Epaper_23-07-4 LHR

P S X R O A R S T O L I F E A F T E R G O V T

controlled and orderly trading environment

What next? After the resumption of the trading session, up until the filing of this piece, the KSE100 index stands at a 5 8% increase from its closing value At its peak the index had touched 43 933 points which is an almost 6% increase This is by far the highest single session jump in the KSE 100 index in the history of Pakistan

After 7 months, inflation sees a dip. But is it a cause for celebration?

by 5% from its previous closing value, trading will be temporarily halted If the KSE-30 index continues to trade at a 5% increase or decrease for five consecutive minutes trading in all stocks gets halted for a specified duration set by the exchange During this halt equity and equity-based derivative markets are suspended

During the halt, the National Clearing Company of Pakistan Limited (NCCPL) is supposed to collect margins, including any losses from mark-to-market valuations from its clearing members according to regulations Only those clearing members who have deposited the required margins with the NCCPL will be allowed to trade once the market reopens for the day

It s important to note that the market halt rule will not apply if the KSE-30 index moves beyond 5% in the period before the market closes, as specified by the exchange That period currently stands at 75 minutes

These measures have been introduced to manage extreme volatility in the stock market and provide stability to investors By temporarily pausing trading during significant market movements, the aim is to prevent excessive price fluctuations and ensure a more

formance of 30 major stocks, increases or decreases

Has the PSX seen a rally like this before?

As the stock market opened on the 3rd of July 2023, the index increased by 5 99% or by 2,481 points

This is the single highest gain the market has seen in its history It was the first time that the market was halted based on the index increasing by 5% in less than half an hour

Halts on the market are nothing new The market had actually halted three times during the Covid19 pandemic but this is the first time that a positive rally had triggered a market halt The sudden surge was expected of course given that a deal with the IMF was finally struck on Friday and the threat of default was avoided But there are many other factors to consider in this equation and a look at recent history may help us contextualise this run of the bulls

For the past six years the stock market has been in a general negative spiral Since touching an all time high of 53 127 on the 22nd of May 22nd 2017 the sentiment has continued to go south With lack of any substantial trigger this trend has continued This was made worse during Covid as it seemed that this feeling of doom and gloom was going to persist The index reflected this as it was range bound between 40 000 and 50 000 for most of the last three years

This was of course an oddity of the stock market Pakistan managed the pandemic quite efficiently and corporate results were largely exceptional in this period Despite this the stock market did not reflect any of these factors Investors lost interest and as a result volumes dried up and share prices remained low The index had plummeted to 28 289 at its lowest point which meant that nearly 50% of the market capitalization had been wiped away This saw many leading scrips and companies losing price as well

Even when corporate performance began to rebound the market did not mirror this improvement This left the market being undervalued which was one of the reasons a rebound would prove to be a jumping point for the index

After the vote of no confidence in April 2022 and the political uncertainty that followed, the depression in the market solidified As the political situation deteriorated, so did the sentiment in the market and prices stayed stagnant Things became worse as the word default was suddenly on everybody s lips and matters with the IMF seemed to have soured

Talking to Profit, Tahir Abbas the head of investment research at Arif Habib Limited says that, The rally is primarily due to the staff level agreement on the IMF Stand by Agreement signed last week The momentum and sentiment is very positive given that the country now has clarity with respect to the economic roadmap ahead for the next 9 months

But will the market remain this way? Are the current levels of stock prices here to stay? Explaining in further detail, Fahad Rauf, the head of Equity research at Ismail Iqbal securities told Profit that what we are currently observing is a “knee-jerk reaction” to the expected future stability given by the IMF program He says that in such circumstances a positive growth is seen across the board however, in the longer run only companies with strong fundamentals will sustain their levels and the market will correct itself accordingly in days to come

Answering a

Pakistan urges Sweden to take ‘serious action’ against desecration of Holy Quran

Prime Minister Shehbaz Sharif on Monday asked Sweden to take serious action against the desecration of the Holy Quran and demanded that a proper investigation should be conducted into the incident “without any interference”

The premier ’s remarks come after a man desecrated the Holy Quran in Sweden s capital Stockholm last week resulting in strong condemnation from several states including Pakistan, Turkiye, Jordan, Palestine, Saudi Arabia, Morocco, Iraq and Iran

Sweden’s government also condemned the incident calling it an Islamophobic act

A day earlier the 57-state Organisation of Islamic Council (OIC), in an extraordinary meeting in Saudi Arabia, said collective measures were needed to prevent acts of desecration of the Holy Quran and international law should be used to stop religious hatred

It also urged member states to take unified and collective measures to prevent the recurrence of incidents of desecration of copies of the Holy Quran

Addressing the federal cabinet on Monday PM Shehbaz said the Pakistani people and government condemned the disgusting incident” that took place in Sweden

“Unfortunately this is not the first incident to take place such heart-wrenching incidents have taken place previously as well They highlight that Muslims in Sweden, who are a minority, are facing Islamophobia and hatred,” he said

“The Pakistani government condemns this narrative made of hatred and discrimination he asserted and urged the Swedish gov-

ernment to take action

Referring to the OIC statement released on Sunday, PM Shehbaz said the council also demanded that the culprit should be “heavily investigated and such incidents should be prevented in the future Pakistan s government supports the OIC decision and hopes that nothing as such would take place in the future,” he stated, adding that the Foreign Office would follow up on the matter

: During the cabinet meeting, the Prime Minister also heaped praise on Chief of Army Staff (COAS) General Asim Munir during a cabinet meeting for his key role in securing $3 billion from Saudi Arabia and the United Arab Emirates (UAE) that eventually contributed to securing the International Monetary Fund (IMF) bailout Army Chief General Asim Munir played a key role in bringing $2 billion from Saudi Arabia and $1 billion from the UAE, the premier told the cabinet meeting

He briefed the cabinet about the nine-month standby agreement

that his government reached with the Washington-based lender last week He also thanked IMF Managing Director Kristalina Georgieva for her role in the bailout package

The first instalment from the IMF will be received in July, PM Shehbaz told the ministers He added that China helped Pakistan several months before the deal just like it has done in the past adding that if Beijing had agreed to roll over $5 billion then things would have been different

If the deal with the IMF had not been settled then the matter would have been different,” he added

However the prime minister said that the nine-month agreement was a temporary relief for the country adding that it was a moment of concern, not a matter of pride

He also urged all the national institutions to make concerted efforts to rid the country of loans and put it on the course to progress

While keeping in their respective jurisdictions the institutions should make united efforts for at least the next 15 years to address the country’s economic woes ” he went on to say

In the midst of back breaking inflation, there seemed to be some good news on the offing on Monday when it was revealed that the rate of inflation in the country had fallen month on month in June 2023

So what is going on and is this a cause for celebration? The federal government and finance minister Ishaq Dar would have you believe so Fall in inflation and its reasons

The latest data released by the Pakistan Bureau of Statistics (PBS) for June 2023 showed that inflation clocked in at 29 4 percent year-on-year compared to 21 3 percent in June 2022 This is the lowest annual increase in prices in some months with January 2023 inflation recorded at 27 6 percent

On a month-on-month basis, inflation declined to0 3 percent

Experts have attributed this decline to two main factors: the stabilization of the US dollar and a decrease in commodity prices The food group which holds a substantial weight of 34 58% in the inflation reading remained a major driver behind the decrease with a 1% fall in June 2023 compared to May 2023

While the improvement in these headline year-onyear numbers is eye-catching, they are primarily based on a statistical artifact: there had been an extreme jump in price levels in June last year ” Dr Ali Hasanain associate professor of economics at the Lahore University of Management Sciences (LUMS), told Profit

The May YoY inflation increase reported a larger jump because prices in May last year had been lower; in contrast the June YoY increase is smaller because June last year already had much higher prices This is reflected in the more muted decrease in inflation (-0 3%) reported in month-on-month terms, he explained

This is what is called a high base effect To put it into perspective, the CPI figures for May and June 2021 were 145 24 and 144 82 respectively

Compare this to 2022 when CPI for May was 165 23 whereas the figure for June was 175 71 In 2023 the CPI figures for May and June stood at 227 96 and 227 37, respectively So, May 2023 (figure) compares to May 2022 (figure) and June 2023 to June 2022

Since inflation compares the CPI figure for any given month to the same month of the previous year ignoring or misunderstanding the base effect can lead to erroneous conclusions

Dr Hasanain said the government would be welladvised to manage expectations carefully “First, prices in the economy are still rising faster than they have risen in years – excluding the even worse numbers of the last four months This is the time to roll up our sleeves and fix this crisis not to celebrate Second having reached a deal late last week to enter into a nine-month IMF Stand-by Agreement (SBA) and with a subsequent program all but certain to be necessary, the government cannot afford to provide short-term ‘relief ’ at the expense of macroeconomic fundamentals ”

The first signs of this increased discipline were seen on Friday when Dar announced that the tax on petrol would be increased slightly (leaving prices unchanged), diesel prices would be raised (without a change in taxes), and that electricity tariffs were likely to see an increase during the ongoing month, Dr Hasanain said “These measures are important for staunching the bleeding of the country s finances in the short-term but will likely impact inflation in the months ahead Broader reforms improving efficiency are crucial to lighten the burden of ever-higher prices for the country’s citizens

BOTH ORGANISATIONS CITE NEED FOR ADDITIONAL FINANCING, UNCERTAINTY REGARDING DEBT REPAYMENT AND FUTURE IMF PROGRAMMES

ment hurdle in the upcoming fiscal year starting in July

Krisjanis Krustins, Director of Sovereigns for APAC at Fitch, emphasized that Pakistan will require significant additional financing beyond the IMF disbursements to meet its debt obligations and fuel economic recovery There is a concern that the current financing might prove insufficient, especially if current account deficits widen again

To secure the initial agreement with the IMF Pakistan implemented measures such as tax increases spending cuts and raising its primary interest rate to a historic peak

While the agreement was initially well-received by the markets, leading to a surge in stocks and a strong performance of dollar bonds, it still awaits approval from the IMF Executive Board Moody s analyst Grace Lim based in Singapore expressed uncertainty regarding Pakistan s ability to secure the complete $3 billion IMF financing during the stand-by period She highlighted that the government s commitment to ongoing reforms will face a test as elections are scheduled for October 2023 Pakistan had previously obtained a $1 1 billion loan in August which was subse-

quently halted due to non-compliance with certain conditions stipulated by Islamabad The towering $25 billion debt repayment, encompassing both principal and interest, is nearly seven times Pakistan’s foreign exchange reserves according to Moody s Lim emphasized that only after the elections will it become clear whether Pakistan will be able to enter into another IMF program She warned that until a new program is agreed upon, Pakistan’s ability to secure loans from other bilateral and multilateral partners on an ongoing basis will be severely constrained

g

g WHILE IMPROVEMENT IN HEADLINE YOY NUMBERS IS EYE-CATCHING, THEY ARE PRIMARILY BA SED ON A STATISTICAL ARTEFACT

VA R S I T I E S B A R R E D F R O M G R A N T I N G N E W A F F I L I AT I O N S T O C O L L E G E S , I N S T I T U T I O N S B Y H E C

ISLAMABAD S ta f f R e p o R t

THE Higher Education Commission (HEC) has announced a complete ban on granting new affiliations to colleges and institutions by universities, including affiliations in programmes, to ensure the quality of education According to HEC, the decision comes

as part of HEC s ongoing review of the Affiliation Policy/Criteria aimed at enhancing the standards of higher education in the country and curbing the practice, noted with concern, of certain public sector universities granting affiliations to colleges and institutions lacking adequate infrastructure faculty and auxiliary facilities despite clear directions issued by HEC

In view of the foregoing, all public sector HEIs having the authority to grant affiliations

are hereby instructed to immediately cease granting new affiliations to any college or institution as well as programmes, until the revised criteria are issued However, the extension of affiliation for already affiliated programmes and colleges/institutions is permissible provided that an HEC nominee is part of the Affiliation Committee for renewal Furthermore, public sector HEIs are required to promptly withdraw any

advertisements related to granting affiliations that have been published in print and social media Failure to comply with these directions will result in the non-recognition and nonattestation of degrees issued by the non-compliant HEIs and HEC will be compelled to initiate appropriate actions in accordance with the Standard Operating Procedures (SOPs) The move follows HEC s authority

Pakistani mountaineer Asif Bhatti stranded at Nanga Parbat

NANGA PARBAT S ta f f R e p o R t

Pakistani mountaineer Asif Bhatti is stranded at the 8 126-metre-tall Nanga

Parbat the ninth-highest mountain in the world due to snow blindness, the Alpine Club of Pakistan (ACP) said on Monday

“He is stuck at camp 4, at an altitude of 7,500-8,000m, with snow blindness and needs help ” ACP Secretary General Karrar Haidri said Bhatti who is a university professor from Islamabad was proceeding to the final summit of the peak when he got stranded According to Haidri, several outfits wer attempting the peak and some of their members had conveyed the message that Bhatti was suffering from snow blindness

A helicopter will be needed to pick him up but for that, he will have to come down to the altitude of around 6,0006,500m,” he added

B h a t t i a l o n g w i t h o t h e r m o u n t a i n e e r s L t C o l ( R ) D r J a b b a r D r N a v e e d S a a d M u h a m m a d a n d F a h e e m Pasha, had departed for the expedition a

few days back His other team members h a v e n o t y e t b e g u n t h e i r f i n a l s u m m i t push Haidri added Separately, Karakoram Club an

organisation working for adventure tourism in Pakistan said a group of climbers from the Karakoram Expedition in Shimshal were preparing for a rescue operation to retrieve Bhatti

“They are currently waiting for a helicopter to transport them to the higher camps it added Climber Shehroze Kashif has also volunteered to become a part of the rescue mission I kindly request the relevant department to consider transporting me to either the base camp or even to higher camps for increased involvement he said

Many climbers have been attempting to summit the peak this year On Sunday at least 52 mountaineers, including 11 Pakistanis, scaled Nanga Parbat With a death probability of 21 per cent, Nanga Parbat continues to claim its place among the top five most dangerous mountains in the world Until now 85 climbers have died while attempting to summit the peak

Ac ting President urges PM to build mar t yrs’ monuments

ISLAMABAD a p p

Acting President Sadiq Sanjrani has written a letter to Prime Minister Shehbaz Sharif drawing attention towards the establishment of monuments of the martyrs of the nation in the federal and provincial capitals

Hoshab attack mar t yrs laid to rest with militar y honours

RAWALPINDI S ta f f R e p o R t F u n e r a l p r a y e r s o f M a j o r S a q i b H u s s a i n S h a h e e d ( a g e 3 1 y e a r s , r e s i d e n t o f D i s t r i c t S a n g h a r, S i n d h ) a n d N a i k B a q i r A l i S h a h e e d ( a g e 2 6 y e a r s r e s i d e n t o f D i s t r i c t D a d u S i n d h ) w h o e m b r a c e d s h a h a d a t o n 2 J u l y 2 0 2 3 w h i l e f i g h t i n g g a l l a n t l y w i t h t e r r o r i s t s i n H o s h a b a r e a o f B a l o c h i s t a n w e r e o ff e r e d a t f i r s t i n Tu r b a t a n d l a t e r a t t h e i r r e s p e c t i v e h o m e t o w n s T h e m a r t y r s w e r e l a i d t o r e s t w i t h f u l l m i l i t a r y h o n o u r s S e n i o r s e r v i n g & r e t i r e d o ff i c e r s / s o l d i e r s r e l a t i v e s a n d l a rg e n u m b e r o f p e o p l e a t t e n d e d t h e f u n e r a l s P a k i s t a n A r m y r e m a i n s c o m m i t t e d t o w a r d s e n s u r i n g d e f e n c e o f t h e m o t h e r l a n d a t a l l c o s t s

Bilawal Bhutto Zardari

calls on Japanese

Prime Minister

ISLAMABAD S ta f f R e p o R t F o r e i g n M i n i s t e r B i l a w a l B h u t t o Z a r d a r i o n M o n d a y c a l l e d o n t h e J a p a n e s e P r i m e M i n i s t e r F u m i o K i s h i d a i n To k y o a n d d i s c u s s e d w i t h h i m m a t t e r s o f m u t u a l i n t e r e s t s T h e f o r e i g n m i n i s t e r c o n v e y e d g r e e t i n g s f r o m t h e G o v e r n m e n t a n d p e o p l e o f P a k i s t a n a c c o r d i n g t o t h e m i n i s t r y o f f o r e i g n o ff i c e s s p o k e s p e r s o n D u r i n g t h e m e e t i n g , b o t h l e a d e r s e x p r e s s e d t h e d e s i r e t o f u r t h e r e n h a n c e b i l a t e r a l e n g a g e m e n t a n d c o o p e r a t i o n i n d i ff e r e n t f i e l d s

CJCSC,

He said there were no two opinions on the established fact that their forefathers gave everlasting sacrifices for the creation of the country

The sacrifices of the martyrs for the stability and integrity of the nation were also memorable, he wrote “The martyrs are our heroes as the peace and security in Pakistan is the result of their unparalleled sacrifices Sanjrani said adding As a nation it is our obligation that we should keep alive the martyrs in hearts of the people, particularly the youth ” The Acting President said the federal and provincial governments

should ensure the establishment of martyrs monuments at the federal and provincial capitals The pictures of the martyrs and the Pakistani Flag should be put up at airports, government buildings schools important highways railway stations and other places Pakistanis and foreigners should know that as a nation we are grateful to our martyrs, he said, adding visits of the people from different walks of life, particularly students to these monuments would reignite patriotism

It would also keep alive in the young generation passion to continue the mission of martyrs he noted

He expressed the hope that the prime minister would issue instructions in that regard as soon as possible

“This will be a small effort to pay special tribute to our brave and unconquerable martyrs he concluded

under Ordinance No LIII of 2002

(Amendment Act No XXI of 2021 and Second Amendment Act No XXII of 2022), Section 10-1(a), to establish policies, guiding principles, and priorities for HEIs to promote the socio-economic development of Pakistan Section 10-1(d) empowers HEC to prescribe conditions for the opening and operation of institutions, including those not part of the state educational system

Greece boat tragedy: FIA to tighten noose around human traffickers

LAHORE S ta f f R e p o R t

The Federal Investigation Agency (FIA) has decided to blacklist the passports of the suspected human traffickers involved in the Greek shipwreck incident and charge them under the Anti-Money Laundering Act Last month, an Italy-bound fishing trawler reportedly carrying at least 800 people including approximately 350 Pakistanis capsized off Greece The incident led to a day of mourning along with the launch of a nationwide crackdown on human smugglers with many subsequently arrested A statement from the FIA spokesperson issued today said FIA Director General (DG) Mohsin Hasan Butt and North Additional Director General (ADG) Rana Abdul Jabbar visited the agency’s Lahore Zone where they were briefed on the progress in the shipwreck investigation by Lahore Director Sarfraz Virk and Faisalabad Director Rai Ijaz Ahmed The Lahore and Faisalabad directors informed the senior FIA officials that five inquiries had been opened and 149 cases registered so far in their zones, while 41 human traffickers were arrested Subsequently, the DG FIA ordered the formation of more teams to immediately arrest the suspects involved in the incident adding that the raiding teams were in constant contact with the families to arrest the traffickers He said that all resources should be used to make the arrests The DG FIA issued an order to take action under the Money Laundering Act against the suspects involved in the Greek boat accident ” the statement reads DG Butt said the identity cards and bank accounts of the agents involved in the accident should be immediately blocked while the passports of the human smugglers involved in the incident should be blacklisted “Officers posted at all the airports of the country should keep a close watch for the arrest of the agents involved ” the FIA statement quoted him as saying adding that airport incharges should ensure that no agent manages to escape abroad

P M c o n g r at u l ate s N a i l a K i ya n i , S a m e e n a B a i g fo r s c a l i n g N a n g a Pa r b at

ISLAMABAD S ta f f R e p o R t

Prime Minister Shehbaz Sharif on Monday congratulated mountaineers Naila Kiyani and Sameena Baig for scaling the world’s ninth highest peak of Nanga Parbat

The prime minister in a statement said besides summiting the world s highest peak of Mount Everest, both Nailia Kiyani and Sameena Baig were the first Pakistani women to scale the most dangerous peak of Nanga Parbat and brought fame to country

The two mountaineers were representatives of those brave women of Pakistan who were

second to none in their pursuit of tenacity, ambitions and objectives as they had proved that their mettle determination and intentions were higher than the highest mountains PM Shehbaz added Praying for their more successes in future, he said the daughters of the nation like Sameena Baig Naila Kiyani and others should continue to project Pakistan s bright image across the globe I n M a y 2 0 2 3 , t h e p r i m e m i n i s t

w h o h a s s c a l e d t h e M o u n t E v e r e s t

Chinese companies enhance their role in social development of Pakistan

ISLAMABAD S ta f f R e p o R t

Chinese companies have enhanced their role in social development of Pakistan while addressing the country s economic and development issues

The companies are an integral part of CPEC They are the torch bearer of this flagship project of BRI They are not only helping Pakistan overcome its infrastructure problems but also investing in social development skills and environmental protection in Pakistan

However, unfortunately their work could not get the attention of the media and society Propaganda played a major role to undermine the social development work of the Chinese companies The propagandist kept the media and people busy with baseless theories and

allegations against Chinese investment

Fortunately, the Chinese companies did not pay attention to allegations and propaganda and kept their focus on projects and social development skill and environmental protection programs All Chinese companies are investing in social development but only a few have been selected for discussion Sahiwal Coal Power and Port Qasim power plants The Chinese companies not only helped to create thousands of jobs but also invested in building the capacity of hundreds of engineers and staff members According to available data Huaneng Shandong Rui Group which built the Sahiwal coal power invested in 622 employees for building their capacity and sharpen their skills Further segregation of data shows that 245 engineers were trained following the need for required

skills at plants

Moreover, Huaneng Shandong Rui

I N D I A N S C T O H E A R P ET I T I O N S A G A I N S T R E M O VA L O F O C C U P I E D K A S H M I R ’ S S P E C I A L S TAT U S F R O M J U LY 1 1

The Supreme Court of India has constituted a fivemember bench to hear petitions challenging the abrogation of occupied Kashmir ’s special status, Indian media outlets reported on Monday

In 2019 India’s ruling Bharatiya Janata Party (BJP) had revoked occupied Kashmir s special status by repealing Article 370 of the constitution The move allowed people from the rest of the country to have the right to acquire property in occupied Kashmir and settle there permanently

CONTINUED FROM PAGE 01

This was made worse by the fact that at different junctures the State Bank of Pakistan kept stepping in and in an attempt to quash the rising inflation, kept increasing the discount rates From April 2022 to June 2023, the SBP increased the rates from 12 5% to 22% Many times the rate increases were large in magnitude and surpassed the market expectations All this had an impact on the market sentiment and investors confidence and kept the index in check

On a fundamental level, the truth was that the companies that were

Article 370 had limited the power of the Indian parliament to impose laws in the state apart from matters of defence foreign affairs and communications Kashmiris international organisations and critics of India s Hindu nationalist-led government had termed the move an attempt to dilute the demographics of Muslimmajority Kashmir with Hindu settlers

A notification issued by the Indian apex court today said the five-member bench comprises Chief Justice of India Dhananjaya Yeshwant Chandrachud Justice Sanjay Kishan Kaul Justice Sanjiv Khanna Justice BR Gavai and Justice Surya Kant

According to The Hindustan Times more than 20

operating in the country were performing well and , with the exception of a few sectors, the performance of many of the companies had been stellar

This meant that the index and the market was considered to be undervalued This fact could not be ignored by the companies themselves who saw the opportunity to buy their own shares from the market with buybacks Based on the price multiples, these companies stepped in to acquire their own shares and to absorb some of the liquidity that was available in the market The markets were primarily concerned about the macroeconomic situation of the country

with default at its forefront

petitions were filed questioning the constitutional validity of the Indian government’s Aug 2019 decision to abrogate Article 370 Petitioners claimed that constitutional provisions were violated while making the decision the report stated Separately The Hindu said that the petitioners had also brought up the case on February 17 for early listing, adding that the Indian chief justice had agreed to give a specific date for the hearing “The Article 370 case has been pending in the Supreme Court for over two years The case had not come up after a five-judge bench refused to refer the petitions to a larger bench in March 2020 it added

The core of the rally today is rooted i n t h e p e r f o r m a n c e o f m a n y o f t h e companies that have taken place since 2 0 2 0 O n c e t h e l o a n w a s s e c u r e d i n v e s t o r s s a w t h a t t h e r i s k o f d e f a u l t h a d b e e n a v e r t e d a n d t h a t t h e r e a r e b r i g h t e r d a y s i n t h e f u t u r e o f t h e country With this loan being secured, o t h e r f r i e n d l y c o u n t r i e s h a v e a l s o p r o m i s e d t o l o a n f u r t h e r f u n d s t o t h e country which will shore up some of the a v e r s i o n s t h a t i n v e s t o r s h a d i n t h e market The market has reacted in the only way it knows and so investors are f l o c k i n g b a c k t o t h e m a r k e t T h e

p e r f o r m a n c e o f t h e c o m p a n i e s w a s always on the right track, however, the share prices that were being seen were not reflective of this reality What has happened today (Monday) certifies the fact that the stock market of the country did not account for the performance of the companies themselves The investors can be given the benefit of the doubt that the risk of default and political situation would have seemed like the more pertinent issues Once these issues have been resolved the investors have reacted by running back into the market and showing how attractive the market is for investment

Proposed amendments to NEPRA Ac t raise concerns over potential favoritism

CONTINUED FROM PAGE 01

Proposed amendments should ensure that NEPRA retains its integrity independence and ability to make impartial decisions that promote a sustainable and efficient power sector for the benefit of the nation as a whole, sources urged A thorough review of the proposed amendments to safeguard NEPRA s integrity and ability to make impartial decisions seems imperative, they added

As draft ordinance awaits the acting President’s consent, industry experts, consumer rights groups, and opposition parties closely monitor the situation They emphasize the need for transparency and fair decision-making within NEPRA advocating for policies that promote a sustainable and efficient power sector

benefiting the nation at large

According to the draft ordinance, the Authority shall consist of the Chairman to be appointed by the federal government and four members one from each province to be appointed by the federal government after consideration of the recommendations of the respective provincial government Every member shall be a person known for his integrity and eminence having experience of not less than twelve years in the fields of corporate or energy laws corporate finance chartered accountancy cost and management accountancy energy or power or a serving or retired civil servants in BS 21/22 or equivalent, preferably with experience in power sector Provided that the incumbent members of the Authority shall be deemed to have been appointed from

Met depar tment issues nationwide heav y rain advisor y

ISLAMABAD

S ta f f R e p o R t

The Meteorological Department has issued a countrywide advisory for heavy rain effective from Monday night warning of potential urban flooding due to hailstorms District administrations are urged to remain vigilant in order to prevent flood-like situations The weather system is expected to persist until July 8 According to the advisory, moist currents from the Arabian Sea are likely to penetrate the upper regions of the country accompanied by a westerly wave entering the area Rainfall thunderstorms and scattered hailstorms are anticipated in several regions including Islamabad, Rawalpindi, Murree, Galliyat, Attock, Chakwal, Jhelum, Kashmir, Gilgit-Baltistan, Chitral, Swat, Mansehra Kohistan Abbottabad Haripur

Peshawar Mardan Swabi Nowshera Kurram

Bannu Lakki Marwat Kohat Mianwali Sargodha

Hafizabad Mandi Bahauddin Sialkot Narowal

Lahore, Gujranwala, Gujrat, Sheikhupura, Faisalabad, Jhang, and Toba Tek Singh A downpour advisory has been issued for all provinces and Gilgit-Baltistan, with a possibility of hill torrents affecting Balochistan Furthermore rainfall is predicted in Barkhan Loralai Sibi Naseerabad

Kalat Khuzdar Zhob Lasbela Awaran Musakhel

Dera Ismail Khan Bannu Karak Waziristan Dera

Ghazi Khan, Rajanpur, Multan, Bhakkar, Layyah, Kot Addu, Bahawalpur, Bahawalnagar, Sahiwal, and Okara from July 5 to 8

each province without the allocation of any specific portfolio

The Chairman shall be a person with a minimum of twenty years of experience in the fields of power/energy administration law and corporate finance or he shall be serving or retired civil servant in BS-22 or equivalent preferably with experience in power sector The Chairman shall be appointed by the federal government on certain terms and conditions

The Chairman should ensure the efficient and effective exercise of the Authority s power and the performance of its functions under this act and allocation of functions and work to other members shall be decided by the Authority Three members of the Authority including the Chairman shall constitute

the quorum requiring a decision by the Authority However, in the absence of the Chairman or the Chairman not being in his position, other members shall elect an acting Chairman by majority vote for the meeting requiring decision by the Authority Decision of the Authority shall be taken by the majority of its members present, and in case of a tie, the Chairman shall have a casting vote

The Authority shall be exclusively responsible for regulating the provision of electric power service The Authority shall act in accordance with the policies and guidelines as may be issued

C hristian religious leaders slam May 9 protests, express solidarity with army

LAHORE S ta f f R e p o R t

The religious and political leadership of the Christian community on Monday condemned the attacks on state buildings by “activists of a political party” on May 9, and expressed their unconditional support for the country s armed forces and institutions

We condemn the violence and anti-state activities that were witnessed following the arrest of a political leader Pakistani Christians are a peace-loving community and have always strived for the country s progress and development since the time of its creation Church of Pakistan President Bishop Azad Marshall said while addressing the media at Jinnah House in Lahore Bishop Marshall led a representative delegation of bishops of the Church of Pakistan clergy members and Christian parliamentarians to the Jinnah House which was until May 9 the official residence of the Lahore Corps commander, to pay homage to the martyrs of the armed forces and express solidarity with Pakistan Army

The delegation was given a tour of the historic property that was among the many state buildings that suffered from arson attacks two months ago

“Though we have repeatedly condemned the May 9 incidents our hearts are saddened after physically seeing the completely burnt Jinnah House We take pride in our army as many Christian officers and soldiers have fought valiantly for its defence and continue to do so with exemplary bravery and commitment he said Marshall said the violence and

The development was welcomed by the former chief ministers of occupied Kashmir “I look forward to the hearings beginning in right earnest now Omar Abdullah tweeted Mehbooba Mufti hoped that justice would be upheld and delivered for the people of Jammu and Kashmir

The SC ruling on Article 370 maintained that the provision can be abrogated only on the recommendation of the J&K constituent assembly,” she said Meanwhile BJP spokesperson for occupied Kashmir Altaf Thakur said Article 370 was legally removed by the Indian parliament and those who want to take the matter to courts can do so as they are open to all

Kasur shaken by honour killing: father fatally shoots two daughters

KASUR S ta f f R e p o R t

In a shocking incident in the Kasur district of Punjab

a man allegedly committed an honour killing by slaughtering his two daughters In the incident on Monday in the Haveli Nathowali neighbourhood, the accused, identified as Muhammad Saeed, opened fire on his daughters, resulting in their immediate deaths

The man then fled the crime scene evading capture

The local police have taken charge of the case and have moved the bodies to the district hospital for autopsy A search operation is currently underway to apprehend the perpetrator and bring him to justice

This heart-wrenching incident follows another tragedy that unfolded earlier in the week in Gujranwala’s Satellite town In this case a 12-yearold boy took his mother ’s life in the name of honour

According to eyewitness accounts the incident occurred in a residential neighbourhood when the boy encountered his mother walking down the street

The boy, armed with a gun, fatally shot his mother, instantly killing her Another woman, identified as the boy’s aunt, was also injured in the attack She has been rushed to a nearby hospital for medical treatment Law enforcement swiftly apprehended the boy who later confessed to the murder The police have launched a thorough investigation to uncover the motives behind the heinous crime and gather evidence to build a solid case

Pope Francis condemns burning of Quran

DUBAI R e u t e R S

Pope Francis said the burning of the Muslim holy book, the Quran, has made him angry and disgusted and that he condemned and rejected permitting the act as a form of freedom of speech “Any book considered holy should be respected to respect those who believe in it ” the pope said in an interview in the United Arab Emirates (UAE) newspaper Al Ittihad published on Monday I feel angry and disgusted at these actions Freedom of speech should never be used as a means to despise others and allowing that is rejected and condemned A man tore up and burned a Quran in Sweden’s capital Stockholm last week resulting in strong condemnation from several states including Turkey whose backing Sweden needs to gain entry to the NATO military alliance While Swedish police have rejected several recent applications for anti-Quran demonstrations, courts have over-ruled those decisions, saying they infringed on freedom of speech On Sunday, an Islamic grouping of 57 states said collective measures are needed to prevent acts of desecration of the Quran and international law should be used to stop religious hatred

Mazari’s intra cour t appeal’s hearing adjourned till Thursday

ISLAMABAD

S ta f f R e p o R t

arson attacks had brought a bad name to Pakistan and the nation must unite to restore the country s glory and put it on the path of progress and prosperity

“The perpetrators of these attacks must be dealt with sternly under the law to ensure that no person or group can resort to such violence and vandalism in the name of protests, he stressed

Other speakers included the Bishop of Multan Leo Roderick Paul Roman Catholic Bishop Sebastian Shaw and Senator Kamran Michael

Af ter 7 months, inflation sees a dip. But is it a c ause for celebration?

economy Political turmoil and frequent changes in key leadership have added to the nation s woes However, there is a glimmer of hope as Pakistan has achieved a significant breakthrough by securing a staff-level agreement on a new nine-month $3billion stand-by arrangement This agreement was announced on Friday and is currently subject to approval by the IMF Executive Board, with consideration expected by mid-July The deal is being seen as a major achievement for the Pakistani government which has been striving to secure the ninth review of its previous bailout program while attempting to attract foreign investment amid dwindling foreign exchange reserves In response to the challenging

economic conditions the State Bank of Pakistan (SBP) Monetary Policy Committee (MPC) raised the key policy rate by 100 basis points (bps) to 22% after an emergency meeting last week

The SBP stated that the upward revisions in taxes duties and PDL rate in the FY24 budget along with the withdrawal of import restrictions have slightly deteriorated the inflation outlook and could potentially increase pressure on the already stressed external account

Despite the challenges the recent decline in CPI-based inflation offers some hope for Pakistan s economic recovery The government s focus on securing international financial support and implementing necessary economic reforms will be crucial in stabilizing the country’s economy in the long term

The Islamabad High Court (IHC) on Monday adjourned hearing on an intra court appeal of former minister Shireen Mazari regarding the remarks of Defence Minister Khawaja Asif about her in 2016 at National Assembly till Thursday The IHC sought arguments on maintainability of the ICA from the petitioner ’s lawyer on next hearing Comprising Justice Mohsin Akhter Kayani and Justice Tariq Mehmood Jahangiri a two-member bench heard the ICA filed by Mrs Mazari Additional Attorney General Munawar Dogal also appeared before the court It may be mentioned here a civil court and a single member bench of the IHC had dismissed the petition of Shireen Mazari previously The decision of the single member bench had been challenged before the division bench

T h e L e agu e , n o t the L e agu e

HE gave the nation s satirists a run for their money former prime minister Nawaz Sharif did the other day Will control inflation if given a chance in power once again The PDM government s lead party being the PML(N) and Sharif being the N, it was a bizarre statement

But perhaps this was the former premier ’s belief in himself Much like King Arthur ’s being able to pull out the sword out of the stone only by virtue of being King Arthur This is a trait that the League supremo shares with his bête noire Imran Khan

But it would do the man well to realise that things are not going to be falling into his lap easily The Pakistan of the year of his ouster is different from today’s The economic situation, due to geopolitical factors, is far different from 2017 The PPP’s stint at the federal government from 2008 to 2013 was marked by high global fuel prices, which fed inflation The League, however, lucked into low prices, and therefore, lower inflation This wasn’t because of finance minister Ishaq Dar ’s deft handling of his portfolio Dar ’s current stint as finance minister is proof enough of that With the current stage of the commodity supercycle and the accompanying war in Ukraine, one wonders what has given Sharif the confidence to make statements like those

Moving away from the economy: Sharif ’s stance on civil-military relations has, historically, been more admirable than that of Imran Khan The Institution being what it is, therefore, isn’t going to be all too amenable to the way he will run things How will he ensure that a repeat of 2014, and then 2017-18 does not take place this time?

This would be a far taller order than the economy

Arif Nizami (Late)

Founding Editor

M A Niazi Joint Editor Umar Aziz Executive Editor

TH E problem with most brilliant and original ideas is that they are neither brilliant nor original As for innovation it is of little use unless it actually solves a problem Many solutions promise much more than they deliver Let me explain using a relatable, albeit a hypothetical, illustration In the rest rooms of your office building you notice a faucet that somebody forgot (or chose not) to turn off This got your creative juices flowing Why not replace all manual faucets in the facility by automatic ones you think No more forgetting to turn them off, and no more wasting of water while one uses the soap Plus, it is infinitely more hygienic Sounds super-great, no doubt But desist even though it is not your own hard-earned money that is involved

Some of the questions that must be considered before going ahead with the plan are these: By how much is the purchase going to set the organization back? What about the power source? What to do when there is no power? Are the faucets battery operated? Who is going to replace the batteries? (The auto soapdispenser that was installed in a similar enthusiastic fit was last filled six months ago; the air hand-drier last dried a hand more than a year ago) How much is the probability of somebody finding it impossible to resist the temptation of pilfering them? How long is the average lifespan of an automatic faucet? How much is the annual cost of replacement, considering that for the manual ones it is next to nothing? Real life is complicated More so in our neck of the woods

Another illustration (this one from experience) ought to make the point clearer There is a mosque that I visit occasionally, where an elderly gent happens to be a regular Always clad in impeccable white, he is extremely well-meaning, even if a tad too public spirited He has taken upon himself the noble task of reforming the lifestyles of worshippers His areas of interest include (but are by no means limited to) spirituality religion law environment science technology, nutrition, health, history, civics and politics Every now and then after the Asr prayer, he requests the Imam to lend him the pulpit in order to deliver a comprehensive talk on his latest research (The Imam himself a gentleman of pedigree mag-

I m r a n c a n ’ t , s y s t e m w o n ’ t

T h e e l i t e c a p t u re

AN Y B O D Y may become part of the system but nobody can change the system The Power Dynamics of Pakistan is largely based on the Elitist Model of Democracy A state with such system of governance can t demand for a rapid structural change The mobilized population of PTI has been idealized to believe in such utopian concepts of a just society The Establishment will not let anybody exploit an organized structure of power dynamics in Pakistan serving somebody s interests There is a need to talk about small changes, to talk about ground level changes People should need to understand that a mere change of face at the leadership level of a state the Prime Minister will not do any changes at all Democracy in Pakistan is based on the slogan of Government for the elite by the elite and of the elite Pakistan has been stuck in the nexus of multiple elites where the legitimacy and acceptance of any leader or politician depends on the interests of such nexus of elites Imran Khan can t legitimately claim of building a party from scratch because more than half of the leaders in PTI had been associated to some other political parties before joining PTI Khan couldn t have succeeded in getting into power with a completely new member Hence, the Government of PTI just proved to be a mere change of face at the leadership level The backoff of many PTI members during Khan s ouster and the recent establishment of Istehkam-e-Pakistan Party after the resignation of many PTI members shows the dependency of Khan on such political elites

Establishment in Pakistan during the recent times has been misinterpreted as military elites but it is more than this Elites of all forms may be classified as part of the establishment be it

Media Elites Political Elites Feudal Lords Business Elites Bureaucratic Elites or any other elite with significant influencing potential With all these elites collectively termed as establishment, no single man has the power and muscles to work against their interests Everyone that gets the hierarchical position must satisfy the interests of these elites to keep its legitimacy Hence Establishment in the elitist sense has been an influential community when it comes to

political decision-making in Pakistan

The discourses of a Just society or State of Medina” especially by PTI are mere discourses illusions being shaped for their political mobilization and societal legitimization Such a rapid structural change as promised by PTI under the narrative of “Naya Pakistan” can’t be real

To change the political structure of a state like Pakistan with a complex democratic model, a top-down approach can be the most flawed technique Promising the people about an idealistic state with justice accountability and equality is a mere political stunt for vote gain PTI s narrative of idealizing Imran Khan and making people believe that Khan can change the system is also not more than a political stunt Pakistan needs to follow a bottom-up approach keeping in mind that the problem doesn t lie with the leadership at the top but at the ground level One could see that during the Government

Democracy in Pakistan is based on the slogan of, „Government for the elite, by the elite, and of the elite ‰ Pakistan has been stuck in the nexus of multiple elites where the legitimacy and acceptance of any leader or politician depends on the interests of such nexus of elites.

nanimously acquiesces every time I suspect that the Imam is also somewhat scared of the gentleman ) This gentleman is particularly concerned about conservation of energy and natural resources He likes to take an interactive approach to instruction He points to specific individuals and making them answer his questions he steers the narrative in a certain direction finally making the point that he has intended to make all along People know in which direction the conversation is supposed to head and so, the good sports that they are, they answer his questions accordingly But not always One day, the gentleman had it in mind to make his audience shun the use of tissue papers He started in fine style waving a box of facial tissues for all to see His first question asked randomly of a lad of about eighteen was this: Is this product indispensable? The expected answer, which would have provided the launching pad for the tirade against the tissue paper industry was of course in the negative But the lad who apparently did not believe in going with the flow, nodded his head to say yes Of course, this disrupted the whole narrative The gentleman looked visibly displeased with the response but immediately recovered and pointed towards another man, much senior to the lad This man gave a perfectly satisfactory answer to the question allowing the reformer to nod his head in fond approval and proceed to explain how the human race would attain hitherto unknown heights of enlightenment if only they got rid of the menace of the tissue paper

Technology solves problems but it also brings new ones in their stead. No matter what the problem is, a comprehensive sur vey of the context and a costbenefit analysis are bypassed only at oneÊs peril. Categorical, one-siz e-fits-all solutions are therefore extremely rare in the real world

Matters are difficult enough when the solution can be bought off the shelf When it happens to be in the form of a concept concrete implementation of it no matter how great the concept itself, raises new challenges of its own Problem solving is never a piece of cake YouTube can be especially deluding in this regard It has a way of making men to triumphantly announce that they are working on a problem when all they have done is watch two ten-minute videos on it It therefore pays to occasionally reconsider what it actually means to understand something A vague sort of knowledge is rarely enough for the real problems of the world The thing with technology is that it offers many alternatives each with its own sets of pros and cons Problem solving therefore involves much more than proposing innovative solutions Analysis of the situation necessitates expertise and skill While it is true that knowledge tends to make one cautious and circumspect and it is easiest to talk about things one has no clue about; it is always advisable to develop competence regarding any issue before volunteering opinions on it This requires one to be a qualified student (at the very least); even if one is not an expert or a scholar

Ke e p i n g i n m i n d t h e s e f a c t o rs e s p e c i a l ly t h e e l i t e , N e i t h e r K h a n n o r a ny b o dy e l s e c o u l d ch a n g e t h e s y s t e m a s t h ey cl a i m b e c a u s e o f t h e c o m p l ex n a t u r e o f i t . T h e s y s t e m i s u n d e r a s t ro n g h o l d o f e l i t e s o f Pa k i s t a n , t h e E s t a bl i s h m e n t , a n d t o g e t i n t o p ow e r, o n e n e e d s t h e i r l e g i t i m a cy.

Let there be no mistake: his intention was perfectly beyond reproach There is nothing like water for cleaning of the human body But water is itself scarce Granted, paper is probably more taxing for the ecosystem; but in human civilization, there is always the issue of convenience to be factored in a s w e l l e s p e c i a l l y f o r o ff i c e s a n d o t h e r p u b l i c places Besides like the cell phone and the social media the tissue paper is here to stay whether one likes it or not Any programs or hopes of getting r i d o f t h e s e ( a n d I d a r e s a y a w h o l e l o t o f o t h e r items) are utopian at best What typically happens is this You read a book last night and found out about a high-tech solution employed successfully somewhere Consequently you have this unshakable urge to share your knowledge and install the solution in your own surroundings Often it is a case of every problem looking like a nail to a man with a hammer in his hand

This competence requires hard work, which, in turn, is impossible without a firm resolve This resolve is a far cry from mere desire Technology solves problems but it also brings new ones in their stead No matter what the problem is, a comprehensive survey of the context and a cost-benefit analysis are bypassed only at one s peril Categorical onesize-fits-all solutions are therefore extremely rare in the real world It takes a very brave (or foolish) man to issue sweeping statements on almost any matter under the sun Simplistic views have undeniable charm as they allow one to feel good about one’s self; but they have little utility when it comes to the harsh and/or subtle realities of life Life is a little too nuanced for most innovative solutions proposed by enthusiastic laymen no matter how well-intentioned

The irresistible desire for it notwithstanding, becoming the catalyst of change for the better is easier wished for (or thought) than done Good intentions and an overwhelming desire to help are generally not enough Refer to the Bard for where good intentions alone usually lead to

The author is a connoisseur of music literature and food (but not drinks) He can be reached at www facebook com/hasanaftabsaeed

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

Eliminating the ill of plastic pollution

of PTI a change was made at the upper level of leadership, but at the ground level, there were mostly the same people who had governed under other political parties’ tag as well There is a strong grip of these elites at the voters In Pakistan most of the voting is either based on ethnicity, caste, sectarian influence, peer pressure influence of feudal lords or money The capability of the candidate is never measured during the voting in Pakistan To tackle these elites monopoly in Pakistan, there is a need to change the mindset of people

But to aware the people about voting one would need government and media support which unfortunately has become an influential zone of elites, and nobody would want to change the mindset of people because it would result in the failure of their existing discourses Hence those leaders promising a rapid structural change selling these utopian discourses should start educating their voters how to vote

Keeping in mind these factors especially the elite, Neither Khan nor anybody else could change the system as they claim because of the complex nature of it The system is under a strong hold of elites of Pakistan the Establishment and to get into power one needs their legitimacy The discourse of changing the system is flawed because of its top-down approach believing in one person to change the whole system It should be an organized bottom-up approach changing the elites’ monopoly at the ground level to change the system at the decision-making level

The writer is a freelance columnist

T H E World Environment Day which was observed recently (June 5) once again sounded the alarm on the rather massive and presumably unsolvable issue of plastic pollution that costs the globe up to $600 billion annually Plastic is one of the most pervasive and persistent pollutants and permeates every aspect of the economy The linear economic model a sharp increase in single-use plastic consumption and an expanding throwaway culture have all contributed to making plastic an inextricable part of the material world The plastic lifecycle poses grave risks to human health by way of global greenhouse gas emissions and, indeed, the phenomenon of climate change Alarmingly, it is estimate that plastic production soared from two million metric tonnes in 1950 to 375 million metric tonnes in 2017 out of which new plastic was 370 million metric tonnes and residual plastic was five million metric tonnes While only 10 million metric tonnes of all plastic ever discarded since 1950 has been recycled another 20 million metric tonnes has been incinerated, 215 million metric tonnes thrown into landfills, eight million metric tonnes dumped in the waterways and oceans, and 32 million metric tonnes remaining mismanaged plastic has been buried or has ended up in open yards for burning and dumping, and remains scattered across human and natural landscapes worldwide Despite being aware of the devastating chemicals associated with plastic which may be released along its entire lifecycle because there is no end of life for plastic and have a negative influence on both our health and the environment, society continues to rely on it Shockingly, more than 13,000 chemicals have reportedly been linked to plastic and plastic production across a wide range of applications It is believed that 3,200 of them, including specific flame retardants certain ultraviolet (UV) stabilisers per- and polyfluoro-alkyl substances (PFASs) phthalates bisphenols alkylphenols and alkylphenol ethoxylates biocides certain metals and metalloids polycyclic aromatic hydrocarbons and many other non-intentionally added substances (NIAS), are of concern because of their high toxicity

In the light of growing public concern regarding the plastic pollution crisis, numerous plastic pollution mitigation strategies must be taken into consideration These include high-priority strategies such as stopping the production and using of single-use disposable plastic products stopping new and expanded petrochemical and plastic production infrastructure zero-waste communities and extended producer responsibility for circular economy DR AINY ZEHRA KARACHI

Dead people walking

M O S T of the people around us are just like walking dead, wandering around aimlessly Such people are alive only because they are able to breathe but their hearts are dead and they refuse to cure their hearts because mental health awareness is a thing that continues to get neglected in society

Our society refuses to believe that things like depression social anxiety stress panic disorders etc exist These disorders emerge from our household mainly because of unnecessary shouting, abuse and neglect by family elders, especially parents The confidence of such children keeps digging down a bottomless pit as they grow older They start believing that keeping these things to themselves will stop them from being mocked around and humiliated What they do not know is that for their own betterment and of society at large they need to come out of their shell They need to talk about it all and be heard The main thing we should all and always focus on is to cut ourselves off from the negativity in our respective environments People, mainly toxic friends in our social circle, need to be shunned Society needs to come together to spread awareness about mental health to lower suicide rates in the country NIMRA MEHMOOD

MuhaMMad Shahbaz RajpeR

IN the vast tapestry of humanity diversity should be celebrated as a source of strength and unity Unfortunately within the borders of Pakistan a somber truth has emerged a tale of discrimination violence, and persecution faced by the minority communities From the sacred city of Peshawar to the sprawling regions of Sindh, the echoes of despair resound as Sikhs are senselessly taken from us, and Hindus endure the harsh sting of false accusations met with police brutality

As these vulnerable individuals driven to the brink of desperation yearn for asylum and protection they find themselves facing an arduous journey laden with skepticism and misconceptions The international community, misguided by a belief in Pakistan s purported freedom and opportunities, often dismisses their pleas as mere economic migration trapping these oppressed souls within the confines of a hostile environment Non-Muslim countries welcome Muslim refugees providing them shelter and offering them citizenship

However, some Muslims who migrate to these non-Muslim countries end up disturbing the peace there The majority of Muslims aspire to settle in America Europe Canada or Australia as they believe they can t contribute to their own countries and face a lack of justice there Hence, Muslims should express gratitude to non-Muslims who assist them during challenging times It is worth noting that I have never observed oppressed Muslims receiving asylum or citizenship from Saudi Arabia, Gulf

countries, or any affluent Muslim nation Conversely, in wealthy Muslim countries Muslim refugees are often mistreated When it comes to equal rights they seem to be more prevalent in non-Muslim countries Pakistani law presents a double-edged sword to those daring enough to denounce their homeland in search of safety It threatens them with accusations of treason and the subsequent loss of their nationality Despite these dire circumstances countless Pakistanis propelled by the flame of hope pursue asylum abroad where the opportunity for a new beginning beckons Astonishingly once they find solace in the welcoming arms of another nation and acquire citizenship, they dare to return to the very soil from which they fled Amidst the complexities of this humanitarian crisis, it is imperative that countries, including the esteemed United Nations High Commissioner for Refugees (UNHCR) adopt a comprehensive approach to asylum and citizenship Vigilance must be exercised in scrutinizing the veracity of claims put forth by individuals seeking sanctuary, distinguishing between genuine refugees and those driven by ulterior motives Drawing parallels to the distressing reality of immigration detention centers in Thailand where lives languish in purgatory as nations ponder resettlement options we must ensure that justice prevails

The harrowing plight of Pakistan s minority community paints a disturbing picture of marginalization and forced exodus Constrained by the shackles of oppression, these courageous souls are compelled to seek refuge beyond their homeland’s borders to voice their dissent and seek a semblance of justice Astonishingly the number of Pakistanis seeking asylum now exceeds that of individuals from war-torn Afghanistan and strife-ridden Myanmar Yet, within this sea of desperation, lies a troubling reality a staggering 50% of asylum claims are tainted by falsehoods pursued solely for personal gain and the promise of a brighter future

In the face of persecution and discrimination, the minority communities in Pakistan, driven to the edg e of despair, cling to the faint rays of hope offered by foreign lands

Modi outfoxed Biden

Amidst these tumultuous times, one is left to ponder the enigma of Pakistan s government, seemingly disconnected from the plight of its citizens

The absence of accurate data regarding the number of Pakistanis living abroad with asylum or refugee status stands as a glaring testament to the disregard the Pakistani govern-

Dr Aakashi Bhatt’s father, Sanjiv Bhatt, was the senior intelligence officer in Gujarat, India, at the time of the massacre by Hindu mobs of hundreds of Muslims in 2002 His testimony in cour t demonstrated Narendra Modi’s key role, as head of the state’s government, in inciting and enabling this pogrom Sanjiv has been punished for this with a life sentence of which he has ser ved five years, now

about the Gurajat pogrom featuring my father s and other stories has recently been banned in India and the corporation s offices raided The British government has been notably silent on the matter I am not naïve We all know how this works mutual interests trump values in foreign policy and trade discussions But the current policy of appeasement and denial makes no sense from a political or economic standpoint As the U S and its allies seek new partnerships to substitute those with China and Russia, getting into bed with a country itself sliding toward autocracy doesn’t seem smart

ment has for its own people This indifference reflects corruption and irregularities that threaten to suffocate the aspirations of the oppressed

In the face of persecution and discrimination, the minority communities in Pakistan driven to the edge of despair cling to the faint rays of hope offered by foreign lands

However their journey towards asylum is fraught with challenges

The international community must recognize the genuine plight of these individuals and provide them with the necessary support and protection they deserve

It is crucial for countries, including the United Nations

High Commissioner for Refugees (UNHCR) to adopt a comprehensive approach to asylum and citizenship carefully scrutinizing claims to distinguish between genuine refugees and those with ulterior motives Additionally efforts must be made to address the disparities in treatment faced by minority communities in both Muslim and nonMuslim countries Pakistan’s government must take responsibility for the well-being and rights of its citizens, including the marginalized minorities Accurate data collection and proactive measures are essential to address the issues faced by those seeking asylum and to ensure justice prevails By acknowledging and addressing the challenges faced by minority communities in Pakistan, the international community can play a vital role in fostering a world where diversity is celebrated, discrimination is eradicated, and all individuals can find safety justice and unity

The writer is a senior Journalist He tweets @SyedfawadAli303

The majority of Muslims aspire to settle in America, Europe , Canada, or Australia, as they believe they canÊt contribute to their own countries and face a lack of justice there Hence , Muslims should express gratitude to non-Muslims who assist them during challenging times It is wor th noting that I have never obser ved oppressed Muslims receiving asylum or citiz enship from Saudi Arabia, Gulf countries, or any affluent Muslim nation.

France riots: Arab, Black and Muslim lives do not

matter

The riots are a form of political dissent expressed by a generation of Muslims and non-white teenagers whose lives are deemed inferior, cheap, and meaningless by the French state

tion It is shaped to protect police immunity, giving police officers a free hand when addressing Muslims and non-whites In the case of Nahel’s murder, the relevant law - regulating the use of fire weapons by the police - was passed in 2017 amidst a strong Islamophobic push to loosen the legal framework regulating police intervention in Muslim-majority neighbourhoods Critics believe it granted the police a licence to kill

NEWSWEEK a a K a S h I b h aT T

Irecently went to the U S determined to tell a story that neither President Joe Biden nor his guest Indian Prime Minister Narendra Modi wanted you to hear

Five years ago my father Sanjiv Bhatt was framed and imprisoned for life by the Modi administration A decorated Indian Police Service officer, he is the sole surviving witness to Modi’s role in orchestrating the genocide against Muslims in 2002 in Gujarat The blatantly vitiated trial in 2018 was the culmination of a 20 year campaign of intimidation persecution and abuse led by Modi and his allies designed to silence the last remaining witness to his central role in the 2002 riots Our family s lives have been forever altered by the consequences of speaking truth to this fascist power

2002 marked a dark phase in India’s history with Modi s involvement unquestionable

A recently declassified report commissioned by the U K Foreign Secretary concluded that Their [the Hindu mobs ] systematic campaign of violence has all the hallmarks of ethnic cleansing Narendra Modi is directly responsible ” My father ’s testimony and evidence challenged the government’s handling of the riots and revealed uncomfortable truths about the state s complicity in the violence

Yet, recently, Modi stepped off a plane and into Biden s embrace, his ban from entering the U S for this very crime forgotten Modi and Biden’s administration would like you to think that such problems are a thing of the past This is far from the truth

My father s case is emblematic of a much wider and deeper crisis that the world needs to wake up to All over India, the media is being muzzled and dissent silenced as Modi cements his authority by whipping up the same Hindu nationalist fever that had such tragic consequences in Gujarat 20 years ago Many NGOs have been shut down in five years Modi s opposition leader faces spurious defamation charges, and the country now ranks 161st on the World

In fact it looks like making the same mistake again and getting played in the process Biden knows promoting global democracy is key to U S foreign policy Among the many statements he has made, Biden s reflection on America s role in the world stands out: We must start with diplomacy rooted in America’s most cherished democratic values: defending freedom championing opportunity upholding universal rights respecting the rule of law and treating every person with dignity I agree So what on Earth is going on with India, on those terms? It is simply not possible to stand by those words and ignore Modi’s blatant disregard for them

Giving Modi a global stage as the protector of the “Mother of Democracy’’ while locking up anyone who gets in his way at home directly undermines Biden s point And it actively destabilizes a country the U S is making a long-term bet on in the process

As I write this, my father remains incarcerated For the last five years, my family has been running from pillar to post to fight for justice for my father However a fair day in court is not a luxury afforded to the honest and upright in Modi s India

If this reality is allowed to continue unchecked, it will only embolden India s leadership as it builds up to hosting the G20 under the banner of “healing harmony and hope ” As new stories of worsening repression emerge letting this hypocrisy go unchecked looks more shortsighted every day

My father and many others like him have made huge sacrifices in the name of democracy and justice in India As he ends his fifth year in jail this month these founding principles are under greater threat than ever before It is morally unacceptable for the U S and others to look the other way But it is also deeply unwise on self-interested terms I made this point strongly recently while in Washington, D C , fighting for justice and democracy outside of the White House, while Modi was being honored inside by Biden For my father ’s sake and everybody else s we cannot be silent

Dr Aakashi Bhatt is a surgeon and a clinical researcher at the University of Oxford

ON the eve of the most observed Muslim celebration Eid al-Adha, Nahel Merzouk, a French teen of Algerian and Moroccan descent, was brutally murdered by a police officer during a traffic stop At first, the police described the event as a case of legitimate selfdefence To their disarray the scene was filmed and proved the fallacy of the official version It proved Nahel never threatened in any way the officers lives

He was shot at point-blank range when he tried to escape

The video was shared on social media and instantaneously became viral, sparking a wave of outrage across the entire country only hours after the murder took place While busily preparing for a blissful religious event French Muslims’ spirit abruptly shifted from joy to grief

Uprisings began to unfold in Nanterre the scene of the killing The following night they reached the rest of the country The protestors targeted state institutions: all across the country, they burnt down town halls, attacked police stations, and vandalised some schools They looted shops and supermarkets

Remarkably most of the protestors involved in the rioting are in their teenage years To oppose them the state has used draconian counterinsurgency methods

From Thursday night onwards the Ministry of the Interior deployed 45,000 police officers The use of military weaponryincluding tear gas and armoured vehicles - is normalised to pacify the rioters Hundreds were arrested The courts pronounced the first fast-tracked prison sentences this weekend These riots are a clear expression of frustration and anger over a blatant injustice The protestors regard the state - and its institutions - with clarity: they see it as the main culprit responsible for their suffering The riots are a form of political dissent expressed by a generation of Muslims and non-white teenagers whose lives are deemed inferior, cheap, and meaningless by the French state SYSTEMIC BRUTALITY: France has a history of Islamophobic and racist murders committed by the police Since 1991 at least 21 violent uprisings of varying sizes broke out following a racist crime committed by the police In 2022 alone at least one man of African descent died at the hands of the police every month This brutality finds its roots in France s colonial past: law enforcement’s function was submitting the indigenous Muslim population to “the Republic’s values” preventing the legitimate expression of their political dissent

Current police forces have inherited this role in a different context Police brutality is a systemic issue with specific political goals: it is the means the French state uses to protect republican values and violently obstruct Muslims and ethnic minorities’ political growth

Police brutality and murders are not events of marginal significance or an abhorrent exception to common good practice

Police brutality is the norm in Muslim neighbourhoods

On Friday the spokesperson of the UN s Office of the High Commissioner for Human Rights (OHCHR) Ravina Shamdasani, said in a statement of concern over the death of 17-yearold Nahel This is a moment for the country to seriously address the deep issues of racism and discrimination in law enforcement ” she said The legislation regulating police practices was designed with the intent of protecting its Islamophobic and racist func-

AN INTOXICATING ATMOSPHERE: A police crime committed on the eve of Eid does not explain alone the significant magnitude of the riots It should be contextualised within France’s current state of affairs to understand the motives animating so many young French citizens Indeed the country is home to an intoxicating Islamophobic and racist atmosphere Islamophobia is at the core of the French political discourse: the criminalisation of Islam and Muslims has become mainstream As evidenced by a testimony given to a town councillor, deep-rooted Islamophobia provided the fertile ground for violence: “Listen that’s it they’re criticising our religion they think we re illiterate that we re scum that s enough French media and politicians engaged in a common practice of character assassination of the victim by suggesting a criminal past This narrative is meant to belittle the gravity of his murder Power structures systematically use this tactic to relativise the state’s heinous crimes The victim’s profile is irrelevant in these cases Delinquency does not justify death at the hand of law enforcement agencies This dehumanising narrative targeting a murdered child alienates French citizens of Muslim and nonwhite backgrounds even further

As the riots went on, media and politicians tried to depict the uprisings as a manifestation of a moral and educational crisis, denying their political nature French President Emmanuel Macron appealed to the parents’ sense of responsibility

According to this second narrative violence was not the natural answer to grave injustice it was the incomprehensible behaviour of children due to their parents lack of care and education Instead of trying to understand the legitimate political grievances expressed through violence, both narratives shamed and blamed the victims of the state’s Islamophobia and racism

They served as violence’s catalyst, fuelling the rioters’ frustration and determination

POLICE ABOLITION: This entire picture illustrates the consequences of state-led dehumanisation of a segment of its population Denying their right to safety, their grievances and their political expression, and curtailing their fundamental rights proves how much the French state despises their existence The state’s crackdown will soon stop the riots but it won t change the protestors spirit in the long term as its root causes persist Arab lives Black lives and Muslim lives do not matter They can be trampled on and stolen at will A way out is still possible Reforming the police is unrealistic, as proven earlier Its function is Islamophobic and racist Furthermore, more than half of its members support far-right parties therefore only its complete abolition could lead to a systemic change

The young rioters anger is a predictable response to a disturbing murder The state s crackdown will soon stop the riots but it won t change the protestors spirit in the long term as its root causes persist As Frantz Fanon wrote in The Wretched of the Earth: “The repressions, far from calling a halt to the forward rush of national consciousness, urge it on”

Rayan Freschi is a CAGE researcher based in France He authored CAGE s report We are beginning to spread Terror which unveils the existence of a state-led anti-Muslim persecution in France

D E AT H T O L L R E A C H E S 9 A S I S R A E L I D R O N E S T R I K E S

W R E A K H AV O C I N W E S T B A N K

Under Prime Minister Benjamin Netanyahu who took power in December with his ultra-nationalist allies, the violence by Israelis has increased the suffering of the Palestinians

The United Nations expressed concern over the escalating violence in the West Bank and Gaza Strip calling for calm and restraint from all parties

peaceful resolution to the longstanding conflict

The conflict between Israel and Palestine has been ongoing since the Six-Day War of 1967, with Israel occupying the West Bank home to around 490 000 Israelis living in settlements considered illegal under international law

refugee camp claimed the lives of several people

The Israeli army said its forces had struck a “joint operations center” that served as a command post for the “Jenin Brigade ” a local militant group

The West Bank is controlled partially in the West Bank including the Jenin area by the Palestinian Authority

UN Secretary-General Antonio Guterres said he was “deeply saddened” by the loss of life and injuries in the recent violence and called on Israeli and Palestinian leaders to take immediate steps to de-escalate the situation

The recent violence has raised concerns that the situation could escalate and lead to full-scale violence

The international community has called for an end to the violence and for both sides to return to the negotiating table to find a

Byju’s and lenders renew talks to restructure debt, Bloomberg reports

PR OFIT r e u t e r S

Embattled Indian edtech startup Byju s and some of its lenders have restarted negotiations to restructure its $1 2 billion term loan, Bloomberg News reported on Fri oost and investor protections on the loan, the report said Byju’s will review the proposal and deliver its reply by early next week It did not immediately respond to a Reuters request for comment on the report The renewed talks come at a time when the company and its lenders are involved in a legal brawl over the restructuring of the loan Once counted among India s most successful startups Byju s is caught in what many see as a governance crisis after it last week lost board members from three global investors – Peak XV, Prosus NV, and the ChanZuckerberg Initiative – and auditor Deloitte The company has also been raided over suspected violations of foreign exchange laws

Wang Y i c alls for effor ts for A sia’s peace, prosperity, revitalization

Wang, director of the Office of the Foreign Affairs Commission of the Communist Party of China (CPC) Central Committee and a member of the Political Bureau of the CPC Central Committee made the remarks when addressing the opening ceremony of the 2023 International Forum for Trilateral Cooperation an annual forum between China Japan and South Korea in Qingdao east China s Shandong Province Wang called on China, Japan and South Korea to uphold mutual respect, openness, inclusiveness and independence to achieve harmony, solidarity and self-improvement, aiming to firmly safeguard the correct direction of cooperation among the three countries

The Palestinians who desire their own independent state, demand Israel withdraw from all land occupied in the Six-Day War and dismantle all Jewish settlements However Netanyahu has pledged to “strengthen settlements” and has shown no interest in reviving peace talks which have been inactive since 2014 In another incident, a Palestinian youth was martyred by Israeli fire near the West Bank city of Ramallah T h e o n g o i n g v i o l e n c e h a s c l a i m e d a n u m b e r o f l i v e s i n c l u d i n g P a l e s t i n i a n c i v i l i a n s

Yellen’s Beijing visit to bring positive sign of stabilizing US - C hina ties

BEIJING S ta f f C o r r e S p o n d e n t

US Treasury Secretary Janet Yellen will visit China later this week and is scheduled to talk about a series of macroeconomic and financial issues between the two countries, which is seen as a positive sign of stabilizing China-US relations following the recent visit by US Secretary of State Antony Blinken to Beijing

Both Chinese and American analysts believe that the two sides could make some improvements, even though the overall expectations for bilateral ties remain low, and it’s crucial to keep communication channels open to avoid incidents from escalating into crises As agreed between China and the US Yellen will visit China from July 6 to 9 China s Ministry of Finance confirmed on Monday

The US Treasury said Yellen will discuss with Chinese officials “the importance for our countries – as the world’s two largest economies – to responsibly manage our relationship communicate directly about areas of concern and work together to address global challenges

Yellen will be the second Cabinet-level member to travel to China in a month Although the visit will mark another high-level engagement between the two countries, no significant breakthroughs are expected CNN reported citing a senior Treasury official The US Treasury chief is expected to meet with senior Chinese officials and US companies discussing areas of concern, according to the media report Wu Xinbo, director of the Center for American Studies at Fudan University, said at a panel discussion at the 11th World Peace Forum in Beijing on Monday that Yellen’s visit should form part of the face-to-face discussions between the economic teams of the two countries

Currently the economic teams of the two nations are still in the early stages of contact, said Wu, who also anticipates that during Yellen’s visit, both sides will focus on macroeconomic issues related to the Chinese US and global economy “And they may agree to es-

tablish a working mechanism to continue the dialogue ” China-US relations have reached a low point with growing tensions over issues ranging from trade and tariffs to tech rivalry

This was especially the case following former US House Speaker Nancy Pelosi s highly provocative visit to the island of Taiwan last August, and in response to the US provocations, China halted military and climate change talks with their US counterparts

Blinken s visit was considered an important one for relaunching the high-level engagement and besides Yellen John Kerry the US President s special climate envoy, and Commerce Secretary Gina Raimondo also are expected to visit Beijing later this year, according to some US media reports When asked about the possible visits of the senior US officials to China Chinese Foreign Ministry spokesperson Wang Wenbin said China and the US have been communicating on dialogues and exchanges at all levels

THINGS TO COOPERATE ON

“For China, our main concern is the tariffs imposed by the Trump administration These tariffs have not been abolished to this day and Biden has done nothing to reduce them Wu said China is also concerned about US suppression in the technology sector, as there are still more than 1,000 Chinese entities on the US sanctions list However, this issue is not within the purview of Yellen but falls under Raimondo he said noting that he hopes that Raimondo can visit China as soon as possible at which point the two countries may have more substantive discussions on this issue Some experts also believed that Yellen may address the fiscal and financial issues between the two countries during her trip to China for example trying to persuade China to refrain from reducing its holdings of US Treasury bonds and instead increase them at the appropriate time to help the US address its inflation

issues A window of opportunity in China-US r e l a t i o n s h a s o p e n e d a f t e r U S S e c r e t a r y o f State Blinken’s visit to China If Yellen also visits China in the near future then the key issues for both sides to discuss would be the cancellation of the US additional tariffs on China, the withdrawal of its 301 investigation” into China, and the review of the first phase of the China-US trade agreement, Zhu Min former deputy governor of the People’s Bank of China and former deputy managing director of the IMF told the Global Times in a recent interview Zhu believes trade is the cornerstone of China-US economic relations, with the cancellation of additional tariffs on Chinese goods exported to the US being the first issue that needs to be discussed between the two sides While Chinese and US experts at the 11th World Peace Forum are keeping their expectations low for overall US-China relations, there could be some improvements despite the tense atmosphere “It’s possible that we can achieve small improvements in our bilateral relationship and in some international cooperation but we should maintain strong restraints on our expectations because the atmosphere in both countries is not good for broader kinds of achievements Douglas H Paal, distinguished fellow of the Asia Program at the Carnegie Endowment for International Peace, told the Global Times at the 11th World Peace Forum (WPF) on Monday

ISLAMABAD M i a n a b r a r In a major threat to the hegemony of US dollar the world trade has started in Chinese Yuan (RMB) as India and Argentina h a v e m a d e r e c e n t p a y m e n t s t o R u s s i a a n d t h e I n t e r n a t i o n a l M o n e t a r y F u n d (IMF) respectively Short on dollars, Arg e n t i n a o n F r i d a y m a d e a $ 2 7 b i l l i o n l o a n r e p a y m e n t t o t h e I n t e r n a t i o n a l M o n e t a r y F u n d p a r t l y u s i n g C h i n e s e y u a n t h e economy ministry said To avoid dipping into its limited foreign currency reserves the country also used so-called Special Drawing Rights an asset created by the IMF to supplement countries official reserves for part of the payment due IMF spokeswoman Julie Kozack in a statement confirmed: “The Argentine authorities continue to remain current on their financial obligations to the Fund G o v e r n m e n t s p o k e sw o m a n G a b r i e l a C e r r u t i t o l d r e p o r t e r s T h u r s d a y t h e p a y m e n t w o u l d b e made partly with Special D r a w i n g R i g h t s o f t h e Tr e a s u r y a n d p a r t l y w i t h y u a n , w i t h o u t u s i n g C e nt r a l B a n k r e s e r v e s ” A rg e n t i n a r e a c h e d a d e a l w i t h t h e I M F l a s t y e a r t o r e s t r u c t u r e a l o a n o f $ 4 4 b i l l i o n t h e l e g a c y o f a r e c o r d l o a n c o n t r a c t e d i n

8 u n d e r f o r m e r p r e s i

t i n a o n a p o l i c y p a c k a g e t o s a f e g u a r d e c o n o m i c s t a b i li t y i n t h e c o n t e x t o f a c h a l l e n g i n g s i tu a t i o n , p a r t l y a ff e c t e d b y t h e h i s t o r i c d r o u g h t

In a first, Argentina, India make payments to IMF, Russia in yuan

CORPORATE CORNER BankIslami Honored with Best Bio Technology Award for One Touch Banking at The Pakistan Digital Awards 2023

SA R H A D C h a m b e r o f C o mmerce and Industry categoric a l l y r e j e c t e d i m p o s i t i o n o f new taxes worth Rs415billion i n 2 0 2 3 - 2 4 b u d g e t o n b e h e s t of the IMF, terming it as venomous for t h e n a t i o n a l e c o n o m y, b u s i n e s s e s a n d industries

SCCI acting president Ijaz Khan

Afridi said the additional burden of taxes will bring a new storm of inflation in the country that could not only affect the trading community but people from different walks of life miserably

Pakistan’s leading Islamic financial institution, BankIslami has been recognized with the prestigious Best Bio Technology Award for its innovative OneTouch Banking solution at the Pakistan Digital Awards 2023 The award ceremony, held on 24th June 2023, celebrated the outstanding achievements and contributions of organizations in the field of Digital Technology

The Best Bio Technology Award at the Pakistan Digital Awards 2023 recognizes BankIslami s relentless pursuit of innovation and its commitment to delivering exceptional digital banking solutions that cater to the evolving needs of customers in an increasingly digital world PR

OGDCL Enhances Energy Production with renewed focus on Community Development in District Jhal Magsi

i s l a m a b a

d: In a significant move towards meeting the country's growing energy demands, Oil and Gas Development Company Limited (OGDCL) the leading exploration and production company in Pakistan has revived Jhal Magsi Gas project The state-of-the-art gas processing plant, with a daily capacity to produce 13 7 MMSCF process gas and 45 BBL/day condensate, will mitigate escalating energy needs of Pakistan The installation of this plant is a testament to OGDCL's commitment to furthering the exploration and production of oil and gas resources in the region

Besides the commercial operations the company has underscored its dedication to transforming the lives of the local community in Jhal Magsi through a series of social welfare initiatives in the areas of education, health, water, and infrastructure As part of its efforts to enhance healthcare facilities OGDCL has provided ambulances to the District Headquarter Hospital (DHQ) in Jhal Magsi Additionally, OGDCL has installed a Reverse Osmosis (RO) plant, recognizing the importance of clean drinking water

Xenith PR announces Raheel Nabi as the new D irec tor and C

hief Exec utive

k a r a c h i: Xenith Public Relations (Private) Limited, a leading full-service communications agency in

Using its rec ycled plastic

He urged the government to revisit its decision and withdraw it in the best interest of the national economy businesses industries and trade Ijaz Afridi warned that SCCI along with traders community will strongly agitate if the government didn’t withdraw additional taxes that were imposed through the new budget 2023-24

He was of the view that imposition of new taxes was tantamount to pushing the further crippling economy into severe danger situations

He stated traders’ community has already suffered a lot owing to anti-busi-

ness policies of the present government

The SCCI acting chief said it was completely unjust to impose Rs415billion on inflation stricken people by following the directions of IMF which was unacceptable so we reject it completely

Team GL AM from NUST University sec ures 3rd position at Huawei IC T Competition Global finals

ISLAMABAD S TA F F R E P O R T

Shenzhen China - The Huawei

ICT Global Finals a highly anticipated event in the field of Information and Communications Technology (ICT), took place in the vibrant city of Shenzhen, China in May 2023 Among the talented participants from various countries the GLAM team from NUST University in Islamabad

Pakistan emerged triumphant securing a remarkable 3rd place in the innovation track

To qualify for the Huawei ICT Global Finals, the GLAM team, consisting of Moaaz Tameer and Sidra Farooqui successfully navigated through regional and national rounds Their innovative solutions in ICT impressed the judges, propelling them to the global stage

where they competed against teams from around the world

As per the information shared by Moaaz Tameer and Sidra Farooqui the competition witnessed an impressive international turnout with teams hailing from numerous countries This diverse representation enriched the atmosphere, fostering collaboration and knowledge exchange among the participants, and created a truly global ICT community Huawei renowned for its contributions to the ICT industry demonstrated exceptional organizational skills and made meticulous arrangements for the event From the moment the participants arrived in Shenzhen they were greeted with warm hospitality and a supportive environment which encouraged them to give their best performance

The Huawei ICT Global Finals

served as a valuable platform for networking and learning from industry experts The GLAM team had the opportunity to interact with teams from other universities gaining insights into their innovative projects and broadening their horizons in the process The competition emphasized the importance of teamwork and collaboration, highlighting the pivotal role these elements play in achieving success in the dynamic ICT field

The GLAM team extends their sincere congratulations to the other finalists who showcased remarkable achievements in the Huawei ICT Global Finals The competition served as a testament to the exceptional talent and dedication of young ICT professionals offering a platform for innovation and creativity to thrive

Young mountaineers summit 6400m

K hosar G ang in solidarity with armed forces

Young mountaineers eight-year-old Ayan Shigri, and 12-year-old Danish Sadpara summited 6400 meters high Khosar Gang mountain situated in Shigar to show solidarity with the arrmed forces

The young mountaineers displayed the banners of Pakistan army and leadership to pay homage to their services

Young mountaineers summit 6400m Khosar Gang in solidarity with armed forces

Being youngest mountaineers the children have made world record after summiting the mountain

Israel to buy 25 more F-35 stealth jets in $3bn deal

Joint

JERUSALEM

Israel has approved the purchase of a third squadron of F-35 stealth fighter jets in a deal worth $3 billion the Ministry of Defense said on Sunday The additional 25 aircraft manufactured by Lockheed Martin will bring the number of F35s in Israel s air force to 75, the ministry said, adding that the deal will be financed through the defense aid package Israel receives from the United States Israel was the first country outside the United States to acquire the F-35 In May 2018, its air force chief said that Israel was the first to use the plane in combat The F-35 is also known as the

He expressed serious apprehensions about a hike in electricity, gas tariffs and prices of essential commodities after taking massive taxation steps by the present coalition government which will miserably hit the business community and people as well

On the occasion, Ijaz Afridi rejected the historic increase in policy rate by the State Bank of Pakistan, raising it by 100 basis points to 22%

He said the policy rate hike will bring negative impacts on trade commercial and industrial activities

He criticized the incumbent government for failing to arrest the economic and inflation slide despite making an unprecedented increase in interest rate

The SCCI acting chief urged the government to take concrete steps for revival of ailing economy commercial and trade activities instead of making them standstill by anti-business initiatives and keep industrial and business wheels running and lead the ‘cash-starved’ national economy toward stability and improvement

IESCO ensured uninterrupted electricity supply in the region i s l a m a b a d : I E S C O p r e s s r e l e a s e r e g a r d i n g E I D A d h a D u r i n g t h e E i d - u l -A d h a h o l i d ay s , I E S C O e n s u r e d u n i n t e r r u p t e d e l e c t r i c i ty s u p p l y i n t h e r e g i o n T h e p o w e r t ra n s m i s s i o n a t g r i d s t a t i o n s a n d f e e d e r s w e r e m o n i t o r 2 4 h o u r s f r o m c e n t ra l c o n t r o l r o o m T h e d e d i c a t i o n o f I E S C O e m p l oye e s w h o w e r e o n d u ty away f r o m t h e i r f a m i l i e s i s p ra i s e w o r t hy C E O I E S C O D r M u h a m m a d A m j a d K h a n C h i e f E xe c u t i ve I E S C O D r M u h a m m a d A m j a d K h a n h a s s a i d t h a t w h i l e m a i n t a i n i n g t h e s t a n d a r d o f p e r f o r m a n c e , I E S C O h a s o n c e a g a i n f u l f i l l e d i t s p r o m i s e t o t h e e s t e e m e d c u s t o m e r s b y p r ov i d i n g p o w e r s u p p l y d u r i n g E i d h o l i d ay s H e e x p r e s s e d h i s a p p r e c i a t i o n f o r t h e e f f o r t s o f I E S C O o f f i c e r s a n d s t a f f w h o s t aye d away f r o m t h e i r o w n c e l e b ra t i o n s t o s e r ve t h e c u s t o m e r s a n d d e m o n s t ra t e d t h e i r c o m m i t m e n t t o p r o f e s s i o n a l r e s p o n s i b i l i t i e s C E O I E S C O f u r t h e r m e n t i o n e d t h a t t h e c e n t ra l c o n t r o l r o o m i n I s l a m a b a d a n d o p e ra t i o n c i r c l e s w e r e a c t i ve l y m o n i t o r i n g p o w e r d e l i ve r y a n d p r o m p t l y a d d r e s s i n g i n d i v i d u a l c u s t o m e r c o m p l a i n t s P R

CDA is commencing a series of plantations on the slopes of various highways

i s l a m a b a d : A public awareness walk is being organized on Wednesday to reduce environmental pollution in the City The Environment Wing of the Capital Development Authority is commencing a series of plantations on the slopes of various highways connecting roads intersections green belt and surrounding of Nullahs in the Islamabad city According to the details, on Wednesday from 4 to 5 pm, an awareness campaign about ineffective and invasive or poisonous plants of different species will be launched in different areas of the city including Trail Five (5) Margalla Hills National Park so that a useful healthy and better environment could be provided to the citizens of Islamabad Furthermore useful species of plants and trees would be planted for promotion of a healthy atmosphere in order to reduce plants which are harmful to the health of human beings P R

Adamjee Life Wins Best Website of the Year Award at Pakistan Digital Awards 2023

i s l a m a b a d : Adamjee Life, a prominent provider of life insurance solutions has been recognized with the esteemed Best Website of the Year Award at the Pakistan Digital Awards 2023 This award acknowledges Adamjee Life s dedication to delivering an exceptional online experience for its customers and highlights their commitment as a Trusted Partner

Expressing his gratitude Mr Manzar Mushtaq

CEO of Adamjee Life stated We are immensely honored to receive this accolade We understand the importance of a robust digital platform and an enhanced user experience, enabling us to seamlessly and efficiently connect with our customers Our focus remains on providing stateof-the-art digital solutions as part of our commitment to being a Trusted Partner Adamjee Life s website has been meticulously designed to cater to the evolving needs and preferences of its diverse customer base With its contemporary design and user-friendly interface, the website offers a seamless and engaging journey Users can explore insurance products, calculate premiums using the coverage calculator manage policies submit claims P R

ZTBL earns profit wor th Rs3 billion in 1st quar ter

The Zarai Taraqiati

ZTBL, being the premium specialized agriculture bank in country has been serving the small farmers in different ways ranging from seed provision to agri technology besides empowering growers financially I am happy to share that farmers have shown interest in our products especially designed to meet the requirements of the modern agriculture needs We are committed to bring visible changes in the sector", Asadullah Habib, President ZTBL remarked He said that apart from this ZTBL has met the target of disbursing Rs6 billion target under PM Youth Business and Agri-

culture Loan Scheme adding the scheme has resulted in generation of employment opportunities across the country ZTBL has been actively engaged in alleviating the sufferings of those hit hard by ravaging floods in Sindh and Balochistan Under the Prime Minister s scheme for flood hit areas ZTBL has so far disbursed over Rs4 billion with zero mark up ZTBL board recently hired services of professional bankers from market beside promoting existing best performing officers for making a turn around which ultimately paid off in the form operational smoothness and increasing enthusiasm of farmes in the latest products

The ZTBL has maintained the highest possible credit rating of AAA/1+ awarded by Credit Rating Agency VIS, thanks to business model supported by board members and endorsed by stakeholders "Bank profit aside the only thing that makes me happy is that farmers in country have ultimately realized importance of the modern progressive agriculture This can positively impact the overall agriculture sector," the president added The CEO further added that ZTBL is actively following the success stories of other countries in agriculture so that the same could be inculcated in Pakistan for better agriculture produce

P R O T E S T S PA R A LY S E B A LO C H I S TA N A S K E Y H I G H WAY S B LO C K E D

BARKHAN

S TA F F R E P O R T

IM P O RTA N T roads in Balochistan came to a standstill on Monday

as people staged separate protests demanding the fulfilment of their demands

In Barkhan, the Balochistan National Party (BNP) blocked the N-70 highway, a crucial link between Balochistan and Punjab to protest against ongoing extortion and lawlessness in the region

Protesters set fire to tires and obstructed the national highway, demanding the arrest of Shafiqur Rahman, the

leader of a death squad in Balochistan

Our protest and demonstration will continue until Shafiqur Rahman the killer of oppressed and helpless Baloch people, is apprehended, stated Malik Gaman Khan, a central committee member of BNP

“We will raise our voice against the ongoing cruelty and brutality in Balochistan at every available platform

The deliberate backwardness of the province must be addressed, added Naurez Baloch

Siddique Khetran expressed his dismay stating “Even in the 21st century the people of this resource-rich province

are living below the poverty line

The closure of the highway resulted in long queues of stranded vehicles

In Qalat, BNP workers also protested and blocked the Quetta-Karachi highway

“Some elements are attempting to incite tribal conflict in the political affairs of Wadh tehsil There are efforts to punish BNP chief Sardar Akhtar Jan Mengal for demanding rights over coastal resources, they alleged

The closure of the national highway caused extensive traffic congestion, leaving people stranded in long queues of vehicles In Zhob the All Parties Action Committee (APAC) and other groups staged

Proposed amendments to NEPRA Act raise concerns over potential ‘favoritism’

a sit-in protest in front of the commissioner s office condemning the martyrdom of policemen at the Shirani Dana Sar Checkpost Protesters erected a tent and placed the bodies of the deceased policemen on the road as a symbol of their protest

Despite the scorching heat the demonstrators persevered on the second day with the families of the martyred policemen vowing to continue their protest until their legitimate demands are met Meanwhile, a complete shutdown was observed across the entire city on Monday, with small and large shops markets and business centres remaining closed

essential medicines unaffordable as pharma companies raise costs

PR OFIT

S H A H A B O M E R

goods without tagging the required electronic Import Form (PSW-FI) in customs WeBOC

Under the filing and processing of the Goods

Declarations (GD) in One Customs, the importers are required to get a Financial Instrument (FI) issued from the banks in respect of all modes of payment which may be letter of credit contract advance payment open account to complete an import or export transaction

The Directorate of Reform and Automation customs Karachi in its working hours found that a large number of imported goods had been cleared unlawfully in the last one year without the mandatory Pakistan Single Window Financial Instrument

The importers were able to file their Goods

Declarations on open account without having express permission or waiver for tagging of PSW-FI by the concerned banks “As a result, there is no PSW FI available against such gate out over 50 000 GDs involving $800 million in the system” sources added that the GDs without PSW FI can be increased in coming days

In addition the respective banks have also not uploaded the required financial instruments in the PSW system in respect of such GDs

Sources said that there are also billions of rupee liability on banks with regard to import made on deferred payments as the government had imposed a ban on import and questions arising which

Pharmaceutical companies have implemented a substantial price hike on medicines, including essential medications, as per the notification issued by the Drugs Regulatory Authority of Pakistan (DRAP) on 19th May This surge in prices has directly affected the affordability of commonly used drugs, including Panadol, Pyodine, Brufen, and more

A recent survey conducted by Profit reveals alarming price increases For instance the price of Panadol has risen from RS 26 to RS 32 60 while a bottle of Pyodine has seen an increase from 148 to 250 rupees The cost of the injection Poburgen, used in surgeries, has skyrocketed from 1125 to 2940 rupees Even medicines like Clomid tablets have experienced a surge in prices going from 42 rupees to 63 rupees

These price increases are not limited to a few medications; they have affected a wide range of drugs, with some witnessing hikes of 20 percent or more

These revised prices have been implemented in the wholesale medicine market causing additional hardships for low-income patients who already struggle to access necessary healthcare

Concerns have been raised by Noor Mehr the President of the Drug Lawyers Forum regarding the alarming increase in medicine prices He warns that this rise will contribute to a new wave of inflation, making healthcare more unaffordable for the general public Ahmed Jawad a general physician operating out of Mayo Hospital sheds light on the potential ramifications of these price hikes He explains that, The economic strain imposed on the general populace, especially the

underprivileged could hinder their ability to procure vital medications This in turn may result in untreated ailments and medical complexities, ultimately compromising their overall well-being Furthermore, Jawad cautions that escalating expenses might push certain individuals towards acquiring lower-cost inferior drugs posing potential risks to their health

A representative from DRAP, speaking on the condition of anonymity, informed Profit that pharmaceutical companies have been advocating for price hikes in response to increased production costs caused by inflation and the devaluation of the local currency in recent years

On the other hand, a member of the Pakistan Pharmaceutical Manufacturers’ Association (PPMA) informed Profit that the pharmaceutical industry in Pakistan is currently facing an economic crisis, with companies struggling to replenish their supplies amid a shortage of essential life-saving drugs and other surgical instruments

The representative mentioned that the industry has been demanding an immediate increase in prices of several essential medicines to keep them in stock due to rising production costs caused by skyrocketing inflation and massive de-

valuation of the local currency

He also highlighted pricing disputes between the pharmaceutical industry and the Health Ministry, which have resulted in an acute shortage of critical medicines, forcing patients to rely on smuggled and potentially counterfeit drugs at increased costs

The representative further added that price increases are often necessary to fund research and development of new drug discoveries

“The pharmaceutical industry in Pakistan has experienced significant growth in recent decades with over 800 large-volume pharmaceutical formulation units including those operated by 25 multinational companies However, the industry faces challenges such as an import-based model pricing disputes quality control issues economic crises talent management problems and legislation prohibiting the sale of brand name drugs, he said

He added that the economic crisis in Pakistan has led to difficulties in importing basic necessities including medicines and active pharmaceutical ingredients (APIs) This shortage of raw materials has further contributed to price hikes, hampering the production and availability of medicines

The federal government’s decision to introduce amendments to the Regulation General Transmission and Distribution of Electric Power Act 2021 has sparked concerns regarding potential favoritism towards K-Electric and other power plants

According to sources, a draft ordinance, titled the Regulation General, Transmission and Distribution of Electric Power (Amendment) Ordinance, 2023,” has been forwarded to the acting President for approval

The proposed amendments have raised eyebrows due to their potential impact on the NEPRA sector and the increased powers they would grant to the chairman as well as changes in the appointment criteria Critics argue that these changes could compromise the independence of NEPRA s decision-making process, as they open the door for political interference

One controversial amendment pertains to the eligibility criteria for the chairman position The amendments would allow both serving and retired civil servants, as well as retired officers of Grade 22 or equivalent, to be appointed as chairman This provision has raised concerns about the potential for political influence in NEPRA’s operations

Furthermore the proposed amendments seek to abolish the age limit of 60 years for the chairman which would enable individuals to hold the position indefinitely Critics worry that this could hinder fresh perspectives and impede innovation within NEPRA, as individuals may remain in the position for an extended duration

Another amendment requires a minimum of 20 years of relevant experience for the qualification of chairman While experience is valuable critics caution that such a stringent requirement could limit the pool of qualified candidates and hinder diversity and the introduction of fresh ideas

Of particular concern is the increase in the powers of the chairman Under the amendments, the chairman would have the final decision-making authority in cases where there is a lack of consensus among the members This concentration of power has raised doubts about the checks and balances within NEPRA

The proposed NEPRA authority structure would consist of a chairman appointed by the federal government, along with four specialized members The centralized appointment process has drawn criticism as it may allow for the selection of individuals sympathetic to the interests of specific power companies including K-Electric Critics argue that this could compromise the fair and transparent functioning of NEPRA

Sources also said that the centralized appointment process has raised concerns about the potential for political influence in the selection of individuals who may be sympathetic to the interests of certain power companies including K-Electric They argued that these amendments if enacted could lead to decisions that favor specific power companies, potentially compromising the fair and transparent functioning of NEPRA They stress the importance of maintaining the independence of regulatory bodies to ensure that decisions are made in the best interest of the public and the overall energy sector

JI announces protest in Islamabad following Quran desecration in Sweden

ISLAMABAD

under actual HS Codes

In addition a huge difference of more than 250% has been found between the invoice unit value and the declared unit value by the importers

In one case, importers declared just 1100 dollar value in one open account against an assessed value of $64000 depicting how big the volume of this scam is sources added

Sources said that a number of solar importers were found involved in mis-declaration of unit invoice value and by doing so they misused single FI against multiple GDs in case of solar panels, PSW FIs involving approximately $26 million were used unlawfully

Sources said that SBP just allowed import of machinery or parts of machinery through open accounts but almost all the goods cleared under the grab of machinery or parts of machinery and Customs officials had made billions of rupee by clearing the goods unlawfully Member Customs Operations on the query of this scribe informed that Electronic Import Form requirement is not applicable for certain concessionary imports That concession was claimed by certain importers and GD filed without EIF as per the mechanism

However the concession was not found admissible & duty/ taxes were charged

o il prices go up af ter S audi arabia, Russia ex tend supply

PR OFIT R E U T E R S

Despite concerns over a global economic slowdown and possible further interest rate hikes from the US Federal Reserve global oil prices rose on Monday after Saudi Arabia and Russia the world s biggest oil exporters extended supply cuts Riyadh announced that said it would extend voluntary oil output cut of one million barrels per day (bpd) for another month to include August and added that cut could be extended beyond that month

Shortly after the Saudi announcement Russian

Deputy Prime Minister Alexander Novak said Moscow would also cut its oil exports by 500,000 barrels per day in August

c uts

OPEC+, which groups the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, pumps around 40% of the world’s crude

The alliance has been cutting supply to lift up prices since November last year due to weaker Chinese demand and rising US supply but so far has failed to move them much from the range of $70-$80 a barrel

The kingdom s production for the month of August 2023 will be approximately 9 million barrels per day, Saudi state news agency SPA quoted an official source from the Ministry of Energy as saying Saudi Arabia the de-facto leader of OPEC had pledged earlier this month to make a deep cut to its output in July on top of the broader OPEC+ deal to limit supply into 2024 as the group sought to boost flagging oil prices

Jamaat-e-Islami (JI) on Monday announced a protest in front of the Swedish embassy in Islamabad expressing strong condemnation over the recent desecration of the Holy Quran in Sweden

Nasrullah Randhawa, a prominent leader of JI, conveyed the party s concerns during a press conference held in Islamabad Randhawa expressed deep dismay that the individuals responsible for the Quran desecration were not only shielded by the Swedish court but also protected by the local police

He called upon the Pakistani government to send a resolute message regarding this grave matter, asserting that mere statements would not suffice He emphasized that repeated incidents of this nature were becoming normalized and needed to be addressed with urgency

When it was detected that the importers had wrongly claimed concessions, then contravention cases were framed against them adding that a high level inquiry committee has been formed to examine the issue in detail ISLAMABAD

The cuts amount to 1 5% of global supply and bring the total pledged by OPEC+ to 5 16 million bpd OPEC+ already has in place cuts of 3 66 million bpd amounting to 3 6% of global demand including 2 million bpd agreed last year and voluntary cuts of 1 66 million bpd agreed in April and extended to December 2024 Oil prices rose on news of the cuts, with Brent up 89 cents to $76 30 a barrel by 0950 GMT

This additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets ” the SPA official source was quoted as saying Russia the world s second largest oil exporter after Saudi Arabia has already pledged to reduce its output by 500,000 barrels per day (bpd) to 9 5 million bpd from March until year-end

The Holy Quran is the red-line of the Muslim Ummah and its desecration cannot be tolerated stated Randhawa, stressing the sentiments of two billion Muslims worldwide who were deeply hurt by the incident He underscored that the desecration had deeply affected Muslims globally and called for stronger action to prevent such acts from recurring

The JI leader further highlighted the timing of the incident which occurred during the Eid festivities when people around the world were exchanging messages of love and goodwill He also expressed concern over the arrest of individuals who protested against the Quran desecration outside Stockholm’s central mosque

Dar appreciates Chinese suppor t to Pak istan on multiple fronts

Finance Minister Senator Mohammad Ishaq

Dar on Monday appreciated the Chinese support to Pakistan on multiple fronts, and specifically thanked for the cooperation of Chinese Financial Institutions with Pakistan during last few months

He expressed these views during meeting with Ms Pang Chunxue Charge d Affairs Embassy of the People s Republic of China who called him at Finance Division

Finance Minister Senator Muhammad Ishaq Dar warmly greeted the Charge de Affairs and appreciated the deep rooted historical bi-

lateral relations between Pakistan and China

The Finance Minster further informed the Charge de Affairs about the progress on the 9th review with IMF stating that Pakistan has successfully reached the staff level agreement He also apprised the Charge de affairs about stability in the economy and how the government is making efforts to preserve this economic stability and move the economy towards growth Additionally he appreciated the Chinese support to Pakistan on multiple fronts and specifically thanked for the cooperation of Chinese Financial Institutions with Pakistan during last few months

Ms Pang Chunxue reciprocated the sentiments about the deep-rooted friendly relations

between both countries She also appreciated the efforts of the Government of Pakistan to bring economic stability in the country despite difficult economic circumstances She further assured the Finance Minister that the Chinese Government will continue to support Pakistan The two sides also discussed the various avenues available for both countries to deepen bilateral relations in economic, trade, and financial sectors in order to expand the exiting cooperation to unprecedented levels

In the end Finance Minister Mr Ishaq Dar expressed gratitude to Ms Pang Chunxue, Charge d Affairs for all the support and cooperation Pakistan has always been receiving from the leadership in Beijing

Customs

‘unlaw fully’ clears goods wor th $847m during impor t ban