishment Further most of the politicians have the dubious distinction of collaborating with the martial law regimes They not only welcomed the dissolution of Parliament and dismissal of government of their opponents but even joined the cabinets of Chief Martial Law Administrators (CMLA)

In shor t, it is a sad day for the countr y, The Constitution is mauled and mutilated. The authorities and institutions, responsible for its enforcement and implementation, have a hand in the act of violation

Notwithstanding such prohibitions and solemn affirmations to remain faithful to, and uphold the Constitution, violations of, and deviations from Constitution, abound, The successive heads of the Army from General Ayub to General Yahya General Zia and General Musharraf though guilty of committing the abominable offence of high treason escaped the penalty The im-

The judiciary equally shares the blame Every time there was a coup d état the Constitution was abrogated or held in abeyance It was quickly followed by issuing the “Laws (Continuance in force) Order”, to let the country be governed under martial law orders and regulations

The vires of such action always came under challenge in the Supreme Court And just before embarking on the case, the judges of the superior courts were commanded to take a fresh oath under the Provisional Constitutional Order (PCO) or else cease to remain so Again, with few honourable exceptions, the judges raced to line up for taking the fresh oath, in supersession of their (earlier) oath on the Constitution Thus, they too were guilty of being unfaithful to their sworn oath to “preserve protect and defend the Constitution Then they almost always validated martial law by relying on the pernicious doctrine of necessity or perverse theory of revolutionary legality As such, they too indeed collaborated with the military authorities Thus, the names, like Chief Justice Muhammad Munir, Chief Justice Anwar ul Haq and Chief Justice Irshad Hassan Khan generally evoke sentiments of dislike and disdain from the Bar or general public

Quran burning: Questioning fairness of West’s freedom of expression

DAILY SABAH I r Fa N r a J a

TH E significance of freedom in our lives can be seen through the legendary singer Bob Marley s song and the final words of Scottish freedom fighter William Wallace, who exclaimed, “freedom ” Undeniably, freedom is a cherished blessing and a shared value that is genuinely appreciated by those who do not have it Freedom encompasses various forms, including freedom of speech and expression World Freedom Day and World Press Freedom Day celebrations recognize the importance of exercising celebrating and safeguarding these freedoms Despite all this one person s idea of freedom may differ from the other s So, how do we celebrate our freedom without offending others’ way of freedom?

E v e r y y e a r o n M u s l i m r e l i g i o u s occasions namely Ramadan Eid and th e H ajj s o meo n e s o mew h er e in Eur o p e p u r p o s e l y i n s u l t s I s l a m a n d t h e Prophet (PBUH) of Islam on the pretext of freedom of expression A series of Quran burnings across Europe and America that happened on Muslim religious occasions revealed two recurr i n g t h e m e s – t h a t t h e y a r e d e l i b e r a t e l y o rg a n i z e d a n d s u p p o r t e d by the European governments

Relatedly, every year during the month of December, when Europe celebrates Christmas, Israelis invade Gaza

Are these simply coincidences? Why are Islam and Muslims the victims of perpetrators in the name of freedom?

WESTERN WAY OF FREEDOM:

Today, the term freedom has become a buzzword often used in a contradictory manner, resembling George Orwell’s concept of “doublethink” from his famous novel 1984 The word “freedom” is frequently incorporated into slogans particularly regarding Western military interventions and their consequences worldwide Examples include Operation Iraqi Freedom” and “Operation Enduring Freedom,” which, despite their proclaimed aim of bringing freedom have resulted in the destruction and immense human tragedies in nations such as Iraq Afghanistan Syria and others Western adventures in the Middle East and beyond have often been tailored to promote the idea of the West as a liberator and custodian of people’s freedoms particularly women’s rights

However one notable contradiction arises regarding the issue of veil-wearing Muslim women, as some European countries have implemented bans that force these women to remove their veils in public spaces This raises questions about the consistency of the West’s commitment to individual liberties

It is well-documented that Afghan women enjoyed their right to vote in the 1920s long before European women Surpassingly, authentic pieces of research show Western women are victims of domestic violence almost double the

proportion of those West liberated in a faraway place Shouldn t some forces help European women?

The United States and the United Kingdom had ruined Iraq and Afghanistan to liberate women allegedly from the radical Taliban that they had once supported and armed To be fair if liberating women is the cause then the U S and Europe are in need where violence against women is recorded high as “on average, 24 people per minute are victims of rape physical violence or stalking by an intimate partner in the U S

In this limited space it is impossible to include disturbing facts of women and children suffering in Europe So, what sorts of freedom does the West want to export to the rest? Recall an example of Donald Trump who walked in front of the British queen and was criticized for failing to submit to the British royal protocol Europe s concept of freedom is evidently twofold because it observes, reports, campaigns and finally associates all democratic movements protests and events that happen in faraway places with human rights and people s right to freedom Yet its own forces are directly or indirectly involved in conflicts, wars and regime change missions it too often turns a blind eye toward to ignore all sorts of human rights violations

DOUBLE STANDARDS: Hundreds of liberal newspaper articles scores of studies books films documentaries speeches and thousands of social media posts are perfect examples of Europe’s “double standards” on freedoms and human rights So far almost all Nobel Prize holders and a series of other award winners corresponding to human rights democracy and freedoms have contributed to Europe s illegal wars in Iraq, Afghanistan, Syria and beyond The increasing list of Nobel Peace Prize winners has become “questionable ”

Anyone having doubts about the Western perception and practices of freedom of expression and thoughts could search about Julian Assange Chelsea Manning, and Edward Snowden and The Guardian NSA surveillance as case studies So, the question arises here where is freedom? Isn’t it that national security is much higher than freedom of expression? What about Julian Assange s freedom?

We often read stories about oppressed women in Afghanistan and the rest of the Muslim world Fine, there are worrying realities but the question remains as to what is the difference between those bad guys (Taliban) and good guys (the Europeans) since both forced women to dress up in a way they think is best

How do you feel when you see European politicians and sections of the media run campaigns to ban veils and mosque minarets? Aren’t these cases of dishonesty or double standards?

eration Iraqi Freedom was imposed on an unwilling nation

True freedom is that we should respect others and give them space to breathe, think and live as they want

When a Muslim woman protests over wearing a dress that she chooses to wear it is branded as backward and outdated but if a woman of another faith such as a nun or Jewish woman does this, it is called modesty

For years now, anyone in British journalism who dares to challenge Israeli policies in Gaza or the British policies in Iraq was fired from their jobs for freely expressing their views George Galloway provides a list of all journalists, including Andrew Gilligan, Greg Dyke, Gavin Davis and Piers Morgan I recall dozens of charity workers, medics, journalists activists and U N officials Britain s first female Muslim Cabinet Minister Baroness Sayeeda Warsi was portrayed as a terrorist sympathizer and extremist and radical s supporter, arguably for criticizing Britain’s roles in Gaza and Kashmir that led to her resignation Warsi is not alone; in the U K anyone who uses their right to freedom of expression to criticize Israel whether Cherry Blair Jeremy Corbyn, and many others, will face the consequences I think British journalist Peter Oborne’s following passage best explains the West’s way of freedom of expression and its standard for Israel: The Guardian columnist Polly Toynbee who wrote I am an Islamophobe and proud of it Islamophobia? The Sunday Times columnist Rod Liddle rhetorically asks in the title of a speech, ‘count me in ’ Imagine Liddle declaring ‘Anti-Semitism? Count me in or Toynbee announcing that she was an anti-Semite and proud of it This wouldn t happen and for very good reasons Anti-Semitism is recognized as an evil, noxious creed and its adherents are barred from mainstream society and respectable organs of opinion Not so Islamophobia?”

So what has changed from the forced displacement of Aboriginal people in Australia Apaches in America and Arabs in Israeli-occupied Palestine and beyond in the world? The discourse of freedom has changed!

Europe must rethink its ideas of freedoms that are limited distorted and incompatible with the modern era In the context of Quran burning it is certain that the Holy Quran is protected from any change or corruption and will be safeguarded Those handfuls of corrupt and polluted-minded people wishing to disrespect and burn the Holy Quran must know the fact they can t erase its nobility nor undermine its prestige The only damage Quran-burning folks with the backing of European governments are doing is taking Europe pushing toward a neverending conflict with the Muslim world

The author is an academic analyst

Such sad and sordid account of the political and constitutional developments, begs for an answer to the current politico-legal imbroglio, facing the nation! It is holding elections within 90 days in the Punjab and KP, as per the constitutional mandate The PDM is in denial mode thus staging theatrics to evade elections till the time it can return back to power The Cabinet Parliament and parties of the PDM alliance are united on this point They have already defied the April 4 order of the Supreme Court on holding elections within the specified period of 90 days This is a brazen act of violation, nay, subversion of the Constitution It even earned the penalty of contempt of court

Thus no sooner was the order made than the Government conjointly with Parliament resorted to multiple tactics: targeting the Supreme Court including its Chief Justice and few other judges; disclosing the salaries and other perks/privileges, granted to judges; summoning its Registrar to appear before the Public Accounts Committee; revelations of telephone conversations between a judge and a political leader as well as between two ladies one of which is alleged to be the mother-in-law of the Chief Justice; and finally arranging a show of power in front of the Supreme Court to intimidate and browbeat the judges

Perhaps, the pressure tactics worked! Thus, thereafter, there has been a marked change in attitude The order of 4 h April of holding elections within 90 days in Punjab, is all but forgotten The period of 90 days is also over No more is heard the often-repeated threat of “otherwise the law will take its course Long and liberal adjournments are granted And this is despite the fact that no stay has been given at the current review/appellate stage of the hearing of the case It appears as though the Court action is in sync with the PDM resolve to dillydally and thwart any order for holding elections

In short it is a sad day for the country The Constitution is mauled and mutilated The authorities and institutions responsible for its enforcement and implementation have a hand in the act of violation Beaten and bruised, the Constitution calls for help Need one mention the saying of a French statesman, Georges Bidault, who said, “The good or bad fortune of a nation depends on three factors: its constitution, the way the constitution is made to work and the respect it inspires” That our nation falls short of the benchmark is most disturbing and disappointing

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

Burning of the Quran and the counteroffensive: Why the West is panicking

Th e f a c t t h at R u s s i a h a s re ce nt l y p a s s e d l aw s c r i m i n a l i s i n g t h e b u r n i n g o f t h e Q u ra n , i n d i c ate s t h at M o s cow, l i ke o t h e r s, a l s o u n d e r s t a n d s t h at t h e i s s u e i s p u re l y p o l i t i c a l – b e c a u s e i t i s

speech in the first place, take to the stage, juxtaposing with unmistakable triumph the West’s democracy and tolerance with Islam’s intolerance and authoritarianism

HOW ABOUT THE TIMING? Notice how the Quran is often burned, Islam insulted, or Islamic symbols desecrated whenever the West is undergoing a crisis and is desperate to either ignite an anti-Muslim public frenzy or distract from its own failures This has happened numerous times throughout history ancient and modern

MIDDLE EAST MONITOR

DE S E C R AT I N G then burning the Holy Quran in Sweden has once again raised a political storm of condemnation but also of justification if not outright approval Such acts are protected by law, top Swedish and EU officials have declared But why are the rights of those who oppose western agendas, colonialism, imperialism Zionism and military interventions not equally protected by law?

The Palestine boycott movement BDS for example is constantly fighting in western societies and institutions for the right to use certain language or merely challenge, though non-violently, Israeli occupation and apartheid

Iranian media offices were shut down in some western countries and various western-operated satellites removed Iranian Press TV Lebanon s Al-Manar TV and other anti-Israel occupation media outlets from their line-ups Thousands of Palestinian activists have been banned or censored on western social media platforms for daring to criticise Israeli war crimes in Palestine

The writer of this article is one of many others

More As soon as the Russia-Ukraine war began western governments were asked to completely block Russia Today and other Russian media channels from operating in western capitals, leading to the shutting down of offices, social media channels, removal from YouTube, Google and other search engines and so on

In February 2022 European Commission President Ursula von der Leyen said: We will ban the Kremlin s media machine in the EU For some odd reason, all this censorship is, somehow, morally and legally defensible from the viewpoint of the West But why is the right to insult Muslims so cherished, so sacred in the view of western governments and laws? And why burn the Quran now? It is sacred simply because Islamophobia exists at the highest levels of governments throughout the West Western lawmakers and politicians may argue that the law protects the rights of individuals to burn the Quran but, deep down – sometimes right on the surface – Europe’s ruling elites share the view of those who burn the Quran or desecrate Islamic symbols Such hate is often blamed on the far right by many of us but that is only part of the story Expectedly, once again, Muslims react by protesting en masse, storm western embassies and burn western countries’ flags And when this happens the very western political and intellectual circles that permitted or encouraged hate

In the past whenever Christendom descended into chaos, civil wars and revolutions, European kings, with the support of the Church, would mount one crusade after another in the name of ‘freeing the captive Holy Land from the hordes of the heathens and the Mohammedans’

More recently when the US invaded Iraq or wanted to distract from its splendid failures in Iraq, Afghanistan and everywhere else in the Muslim world, western provocateurs would rush to the streets to burn the Quran or would insult and ridicule Prophet Mohammed (PBUH) in their newspapers and magazines But what crisis is the West now trying to distract from? Ukraine and the global paradigm shift underway NATO is failing to push back or even weaken Russia The much-touted Ukrainian counter-offensive, featuring the most modern weapons the West has to offer, is a flop at best, a complete disaster at worst Moreover the cracks of division among NATO and western countries are bigger than ever and are widening by the day

The Wagner mutiny in Rostov which ignited hope among western governments and elites that Russia s President, Vladmir Putin, can be taken down from within, has completely failed In fact, it has backfired as the mercenary group has been exiled to Belarus and is now stationed at NATO’s own doorsteps

Worse Arabs Muslims and countries from across the Global South are moving even closer to Moscow and Beijing Algeria has recently signed a major cooperation agreement with Russia – thus strengthening their influence over the gas markets – and a host of nations are lining up to join BRICS

In the face of this strategic failure and the complete moral political and military collapse of the West a supposed lunatic appears before a mosque in Stockholm, with the made-up altruistic mission of burning the Holy Book of 1 8 billion Muslims A Western media fanfare immediately follows But this individual, and others like him has little interest in defending freedom of speech His is a diversionary strategy and at some level the actual orchestrators are not lunatics but clever men with high paying jobs and political agendas

Indeed, these blasphemous acts are part and parcel of a larger western agenda, the gist of which is that the West is democratic tolerant and essentially good and the rest are undemocratic barbaric and essentially wicked

This false maxim is just another take on the European Union s Foreign Policy Chief, Josep Borrell, when he said, last November, that Europe is a garden,” while “most of the rest of the world is a jungle ”

The fact that Russia has recently passed laws criminalising the burning of the Quran indicates that Moscow like others also understands that the issue is purely political – because it is

Dr FaqIr HussaIN

U S U RG ED T O A DDRES S CH I NA ’ S

CO NCERNS A S Y EL L EN L A NDS I N B EI J I NG

BEIJING

M i a n a b r a r

US Treasury Secretary Janet Yellen arrived in Beijing on Thursday afternoon kicking off a four-day visit As agreed between China and the U S Yellen is on a visit to China from July 6 to 9 During a meeting with Yellen in Washington on Monday Chinese Ambassador to the United States Xie Feng raised China’s main concerns in economic and trade areas, and urged the U S side to take them seriously and take actions to resolve them

Her visit comes more than two weeks after a two-day visit to Beijing by U S Secretary of State Antony Blinken

As US Treasury Secretary Janet Yellen landed in Beijing on Thursday to kick off a long-awaited visit many in China are watch-

ing the latest round of talks between Chinese and US officials with mixed feelings with businesses and analysts welcoming the trip while remaining cautious over the potential breakthroughs it could achieve

At the heart of such mixed feelings is the question of the US’ sincerity in not only pursuing productive communication with China but also earnestly addressing each other s core concerns experts noted To many Chinese US officials including Yellen have repeatedly stated they do not seek to decouple from China or contain China, but their actions, that range from lingering tariffs on Chinese goods to blatant crackdowns on Chinese firms and strict restrictions of high-tech supplies show the exact opposite Facing such a two-faced approach by Washington, China is well-prepared to respond in kind by maintaining communica-

tion with US officials while also taking necessary measures to firmly safeguard its sovereignty security and development interests against US aggression industry insiders and experts said, pointing to the recent announcement of export controls on two metals crucial for the making of chips and other high-tech components Yellen arrived in China on Thursday and will visit through Sunday during which she is expected to meet senior Chinese officials

The trip has garnered widespread global attention as talks between Chinese and US officials in recent months have increased It comes just weeks after US Secretary of State Antony Blinken’s visit to China and as the world faces serious challenges from an economic downturn and debt distresses to climate change which all require cooperation between the world s two biggest economies

I c a n t s a y a n y t h i n g a b o u t e x p e c t a -

Tw i t t e r r i va l t h r e a d s c r o s s e s 1 0 m n u s e r s w i t h i n h

SAN FRANCISCO

a f p

More than 10 million people have signed up to Threads Meta’s rival to Twitter within the first few hours of its launch the Facebook parent s CEO Mark Zuckerberg said Thursday Threads is the biggest challenger yet to Elon Musk-owned Twitter, which has seen a series of potential competitors emerge but not yet replace one of the social media’s most iconic companies despite its epic struggles

The app went live on Apple and Android app stores in 100 countries at 2300 GMT on Wednesday, and will run with no ads for now

“10 million sign-ups in seven hours,”

Zuckerberg wrote on his official Threads account Thursday

Accounts were already active for celebrities such as Jennifer Lopez Shakira and Hugh Jackman, as well as media outlets including The Washington Post and The Economist Zuckerberg spent the first few hours of the platform’s launch replying to new users

One thing that s up is the number of world champion MMA fighters on Threads, especially now that you re here! he wrote in a reply to American MMA fighter Jon Jones

Round one of this thing is getting off

to a good start he said in another

Zuckerberg also offered a shot across the bow at Musk the pair are known to be bitter rivals, and have even offered to meet each other in a fighting cage to wrestle it out

In his first tweet in over a decade Zuckerberg posted a Spiderman pointing at Spiderman meme in an apparent reference to the similarity of the two platforms

Back on Threads, he wrote: It ll take some time, but I think there should be a public conversations app with 1 billion+ people on it Twitter has had the opportunity to do this but hasn’t nailed it Hopefully we will

Twitter has said it has more than 200 million daily users

‘BE KIND’

Threads was introduced as a clear spin-off of Instagram, which offers a builtin audience of more than two billion users thereby sparing the new platform the challenge of starting from scratch

Zuckerberg is widely understood to be taking advantage of Musk s chaotic ownership of Twitter to push out the new product, which Meta hopes will become the go-to communication channel for celebrities companies and politicians

It s as simple as that: if an Instagram user with a large number of followers such as Kardashian or a Bieber or a Messi begins posting on Threads regularly, a new platform could quickly thrive, strategic

Iran announces full suppor t to Pakistan’s Day of Honouring Holy Quran

ISLAMABAD

S ta f f C o r r e S p o n d e n t Iran on Thursday announced its full support to the Day of Honouring the Holy Quran being commemorated by Pakistani government and its people tomorrow to denounce the criminal act of an extremist in Sweden “The Embassy of the Islamic Republic of Iran in Islamabad declares that the decision of the esteemed government of the Islamic Republic of Pakistan to introduce and celebrate July 7th 2023 as the Day of Honouring the Holy Quran is a worthy befitting and relevant initiative, said a statement issued here by Iranian Embassy The statement said the desecrating the Holy Quran, the sacred book of the largest religious community in the world, or insulting any sacred symbol of divine religions is a deplorable ignorant and biased act aimed at inciting public opinion and promoting misuse of freedom of expression It is crucial to acknowledge that desecrating the Holy Quran represents an affront to the holy books of all divine religions We firmly believe that such biased actions, which seek to incite public opinion, generate instability create violence and spreading hatred ” the statement added

financial analyst Brian Wieser said on

Substack

Analyst Jasmine Engberg from Insider Intelligence said Threads only needs one out of four Instagram monthly users to make it as big as Twitter ”

“Twitter users are desperate for an alternative and Musk has given Zuckerberg an opening she added Instagram chief Adam Mosseri told users that Threads was intended to build an open and friendly platform for conversations

“The best thing you can do if you want that too is be kind,” he said

Under Musk Twitter has seen content moderation reduced to a minimum with glitches and rash decisions scaring away celebrities and major advertisers Musk hired advertising executive Linda Yaccarino to steady the ship, but she has not been spared his whimsy

The Tesla tycoon said last week that he was limiting access to Twitter to ward off AI companies from scraping the site to train their technology

Musk then angered Twitter s most devoted aficionados by declaring that access to its TweetDeck product which allows users to view a fast flow of tweets at once would be for paying customers only

EU MANY MONTHS AWAY

Meta has its legion of critics too especially in Europe and despite Instagram s massive user base, they could slow the site s development

t i o n s ’ b u t t h e h o p e i s t h a t t h e r e w i l l b e s o m e r e l a x a t i o n [ i n t e n s i o n s ] b e t w e e n C h i n a a n d t h e U S i n c l u d i n g t r a d e f in a n c e t e c h n o l o g y a n d e v e n b u s i n e s s e xchanges, especially in the current situation w h e r e t h e g l o b a l e c o n o m y i s u n d e r p r e ssure,” an insider in the Chinese mechanical and electrical industry who is closely involved in businesses in the US told the Global Times on Wednesday Such low expectations are shared by many including apparently US officials

The company is criticized mainly for its handling of personal data the essential ingredient for targeted ads that help it rake in billions of dollars in profits every quarter

Mosseri said he regretted that the EU launch was delayed but if Meta had waited for regulatory clarity from Brussels, Threads would remain many, many, many, months away ” “I was worried that our window would close because timing is important ” he added to Platformer a tech news site

According to a source close to the matter, Meta was wary of a new law called the Digital Markets Act (DMA), which sets strict rules for the world’s “gatekeeper” internet companies

One rule restricts platforms from transferring personal data between products as would potentially be the case between Threads and Instagram

Meta was caught out for doing just that after it bought the messaging app WhatsApp, and European regulators will be on high alert to ensure that the company doesn’t do so illegally with Threads Back to Twitter?

Globally the Threads hashtag on Twitter has garnered over a million tweets, with many users jokingly suggesting users would be returning to Twitter

“10 mins into threads app Me coming back to Twitter ” one user wrote sharing a video of a man sprinting

Another shared an image of Homer Simpson running back and forth between the Twitter and Threads logos

By midday local time Thursday, Threads was the top trending topic on Japan Twitter but many users expressed concerns over data privacy

C hinese NEV makers ramp up industrial chain layout in ASEAN amid booming sales

AGENCIES

Chinese new-energy vehicle (NEV) companies are expanding to Southeast Asian market at an unprecedented speed amid strengthened economic ties increased political trust and supported with a slew of preferential policies under the Regional Comprehensive Economic Partnership (RCEP)

Apart from growing sales, the NEV makers are stepping up efforts to set up assembly lines providing localized services and building up a whole industrial chain in a vehicle market historically dominated by Japanese automakers

At the China-ASEAN Forum on Emerging Industries held in Shenzhen, South China s Guangdong Province, from Tuesday to Wednesday, officials and leading industry players from RCEP member countries shared the latest NEV development progress in the region while discussing how to promote a smoother environment for the emerging industry BYD continues to strengthen exchanges and cooperation with ASEAN countries and it has built the company s first overseas passenger car production base in Thailand, Wang Chuanfu, chairman and CEO of BYD, said at the opening ceremony of the forum on Tuesday Wang said the planned annual output at the Thai base is 150,000 vehicles, with construction starting in March this year It is expected to achieve mass production in 2024 and provide 5 000 job opportu-

nities for locals We will speed up the overall layout in the ASEAN market and provide consumers with a richer experience in NEV products and services, Wang said Qu Jizong, executive deputy general manager of Chery International Corporation Indonesia Branch, introduced Chery’s relevant strategies in ASEAN market at a parallel forum on Wednesday Qu disclosed that the company will set up factories in Indonesia Malaysia and Thailand respectively to realize the full coverage of Chery electric models in the region Chinese carmakers absolutely occupy a dominant position in Thailand,” Tang Zhimin, dean of the International School of the Panyapiwat Institute of Management and director of the China-ASEAN Research Center told the Global Times on the sidelines of the forum on Wednesday Four of the top five models of pure electric vehicles in Thailand in 2022 were Chinese brands, Tang said, noting that BYD Atto 3 s market share reached 37 5 percent in the first quarter this year Thailand is the largest NEV market in Southeast Asia

It accounts for 58 percent of NEV sales in ASEAN market in 2022 followed by 20 percent in Indonesia and 16 percent in Vietnam according to Tang

Compared with other markets the ASEAN market is relatively stable both from a geopolitical dimension and a supply chain perspective, industry players noted, underscoring the stability and a huge-complementary industry structure as the key reasons bolstering Chinese NEV makers’ local presence The mega free trade deal RCEP is also conducive to further promoting the integration of the NEV industrial chains across the Asia Pacific region, and leveraging the comparative advantage of both China and ASEAN to its full extent

“No major breakthroughs are expected but Yellen will push to open new lines of communication and coordination on economic matters and stress the consequences of supplying lethal aid to Russia, US officials said, Reuters reported on Wednesday Citing US National Foreign Trade Council President Jake Colvin, Reuters reported that the trip “won’t end $360 billion in tariffs imposed under former president Donald Trump or export controls that have gathered steam under [US President Joe Biden]

US says it opposes expor t controls by China on metals, will consult allies

The United States “firmly” opposes export controls announced by China on gallium and germanium metals needed to produce semiconductors and other electronics a U S Commerce Department spokesperson said on Wednesday adding that Washington will consult its partners and allies to address the issue Earlier this week, China put export controls on gallium and germanium products used in electric vehicles (EVs) and fiber optic cables

The abrupt announcement of controls from Aug 1 has sent companies scrambling to secure supplies and bumped up prices Germanium is used in high-speed computer chips, plastics and in military applications such as night-vision devices, as well as satellite imagery sensors Gallium is used in radar and radio communication devices satellites and LEDs These actions underscore the need to diversify supply chains

The United States will engage with our allies and partners to address this and to build resilience in critical supply chains, the Commerce Department spokesperson said in an emailed statement China’s move, which its commerce ministry said was to protect national security was seen by economic analysts as a response to escalating efforts by Washington to curb China s technological advances

The announcement came on the eve of the U S Independence Day holiday and just before U S Secretary of Treasury Janet Yellen visits Beijing

The European Commission has also expressed concern while Germany’s Economy Minister Robert Habeck said any broadening of controls to materials like lithium would be problematic

The issue marks the latest chapter of U S -China tensions that have been escalating in recent years over issues like trade tariffs, the origins of the COVID-19 pandemic, cyber security, spying allegations and technological competition

Blinken underscores ‘urgency’ of UN-backed multinational force to aid Haiti

WASHINGTON a f p

Secretary of State Antony Blinken reiterated US support for an international force to help stabilise Haiti agreeing with Prime Minister Ariel Henry on the urgency for such a UN-authorised operation but again not offering to lead it Blinken and Henry met in Trinidad and Tobago on the sidelines of the CARICOM summit of Caribbean nations The two “agreed on the urgency of deploying a UN-authorised multinational force or peacekeeping operation to enable the Haitian National Police to restore peace and security the State Department said in a statement Henry for his part told reporters that in addition to the violence there is a worrying humanitarian crisis in the country in terms of food insecurity, hailing Washington’s aid thus far as “invaluable ” No country has yet stepped forward to lead the international force and President Joe Biden s administration has made clear that it will not risk Americans lives instead prioritising bolstering Haiti s fledgling national police force The United States shares the commitment felt throughout the region to help the Haitian people shape their future to restore the country’s democratic order through free and fair elections ” Blinken told regional leaders at the summit

PR OFIT r e u t e r S

OPEC will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above average increase sources close to OPEC said OPEC s forecast for 2024 will likely be lower than the growth it expects to this year of 2 35 million barrels per day, or 2 4% an abnormally high rate as the world moved out of the coronavirus pandemic Even so it would still be well above the annual average of the past decade with the exception of the pandemic years and above

predictions by the International Energy Agency which sees a major slowdown in demand growth next year to 860 000 bpd OPEC and the IEA have repeatedly clashed in recent years with OPEC criticising the IEA, which advises industrialised countries, for what it sees as irresponsible predictions and subsequent data revisions Oil demand growth is an indication of likely oil market strength and forms part of the backdrop for policy decisions by OPEC and its allies, known as OPEC+ The group in June extended supply curbs into 2024 to support the market as concern of weakening demand pressured prices For 2024, three OPEC

sources said that while demand growth was likely to show a slowdown it would not be as severe as the IEA predicts and growth will likely be above 1 million bpd and likely below 2 million bpd It can be expected that the increase in oil demand in 2024 will be much lower than 2023,” one of the OPEC sources said adding that it could be between 1 5 to 1 7 million bpd OPEC is expected to publish its first demand forecast for 2024 in its monthly report on July 13 It will be more bullish than the IEA,” another source said of OPEC’s 2024 demand view Top officials from OPEC countries at a conference this week such as Amin Nasser chief executive of state-owned oil pro-

ducer Saudi Aramco, expressed optimism over the oil demand outlook despite economic headwinds weighing on prices Asia is growing China alone between 2019 and 2023 3 million bpd growth, India 1 million bpd growth, so there is a pickup in demand,” he said Oil demand forecasters often have to make sizeable revisions given changes in the economic outlook and geopolitical uncertainties which this year included China s lifting of coronavirus lockdowns and rising interest rates O P E C o r i g i n a l l y f o r e c a s t d e m a n d g r o w t h i n 2 0 2 3 o f 2 7 m i l l i o n b p d i n i t s f i r s t f o r e c a s t p u b l i s h e d i n J u l y 2 0 2 2 l a t e r r e v i s i n g i t d o w n t o 2 3 5 m i ll i o n b p d

o u r s o f l a u n c h

PA K I S TA N ’ S F I S H E R I E S S E C T O R S ET F O R D I G I TA L B O O S T

PESHAWAR A Z I Z B U N E R I

PA K I S TA N’s fisheries sector is poised for a digital boost thanks to the integration of the Marine Fisheries Department into Pakistan Customs digitalization initiative The move is expected to streamline clearance and logistics procedures, leading to improved facilitation for the industry

immigration consultation: Sharjeela

The trade of fishery products has been hindered by laborious procedures involving documentation boarding of traded goods and freight clearance By digitizing the Marine Fisheries Department, Pakistan Customs aims to address these obstacles and achieve trade advantages

The State Bank of Pakistan (SBP) reported that fish and crustacean exports for FY23 amounted to $378 689 million reflecting a growth rate of 15 17% compared to the previous fiscal year s $328 786 million

In addition to Customs, other depart-

ments such as the Pakistan Standards and Quality Control Authority (PSQCA) are involved in various aspects of fisheries trade The introduction of a unified central digital platform for all relevant departments is expected to minimize trade obstacles promoting efficient and costeffective systems that expedite trade processes Khisrao Kalim, Director General of

the Fisheries Khyber Pakhtunkhwa Department, highlighted the importance of digitalization for exchanging trade-related data with trading partners and private stakeholders He noted that it would enable the sharing of information with partners while providing valuable insights to potential private investors considering entering the fisheries sector During FY23, the fisheries sector ex-

S anjrani c alls for global ac tion to prevent desecration of Q uran

ISLAMABAD S TA F F R E P O R T

l a h o r e: TCL Pakistan s leading LED TV Brand today unveiled its trio of groundbreaking television models The latest C series was introduced at the electrifying TCL Immerse event, where esteemed media houses, tech enthusiasts, and lifestyle influencers witnessed the future of entertainment

firsthand The latest lineup of LED TVs showcases the pinnacle of cutting-edge technology including the premium 4K Mini LED TV TCL C845 a tv that redefines picture quality the game-changer TCL C745 QLED TV designed to elevate your gaming experience, and the feature-packed yet affordable

TCL C645 QLED TV, making luxury entertainment accessible to all The C845 is the newest addition to TCL’s Mini LED TV line-up with more local dimming zones at work providing infinite contrast dimensions high efficiency and wide luminous angle Mini LEDs to achieve the highest brightness levels to date of HDR 2000 nits available in 55 and 65’’ models and backed by AiPQ Processor 3 0, the TCL C845 delivers outstanding picture quality combined with unparalleled P R

FasalPay, Kissan Gudam join hands to help improve profitability of farmers

i s l a m a b a d: In line with the vision of helping farmers increase their profitability, FasalPay, a leading agri-fintech platform and Kissan Gudam, the providers of advanced agri-storage technology have joined forces to maximize post-harvest value for the farmers This collaboration aims to provide farmers with a comprehensive solution that encompasses crop storage, agri-inputs, and affordable agri financing Farmers in Pakistan are prone to distress sale of commodities immediately after harvest during the supply glut when prices are lower as they have to repay their loans to the banks or informal financiers and to buy inputs for the next crop without wasting any time Absence of feasible warehousing solutions means they can only store the commodities in traditional sub-optimal conditions resulting in weight loss and quality degradation, so they prefer to sell ASAP P R

CRA-N's rehab training event empowers flood-affec ted villagers in Tehsil Bahrain

Chairman Senate of Pakistan Muhammad Sadiq Sanjrani, has sent letters to all parliaments of the world and the President of the Inter-Parliamentary Union urging collective efforts to prevent the desecration of the Holy Quran and promote interfaith harmony

In the letters, Chairman Senate expressed deep concern over the recent incident of desecration of the Holy Quran in Sweden He emphasized that in today's interconnected world there should be no room for abuse and desecration of religious sentiments While appreciating the swift denouncement of the act by the Swedish government, he high-

lighted the need for greater global cooperation to ensure world peace, tolerance, and interfaith harmony Sadiq Sanjrani said, “Islam, as a comprehensive code of life promotes values of tolerance peace prosperity and love for humanity

The Holy Quran strictly discourages violence and emphasizes the importance of upholding peace Islam also teaches respect for other religions prophets and holy books However Islamophobic incidents continue to occur often masked as freedom of expression leading to immeasurable pain for Muslims worldwide

He called upon parliamentarians and world leaders to play a constructive role in dispelling misconceptions about Islam He emphasized

the importance of educating people about the true teachings of Islam, fostering an environment of tolerance, respect, and understanding among different faith communities He also highlighted the role of dialogue understanding and mutual respect in bridging gaps and promoting harmony among nations

Furthermore, the Chairman Senate proposed that the incident of desecration of the Holy Quran in Sweden and similar incidents be included as an emergency agenda item in the 147th Inter-Parliamentary Union (IPU) Assembly scheduled to be held from 23-27 October 2023 in Luanda, Angola This proposal aims to address the issue at a global level, dispel misconceptions about Islam and promote regional and global stability

perienced a modest growth rate of 1 4% indicating a sluggish performance

To counter this domestic strategies focusing on achieving higher growth and promoting value-addition within the industry are crucial

The official emphasized that the primary function of digitalization is to enable participants engaged in global trade to submit uniform data and paperwork through a central platform This approach simplifies compliance with the regulatory obligations of various governmental bodies simultaneously

The digitalization initiative is expected to benefit various stakeholders in the fisheries supply chain including logistic companies clearing agents and freight dealers by offering a hassle-free experience and facilitating smoother trade operations

As Pakistan progresses towards digitalizing its fisheries sector, the industry is poised to harness its export potential and contribute to the country s economic growth

Bank Alfalah collaborates with Habib University for ‘Alfalah Scholars Programme’

k a r a c h i: Bank Alfalah, one of the biggest commercial banks in Pakistan, has partnered with Habib University to establish a scholarship fund for students aspiring to pursue higher education The fund will comprehensively cover all educational expenses throughout the four-year degree programme to offer financial assistance to deserving students and guarantee their access to education Bank Alfalah has pledged an annual commitment of PKR 6 4 million (amounting to PKR 25 6 million) over four years to support select applicants pursuing social sciences and engineering studies As part of the program four high-merit and deserving students will get equal educational opportunities, promoting inclusivity by focusing on women and differently-abled applicants The recipients of the scholarships will be honoured as 'Alfalah Scholars’ P R

tion missions for

upcoming General Elections A

The Election Commission of Pakistan (ECP) has said that as per its tradition and mandate it always worked wholeheartedly to ensure the electoral transparency

No power load-management being carried out across company ’s regions: IESCO

ISLAMABAD

being carried out across the company’s regions The current demand of electricity stood at 2102 megawatt (MW) and the company was getting electricity as per its demand, the spokesperson said

c o n

S TA F F R E P O R T

The Christian community in Balochistan Thursday condemned the desecration of Quran terming it worst ‘Islamophobic’ act that displeased billions of Muslims across the globe “Desecration of Holy Quran is an unforgivable and heinous crime Sweden must apologise to the Muslims for the incident said Bishop Khalid Rehmat while addressing a press conference here

Pastor Simon Bashir, Father Inayat Gill accompanied the bishop

The bishop said that the desecration of the Holy Quran in Sweden was unacceptable and blasphemous act in the name of freedom of expression

Playing with the sentiment of any religion and belief on the name of freedom of expression was a great offence, he added He said that the entire Christian community was saddened over the incident

0 5 1 9 2 5 2 9 3 3

k a r a c h i : Schneider Electric, the leader in digital transformation of energy management and automation, and Pakistan’s leading Centre for energy research and development Energy Research Centre (ERC) COMSATS University signed a Letter of Intent (LoI) to optimize energy performance, reduce consumption, and train young energy specialists to accelerate sustainable energy transition under “Access to Energy Program” in Pakistan At Schneider Electric we are leading the way with our sustainability initiatives and as an Impact company our purpose is to empower all to make the most of our energy and resources bridging progress and sustainability for all The Access to Energy Program seeks to ensure access to clean, affordable, reliable and sustainable energy solutions, to improve the lives and livelihoods of people and stimulate economic development through energy access P R

Postal Service enhances efficiency with new motorcycle provision to postmen

No religion allowed the desecration of holy books of other religions he added Those who desecrate the Holy Quran do not deserve any leniency and must be taken to task, he said adding that the religious leader of the Christians, the Pope, had also openly condemned this incident

The forces with a negative mentality were trying to spoil the peace of the world through such incidents he added Incidents of insulting not only the Holy Quran but also other religions were happening in other secular countries, including Sweden, he pointed out

He said that if Swedish people by allowing such anti-peace elements showed that they were uncivilized In response to a question Bishop Khalid Rehmat urged the United Nations the European Union and the world to play their role in punishing the accused

He demanded for enacting the international laws to prevent such incidents in the future

Speaker of Tehsil Council, Farid Ahmed; and the Principal of Government High School Madin The participants of the event were people from the villages of Kalagram Damana Haryana and Damle Representatives from CRA-N, including the Team Leader of District Swat, Mr Haseebullah, and the Community Resilience Officer, Inamullah, as well as Sajjad Anwar, participated in the event P R

has allocated a total of 68 motorcycles exclusively for postmen The allocation documents were distributed by Ms Shaista Anjum, the Divisional Superintendent South in a strategic move to streamline the delivery process and invigorate the dedication and efficacy of the esteemed postmen This pilot project took place under the guidance of DG Pakistan Post, Sir Hafiz Shakeel, PMG CP Sir Moazzam Mansoor, and Deputy PMG Operations Sir Anwar ul Haq Kharral It was implemented by all unit officers of Pakistan Post The decision to provide bicycles to postmen comes as part of the postal service s ongoing efforts to optimize its operations and improve service quality By utilizing bicycles, postmen will be able to navigate congested urban areas more easily, ensuring prompt and efficient delivery of mail and packages P R CORPORATE CORNER People need awareness, education for legal

d

PSX SURPASSES 44,000 MARK WITH STRONG RALLY

PR OFIT K A R A C H I

ON Thursday the benchmark index of the Pakistan Stock Exchange (PSX) surpassed the 44 000 mark experiencing a significant increase of over 600 points following a two-day decline The KSE-100 index, as reported on the PSX website closed at 44 178 85 points reflecting a rise of 1 44% or 626 02 points

Market analysts attributed the rally to several factors Firstly, the standby agreement reached with the International Monetary Fund (IMF) played a

pivotal role in boosting investor confidence The agreement helped alleviate uncertainties particularly the risk of default, providing Pakistan with a breathing space to focus on its fiscal policies

Furthermore, payments made to independent power producers (IPP) also contributed to the market’s positive momentum The government disbursed around Rs140 billion to the IPPs allowing them to distribute higher dividends This development resulted in a rally in the shares of these companies

Additionally, the cement sector experienced a positive surge due to the international coal prices witnessing a decline Lower coal prices benefit the

cement industry as coal is used as a fuel for cement production

Market experts such as Salman Naqvi, head of research at Aba Ali Habib Securities, expressed optimism about the market’s potential Naqvi believed that the index could potentially reach 45 000 to 46 000 points However he cautioned that the rise would not be consistent taking into account the recent slump experienced after a historic bull run on Monday Siddique Dalal, the CEO of Dalal Securities, also emphasized the impact of the IMF agreement on market sentiment He anticipated fluctuations in the market and emphasized the significance

of daily news updates in determining market trends

The stock market witnessed a significant gain on Monday when Pakistan secured a $3 billion short-term financial package from the IMF This package provided relief to the country’s struggling economy which was facing a severe balance of payments crisis and dwindling foreign exchange reserves The funding spread over nine months exceeded expectations and provided respite to Pakistan as it awaited the release of the remaining funds from a previous bailout package agreed upon in 2019 The IMF board was set to approve the deal in July

APTMA invites Primark to open office in Pak istan

700 workers

Pakistan and

of

will be

the

i e , the remaining debt will be canceled, completion of

Customs officers are reportedly grappling with each other s over fraudulent imports scam worth $1 4 billion Sources said that Syed Shakeel Shah has recused himself from notified fact finding inquiry regarding issues related to financial instrument functionality

The new members of committee would be Chief Collector Appraisement (South) Karachi Ashhad Jwad, Collector of Customs Appraisement (East) Sanaullah Abro and Collector Islamabad Naveed Elahi Sources claimed that most of the imported goods cleared under the jurisdiction of Appraisement South and East Karachi and now FBR notified a committee consisting of Chief collector as well as Collector Appraisement South and East for conducting inquiry of fraudulent matters which is clear conflict of interest Sources said that the director of Reform and Automation has also requested the FBR to include representatives of SBP and Directorate of customs intelligence in this committee

The subject fraudulent clearances of imported goods made without meeting mandatory requirements of PSW financial instruments involved illegal transfer of funds out of Pakistan violating Anti-money laundering Act, 2010 (as amended) and section 32, 32A & 32C of the Customs Act I 969 therefore include Directorate General of Intelligence & Investigation Customs Islamabad being the lead Anti-money Laundering Customs Agency and representative of SBP in this fact finding inquiry related to financial functionality, sources added

Recently, Pakistan Customs as well as PSW officials held discussion over PSW’s Financial Instrument

It also revealed in the meeting that traders/importers have tried to clear GDs

The All Pakistan Textile Mills Association (APTMA) has invited Primark, an international fashion retailer to open offices in Pakistan

A delegation of Primark visited the APTMA Lahore office on Thursday

The delegation consisted of Mathew Rhodes, Head of Sourcing and John Steven, Director Supply Chain

Patron-in-Chief APTMA

Gohar Ejaz Chairman APTMA North Zone Hamid Zaman، Senior Vice Chairman Mr Kamran Arshad former Chairman Aamir Fayyaz former Chairman Adil Bashir and Habib Anwar welcomed the delegation on the occasion

The visiting delegation head maintained that Pakistan has huge potential to export all sorts of textile products because of the diversification of exports

He said the GSP plus facili t y o ff e r s e n o r m o u s b e n e f i t s t o E u r o p e a n i m p o r t e r s t o i m p o r t f r o m P a k i s t a n

Speaking on the occasion

APTMA

Patron-in-Chief

Gohar Ejaz said EU is Pakistan s largest trading partner

He said GSP+ allows access to Pakistani exports to compete

with its competitors such as Bangladesh, Sri Lanka etc which already avail GSP+ GSP+ status makes Pakistan eligible to export 78% of its 4 products duty free in the EU he said and added that this facility would encourage enhanced foreign investment ahead

According to him, the GSP plus opens a window for Pakistani exports especially when China is losing market

He said Pakistan was complying with 27 conventions relating to human rights, environment, labor rights, narcotics control, corruption control gender rights etc

Compliance with six new conventions will further uplift Pakistan s image Chairman APTMA North Zone Hamid Zaman said there is huge potential for enhancing exports to $50 billion through the stitching revolution in Pakistan

According to him the textile industry is planning to set up 1000 garment plants

Each plant consists of 500 stitching machines at an investment of $7 million and would be able to produce garments for exports of $20 million per annum while generating employment for

The total investment would be US $7 billion generating annual exports of $20 billion and providing employment to well over 700 000 workers he added

Earlier, Senior Vice Chairman Kamran Arshad made a detailed presentation on the importance of the textile industry in Pakistan

He said the APTMA member mills are 100% compliant corporate entities and performance of industries is strictly monitored by international and national agencies He said the industry is compliant with International and local sustainability standards like SA 8000 Oeko Tex made for green Step etc He said the industry is working out an action plan to invest in pollution-control technologies and move away from fossil fuels besides setting up of effluent and water treatment plants investment in material innovations and enabling a Green Environment and Socially responsible industry

Habib Anwar presented a vote of thanks at the end of the meeting and expressed the hope that the international fashion retailers would benefit from the potential of the textile industry in Pakistan

SBp set to make profit of more than a trillion. But How?

projects, handing/taking over of assets, impact evaluation of the PIDSA Programme, and final report of the PIDSA Programme The Government of Pakistan and the Government of Italy had signed an agreement for Development Swap on November 4 2006 which came into force in 2009 Approximately $100 million (US $26 52 million & Euro 58 74 million) equivalent to PKR 8 276 billion of Pakistan’s debt owed to Italy is to be swapped for expenditure on development projects around the country on Health Education Agriculture and Environment Micro Credit Schemes Poverty Alleviation Rural Development and Infrastructure Management Committee (MC) is the highest decision-making body of Pakistan Italian Debt Swap Agreement (PIDSA), co-chaired by the Italian Ambassador and Secretary Ministry of Economic Affairs along with representatives of the Federal and Provincial Governments To date 48 projects have been approved and funded by PIDSA out of which 45 projects have been completed and 3 are in progress

The Secretary, of the Ministry of Economic Affairs, thanked the Government of the Republic of Italy for providing assistance under the Debt Swap Agreement and other Technical Assistance and emphasized further enhancing the bilateral ties between the two countries

PM dubs IMF deal urgent requirement , not ‘some sweet’

TOR GHAR

S TA F F R E P O R T

Prime Minister Shehbaz Sharif on Thursday said some rivals were praying to see Pakistan default reiterating his hope that the International Monetary Fund (IMF) Executive Board would formally approve $3 billion stand-by arrangement

Prime Minister Shehbaz Sharif also emphasized the need for unity among the nation and state institutions to drive the progress of the country

Addressing local elders in Torghar district in Hazara Division of Khyber Pakhtunkhwa teh premier highlighted that it is the collective responsibility of the government, judiciary, army, and the people to work together towards the development of Pakistan

During the event, the prime minister laid the foundation stone for the Torghar Bunir Highway the Bunir-Karakar Link Tunnel and the Torghar-Bunir RCC (Reinforced Cement Concrete) bridge

He stressed the importance of unity hard work and dedication to create a brighter future for Pakistan

PSW shared the inquiry report nor identified delinquent importers involved in fraudulent clearance of imported goods without meeting mandatory requirements of PSW financial instruments sources added Even PSW failed to report and share this information with the Clearance Collectorate for taking legal action as warranted under the section 32 32A & 32C of the Customs Act 1969 and other relevant laws Customs officials informed the PSW Sources said that the Directorate of Reforms & Automation Karachi also informed the officials of PSW that the directorate has relied upon GD clearance data of importers with respect to Open Account during the period from 07-12-2021 to 26-06-2023

PSW’s Financial Instrument has not been tagged around 52 538 numbers of GDs involving $1 478 billion sources added Similarly PSW s Financial Instrument has also not been tagged for more than one year on 9 680 numbers of GDs involving $3 26 million

The directorate of R&A informed the PSW that State Bank of Pakistan s Foreign Exchange Manual only allows import of spare parts, raw materials by manufacturing and industrial concerns and commercial importers Life saving medicines and devices aircraft related spare parts/components lab equipment instruments imported by educational Institutions for their own use, news papers, magazines, periodicals, hooks etc

The State Bank of Pakistan (SBP) is poised to achieve a staggering feat in the fiscal year 2023 as it is set to generate a monumental profit exceeding Rs 1 trillion, which will contribute substantially to the revenues of the Government of Pakistan This remarkable figure as disclosed in the recently presented budget represents only 80% of the SBP s overall profit, as the institution retains the remaining 20% for its own operations Fahad Rauf, Head of Research at Ismail Iqbal Securities (Pvt ) Limited told Profit that the budgeted profit accounts for only 80% of the total profit The budgeted number is just payout not complete profit After SBP Act only 80% of profit will be paid to the federal government So this amount of Rs 1 1 trillion is 80% of the SBP profit not the full amount SBP holds 20% of its profits as reserves

To comprehend the magnitude of this achievement, let us consider some context within the realm of commercial banking

Meezan Bank recognized as the largest Islamic bank attained the

highest profit among its counterparts, accumulating approximately Rs 45 billion throughout the calendar year of 2022 In a similar vein Habib Bank Limited (HBL) renowned for its expansive network reported a profit of Rs 35 5 billion Consequently, the SBP s projected profit is expected to exceed the earnings of the most profitable bank in the industry by an astonishing 30 times!

Analysts are optimistic about achieving the revenue target Amreen Soorani, Head of Research at JS Global Capital Ltd stated in her dissecting the tall revenue targets of FY24 report “SBP Profits at Rs1 1trn – achievable with the outstanding Repurchase borrowing levels with prevailing high-interest rates

Now, the question arises: How will the State Bank of Pakistan accomplish such a momentous profit? Analysts have informed Profit that there are two primary avenues through which the SBP can generate this substantial revenue: Pakistan Investment Bonds (PIBs) and Open Market Operations

PIBs: Pakistan Investment Bonds (PIBs) are debt securities issued by the State Bank of Pakistan These

bonds are issued in denominations of multiples of Rs 100,000/- and available in tenors of 3, 5, 10, and 20 years The coupon rate or semiannual return on these bonds is paid until maturity Due to the guarantee provided by the Government of Pakistan, the chances of default or inefficient payouts from these bonds are minimal

“On the asset side of the SBP’s balance sheet there is approximately Rs 6 trillion worth of PIBs Yousuf Farooq ex-Director of Research at Topline Securities and independent analyst told Profit “My understanding is that these are floating PIBs” he added Open Market Operations (Repurchase Borrowing): Another avenue for generating revenue is through Open Market Operations (OMOs) Simply put, SBP lends money to banks which subsequently invest it in government securities The SBP earns interest on the money it lends while banks keep a spread on it and lend it to the government For example SBP lends money to bank at the interest rate of 21% The banks then lends this money to the government at 21 5% or 22%, which means that banks keep a margin of 0 5% or 1%

Shehbaz Sharif acknowledged the recent financial challenges faced by the country and expressed gratitude for the support of army chief Gen Asim Munir in securing a $3 billion deal with the International Monetary Fund

He expressed confidence that Pakistan would soon gain a significant position in the international community

The prime minister highlighted the natural resources in Khyber Pakhtunkhwa province and emphasized the need to explore avenues of development for the benefit of the people He acknowledged the sacrifices of the forefathers of the locals who donated their lands during the formation of Pakistan 70 years ago PM Shehbaz expressed regret over the neglect of the area by past political leaders and emphasized the importance of providing opportunities to the locals for educational and professional growth He announced the establishment of a government school and two colleges in the area as well as the initiation of electricity supply projects The prime minister directed the completion of the bridge within one year instead of the originally stipulated three years to greatly facilitate the locals The infrastructure projects, worth Rs18 billion, were expected to bring significant benefits to the area SAPM Ahad Cheema, Information Minister Marriyum Aurangzeb and local government officials were present during the event

The prime minister said he had been working under the leadership of PML-N supremo Nawaz Sharif for the last 35 years and promised that the journey towards development would again start while the former premier leading the nation On the occasion, Shehbaz announced also establishment of a Daanish School as well as two colleges in the remote district of Khyber Pakhtunkhwa

plot allotment Case: Cour t verdic t reveals nawaz was ‘vic tim of politic al vendetta’

LAHORE

An accountability court in Lahore has released a detailed verdict regarding the acquittal last month of deposed prime minister Nawaz Sharif in the plot allotment case involving Jang group chief executive officer (CEO) Mir Shakilur Rahman

The verdict provides an explanation of how Sharif ’s proclaimed offender status ended and the legal basis for granting him relief

In its reference filed when the PTI was in power in 2020, the National Accountability Bureau (NAB) had alleged that Jang Group owner Mir Shakilur Rehman had illegally obtained exemption of 54 plots, each measuring one-kanal situated in Block-H

Johar Town It alleged that the allotment of the land had been made in connivance with the then chief minister of Punjab, Nawaz, in 1986 against the exemption policy and the laws for monetary gains

The PML-N supremo had been declared a proclaimed offender in the case for his constant non-appearance before the court Last month, Judge Rao Abdul Jabbar had acquitted Nawaz while Rehman was acquitted in the case in January 2022

The detailed verdict issued by Judge Jabbar on Thursday said that the proper procedure for declaring an individual a proclaimed offender had not been followed

The order said that under Section 87 of the Code of Criminal Procedure, one could only be declared a proclaimed offender if the

court was satisfied after recording the evidence of the process server who executed the warrants at the accused’s address and fulfils all other formalities

In this case the record is silent regarding who issued the warrants publications or documents containing the material to inform the accused to appear before the court of law

This is a mandatory condition, otherwise, the entire proceedings become void and illegal ”

The court has ordered the acquittal of Sharif who served as prime minister three times of all charges in the case The verdict also highlights that the same relief should be given to him as has been granted to the main suspects in the case Furthermore, the verdict emphasizes that proceedings to declare Sharif a proclaimed

offender were not conducted in accordance with the law In light of the Supreme Court’s decision, Sharif should receive the same relief as the other accused individuals

As part of the verdict the dirty money watchdog and the revenue board have been instructed to unfreeze the properties of the shareholders in Sharif s properties Additionally, a copy of the court order is to be sent to the NAB chairman and others involved The amicus curiae appointed by the court claimed the proper procedure was not followed in declaring Sharif a proclaimed offender Shareholders of Sharif s properties have also filed objections to the freezing of their properties Senior prosecutor Hafiz Asadullah was appointed as an amicus curiae in the reference

Customs officers grapple with each others over fraudulent impor t scam wor th $1.4bn