Profit

turn to Pakistan, the Pakistan government extended approval to the Azerbaijan airline to land in Islamabad Lahore and Karachi This is a big step forward to promote tourism and investment and exchange of delegation between the two countries

The prime minister also appreciated and thanked Finance Minister Ishaq Dar Dr Musadik Malik secretary petroleum Pakistan’s ambassador in Azerbaijan CEO SOCAR Trading and MD PLL for their work to conclude the framework agreement Ambassador of Azerbaijan in Islamabad on the occasion said this framework agreement would help further strengthen bilateral economic relations

Cabinet committee approves draft framework agreement with UAE on cargo terminal

Rehman, diplomats and government officials were also present on the occasion

Under this framework agreement SOCAR Trading has offered LNG supply to Pakistan in the form of one cargo per month, on flexible terms and with the credit lines for 30 days after delivery of the cargo in one year contract which is extendable by another year

Prime Minister Shehbaz Sharif said it was really a great day as we are stand-

Amid rise in militant attacks, army chief meets Centcom boss

RAWALPINDI S TA F F R E P O R T

Commander of the United States Central Command (Centcom) Gen Michael Kurilla met with the army chief Gen Syed Asim Munir on Monday to discuss a variety of issues including the region s security situation The meeting, which comes on the heels of increasing attacks allegedly carried out by Afghanistanbased Tehrik-i-Taliban Pakistan (TTP) militants on the security forces in recent months was held at the General Headquarters (GHQ) in Rawalpindi said a statement from the Inter-Services Public Relations (ISPR)

It also follows Munir s recent visit to Washington s arch-rival Iran

During the meeting matters of mutual interest, regional security situation, and defense cooperation were discussed ” the statement added

The two reiterated the desire to further enhance bilateral relations between the two armies in all fields Kurilla for his part acknowledged and appreciated

Pakistan Army s successes in the fight against terrorism and Pakistan s continued efforts for bringing peace and stability in the region ” Pakistan Army last week warned the Afghan Taliban against “providing safe havens” to TTP and said the militants safe havens and sophisticated weapons pose a security risk to the country

Pakistan has witnessed a steady increase in militant attacks in the first six months of the current year, claiming the lives of 389 people, including soldiers, across the South Asian nation Around 271 attacks occurred during the period

The TTP is a conglomerate of several militant groups in Pakistan that Islamabad says are currently inside Afghanistan Gen Munir has claimed that the TTP militants have freedom of action across the border in Afghanistan and urged Kabul not to allow its soil to be used against any country ing here as brothers from two brotherly countries Pakistan and Azerbaijan

He expressed wishes to the President of Azerbaijan Ilham Aliyev whom he met in Baku few weeks ago and thanked him for finalizing this agreement We had extremely productive and very fruitful discussion over there as to how to promote economic relations between the two friendly countries ” he said adding that immediately on his re-

He said cooperation between the two countries had remained sustainable since start of the diplomatic ties between the two brotherly countries

He said approval of giving airspace to the Azerbaijan airline would increase the number of visitors and business delegation between the two counties

He informed that a team of horticulture experts from Azerbaijan was arriving here in Pakistan to share their first hand experience in the sector with the Pakistani authorities

NEPRA , Govt under fire over proposed Rs7.50 per unit power tariff hike

g STAKEHOLDERS, ESPECIALLY THOSE REPRESENTING EXPORT-ORIENTED SECTORS AND INDUSTRIES, RAISED OBJECTIONS OVER MA SSIVE TARIFF HIKE

The National Electric Power Regulatory Authority (NEPRA) the government faced severe criti-

The stakeholders especially those representing the export-oriented sectors and industries, raised objections over the massive tariff hike and questioned the government’s implementation of cross subsidies without thoroughly assessing its impact

During the hearing NEPRA and the Power Division received scathing remarks for allowing the installation of several Independent Power Plants (IPPs), which increased the country s capacity to 45000 MW without investing in the transmission and distribution network Intervenors, particularly representatives from the textile sector and other industries pointed out that despite these plants producing a maximum of 26000 MW consumers were still paying capacity payments for the remaining idle power plants

The motion filed by the federal government to increase electricity prices by 7 5 rupees per unit prompted the hearing The Power Division justified the proposed increase citing rupee depreciation and capacity payments as the main reasons but NEPRA officials emphasized that the specific increase for each slab is the government s political and administrative decision

During the hearing, Member NEPRA, Rafiq Shaikh, questioned the legality and rationale behind the government’s subsidies allocation and demanded transparency in determining the subsidy amount for each slab The Power Division officials clarified that the government would grant a subsidy of 158 billion rupees to electricity consumers, exempting consumers using up to 200 units from any increase They further explained that 40 percent of consumers in the country living below the poverty line would receive subsidies covering 90 percent of all consumers Representative Tahir Basharat Cheema from

APTMA raised concerns about the potential impact of even a one percent tariff increase on exports and highlighted that commercial and billboard operators receive a commercial tariff He expressed that a switch to alternatives would incur a cost of 300 rupees per unit Cheema also questioned the power companies’ resorting to load shedding and sought accountability for the burning of 22 thousand meters of electricity during recent rains

Member NEPRA, Rafiq Shaikh, emphasized the need for the Power Division to present an economic case justifying the subsidies for electricity consumers voicing concerns about its potential impact on the industrial sector

Following the hearing NEPRA reserved its decision on the proposed power tariff hike The decision will be forwarded to the federal government for review, and upon approval, a notification will be issued to implement the tariff increase

In response to the proposed tariff hike Jamaate-Islami Karachi Amir Hafiz Naeem-ur-Rehman rejected the increase and accused NEPRA of following the government s instructions

He argued that the proposed hike would burden the urban population and regular electricity bill payers, further lamenting that the public is bearing the brunt of the government’s inefficiency

Naeem ur Rehman criticized NEPRA for not taking decisive action against Independent Power Producers (IPPs) despite their agreements being detrimental to the country s economy and people

He accused NEPRA of acting under the instructions of the cabinet, making the hearing seem futile and merely an attempt to save face

He argued that the subsidy itself represents inefficiency in the government s management of power plants and distribution companies leading to hardships for the public The Chairman of the National Electric Power Regulatory Authority (NEPRA) voiced disappointment at Naeem’s refusal to accept past invitations for collaboration

The discussion revolved around the rising electricity tariffs and K-Electric s provisional license renewal

The Cabinet Committee on Inter-governmental Commercial Transactions (CCoIGCT) has approved G2G agreement between the Governments of UAE & Pakistan on Cooperation for the Development of Bulk and General Cargo Terminal at East Wharf at Karachi Port under Inter-Governmental Commercial Transaction Act 2022

Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar chaired the meeting of the CCoIGCT

Sources said that the Ministry of Maritime Affairs informed the CCoIGCT that Karachi Port consists of 03 Wharves as East Wcst and South containing 05 terminals Three docking terminals outsourced to Terminal Operating Companies (TOC) while remaining two i e Oil Terminal and Clean Bulk Cargo Terminal (CBCT) are presently operated by the KPT

The CBCT was handed over to KPT in 2016 after the same was built from a loan from the World Bank In 2019 KPT proceeded to outsource the CBCT by inviting E01 from TOCs

In the pre-qualification stage eleven TOCs were declared qualified by NESPAK whereas only QTerminal submitted technical proposals

KPT decided to go for international bidding but at the time the consultants finalized the tender documents the AD Port approached the government of Pakistan and KPT through UAE s Ambassador expressing its interest in operation of the two terminals on east Wharf

KPT further informed that gross revenue of CBCT is Rs 3100 million pa and Repayment of loan is Rs 3000 million operating expenses is Rs 675 million

The KPT ends up with a deficit amount of Rs 575 million pa MoFA has also been tracking the progress of KPT s outsourcing efforts since 2022 for offering CBCT to the State of Qatar

In May, 2023 SAPM for Foreign Affairs informed that CBCT can be offered to Saudi Arabia (KSA) The KPT also on its own approached the Q-Terminal who indicated interest to the extent of participating in bidding

In the meantime MoFA forwarded UAE

Ambassador s letter enclosing G2G Agreement between the Government of the United Arab Emirates and Government of the Islamic Republic of Pakistan for the Development of Bulk and General Cargo Terminal at East Wharf Karachi Pon Framework Agreement Committee therefore recommended that the draft Agreement may be placed before the Cabinet Committee on inter-governmental Commercial Transactions for consideration and recommendation for the Federal Cabinet for granting approval in tem of Rule-16(1)(h) of Rules of Business 1973

Moreover CColGCT during its meeting held on 19-72023 had desired that sponsoring the Ministry of the proposal must ensure that the transaction is being carried out with a Government owned entity as required under G2G Agreement Therefore, MoFA was requested to confirm that AD Port is a UAE government entity MoMA asked the CCoIGCT to approve the criteria for the purpose of price discovery by the Negotiation Committee to be nominated by the CColGCT

In addition, a Committee may be constituted to negotiate price discovery on criteria indicated as in para-6 and frame a Commercial Agreement to be signed between KPT and AD Port UAE

The Price Negotiation Committee may submit its recommendations for the approval of Cabinet through CColGCT

Effor ts for Dar ’s nomination as caretaker PM suffer major setback

ISLAMABAD

Efforts of the ruling Pakistan Muslim League-Nawaz (PML-N) to get Finance Minister Ishaq Dar appointed as caretaker prime minister have suffered a major setback as neither the Pakistan People s Party (PPP) nor other stakeholders are ready to accept Dar as caretaker PM

Well informed sources say that successive meetings between PPP’s Asif Zardari and PML-N’s Nawaz Sharif have failed to reach consensus over Dar and the matter may be discussed later in the week when PDM chief Maulana Fazlur Rehman joins the duo

Fazl is about to dash to Dubai where the talks between coalition partners have entered into a critical phase as the PPP has geared up its contacts with the other parties of the coalition government reflecting that Dar is unacceptable for many of the partners

Meanwhile PPP s several leaders contacted media houses on Monday and conveyed that no consensus has been reached on the nominee of PML-N Ishaq Dar as caretaker PM Separately, PPP’s minister Sherry

Rehman and Faisal Kundi also addressed a presser to claim that there was no consensus on Dar s nomination as caretaker PM

Minister for Climate Change and Pakistan Peoples Party (PPP) leader Senator Sherry Rehman refuted any consultations or agreement for the caretaker prime minister s position terming all such news as fake

The statement came a day after reports emerged, suggesting that Finance Minister Ishaq Dar s name had been finalised for the interim PM’s position

Addressing a press conference in Islamabad alongside PPP leader Faisal Karim Kundi Sherry said that no decision has been made yet regarding the position

There is a constitutional procedure in place for the appointment of interim PM

Stability in the country can only be achieved through timely elections and a non-partisan interim government ” she added

On the occasion Kundi dismissed the rumours of reaching an agreement with PML-N over the position of interim PM He asserted that no official or unofficial meetings in Dubai, or elsewhere, have confirmed the veracity of such news

He categorically rejected that the name of Ishaq Dar was proposed to the PPP till now All parties including the PML-N have the right to shortlist candidates but if [Ishaq Dar ’s] name is given to PPP, we will discuss it ” he added He clarified that no meetings were held in Dubai they want the assembly to complete its term and elections to be held in 60 days He further said that his party had reser- vations over the census as well Later in the day Minister for Defence and central leader of PML-N Khawaja Asif also ruled out the possibility of Finance Minister Ishaq Dar becoming a caretaker prime minister (PM) Talking to a private news channel on Monday Khawaja Asif confirmed there were differences over Dar s nomination I personally wish to see Dar as the care- taker premier It come to my knowledge that objections are being raised for considering Dar, he said However, the minister did not elabourate whether the objections were raised by the coalition members or the