Epaper_23-07-11 KHI

P M , C O A S C O N F I D E N T A B O U T T R A N S F O R M AT I V E

5 0 B I N V E S T M E N T I N A G R I S E C T O R

g Shehbaz says many Gulf countries ready to invest, says countr y cannot take further loans

g Gen Asim Munir says army fully support all initiatives under SIFC, including Green Pakistan Initiative

g G r e e n Pa k i s t a n I n i t i a t i v e t o u s h e r i n a g r i r e v o l u t i o n , c r e a t e f o u r m l n j o b s : P M

ISLAMABAD

PRIME Minister Shehbaz Sharif said on Monday the government expects investment worth billions of dollars in the next four to five years in agriculture sector with Chief of Army Staff (COAS) Gen Asim Munir assured the military would fully cooperate for Pakistan s economic progress

As an institution, we assure of our diligent cooperation for Pakistan s economic progress,” Chief of Army Staff (COAS) Gen Asim Munir said while speaking at the National Seminar on Food Security and Agriculture in Islamabad along with Prime Minister Shehbaz Sharif COAS General Syed Asim Munir attended the seminar as the guest of honour

Besides Prime Minister Shehbaz Sharif and COAS gen Syed Asim

Munir, The seminar was attended by federal ministers, chief ministers of Punjab and Sindh agriculture experts farmers foreign dignitaries and potential investors and experts from the United Kingdom Italy Spain China, Bahrain, Qatar, Saudi Arabia, Turkiye and other countries, the Prime Minister ’s Office (PMO) said

in a separate statement

The premier highlighted the importance of agriculture for the economy of Pakistan and the landmark steps being undertaken by the government to exploit its full potential in agriculture and other domains under the ambit of the recently launched Special Investment Facilitation

PM reaffirms Pakistan’s commitment to UN SDGs with enhanced cooperation

ISLAMABAD

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Council (SIFC) PM Shehbaz said that Green Pakistan Initiative would be the second green revolution, paving the way for prosperity and progress in the country Prime Minister Shehbaz Sharif Monday said that the Green Pakistan Initiative would eventually bring about the second agriculture revolution, in addition to the creation of four million jobs in the country

Addressing a seminar on agriculture and food security he said agriculture was the backbone of the country and the farmers worked hard to provide food to millions of people and they would be remembered in the history as builders of Pakistan He said the farmers had the due right to avail incentives for the agriculture sector and it was the responsibility of the government to provide them all possible assistance for overall development and progress

Af ter $82m controversy in Uch, OGDCL issues LoI to second bidder

g J o i n t v e n t u r e b e t w e e n Pr e s s o n D e s c o n a n d S N G P L, w h i c h w a s e a r l i e r a w a r d e d t h e p r o j e c t, f a i l e d i n M a r c h

to Hong Kong

Global Tech Ltd and local company AJ Corporation for the $82 million Uch Front End Compression Facility Project

development comes months after the joint venture of Presson Descon Int (Pvt ) Ltd (PDIL) and Sui Northern Gas Pipelines Ltd (SNGPL) which was initially awarded the tender for the Uch project, fell apart The issuance of the LoI to the second bidder a joint venture between Hong Kong HuiHua Global Tech Ltd and AJ Corporation is significant as the Uch project is scheduled to be completed in the second half of next year and any delays will result in penalties for OGDCL besides hitting its reputation

This is perhaps why the LoI comes with specific conditions requiring the second bidder to urgently confirm their acceptance of the terms and conditions outlined The Uch gas field compression project which aims to enhance production capacity in the Uch gas field to meet Pakistan s growing energy needs has a scheduled completion date of July-September 2024 and operates under a gas sales agreement with a French company that owns the Uch power plant The OGDCL will be liable to pay a daily penalty of $660 000 to the French company in the event of project delays

The bidding process for the project has been mired in controversy Initially, two bidders participated in the bidding process – PDIL in a joint venture with SNGPL and Hong Kong HuiHua Global Tech Ltd in a joint venture with AJ Corporation Following the tender reports also emerged that former officials of the

OGDCL lobbied not on behalf of either one of the consortiums but on behalf of the manufacturing company that provides the equipment to these two consortiums To do this, the bid was manipulated and specific stipulations were added so that only the bidder using equipment from a specific company would remain in the running Later on, the OGDCL s audit department recommended cancelling the tender, raising concerns about tailored criteria that limited competition Both bidders were found to be sourcing equipment from a single manufacturer despite other vendors being available in the market

Despite these concerns, OGDCL decided to proceed with the bidding process The winner, PDIL and SNGPL’s joint venture was requested to submit a performance bank guarantee of Rs 267 million which amounts to 10 percent of the total project cost of $82 3 million

Prime Minister Muhammad Shehbaz Sharif on Monday said that Pakistan was keen to expand its cooperation with partner countries to meet the UN Sustainable Development Goals (SDGs)-2030 The prime minister virtually participated in the First High-Level Forum on Global Development Initiative (GDI) Held under the theme of Global Development Initiative: Echo the Development Agenda and Call for Global Action , the forum was organized by the China International Development Cooperation Agency (CIDCA), the PM Office Media Wing said in a press release PM Shehbaz, in his remarks stressed the salience of international development cooperation to present a unified global response for socio-economic development, mitigation of climate change threats, and galvanizing new drivers of growth for humanity s enduring progress and prosperity He also appreciated China for launching the Global Development Initiative for achieving shared goals of inclusive and sustainable global development Extending Pakistan s firm support to the GDI, the prime minister said that Pakistan would continue its multifaceted cooperation with China for swift implementation of the GDI projects in Pakistan The event was attended by Wang Yi, member of the Politburo of the Communist Party of China and Director of the General Office of CPC Foreign Affairs Commission State Councilor and Foreign Minister Qin Gang and Chairman CIDCA, Luo Zhaohui

Unfortunately the joint venture failed to deposit the required performance bank guarantee, leading OGDCL to encash its Rs 267 million bid bond due to non-compliance The LoI issued to Hong Kong HuiHua Global Tech Ltd and AJ Corporation s joint venture explicitly states that the document should not be considered an award of the contract or service order

The bidder is informed that no vested legal or contractual rights will be accrued until a valid contract is executed between the parties The terms and conditions of the tender documents will form the basis for the contract which will be executed only after obtaining all necessary management and governmental approvals

As part of the LoI, the bidder is also required to submit a 10 percent performance bond or bank guarantee within 15 days following the provided format in the tender document The bid s validity is expected to remain firm throughout the delivery period specified in the tender documents

Fresh recr uitment process to begin as Nepra chief refused job extension

The federal government decided ‘in principle’ not to extend job tenure of National Electric Power Regulatory Authority (NEPRA) Chairman Tauseef H Farooqi and the cabinet has given the green light for initiation of the recruitment process to fill the top position Sources reveal that the Cabinet Division sought the federal cabinet’s approval for the appointment of the NEPRA Chairman and the cabinet gave its consent through the circulation of a summary It is largely believed that the government s dissatisfaction with Farooqi s handling of NEPRA s decisions concerning K-Electric and other power plants/companies played a significant role in the decision Consequently, the government is expected to appoint a trustworthy bureaucrat who can align with its preferred direction for NEPRA’s decisions said sources

According to Section 3(2) of the Regulation of Generation, Transmission, and Distribution of Electric Power Act (NEPEA Act) of 1997, the NEPRA Authority consists of a Chairman and four specialized members who are appointed by the federal government Tauseef H Farooqi was appointed as NEPRA Chairman via a notification from the Establishment Division (notification No 1/27/2019-E-6) on July 31 2019 His current four-year term is set to expire on August 4 2023

The decision not to offer an extension to Farooqi s job tenure marks a significant change in NEPRA’s leadership The government’s intention to recruit a new Chairman demonstrates its desire to appoint an individual who is perceived to be more aligned with its goals and priorities for the power sector The selection process for the new Chairman will be initiated promptly to ensure effective functioning of NEPRA and the regulation of the power sector in Pakistan

Section 3(3) of the NEPRA (Amendment) Act, 2021,

Fitch Ratings upgrades Pakistan’s rating to ‘CCC ’

states that the Chairman should be a person known for integrity and eminence, with a minimum of twelve years of experience in a relevant field, such as law, business, engineering, finance, chartered accountancy, or economics, preferably in the electric power services business Additionally Section 3(5) of the Act stipulates that the Chairman s term is four years and they are not eligible for re-appointment for a similar term However the Chairman cannot be appointed if they have reached the age of sixty

As per the proviso of Section 3(5) of the NEPRA (Amendment) Act, 2021, the process of appointing the Chairman under Section 3(2) should be finalized ninety days before the incumbent Chairman’s retirement Sources state that the Prime Minister s approval has been obtained to initiate the process through floating advertisements As the Minister In Charge of the Cabinet Division, the Prime Minister has reviewed and approved the submission of the summary to the federal cabinet, sources added

g Pa k i s t a n t a k e s m e a s u r e s t o a d d r e s s r e v e n u e s h o r t f a l l s a n d e n e r g y s u b s i d i e s , r a t i n g s a g e n c y r e p o r t s

NEPRA notifies Rs1.24 per unit hike in power tariff

g INCREA SE COMES UNDER THIRD QUARTERLY ADJUSTMENT FOR DISCOS

The National Electric Power Regulatory Authority (NEPRA) has issued a notification announcing an increase in electricity rates by Rs 1 24 per unit, leading to a burden of Rs 46 76 billion on power consumers of all power distribution companies (DISCOs) for the third quarter of the fiscal year 2022-23 However this adjustment will not be applicable to consumers of K-Electric

The notification states that the increase in electricity prices implemented through the quarterly adjustment, will be reflected in the bills of July, August, and September It is important to note that the increase will not affect K-Electric consumers Sources within the power sector have estimated that this price hike will result in an additional burden of Rs 46 76 billion on consumers In the previous second-quarter adjustment of the fiscal year 2022-23, consumers were charged an average of Rs 0 47 per unit The third-quarter adjustment will introduce an additional charge of Rs 0 77 per unit compared to the second quarter This adjustment applies to all DISCOs customers excluding lifeline customers but does not include consumers of K-Electric

The increase in electricity rates is attributed to various factors, including rising fuel prices, higher generation costs, impact of losses, capacity charges, inflationary pressures etc NEPRA, as the regulatory authority reviews these factors and determines the adjustments needed to maintain the financial stability of the power sector

Furthermore, uncertainties surrounding the October elections and the government’s commitment to the program after the elections could pose challenges

Upon approval of the SBA by the IMF board Pakistan will receive an immediate disbursement of $1 2 billion, with additional amounts scheduled for later disbursements Saudi Arabia and the United Arab Emirates have also committed $3 billion in deposits and Pakistan expects to receive $3-5 billion in other new multilateral funding after finalizing the IMF agreement The SBA will also facilitate the disbursement of aid pledges made at the January 2023 flood relief conference including project loans Pakistan’s current account deficit (CAD) has shown improvement due to import restrictions tighter fiscal and economic policies, measures to limit energy consumption, and lower commodity prices

The decision to raise electricity tariffs has been met with concerns from consumers who are already grappling with the impact of rising living costs The burden of increased electricity rates will be felt by residential commercial and industrial consumers across the country The additional cost will have implications for households budgets businesses operational costs and the overall competitiveness of industries While the power sector faces financial challenges, it is crucial for NEPRA and relevant stakeholders to strike a balance between ensuring the financial viability of power companies and protecting the interests of consumers Transparency in the tariff-setting process and effective mechanisms to address inefficiencies and losses within the power sector are essential to establish a sustainable and affordable electricity supply Consumers are urged to conserve energy and adopt energyefficient practices to minimize the impact of rising electricity tariffs on their monthly bills Additionally it is essential for DISCOs and other power sector entities to enhance their efforts in improving service delivery, reducing distribution losses, and implementing measures to promote renewable energy sources These steps can contribute to creating a more resilient and cost-effective power sector in Pakistan

PM CALLS FOR STRINGENT PREPARATIONS IN ANTICIPATION OF FLOODS IN RIVERS

ISLAMABAD s ta f f R e p o R t

PR I M E M I N I S T E R Shehbaz

Sharif Monday issued directives to his administration emphasising the need for comprehensive measures to effectively address the potential flood situation in the Ravi, Chenab, and Sutlej rivers

The government said New Delhi had informed Islamabad about the release of water into the Ravi as it is required to do under the 1960 Indus Water Treaty brokered by the World Bank

Additionally, the prime minister instructed them to proactively prepare for timely and secure evacuations while raising awareness among residents in areas susceptible to flooding Across the province which has also been pelted by monsoon rains, authorities were on alert for the sea-

son’s first flooding after India diverted waters from dams into the Ravi River which flows from India into Pakistan Evacuations were underway from the

Minister vows justice for ‘anti-social elements’ engaged in social media propaganda

ISLAMABAD a p p

Malik Ahmed Khan Special Assistant to the Prime Minister (SAPM) reaffirmed the unwavering support of the entire nation for the army chief, while emphasizing that those responsible for the social media propaganda campaign would soon face legal consequences as the investigation nears its completion Speaking to a news station Khan stressed the importance of exposing the individuals behind the negative social media campaign, which was aimed at undermining the nation s interests and meticulously planned He asserted that anti-state elements were actively working to politically and economically destabilize the country and it was crucial to differentiate between hate speech and freedom of expression on social media platforms Khan emphasised the need to impose restrictions on platforms promoting hate speech, stating that while his party believed in the importance of a free media for national progress certain individuals were crossing boundaries and exploiting the situation through false statements and negative propaganda He further highlighted that such actions amounted to a clear violation of the fundamental rights of every citizen, which the government was committed to protecting at any cost

Ex-governor Cheema, senator remanded in probe of arson at militar y house

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An anti-terrorism court (ATC) in Lahore has ordered Pakistan Tehreek-i-Insaf (PTI) leader Omar Sarfraz Cheema and Ijaz Ahmad Chaudhry to be held in judicial remand for 14 days This decision comes in relation to a case connected to the “attack” on the residence of the commander of Lahore Corps and the arson incident that took place on May 9 following the unlawful arrest of former prime minister Imran Khan Both prominent members of PTI were presented before Judge Abher Gul Khan, where the police requested a 14-day physical remand However, the court denied this request and instead granted the police a two-week judicial remand On May 9 Khan was apprehended by the paramilitary Rangers at the Islamabad High Court (IHC) premises, triggering widespread protests across the country The arrest incensed party workers and supporters, leading to the ransacking of government and military installations including the military building in Lahore In response to the violence the government deployed the army and announced that the demonstrators would be subjected to military laws A substantial number of PTI members, including leaders, have been apprehended as part of a nationwide crackdown Despite several politicians defecting from the party Cheema and Chaudhry have remained loyal to PTI and were among the few party leaders arrested in connection with the protests

Alvi swears in Anwar as alim judge of religious cour t

ISLAMABAD

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In a ceremony held at the President’s House President Dr Arif Alvi officially appointed Dr Syed Muhammad Anwar as the Alim Judge of the Federal Shariat Court on Monday Alim is a person who, in the opinion of the court, is well-versed in Islamic laws The oath-taking event marked the commencement of Dr Anwar ’s tenure which is set for a duration of three years The appointment was carried out in accordance with clause (2) of Article 203-C of the Constitution as the president fulfilled his constitutional duty of administering the oath to the newly appointed judge

lowlands in Punjab according to the disaster management agency More than 150 people were moved overnight from the villages in Narowal and Sialkot officials said

Expressing his admiration Sharif commended the efforts of the Rangers and Rescue 1122 personnel for their swift response in evacuating and assisting individuals trapped in floodwaters in Shakar Garh city of Narowal

He acknowledged that the timely relief actions undertaken by the Rangers and Rescue teams played a pivotal role in saving the lives of numerous individuals, including women and children

The prime minister conveyed his heartfelt appreciation to the dedicated personnel extending this sentiment on behalf of the entire nation

At least 76 people have died in weather-related incidents since June 25 as heavy rains impacted tens of thousands of people in the nation

Cash-strapped Pakistan is still struggling to recover from last summer ’s flooding that killed 1 739 people and caused $30 billion in damage

Verdict reser ved in land fraud probe involving Imran’s sister, brother-in-law

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Minister for Information Technology and Telecommunication Syed Aminul-Haque highlights the vast investment potential across various sectors, with a particular focus on Information Technology

The Ministry of Information Technology and Telecommunication is dedicated to providing comprehensive support and facilities to businesses and investors, including Incubation Centers, Software Technology Parks, Mobile Manufacturing, and the Telecom sector

The minister ’s statement underscores the government’s acknowledgement of Pakistan s IT industry s growth and development prospects With a skilled workforce, expanding digital infrastructure, and a conducive environment for technological innovation, Pakistan has emerged as an appealing investment destination for IT-related ventures

Under the leadership of Syed Amin Ul Haque MOITT aims to establish a favourable ecosystem for businesses and investors by offering essential resources, infrastructure, and assistance This includes the establishment of Incubation Centers that provide support mentoring and resources to startups fostering the growth of emerging technology companies

Furthermore Software Technology Parks will be set up creating specialized zones equipped with state-of-the-art facilities to facilitate the growth of software development and IT-enabled services

The government is also committed to promoting mobile manufacturing in Pakistan aiming to attract investment in this sector By providing incentives and facilities, MOITT aims to establish a robust mobile manufacturing industry that generates local employment, reduces imports and enhances the country’s technological self-sufficiency

Recognizing the Telecom sector s significance in Pakistan s digital trans-

formation MOITT places considerable emphasis on supporting and facilitating telecom companies The government aims to create an enabling environment for its operations and encourages further investment in expanding and improving the country’s telecom infrastructure

Syed Amin Ul Haque s announcement reaffirms the government s commitment to promoting investment and fostering growth across multiple sectors, particularly in the realm of IT Through comprehensive support and facilities MOITT aims to attract both local and international investors paving the way for technological advancement and economic progress in Pakistan

The Anti-Corruption Establishment (ACE) of Punjab reserved its verdict on Monday in a case of alleged land fraud involving the sister of Pakistan Tehreek-i-Insaf (PTI) chairman Imran Khan and her husband During the hearing of Uzma Khan s plea for an extension in interim bail Judge Naveed Ahmad Qureshi presided over the proceedings as both Khan and her husband, Ahad Majeed Niazi, appeared before the court After considering the arguments presented by both parties, the court decided to reserve its verdict The duo stand accused of fraudulent activities and exploiting political influence to acquire 5 261 kanal of land in the Nawan Kot area of Chaubara tehsil in the Layyah district According to the filed First Information Report (FIR), the couple allegedly purchased the land at a significantly lower price of Rs130 million while its actual value is estimated to be around Rs6 billion This land acquisition is of particular significance as it falls along the route of the Greater Thal Canal project, which aims to provide irrigation to the Layyah, Bhakkar, and Jhang areas The case includes allegations against the former prime minister who is accused of leveraging his position as prime minister to assist his sister The bureau has also claimed that he used his office to facilitate the land acquisition process

LHC orders immediate presentation of Elahi by prison authorities

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The Lahore High Court (LHC) has instructed prison authorities to bring Pakistan Tehreek-eInsaf (PTI) president Chaudhry Pervaiz Elahi before the court Justice Amjad Rafiq issued these orders while hearing a petition regarding the provision of facilities to Elahi in jail The court directed the authorities to present Elahi before the court Monday at 4:00 pm Earlier, on June 4, the high court had directed the jail authorities to provide facilities to Elahi in accordance with the law This decision came during the hearing of a plea filed by Rasiq Elahi seeking the provision of home-cooked food and other amenities to Elahi The court, while directing the jail superintendent to ensure the provision of necessary facilities to Elahi disposed of the case Currently the former chief minister of Punjab is in jail on judicial remand in a case related to purportedly illegal appointments Additionally Elahi is facing corruption charges in relation to the development fund

Shehbaz son of Prime Minister Shehbaz Sharif and the other accused of any involvement in the money laundering case

It is worth noting that Prime Minister Shehbaz Sharif and Hamza Shehbaz had already been acquitted of money laundering charges

The special judge of the central court presided over the Rs 16 billion money laundering case against Shehbaz

During the proceedings, the FIA informed the

LAHORE

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In a significant development for the Sharif family, a special court in Lahore on Monday announced the acquittal of Suleman Shehbaz and other defendants

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d vo i c e s

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Sheikh Rashid Ahmed former interior minister and leader of the Awami Muslim League (AML), expressed his deep concern over the prevailing state of affairs in Pakistan describing it as a time of fascism

lawlessness and barbarism

In a tweet on Monday the former minister revealed that in a disturbing turn of events, the houses of his friend, Syed Qasim Shah, were raided after midnight in an attempt to apprehend him Failing to locate him, the raiders ransacked the premises and shockingly took Shah s 11-year-old son Syed Aoun Muhammad with them Rashid disclosed that his own house had been raided a total of five times, with no exception even for his deceased mother ’s home, which remained untouched for the past three decades The

in a money laundering case Judge Bakht Fakhar Behzad of the special central court delivered the verdict on the acquittal petitions filed by Shehbaz and the co-suspects

The Federal Investigation Agency (FIA) had previously cleared Suleman

o

e r

s

personnel conducting the raids confiscated his three telephones, laptops, watches, and cars Despite court orders his belongings have yet to be returned to him

The former minister criticised the prevailing situation in Pakistan citing a prevalence of jungle law, tyranny, fascism, brutality, and lawlessness

Although Rashid contested elections for a single seat he emphasized that his freedom to live without fear cannot be guaranteed solely through his tweets Rashid revealed the devastating impact these incidents have had on his life, stating that his properties were demolished, his employees were physically assaulted and had their limbs broken, resulting in their resignation from their jobs

While acknowledging that he vehemently condemned the violence that took place on May 9 Rashid asserted that he would not succumb to pressure and hold a press conference With pride in his noble

PAKISTANI FIRMS GEAR UP TO SHOWCASE PRODUCTS AT BEAUT YWORLD MIDDLE EAST 2023

DO Z E N S of Pakistani firms are gearing up to participate in the highly anticipated Beautyworld Middle East 2023 the Middle East and Africa s largest international trade fair for beauty products, hair, fragrances, and well-being

The Trade Development Authority of Pakistan (TDAP) an attached department of the Ministry of Commerce has officially announced its participation in the event scheduled to be held from Monday, October 30th to Wednesday, November 1st, 2023, at the esteemed Dubai International Convention and Exhibition Center Renowned for being the premier platform for international beauty majors seeking to tap into new and emerging markets Beautyworld Middle East aims to serve as the ultimate gateway for global industry players Last year ’s edition witnessed an impressive

After $82 millon controversy in Uch, OGDCL issues LoI to second bidder

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Additionally the bidder must provide a declaration and integrity pact on their letterhead, duly typed, signed, and stamped The OGDCL, which is a government functionary essentially acts as the government of Pakistan’s exploratory agent when it comes to oil and gas Located in Dera Murad Jamali in Balochistan the Uch fields are owned by a French company called Engie The Uch field is divided into two different phases The first one is up and running and has been quite successful with 15 dedicated wells For the second phase the OGDCL was supposed to develop 15 more wells In the grand scheme of things the Uch compression plant bid could result in serious financial harm if not executed properly The over $80 million translates to over Rs 23 billion – that is over Rs 2,300 crore in spending money for the OGDCL

Fitch Ratings upgrades Pakistan’s rating to ‘CCC’

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Fitch Ratings forecasts a CAD of about $4 billion (1% of GDP) for the fiscal year ending in June 2024 lower than the budgeted $6 billion However, there are still risks of the CAD widening, such as import backlogs, the manufacturing sector’s dependence on foreign inputs, and reconstruction needs following last year’s floods The ‘CCC’ rating reflects Pakistan s low foreign exchange reserves volatile political situation wide fiscal deficits high and stable debt level and governance issues The government is considering seeking maturity extensions on loans from non-Paris Club bilateral creditors While debt dynamics are broadly stable due to high nominal growth debt/revenue and interest/revenue ratios are worse than those of peer countries Pakistan has an ESG Relevance Score (RS) of 5 for political stability, rights, rule of law, institutional quality, regulatory quality, and control of corruption, indicating areas of concern in these aspects

SC’s registrar returns plea seeking ban on PTI with objections

ISLAMABAD: The Supreme Court (SC) of Pakistan s registrar office on Monday returned with objections a petition filed by Istehkam-ePakistan Party (IPP) leader Awn Chaudhry seeking ban on Pakistan Tehreek-e-Insaf (PTI) According to details the registrar office of Supreme Court raised various objections to the plea filed by Awn Chaudhry, once a close aide of PTI chief Imran Khan In its objections, the registrar ’s office stated that the petitioner, who is also the adviser to the prime minister on sports and tourism did not approach the relevant forum ahead of filling the petition In addition the SC office stated the prime minister and the defence minister cannot be made a party in the case under Article 248 of the Constitution The registrar ’s office further said that the plea does not explain how is banning the PTI a matter of public interest It is not clear in the plea how is banning the PTI a matter of public interest the office added

Earlier in May it was reported that the federal cabinet failed to reached a consensus as several federal ministers have recommended imposing ban on the PTI, including measures such as a ban on public gatherings and a freeze on party activities The recommendations were made in response to the growing concerns over the party s alleged involvement in incidents of violence and harassment However, the PPP and the MQM-P have reportedly opposed the proposed restrictions on the PTI, citing concerns over freedom of expression and the right to protest In response to these developments the federal minister for information has made it clear that the government s policy is to condemn extremism and that they are against any restrictions that may impinge upon civil liberties

turnout, with 1,442 exhibitors from 66 countries and an astounding 52,760 visitors from 139 countries across the globe Pakistan’s beauty industry has been rapidly gaining momentum and its partici-

pation in Beautyworld Middle East further cements its presence on the global stage In 2022, a proud contingent of 39 Pakistani exhibitors showcased their products at the event including well-known companies

such as Ana & Batla Industries Arena Gold Alpha Container Mohammad Hashim Tajir Surma, Poonia Brothers (Faiza Beauty Cream), Skin Care Co Pakistan, Shaheen Cosmetics (Face Fresh), Soneri Care and Sheikh Plastic

Of these exhibitors 16 companies were under the pavilion of the Trade Development Authority of Pakistan (TDAP) Notable participants included Enika Surgical, Brothers, Fine Cosmetics, Golden Pearl, Noorani International, Navia Cosmetics, H&R Laboratories Professional Beauty Solutions and Shanss Cosmetics Their presence under the TDAP pavilion underscored the commitment of the Pakistani government in promoting and supporting the local beauty industry

Beautyworld Middle East encompasses a wide array of product groups, including Hair, Nails & Salon Supplies, Cosmetics & Skincare Machinery Packaging Raw Materials & Contract Manufacturing Fragrance Compounds & Finished Fragrances and Personal Care & Hygiene This comprehensive

PM, COAS confident about transformative $30-50b investment in agri sec tor

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Farmers work hard but it is common knowledge that they are facing lack of resources he added The prime minister said growth in the agriculture sector would definitely bring Pakistan at par with developed countries

He said hard work was imperative to ensure progress of Pakistan adding the green revolution in 1960s was due to the introduction of new varieties of seed, building of dams and canals and modern agriculture practices in the country He stated that under this programme the government anticipated an average investment of 30 to 50 billion dollars in Pakistan over the next three to four years Our efforts are focused to enhance productivity and transform barren land into fertile ground which will significantly bolster our revenues ”

He revealed that during a recently held meeting the envoys of many Gulf countries expressed their interest in investing in Pakistan Pakistan cannot take further loans

I, COAS or the finance minister cannot reveal how we managed to acquire loan to try and avert a default Thankfully due to our teamwork SLA happened and after two days IMF s board meeting is also scheduled But this is not enough and it is just the beginning of a

long journey of untiring efforts and we need a vision for it, he added

He lamented that many research centres had been established in Pakistan but many of them became unproductive after the 1960s The premier said that stateowned enterprises (SOEs) were bleeding Rs600 billion from Pakistan s scarce resources We have all the resources and all seasons still we have been unable to become a prosperous country,” he regretted “We are importing $4 5 billion worth of palm oil We’re a developing country we cannot spend such a huge amount on palm oil he added Shehbaz said that there was a time Pakistan used to produce more cotton than our neighbouring country but today we’re lacking behind in cotton wheat and other agricultural products

He said that Pakistan produces great Basmati rice but now it has many competitors In a year or two, our agribased economy will be revived We will not have to seek further loans but investors will come by themselves,” he said In speech the army chief assured that the military would fully support all initiatives being taken under the Special Investment Facilitation Council (SIFC) including the Green Pakistan Initiative launched at the seminar Pakistan has every capability to reach the top,” he said adding that “no power in the world can impede its progress” He further

stated that losing hope was a sin for a Muslim Muslims practice patience when they face difficulties and express gratitude when they are happy” PTV reported that he also cited Quranic verses and said that one should never lose hope in God s mercy

G R E E N PA K I S TA N I N I T I AT I V E:

Sequel to the inauguration of Land Information Management System – Centre of Excellence (LIMS – COE), Green Pakistan initiative is being undertaken to enhance the food security of Pakistan increase exports and reduce the agriculture-related imports thereby contributing towards the national economy Agriculture experts and farmers highly appreciated the government’s landmark initiative and the Pakistan Army’s special focus on revolutionising the agriculture sector by promoting modern contemporary technology collaboration of public and private sectors and trickling down dividends to the local farmers to alleviate poverty The participants hailed the conduct of the seminar and its attendance by experts government representatives and potential investors as a success and the first step towards bringing positive change in the agriculture and livestock sectors The attendees especially lauded the Pakistan Army’s efforts in boosting the national economy by focusing on this critical sector

Ahsan terms digital economy vital for sustainable development

BEIJING S ta f f R e p o R t

Federal Minister for Planning Development & Special Initiatives Ahsan Iqbal while highlighting the importance of growing the digital economy has termed it vital to ensure sustainable development of the country

This was remarked by him while speaking at the panel discussion titled:

Industrialization & Digital Era Connectivity, organized by the China International Development Cooperation Agency (CIDCA) here It is noted that the Planning Minister Ahsan Iqbal is on a fourday official visit to China to attend a special commemorative 12th Joint Cooperation Committee (JCC) to be held on July 11(tomorrow) to mark the 10year celebrations of China Pakistan Economic Corridor (CPEC) The CPEC enters a significant milestone as it celebrates a decade of remarkable achievements in fostering economic growth infrastructure development and regional connectivity

While highlighting the importance of Industrialization & Digital Era Con-

nectivity, the planning minister said that industrialization and digital-era connectivity have transformed the world as both have brought unprecedented opportunities for progress economic growth and global connectivity

However he emphasized the harmonization in digital policies and standards by stronger collaboration through multilateral forums

Ahsan Iqbal said that digital connectivity has revolutionized communication and collaboration in industrial sectors The E-commerce platforms and online marketplaces enable businesses to reach customers worldwide, expanding their customer base and opportunities for growth, explained the minister, while highlighting E-Pakistan an important E of the 5Es framework which was launched recently by the Planning Ministry

Furthermore he highlighted that digital connectivity has provided businesses with the ability to access larger markets beyond their immediate geographical boundaries The digital era has generated massive amounts of data through various sources including production processes customer interactions

and market trends, said the minister, who recently established a Steering Committee comprising experts from IT and private sector for the implementation of digital transformation and to increase digital exports in the country

Similarly the minister said that the combination of industrialization and digital connectivity has opened up new avenues for innovation and entrepreneurship

The startups and small businesses can leverage digital platforms and technologies to reach global markets and disrupt traditional industries, remarked the minister, while highlighting the key initiatives which was taken by the government which include establishment of National Centers in Artificial Intelligence Cybersecurity automation & Robotics Big Data & Cloud Computing

Quantum Computing and Nanotechnology While highlighting the unremarkable contributions of China in the field of industrialization, Ahsan Iqbal said that developing nations can draw several lessons from China s experience with industrialization and digital-era connectivity

with another Emirati company called Kaheel Terminals on 18th of May to sign a memorandum of understanding with KPT about the future of the terminal Both of these companies entered into a JV which is now the KGTL which will manage Karachi s port terminals KGTL claimed that it will spend the next 10 years developing the port terminals and increasing its capacity Overall, the immediate investment coming into Pakistan would be worth over $220 million

W

coverage enables exhibitors and attendees to explore the latest trends innovations and opportunities within the beauty sector

To further boost the export of Pakistani beauty products, the Trade Development Authority of Pakistan is once again offering subsidized stalls at Beautyworld Middle East 2023 With the subsidy each stand is available at the affordable price of Rs 900 000/, significantly reducing the cost from the original price of approximately Rs 18,00,000/- This initiative aims to facilitate the participation of local beauty businesses and provide them with a competitive edge in the international market Interested exhibitors are urged to apply through the Trade Development Authority of Pakistan before the upcoming deadline on July 28th, 2023 The event presents an unparalleled opportunity for Pakistani companies to showcase their products establish vital connections with global industry players and unlock new avenues for growth and success in the ever-evolving beauty industry

Qureshi predicts PML-N and PPP poised for political separation

ISLAMABAD: The Pakistan Democratic Movement (PDM) a coalition government is on the brink of division as the Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP) are anticipated to go their separate ways, said Pakistan Tehreek-i-Insaf (PTI) deputy chairman Shah Mehmood Qureshi On Monday Qureshi appeared before an antiterrorism court for two cases related to the May 9 protests against the arrest of former prime minister Imran Khan During the hearing the court inquired about the progress made in the investigation from the officer in charge The officer informed the court that Qureshi’s tweet had been taken into consideration, but the investigation was still ongoing In response Qureshi s lawyer Ali Bukhari argued that there was no record of his client s tweet Consequently, the court extended Qureshi s bail until July 18 and adjourned the hearing for both cases until that date Speaking to the media outside the court, Qureshi confirmed his cooperation with the investigation in the mentioned cases He stated that the court had extended his bail until July 18 and urged the prosecution to submit their report Regarding the PDM, Qureshi emphasized that it was not merely an electoral alliance He referred to a recent press conference by PDM leader and JUI-F head Maulana Fazl ur-Rehman expressing disappointment with the PML-N Qureshi further indicated that the political paths of the PML-N and PPP would soon diverge signaling the emergence of a new and intriguing political landscape S ta f f R e p o Rt

Jang repor ter ‘taken away by police’ in Karachi returns: newspaper

KARACHI: Syed Muhammad Askari, a reporter from Urdu-language Jang newspaper, reemerged after a mysterious disappearance that lasted over 24 hours his employer and family confirmed on Monday According to Geo News eyewitnesses including a friend of Askari present during the incident said he was apprehended by both police personnel and individuals in plain clothes on Saturday night near the KPT Interchange in the Qayyumabad suburb of Korangi Town The witnesses claimed that a police vehicle and a white car intercepted Askari s vehicle as he and his friend were returning from a wedding According to the friend, despite Askari identifying himself as a reporter and explaining his profession, both the police and plain-clothed men detained them However the friend was later released He brought the vehicle to the Jang office and reported the incident Staff RepoRt

these condensed interim financial statements

A right of first refusal (ROFR) is a contractual right that gives its holder the option to enter a business transaction with the owner of something according to specified terms before the owner is entitled to enter into that transaction with a third party¹² This right can apply to various situations, such as real estate, business deals, or employment contracts The holder of this right can either accept or decline the offer but if they decline the owner is free to negotiate with others In essence PICT s ROFR allowed it to match any bid made by Abu Dhabi Port Group for the terminal However, as the Government of Pakistan utilized the Inter–Governmental Commercial Transaction Act (2022) the ROFR was circumvented entirely Profit has covered this aspect in detail in an article previously

New Sheriff in tow n?

Th e Fu n d m e e t s t h e p o l i t i c i a n s

I

The IMF’s meetings with mainstream national political parties were rather inappropriate, and a brazen level of meddling in the politics of a sovereign nation This paper does not have a track record of alarmist hypernationalist venting at the smallest of incidents But we have to call out what has happened for what it was

Gone are the days when the Fund had to meet primarily with officials of the Economic Affairs Division within the Finance Ministry, with just some representation from the finance and revenue divisions No such respect for form now, with meetings with the political class ostensibly for some sort of assurances about future adherence to programs

One gets it; the IMF is, at the end of the day, and to strip it of all its complexity, a money lender And the latter do have an interest in getting its money back It would have its apprehensions about fiscally reckless populism, like what the previous regime did with petrol subsidies Or like the current regime did with petrol cross subsidies

And it is equally distressing that some of the political parties are, for all practical purposes, endorsing this position For instance, the PTI’s Imran Khan is treating the Fund like it does the military leadership: he appeals to them for favourable outcomes The former premier is reported to have asked the IMF officials for an assurance on election dates But his behaviour still isn’t as bad as that of the incumbent prime minister, who allowed this in the first place

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

PA K I S TA N has clinched a fresh ninemonth Stand-By Agreement (SBA) with the International Monetary Fund (IMF) worth $3 billion in a last-ditch bid to avoid sovereign default The agreement at the staff level is subject to IMF Executive Board approval, which is expected by mid-July This would undoubtedly assist to alleviate the country’s dire balance of payment issue However this raises fundamental concerns: would this arrangement make people s lives better and the economy more stable?

Do we have adequate policies or procedures in place to avert recurrent financial crises?

As a prerequisite for reaching a deal, Pakistan’s central bank raised interest rates by 100 basis points to 22% on June 26th Economists believe that raising the policy rate is ineffective at controlling inflation expectations in Pakistan owing to the supply-side rise in prices Renowned economist Hafiz Pasha also highlighted in his book Leading Issues in the Economy of Pakistan,” released in June 2023, that the rupee’s depreciation and increasing import costs accounted for 53% of the inflation spike in FY 2022-23 Flood-related supply disruptions and import restrictions contributed a further 27% to inflation He also emphasized that rising petrol, electricity, and gas prices contributed to 11% of the inflation rate, while monetary expansion accounted for only 9% This indicates that the price hike is primarily attributable to supply-side factors and is unaffected by policy rate changes

In accordance with IMF conditions the current government hiked interest rates from 13 75% to 22% for the fiscal year 2022-23 signif-

s t p a y m e n t s w h i c h a cc o u n t f o r 5 0 % o f f e d e r a l g o v e r n m e n t e x p e n s e s On the other hand, federal government income is insufficient even to pay interest To s e c u r e t h e I M F a c c o r d , t h e g o v e r n m e n t levied new taxes of Rs 215 billion primarily on the middle-income salaried class While the gove r n m e n t s e x p e n d i t u r e h a s been reduced by just Rs 85 billion, or 0 6% of the total e x p e n d i t u r e t o b e c o m m i tted during the current fiscal y e a r T h e g o v e r n m e n t h a s also decided to raise the pet r o l e u m d e v e l o p m e n t l e v y (PDL) from Rs 50/- to Rs 60/- per liter Furthermore, t h e I M F s p e c i f i c a l l y r equested a “timely” rebasing o f p r i c e s f o r P a k i s t a n ’s e l e c t r i c i t y s e c t o r t o e n s u r e t h a t l o s s e s a r e r e c o u p e d T h e s e p o l i c i e s w i l l a g g r av a t e i n f l a t i o n a n d p l a c e m o r e s t r a i n o n a l r e a d y o ppressed populations In a cash-strapped economy the government’s aim and willingness to implement prudent policy measures are severely inadequate The tax net/base is confined to certain segments of society

ever divisions/departments continue to operate in duplicate

The government must seek ways to decrease costs in the form of protocols assignment of housing, fuels, and so on It is believed that the federal government operates 90,000 cars, which consume around Rs 220 billion in gasoline To set an example for the entire nation the government should implement austerity measures by slashing such expenditures

The government has allocated Rs. 1.074 trillion for subsidies in several sectors. The circular debt of the power sector stood at Rs. 2.5 trillion at the end of the previous fiscal year, with a whopping Rs. 300 to 400 billion added to the debt stock each year

The failure of policy rates in attaining economic stability has substantial implications for the government of Pakistan which is a major borrower of commercial banks The vast majority of interest payments are made at a floating rate Thus, an increase in policy rate entails greater payments for debt servicing It is predicted that lowering the policy rate by 1% can save around Rs 200 billion in interest payments Hence to curtail inflation effect, improved governance, and market regulation by limiting hoarding, artificial supply shocks and cross-border smuggling might potentially reduce volatility in goods markets and hence give some relief to desperate masses

Both the wholesale/retail and agriculture sectors account for 40% of GDP but contribute just 2% of government tax revenue Furthermore while progressive taxation is a viable way of collecting tax money it has never been prioritized for implementation

As a prerequisite for reaching a deal, PakistanÊs central bank raised interest rates by 100 basis points to 22% on June 26th

i c a n t l y i n c r e a s i n g d e b t service obligations Interest payments for the preceding fiscal year were initially predicted at Rs

O u r p l a n e t a r y s y s t e m a n d e c o n o m i c m o d e l

A

?

Sadaf ayub

IN the complex web of human existence

two fundamental aspects seem to be locked in a seemingly never-ending conflict: our planetary system and our economic model While the planetary system represents the delicate balance of ecosystems and finite resources that sustain life on Earth the economic model is primarily driven by growth consumption and profit

Our economic system and our planetary system are now at war Our current economic model, predominantly characterized by capitalism and consumerism, is built on the premise of perpetual growth Its primary goal is to maximize profits leading to increased production and consumption This relentless pursuit of growth has resulted in the depletion of natural resources pollution of our environment and the exploitation of both human and non-human beings The focus on short-term gains and profit often disregards the long-term consequences for our planetary system

Contrary to the economic model s emphasis on growth and exploitation our planetary system operates on the principles of interconnectedness and sustainability Earth s ecosystems are delicately balanced, with every species playing a crucial role in maintaining the overall equilibrium The intricate web of life depends on the availability of resources including clean air water and fertile soil However the increasing demands of our economic model have disrupted this balance, threatening the very foundation of our planetary system

The conflict between our economic model and the planetary system manifests in various ways each carrying profound consequences

The excessive extraction of fossil fuels and deforestation to fuel economic growth contribute to climate change resulting in rising tempera-

O u r e c o n o m i

tures extreme weather events and the loss of biodiversity Pollution from industrial activities further contaminates our air, water, and soil, impacting human health and the survival of countless species The exploitation of workers, often driven by the pursuit of cheap labor perpetuates social inequalities and fosters an unsustainable cycle of production and consumption

To address this war between our planetary system and the economic model it is imperative to reimagine the latter The current model s sole focus on GDP growth and profit disregards the ecological and social costs incurred along the way Shifting toward a more sustainable economic paradigm would involve integrating environmental and social considerations into the core of our economic decision-making processes

Embracing concepts such as the circular economy renewable energy and responsible consumption can lead to a more harmonious relationship between economic development and the health of our planetary system

Meaningful change requires policy and regulatory interventions to align economic incentives with sustainability goals Governments should enact and enforce stricter environmental regulations to reduce pollution, promote renewable energy sources, and discourage unsustainable practices Economic incentives such as tax breaks or subsidies can encourage businesses to adopt environmentally friendly practices and invest in sustainable technologies Additionally promoting education and awareness campaigns can foster a mindset shift among individuals,

The government has allocated Rs 1 074 trillion for subsidies in several sectors The circular debt of the power sector stood at Rs 2 5 trillion at the end of the previous fiscal year, with a whopping Rs 300 to 400 billion added to the debt stock each year Similarly the circular debt in the gas sector has reached Rs 1 5 trillion In terms of far-reaching reforms there has been a cautious approach to privatization decisionmaking and the adoption of a state-owned enterprise management plan, which has resulted in large income leakages once again The existing administration has allotted just Rs 15 billion for privatization earnings, indicating a lack of decisionmaking on the part of the federal government

The expenditures of administering civil government have also risen over time with Rs 714 billion set aside for this purpose in the fiscal year 2023-24

The management of majority ministries was transferred to provinces after the 18th Amendment, how-

encouraging responsible consumption patterns and reinforcing the importance of protecting our planetary system

The war between our planetary system and the economic model is a global challenge that demands collective action International cooperation and collaboration are essential to address issues that transcend borders, such as climate change and the preservation of biodiversity Platforms like the United Nations and international agreements like the Paris Agreement provide frameworks for collaboration and concerted efforts toward sustainable development By pooling resources sharing knowledge and establishing common goals we can work toward a future where economic prosperity and planetary wellbeing go hand in hand

The conflict between our planetary system and economic model represents a critical challenge for humanity As the demands of economic growth collide with the finite resources and delicate balance of our planet the consequences become increasingly apparent However this war is not inevitable

By reimagining our economic model implementing effective policies, and fostering global collaboration, we can forge a path toward sustainable development It is our responsibility to reconcile the interests of economic progress with the imperative of preserving our planetary system ensuring a prosperous future for generations to come

The writer is a student at School of Politics and IR, Quaid I Azam University, Islamabad

Aside from the aforementioned policy considerations, the government lacks direction in attracting remittances and promoting exports Remittances through banking channels fell to $29 87 billion in 2022-23 down from $32 billion the previous year Similarly exports fell to $27 5 billion in 2022-23 compared to $31 billion in 2021-22 The gap between the Interbank and open market rates should be narrowed in order to attract remittances through formal banking channels Incentives should also be granted to the export sector The imposition of a windfall levy a super tax and a withholding tax does not appear to improve exporter confidence Similarly no plan is presented in the budget statement to encourage foreign direct investment, which may be a lifeline for the languishing economy

Pakistan has been in a state of economic turmoil since its creation due to a lack of structural institutional and development planning Famous economists Daron Acemoglu and James A Robinson write in their book Why Nations Fail that no amount of donations, aid, or other financial assistance can sustain, let alone reform, a country Unless and until major institutional and structural reforms are implemented, the dependency syndrome in the form of IMF programs and other multilateral and bilateral assistance cannot be avoided

The writer is working as an Assistant Professor at Abdul Wali Khan University Mardan and can be reached at kamal@awkum edu pk

E d i t o r ’ s m a i l

Send

Backwardness and Fata go together

T H R O U G H O U T the 20th century, the erstwhile Federally Administered Tribal Areas (Fata) represented an important strategic location due to its proximity to Afghanistan During the Soviet-Afghan war in the 1980s, Fata was used as a base for the Mujahideen who fought the Soviet occupation

In the aftermath of the 9/11 attacks, Fata became a key battleground in the war against terrorism as the military engaged in combat against Tehreek-i-Taliban Pakistan (TTP) and Al Qaeda militants in the region

In 2018 Pakistani parliament passed a landmark reform bill that merged Fata with Khyber Pakhtunkhwa (KP) province, ending its status as a semi-autonomous region The merger was aimed at improving governance and economic development in the region and bringing Fata on a par with the rest of the country

However, the region continues to lag behind the national population in terms of development and progress The tribal belt in Pakistan is often characterised by a lack of basic infrastructure, such as roads, bridges, electricity and clean water supply This makes it difficult for people to access basic services, and limits the potential for economic development

The literacy rate in the tribal belt is often lower than the national average, which limits the ability of individuals to participate in the economy and makes it harder for the region to attract investment The lack of quality education in the tribal region has resulted in high illiteracy rates, particularly among women and girls This has limited the ability of the people to participate in mainstream national activity

The lack of education has limited the job opportunities available to people in the tribal belt, making it difficult for them to escape poverty It has also resulted in a lack of skills and has very limited access to technology, which keeps the locals away from the thriving modern world

It has limited access to healthcare in the region which keeps people deprived of basic services There is also social isolation in the region, as people are unable to engage with the wider world and participate in cultural and intellectual domains

The poverty rate in the tribal belt is higher than the national average which means that people have limited resources to invest in their own development The tribal belt has a history of conflict and political instability, which means the government agencies struggle to provide basic services and private investment stands discouraged

Above everything else, the tribal belt has been severely affected by terrorism The people have suffered significant losses due to it including loss of life and property The conflict has created a climate of fear and insecurity and the people live and work in a state of constant fear and uncertainty

The conflict has forced many people to flee their homes and become internally displaced This has disrupted the social and economic fabric of the region as families have been separated and communities have been disrupted

Terrorism also had a major impact on the economy of the region as businesses have been destroyed and access to markets has been restricted This has contributed to poverty and unemployment exacerbating the already difficult economic situation in the tribal belt

The government s response has been slow to say the least indicating the lack of political will Addressing the causes of terrorism and supporting the people of the region are critical to improving the situation and promoting peace and stability The region has huge potential, but addressing these challenges requires sustained attention and investment from the government The private sector will only follow if the government does it job well

From seeds to skills

through vocational training institutes focused on agriculture could play a vital role in narrowing the knowledge gap and enhancing the productivity and efficiency of rural communities By adopting such strategies we can reduce reliance on outdated extension systems and imported innovations while simultaneously bolstering agricultural value chains through value addition Embracing knowledge-based innovations and interventions will enhance competitiveness secure future food supplies and alleviate the burden of trade deficits

Like in many other economic sectors of Pakistan gender inequality is prevalent in the agricultural sector as well Women constitute a significant portion of the agricultural workforce but face numerous challenges, including limited access to land ownership, credit, and training opportunities Gender disparities restrict women’s economic empowerment and their ability to contribute fully to the agricultural sector s development

AS I randomly inquired about the agricultural atmosphere of Punjab from a family friend who owns vast agricultural lands on the outskirts of my hometown I came to the conclusion that our agricultural sector is on the brink of a human resource crisis This not only encompasses the long prevailing challenge of unskilled labor but various other issues such as seasonal employment, rural-urban migration and gender disparity have also been sprouting for quite some time Agricultural sector of Pakistan contributes about 1/5th to the GDP and provides bread and butter to millions of individuals yet it is one of the most neglected sectors regarding research and development

Agriculture in Pakistan is largely reliant on unskilled labor This is due to a number of factors such as low levels of education in rural areas lack of agricultural training institutes and low wages offered in agricultural sector This limits the output of farms as they are unable to comprehend and use latest technologies and practices It also makes it difficult for farmers to compete with other countries as they are unable to produce high-quality products at a competitive price

According to by Dr Abedullah who is leading the agriculture and food security and environment research components at Pakistan Institute of Developmental Economics (PIDE), expanding the rural education network

For a country where 75% of the women workforce is out of the employment circle its government and private sector should work to address gender inequality in the agricultural sector This could include providing women with access to education and training, supporting women’s entrepreneurship and promoting gender-sensitive policies and practices in the agricultural sector

Agricultural workers in Pakistan often face low wages and poor working conditions Many are employed as casual laborers, without access to social security benefits or job security This lack of decent wages and labor rights can lead to dissatisfaction, low motivation, and high turnover rates impacting the sector ’s stability and growth This ultimately leads to the migration of agricultural labor specially the younger generations to urban centers in search of better employment opportunities

This brain drain leaves a gap in the availability of skilled labor in the agricultural sector, further exacerbating the existing human resource challenges

As this younger generations often prefer to migrate to urban areas for better economic opportunities leading to a decline in the agricultural workforce The aging farming population in Pakistan poses a challenge in terms of ensuring continuity in agricultural activities The government should tackle this issue by encouraging and supporting young individuals to take up farming through initiatives such as providing agricultural loans training programs and mentorship opportunities can help attract

What does the US really think about China?

We just got some more clues

SYDNEY MORNING HERALD

S t e p h e n B a r t h o l o m e u S z

NOTHING material came out of Janet

Yellen s four-day trip to China It however did no harm to what has been an increasingly fractious relationship and, perhaps, provided some clarity to the Chinese about America s trade strategies and intentions

The trip which ended on Sunday was probably never going to produce a consensus or any specific agreements about the relationships between the world s two most important economies but the lengthy discussions appear to have been amicable even as tensions over trade restrictions have escalated in recent weeks and are about to intensify further

The US Treasury secretary while raising the treatment of US companies in China and the unfair edge China s state-owned and/or directed companies gain in global markets sought to put the raft of tariffs, sanctions and restrictions on access to technology and investment that the US has imposed on China into perspective

They were designed she said not to gain economic advantage but to protect US national security

There was ample room she said for American and Chinese companies to engage in trade and investment even as the US took targeted actions to protect its national security

Because the deterioration in relations between the countries began in such an ad hoc fashion with the Trump administration slapping tariffs on China (because of Donald Trump s view that a big US trade deficit meant China and others were ripping off Americans) the US objectives from a trade war that has expanded significantly since 2018 and which has morphed over the years have been unclear

Was the US seeking to “decouple” completely from China Or was it having been informed by the pandemic and Russia s invasion of Ukraine of the vulnerabilities of global supply chains, seeking to de-risk them by reducing its overdependence on China

According to Yellen, within the Biden administration it is neither It is about having a more diverse supply chain while also protecting quite narrow national security interests There is an important distinction between decoupling on the one hand, and on the other hand diversifying critical supply chains or taking targeted national security actions,” she said

Framed that way, the US is now pursuing two quite distinct strategic goals One is to diversify the sources of supply for essential goods and services and the other is to protect its national security Neither is about gaining general economic advantage over China

The push to “reshore” and “friendshore” and the financial incentives the Biden administration has created for firms to relocate industrial activities to the US or allied economies is part of the diversification strategy

The bans on US companies (and third parties involved in US supply chains) supplying

advanced semiconductors and other high-tech equipment to China are part of the national security agenda The administration is close to extending that strategy with bans on outbound US investment in sensitive areas of technology

Where the tariffs fit it is unclear Yellen is known to be uncomfortable with what are effectively taxes on US companies and consumers but while they are being reviewed they have remained in place under Joe Biden

Lifting them remains an option for taking some of the heat out of the relationship with China, although the domestic political considerations in the lead up to next year ’s US elections would figure heavily in any consideration of their future The distinctions Yellen is making are consistent with the high fence around a small yard description of US strategy articulated recently by US national security adviser Jake Sullivan in referring to the sensitive dualuse technologies that have both commercial and military applications

The Chinese who are lagging the US and some of its allies on some advanced technologies of course think the fence is too high and the yard too high The blurred lines created by dual-use technologies create significant potential for disagreement The Yellen visit came at a delicate moment as both the US and China ramp up their efforts to protect their position in the contest to dominate 21st Century technologies

The US has cut off access to the advanced chips and chip-making equipment that are critical to those technologies China last week announced restrictions on exports of gallium and germanium two of the key metals needed to make those chips and is said to be considering a wider ban on rare earths Like gallium and germanium China has a dominant global position in the supply of those commodities

While the US has been sanctioning and banning some Chinese companies from operating in the US or being part of US supply chains China has been raiding US consultancies operating in China and cutting off foreign access to economic and business data and Chinese experts under recently revamped espionage laws

Yellen s visit is going to halt either countries’ efforts to advance their national security interests or their suspicions that those efforts are cloaks for broader economic and geopolitical ambitions Her lengthy discussions with senior Chinese officials including a five-hour meeting with vice premier He Lifeng, who s responsible for the economy and trade, do, however, appear to have been amicable and have reopened a dialogue between the countries on trade and other economic issues that has previously been fraught with acrimony and distrust

It can t have hurt that she told the Chinese she was willing to at least listen to any complaints they might have to proposed new US actions, although there is such a fundamental divergence occurring between the two economies and their national ambitions that any protests are likely to fall on deaf ears

The broader message that the US wants to maintain a substantial trade and economic relationship with China and that it is in both countries interests (and the global economy s) to do so, however, would be welcome in China China’s economic challenges – weak growth (by its standards) an overly indebted economy high urban youth unemployment a shrinking population a distressed property sector among them – means it has been actively seeking more foreign investment even though its recent clampdown on foreign investors has been deterring it It is concerned that multinationals will

their

new talent to the sector Additionally, promoting the use of technology precision farming and value-added agricultural products can make farming more appealing to the younger generation

The absence of credit facilities has a cascading effect on the agricultural sector It restricts the ability of farmers to make essential investments in modern agricultural practices, machinery, and inputs One of the primary reasons for limited access to credit is the absence of a comprehensive and inclusive financial infrastructure in rural areas Many financial institutions are hesitant to provide loans to farmers due to the perceived risks associated with agricultural activities, uncertain market conditions, and the lack of collateral

The government, financial institutions, and development organizations need to collaborate to create specialized agricultural lending programs that cater to the unique needs of farmers Additionally financial literacy programs can be implemented to educate farmers about the benefits of credit financial management and the responsible use of funds By promoting financial inclusion and providing farmers with the necessary tools and knowledge, they can make informed decisions, access credit facilities and invest in modern agricultural practices

Addressing these human resource challenges requires a multi-faceted approach It is crucial to invest in education and skills training programs particularly for rural populations Additionally, promoting gender equality and empowering women in the agricultural sector through land ownership, credit facilities, and training opportunities can lead to more inclusive and sustainable development Mechanization should be encouraged to improve productivity and attract younger generations to the sector Moreover providing better wages and social protection measures can ensure the well-being and stability of agricultural workers By tackling these human

Agriculture in Pakistan is largely reliant on unskilled labor. This is due to a number of factors such as low levels of education in rural areas, lack of agricultural training institutes, and low wages offered in agricultural sector. This limits the output of farms as they are unable to comprehend and use latest technologies and practices. It also makes it difficult for farmers to compete with other countries, as they are unable to produce high-quality products at a competitive price

resource issues, Pakistan can unlock the full potential of its agricultural sector and contribute to the country’s overall economic growth

The writer is a freelance columnist

Why the US should give Saudi Arabia nuclear technology

It will bring S audi Arabia the epicenter of the Arab and Islamic world squarely back into America’s sphere of influence to the detriment of both China and Russia

to set global oil prices and optimize their revenue streams Providing civilian nuclear technology to Saudi Arabia a far cleaner and more sustainable source of energy than oil would likely cause a rift in this Saudi-Russian partnership American support for the Saudi nuclear initiative would also foreclose the possibility of China or Russia getting involved

TH E United States should assist Saudi Arabia in its quest for a civilian nuclear program in exchange for normalizing relations with Israel The Biden administration is now engaged in an aggressive diplomatic push for a Saudi-Israel deal One of Saudi Crown Prince Mohammed bin Salman’s demands is that the US assist the Saudis in developing a civilian nuclear program Acceding to this stipulation will prove difficult in terms of obtaining domestic and Israeli support A Saudi nuclear program would create new risks in an already volatile region Nonetheless normalizing relations with Israel would reshape the landscape of the Middle East to America’s benefit and is worth the price

In March 2023, American influence in the Middle East suffered when China brokered a historic deal restoring relations between regional rivals Saudi Arabia and Iran The deal was a setback for the U S as it elevated China s status as a Middle East power broker and allowed Iran a state hostile to American interests to emerge from isolation without a nuclear agreement In the wake of the deal, other U S allies in the region, e g Egypt and the UAE, have repositioned their stance on Iran

The Biden administration should agree to the Saudi demand for civilian nuclear power to confront these new challenges and to reignite the momentum of the Abraham Accords

A U S -negotiated Saudi-Israel agreement would repair the anti-Iran alliance shaken up by the China deal It would signal to Iran that overt measures are being taken to form a regional security architecture meant to counter Iranian meddling and adventurism a concern shared by both Israel and Saudi Arabia Formal integration of Israel into the region would strengthen U S deterrence and its hand in any new negotiations over Iran s nuclear program It would also send a message to China and to Middle East states now looking eastward that the U S retains primacy as the main global power operating in the region Russia and China have both taken advantage of President Biden’s mismanagement of Saudi relations, which soured during the first years of his term Biden’s rebuke of Saudi Arabia’s military campaign in Yemen and his de-terrorist listing of the Houthis an Iranian proxy militia that is fighting the Saudis in Yemen and that has also attacked Saudi Arabia proper reduced Saudi confidence in American support Biden s initial stance on the murder of journalist Jamal Khashoggi also added to the chilling of U S -Saudi relations Saudi Arabia has since pivoted towards U S competitors China and Russia Collaborating with the Saudis to develop a civilian nuclear program would bring Saudi Arabia back into the American fold The technical skill resources and infrastructure required for such a program would mean close American supervision for the foreseeable future, solidifying the U S -Saudi partnership The Saudi economy poses challenges for the U S that would be largely resolved by weaning it from oil as its primary source of revenue As laid out in its Vision 2030 plan Saudi Arabia plans to transition from its oil-based economy in part by mining and enriching its ample uranium ore to become a nuclear Aramco able to export nuclear products and technology across the globe Saudi Arabia is already cooperating with the International Atomic Energy Agency (IAEA) to set up the legal framework for this shift The Saudis are exploring China and Russia as alternatives if the U S is unwilling to assist Saudi Arabia’s oil-based economy allowed for close relations with Russia also an oil exporting state Saudi Arabia and Russia work in tandem

There are legitimate concerns that Saudi Arabia could militarize the program or start a Middle East nuclear arms race As a member of the Nuclear Non-Proliferation Treaty Saudi Arabia is legally bound never to pursue nuclear weapons With Iran serving as precedent, the Saudis know any militarization efforts could lead to sanctions, isolation, and the threat of military attack on its nuclear sites Having said that, the Saudis have stated they would seek a nuclear weapons capability should Iran acquire a nuclear bomb This only underscores the need to forge a unified front to ensure Iran does not become a nuclear state Presently Israel s acquiescence to such a deal is questionable Israel is divided on the issue, with the security establishment being categorically opposed and the political echelon being more open to the idea Any agreement should take Israel’s security interests into account perhaps by giving Israel access to the program and a monitoring role to confirm clear and actionable safeguards are enforced to prevent any negligent or malign activities

Notwithstanding Israel s justified caution the Jewish state and its leader, Benjamin Netanyahu, are in dire need of a political win given the Iran-Saudi rapprochement, the near pariah status Israel achieved by voting extremists into power, its illiberal proposals regarding its judiciary, and escalating conflict with the Palestinians Israel would also be wise to take note: Should a normalization agreement with the Saudis take place with the focal point being a Saudi nuclear program the result would be less pressure on Israel with respect to the Palestinian issue The Saudis previously stated that a Palestinian state is a prerequisite to normalization Israel should take advantage of this drastic policy shift

There is a good chance Congress would shoot down any agreement whereby Saudi Arabia enriches uranium on its own soil the Saudi demand as it now stands Assuming domestic enrichment is a red line for the Saudis this obstacle may be the biggest challenge to a deal but it is not insurmountable Obtaining congressional approval will require coordinated efforts by pro-Israel and pro-Saudi lobbyists, and deft diplomacy on the part of the Biden administration Identifying and reaching out to leading members of Congress on both sides of the aisle who may support this initiative such as Lindsey Graham (R-SC) Mitch McConnell (R-KY) and Bob Menendez (D-NJ) would be instrumental in forming a bipartisan coalition around which the president can rally further support To attract members of Congress, the Biden administration should leverage the steep nuclear demand to obtain Saudi concessions on human rights reform

A U S -brokered normalization agreement between Israel and Saudi Arabia whereby Saudi Arabia acquires civilian nuclear technology would serve the American national interest even though it presents myriad risks It will bring Saudi Arabia the epicenter of the Arab and Islamic world squarely back into America s sphere of influence to the detriment of both China and Russia It will enhance the regional security architecture meant to isolate, deter, and prevent Iranian aggression

An agreement would also strengthen the U S hand in any Iranian nuclear negotiations Finally such an agreement would further the goals of the Abraham Accords and pave the way for more normalization agreements that will help stabilize and bring relative calm to the Middle East

Nicholas Saidel is associate director of the Institute for Strategic Threat Analysis and Response He previously was a fellow at the Penn Law School’s Center for Ethics and the Rule of Law; an associate at the law firm of Wolf Block LLP; a legislative

The government, financial institutions, and development organizations need to collaborate to create specializ ed agricultural lending programs that cater to the unique needs of farmers

BIDEN TAKES TEA AND TALKS CLIMATE WITH KING CHARLES III

WINDSOR CASTLE UNITED KINGDOM

Ag e n c e s

US President Joe Biden dropped in for tea and climate change talks with King Charles III on Monday after a garden meeting with UK

Prime Minister Rishi Sunak before a NATO leaders summit on Ukraine Biden, 80, flew in his Marine One helicopter from Downing Street in central London to Windsor Castle, touching down for a ceremonial welcome from a band of redjacketed Welsh Guards

The Star Spangled Banner and God Save the King rang out across the manicured lawns of the stately royal residence west of London, before the pair disappeared inside It was Biden’s first meeting with Charles since he was officially crowned king in May

The US president did not attend the coronation but was represented by his wife First Lady Jill Biden

The couple had been at the state funeral of Charles s mother, Queen Elizabeth II, in September last year, while Biden visited the late queen at Windsor after the G7 summit in 2021 Charles 74 is a lifelong environmental-

NEW DELHI/WASHINGTON

r e u T e r s

India s multi-billion-dollar purchases of US arms are less about shifting its reliance on Russian defence equipment and moving towards the West it s more about developing its own domestic weapons industry security officials and analysts say

India is the world s biggest arms importer but almost all of its major weapons purchases now include provisions for joint manufacture or technology transfer, irrespective of which country it is dealing with Also, Russia’s war in Ukraine has disrupted some military supplies to India reinforcing New Delhi s long-term desire to diversify imports or replace them with home-built hardware Indian defence officials said

India bought weapons worth over $60 billion in the last 20 years, of which 65 percent or nearly $39 billion were from Russia according to Stockholm International Peace Research Institute data

Defence Minister Rajnath Singh has said that India intends to order weapons from the domestic arms industry worth

Six killed in China kindergar ten attack

BEIJING

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ist and Biden considers him a “clarion voice” on climate change White House national security adviser Jake Sullivan told reporters on Sunday Top financiers and philanthropists are also meeting in Windsor to discuss climate finance to boost support for developing nations to cut carbon emissions

Attending the meeting are UK energy se-

curity and net zero minister Grant Shapps and Biden s special climate envoy John Kerry The UK government said more than $1 trillion is needed by 2030 to help developing economies get on track to reach netzero carbon emissions by 2050 Additional investment, including from the private sector is required to cut non-CO2

emissions halt deforestation as well as to adapt and build resilience to climate change Biden who arrived in the UK on Air Force One late Sunday is heading to the Lithuanian capital, Vilnius, for the two-day NATO meeting Biden’s flying visit to the UK came with Ukraine topping the agenda at the upcoming alliance meeting as Kyiv pushes to join once its war with Russia is over Western allies agree that Ukraine cannot join while war is still raging, as it would pull NATO into direct conflict with nucleararmed Russia But the United States is seen as most hesitant about its membership Biden has described Kyiv s bid as premature I don t think it s ready for membership in NATO he told broadcaster CNN

Nevertheless, a Western official told AFP the allies were set to drop the Membership Action Plane requirement for Ukraine’s application Biden and Sunak held talks for just under 40 minutes seated in wicker chairs and sipping from specially branded Downing Street mugs Downing Street said the pair agreed on the need to strengthen our alliance and maintain our support for Ukraine”

ship Make in India policy, the jet engine deal includes joint manufacturing in the future, while the assembly and maintenance of the SeaGuardians will likely be in India

Eric Garcetti the US ambassador to India said Washington had earlier paid lip service but was now easing India s access to military technologies He said the US was “leaning in with technology” sharing more with India than it had with some of its closest allies

However the moves so far will not be sufficient to end New Delhi s reliance on Russia while stringent US rules governing the sharing of military technology limit future possibilities for now

Sunak also played down any talk of a rift after some Western allies questioned the US supply of cluster munitions to Ukraine and concern from rights groups about their dangers to civilians

The prime minister s official spokesman told reporters afterwards the issue was discussed acknowledging that providing the weapons “was a difficult choice for the US”

But it had been forced on them by Russia s war of aggression he added Biden and Sunak have met regularly in recent months, as the UK leader tries to repair transatlantic ties strained by the turbulent tenures of Boris Johnson and Liz Truss

Irish-American Biden’s position on UK wrangling with the European Union over post-Brexit trade in Northern Ireland has been seen as at the heart of the tensions Relations have improved since Sunak and Brussels struck a deal about the movement of goods, protecting a hard-won peace after 30 years violence over British rule in the province Biden told reporters he couldn t be meeting with a closer friend and greater ally , adding: Our relationship is rock solid From Lithuania, Biden travels to Finland, NATO’s newest member, for a USNordic Leaders’ Summit

Mountaineer races rivals, hunts funds to chase summit record

LAHORE A F P

over $100 billion over the next decade

“It is a reality that we have to reduce dependence on Russia ” said a senior Indian defence officer working on future capabilities of the Indian military who declined to be identified But that is part two Part one is the effort to get out of the import business ” India announced significant pur-

Six people were killed and one wounded in a kindergarten stabbing in southern China’s Guangdong province on Monday local officials said “The victims include one teacher two parents and three students said a spokeswoman for the city government in Lianjiang where the incident took place She did not offer details about the identities or ages of the victims, nor about the weapon used in the attack One suspect has been arrested,” she said The suspect was a 25-year-old male surnamed Wu, local police said in a statement adding that it was an “intentional assault The incident was a stabbing a Lianjiang police spokesman said Police said they are now trying to verify the identities of the victims The attack took place around 7:40 am (2340 GMT on Sunday), the state-backed China News Network reported A tall, thin man with his hands pinned to his back is seen being shoved into a police car in a video published by Sanxiang Metropolis Daily run by the government in neighbouring Hunan province Other videos shot by passersby claiming to show the crime scene were swiftly removed from video-sharing platform Douyin and Twitter-like Weibo While guns are strictly controlled, China has seen a spate of mass stabbings in recent years Violent crime has been on the rise as the economy has grown in recent decades and the gap between rich and poor has widened rapidly SPATE OF ATTACKS:

Fatal attacks targeting students and schools have occurred nationwide The attacks have forced authorities to step up security and prompted calls for more research into the root causes of such violent acts Last August three people were killed and six others wounded in a knife attack at a kindergarten in southeast China s Jiangxi province

chases of US defence equipment during Prime Minister Narendra Modi’s state visit to Washington last month including an over $1 billion order for GE engines for fighter jets A possible $3 billion deal for MQ-9B SeaGuardian drones is also being discussed In line with New Delhi’s desire for self-reliance in defence and Modi’s flag-

“Nobody gives you everything They keep you at least a screwdriver away from having it fully said a second senior official from India s defence ministry who also spoke on condition of anonymity Arzan Tarapore, an Indian security expert at Stanford University, said the deals announced during Modi’s visit “do not in themselves represent an Indian shift away from Russia ” A big shift away from Russia will take multiple decades he said

UN rights body set to clash over Quran burning motion

The Human Rights Council is set to debate a contentious draft proposal on religious hatred in the wake of a Quran burning in Sweden an initiative that has highlighted rifts in the UN body and challenged practices in human rights protection

In a draft resolution presented by Pakistan on behalf of the 57-nation Organisation of Islamic Cooperation (OIC) the group described the burning of the Quran in Stockholm last month as offensive, disrespectful and a clear act of provocation” that incites hatred and constitutes a human rights violation

The draft which condemned recurring acts of public burning of the Holy Quran in some European and other countries has stoked opposition from Western diplomats who argue it aims to safeguard religious symbols rather than human rights

We don t like the text one Western diplomat said of the draft which will be presented to the Human Rights Council in Geneva on Tuesday Human rights are supposed to be attached to individuals, not to religions ”

The OIC initiative also stokes tensions between Western states and the Islamic organisation at a time when the group has unprecedented clout in the council the only body made up of governments to protect human rights worldwide Nineteen OIC countries are voting members of the 47-member council, and other states such as China have aligned with their draft resolution

It remains to be seen whether Pakistan will succeed in rallying all OIC countries behind it A Saudi-led effort to end a Yemen war crimes probe prevailed in 2021 “If the resolution passes, as

seems likely, it will strengthen the impression the council is flipping and the West is losing ground on key debates such as the boundary between free speech and hate speech and whether religions have rights said Marc Limon, director of the Geneva-based Universal Rights Group “This could make the council explode in acrimony ” The European Union has urged parties to reach a consensus on the issue Defamation of religions has been a difficult topic for decades within the UN,” an EU diplomat said in negotiations last week

Mountaineer Shehroze Kashif faces sub-zero temperatures and biting winds in his race to scale the world’s highest peaks but his biggest challenge is finding the money Kashif 21 aims this year to become the youngest person to climb every peak above 8 000 metres (26,247 feet), all of which are in Asia, with five in Pakistan Summiting Everest set him back around $60,000, and climbing all 14 “super peaks” can cost hundreds of thousands of dollars funds that are especially difficult to raise in a country gripped by an economic crisis My father sold my car and a piece of land that s how I did Everest Kashif told AFP from his home in Lahore, the sub-tropical, low-altitude city where he was born O n l y a r o u n d 5 0 p e o p l e a r e b e l i e v e d t o h a v e c l i m b e d a l l 1 4 s u p e r p e a k s , t h e y o u n g e s t b e i n g M i n g m a G y a b u “ D a v i d ” S h e r p a o f N e p a l w h o s u m m i t e d t h e m a l l b y a g e 3 0

To break this record Kashif still has three mountains to conquer: China s Shishapangma and Cho Oyu and Manaslu in Nepal having to re-climb the latter after a new, higher summit was officially recognised in 2021 Hot on Kashif s heels is Adriana Brownlee, a 22-year-old British-Spanish mountaineer who is also racing to be the youngest to scale all the eight-thousanders Kashif describes Brownlee the youngest woman to climb the world s second-highest peak K2 as sharing the same stage But unlike Brownlee, who has climbed 10 eight-thousanders, Kashif does not have international sponsorship and said he even struggles to get backers in Pakistan Brownlee will also need to re-summit Manaslu, in what would be her third attempt to scale the peak since first climbing it I think she s waiting for me (to do it) actually Kashif said with a laugh RACKING UP RECORDS Kashif first became interested in climbing aged 11, when most boys his age in Pakistan are building up their cricket skills Instead, he climbed the 3,885-metre Himalayan peak Makra in northern Pakistan He has racked up a string of records since then with scarcely enough space in his Twitter bio to list them all Kashif is the youngest person to climb K2 and the youngest to climb both of the world s two highest mountains He is also the youngest to climb Pakistan s Broad Peak, the world s 12th highest mountain and his first eight-thousander –- a feat that earned him the moniker “Broad Boy” “It’s not about only climbing the mountains It’s about the energy that you absorb from the mountains Kashif said Every mountain has its own charm It s own aura of danger and adventure and happiness

SKIRTING DEATH

With memorial plaques dotting the hills of the eight-thousanders, Kashif is aware of his pursuit’s risks “These guys were here with the same potential same passion same enthusiasm same determination and same tolerance (as me) he said Kashif s most dangerous climb was up the world s ninth-highest peak, Nanga Parbat, in July 2022 He and his climbing partner Fazal Ali got lost in bad weather after summiting, and soon ran out of oxygen, food and water “I started hallucinating,” Kashif said “My head was working (but the) rest of my body was just totally numb When Kashif woke from a rest he was surprised to be alive and determined to survive After six hours of trekking the pair made it to one of the mountain s base camps

NATO unity to be tested at Vilnius summit, Ukraine entr y biggest challenge

As the Russian invasion of Ukraine continues with no end in sight NATO s much-celebrated unity faces fresh strains when leaders gather for their annual summit this week in Vilnius, Lithuania

The world s biggest security alliance is struggling to reach an agreement on admitting Sweden as its 32nd member Military spending by member nations lags behind long-standing goals An inability to compromise over who should serve as NATO s next leader forced an extension of the current secretary-general s term for an extra year

Perhaps the most difficult questions are over how Ukraine should be eased into NATO Some maintain admitting Ukraine would fulfil a promise made years ago and be a necessary step to deter Russian aggression in Eastern Europe Others fear it would be seen as a provocation that could spiral into an even wider conflict

“I don’t think it’s ready for membership in NATO ” President Joe Biden told CNN in an interview airing Sunday He said joining NATO requires countries to meet all the

qualifications from democratization to a whole range of other issues

He said the United States should provide long-term security assistance to Ukraine “the capacity to defend themselves” as it does with Israel

Bickering among friends is not uncommon and the current catalogue of disputes pales in comparison with past fears that Donald Trump would turn his back on the alliance during his presidency But the current challenges come at a moment when Biden and his counterparts are heavily invested in demonstrating harmony among members Any fissure any lack of solidarity provides an opportunity for those who would oppose the alliance said Douglas Lute US ambassador to NATO under President Barack Obama Russian President Vladimir Putin is eager to exploit divisions as he struggles to gain ground in Ukraine and faces political challenges at home including the aftermath of a brief revolt by the Wagner mercenary group You don t want to present any openings, Lute said You don t want to present any gaps or seams By some measures, the war in Ukraine has reinvigorated NATO, which was created

at the beginning of the Cold War as a bulwark against Moscow NATO members have poured military hardware into Ukraine to help with its counteroffensive, and Finland ended a history of nonalignment to become NATO’s 31st member “I think it’s appropriate to look at all the success Senate Republican leader Mitch McConnell of Kentucky told The Associated Press So I think the invasion has strengthened NATO exactly the opposite of what Putin anticipated ”

He noted Germany’s shift toward a more robust defense policy as well as an increase in military spending in other countries

The latest test of NATO solidarity came Friday with what Biden said was a difficult decision to provide cluster munitions to Ukraine More than two-thirds of alliance members have banned the weapon because it has a track record for causing many civilian casualties The US Russia and Ukraine are not among the more than 120 countries that have not signed a convention outlawing the use of the bombs

As for Ukraine s possible entry into NATO, the alliance said in 2008 that Kyiv eventually would become a member Since

then little action has been taken toward that goal Putin occupied parts of Ukraine in 2014 and then tried to capture the capital in 2022 with his invasion “A gray zone is a green light for Putin,” said Daniel Fried a former US ambassador to Poland who is now a distinguished fellow at the Atlantic Council Ukraine s president Volodymyr Zelensky called for a unified signal from NATO on Ukraine and for his country to join the alliance

“It would be an important message to say that NATO is not afraid of Russia,” Zelensky said through a translator in an ABC interview when asked whether he would come to Vilnius Ukraine should get clear security guarantees while it is not in NATO

And that is a very important point Only under these conditions, our meeting would be meaningful Otherwise, it’s just another politics ” The US and Germany insist that the focus should be on supplying weapons and ammunition to Ukraine rather than taking the more provocative step of extending a formal invitation to join NATO Countries on NATO’s Eastern flank Estonia, Latvia, Lithuania and Poland want firmer assur-

ances on future membership NATO could decide to elevate its relationship with Ukraine, creating what would be known as the NATO-Ukraine Council and giving Kyiv a seat at the table for consultations

Also in the spotlight in Vilnius will be Turkish President Recep Tayyip Erdogan the main obstacle to Sweden s attempts to join NATO alongside neighbour Finland Erdogan accuses Sweden of being too lenient on anti-Islamic demonstrations and militant Kurdish groups that have waged a long insurgency in Turkey

Sweden recently changed its anti-terrorism legislation and lifted an arms embargo on Turkey But a man burned a Quran outside a mosque in Stockholm last week and Erdogan signaled that this would pose another hurdle He equated those who permitted the crime” to those who perpetrated it Turkey and the US are also at an impasse over the sale of F-16 fighter jets Erdogan wants the upgraded planes but Biden says Sweden s NATO membership has to be dealt with first McConnell said in the AP interview that he supports the sale of the fighter jets to Turkey “provided that the membership of Sweden is settled ”

CORPORATE CORNER

C P E C A S F L A G S H I P P R O J E C T G U A R A N T E E D PA K I S TA N ’ S F U T U R E D E V E LO P M E N T : E N V O Y H A Q U E

BEIJING s ta f f r e p o r t

Swiss Ambassador, Tessori agree to work for enhancing bilateral ties

KARACHI s ta f f r e p o r t

Sindh Governor Sindh Kamran Khan Tessori has said that there were ample opportunities for Pakistan and Switzerland in various fields to further enhance their mutual cooperation

This he said while talking to Ambassador of Switzerland Georg Steiner at Governor House here on Monday Bilateral relations, the need to further enhance bilateral ties, investment opportunities in Sindh and other matters of mutual interest were discussed in detail on the occasion Governor Sindh said that Sindh offers ideal investment opportunities especially for foreign investors and any investment from Swiss investors in the province would be welcomed "They would be provided every help and assistance", Governor Sindh said Georg Steiner also visited the ‘bell of hope’ and rang the same Governor Sindh informed the Swiss Ambassador about the purpose of the bell of hope The Swiss envoy also went around Quaid s room where he witnessed the personal belongings of the father of the nation Muhammad Ali Jinnah He also inspected the packing process of ration bags under Taqatwar Pakistan Program He lauded the measures of Governor Sindh for the welfare and wellbeing of the common man

Utah Universit y organizes workshop at NUST for depar tment chairs of Pak varsities

ISLAMABAD s ta f f r e p o r t

The University of Utah of the United States has organized a three-day training workshop for department chairs of public universities of Pakistan on strategic planning, as part of the USAID’s Higher Education System Strengthening Activity (HESSA) Hosted by the National University of Sciences & Technology (NUST) Islamabad the workshop was attended by 30 department chairs representing 16 partner universities of HESSA a news release on Monday said These universities have partnered with USAID’s HESSA to strengthen their capacity of developing and delivering marketdriven education and research to enhance graduate employability Facilitated by Dr Mike Barber University of Utah and Dr Sajjad Ahmad University of Nevada Las Vegas the department leadership prepared strategic plans for their respective sections, and developed mission & vision statements, core values, goals and performance indicators to measure success of their departments Building on from the earlier batch the workshop focused on the required skills to be a successful leader with a visionary approach to sustainable improvement in faculty and student success

IMF team met PPP, PTI leaders to get clarification about agreement: PEW

ISLAMABAD s ta f f r e p o r t Executive Director of Pakistan Economy Watch (PEW), Saifuddin Sheikh said on Monday that the International Monitory Fund (IMF) team held meetings with Pakistan People s Party (PPP) and Pakistan Tehreek-e-Insaf (PTI) leaders to get commitment from them to abide by the agreement as it still has concerns about Pakistan In a statement issued here he said that the IMF wants that whichever government comes to power in Pakistan should not violate the agreement but should implement it in letter and spirit Saifuddin Shaikh further stated that due to this concern, the IMF team met with the leaders of two parties and the team was assured of full cooperation The IMF like foreign institutions and investors is also apprehensive about Pakistan s habit of breach of promises he added

The business leader said that the leadership of PPP and PTI have assured cooperation to the IMF team after which the loan tranche is expected to be released soon Pakistan is famous for violation of agreements in which the Reko Diq IPPS recent budget and agreement with the IMF by the previous government are noteworthy he remarked

Shan Foods presents ‘Malika-e-Tabassum’

KARACHI s ta f f r e p o r t

In a refreshing new take, Shan Foods presents Malika-e-Tabassum , a theatrical stand-up comedy show featuring renowned actress Bushra Ansari at the Arts Council Karachi Directed by Dawar Mehmood the show features Ansari in royal attire eliciting laughter from her audiences and fans through her evergreen comedic genius witty punchlines and inimitable charms The theatrical standup is a part of Shan Foods s consistent contributions towards women empowerment, focusing on the women pioneers of the arts and entertainment industry “Malika-e-Tabassum” presented by Shan Foods in collaboration with Hum TV KopyKats Productions Active Media and radio channel FM91 premiered on the first of July, and shall be open to the public till the 15th of July for audience in Karachi The feature will then be available for Lahore and Islamabad, too, with Ansari bringing her unmatched energy and storytelling prowess to her audiences

Ambassador of Pakistan to China, Moinul Haque has said that China Pakistan Economic Corridor (CPEC) being a flagship project to jointly build the Belt and Road Initiative (BRI) has changed Pakistan s infrastructure layout and laid a solid foundation for Pakistan s future development In an interview, the Envoy said that during Chinese President Xi Jinping’s visit to Pakistan in 2015 the two countries signed more than 50 cooperation agreements and launched a number of projects such as energy, transportation infrastructure and port construction under the CPEC framework Moinul Haque said that the power generation and distribution projects launched and completed by Pakistan and China have greatly alleviated Pakistan s power shortage and enhanced Pakistan s trade and investment image By the end of 2022, the CPEC had directly created 236,000 jobs Terming Gwadar Port as the pearl of the CPEC which is crucial to Pakistan s economic transformation he said that this year many key projects including

New Gwadar International Airport, will make important progress The new projects will accelerate the development of Gwadar Port and the Free Trade Area Ambassador Haque said that the second phase of the construction of the CPEC has been launched, which will strongly promote the cooperation between the two countries in industry, science and technology, agriculture and other fields The CPEC is of great significance to Pakistan s economic development and social progress which is the general consensus of all sectors in Pakistan, he added During Prime Minister Shabazz visit

to China in November last year, he stressed that Pakistan is willing to work with China to continue to promote the high-quality joint construction of the Belt and Road Initiative The two countries also signed the China-Pakistan Industrial Cooperation Framework Agreement, which has injected new impetus into Pakistan’s industrialization, he said Ambassador Haque said that Pakistan fully supports China’s Global Development Initiative Global Security Initiative and Global Civilization Initiative because it is in line with our foreign policy goals of maintaining world peace and development, as well as the purposes

Sindh approves 17.5% in pension from July 1

KARACHI s ta f f r e p o r t

The Government of Sindh has sanctioned an increase

@17 5% of net pension with effect from 01-July-2023 until further orders to all civil pensioners of the Sindh Government

The increase in pension @ 17 5 % as mentioned at Para-01 will also be admissible to the pensioners who would retire on or after 01″ July 2023 For the purpose of admissibility of increase in pension sanctioned the term Net Pension means Pension being drawn minus Medical Allowance The increase will also be admissible on family pension granted under the Pension-cum-Gratuity Scheme, 1954, Liberalized Pension Rules, 1977, on pension sanctioned under the Central Civil Services (Extra Ordinary Pension) Rules as well as on the Compassionate Allowance under CSR-353

If the gross pension sanctioned by the Sindh Government is shared with any Government in accordance with the rules laid down in Part-IV of Appendix III to the Accounts Code, Volume-1, the amount of the increase in pension will be apportioned between the Federal Government and the other Government concerned on proportionate basis

The increase in pension sanctioned will not be admissible on Special Additional Pension allowed in lieu of pre-retirement Orderly Allowance

The benefit of increase in pension sanctioned will also be admissible to those Civil Pensioners of t h e S i n d h G o v e r n m e n t w h o a r e r e s i d i n g a b r o a d (other than those residing in India and Bangladesh) who retired on or after 15 08 1947 and are not ent i t l e d t o o r a r e n o t i n r e c e i p t o f p e n s i o n i n c r e a s e under the British Government s Pension (increase) Acts The payment will be made at the applicable rate of exchange

HBL wins Pak istan’s B est

D igital B ank 2023 award

KARACHI s ta f f r e p o r t

Asiamoney awards HBL the accolade of ‘Best Bank for Digital Solutions Pakistan’ for 2023 The Bank has also won for the fifth consecutive year the Best Domestic Bank Pakistan for 2023

In the Asiamoney citation for the ‘Best Bank for Digital Solutions Pakistan’ HBL was appreciated for its relentless pursuit of innovation particularly as a pioneer in providing seamless, secure, and integrated digital platforms By working closely with regulators on enhancing security requirements HBL continues to maintain its leadership po-

sition in banking, guiding customers towards a digital-first approach Commenting on the achievements Muhammad Aurangzeb, President & CEO – HBL, said “HBL is honored to be recognized as ‘Best Bank for Digital Solutions Pakistan and Best Domestic Bank Pakistan The Bank continues to provide innovative products and solutions to its customers whose banking needs are moving beyond traditional channels Digital is and will be at the heart of how HBL strives to serve its customers even better These wins are a tribute to our millions of customers’ continued trust and confidence in HBL ”

and principles of the Charter of the United Nations and is conducive to the achievement of the 2030 Sustainable Development Goals of the United Nations Pakistan is one of the countries that took the lead in cooperating with China on the implementation of global development initiatives, focusing on cooperation in the fields of economic and social development poverty alleviation health education infrastructure agriculture sports culture and human resources development We believe that this will further strengthen the all-weather strategic partnership between Pakistan and China ” he added Pakistan welcomes the Global Security Initiative Concept Document released by China supports the settlement of all outstanding disputes through dialogue, and is willing to resolve all outstanding disputes that hinder the development and progress of South Asia through dialogue he added He said that many countries including Pakistan have experienced devastating floods earthquakes and other disasters this year The solidarity of the international community to provide help to the people of these countries is strong proof that human solidarity and cooperation can transcend narrow geopolitics

Zong 4G, Sehat Kahani join forces to empower Pakistanis through digital health

ISLAMABAD s ta f f r e p o r t e r Z o n g 4 G h a s a n n o u n c e a n e w c h a p t e r i n i t s p a r t n e rs h i p w i t h S e h a t K a h a n i a p i o n e e r i n g t e l e m e d i c i n e p l a t f o r m T h e n e w c o l l a b o r a t i o n w a s l a u n c h e d d u ri n g a c o n t r a c t s i g n i n g c e r e m o n y o n t h e 7 t h o f J u n e i n I s l a m a b a d T h e c o n t r a c t s i g n i n g b e t w e e n Z o n g 4 G a n d S e h a t K a h a n i m a r k s a n i m p o r t a n t m i l e s t o n e i n t h e i r p a r t n e r s h i p T h e c e r e m o n y w a s g r a c e d b y t h e p r e s e n c e o f D r S a r a S a e e d K h u r r a m , C E O o f S e h a t K a h a n i a n d r e p r e s e n t a t i v e s f r o m Z o n g 4 G T h r o u g h t h i s c o l l a b o r a t i o n Z o n g 4 G a n d S e h a t K ah a n i a i m t o e x t e n d t h e r e a c h o f t e l e m e d i c i n e s e r vi c e s a c r o s s P a k i s t a n Te l e m e d i c i n e h a s e m e rg e d a s a g a m e - c h a n g e r i n h e a l t h c a r e , a l l o w i n g p a t i e n t s t o c o n s u l t h e a l t h c a r e p r o f e s s i o n a l s r e m o t e l y, t h e r e b y r e d u c i n g t h e b a r r i e r s o f d i s t a n c e a n d t i m e B y h a rn e s s i n g Z o n g 4 G ' s r o b u s t n e t w o r k i n f r a s t r u c t u r e a n d S e h a t K a h a n i ' s i n n o v a t i v e t e l e m e d i c i n e p l a tf o r m i n d i v i d u a l s i n e v e n t h e m o s t r e m o t e r e g i o n s w i l l h a v e a c c e s s t o q u a l i t y h e a l t h c a r e T h i s y e a r S e h a t K a h a n i a n d Z o n g 4 G p l a n t o i n c r e a s e a w a r en e s s o n a d i v e r s e s e l e c t i o n o f t o p i c s i n t h e a r e a o f h e a l t h a n d m e n t a l w e l l - b e i n g T h e i r f o c u s w i l l b e o n O n c o l o g y, w a t e r & a i r b o r n e d i s e a s e s , m e n t a l w e l lb e i n g a n d l a s t l y m o t h e r a n d c h i l d h e a l t h D r S a r a S a e e d K h u r r a m e x p r e s s e d h e r e n t h u s i a s m b y s p e a ki n g a b o u t t h e p a r t n e r s h i p s a y i n g We a r e t h r i l l e d t o p a r t n e r w i t h Z o n g 4 G t o f u r t h e r s t r e n g t h e n o u r m i s s i o n o f p r o v i d i n g a c c e s s i b l e h e a l t h c a r e t o a l l P a k i s t a n i s T h i s c o l l a b o r a t i o n w i l l e n a b l e u s t o e xp a n d o u r t e l e m e d i c i n e s e r v i c e s a n d s i g n i f i c a n t l y i mp a c t t h e l i v e s o f m i l l i o n s "

LIPTON Teas & Infusions cultivating innovation for Pakistan's tea culture

KARACHI s ta f f r e p o r t

Innovation holds the key to unlocking the full potential of Pakistan's tea-drinking nation With its rich tradition of tea consumption and diverse tastes Pakistan presents a unique opportunity for LIPTON s R&D Tea Lab to revolutionize the tea industry

By bridging the gap between traditional and contemporary mindsets, the lab s innovative approach creates better blends appealing to Pakistan's tea-loving population Moreover the lab's exploration of new flavors has resulted in remarkable green tea blends that

cater to evolving preferences preserving the essence of Pakistani tea culture P a k i s t a n h a s l o n g e m b r a c e d t e a a s a n i n t e g r a l p a r t o f i t s c u l t u r a l f a b r i c , w i t h t e a c o n s u m p t i o n d e e p l y r o o t e d i n t r a d i t i o n s l i k e c h a i g a t h e r i n g s a n d t h e i c o n i c d h a b a c u l t u r e L I P TO N ' s R & D Te a L a b respects these traditional preferences while infusing creativity and innovation into the art of tea blending T h e l a b a i m s t o c r e a t e b l e n d s t h a t c a p t u r e t h e e s s e n c e o f P a k i s t a n s t e a c u l t u r e w h i l e o ff e r i n g e nh a n c e d t a s t e e x p e r i e n c e s

Starting a tea business requires consideration of several important factors Entrepreneur com highlights un-

derstanding the target market conducting thorough market research developing a unique selling proposition identifying the right suppliers and creating a solid marketing strategy L I P TO N ' s R & D Te a L a b d e m o n s t r a t e s a c o mm i t m e n t t o m e e t t h e s e r e q u i r e m e n t s , p o s i t i o n i n g i ts e l f a h e a d i n P a k i s t a n s t e a i n d u s t r y Te a e x p e r t s worldwide highlight key industry issues such as sust a i n a b i l i t y q u a l i t y c o n t r o l a n d t h e n e e d f o r i n n o v at i o n L I P TO N s R & D Te a L a b a d d r e s s e s t h e s e c o n c e r n s b y f o c u s i n g o n s u s t a i n a b l e t e a c u l t i v a t i o n , e n s u r i n g q u a l i t y c o n t r o l , a n d d r i v i n g i n n o v a t i o n i n t e a b l e n d i n g

Int ’l G andhara Symposium to promote inter faith harmony, religious tourism: Kumar

ISLAMABAD

Head of the Prime Minister s

replied Pakistan for religious tourism is of vital importance and the present government was paying attention to promoting religious tourism in the country and effective steps are being taken in this regard

He said the government is determined to promote tourism especially historical sites scenic beauty of the country, and religious tourism

To another question, he said it s being late to work on Pakistan’s geography and the Buddhist community, adding it will create job opportunities for the local people and bring foreign exchange to the country struggling with severe economic crunch

He said the exchange of cultural and religious practices among countries now will be expected to foster interfaith understanding and strengthen bonds between nations

W H Y A N D H O W I S H B F C B E I N G P R I V AT I S E D ?

ISLAMABAD S h a h z a d pa R ac h a

AFTER no other bids were received, the Cabinet Committee on Privatization (CCoP) has finally instructed the Privatization Commission to proceed with a singlesource/negotiated transaction for the privatisation of House Building Finance Company Ltd (HBFC) The sole pre-qualified investor, stands to be Pakistan Mortgage Refinance Company Ltd (PMRCL)

What is HBFC Ltd?

HBFC is a housing finance institution which was established in 1952 by the Government of Pakistan

It was corporatized in 2007 and is now an unlisted public limited company State Bank of Pakistan (SBP) and Ministry of Finance, jointly hold the capital of HBFC with 90 31% and 9 69% shareholding respectively

It provides financing facilities for the construction and purchase of houses to middle and lower income groups It has 51 Branches 7 Area offices 3 Regional offices

and Head Office which is based in Karachi

Background: According to the Finance Division Finance Minister Ishaq Dar chaired the CCoP meeting In the meeting officials from the Privatization Commission informed the ECC that the federal cabinet had approved the privatisation of HBFC on October 31, 2018 Subsequently, the Financial Advisory Consortium, comprising MCB Bank, Elixir

Securities and EY Ford Rhodes was appointed in January 2020

Ever since then the Privatization Commission has till date granted eight extensions for the Expression of Interest and Statement of Qualification to attract investor interest

However, no response has been received from the market by the due dates

During the last extended period four investors including Pakistan Mortgage Refinance Company Pakistan Housing Finance Company Ltd, ICD Islamic Development Bank, and IFIC Bangladesh, expressed their interest and submitted their qualifications

However, two international investors, ICD Islamic Development Bank and IFIC Bangladesh withdrew their interest in

HBFC bidding in September and October

2022

The remaining two investors, PMRC and Pakistan Housing Finance Company Ltd remained committed Subsequently the Privatisation Commission board approved PMRC and PHFCL as pre-qualified bidders on March 21, 2023

As fate had it, the State Bank of Pakistan (SBP) informed the Privatization Commission during the fit and proper test, about the non-compliance status of PHFCL thus not recommending it to proceed further with the bidding process Sources close to the development of the bidding process, mentioned that the chairman of the Transaction Committee briefed the PC board on June 15, 2023, regarding the FCA’s opinion on single-source bidding of HBFC by PMRC

After detailed discussions amongst themselves the PC board recommended to CCoP to consider a single-source/negotiated transaction for the privatisation of HBFC with the sole pre-qualified investor, PMRC Ltd

What is Single Source Bidding?

Single-source/negotiated bidding refers to a procurement process where a buyer engages

A m i d w i d e n i n g r i f t , J U I - F c h i e f c a l l s o n P M t o d i s c u s s ‘ p o l i t i c a l s i t u a t i o n ’

ISLAMABAD S ta f f R e p o R t

Ameer of Jammiat-e-Ulema Islam (JUI-

F) Maulana Fazlur Rehman on Monday called on Prime Minister Muhammad Shehbaz Sharif to hold consultations over the current political situation of the country According to a statement issued by the PM Office both the leaders of the ruling coalition discussed the current political situation in the country Fazl s son Minister for Communications Asad Mahmood, was also present at the meeting The meeting took place against the backdrop of apparent rifts within the ruling coalition as well as the PDM with Fazl expressing dismay a day ago over another meeting between the leaderships of the PPP and PML-N in Dubai last month Reports at the time of the PPP-PML-N meeting said the leaderships of the two allies had met to consult

EU proposes four-year extension of GSP+ status for Pakistan

ISLAMABAD

S ta f f R e p o R t

The European Union (EU) has suggested prolonging Pakistan s Generalized Scheme of Preferences Plus (GSP+) status for an additional four years according to the EU s Ambassador to Pakistan, Riina Kionka In a video message shared on Twitter, the EU’s representative stated that the proposed extension would maintain the existing trade benefits for Pakistan However, Pakistan would still be required to comply with the 27 international human rights labor rights environment and governance conventions outlined by the EU for the GSP+ status Kionka mentioned that the EU would continue to monitor Pakistan’s progress and regressions in meeting these obligations and would provide regular reports to the European Parliament and member states She highlighted that the proposed extension applies to all eight GSP+ countries not solely Pakistan The primary objective is to avoid a sudden cessation of trade benefits at the end of the current year Such an abrupt halt would negatively affect Pakistani exporters factory workers their families and European enterprises reliant on Pakistani suppliers Kionka reassured that the upcoming report on the GSP+ monitoring mission would be published soon emphasizing that she did not want to speculate about its findings

on and decide the timing of the next general elections in the country and their share” in the future set-up Speaking to reporters on Sunday Fazl said questions were being raised within the PDM which includes the PML-N but not the PPP regarding the scheduled meeting between the two major government allies He further questioned why the PDM was not taken into confidence regarding the huddle with the PPP

In today’s meeting with Fazl the PMO said the premier appreciated the role of the coalition partners in the government and said that without their cooperation, steering the country out of the economic crisis and reaching an agreement with the International Monetary Fund was not possible

He also praised the JUI-F chief for standing with the government in taking difficult decisions the PMO added

For his part Fazl lauded the efforts

of the coalition government under the leadership of the prime minister to steer the country out of the economic difficulties and put it on the path of prosperity” the statement added

He also appreciated the firm reaction and steps of the government and prime minister with regard to the highly condemnable act of desecration of the Holy Quran in Sweden, the statement said, adding that the JUI-F chief said the incident was “highly regrettable” Maulana Fazlur Rehman termed the incident in Sweden as highly regretful and lauded the prime minister and the government of Pakistan for a narrative in this regard PM dares Imran Niazi to face courts for his crimes, corruption Prime Minister Shehbaz Sharif Monday dared Imran Niazi to face courts for his crimes and cases of corruption and plunder and severely criticized him for carrying out revenge against Nawaz

in negotiations and enters into a contract with a single pre-selected supplier or investor rather than conducting a competitive bidding process involving multiple potential suppliers or investors In this approach the buyer identifies a specific supplier or investor that meets certain criteria or qualifications and directly engages in negotiations to reach an agreement While single-source/negotiated bidding may offer certain advantages such as efficiency swiftness and flexibility it can also raise concerns related to transparency fairness and competition That is one of the reasons why the deadline for more bids was increased 8 times It is still, however, important to ensure that appropriate measures are in place to mitigate any potential risks and to ensure that the process remains accountable and in line with applicable regulations and guidelines

What Will the CCoP do?

Following extensive deliberations, CCoP authorised the Privatization Commission to proceed with a single-source/negotiated transaction for the privatisation of HBFC with the sole pre-qualified investor PMRC

Sharif his party and for fabricating false cases against political opponents

In a tweet tagging the account of Imran Niazi, Shehbaz Sharif thanked Allah for making his party including his Quaid Muhammad Nawaz Sharif victorious against lies of opponent political group blinded by political revenge against baseless cases and in every test of public service

Not only in Pakistan but in the decisions of National Crime Agency and courts of Britain there was satisfactory and sufficient response to every question of merchants of lies he added The PM said the latest example was the verdict in the plot allotment reference in the Accountability Court Lahore in which it was clearly stated that Nawaz Sharif was made target of political victimization and there was no case but it was a fabrication

The transgressors who called this falsehood a reference should seek forgiveness from Allah and the people he said adding But only those seek forgiveness who have fear of Allah in their hearts and have the capacity to ask for clemency

Those who justify their sins with more lies become an example for others Their hearts are locked by Allah ”

Parachinar elders decry institutions’ inaction to prevent cross-border terrorism

ISLAMABAD

G h u l a m a b b a S

The residents and elders of Parachinar have expressed their disappointment with state institutions over their failure to prevent cross-border movement of terrorists from Afghanistan According to them the terrorists not only are damaging the border fence to enter Pakistan but have also been attacking the civilian population in Kurram district Addressing a press conference here at National Press Club on Monday, Allama Amin Shaheedi, who accompanied the tribal elders and residents of Parachinar, spoke out against the resurgence of terrorism in Kurram area He stated that the situation is a result of the culprits not being punished in the past indicating that the intentions were not fair Allama Shaheedi criticized the authorities for not listening to the tribal elders from both Shia and Sunni communities in the Kurram district

“We can only request and we are making the request to the relevant authority who can protect the citizens – prevent the terrorists from damaging the border fence stop illegal

entry into Pakistan from Afghanistan and bring the terrorists to task Allama Shaheedi said When asked who he was referring to he mentioned Shahbaz Sharif and the police chief as examples, directing his request towards them He emphasized the need for the state to establish its authority to prevent the country from descending into a chaotic situation similar to that witnessed in 2014 Allama Shaheedi stressed that the authorities should listen to political and community leaders from Kurram district belonging to all tribes and sects in order to effectively combat the miscreants He expressed concerns about the state s ability to maintain law and order if such actions were not taken

Meanwhile, Shabbir Sajid, a local leader from Parachinar, highlighted the suffering of the people in the region since the mid-1980s He explained that during that time the handlers of the Afghan jihad aimed to create a free zone for fighters to be launched into Afghanistan Mr Sajid claimed that even after so many years the government personnel stationed there were involved in corruption taking money from smugglers and criminals who sought to establish a free zone for their activities

C o u r t s ex te n d i n te r i m s b a i l o f I m r a n K h a n

heard the cases and extended the bail of Imran Khan in three cases

Ltd

The CCoP after thorough discussion permitted the Privatization Commission to proceed towards the successful conclusion of the transaction with the completion of the transfer/mutation process in the name of the purchaser Privatisation of Other Companies

Apart from this the Privatization Commission presented a summary on the budget estimates of the Privatization Commission for Fiscal Year 2023-24 amounting to Rs 1248 8 million

The CCoP approved the summary after careful deliberation

The Privatization Commission also provided updates on the privatisation of Pakistan Engineering Company (PECO) and the privatisation of Sindh Engineering Limited (SEL) briefing the meeting on their status After discussion the CCoP deferred both summaries and directed the Secretary of the Privatization Commission, Secretary of Law & Justice, and Secretary of Industries & Production to hold mutual consultations and propose a future course of action for both cases

The Privatization Commission also updated the CCoP on the progress of the privatisation process of Roosevelt Hotel, held by Pakistan International Airlines

Following discussion, the CCoP deferred the summary and requested an update on the privatisation of Roosevelt Hotel after consultation with the Aviation Ministry

Former UK-Pakistani repor ter suing CNN for ‘unfair dismissal, racial discrimination’

ISLAMABAD m o n i to R i n G R e p o R t

Saima Mohsin, a former CNN reporter, has taken legal action against the news-TV station, claiming unfair dismissal and racial discrimination following a severe injury she sustained while on assignment in Israel Mohsin a British-Pakistani journalist was left disabled after an accident occurred during her coverage of the Palestine dispute in Jerusalem Her cameraman accidentally ran over her foot with a car, resulting in significant tissue damage that has impaired her ability to sit, stand, walk, and work full-time In the aftermath of the incident, which took place in 2014 the correspondent asserts that she requested alternative duties and rehabilitation support from CNN However her requests were allegedly denied by the network Mohsin further alleges that she proposed a transition to a presenting role to reduce her travel time, but CNN responded by stating that she did not fit the desired “look ” Three years later the channel terminated her contract Mohsin determined to address the lack of support she received following her life-changing injury has decided to bring her case before an employment tribunal scheduled to take place in London on Monday She expressed her disappointment, saying: I worked hard to become an international correspondent and loved my job with CNN I risked my life many times on assignment for CNN believing they would have my back They did not ” In addition to unfair dismissal Mohsin s legal claim includes allegations of race and disability discrimination, as well as a complaint about gender-based pay disparities at CNN She contends that the network denied her high-profile on-air opportunities, favouring white American correspondents even when she was fully prepared to report live from the field

Pakistani trio beats South Korea to clinch Gamers8 Tekken 7 Nations Cup

RIYADH, SAUDI ARABIA m

Former prime minister and Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan’s bail in several cases related to May 9 incident and other events was extended Monday till July 19 next

The District and Sessions Court in Islamabad granted bail to the PTI chairman in two cases related to the May 9 incident Additional District and Sessions Judge Farrukh Fareed Baloch

The court then adjourned the hearing at the request of the PTI chairman s lawyers Also, Additional District and Sessions Judge Tahir Abbas Sipra extended the bail of Imran Khan in six cases related to the May 9 incident and other events till July 19 next

The court also extended the bail of former first lady Bushra Bibi in the forgery case till July 19 The PTI chairman s lawyer Salman Safdar appeared

before the court Similarly the Anti-Terrorism Court (ATC) Islamabad extended the bail of Imran Khan in three cases till July 19

The PTI chairman appeared before the court for hearing of the cases Two cases were registered against him at Khanna police station and one at Bhara Kahu police station Lawyer Salman Safdar told the court that cases against the PTI chairman had been registered on the charge of setting tyres on fire

A Pakistani videogaming trio on Sunday won the Gamers8 Tekken 7 Nations Cup in Saudi Arabia with a 3-2 win over South Korea The tournament was organised by the Saudi Esports Federation in Riyadh from July 6-9 with a total prize pool of $1 million, while 16 national teams participated from all over the world The trio reached the final after beating United Kingdom 2-1 in the semi-final and South Korea 3-0 in the upper-bracket final Pakistan is the best Tekken [playing] region in the world, Siddique tweeted after the win Meanwhile, Butt said he was grateful for his time in the tournament and lauded his teammates In April Siddique won the Tekken 7 competition at EVO Japan 2023 In 2019 he won the Tekken 7 tournament in Japan as well as the Evolution Championship Series in the United States In August last year, he had finished third in the EVO 2022 Tekken 7 competition while Khan had secured second place in the competition Meanwhile, Butt had emerged as the new “King of the Iron Fist” in February after winning the Tekken World Tour 2022 videogame tournament in Amsterdam Netherlands

Countries repatriating gold in wake of sanc tions against Russia, study finds

R e u t e R S

An increasing number of countries are repatriating gold reserves as protection against the sort of sanctions imposed by the West on Russia, according to an Invesco survey of central bank and sovereign wealth funds published on Monday

The financial market rout last year caused widespread losses for sovereign money managers who are fundamentally rethinking their strategies on the belief that higher inflation and geopolitical tensions are here to stay

Over 85% of the 85 sovereign wealth funds and 57 central banks that took part in the annual Invesco Global Sovereign Asset Management Study believe that inflation will now be higher in the coming decade than in the last

Gold and emerging market bonds are seen as good bets in that environ-

ment, but last year s freezing of almost half of Russia’s $640 billion of gold and forex reserves by the West in response to the invasion of Ukraine also appears to have triggered a shift The survey showed a substantial share of central banks were concerned by the precedent that had been set Almost 60% of respondents said it had made gold more attractive, while 68% were keeping reserves at home compared to 50% in 2020

One central bank quoted anonymously said: We did have it (gold) held in London but now we ve transferred it back to own country to hold as a safe haven asset and to keep it safe ”

Rod Ringrow Invesco’s head of official institutions who oversaw the report said that is a broadly-held view

If it s my gold then I want it in my country (has) been the mantra we have seen in the last year or so, he said

Central banks look to repatriate gold in wake of sanctions

Central banks look to repatriate gold in wake of sanctions

DIVERSIFY

Geopolitical concerns combined with opportunities in emerging markets, are also encouraging some central banks to diversify away from the dollar

A growing 7% believe rising U S debt is also a negative for the greenback although most still see no alternative to it as the world s reserve currency Those that see China s yuan as a potential contender fell to 18%, from 29% last year

Nearly 80% of the 142 institutions surveyed see geopolitical tensions as the biggest risk over the next decade while 83% cited inflation as a concern over the next 12 months Infrastructure is now seen as the most attractive asset class particularly those projects involving renewable energy generation Concerns over China mean India

remains one of the most attractive countries for investment for a second year running while the “near-shoring” trend where companies build factories closer to where they sell their products is boosting the likes of Mexico Indonesia and Brazil

As well as China, Britain and Italy are seen as less attractive, while rising interest rates coupled with work-fromhome and online shopping habits which became embedded during the COVID19 outbreak meant property is now the least attractive private asset Ringrow said the wealth funds that performed better last year were those that recognised the risks posed by inflated asset prices and were willing to make substantial portfolio changes It would be the same going forward The funds and the central banks are now trying to get to grips with higher inflation, he said It s a big sea change