Epaper_23-07-19 LHR

Profit

SUPREME COURT DECLINES TO EXPAND BENCH IN ARMY TRIALS CASE

ISLAMABAD

S TA F F R E P O R T

TH E chief justice of Pakistan turned down the government s request to form a full court to hear the multiple petitions challenging the trial of civilians in custody over a series of nationwide protests against the unlawful arrest of former prime minister Imran Khan in military courts

Umar Ata Bandial deemed the demand impossible during a hearing of the petitions in the Supreme Court The six-judge bench consisting of Justice Ijaz ul-Ahsan Justice Yahya Afridi Justice Munib Akhtar Justice Mazahir Ali Akbar Naqvi Justice Ayesha A Malik and the chief justice, presided over the case

In response to the government s request conveyed through Attorney General for Pakistan (AGP) Mansoor Usman Awan the chief justice clarified the bench was initially formed after consultation with all available judges

Establishing a full court at the present moment was deemed technically unfeasible The judge explained that three judges had recused themselves from hearing the case while some judges were currently out of the country

Additionally, two judges, Qazi Faez Isa and Sardar Tariq Masood had excused themselves from the case on the first day of the hearing

The chief justice expressed surprise when the government objected to a judge during the second hearing He noted that Justice Mansoor had also excused himself from hearing the case resulting in the reduction of the bench from nine to six judges

He emphasized that no judge had any personal interest in the case as it pertained to a matter of public interest

FBR adds another categor y for vehicles impor ted by diplomats

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The Federal Board of Revenue (FBR) has instituted a modification to the regulations governing the sale of automobiles imported by diplomats into Pakistan on July 17 A new classification of vehicle imports designated as the special category has been introduced, and automobiles within this classification will be liable for 100% of the prevailing duties and taxes if sold within a two-year period following importation However if sold subsequent to this two-year period no duties or taxes will be levied

This alteration has been enacted through Statutory Regulatory Orders (SRO) 923(I)/2023 and will coexist alongside the previous three classifications Categories of vehicular imports by diplomats

The original three categories of vehicular imports by diplomats are delineated in SRO 577(I)/2006 The appraised value of the automobiles imported under these classifications is ascertained utilising the prevailing exchange rate

Gov t agrees to IMF proposal to raise revenue from agriculture, construction sectors

The decision as to which classification a diplomat falls under is made by the Ministry of Foreign Affairs, based on arrangements made for Pakistan’s diplomats in other nations any reciprocity agreements that may be extant and conventional diplomatic relations between Pakistan and the respective country Profit was unable to obtain a list of which nation s diplomats fall under which classification However, we were informed by the Ministry that the requisite embassies are cognisant of which classification their diplomats fall under and that this information is deemed satisfactory

MILITARY TRIALS: The development comes a day after the outgoing government of Prime Minister Shehbaz Sharif justified trials by the military in cases related to protests as per the media Calling the military trial an apt and proportionate response, the government told the top court that the Army Act and the Official Secrets Act “not only predate the Constitution but were never till date challenged Pakistan s current constitution was imposed in 1973 The government said this in a written

response after petitions against military trials of accused civilians were filed by former chief justice Jawwad S Khawaja Aitzaz Ahsan Karamat Ali and Khan the chairman of Pakistan Tehreek-i-Insaf (PTI) Sharif announced last week that he will hand over reigns to a caretaker setup next month as general elections in Pakistan are due in October Military trials are being held after an inquiry into the May 9 protests The government told the court: The events of May 9 were neither localised nor isolated and indicated a premeditated and intentional attempt to undermine the country s armed forces and inhibit the country’s internal security ” The director general of Inter-Services Public Relations (ISPR) Maj Gen Ahmad Sharif revealed last month that 102 protesters allegedly involved in the attacks were being tried in military courts, already established under the Army Act Besides the sackings, Sharif added that “strict disciplinary” action was taken against another 15 officers including three major generals and seven brigadier-rank officers At least eight people were killed and over 300 others, including policemen, wounded in the protests, and thousands of activists and supporters of Khan were detained over their alleged involvement

NAB closes inquir y into Por t Qasim, Sahiwal coal power projects

g DECISION TO DISAPPOINT MANY EXPECTING THOROUGH PROBE INTO ALLEGED FINANCIAL IRREGULARITIES

The decision to drop the inquiry against these coal power projects which allegedly caused an annual loss of approximately Rs 175 billion to the national exchequer, has raised eyebrows among citizens and experts alike According to sources the closure of the inquiry which was approved by NAB Chairman has left many questioning the accountability process These power plants were alleged to be causing an annual loss of approximately Rs 175 billion to the national exchequer Both projects were accused of over-invoicing and receiving additional tariffs from the National Electric Power Regulatory Authority (NEPRA) The inquiry revealed that NEPRA had granted additional tariff rates to these projects resulting in significant financial losses for the national exchequer Despite allegations of causing a loss of Rs 60 billion and Rs 150 billion annually for the Port Qasim and Sahiwal projects, respectively NAB has chosen to close the inquiry

As per sources NAB in a letter dated 14th July 2023 communicated to the Secretary Power Division that it (NAB) has closed the inquiry against officers/officials of NEPRA, M/O W&P, PPIB and sponsors of Port Qasim Coal Power and Sahiwal Coal Power Projects and others NAB, in its letter, said it had conducted an inquiry against officers/officials of NEPRA M/S W&P PPIB and sponsors of Port Qasim Coal Power and Sahiwal Coal Power Projects and others under provisions of National Accountability Ordinance (NAO), 1999 on allegations of misuse of authority, illegal gratification, and failure to prevent undue favor and dishonestly causing loss to the government exchequer However based on the finding of Final Inquiry Report the recommendations of Regional NAB and Executive Board the worthy Chairman NAB has approved the closure/referral of the inquiry T h e c l o s u r e o f t h e i n q u i r y h a s d i s a p p o i n t e d m a n y w h o e x p e c t e d a t h o r o u g h i n v e s t i g a t i o n i n t o t h e a l l e g e d f i n a n c i a l i r r e g u l a r i t i e s s u r -

r o u n d i n g t h e s e c o a l p o w e r p r o j e c t s T h e m o v e h a s f u r t h e r e r o d e d p u b l i c t r u s t i n t h e a c c o u n t ab i l i t y p r o c e s s a n d h e i g h t e n e d c a l l s f o r g r e a t e r t r a n s p a r e n c y a n d o v e r s i g h t

It is worth noting that neighboring countries like India and Bangladesh have managed to sec u r e m o r e c o s t - e ff e c t i v e t a r i ff s f o r t h e i r c o a lfired power projects highlighting the need for a critical examination of the tariff structure in Paki s t a n T h e h i g h u p f r o n t t a r i ff s a n d a s s o c i a t e d costs have not only burdened consumers but have also hindered the competitiveness of Pakistani industries, posing challenges to economic growth and export performance

The dropped inquiry highlights the urgency to address the transparency and accountability issues prevalent in the power sector Without effective checks and balances, the financial burden on the national exchequer may persist, impeding the country’s progress towards a more sustainable and affordable energy landscape

As the closure of the inquiry continues to spark controversy and raise concerns it is essential for relevant authorities to address public sentiment provide clear explanations for the decision, and take steps to restore trust in the accountability process Furthermore, efforts should be made to ensure transparency and fairness in future power projects to safeguard the interests of the Pakistani public and promote a more robust and accountable power sector

The Federal government has agreed with the International Monetary Fund (IMF) that it will raise additional revenue by targeting undertaxed sectors such as agriculture and construction

According to Memorandum of Economic and Financial Policies (MEFP) issued by IMF

Parliamentary approval of a FY24 budget in line with IMF staff agreement to meet program targets (Prior Action (PA) for program approval) advances fiscal consolidation through a primary surplus of Rs 401 billion (0 4 percent of GDP) built on a set of credible measures that help sustainably raise additional revenue by targeting undertaxed sectors (such as agriculture and construction) broaden the tax base and improve progressivity; and (ii) restrain nonpriority spending (including through energy sector measures aimed at credibly containing energy sector subsidies the public wage bill and pensions) while making fiscal room to protect the generosity level of the Benazir Income Support Programme (BISP) Kafalat program

In addition, the Pakistani side has also agreed to expand the Personal Income Tax base by another 300,000 persons through the use of data on the withholding tax of businesses third-party data and physical surveys to book new individuals

They will also seek to bring the service sector notably retailers into the tax net by making better use of data (e g , from tax collected through electricity bills on commercial connections) Continued progress on the roll-out of track-and-trace will be essential to secure the full benefit of recent taxation changes notably FED on cigarettes

The report also disclosed that the circular debt stock to a new historical high of PRs 2 5 trillion (3 percent of GDP), mainly on account of CD flow overruns of Rs 387 billion (0 5 percent of GDP) relative to the Circular Debt Management Plan (CDMP) from early-FY23

Key drivers were policy slippages (mostly from new unbudgeted untargeted energy subsidies for exporters and agriculture and some deferred tariff adjustments for certain residential consumers) and slow progress with structural cost-side reforms

Amid mounting liquidity pressures for fuel inputs, debt payments, and capacity charges to independent power producers (IPPs), Pakistan took a set of corrective socially-balanced measures from March 2023 to contain both the FY23 budget subsidy (to 1 1 percent of GDP) and CD flow (to 0 4 percent of GDP) Also enshrined in their cabinet-adopted FY23 CDMP update in February 2023, these measures (worth 0 2 percent of GDP in FY23 alone) not only helped catch up with the deferred tariff adjustments, but also permanently (i) expand the base and level of the debt service surcharge; and (ii) remove all new unbudgetted subsidies

It also revealed that the CD stock in the gas sector (also including petroleum and late payment fees) has also grown rapidly and is now almost on par with that in the power sector The main drivers remain below costrecovery prices from delays in regular biannual tariff adjustments (since September 2020) high operational losses (especially from unaccounted for gas losses (UFG) and collection shortfalls) and uncovered subsidies (especially for export and zero-rated industries)

To avoid burdening the budget with additional subsidies, the authorities implemented a gas price hike in mid-February 2023 (i) of on average 75 percent as determined by the Oil and Gas Regulatory Authority (OGRA) in January 2023; and (ii) along an updated tariff slab system which developed with the support of the World Bank, ensures full cost recovery, affordability, and efficiency

The MEFP states that there are 10 (fiscal, social, Monetary and Financial Energy Sector and StateOwned Enterprises Climate Economic Statistics) structural benchmarks including not to grant further tax amnesties avoid the practice of issuing new preferential tax treatments or exemptions and Issuance by the Central Monitoring Unit (CMU) of its first periodic report on the performance of SOEs, using latest available data to the Federal Government In addition the government has promised the lender that it will notify the annual rebasing (AR) for FY24 to take effect on July 1 2023 by the end of July 2023

Moreover, Improve state-owned enterprise (SOE) governance by operationalizing the recently approved SOE law into a policy that clarifies ownership arrangements and the division of roles within the federal governments; and (ii) amending the Acts of four selected SOEs to make the new SOE law fully applicable to those SOEs by end November 2023 Pakistani authorities have committed that it will not allow supplementary grants for any additional unbudgetted spending over the parliamentary approved level in FY24 at least until the formation of a new government after the elections (except if needed to respond to a severe natural disaster)

What does IMF countr y repor t say, and what does it mean?

PR OFIT REPORT

After the board approval for the $3 billion Standby Arrangement between Pakistan and the International Monetary Fund (IMF), the fund has published its country report for Pakistan detailing the program’s woes, expectations and projections for the SBA

(3) an appropriately tight monetary policy aimed at disinflation; and (4) further progress on structural reforms particularly with regard to energy sector viability SOE governance and climate resilience To look deeper into what the next year is going to be like for an average Pakistani, under the IMFprogram, we delve into the details of the report itself Program Objectives and Policy: The new program’s policies are designed to assist the authorities in their immediate endeavors to stabilize the economy and strengthen reserves This is what the discussions with the fund were focused on According to the report the IMF’s talks centered around 4 main policy pillars

(i) Developing a suitable FY24 budget to facilitate necessary fiscal adjustments;

(ii) Reestablishing a market-driven exchange rate and ensuring the smooth functioning of the foreign exchange market to address balance of payments issues and eliminate foreign exchange shortages;

(iii) Implementing appropriately stringent monetary policies to aid disinflation and maintain stable expectations;

(iv) Continuing structural initiatives to enhance the energy sector s sustainability improve governance in state-owned enterprises, and strengthen the banking sector, while also supporting climate resilience efforts in Pakistan Looking at the Macroeconomic Out-

look and Risks, the report assumes that strong policy implementation and timely external financing would reduce near-term uncertainty and help the real economy to gradually stabilize and recover The report predicts that the GDP growth will remain around 2 5% and inflation close to 20%, by the end of FY24 The fund is also cognizant of Pakistan specific risks in this regard The report reads: “Amplified by the tense political environment policy slippages could undermine program implementation in turn jeopardizing macro-financial and external stability and already stretched debt sustainability Another key objective of the IMF program is renewed Fiscal Policies The fund

believes that The FY24 budget aims to set in a gradual fiscal improvement It strengthens the tax revenue by rationalizing new taxation and containing the expenditures The program s broad based reforms include strengthening revenue administration and enhancing public finance management It also includes amplifying Pakistan s spending transparency with the help of the world bank and improving debt management in the longer run The fund is however still adamant on Poverty Reduction and Social Protection for which it plans to persevere with administrative efforts and boast structural reforms because of the tight fiscal space

VEHICLES SOLD WITHIN TWO YEARS OF IMPORT WILL BE LEVIED 100% OF PREVAILING DUTIES, AND TAXES

R E P O R T L I K E LY B Y T H U R S D AY : PA R L I A M E N TA R Y B O D Y

D E V E LO P S C O N S E N S U S O N E L E C T O R A L R E F O R M S : TA R A R

ISLAMABAD

S ta f f R e p o R t

FEDERAL Minister for Law and Justice Senator Azam Nazeer Tarar said on Tuesday that the Parliamentary Committee on Electoral Reforms has developed a consensus to settle down ‘things’, saying the committee will finalize its report July 20

“Overseas Pakistanis would not be able to cast vote through internet voting in the upcoming general elections Law Minister Azam Nazeer Tarar revealed while talking to the media after the fifth in-camera meeting of the Parliamentary Committee on Electoral Reforms here on Tuesday

Earlier on Monday during meeting of the committee new suggestions put forward by some political parties had led to delay in final recommendations by the committee

The law minister however claimed that no new amendments have been proposed,

elaborating the amendments were related to the routine functioning of the election process and it has been tried to make the election system more transparent

The committee, tasked with proposing crucial amendments to the Elections Act of 2017 has held series of in-camera meetings to finalize recommendations for electoral reforms to ensure free fair and transparent elections, along with draft legislation, if required for this purpose

Talking to media, the law minister said that the nomination forms were streamlined a bit further in Tuesday’s meeting and the final report of the committee carrying changes in the Election Act of 2017 was expected to come out by Thursday

Without giving specifics, Tarar revealed that the Grand Democratic Alliance’s (GDA)

Fehmida Mirza gave some suggestions to the committee regarding election process saying she would give a few more suggestions in writing as well

Everything else has been settled down; the report will be finalised by Thursday and as soon as the report is finalised, it would be shared with you,” Tarar responded to a question To another question as to what measures have been taken to reduce the allegations of rigging following polls Tarar said that the rigging allegations could be reduced by not only making the system more effective but ensuring its implementation I always say that the benefits of a good piece of legislation can only be taken if the behavior is good towards it and if we collectively ensure implementation showing complete faith in them Tarar said Urging to pray that things are ultimately put into practice, Tarar said that all the political parties have been taking steps with consensus, the Election Commission of Pakistan is on board and the Commission has been empowered as per the mandate given in the Constitution It has been a worthy effort; it has been done without

getting influenced by the political affiliation, Tarar said, hoping the people would feel the difference

To a question if overseas Pakistanis would be able to cast vote in the upcoming general elections Tarar replied that the overseas Pakistanis can cast vote but that would not be possible through internet voting – suggesting that they will have to come to Pakistan if they want to cast vote

Reiterating that the overseas Pakistanis would not be able to cast through internet voting Tarar while referring to the reports of the committee as well as the Supreme Court said that it was repeatedly stated that internet voting was not possible and things would be taken further after conducting pilot projects

The proposed amendments to the Elections Act of 2017 revealed that the wording of Section 94 (voting by overseas Pakistanis) has been reverted to original wording of the section The Commission may conduct pilot projects for voting by

UK to provide £41.5m in bilateral ODA to Pakistan during FY24

ISLAMABAD S ta f f R e p o R t

The United Kingdom will provide £41 5 million in bilateral Official Development Assistance (ODA) to Pakistan for the year 2023-24, with a focus on accelerated family planning, girls education, and revenue mobilisation, investment and trade a statement from the British High Commission in Islamabad said

According to the statement issued on Tuesday the new Pakistan Country Development Partnership Summary (CDPS), published by UK s Foreign, Commonwealth and Development Office,

set out a refreshed approach to the UKPakistan development partnership

The new CDPS shows an indicative ODA budget of £133 million pounds for the financial year 2024-25

The strategy underlines UK s transition from a traditional aid relationship to a UK-Pakistan partnership for mutual benefit

It aims to unlock progress against Pakistan s constraints to growth including population dynamics, climate vulnerability gender equality and the structure of the economy ” it added

T h e a n n u a l r e p o r t a l s o i n d i c a t e s likely significant growth in UK-Pakistan ODA in fiscal year 2024-25, based on an

PTI urges ADSJ to recuse self from hearing Toshakhana case after admitting to Facebook account FAISALABAD S ta f f R e p o R t P a k i s t a n Te h r e e k - e - I n s a f ( P T I ) We s t P u n j a b P r e s i d e n t F a r r u k h H a b i b o n Tu e s d a y d e m a n d e d A d d i t i o n a l D i s t r i c t a n d S e s s i o n s J u d g e ( A D S J ) H u m a y u n D i l a w a r t o r e c u s e h i m s e l f f r o m h e a r i n g To s h a k h a n a c a s e a g a i n s t t h e P T I c h a i r m a n a f t e r a d m i t t i n g t o h i s F a c e b o o k a c c o u n t c a r r y i n g a n t i - I m r a n K h a n p o s t s a n d m a t e r i a l H e s a i d t h a t a F a c e b o o k a c c o u n t i n t h e j u d g e s n a m e p u b l i s h e d p o s t s a g a i n s t I m r a n K h a n w h i c h s h o w e d h i s b i a s i n t h e c a s e P T I We s t P u n j a b P r e s i d e n t s a i d J u d g e H u m a y u n D i l a w a r a c c e p t e d t h a t h e h a d t h e F a c e b o o k a c c o u n t b u t i r o n i c a l l y h e d e n i e d t h e p o s t s p u b l i s h e d o n h i s a c c o u n t F a r r u k h H a b i b r a i s e d a q u e s t i o n a s h o w h e c o u l d d i s t a n c e h i m s e l f f r o m t h e p o s t s a g a i n s t P T I C h a i r m a n o n h i s F a c e b o o k a c c o u n t w h i c h w e r e p r e s e n t t h e r e f o r y e a r s H e a s k e d w h y t h e j u d g e d i d n o t e v e n d e l e t e t h e p o s t s T h e P T I We s t P u n j a b P r e s i d e n t d e m a n d e d t h a t t h e u r g e n c y w i t h w h i c h H u m a y u n D i l a w a r w a s p r o c e e d i n g t h e c a s e b y r e j e c t i n g I m r a n K h a n ’s r i g h t t o a c l e a n a n d t r a n s p a r e n t f a i r t r i a l s t r e n g t h e n e d t h e p e r c e p t i o n t h a t t h e o b j e c t i o n s r a i s e d o v e r h i s i m p a r t i a l i t y s e e m e d v a l i d H e w e n t o n t o s a y t h a t j u s t i c e a n d f a i r t r i a l d e m a n d t h a t J u d g e H u m a y u n D i l a w a r d i d n o t h e a r t h e c a s e a n y f u r t h e r

Funeral prayer of Tariq Fazal Ch’s son offered

ISLAMABAD S ta f f R e p o R t

The funeral prayer of PML-N leader Tariq Fazal Chaudhry’s son Anza Tariq was offered on Tuesday Anza’s funeral prayer was offered at PML-N Secretariat Park Road Chatha Bakhtawar where a huge number of people from all walks of life participated in it Anza was injured after his car collided with a pole at the Seventh Avenue in Islamabad He was transported to the hospital where he succumbed to his injuries Speaking to the media, Tariq Fazal thanked people for their sympathies and prayers He asked the people to pray for his son

MQM needs 12 more members to claim SA opposition leader’s slot

KARACHI S ta f f R e p o R t

The bid of Muttahida Qaumi Movement Pakistan (MQM-P) to clinch the slot of opposition leader in Sindh Assembly met a major setback as the party was informed that it requires 12 more members to get the opposition leader ’s office in Sindh Assembly Hence, Speaker Sindh Assembly has decided to keep the MQM application for the opposition leader s slot in abeyance The MQM has support of only 20 opposition members Sindh Assembly officials said The party needs 12 more members support before submitting request to claim the position, the officials further said The MQM has nominated Rana Ansar for the opposition leader ’s office in the Sindh Assembly amid deadlock with the Grand Democratic Alliance (GDA)

e x p e c t e d i n c r e a s e i n F C D O s o v e r a l l

O D A b u d g e t n e x t y e a r T h e U K h a s provisionally allocated a greater share of next year ’s ODA to Pakistan, reflecting the aim of boosting efforts to strengthen c l i m a t e r e s i l i e n c e a n d r e d u c e humanitarian risks following last year s devastating floods

According to the statement, 56 per cent of the programmes under the CDPS are primarily or significantly geared towards promoting gender equality and 26pc of the programs are primarily or significantly focused on disability inclusion It added that the CDPS was aligned with Pakistan s long-term

development strategies and sustainable development goals “ T h e s t r a t e g y ’s o b j e c t i v e s a r e t o deliver a step change in human capital; s u p p o r t P a k i s t a n t o a d o p t a m o r e r e s i l i e n t a n d c l e a n e r g r o w t h p a t h ; support Pakistan to become a more open s o c i e t y ; a n d p r o m o t e m a c r o e c o n o m i c s t a b i l i t y, p r i v a t e s e c t o r- l e d g r o w t h a n d r e s i l i e n c e t o c l i m a t e s h o c k s T h e statement mentioned that the CDPS also c o v e r e d p r o g r a m m i n g u n d e r t h e U K ’s C o n f l i c t S t a b i l i t y a n d S e c u r i t y F u n d w h i c h u n d e r p i n s U K - P a k c o - o p e r a t i o n o n o rg a n i s e d c r i m e r e g i o n a l s t a b i l i t y and hate speech

Balochistan govt seeks Rs 7.7b for implementation of community-led local governance policy

ISLAMABAD S ta f f R e p o R t

The government of Balochistan has asked donors for Rs 7 7 billion for the implementation of Community Led Local Governance (CLLG) Policy

In the PSDP of fiscal year 202324, the Government of Balochistan has already allocated Rs 1 5 billion for the implementation of the CLLG Policy

In this regard a Development Partners Forum was organized by the Government of Balochistan in the federal capital Islamabad with the support of the European Union funded BRACE Technical Assistance Project implemented by DAI

In his opening remarks

Additional Chief Secretary apprised that providing legal cover to community organization in Local Government Act, 2010, approval of the Government of Balochistan’s

Community Led Local Governance (CLLG) Policy and then developing an outlay of Rs 9 2 billion in PSDP 2023-24 where GOB has allocated Rs 1 5 billion from its own share are historical steps and demonstration of the GOB’s strong commitment and belief in the community led reforms which will transform the development landscape in Balochistan

He added that the development partners and international donors need to come forward and play their role by joining hand with the government of Balochistan

Speaking at the event Chief Secr e t a r y B a l o c h i s t a n A b d u l A z i z Uqaili said that the CLLG policy is a n i m p o r t a n t s t e p t o w a r d s t h e d e v e l o p m e n t a n d p r o s p e r i t y i n Balochistan but to make it a success a l l r e l e v a n t i n s t i t u t i o n s a n d d o n o r s have to play their role Balochistan being the largest province demands a t t e n t i o n Wi t h t h e s u p p o r t o f t h e

European Union the CLLLG Policy h a s b e e n f o r m u l a t e d a n d i n t h e future, EU support will be essential for the implementation of this policy

We also expect other donors to play their role

Secretary Local Government & Rural Development Balochistan

Dostian Jamaldini also addressed the event He said that through CLLG Policy, poverty will be dented in Balochistan, while health, education livelihoods, community infrastructure and other sectors will gradually improve Talking during the panel discussion at the development partners forum, Member Balochistan Assembly and Chairman Standing Committee Local Government Qadir Ali Nayel said that the local government system in Balochistan has been in existence for many decades and it has undergone various changes over the years

overseas Pakistanis in bye-elections to ascertain the technical efficacy, secrecy, security and financial feasibility of such voting “[It] shall share the results with the government, which shall, within fifteen days from the commencement of the session of a house after the receipt of the report lay the same before both Houses of Majlis-e-Shoora

(Parliament) the original wording reads

The proposed amendment states that the ECP shall share the consolidated results along with recommendations in the form of a report with the government which shall lay the same in parliament and arrange discussion thereon followed by appropriate legislation

To a question what would happen if President Dr Arif Alvi doesn t sign the bill and returned the same to the parliament even after it was passed from the National Assembly and Senate, Tarar showed confidence in the president by saying that the president won t take any such step as it is not the kind of a bill that would be blocked

US lawmaker suggests trade with Aafia for Shakil

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

The State Department has expressed its commitment to finding creative solutions to secure the release of Shakil Afridi a jailed doctor believed to have helped the Central Intelligence Agency (CIA) hunt down al Qaeda leader Osama bin Laden, from prison in Pakistan This pledge comes after a US lawmaker proposed the idea of trading Afridi for Aafia Siddiqui who is serving an 86-year sentence in a prison medical centre in Texas During a hearing of the US House Foreign Affairs Committee on the 2024 budget Congressman Brad Sherman raised the possibility of trading Siddiqui for Afridi In response, Principal Deputy Assistant Secretary of State Elizabeth Horst acknowledged the concern about Afridi and expressed Washington’s desire to secure his release However when asked about the possibility of a trade Horst emphasised the need to assess the legal ramifications before providing a definitive answer Sherman pointed out the president, Joe Biden, has the authority to grant clemency The hearing also addressed Pakistan’s political and economic challenges with committee members inquiring about the Biden administration s efforts to address these issues Horst highlighted the US commitment to supporting Pakistan s democracy and emphasised areas of collaboration, such as countering terrorism, providing healthcare, and addressing climate-related concerns Congressman Dean Philips expressed concerns over the multiple crises Pakistan is facing including natural disasters economic challenges and security threats The committee stressed the importance of ensuring democracy and stability in Pakistan, considering it a longterm partner of the US Furthermore, Congresswoman Young Kim raised concerns about China’s influence through the ChinaPakistan Economic Corridor (CPEC) asserting that it undermines the rules-based international order Representative Ami Bera called for countering China s economic coercion in South Asia and proposed alternative funding initiatives to counter China’s Belt and Road project

CPEC 2013-23: Pakistan’s tex tile industr y heading to nex t level

ISLAMABAD

The China-Pakistan Economic Corridor (CPEC) is playing a crucial role in taking the Pakistan s textile industry to the next level It is to be note that textile is Pakistan s largest manufacturing industry, contributing significantly to the country’s GDP and employment

According to WealthPK’s report titled:

Overview of textile industry in Pakistan: E-textile industry in Pakistan is vertically integrated, covering the entire textile value chain, from cotton ginning to finished products However, the industry is facing several challenges, including high energy costs obsolete machinery low productivity and intense competition from other textile-producing countries To overcome these challenges the textile industry needs to modernise its machinery, improve productivity, and explore new export markets

The report aims at discussing the crucial role of CPEC in elevating

Pakistan s textile industry to new heights

Under CPEC, several projects have been initiated in collaboration with China to help boost the textile industry Some of these projects are as follows: The Textile City Faisalabad is a joint venture between Pakistan and China covering an area of 1 000 acres The project includes facilities for spinning, weaving, dyeing, printing and finishing of textiles The estimated cost of the project is around $1 billion, and it is expected to create job opportunities for around 300 000 Chinese company Challenge Fashion is investing $150 million in an industrial park on Lahore s border with Kasur district The industrial park will house fabric units, dyeing facilities and garment manufacturing units for exporting sportswear to the Americas Europe AsiaPacific and other regions of the world Challenge Fashion plans to make the industrial park a regional supply chain park by inviting more Chinese accessory companies to produce zippers, labels, buttons, etc

x t e n d e d t h e j u d i c i a l r e m a n d o f M u h a m m a d K h a n B h a t t i t h e P r i n c i p a l Secretary of former Chief Minister P e r v e z E l a h i , u n t i l A u g u s t 1 i n a corruption-related case B h a t t i w a s b r o u g h t b e f o r e t h e c o u r t o f d u t y m a g i s t r a t e i n t h e a n t i - t e r r o r i s m c o u r t d u e t o t h e l e a v e o f t h e a n t i - c o r r u p t i o n c o u r t j u d g e

The court after careful deliberation, decided to extend the judicial remand of Muhammad Khan Bhatti until August 1st This extension allows further time for the prosecution to gather evidence and conduct a thorough investigation into the allegations levelled against the accused M u h a m m a d K h a n B h a t t i f a c e s g r a v e a c c u s a t i o n s o f i n v o l v e m e n t i n c o r r u p t p r a c t i c e s r e l a t e d t o t h e c o n s t r u c t i o n o f a

1 2 - k i l o m e t r e r o a d i n M a n d i B a h a u d d i n T h e a l l e g a t i o n s

s u g g e s t t h a t h e r e c e i v e d k i c k b a c k s i n t h e e x e c u t i o n o f t h i s p r o j e c t , a n d t h e s e c h a r g e s w i l l b e t h o r o u g h l y e x a m i n e d d u r i n g t h e c o u r s e o f t h e t r i a l F o l l o w i n g t h e c o u r t h e a r i n g t h e a n t i - c o r r u p t i o n t e a m t o o k

Muhammad Khan Bhatti back into c u s t o d y C o n s i d e r i n g t h e s e n s i t i v i t y o f t h e p r o c e e d i n g s , s t r i n g e n t s e c u r i t y m e a s u r e s w e r e p u t i n p l a c e d u r i n g t h e h e a r i n g

Judicial remand of Muhammad Khan Bhatti extended by Gujranwala cour t until Aug. 1

CPEC SEZ TO BRING PROSPERIT Y THROUGH PUBLIC-PRIVATE COOPERATION: MINISTER

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

THE Special Economic Zone (SEZ) under the framework of the China-Pakistan Economic Corridor (CPEC) in Sindh is to ensure the socio-economic development of Pakistan Foreign Minister Bilawal Bhutto-Zardari said

The SEZ will pave the way for industrialisation in Pakistan by

CONTINUED FROM PAGE 01

Another very key area for the objectives has been Monetary and Exchange Rate Policies, in fact the last EFF, left Pakistan with a number of changes in the central bank’s autonomy The fund has been quite vocal about its tighter monetary policy and market based exchange rate stance No changes on objective has been seen on this front as the SBP has agreed to continue its tighter monetary policy cycle The fund also believes that “Reducing external imbalances and rebuilding reserves requires permanently ending administrative controls and actions to manage the current account and returning to a market- determined exchange rate

enhancing public-private collaboration and business-to-business cooperation between Chinese and Pakistani businessmen Zardari said while speaking at a ceremony held in the Dhabeji SEZ in Sindh

He said that in the past publicprivate partnership including the Thar coal power project of CPEC showed good results and the SEZ will also be a good addition to the partnership Zardari added that the project will

generate over 100,000 jobs for locals by creating a network of industries in Sindh province

Speaking at the event Sindh Chief Minister Syed Murad Ali Shah said that the SEZ covers an area of 700 acres providing ample space for national and foreign investors to establish business units The investors who choose to set up their businesses in the SEZ will qualify for a tax exemption spanning 10 years and will be able to import

machinery for their business needs without any duty, he added He emphasised that being 46 km from the Karachi airport the SEZ will guarantee secure travel for foreign businessmen and administration

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

Qureshi’s pre-arrest bail extended by ATC

reformatory future for Pakistan s Financial Sector, and energy Sector These include sticking to Anti Money laundering protocols timely alignment of power tariffs and better targeting of power subsidies Program Modalities, Associated Risks and

progress will be assessed using quantitative performance criteria (QPCs) indicative targets (ITs)

deviations of more than 2 percent between the previous day’s weighted average customer exchange rates used by the State Bank of Pakistan (SBP) and the government and the prevailing spot exchange rates in the FX market The proposed approval is for the duration of the program Both the exchange restriction and market-based exchange rate policy are nondiscriminatory and serve Balance of Payments (BOP) reasons The authorities have committed to removing these measures before the program concludes As for the exchange rate, in the memorandum of agreed upon policies, it is ascertained that “Once proper market functioning is restored we (Pakistan) are committed to maintain the average premium between the interbank and open market rate at no more than 1 25 percent and no less than -1 25 percent during any consecutive 5 business day period ” The IMF takes note of Pakistan’s inability to pay back not just its own money but also its other creditors With respect to the SBP autonomy an update safeguards assessment of the

IMF sets condition on parity between open market and interbank rates

CONTINUED FROM BACK PAGE

At that time there were rumours that the IMF wanted the spread between the two rates to be 2%, but now they ve moved the difference forward to just 1 25%,” explains Fahad Rauf Head of Research at Ismail Iqbal Securities “This could one of the reasons that could explain the recent depreciation which has led to the open-market, and inter-market rates converging to a large extent, Rauf adds

Why does the IMF care?

“Regrettably, in the past, these interventions have snowballed beyond crisis and depleted the country s reserve position Vakil states While the IMF does not set absolute levels regarding parity, the introduction of policy guidelines and measures aims to ensure consistent stability in foreign exchange markets ” he adds “The goal is to achieve a reflective parity that supports and protects the overall reserve position as well as the trend in remittances adds Vakil But let s get real for a second How serious is the IMF about implementing these changes?

“Structural benchmarks or conditionalities are not mere suggestions avows Rauf They are the

standards that the IMF mandates you to adhere to Some of them are time-bound, whilst others are perpetual This one is a perpetual benchmark

To ensure compliance it s not difficult to ascertain the gap between the interbank and the open market rates, Rauf explains Both rates are published on a regular basis I’m confident that the IMF can scrutinise those rates for any five business days and they obviously have their own resident representative in Pakistan as well who can communicate if there is any significant deviation

Moreover, you also have your scheduled reviews,” Rauf continues

“There are two reviews as part of this SBA The IMF can address it with the authorities then The initial review is slated for December and will be predicated on September s figures The subsequent one is scheduled for March and will be based on December ’s data Pakistan has only received the inaugural tranche of funds as part of the SBA The remaining two tranches are contingent upon the success of these two reviews All in all there are four opportunities for the IMF to raise concerns Since it is a continuous benchmark, the IMF can still broach the subject in December if there was a

breach immediately after September

Could the Government still game the system?

Theoretically yes Would the government want to do so is another matter entirely

While the intentions are clear, the implications may not be, given the existence of a parallel grey market and the need to reduce the spread relative to official rates ” explains Vakil Fixing a band between open market and interbank rates will inevitably lead to a greater premium in the shadow currency market, asserts macroeconomist Ammar Habib Khan He explains that “the open market rates can be restricted through the enforcement of transaction limits to keep them within the prescribed band of the interbank rate However Khan warns that due to the presence of these transaction limits, demand for foreign currency will eventually gravitate towards the shadow market resulting in higher demand and ultimately a higher premium He concludes by stating that this will further strengthen the shadow market as an unintended consequence

Although we have previously transgressed IMF stipulations without derailing the program, the recent stern

-

self-sufficient provided it enacts long

lasting reforms

stance of the IMF may result in more severe consequences this time around This particular point has been a primary focus of the ongoing negotiations elucidates Rauf He adds, Given that the government’s term is drawing to an early close in August I doubt that either the government or the State Bank would be inclined to violate these conditions considering how little time remains in their tenure Rauf further muses, A caretaker government would be unlikely to contravene the IMF’s conditions, as it lacks any significant political motivations I anticipate that this benchmark will be adhered to An end to the rumours of the Rupee appreciating in value?

By removing much of the uncertainty from the exchange market, a sense of stability is restored,” Rauf explains “The Finance Minister and the Chairman of the Exchange Companies Association of Pakistan have been touting the PKR to have a fair value of Rs 250 against the USD However, when considering the reel effective exchange rate and the IMF’s guidelines, it seems that the interbank rate will continue to shadow the open market rate ” Rauf continues Moreover it does not appear that the open market rate will experience any significant appreciation With a sizeable demand for foreign exchange already present, and an anticipated increase as the economy opens up, it is improbable that we will see the PKR appreciate to the rates being quoted by the aforementioned individuals

Will China ever get rich? A new era of much slower growth dawns

CHINA S ECONOMY

China is entering an era of much slower economic growth raising a daunting prospect: it may never get rich Whether the world s second-largest economy chugs ahead at 3-4% annually or flirts, as some economists expect, with Japan-like “lost decades” of stagnation it looks set to disappoint its leaders its youth and much of the world

Policymakers hoped to narrow China s development gap with the United States Young Chinese went to universities to study for advancedeconomy jobs Africa and Latin America count on China buying their commodities

“It is unlikely that the Chinese economy will surpass that of the United States within the next decade or two said Desmond Lachman a senior fellow at the American Enterprise Institute

He expects growth to slow to 3% which will feel like an economic recession when youth unemployment is already above 20% This is not good for the rest of the world economy” either, he added

When Japan began to stagnate in the 1990s it had already exceeded the average GDP per capita of highincome economies and was nearing U S levels China however is only just above the middle-income point REUTERS GRAPHICS

Second-quarter growth of 6 3% underwhelmed, considering the low base caused by last year ’s COVID19 lockdowns, raising pressure on Chinese leaders who are expected to meet this month to discuss a short-term boost and longer-term fixes The April-June data puts 2023 growth on track for roughly 5% with slower rates thereafter

But China s annual growth averaged around 7% last decade, and more than 10% in the 2000s

Prompted by such loss in momentum, economists no longer ascribe weak household consumption and

private-sector investment to the pandemic s effects blaming structural ills instead

These include the burst of a bubble in the property sector, which accounts for a quarter of output; one of the deepest imbalances between investment and consumption; a mountain of local government debt; and the Communist Party s tight grip over society including private businesses

And China s workforce and consumer base are shrinking while the cohort of retirees is expanding

“The demographic problem, hard landing of the property sector, heavy local government debt burden, pessimism of the private sector as well as China-U S tensions do not allow us to hold an optimistic view towards mid- to long-term growth said Wang Jun chief economist at Huatai Asset Management China s National Development and Reform Commission (NDRC) did not reply to Reuters questions on growth prospects, structural weaknesses and reform plans

WAYS OUT

NDRC head Zheng Shanjie in a July 4 article in the official Qiushi magazine made a rare reference to the middle-income trap, saying China needed to accelerate the construction of a modern industrial system to avoid it Zheng was referring to developing nations’ struggle to transition from mid- to high-income levels due to rising costs and declining competitiveness

Economists cite China s electric vehicle boom as evidence of progress but much of its industrial complex is not upgrading at the same speed Overseas car sales account for only 1 7% of exports

Many observers will look at some of the companies and say, wow, China can come up with all these fantastic products so the future should be bright

My question is:

Do we have enough of those companies? said Richard Koo chief economist at the Nomura Research Institute Policymakers have said they want household consumption to drive growth, without hinting at

concrete steps

Juan Orts China economist at Fathom Consulting, said boosting consumer demand might redirect resources away from supporting manufacturing exporters, which partly explains hesitance towards such reforms

“We don’t think authorities will commit to that path said Orts describing it as the way out of economic doldrums Rather, China took steps the other way President Xi Jinping s common prosperity drive against inequality has encouraged salary reductions in finance and other sectors Deteriorating city finances prompted pay cuts for civil servants feeding a deflationary spiral Zhao a manager at a Beijing-based bank feels she will never get rich her salary remaining unchanged through several promotions Instead of working hard, she said, she plans to retire in her 40s to a smaller, cheaper city

“I missed the golden era for banks,” Zhao said on the condition of partial anonymity as she was not authorised to speak to the media

Many economists have called for better public healthcare higher pensions and unemployment benefits, and other building blocks for a social safety net to give consumers confidence to save less

Central bank adviser Cai Fang called this month for consumption stimulus, including changes to China’s residence permits or hukou which deny public services to millions of rural migrants in the cities they work in Zhu Ning deputy dean at the Shanghai Advanced Institute of Finance said improving social welfare could make growth rates of 3-4% more sustainable ‘LAST CHANCE’ Koo said China’s problems are more challenging than Japan’s a generation ago giving policymakers room for error should they seize the “last chance” to reach developed-world living standards China in his assessment has a balance sheet recession , with consumers and businesses repaying debt instead of borrowing and investing

ISLAMABAD S ta f f R e p o R t

An Anti-Terrorism Court (ATC) in Islamabad has extended the pre-arrest bail of Pakistan Tehreek-iInsaf (PTI) deputy chairman Shah Mehmood Qureshi till July 26 in two cases related to the protests against the unlawful arrest on May 9 of former prime minister Imran Khan Judge Abdal Hasnat Muhammad Zulqarnain presided over the case, and Qureshi s council, Ali Bukhari, appeared before the court

During the hearing the counsel argued that all other accused individuals in the case had already been granted bail Emphasising that Qureshi did not play any role the counsel urged the court to consider him innocent In response, the court questioned the police authorities regarding the progress of their investigation The police officials informed the court that the investigation was still ongoing and no conclusive statements could be made at this point Considering the ongoing investigation the court decided to extend Qureshi s pre-arrest bail The next hearing in this case is scheduled for July 26

Gilgit-Baltistan appoints first-ever woman deput y speaker

GILGIT

The mountainous region of Gilgit-Baltistan experienced a shift in its legislature as Sadia Danish, a leader from the Pakistan Peoples Party (PPP) and nominee of the ruling Pakistan Democratic Movement (PDM) coalition was elected as the first woman deputy speaker of its parliament on Monday Her appointment came through a consensus among her party members and the support of the so-called forward bloc of the Pakistan Tehreek-i-Insaf (PTI) The election process for the deputy speaker position in the Gilgit-Baltistan Assembly concluded smoothly, with Danish emerging as the sole candidate Subsequently she took the oath of office administered by Speaker Nazir Ahmed during a session In contrast the PTI did not nominate any candidates for the deputy speaker role Previously the party had successfully passed a no-confidence motion against the existing speaker, leading to their deputy speaker assuming the speaker ’s post in the assembly The assembly session preceding this historic appointment was presided over by the speaker with a focus on the upcoming election of the deputy speaker Danish has a distinguished political career, having served as a member of the GB assembly from 2009 to 2014 and as a cabinet member in the regional government

Summit Bank has a new name as it tries to leave past behind

CONTINUED FROM PAGE 01

Subsequently Lootah officially acquired a 51 percent controlling stake in Summit Bank Lootah s acquisition became possible after the bank’s board of directors issued 3 8 billion new shares which he then subscribed to injecting Rs 10 billion into Summit Bank MOVE TO ISLAMIC BANKING Summit s decision to convert to Islamic banking came in the wake of a growing trend in Pakistan On April 28, 2022, the Federal Shariat Court announced a verdict in a long-pending case, declaring the prevailing interest-based banking system as against the Shariah and directed the government to facilitate all loans under an interestfree system The court instructed the government to make laws within five years with regard to the implementation of Islamic banking within the country For Summit, it became clear that going the Islamic banking route was its only path to redemption both perhaps to shed its former reputation and to fit in better with the demand for financial services in the country On January 2 the bank announced its intentions

On Jan 18 shareholders of Summit Bank Ltd passed a special resolution in an extraordinary general meeting to authorise the equity injection of Rs 10 billion from Lootah He even went ahead and placed the promised equity with the bank as advance against the proposed issuance of shares In the latest press release the bank said it was in the process of developing a comprehensive plan to transition into a full-fledged Islamic bank, which would involve a complete overhaul of its operations, introduction of Shariah-compliant financial solutions, and adherence to Islamic banking practices

Electoral reforms

TH o U g H the parliamentary committee on electoral reforms has not finished its work, it has decided that the next election due this year will be based on the 2017 census, not the one held this year

The 2018 elections were held on the basis of the 2017 census only through a constitutional amendment, which allowed a one-time exemption for the census result being formally notified The result was only notified after the government agreed to the holding of a new census, though the next was due in 2027 The main impetus behind this decision was the MQM, which is now crying foul, and demanding that the constituencies in Karachi be revised

The basis of revision cannot be the fresh census, which will be notified by the new government, following which the Election Commission of Pakistan will order fresh delimitations The 2028 election should be held under the 2023 census but to attempt to hold the current elections under the current delimitations will only mean a delay in the polls because a fresh delimitation is a lengthy exercise with the governing statute containing a strict and prolonged timeline Any such exercise would require the notification of the census, to which the MQM has already objected, perhaps because it has not yielded the results it wanted

The committee s recommendations are to be embodied in an amendment to the Election laws Act, and seem focused on the 2018 election That is perhaps as it should be, for the defects of a system are only to be observed in its operation However it is perhaps the identification of a defect, when the problem identified is actually a solution of a n earlier problem The previous government;s decision to introduce electronic voting machines was not realistic for a system that could not operate a Results Transmissions System properly and now the election laws will make returning officers responsible for ensuring alternative means of communicating the results in areas where the internet is uncertain There are allegations that the RTS was misused by the establishment to throw the election to the PTi

The committee, as well as the ECP, seems to be having problems with modern technology but at the same time wish to incorporate it within the electoral process

Thls is indicated by the provision that returning officers are to be provided communication devices (woefully outdated language for mobile phones) to allow them to transmit copies of returns it would have been desirable had the PTi also been on board with the committee’s work, which is after all about the holding of frreee, fair and transparent elections

(Late)

Founding Editor

M A Niazi Joint Editor Umar Aziz Executive Editor

W h y J a c k s o n ’ s F o r e i g n

P o l i c y w a s u n i q u e

How J e s s e J a c k s o n t ra n s f o r m e d t h e way we l o o k at t h e wo r l d

TH i S week i traveled to Chicago for a twoday reunion of Jesse Jackson s historic 1984 and 1988 presidential campaigns i was invited to speak on unique contributions he made to America s foreign policy debates what made Jackson different wasn’t just that he was a Black candidate running for president Rather it was the way he saw the world and the US role in the world Jackson was a product of his times coming of age during a period of profound change in the consciousness of Black Americans The civil rights movement had created a powerful dynamic of selfliberation Mass demonstrations and political organization led to passage of impactful legislation promoting civil rights open housing and voting rights Jackson s campaigns sought to build on these successes by focusing on voter registration and mobilization

His goal in 1984 was to dramatically increase the number of Black voters across the South and in northern cities laying the groundwork to enhance the prospects of Black candidates’ winning elections on the state and local levels within a few years time his work bore fruit with Black candidates winning in key races in new York, new Jersey, ohio, and Virginia His efforts also led to Democrats winning six Senate seats in Southern states allowing them to take control of the Senate in 1987 These successes were largely due to the increases in Black voter turnout Jackson s role in shaping the discussion of foreign policy was no less consequential To understand this once again Jackson must be understood in the context of the era in which he was operating we were in the midst of the Cold war, which helped define the thinking of many Black Americans

First and foremost the Vietnam war and its consequences loomed large not only was that war disproportionately taking the lives of young poor Black men who were less able to secure deferments from military service than wealthier young white men The war also diverted political attention and drained resources from implementing the very civil rights and anti-poverty programmes that the movement had worked so hard to achieve

This era was also defined by the anti-colonial national liberation struggles in Africa latin America and Asia and as part of this the emergence of the non-aligned movement

These international developments had a powerful impact on shaping the thinking of young Black activists and intellectuals They saw the connections be-

tween their fight against racial oppression at home and the anti-imperialist movements struggling for freedom overseas it awakened in them a global consciousness that manifested itself in a new cultural identity movement, including an embrace of their African roots and heritage while some Black leaders stayed narrowly focused on domestic civil rights concerns, others went full tilt into Cultural nationalism and identification with anti-colonial struggles Jackson took a different path instead of striking out against the system as other more militant figures had done, he sought to transform the nation’s political culture He uniquely fused two threads: bringing a new global consciousness into mainstream discourse and connecting it to the civil rights concerns at home The impact was real Just a decade and a half after Dr Martin luther King had been upbraided for not staying in his lane by criticizing the Vietnam war Jackson and leaders of King s organization, the Southern Christian leadership Conference traveled to Beirut to meet with the Plo leader Yasser Arafat and denounce the US no talk policy with Palestinian leadership And they spoke with moral authority against Apartheid in South Africa, discrimination against Catholics in northern ireland and US support for oppressive military regimes in latin America Jackson went further, connecting the mistaken priorities of US foreign policy with neglected domestic needs and the changes taking place in the world while most Democrats limited their vision of foreign policy to safe areas of discussion: Soviet Union bad, iran bad, nATo good, israel good, or staying just one step behind Republicans on issues of security and military expenditures, Jackson’s view of the USA’s and his own role in the world was far more expansive He traveled to latin America the Middle East and Africa challenging accepted norms promoting peace negotiating prisoner releases and advancing good will He understood that, in the end, security

F u k u s h i m a n u c l e a r p l a n t w a t e r w a s t e a n d I m p a c t o n s e a l i f e

ings, demolishing structures, and completely shutting down operations, space must be made available to store and clean

Certain dangerous chemicals are present in radioactive wastewater but most of these can be eliminated from the water according to TEPCo The main problem is a non-removable hydrogen isotope called radioactive tritium The technology to do so is not yet available The polluted water, according to the iAEA and the Japanese government, will be gently discharged over decades and will be much diluted According to them this means that the concentration of tritium discharged would be on par with or less than the amount other nations permit and would comply with all applicable international safety and environmental rules Tritium occurs naturally in the environment, including rain, seawater, tap water, and even the human body, according to TEPCo the Japanese government and the iAEA Therefore releasing small amounts into the sea will be safe

Fo l l o w i n g clearance from the United nations’ nuclear inspector for a controversial proposal that comes 12 years after the Fukushima nuclear catastrophe Japan will soon start discharging treated radioactive water into the ocean The environment minister stated in 2019 that there were no other options as space to contain the tainted material runs out The idea to release purified wastewater has been in the works for years

The head of the international Atomic Energy Agency (iAEA) Rafael grossi came to Japan to tour Fukushima and provide Prime Minister Fumio Kishida with the iAEA s safety assessment However, the Un’s approval hasn’t done much to calm concerned people of neighbouring countries or local fishermen who are still suffering the effects of the 2011 disaster

The iAEA s conclusions have been questioned by some with China most recently claiming that the organization s evaluation is not proof of the legality and legitimacy of the wastewater release from Fukushima T h e F u k u s h i m a n u c l e a r f a c i l i t y ’s p o w e r and cooling systems were destroyed by the severe earthquake and tsunami of 2011 which l e d t o r e a c t o r c o r e o v e r h e a t i n g a n d t h e c o ntamination of plant water with extremely radioactive material Since then, fresh water has been pumped into the reactors to cool the fuel debris Additionally, groundwater and precipitation infiltration have increased the amount of radioactive wastewater that Tokyo Electric Power Company (TEPCo) a state-owned energy provider has to contain and for which it c o n s t r u c t e d m o r e t h a n 1 , 0 0 0 h u g e t a n k s t o h o l d t h e 1 3 2 m i l l i o n m e t r i c t o n s o f w a s t ewater that are currently present enough to fill more than 500 olympic swimming pools But there isn’t much room left The corporation claims that adding more tanks is not an o p t i o n a n d t h a t t o s a f e l y d e c o m m i s s i o n t h e p l a n t , w h i c h e n t a i l s d e c o n t a m i n a t i n g b u i l d -

According to grossi s statement in the iAEA report, treating water for discharge into the ocean will have negligible radiological impact on people and the environment ” But experts are divided on the risk this poses Tritium is too weak to penetrate the skin according to the Canadian nuclear Safety Commission but if taken in extremely large quantities it can raise cancer risk while stating that any radiation exposure could pose some health risks, the US nuclear Regulatory Commission also stated that “everyone is exposed to small amounts of tritium every day ”

I A E A mu s t r ev i ew i t s eva l u a t i o n o f t h e F u k u s h i m a n u cl e a r p l a n t w a t e r w a s t e b e c a u s e i t f a i l e d t o c o n s i d e r t h e l o n g - t e r m effects of the wastewater r e l e a s e o n t h e

e nv i ro n m e n t a n d h u m a n h e a l t h a n d t h a t i t c o u l d s e r v e a s a p r e c e d e n t fo r o t h e r n a t i o n s t o d i s p o s e o f n u cl e a r w a s t e i n t h e o c e a n .

The Fukushima nuclear discharge of radioactive water has a terrible impact on sea life and the environment The proposal has long been opposed by the Japanese fishing unions who claim that it would destroy the efforts made after numerous nations banned some Japanese food items following the 2011 disaster over the years, some neighbors have also voiced concerns about the danger to the maritime environment and human health with Beijing emerging as the biggest opponent one of a group of international scientists working with the Pacific island Forum to evaluate the wastewater release plan includes Robert H Richmond, director of the Kewalo Marine laboratory at the University of Hawaii at Manoa This work includes visits to the Fukushima site and meetings with TEPCo Japanese authorities and the iAEA Richmond analyzed the plan s specifics and deemed it illadvised and premature Another concern is that the wastewater ’s influence on marine life would not be sufficiently reduced by diluting it Tritium is one example of a pollutant that can flow through different organisms in the food chain such as bacteria plants and animals and then be bio-accumulated, or built up in the marine ecosystem Pollution, overfishing, ocean acidification, and climate change are already putting stress on the world’s oceans it should not be considered a “dumping ground ” Additionally the dangers could spread outside the Asia-Pacific region

According to a 2012 study Bluefin tuna may have traveled from Fukushima to California carrying radionuclides, which are radioactive isotopes similar to those found in nuclear waste iAEA must review its evaluation of the Fukushima nuclear plant water waste because it failed to consider the long-term effects of the wastewater release on the environment and human health and that it could serve as a precedent for other nations to dispose of nuclear waste in the ocean Japan should abandon its discharge plans and cooperate with its neighbors to find safer ways to handle the wastewater including the prospect of long-term on-land storage

The writer is a Research Officer at Centre for

wasn’t guaranteed by who had the most bombs but by working to alleviate injustice and deprivation when i accompanied him i could see that he was as at home in Cairo Kuwait or Jerusalem as he was in the neighborhoods of Chicago or the impoverished towns of Appalachia

Because, as he would say, the vast majority of the world’s people weren’t prosperous, white, male, and didn’t speak English he called for a new foreign policy that recognized the humanity and needs of all

The principles he advanced were: respect for international law and human rights; an end to double standards; support for the self-determination of oppressed and colonized peoples; and investment in economic and human development in all of his work, he never struck a note of bitterness or anger instead, he presented a principled commitment to justice and peace This moral challenge and global consciousness made and still makes Jesse Jackson s contribution unique Some excerpts from a speech Jackson delivered in 1979 to the Palestine Human Rights Campaign: America must make a radical shift from merely using our military might to be the world’s policeman guns are only tangentially attached to formulas for world peace and justice our nation s attitude must shift from superiority over to equivalency with if we must be superior, it must be in productivity and compassion it must not be in contempt for other people whether a particular race religion or economic class

The foreign policy contribution of Blacks may paradoxically, be our finest contribution we were brought here as slaves against our will [and this] will allow us to identify with the pain and suffering of others around the world and give us a special kinship with and amongst the oppressed of the earth we are saying to America: let us as a nation join the human family

The writer is President of the Arab American Institute

E d i t o r ’ s m a i l

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

A neglected librar y

M U C H has been written in these columns about the lack of libraries in underdeveloped and remote areas across the country when we have a major library facing neglect in a city like Karachi, one wonders if we should be surprised at all by the shortage of libraries in the country’s far-flung areas

The renowned liaquat Memorial library in Karachi is a case in point Despite being an old and established major library in the largest city of Pakistan, it sadly depicts a picture of neglect Just as the city has been facing power loadshedding since decades, the library faces power outages even in this sweltering hot weather

The library, supposedly a place for seeking knowledge and a sanctuary for countless young scholars simply struggles to allow the students the peace of mind that is necessary to focus on the process of knowledge acquisition especially when it is related to academic and professional pursuits only those who come to the library know the misery they face in the absence of power supply

Power outages not only cause discomfort to the students, they cause disruption in library’s normal functioning as well, such as the interruption in essential services like photocopying facility and audiovisual equipment in a world increasingly reliant on technology the absence of uninterrupted power supply leaves students grappling with unnecessary obstacles, hindering their overall educational advancement Can we ever imagine a library in the developed world having no electricity? it looks like we are living in the 19th century it is imperative that prompt action is taken to address the issue

The authorities concerned should investigate the cause behind the power breakdowns and take measures to rectify the situation it would be practical if the library has its own backup power arrange- ment such as generators or alternative energy solutions like solar panels to ensure uninterrupted electricity supply SHAYHAQ JAN KARACHI

Teaching freelancing

C o n S i D E R i n g Pakistan s dire economic situation and pathetic educational output, a significant reform in Pakistan’s education sector can be a true and effective game-changer in contrast to the traditional curricula it is time to include freelancing information technology (iT) and such other learnings as essential parts of the curricula right from the primary level of education

This will enable the students to develop these skills right at the start of their academic life that will pave the way for them to earn in foreign currency even before they are out of school For this plan, the government must also make arrangements for teachers who are trained and have the requisite competence and experience in the relevant fields

Another measure can be the inclusion of freelancing output in the grading criteria of examinations it is particularly vital for the traditional society of Pakistan where children rely on their parents for their education and other expenses

Moreover, it will also pave the way for realising the dream of economic independence of the women and their contribution to the development of Pakistan Subsequently, it is also significant for our dwindling economy to overcome its longstanding issues of current account deficit as dollar influx due to these freelancing opportunities will enhance foreign exchange reserves

This step should be initiated on a war footing and all the relevant stakeholders, including federal and provincial governments, should play their part KASHIF

Because, as he would say, the vast majority of the worldÊs people werenÊt prosperous, white, male, and didnÊt speak English, he called for a new foreign policy that recognized the humanity and needs of all. The principles he advanced were: respect for international law and human rights; an end to double standards; suppor t for the selfdetermination of oppressed and coloniz ed peoples; and investment in economic and human development

Another disaster in the making?

Nazia Sheikh

Demagogues and delusions COMMENT 05

Qizilbashs Kharrals gakkhars and their ilk

ART i C l E 63 (1-a) of Pakistan’s Constitution says inter alia A person shall be disqualified from being elected or chosen as and from being a member of the Majlis-e-Shoora (Parliament) if:-(a) he is of unsound mind and has been so declared by a competent court; The behaviour of some of our politicos creates doubts about the soundness of their minds it appears they are megalomaniacs (suffering from folie de grandeur) “obsessed with the exercise of power”

They have the delusional belief being important powerful or famous

A demagogue is generally perceived to be a person who panders to sentiments, desires and prejudices of ordinary gullible people He avoids rational argument and dialogue with adversaries To exploit an issue he makes use of various forms of media particularly social media press conferences and address to the nation

Pakistan has many demagogues but few leaders one lives in a sprawling 300 kanal estate gifted to him in a benami transaction The construction over it regularised for paltry Rs 1 2 million while pauper huts were demolished

A proponent of Medina State suffers from “persecutory delusion” without corroborative evidence he is haunted that ubiquitous plainclothesmen around him want to kill him There were 10 plots to exterminate him He fears being suffocated with gas in his room poisoned to cause a heart attack Asif Zardari gave a contract for my murder to two people in FATA

The British created a class of chieftains to suit their need for loyalists, war fundraisers and recruiters in the post-’mutiny’ period and during the Second world war A gubernatorial gazetteer states: i have for many years felt convinced that the time had arrived for the government to try to introduce some distinction for those who can show hereditary services before the Hon ble Company s rule in india ceased i have often said that i should be proud to wear a Copper order, bearing merely the words ‘Teesri pusht Sirkar Company ka Naukar ’ (Third generation Company’s servant) Peep into the pre-partition gazetteers and you would know the patrilineage of many of today s Tiwanas nawabs Pirs Syed Faqirs

Some pirs and mashaikh (religious leaders) even quoted verses from the Holy Quran to justify allegiance to the Englishman (amir), after loyalty to Allah and the Messenger (PBUH) They pointed out that the Quran ordained that ehsan (favour) be returned with favour The ehsan were British favours like titles (khan bahadur, nabob etc) honorary medals khilat with attached money rewards life pensions office of honorary magistrate assistant commissioner courtier etc A Tiwana military officer even testified in favour of o Dwyer when the latter was under trial Ayub Khan added the chapter of 22 families to the aristocracy, a legacy of the English Raj islam does not approve of unearned wealth we know of the decision by Hazrat omar (May Allah be Pleased with him) in regard to Fai lands He disapproved of land as maal-e-ghaneemat (booty) because it would create generations upon generations of wealthy landowners Bolman and Deal say great leadership begins when a leader s world view [Weltanschauung] and personal story, honed over years of experience, meet a situation that both presents challenges and opportunities’ They add great leaders test and evolve their story over time experimenting polishing abandoning plot lines that don t work and re-inventing those that do Bad stories often lead to disaster but good ones conjure magic (lee g Bolman and Terrence E Deal, How Great Leaders

Think: The Art of Reframing, 2014) Weltanschauung is a german word which literally means world view’ The word combines Welt (“world”) with Anschauung (“view”) it is a particular philosophy or view of life; the world views of an individual or group it is a concept fundamental to german philosophy and epistemology and refers to a wide world perception Additionally, it refers to the framework of ideas and be-

Why housing and multiple plots only for judg es and bureaucrats? Why not the same pay-scale for all grades 17-22?

Hopeless, when an avatar, a visionar y of the Medina State , utilises his fedayeen as a human shield to evade arrest, and banks on „mother-in-laws‰ to flex judicial pens and pans.

Western leaders are making a sensible bet on India

I t s p o p u l at i o n a n d e co n o my a re b o t h f o re c a s t to g row ra p i d l y ove r co m i n g d e c a d e s, o f f e r i n g a co u nte r we i g ht to C h i n a

FINANCIAL

TH E enemy of my enemy is my friend on this basis, closer western relations with india make good sense Joe Biden s warm embrace of the once-banned narendra Modi now its politically dominant prime minister in washington and Emmanuel Macron’s equally warm embrace of the indian leader in Paris are aimed at forging a close relationship with a country expected to be a powerful counterweight to China is this a good bet for western powers? Yes india is indeed likely to be a rising great power interests also align But how far values are shared is a more open question where is india now and where might it go economically and politically? Today india has the world s fifth-largest economy at market prices and third largest at purchasing power its population is 1 43bn, almost exactly the same as China s By 2050, however, india’s population is forecast by the Un to reach 1 67bn against 1 31bn in China india’s gDP per head (at purchasing power) is close to 40 per cent of China s levels according to the iMF Back in 1990 india and China were both almost equally poor, with gDP per head, measured at purchasing power, estimated at 4 6 per cent and 4 1 per cent of US levels, respectively in what is surely the most remarkable economic performance in world history China’s gDP per head reached 28 per cent of US levels last year against india s 11 per cent Yet while China s relative performance was incomparably the best india came second among the seven largest emerging economies China s was an extreme example of the most successful development strategy of the modern era high investment rapid industrialisation and progressive upgrading of exports of manufactures This was also Japan s path india has followed a very different one Between 2014 and 2023 its investment rate has averaged just 31 per cent of gDP, against China s 44 per cent, and its national savings rate averaged 30 per cent, against China’s 45 per cent More strikingly, the share of manufacturing in india’s gDP has been falling not rising as would have been expected at this stage in its development This share was 13 per cent of gDP in 2022 against China s 28 per cent while the ratios of trade to gDP (at market prices) have become roughly equal, China is by now a far bigger exporter to world markets

though not as high as China s is high enough particularly given the possibility of importing capital to finance a growth rate of at least 5-6 per cent india also has reasonable macroeconomic stability Entrepreneurship is abundant and infrastructure is improving india will definitely not suffer from labour shortages but the opposite As Ashoka Mody notes in india is Broken the inability to generate sufficient good jobs is a great failure Yet another is the inability to educate the population to a high standard: human capital is likely to prove a far tighter constraint than physical capital india is an obvious location for companies following a “China plus one” strategy it also has the advantage over obvious competitors of a large home market nevertheless india has repeatedly failed to exploit opportunities for fast growth of exports of manufactures over the last 75 years Suspicion of open trade always gets in the way

As was true of many other countries, india has suffered from an overhang of bad debt since the global financial crisis This “twin balance sheet problem was a significant constraint on growth But argues this year s Economic Survey in the course of the last decade indian non-financial private sector debt and non-financial corporate debt as a share of gDP declined by nearly 30 percentage points Bank balance sheets have also been repaired in all, the credit engine is once again in quite good shape

The iMF forecasts annual economic growth at a little over 6 per cent from 2023 to 2028 with gDP per head growing at roughly one percentage point more slowly Such growth would be quite close to the averages of the past three decades Provided the country is not buffeted by big global or domestic shocks, this sounds perfectly feasible, even rather plausible But what about the longer term?

R e m e m b e r t h a t i n d i a s t i l l h a s h u g e r o o m f o r c a t c h i n g u p i t i s a l s o a y o u n g c o u n t r y w i t h a grossly underemployed labour force potential for imp r o v in g th e q u ality o f th at lab o u r f o r ce, a r eas o n a b l y h i g h s a v i n g s r a t e a n d i n c r e a s i n g l y

widespread hopes of greater prosperity A great deal of adaptation will be required to meet the climate change challenge given the failure to bring global emissions down But the energy transition also off e r s h u g e o p p o r t u n i t i e s t o i n d i a o n b a l a n c e i judge that india should be able to sustain growth of gDP per head at 5 per cent a year, or so, up to 2050 wi t h b e t t e r p o l i c i e s , g r o w t h m i g h t e v e n b e a b i t higher, though it could also be lower

So let us assume that india’s gDP per head continues to grow at 5 per cent a year while that of the US grows at 1 4 per cent roughly as it has over the last three decades Then by 2050 india s gDP per head (at purchasing power) would reach about 30 per cent of US levels, roughly where China s is today According to Un median forecasts, india’s population would also be 4 4 times as big as that of the US

So its economy would be some 30 per cent larger than the US s it is in sum quite reasonable to assume that india will become a great power it is not that hard to imagine that its economy will be of a similar size to that of the US by 2050 Thus, western leaders are making a sensible bet on an alliance of convenience with india But will india also be a liberal democracy? i will discuss that issue next week

liefs forming a global description through which an individual group or culture watches and interprets the world and interacts with it Study of leadership styles across swathes of literature indicates that the two traits, a world view’ and a story line’ are common in all business leaders (Steve Job Penny Eisner Ford and Rockefeller) or in political leaders like Hitler lenin Stalin Mao and lincoln whether you abhor or adore them Some management texts sum up leadership styles (Robert Blake and Jane Mouton) through grids of concern for people (country club, human orientation) and concern for results (task orientation) The leaders share their world view’ with people who fall in line to leave behind a legacy a story Hitler otherwise viewed as a psychopath explains his world view in Chapter 1 of his autobiography (weltenschauung and party page 298) Mein Kampf (My Struggle) He says Thus we brought to knowledge of public those first principles and lines of action along which the new struggle was to be conducted for the abolition of a confused mass of obsolete ideas which had obscure and often pernicious tendencies’ napoleon s world view (like Julius Caesar s) is less pronounced than his lust for power and contempt for constitution (a la ZA Bhutto Zia et al) Pakistan s prime ministers and prime-ministers-to-be forgot French jurist Jean Bodin’s dictum majesta est summa in civas ac subditoes legibusque salute potestas, that is ‘highest power over citizens and subjects [is] unrestrained by law’ (Roedad Khan Pakistan: A Dream Gone Sour) napoleon told Moreau de lyonne The constitution what is it? But a heap of ruins Has it not been successively the sport of every party? Has not every kind of tyranny been committed in its name since the day of its establishment?”

During his self-crowning in 1804 napoleon said “what is the throne a bit of wood gilded and covered with velvet? i am the state i alone am here the representative of the people Take general Zia while addressing a press conference in Tehran he said what is the Constitution? it is a booklet with ten or 12 pages i can tear them up and say that from tomorrow we shall live under a different system is there anybody to stop me? Today the people will follow wherever i lead them

All the politicians including the once mighty Mr Bhutto will follow me with their tail wagging (ibid pp 87-88) Dicey said, no Constitution can be absolutely safe from a Revolution or a coup d etat

Today, we have no leader, like the Quaid-e-Azam, with a world view’, no story line’ of sustained committed struggle MJ Akber rightly observes The [Pakistani] political leaders act like sand dunes They move in the direction the wind blows (Akber In Pakistan Today) John R Schmidt agrees The mainstream political parties in Pakistan can best be viewed as patronage networks, whose primary goal is seeking political offices to gain access to state resources, which can then be used to distribute patronage among their members’ (The Unravelling Pakistan in the Age of jihad) why it is so? Stanley A Kochanek unpuzzles the conundrum by pointing out Parties in Pakistan are built from the top-down and are identified with their founders The office holders are appointed by the leader Membership rolls are largely bogus and organizational structure exists only on paper ’ (Interest groups and Development, 1983) Most political parties are non-democratic in their structure character and outlook The process for leadership selection is not by election but by nomination Political parties have no links with the policy process as personalities rather than issues matter (Saeed Shafqat, Contemporary Issues in Pakistan Studies)

let’s pray our sand-dune rulers come up with at least a uniform education healthcare and housing policy i for one am plot-less flat-less despite 39 years provincial and federal service why housing and multiple plots only for judges and bureaucrats? why not the same pay-scale for all grades 17-22? Hopeless, when an avatar a visionary of the Medina State, utilises his fedayeen as a human shield to evade arrest, and banks on “mother-in-laws” to flex judicial pens and pans why does his legal team never have time to defend have-not kids in prisons? Study Precariat and occupy movement They have helpline advocates to protect the helpless wherever they stage a protest

The writer is a freelance journalist has served in the Pakistan government for 39 years and holds degrees in economics, business administration, and law He can be reached at amjedjaaved@gmail com

Hindut va goes to Washington

sectarianism the Hindutva brand of policy that tolerates or at least gives a rather generous nod to communal violence the repression of Muslim protesters and an overall atmosphere of terror that has seen journalists murdered for rebuking the BJP government Cutthroat business remains business, and the parties see technology as the aphrodisiac to their newly bloomed relationship manifested by the initiative on Critical and Emerging Technology (iCET) announced in January 2023 The leaders recommitted the United States and india to fostering an open accessible and secure technology ecosystem, based on mutual confidence and trust that reinforces our shared values and democratic institutions ” i n h i s s e c o n d a d d r e s s t o C o n g r e s s M o d i s p r u i k e d t h e n o t i o n t h a t n e w D e l h i a n d wa s h i n g t o n h a d f o rg e d a d e f i n i n g p a r t n e r s h i p o f t h i s c e n t u r y g l or i f y i n g i n t h e a d v a n c e s m a d e b y t h e i n d i a n e c o n o m y a n d t e c h n o l o g y, i n c l u d i n g s t r i v i n g s i n h e a l t h c a r e A lot has chang ed s ince i came h er e s ev en s ummer s ago b u t a l o t h a s r e m a i n e d t h e s a m e – l i k e o u r c o m m i tm e n t t o d e e p e n t h e f r i e n d s h i p b e t w e e n i n d i a a n d t h e U n i t e d S t a t e s ”

Ag A i n he was at it that charming show on two legs playful and coy indian Prime Minister narendra Modi has been burning the charismatic fuel of late making the necessary emissions in visiting friendly countries Each time, he seems to be getting away with more and more, currying (pun intended) favour with his hosts and landing the necessary deals

For all the excitement of going to a fellow cricket loving state such as Australia no one was under any illusion about the prize Easy gains there on matters of commerce education and security: a pliant PM a pliant Cabinet, a political and business class hungering for access to a country which recently passed China as the most populous on the planet in all of this, Modi had the audacity to urge Australian Prime Minister Anthony Albanese to do something about reported acts of vandalism against Hindu temples in Melbourne in scale nothing was going to compare to courting the superpower that, for all its might, teeters on his June visit to the United States, Modi was building on e a r l i e r e ff o r t s t o s h o w i n d i a a s a v i a b l e p a r t n e r i n a number of areas

The Modi visit exemplified the calculations of the moment The US has been rather clumsy of late engaging in a foreign policy described by former US Secretary of the Treasury lawrence Summers as a bit lonely US foreign policy makers have tended to miss a bit or two, not least understanding the value indian o ff i c i a l s p l a c e o n t h e i r m i l i t a r y r e l a t i o n s h i p w i t h M o s c o w T h e i n d i a n p o l i t i c a l e s t a b l i s h m e n t i s a l s o mindful about how useful new Delhi is seen in washington the traditional counter to Beijing That counter h o w e v e r i s s e e n a s s u b o r d i n a t e t o m a i n t a i n i n g U S s u p r e m a c y u n d e r t h e l e c t u r i n g g u i s e o f t h e r u l e sbased order Such poses are simply not acceptable in either the Modi worldview or those of indian policy makers As india’s External Affairs Minister Subrahmanyam Jaishankar has opined with a tart frankness washington s p o w e r c a n b e d e s c r i b e d a s a t r a n s i e n t m o m e n t o f A m e r i c a n u n i p o l a r i t y To a s s u m e a r r o g a n t l y t h a t history was at its end at the conclusion of the Cold war was a Eurocentric analysis jettisoned by nationalism it is exactly such nationalism that Modi brims with The joint statement from the two countries made familiar and predictable assumptions Much of it was frothy Both Biden and Modi affirmed a vision of the United States and india as among the closest partners in the world – a partnership of democracies looking into the 21st century with hope, ambition, and confidence naturally, there is no mention of Modi’s nationalistic

Various remarks followed many sitting uncomfortably with the truth india s democratic values (are such that) there s absolutely no discrimination neither on the basis of caste, creed, age or any kind of geographic location The same theme is repeated regarding women “india’s vision is not just the development which benefits women – it is of women-led development where women lead the journey of progress ” in all this foamy self-celebration it was hard to forget that Modi was banned from travelling to the United States in 2005 while he was still gujarat Chief Minister The decision was based on Modi s failure to prev e n t p a r t i c u l a r l y v i c i o u s r i o t s i n h i s s t a t e i n 2 0 0 2 , leading to over a thousand deaths The US State Department’s reasoning for denying a visa lay in the international Religious Freedom Act a 1998 law passed by Congress designed in principle to combat religious persecution on getting wind that the then Chief Minister was going to be visiting the US, a number of indian-American groups, including the indian American Muslim Council began a lobbying campaign with some zeal and ultimate success Katrina lantos Swett Vice Chairwoman of the United States Commission on international Religious Freedom a body created by the 1998 statute explained at the time that Modi would not be granted the privilege of a US visa because of the very serious doubts that remain and hang over Modi relative to his role in the horrific events of 2002 in gujarat ” on this occasion the opposition was present though less effective Democratic House Representatives Rashida Tlaib Alexandria ocasio-Cortez Cori Bush and Kweisi Mfume chose to boycott Modi s address to Congress A statement by Tlaib, Bush, omar and Jamaal Bowman, in noting the indian PM s role in the bloody gujarat riots, mentioned his government’s appetite for targeting “Muslims and other religious minorities” enabling “Hindu nationalist violence” undermining democracy targeting journalists and dissidents and suppressing criticism through using internet shutdowns and censorship in 2023, Modi had little reason to fear either rebuke from the Biden administration, or censure from Congress india is now seen as more useful than ever, and its canny leader does not need lecturing about his own band of dangerous religious authoritarianism Best then to drop the democratic values act a show that is becoming increasingly absurd

Dr Binoy Kampmark was a Commonwealth Scholar at Selwyn College, Cambridge He currently lectures at

University Email: bkampmark@gmail

Narendra Modi’s US visit

BEIJING

A F P

GLOBAL warming poses a threat to all humankind and requires a new kind of cooperation between China and the United States, US climate envoy John Kerry told Chinese officials on Tuesday Kerry has called for urgent action by Beijing and Washington to tackle the threat of climate change as the world’s two

largest polluters revive stalled diplomacy on reducing planet-warming emissions

Speaking at Beijing s Great Hall of the People with China’s top diplomat Wang Yi Kerry underlined the need for global leadership on the issue His visit to China came as the Northern Hemisphere endured record-setting summer heat waves which scientists have said are being exacerbated by climate change Climate, as you

know is a global issue not a bilateral issue It s a threat to all of humankind, Kerry told Wang “This is a matter of global leadership,” he stressed adding that the world really hopes for that and needs it Our hope is now that this can be the beginning of a new definition of cooperation and of capacity to resolve the differences between us ” he added noting that we both know there are real differences But we also know

from experience that if we work at it we can find the path ahead and ways that resolve these challenges Wa n g , i n r e s p o n s e , u n d e r l i n e d t h e n e e d “ f o r a h e a l t h y, s t a b l e , a n d s u s t a i n a b l e S i n o - U S r el a t i o n s h i p C o o p e r at i o n o n c l i m a t e c h a n g e i s a d v a n c i n g u n d e r t h e o v e r a l l c l i m a t e o f C h i n a a n d t h e U n i t e d S t a t e s , s o w e n e e d t h e j o i n t s u p p o r t o f t h e p e o p l e o f C h i n a a n d t h e U n i t e d S t a t e s Wa n g t o l d K e r r y w h o h e d e s c r i b e d a s a n o l d f r i e n d C l i m a t e t a l k s b et w e e n t h e t w o b i g g e s t g r e e n h o u s e g a s e m i t t e r s c a m e t o a h a l t l a s t y e a r a f t e r N a n c y P e l o s i t h e n s p e a k e r o f t h e U S H o u s e o f R e p r e s e n t a t i v e s e nr a g e d B e i j i n g b y v i s i ti n g s e l f - r u l e d Ta i w a n , w h i c h C h i n a c o n s i d e r s t o b e p a r t o f i t s t e r r i t o r y Kerry a former secretary of state has enjoyed comparatively cordial and consistent relations with China despite Washington

and Beijing locking horns over Taiwan and other issues Kerry also met Tuesday with Chinese premier Li Qiang, who told the US envoy that climate change posed a “daunting challenge”

It is incumbent on China the United States and indeed all countries in the world to strengthen coordination, build consensus and speed up actions ” Li said CALLS FOR ‘URGENT ACTION

Kerry met his Chinese counterpart Xie Zhenhua in Beijing on Monday, with the two men speaking for around four hours, state broadcaster CCTV said Both countries must take urgent action on a number of fronts, especially the challenges of coal and methane pollution” Kerry wrote in a tweet after the talks Beijing said after the talks that climate change is a common challenge faced by all mankind

China’s economic resilience shines with steady growth in global trade

ISLAMABAD: China s remarkable economic resilience continues to shine through as its foreign trade demonstrates steady growth and maintains high standards Recent data released by the General Administration of Customs reveals that China s foreign trade expanded by an impressive 2 1 percent reaching a staggering 20 1 trillion yuan ($2 8 trillion) in the first half of 2023, according to Gwadar Pro on Tuesday

This positive trajectory is underlined by the noteworthy rise in exports, which witnessed a substantial 3 7 percent increase reaching 11 46 trillion yuan Although imports experienced a marginal decline of 0 1 percent amounting to 8 64 trillion yuan the overall performance of China s foreign trade remains impressive, especially given the complexities of the global economic landscape China s ascendancy as a global trade leader is further solidified by the strengthening of the U S dollar an advantageous development that has elevated the competitiveness of China’s export commodities and played a significant role in cementing its position within the global supply chain AG E

PM SHEHBA Z L AYS FOUNDATION OF ISL AMABAD MODEL SPECIAL ECONOMIC ZONE

ISLAMABAD S TA F F R E P O R T

PR I M E Minister Shehbaz Sharif on Monday laid the foundation stone of the Islamabad Model Special Economic Zone which falls under the China-Pakistan Economic Corridor (CPEC) and is the first facility of its kind in the federal capital Spanning over 1,000 acres of prime industrial land at the junction of N-5 and Islamabad Expressway, the zone is expected to attract investments worth $2 5 billion and create 1 000 new employment opportunities Additionally it aims to promote low carbon footprint industries in the country Addressing the ceremony Prime Minister Shahbaz Sharif acknowledged the daunting challenges facing the nation However, he expressed confidence in overcoming these challenges by working together He emphasised the importance of establishing a charter of economy to ensure policy continuity and a stable economy The premier lamented the delays in CPEC projects during the past four years of the PTI s tenure Prior to the ceremony, Minister for Planning and Development Ahsan Iqbal highlighted the significance of Special Economic Zones (SEZs) as powerhouses for increasing exports, with the goal of reaching $100 billion in the coming years He also mentioned ongoing discussions with China to exchange expertise and ensure the successful operation of these SEZs

EcoS ummit: Unveiling SEED ventures' platform - 'what's alternative' to drive sustainable impac t

r e s , a p r o m i n e n t s u s t a i n a b i l i t y - f o c u s e d o rg a n i z a t i o n r e c e n t l y u n v e i l e d t h e i r i n n o v a t i v e p l a t f o r m W h a t s t h e A l t e r n a t i v e d u r i n g t h e h i g h l y a n t i c i p a t e d E c o S u m m i t e v e n t I n c o l l a b o r a t i o n w i t h t h e O v e r s e a s I n v e s t o r s C h a m b e r o f C o m m e r c e & I n d u s t r y ( O I C C I ) , E c o S u m m i t g a t h e r e d i n d u s t r y l e a d e r s t o e x p l o r e a n d p r o m o t e t h e a d o p t i o n o f i n n o v a t i v e a n d a l t e r n a t i v e p r a c t i c e s f o r e n v i r o n m e n t a l s u s t a i n a b i l i t y Amir Paracha President of OICCI and Chairman and CEO of Unilever Pakistan Ltd delivered a thoughtprovoking inaugural speech at EcoSummit Paracha drew attention to the shifting consumer landscape in Pakistan, where a staggering 60% of the population expressed a willingness to pay a premium for sustainably produced goods Furthermore, over half of the population acknowledged the stark reality of climate change and expressed deep concern for its consequences Paracha s address emphasized the urgency of amplifying the conversation around sustainable alternatives, positioning Pakistan as a global leader in sustainability, and promoting a fundamental shift in mindset and behavior to uncover viable solutions E n g a g i n g i n a c a p t i v a t i n g f i r e s i d e c h a t m o d e r a t e d b y Z a r r a r K h u h r o K h a l i d M a h m o o d M D a n d C E O o f G e t z P h a r m a h i g h l i g h t e d t h e p i v o t a l r o l e o f p o l i c y m a k e r s i n f o s t e r i n g s u s t a i n a b i l i t y M a h m o o d e m p h a s i z e d t h a t r o b u s t p o l i c y i m p l e m e n t a t i o n i s v i t a l t o c o m b a t e n v i r o n m e n t a l c h a l l e n g e s i n P a k i s t a n H e f u r t h e r s t r e s s e d t h e i m p o r t a n c e o f i n d i v i d u a l r e s p o n s i b i l i t y a n d c u l t i v a t i n g a m i n d s e t t h a t e m b r a c e s l e s s h a r m f u l a l t e r n a t i v e s i n e v e r y d a y l i f e F u r t h e r S h a i s t a Ay e s h a C E O o f S E E D Ve n t u r e s e x p r e s s e d h e r v i s i o n f o r W h a t s t h e A l t e r n a t i v e a s a p l a t f o r m t h a t p r o v i d e s a v o i c e f o r i n d u s t r y l e a d e r s , f o s t e r i n g d i s c u s s i o n s a n d s h a r i n g s u s t a i n a b l e p r a c t i c e s Ay e s h a u n d e r s c o r e d t h e s i g n i f i c a n c e o f m a k i n g s u s t a i n a b l e p r a c t i c e s a c c e s s i b l e t o a l l p a r t i c u l a r l y i n P a k i s t a n T h e p l a t f o r m a i m s t o p r o m o t e p r a c t i c e s s p a n n i n g t h e e n v i r o n m e n t a l w e l l n e s s a n d l i f e s t y l e d o m a i n s c r e a t i n g a s p a c e w h e r e i n d i v i d u a l s a n d o rg a n i z a t i o n s c a n e n g a g e a n d c o n t r i b u t e t o a m o r e s u s t a i n a b l e f u t u r e E c o S u m m i t f e a t u r e d t w o e n l i g h t e n i n g p a n e l d i s c u s s i o n s T h e f i r s t p a n e l , " I n d u s t r y I n n o v a t i o n a n d I n f r a s t r u c t u r e f o r a S u s t a i n a b l e F u t u r e " d e l v e d i n t o g r o u n d b r e a k i n g a p p r o a c h e s t o i n d u s t r y p r a c t i c e s a n d i n f r a s t r u c t u r e E s t e e m e d p a n e l i s t s i n c l u d i n g Ta h i r M i r z a f r o m H a m d a r d L a b o r a t o r i e s a n d D a n i s h I q b a l f r o m M e t r o P o w e r G r o u p a n d G u l A h m e d E n e rg y G r o u p , s h a r e d t h e i r e x p e r t i s e a n d i n s i g h t s , e n c o u r a g i n g s u s t a i n a b l e i n d u s t r y p r a c t i c e s T h e s e c o n d p a n e l " R e s p o n s i b l e C o n s u m p t i o n a n d P r o d u c t i o n " e x p l o r e d t h e v i t a l i m p o r t a n c e o f r e s p o n s i b l e c o n s u m p t i o n h a b i t s a n d s u s t a i n a b l e p r o d u c t i o n p r o c e s s e s P a n e l i s t s Z i a d B a s h i r f r o m G u l A h m e d Te x t i l e M i l l s , R a z a P i r B h a i f r o m K F C P a k i s t a n , a n d S h a i s t a Ay e s h a f r o m S E E D Ve n t u r e s s h e d l i g h t o n t h e s i g n i f i c a n c e o f r e s p o n s i b l e c o n s u m p t i o n a n d p r o d u c t i o n i n d r i v i n g s u s t a i n a b i l i t y f o r w a r d R a z a P i r b h a i C E O o f K F C P a k i s t a n h i g h l i g h t e d t h e c o m p a n y s c o m m i t m e n t t o s u s t a i n a b i l i t y e m p h a s i z i n g i t s d e d i c a t i o n t o p r o v i d i n g h i g h - q u a l i t y f o o d w h i l e p r i o r i t i z i n g t h e p l a n e t E c o S u m m i t s e r v e d a s a t r a n s f o r m a t i v e e v e n t t h a t f o s t e r e d c o l l a b o r a t i o n , k n o w l e d g e s h a r i n g , a n d i n s p i r e d a c t i o n t o w a r d a s u s t a i n a b l e f u t u r e A t t e n d e e s l e f t t h e e v e n t e q u i p p e d w i t h v a l u a b l e i n s i g h t s p r a c t i c a l s o l u t i o n s a n d a r e n e w e d d e d i c a t i o n t o m a k i n g s u s t a i n a b l e c h o i c e s i n t h e i r p e r s o n a l a n d p r o f e s s i o n a l l i v e s S E E D Ve n t u r e s E c o S u m m i t , c o u p l e d w i t h t h e l a u n c h o f ' W h a t ' s t h e A l t e r n a t i v e , s h o w c a s e d a c o m m i t m e n t t o d r i v i n g s u s t a i n a b l e i m p a c t i n P a k i s t a n B y c r e a t i n g a p l a t f o r m t h a t f a c i l i t a t e s d i a l o g u e p r o m o t e s a l t e r n a t i v e p r a c t i c e s a n d f o s t e r s c o l l a b o r a t i o n S E E D Ve n t u r e s a i m s t o p r o p e l t h e n a t i o n t o w a r d a g r e e n e r m o r e s u s t a i n a b l e f u t u r e Wi t h t h e w i d e s p r e a d a d o p t i o n o f i n n o v a t i v e a p p r o a c h e s a n d c o l l e c t i v e e ff o r t s f r o m p o l i c y m a k e r s , o rg a n i z a t i o n s , a n d i n d i v i d u a l s , P a k i s t a n c a n l e a d t h e w a y i n s u s t a i n a b l e d e v e l o p m e n t a n d c o n t r i b u t e t o a g l o b a l m o v e m e n t f o r p o s i t i v e c h a n g e

S U M M I T B A N K H A S A N E W N A M E A S

I T T R I E S T O L E AV E PA S T B E H I N D

Bank Limited to Bank Makramah Limited signifies the bank s commitment to embracing Islamic finance principles and delivering innovative and ethical financial services to its valued customers ” the press release stated Summit’s past troubles Summit has never been a very profitable bank In fact it posted a modest net profit after taxation only twice in 2014 and 2015, in the past 10 years, that too a small one, Rs 217 and Rs 230 million respectively It became the talk of the town in 2018 following a Federal Investigation Agency (FIA) investigation into alleged money laundering The situation was exacerbated when the bank refused to release its financials in 2018, prompting raised eyebrows In 2019, the bank once again failed to release its financials and as a result of this

non-compliance shifted to the defaulters segment of the Pakistan Stock Exchange (PSX) Following the demotion at the stock exchange, the bank made a feeble attempt to correct course by releasing its 2018 financials in 2020 but for a third consecutive year failed to call an Annual General Meeting (AGM)

buried its head in the sand and was trying to ride the tide of the scandal out Then at the end of 2021 the bank released three years worth of financial statements and the picture was not pretty After three years in the wilderness, it seemed Summit Bank was trying to edge its way back into the mainstream and make something of itself While the financial statements were late following all of these mandatory disclosures the PSX moved it up from the defaulters segment to its normal counter – meaning the bank s stocks were up for trading once again However, in May last year, Profit’s then editor and senior journalist Khurram Husain reported in an exclusive scoop that the government committed to the International Monetary Fund (IMF) that Summit and another bank would be sent into resolution by May 2023 if they do not complete the first stage of their recapitalisation plan by March of the same year

MQM-P again upset with federal gov t’s handling of Karachi’s affairs

S TA F F R E P O R T

“The name change from Summit

6 injured in blast as FC convoy attacked in Peshawar’s Hayatabad: police

PESHAWAR S TA F F R E P O R T

At least six people were injured in a blast in Peshawar ’s Hayatabad area on Tuesday police said adding that the target of the attack was a convoy of the paramilitary Frontier Corps (FC)

It was an attack on an FC convoy that was moving through Hayatabad s phase 6, said Cantt Superintendent of Police (SP) Waqas Rafi while speaking to the media near the site of the blast

Footage being broadcast on television shows a crowd of people on the road where the blast purportedly took place The charred remains of a vehicle can be seen in the distance SP Rafi confirmed that six people were injured in the blast who he said were taken to a nearby hospital

A bomb disposal squad was collecting evidence from the scene to ascertain the nature of the incident, he added

In his media talk he said “we are looking into the matter and collecting further details The area has been cordoned off

We will get to the bottom of this matter and the culprits involved in the incident will be exposed, he pledged

Separately, medical director of the Hayatabad Medical Complex, professor Shehzad Akbar Khan, confirmed to Reuters that the hospital received two people who were wounded by the explosion and that both were in stable condition

He said the remaining injured were taken to Combined Military Hospital

C O N D E M N AT I O N S P O U R I N: Foreign Minister

Bilawal Bhutto Zardari was among the first ones from the government to condemn the attack, saying that terrorists and planners of such incidents could not “escape the grip of law”

He prayed for the quick recovery of the injured a statement issued by the PPP said Bilawal s father and former president, Asif Ali Zardari, gave a similar message in his condemnation posted on the PPP’s Twitter Former premier and PTI chief Imran Khan also condemned the attack and prayed for the quick recovery of the injured

It is worrying how terror attacks are increasing in KP and Balochistan Our security forces are almost on a daily basis being targeted and giving sacrifices, said on Twitter U P T I C K I N T E R R O R A C T I V I T I E S: Pakistan has seen an uptick in terror activities especially in Khyber Pakhtunkhwa and Balochistan after the outlawed Tehreek-i-Taliban Pakistan ended its ceasefire with the government in November last year

A report released this month by think tank Pakistan Institute for Conflict and Security Studies said the first half of the current year witnessed a steady and alarming rise in terror and suicide attacks, claiming the lives of 389 people across the country

In a press conference in June Inter-Services Public

Relations Director General Maj Gen Ahmed Sharif

Chaudhry said that the security forces conducted

13,619 intelligence operations this year in which 1,172 terrorists were killed or arrested

“On a daily basis, over 77 operations are being carried out by armed forces police intelligence agencies and other law enforcement agencies to rid of the menace of terrorism he said DG Sharif added that 95 soldiers embraced martyrdom in these operations

Today s incident follows two attacks on the military earlier this month in Balochistan Both attacks took place on the same day and the martyrdom of 12 soldiers in the two incidents was the military’s highest single-day death toll from terrorist attacks reported this year

LAHORE

The Oil Marketing Association of Pakistan (OMAP) has expressed serious reservations about a recent pricing decision made by the Government of Pakistan (GoP) and enforced by the Oil and Gas Regulatory Authority (OGRA)

OMAP claimed that the decision has resulted in a staggering inventory loss of rupees minus eleven billion for the industry which OMAP considers unsustainable and a significant threat to the already fragile state of the oil industry

In a letter addressed to State Minister for Petroleum Musadik Masood Malik, Chair-

IMF sets condition on parity between open market and interbank rates

PR OFIT

D A N I YA L A H M A D

In a first of its kind the International Monetary Fund (IMF) has stipulated a condition on the parity between the open market and interbank rate for the Pakistani Rupee as part of the current Stand-By Agreement (SBA) The interbank and open market rates of the dollar have regularly had a gap in Pakistan where different governments have tried to manage the value of the rupee This gap has become pronounced over the past year or so in which Pakistan came close to default

The average premium between the two rates has been mandated to be no more than 1 25% during any consecutive 5-business-day period With the current open market rate hovering around $1 to Rs 290, the differential equates to approximately Rs 4 So what is going on?

Is there a reason for why the IMF might have done this?

The IMF is now exhibiting little to no tolerance for Pakistan s exchange rate practices and implicit interventions, explains Naveed Vakil, COO at AKD Securities What does Vakil mean?

The open market rate and the interbank rate are two distinct rates utilised in currency exchange The open market rate is determined by supply and demand forces in the open market while the interbank rate is established by banks buying and selling currencies from each other The interbank rate is generally only accessible to the largest and most creditworthy financial institutions In contrast, the open market rate is the rate that customers can typ-

ically expect to receive when exchanging currency at a local currency exchange or other retail foreign exchange provider These two rates have been divergent in the recent past to varying extremities

Profit has covered the reasons for why these differences arose in a more detailed article

“This is not something recent that has suddenly occurred after the SBA This has been happening since June

C O N T I N U E D O N PA G E 03 C O N T I N U E D O N PA G E 03

Cu s t o m s o f f i c i a l s ‘f r a u d u l e n t l y c l e a r

ISLAMABAD S H A H Z A D PA R A C H A

A massive fiscal fraud worth Rs 152 5 crore in Pakistan Customs has been unearthed in which customs clearing agents and PRAL staff with the active connivance of senior customs officials posted at Islamabad airport fraudulently cleared helicopter parts According to documents, M/s Unique Enterprises in the name of M/s Aga Khan Foundation imported goods of description as “Helicopter Controller Boxes Spectacle Frames Helicopter ELT Units vide 69 Goods Declarations and claimed the inadmissible benefit of 9903

In addition, the AFU Sheds (GHAS) namely M/s Gerry’s D’nata, M/s Shaheen Airport Services and M/s Royal Airport Services had issued the Delivery documents for handing over the shipments respectively in collusion with Clearing Agents without verifying the OneCustoms Goods Declarations that the shipments have been duly cleared by Customs or not, in violation of the Section 32 (1) (2) 32 A 79 read with Rule No 556 (a) of Customs Rules

man of OMAP, Tariq Wazir Ali, highlighted concerns that the decision to reduce the price of High-Speed Diesel (HSD) for the second fortnight of July 2023 deviated from the approved formula established by the GoP The formula as per ECC s decision no ECC-307/34/2020 dated July 28 2020 was designed to absorb price increases by reducing the Petroleum Levy However, OGRA s decision unilaterally and unrealistically reduced the price of HSD disregarding the approved mechanism and contradicting the essence of the ECC decision Moreover the incidentals included in the price were carried over from the second fortnight of June 2023 Chairman OMAP further stated that the implementation of this unrealistic pricing de-

2001 issued vide SRO 450(1)/2001 dated 18 06 2001 punishable under section 156(1) (14) (14 A) & (43) of the Customs Act 1969 Reportedly, M/s Aga Khan Foundation has disowned these shipments in its communication subsequently, Customs Collectorate Islamabad lodged an FIR on account of fraudulent clearances and missing One Customs GDs records against Customs staff Shed staff and Clearing Agent As per 9903, the benefit is admissible only if exemption certificates are being issued by EAD subject to concurrence from FBR

Moreover as per Rule 29 of CGO

12/2002 Additional Collector is the competent authority to approve the said exemption It is pertinent to note that incumbent collector Collectorate of Customs Appraisement (West), Custom House Karachi SanaUllah Abro was additional collector Islamabad Sources said that the importer/clearing agent did not fulfill above mentioned requirements; hence, the exemption is inadmissible as per data of One-Customs retrieved from M/s PRAL In view of above facts it is

clear that M/s Unique Enterprises clandestinely in connivance with Shed staff deliberately and willfully committed the act of fraudulent clearances of various shipments of the helicopter parts as per Airway bills imported in the name of Aga Khan Foundation thus evading the amount of duty and taxes Rs 152 5 crore The Collector of Customs (Adjudication) Islamabad in its order directed M/s Capital Cargo Services to pay the evaded amount of duty and taxes Rs 152 5 million besides Rs 10 million penalty imposed on Gerry’s Dnata Rs 2 million on Shaheen Airport Services and a penalty of Rs 2 million on Royal Airport Services In addition, the Adjudicating authority recommended the Licensing Authority to initiate the process of revoking their license as they have failed to discharge their responsibility as mentioned in Customs Rules 2001 While exonerating M/s Aga Khan Foundation from the charges levelled in the show cause notice However a warning is issued to them as due diligence on their part could have avoided this scam

cision has resulted in a substantial inventory loss of rupees minus eleven billion, adding to the financial challenges faced by the industry due to insufficient margins increased markup high global prices and the depreciation of the Rupee OMAP warns that failure to rectify this manipulation through an immediate price revision could lead to interrupted fuel supplies, exacerbating the crisis faced by the industry OMAP explained the importance of addressing these concerns promptly as the stability of the oil industry is vital for the nation s overall well-being and economic progress The organization called for the government to revise the pricing through a just and transparent process to demonstrate its commitment to supporting industry sus-

With general elections around the corner, the leadership of the Muttahida Qaumi Movement –Pakistan (MQM-P) seems unhappy and it’s leadership has again blamed being ignored by the government MQM-P – which is part of the ruling coalition – has expressed disappointment after not being taken into confidence on several political matters including dissolution of National Assembly (NA) and caretaker setup

In response, a delegation of MQM-P led by Convener Khalid Maqbool Siddiqui and comprising Dr Farooq Sattar and Mustafa Kamal has been formed to meet with the Prime Minister Shehbaz Sharif and convey their reservations

The delegation will discuss the issue of trust and transparency in decision-making processes, particularly regarding the caretaker setup In this regard, Federal Information Technology (IT) Minister Syed Amin UI Haque expressed disappointment over the party not being taken into confidence about the dissolution of the assembly

He said that the MQM-P delegation will arrive in Islamabad and call on the premier to raise their concerns

The minister said that the delegation will raise the issue of discrepancies in voter lists and also push the premier for notifying the new census so that upcoming elections are conducted on them

ISLAMABAD S TA F F R E P O R T

The Central Ruet-e-Hilal Committee on Tuesday could not sight the Muharram moon, which will mark the beginning of the new Islamic year, 1445 AH

This means that the first of Muharram will be on Thursday (July 20) and Youm-e-Ashura will be observed on July 29 (Saturday)

Central Ruet-e-Hilal Committee Chairman Moulana Abdul Khabir Azad presided over the meeting, which took place at the Deputy Commissioner s office in Quetta Chief Meteorologist Sardar Sarfaraz and other officials also attended the meeting Earlier the Pakistan Meteorological Department (PMD) predicted that the moon would be born on the crossing conjunction point at 11:32pm on July 17 (Monday)

According to astronomical parameters there is a slight chance of sighting the new moon of Muharram, 1445 AH on the evening of 18-07-2023 i e on 29th of Zilhaj, 1444 AH,” the PMD said in a notification a day earlier Meanwhile Saudi Arabia’s Supreme Court announced that the Islamic year in the Kingdom will start tomorrow (July 19)

According to the Umm Al-Qura calendar, Tuesday will be the last day of the month of Zilhaj, 1444 Hijri, corresponding to July 18, 2023 Wednesday will be the first day of the month of Muharram, 1445 Hijri, corresponding to July 19 2023 ” the court announced

Following PPP’s demand, JUI-F also calls for polls on time

PESHAWAR

S TA F F R E P O R T

Following the demand by Pakistan Peoples Party (PPP), another PDM party, Jamiat Ulema-e-IslamFazl (JUI-F) on Tuesday emphasised the significance of holding the general elections on time

The demand came during a meeting of the JUI’s core committee presided over by Pakistan Democratic Movement (PDM) chief Maulana Fazlur Rehman The party assessed the issues in line with the general elections

tainability and ensuring a level playing field for all stakeholders

In response to OMAP’s criticisms, the OGRA spokesperson Imran Ghaznavi rebuts the industry s resentment and questions raised regarding the fairness and correctness of the recent reduction in petrol and diesel prices, effective from July 16, 2023 Ghaznavi stated that the criticism is unsubstantiated and goes against the policy guidelines issued by the Federal Government According to OGRA the prices of petrol and diesel were calculated strictly in accordance with the formula approved by the Economic Coordination Committee of the Cabinet on July 28, 2020 As per the ECC decision, a reduction of Rs 9 per liter in petrol

and Rs 7 per liter in diesel prices was passed on to the general public on July 16, 2023 The decision also stipulated that if premium, freight or incidentals from the previous fortnight were not available the incidentals of the previous month would be applicable OGRA contends that the price computation incorporated the incidentals from the previous month, and the diesel premium agreed upon between Pakistan State Oil (PSO) and Kuwait Petroleum Company since May 29 2023 was also included

Therefore OGRA maintains that the ECC decision was applied in letter and spirit and the claims made by the oil industry regarding the pricing mechanism and supply disruptions are baseless and unacceptable