Epaper_23-09-14 ISB

ONE NATION, ONE LAW RULE TO BE ENSURED AT ALL COSTS: PM

ward cardiac surgery and treatment

sections

It was told that the hospital will become fully functional by June 2024

Caretaker Interior Minister Sarfraz Bugti, Information Minister Murtaza Solangi, Chief Minister GB, and senior officials were present ‘Reconstruct improve GB s communication infrastructure

Earlier Caretaker Prime Minister Anwaarul Haq Kakar directed the authorities concerned to formulate a strategy to reconstruct and improve the communication infrastructure of Gilgit-Baltistan

The prime minister in a meeting with socio-political leaders of Hunza and visit to Hunar Kohn project of Karakorum Area Development Organization (KADO), assured early resolution of electricity-related issues faced by the region

Kakar approves transfer of SAB’s control back to Industries Ministr y

CARETAKER Prime Minister Anwaarul Haq Kakar on Wednesday said the problems of GilgitBaltistan would be addressed through constitutional means and no hostage group would be allowed to enforce its agenda

The rule of One Nation and One Law will be implemented and there should be no doubt about it,” he told journalists at the opening of the outpatient department at the cardiology hospital in Gilgit

The prime minister said it was the responsibility of the State to ensure the rights of the people

He said every effort would be made to resolve the problems of the people of GB and provide them with an honourable life

He vowed to focus on tapping the eco-

nomic potential of GB through its tourism and energy production sectors Kakar said the road infrastructure of GB would be improved to enhance its connectivity with the rest of the country

He mentioned holding detailed meetings with local stakeholders and highlighted the importance of removing mutual misunderstandings About financial problems faced by Gilgit-Baltistan University he said following his discussion with the vice-chancellor the finance division had been directed to step in

As an inclusive approach, the prime minister said he had directed the caretaker information minister to telecast air talk shows on Pakistan Television in Gilgiti and Shina languages twice a week

Earlier PM Kakar took a round of various departments of the hospital where he was briefed about the medical facilities

The 50-bed hospital contains emergency care, an intensive care unit, a children’s

Dollar below 300 after over two weeks

The rupee continued to strengthen against the dollar in the interbank market on Tuesday rising 0 42 per cent to below 300 a barrier it crossed for the first time ever on Aug 24 According to the State Bank of Pakistan s data the rupee closed at 299 89 on Tuesday compared to 301 16 a day ago The rupee gained further strength through Wednesday, and is at 298 39 against 1 dollar presently In the open market however the rupee remained unchanged at 300 to the dollar

The local currency has significantly gained in the past few days with analysts attributing the rise to an ongoing crackdown on illegal dollar outflows

Currency dealers in the interbank said exporters had been selling dollars on a large scale, fearing further devaluation However, due to the cheaper dollars demand has started rising which may disrupt the government s plan to bring down the trade and current account deficits The government has already been following the IMF s directions to keep the imports open, but the availability of dollars was the main hindrance to imports Currency dealers said the export proceeds had increased liquidity in the banking market which would ultimately increase the imports

The State Bank has already directed banks to open letters of credit only when they have foreign exchange Bankers said the higher liquidity would surely increase imports in September compared to August Currency experts said the depreciation of the dollar could continue in the coming days but the rate would never go back to the value prevailing in early July around Rs275 after the previous government managed to sign a $3 billion deal with the International Monetary Fund The dollar then started rising and reached as high as Rs307 in the interbank market at the beginning of the first week of September However a subsequent crackdown on illegal currency dealers across the country produced positive results leading to a fall of over Rs30 in the dollar s value in the open market and also impacting the interbank rate

The delegation apprised the prime minister of the issues pertaining to demand and supply of electricity in Hunza allocation of additional seats for Hunza in the GB Assembly in proportion to the population and other matters The prime minister instructed for formulation of a strategy for generation of electricity in coordination with the power sector

The GB s political leadership briefed the prime minister about the challenges confronting the tourism sector of the region

They requested the prime minister to order establishment of aerial connectivity with different parts of Gilgit-Baltistan

Prime Minister Kakar directed the GB chief secretary to utilise all-out resources for early resolution of the issues

The prime minister also visited the digital hub at KADO s Hunar Kohn project and rehabilitation center for the special persons

He lauded the KADO’s services for the welfare of local population

The caretaker prime minister, Anwaar-ul-Haq Kakar, has granted his approval for the Sugar Advisory Board (SAB) to be handed over to the Ministry of Industry & Production from the Ministry of National Food Security According to sources, the decision to transfer back the control of Sugar Advisory Board to Ministry of Industries & Production from the Ministry of National Food Security was taken ostensibly in response to the concerns over the Ministry of National Food Security’s handling of issues relating to sugar production and its pricing They said that the federal cabinet after the assent of premier has also granted approval to transfer the administrative control of the Sugar Advisory Board, a body established in 1991 from the Ministry of National Food Security They said the decision to relocate the board s oversight to the Ministry of Industry is rooted in concerns over the competence of the former ministry in managing sugar-related issues Until now the Sugar Advisory Board lacked legal cover despite its establishment over three decades ago, said sources They added that the inclusion of the Sugar Advisory Board in Schedule Two of the Rules of Business has received approval from the federal cabinet, formalizing its role within the regulatory framework It is relevant to note that in August 2022 the Sugar Advisory Board was brought under the Ministry of National Food Security The sources also revealed that the National Accountability Bureau (NAB) had earlier forwarded the resignation tendered by Zahir Shah Deputy Chairman NAB to the Prime Minister s Office for further necessary action under law/rules And, the Prime Minister accepted the resignation of Deputy Chairman, National Accountability Bureau (NAB) Zahir Shah Following the Prime Minister s directive the Cabinet approved the resignation of the Deputy Chairman of NAB, sources added

Prime Minister Kakar, while interacting with the freelancer students of Hunar Kohn project said the passion of GB youth for development was appreciable

Former GB Governor Mir Ghazanfar

PIA on verge of collapse, says airline director

Ali Khan, ex-member of GB Assembly Rani Attiqa, members of GB Assembly Col (Retd) Ubaidullah Baig and Dilshad Bano and other socio-political leaders attended the meeting

Automotive sales in July, August 2023, worse than same months during pandemic

g Cars motorcycles record worst 2MFY sales in five years

PR OFIT

da n ya l a h m a d

ISLAMABAD S ta f f R e p o R t Pakistan International Airlines (PIA) is on the verge of collapse as a top official of the national flag carrier has warned that flight operations are feared to be suspended by September 15 if emergency funds are not provided, Geo News has learnt Speaking to Geo News on Wednesday a senior director of the national flag carrier said the number of operational planes had been reduced to 16 from 23 which led to the cancellation of several flights

The official said aircraft manufacturers Boeing and Airbus have also suspended spare parts supplies to the PIA over non-payment and the national airline was incurring losses worth millions of rupees daily due to limited flight operations

The official also revealed that a PIA plane was stopped at Dammam airport while another four at Dubai airport over failure to pay for fuel

The planes were allowed to leave on written assurance of the PIA the official said adding that the International Air Transport Association (IATA) restored PIA services after an emergency payment of $3 5 million was made

The official warned that flight operations may be suspended by September 15 if Rs23 billion were not provided in emergency funds

Meanwhile a PIA spokesperson said in a statement

that all-out efforts were being made to save the flight operations from suspension

A day earlier sources told Geo News the PIA flight operations were severely affected due to a shortage of funds with a number of domestic and international flights being cancelled

The insiders said the national flag carrier had requested the government for immediate provision of funds Moreover the sources said the PIA employees had also not been paid their salaries as well

FINANCIAL WOES On September 7 the PIA had said it grounded five out of its 13 leased aircraft with further prospect of grounding four additional planes due to the prevailing financial crunch The PIA had asked for an emergency bailout of Rs22 9 billion which was rejected by the Economic Coordination Committee (ECC)

The ECC also rejected the request for deferment of the payments of Rs1 3 billion per month, which PIA pays to FBR against FED and Rs0 7 billion per month which PIA pays to the Civil Aviation Authority (CAA) against embarking charges

The airline had also warned that Boeing and Airbus might suspend the supply of spare parts by mid-Sep-

tember

Last month, the FBR froze 13 PIA bank accounts due to non-payment of Rs8 billion in FED

The Pakistan Automotive Manufacturers Association (PAMA) recently unveiled their sales data for the month of August and the results at least for the month offer a glimmer of hope in an otherwise bleak landscape Sales for both cars and motorcycles experienced a slight uptick from their corresponding figures in July However, the most intriguing aspect gleaned from the data is that the combined sales of July and August (2MFY24) represent the most dismal start to any fiscal year (FY) over the past half-decade In fact, total car and motorcycle sales during the pandemic-stricken months of July and August 2020 surpassed those of the past two months The 2MFY24 car sales clocked in at a mere 12 035 units marking a five-year low To put this into perspective the pandemic-induced months of 2MFY21 witnessed sales of a staggering 21 910 units over the same period Similarly 2MFY24 motorcycle sales stood at a paltry 158,925 units sold again, the lowest in five years and a far cry from the 282,190 units sold in 2MFY21 In essence, it appears that consumers were more inclined to purchase vehicles during a time when it seemed as though the world was on the brink of collapse and Pakistan was grappling with various stages of lockdown than they were over the past two months However before we delve into what precipitated this decline in demand let s cast our gaze upon the month-on-month (MoM) gains that the industry did manage to eke out from July to August

RACE TO THE BOTTOM: LOOKING

AT CAR SALES

On a month-on-month basis, all car brands across Pakistan experienced a surge in their sales Chery however opted not to disclose their data to PAMA leaving us in the dark about their performance Furthermore Profit decided to incorporate jeeps into our categorisation of cars As a result our car sales figures include the Hyundai Tucson, the Honda HR-V and BR-V, the Toyota Fortuner, and the Toyota IMV (the collective term for the Hilux and the Revo)

Ball in ECP ’s cour t as President proposes Nov 6 as date for polls

g Says in terms of Article 48(5), polls should be held by 89th day of NA s dissolution

ISLAMABAD

President Dr Arif Alvi on Wednesday wrote a letter to Chief Election Commissioner (CEC) Sikandar Sultan Raja proposing November 6 as the date for general elections in the country

The president in the letter sent to the CEC pointed out the National Assembly was dissolved on August 9 on the advice of then prime minister Shehbaz Sharif Citing Article 48(5) of the Constitution he said it empowers and mandates the president to appoint a date not later than 90 days from the date of the dissolution for the holding of a general election to the Assembly

g Writes letter to CEC, saying it ’s ECP responsibility to abide by constitutional, legal steps

The president said that in terms of Article 48(5) the general election to the National Assembly should be held by the 89th day of the date of dissolution of the National Assembly, i e Monday, November 6, 2023

“In an endeavour to fulfil the constitutional obligations the Chief Election Commissioner was invited for a meeting to devise the modalities of implementing the Constitutional intent and mandate who in reply took a contrary view that as per the scheme of the Constitution and framework of electoral laws, it was the domain of the Election Commission and following publication of last preceding census on 07 08 2023 duly notified delimitation of constituencies was in progress

a mandatory requirement stipulated by Article 51(5) of the Constitution and section 17 of the Elections Act 2017 ” Dr Alvi said in the letter He said that the federal law ministry was also of a similar view as that of the ECP chief adding that all four provincial governments are of the view that the announcement of the election date is mandate of the ECP “There is a consensus that to strengthen the federation and to promote unity and harmony amongst provinces and to avoid incurring of unnecessary expenses general elections to the National Assembly and the provincial assemblies must be held on same day,” he added The president said that it was

the responsibility of the ECP to abide by all the constitutional and legal steps stipulated under Articles 51 218 219 220 and the Elections Act 2017 for organising and conducting free and fair elections Taking into account all the above the Election Commission of Pakistan in consultation with provincial governments and political parties under the relevant provisions of the Constitution and in view that some of these matters are already subjudice may seek guidance from the superior judiciary for announcement of a single date for general election to the national and provincial assemblies, he concluded

BIL AWAL SAYS ALL PARTIES SHOULD BE ENGAGED TO STEER COUNTRY OUT OF CRISES

MUZAFFAR GARH

S ta f f R e p o R t

PPP Chairman Bilawal BhuttoZardari on Wednesday said his party believed that Pakistan s pressing issues and myriad crises necessitated engagement with all political parties to secure a sustainable solution

The former foreign minister made these comments during a gathering in Muzaffargarh where he made a veiled criticism of the PML-N With elections potentially just a few months away, Bilawal has been engaging in public meetings and organising party gatherings as part of the PPP’s election preparations

He advocated for the establishment of an equilibrium that permitted political parties to operate within defined boundaries while also aiding in guiding the country out of the ongoing crisis

“Regrettably, in Punjab, our political landscape has become polarised to such an extent that we re transforming into enemies rather than mere political rivals Bi-

Pakistan welcomes China’s lead in countr y’s digital investment

lawal said Elaborating on the remarks he made yesterday, regarding a level-playing field, he further commented: It s peculiar that a specific party is announcing an election date and asserting that elections will be conducted in February

Neither am I aware of the election date nor is the chief election commissioner yet that party seems to possess advance knowledge of the election schedule, he added, while asking: “What else can I complain about except [demand] a level-

BEIJING: China has emerged as a key investor in Pakistan’s digital sector, with numerous successful collaborations and partnerships contributing to the country’s digital growth We look forward to China taking the lead in digital investments in Pakistan This was stated by Zulfiqar Ali, Director General of Pakistan Regulatory Moderation Initiative, Board of Investment (BOI) On a panel discussion session of the UN Asia-Pacific Innovation Forum during the 23rd China International Fair for Investment and Trade (CIFIT) held this week Zulfiqar Ali outlined Pakistan s national strategies for digital development and highlighted the critical role of foreign direct investment (FDI) in the country’s digital transformation, China Economic Net (CEN) reported on Wednesday As the world embraces the digital age Pakistan is actively pursuing the path of digitalization and making substantial efforts to transform its economy and society Recognizing the importance of digital development, Pakistan has formulated comprehensive strategies and policies to harness the potential of technology These efforts encompass various sectors including infrastructure education governance and entrepreneurship with the aim of leveraging technology to drive economic growth and improve the quality of life for its people The director general noted that Pakistan has launched Digital Economy Enhancement Project worth $78 million aiming at enhancing the government s capacity for digitally-enabled public services delivery for citizens and businesses One of the key components of the initiative is the Pakistan Business Portal, which is a one-stop shop for businesses to digitally execute all their functions in Pakistan without having to visit any office Zulfiqar Ali expects this single window platform to be implemented next year when the digital investment environment in Pakistan will be upgraded In an interview with CEN, the Director General emphasized the key factors that have made Pakistan an attractive destination for Chinese direct investment in the digital sector which includes Pakistan s strategic location as a gateway to regional markets the availability of a skilled workforce and the government s commitment to creating an enabling environment for foreign investors The success of joint ventures and collaborations between Pakistani and Chinese companies in the digital sector has led to the development of cuttingedge technologies innovative solutions and the expansion of digital services across Pakistan he added Chinese investment brings not only capital but also expertise, knowledge transfer and access to international markets Regarding the future of Chinese direct investment in digital innovation in Pakistan the DG expressed optimism over the ongoing collaboration between the two countries S ta f f R e p o Rt

playing field?

PML-N officials have recently been claiming that the upcoming general elections were likely to take place in February next year In a recent development, last week, former interior minister Rana Sanaullah posted on social media platform X that there was no need to panic General elections will be held in February he said adding that PML-N supremo Nawaz Sharif would lead the party s electoral campaign Today, Bilawal emphasised that the PDM and PPP had previously collaborated

A citizen has filed a petition in the Lahore High Court (LHC) against amendment to Section 57 of the Elections Commission Act 2017 authorizing the Election Commission of Pakistan (ECP) to announce the election date Munir Ahmed through senior advocate Azhar Siddique filed the petition raising 13 law points including whether the provisions of the Election Act 2017 could be relied upon to delay the general elections beyond the mandatory 90-day period He submitted the aforesaid amendment is ultravires Article 48, 58, 105, 107, 224 read with Articles 4 and 5 of the Constitution of the Islamic Republic of Pakistan 1973 as a result of which the amendment should be set aside and declared as unconstitutional

It was further prayed to the court that as far as the mandate of the Constitution is concerned, the tenure of the National Assembly for a 5-year term needs to be completed and any early dissolution with the sole purpose of delaying

the general elections for more than 60 to 90 days is ultra vires the Constitution Whether a harmonious interpretation of the Constitution would mean that the entire process of delimitation and notification of constituencies is to be carried out by ECP within a period of 36 days from the date of dissolution of Assemblies to comply with the 90-day mandatory period provided under Article 224(2) the petitioner s counsel inquired Whether the statutory time limits under the Act can override the constitutional time limit of 90 days stipulated in Article 224(2) of the Constitution,” he asked further “Whether the Constitution grants ECP an exclusive authority and responsibility to announce the election dates or does it require consultation with the President or any other authority It was contended in the petition that Article 224 (2) of the Constitution commands absolute fidelity Therefore once the National Assembly and the Provincial Assemblies are dissolved elections must be conducted within 90 days

Earlier in August, the court, in the case of Muhammad Sibtain Khan and others versus ECP, held that “the hold-

as allies during the coalition government but now both entities were accountable for their independent political decisions

In response to a question, Bilawal mentioned that the party’s Central Executive Committee would convene tomorrow to formulate an electoral strategy

He emphasised that delimitation as per the Constitution, could be completed in 90 days, and any deviation from this timeline would require a decision from the Election Commission of Pakistan (ECP)

Bilawal demanded a specific election timeline saying whether it s 90 days 100 days 120 days or even 10 years urging for a clear date to be provided Just give us a date, he said

He pointed out that the Constitution unequivocally mandates elections within 90 days of assembly dissolution seeking clarification if this were not the case

Regarding the May 9 riots he stated that those responsible for attacking national institutions would eventually be exposed, characterising the incident as part of a “big conspiracy”, adding that “the truth is destined to surface one day”

K a r a c h i P o l i c e c h i e f s u s p e c t s R AW ’ s h a n d i n

PML-N Punjab President Rana Sanaullah on Wednesday ruled out any possibility of alliance with the People’s Party in next elections, saying there can be seat adjustment with the party on a limited level

There is even a remote chance of seat adjustment with the PPP he said categorically The PPP s criticism on the PML-N suit them and they have right to do so,” PML-N leader said

He said the PML-N will decide about alliance with any party after general elections Replying a question Sanaullah said that as a political party the PTI has right to do politics and they are entitled of it The PTI should keep the elements responsible for May 09 incidents at distance from it ” he was opined “However those who had disrespected the martyrs should not be allowed to contest polls he asserted

The PML-N leader elaborated that those who had attacked the defence of Pakistan and desecrated the martyrs

monuments should not be given an opportunity to do politics in any form

He repeated that Pakistan Muslim League-N supremo Nawaz Sharif would return to the country on October 21 and lead the party in next elections

“Nawaz Sharif coming back to country on October 21 and he will be given splendid welcome on his arrival

PML-N leader said The former interior minister said that the election must be held under new census He said that

ing of elections cannot be placed at the will i e power howsoever bonafide expressed or exercised of any particular agency or forum and howsoever exalted its creation or position may be Because democracy demands elections, the Constitution commands elections”

The petitioner alleged that the “instant constitutional crisis and deadlock are created solely to favour one political party The petitioner s counsel stated that such a move infringes upon the principles of democracy and the right to representation Advocate Siddiqui, in his closing arguments stated that the Constitution does not grant ECP the exclusive authority and responsibility to announce election dates and it expressly requires consultation by ECP with the President

“The deliberate delay in announcing the election date and the failure to consult with the President violates the principles of the separation of powers amongst the different branches of the government as outlined in the Constitution, he stated ECP has no discretionary powers in scheduling elections, he concluded

KARACHI: Karachi police chief Additional Inspector General Khadim Hussain Rind on Wednesday suspected the involvement of India’s spy agency RAW in the killing of caretaker of a mosque in the city’s Gulistan-eJohar area late Tuesday Ziaur Rehman 45 the Mohtamim of Jamia Masjid Abu Bakar was gunned down in Gulistan-e-Jauhar on Tuesday night The cleric Ziaur Rehman was walking inside a park near his residence close to the FBR Office in Johar ’s Block-14 when two men riding a motorcycle shot and injured him before fleeing The victim was rushed to a hospital where he was pronounced dead The police said deceased Sheikh Ziaur Rahman was the Mohatmim (administrator) of Jamia Abu Bakr Madrassah (seminary) – which is located in Gulshan’s Block 5 In a statement on Wednesday, Karachi police chief Khadim Hussain Rind said the incident was an act of terrorism and it aimed to disrupt the law and order in the city ahead of Rabiul Awwal He directed the DIG East to conduct an inquiry and submit a report He also ordered the immediate arrest of the culprits Rind further said that the CTD had collected important pieces of evidence from the scene and the initial investigation showed that the secret agency of a neibhouring country RAW could be involved in the incident He said that investigators had collected seven empties of a 9mm pistol and three empties of a 30-bore pistol

Meanwhile Sindh Caretaker Minister for Home and Prisons Brig (r) Haris Nawaz while presiding over a high-level meeting on law and order directed law enforcement agencies to speed up intelligence-based operations against street criminals, drug dealers, land grabbers and comb out illegal immigrants from the city, through mutual coordinated action The Home Minister ordered to evolve a joint strategy for commencing a grand operation against the dacoits and their facilitators in the Katcha (riverine) areas of the province, according to a news release on Wednesday He vowed to take the operation against the lawbreakers to its logical conclusion Sindh Home Secretary

Muhammad Iqbal Memon IGP Riffat

Mukhtar Additional IGP Karachi Khadim

Hussain Rind Deputy Director General Pakistan Rangers Sindh, and senior officers of other law enforcement and intelligence agencies attended the meeting S ta f f R e p o R t

election schedule would be announced within 54 days after the completion of the constituencies’ demarcation process

It is to be mentioned here that former prime minister Shehbaz Sharif on Tuesday confirmed that Pakistan Muslim League Nawaz (PML-N) supremo Nawaz Sharif will return Pakistan on October 21 Shehbaz Sharif talking to media in London lauded Nawaz Sharif s achievements in his tenure saying that the former prime minister made Pakistan a nuclear power ended the prolonged power load-shedding in the country and signed the CPEC

He said that Nawaz Sharif was removed from power through a conspiracy and the rigging in the 2018 general elections left Pakistan behind in the region Shehbaz Sharif said that he will welcome the three-time prime minister Nawaz Sharif on his arrival in Lahore

“We held consultations with the senior leadership of the party and we have decided that Nawaz Sharif will return to Pakistan in October and lead the election campaign Shehbaz Sharif said

Balochistan Customs seizes 2,359 sugar sacks, 28,000 liters of Irani petrol

QUETTA: At least 2350 parcels of sugar and 28000 liters of foreign petrol and diesel 127 cartons of foreign cigarettes and 9 non- customs paid vehicle were recovered after foiling bid of smuggling by Quetta Custom Darakhsan, Field Enforcement Unit and FIA’s Anti Corruption Quetta in joint operations in Balochistan on Wednesday According to the spokesperson of Pakistan Customs Superintendent Dr Atta Bareach Darakshan Field Enforcement Unit and Federal Investigation Agency (FIA) s anticorruption Quetta Circle took action against the sugar, petrol, diesel and 9 non-customs paid vehicles of Quetta Customs The team conducted successful raid at a warehouse near Bhosa Mandi and seized about 2350 parcels of sugar which would be smuggled Despite 28000 liters of foreign petrol diesel was recovered from an oil tanker by the Luckpass Field Enforcement Unit Meanwhile, 127 cartons of foreign brand cigarettes including 9 non-custom paid vehicles were recovered near Afghan Border by Taftan Rifle and Sindh Regiment at Nokundi during raid S ta f f R e p o R t

Bureaucrats, politicians involved in smuggling, illicit trade identified: PM

Caretaker Prime Minister Anwaarul Haq Kakar on Wednesday said that they had identified the officials and political personalities at the federal and provincial levels who were involved in smuggling and illegal trade activities

The relevant authorities were also securing evidence against them which would be produced before the courts of law, leading to their conviction, he said and assured that a stern action would be taken against all those involved in such activities

Expressing his views during the talk show programme of a private TV channel the prime minister said that in the Iranian oil smuggling issue a number of bureaucrats and political figures were involved

The political figures in the past had raised the issue of granting permission for trade in the border areas, he added The deputy commissioners in those areas used to issue tokens worth Rs200 000 to Rs250 000 for the movement of each vehicle carrying oil More than 20 000 such vehicles were involved in the illicit trade giving rise to illicit revenue generation, he added About a question regarding the illegal dollars trade, he said that through stringent measures, they stopped the trade physically and through enforcement of contemporary laws We have changed the nomenclature for such illegal activity by terming it illicit trade At least we have achieved a milestone in this regard he added PM Kakar further elaborated that the US dollars were converted into different currencies and parked across the region, leading to a vicious cycle that was functioning for the last one and one and a half year which was now being smashed through physical crackdown and border management laws

The prime minister expressed the optimism that Pakistani rupee would be further strengthened About holding of elections in the country, he opined that the polls could be held in mid-January or by the end of January, however, it was upto the Election Commission to take a decision in that regard

He said that the caretaker set up was ready to assist the electoral process look after the law and order and financial matters related to holding of elections

The delimitation was a due and constitutional process, the president had also advised the ECP in that regard, and the Commission would hold deliberations,

he added The prime minister, about a query, maintained that inflation was linked with the supply and demand of goods and the availability of essential services He said an artificial inflation was created through hoarding and smuggling adding that ongoing operations were yielding tangible result and positive outcome and cited the reduction in price of sugar etc

To another question regarding economic revival, he lauded the incumbent Chief of Army Staff for contributing towards the national economy He said that the organizational strength of the armed forces was being utilized though it was an additional burden on them

He stressed upon capacity building of those civil institutions which were facing a deteriorating situation In his view, the utilization of an organization s strength, always delivered good results, he added

The prime minister said that the incoming government should focus on manufacturing and enhancement of services and without any financial reforms programme in the manifestos of the political parties could affect the achievement made during the short period of caretaker government He said that the economic stability was linked with the political stability and all the political parties had the inherent rights to acquire political power through legal course and without disfiguring the constitutional and legal provisions

About the May 9 incidents he expressed how could anyone set his own house on fire after getting angered There was no logic in such acts and approach, which neither would succeed nor would be accepted

“If I have been a part of the PTI (Pakistan Tehreek-

e-Insaf) I will have genuinely condemned such acts and taken the party away from the vandalism,” he asserted PM Kakar responding to a question about trials of PTI chief said that such matters should be left to the courts to decide

About Shah Mahmood Qureshi s arrest he observed that it was up to the law enforcement agencies to decide whether laws permitted someone to be handcuffed or not

About a related query regarding the return of Pakistan Muslim League-Nawaz leader and former prime minister Nawaz Sharif to Pakistan he said the law enforcement agencies would decide whether he could be arrested or otherwise in accordance with the laws

They would intervene only if the laws were defied, he added Welcoming the incoming Chief Justice of Pakistan the prime minister said he considered him as a modern and enlightened personality of his native province Balochistan and hoped he would initiate judicial reforms The prime minister to another question said that the US forces had trained the Afghan national army and spent trillions of dollars in Afghanistan, but after their withdrawal, the Afghan national force disappeared quickly and the weapons given to them disappeared Now the same were on sale in the black markets across the globe he said adding that the terrorists outfits like TTP Daesh and BLA had used such weapons in terrorist acts inside Pakistan

He said a large number of Afghans who had been living in Pakistan without documents or forged documents would be immediately repatriated

L H C p e t i t i o n e d a g a i n s t a m e n d m e nt to El e c t i o n Ac t, 2 0 1 7

PRESIDENT FOR IMPLEMENTATION OF JOB QUOTA FOR PERSONS WITH DISABILITIES

PR E S I D E N T Dr Arif Alvi on Wednesday underscored the need for implementation of job quota for persons with disabilities (PWDs) by the public and private sectors

The president during a follow-up meeting on the framework for the classification of disabilities, held at Aiwan-e-Sadr, said that 10 to 12 percent population of the country was facing various forms of disabilities

He said that it was the responsibility of the government and private sector to employ PWDs as per their skills and qualifications to empower them financially

The meeting was attended by senior of-

Industr y on edge as new proposition suggests 24-hour clearing period for stock trades

CONTINUED FROM BACK PAGE

He does feel that this move will improve risk management and will be a positive move for the market Ali Nawaz, CEO at Chase Securities says “(this move) substantially reduced counterparty risk as the shorter settlement period minimizes the time period counterparties are exposed to credit risk thus reducing the likelihood of default He also says that there will be improved liquidity and with lower margin requirements and reduced risk, the margin costs of the market participants will reduce He is still cautious on being overly optimistic as he feels that brokers will need to improve their efficiency and operational infrastructure with upgradation in technology to capitalize on the benefits of this model In a similar vein, Experts believe that the banking sector and infrastructure needs to be upgraded This will allow for Interbank Funds Transfer (IBFT) and Real Time Gross Settlements (RTGS) to take place Institutional and individual clients will then be able to transfer funds and comply with the T+1 settlement model

Kakar approves transfer of SAB’s control back to Industries Ministr y

CONTINUED FROM PAGE 01

According to sources in sugar industry it is anticipated that the decision to move the Ministry of Industry s management of the Sugar Advisory Board from the Ministry of National Food Security will result in a new outlook and strategy for tackling problems with sugar production and price in Pakistan Similarly this decision of the caretaker government also reflects the proactive approach to establishing efficient governance and accountability in vital economic sectors Furthermore, this shift also denotes a renewed commitment to regulating the sugar industry and addressing issues related to production price and distribution in order to benefit both the consumers and stakeholders in the industry, said sources in sugar industry

ficials from the Ministry of Human Rights, Council on Rights of Persons with Disabilities (CRPD) NADRA NAVTTC representatives from the four provincial governments Gilgit-Baltistan AJK and a representative from the World Health Organization (WHO)

The Ministry of Human Rights briefed the meeting on the progress made so far with regard to the implementation of disability employment quota It was informed that the ministry was actively pursuing with the government organizations to implement job quota for persons with disabilities in letter and spirit The ministry highlighted that 98 differently-abled-persons (DAPs) had been provided jobs by the government organizations since March 2023

The ministry further informed that a

master list of potential employers was being prepared to seek their support in providing jobs to PWDs

The NAVTTC apprised the meeting that 1500 PWDs had been trained for job placement The meeting was apprised that presently, the DAPs availed the job quota only from BPS 1-15 while no specific quota had been reserved for them against the gazetted positions

President Alvi stressed the importance of amending the existing recruitment rules to reserve quota for PWDs in gazetted jobs He underlined the need for imparting skill-based education to PWDs to enhance their employability and ensure their active participation in mainstream economic activities The president also highlighted the importance of

close coordination among the stakeholders to address issues related to the registration of PWDs at federal and provincial levels

He also appreciated the efforts made by NAVTTC by training 1500 PWDs as well as the role of Ministry of Human Rights for helping DAPs in getting jobs The officials from provincial governments updated the meeting about the measures taken by them for the facilitation and training of PWDs

Meanwhile a delegation led by the Director and CEO of Tang Chinese International Education and Technology (Pvt) Ltd, Song Jianying held a meeting with President Alvi, at Aiwan-e-Sadr Song gave a presentation on the technical and skilled education for Pakistani youth

The CEO informed that Tang Chinese

Ball in ECP ’s cour t as President proposes November 6 as date for polls

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The president s announcement came in the wake of divided opinions about the date for the polls among the stakeholders raising concerns of another constitutional crisis in the country Sources had earlier revealed that the president is hell bent upon announcing the date of polls They added that if the situation persists, the country may find itself in the throes of another constitutional crisis

The insiders said that Alvi s legal team as well as the Attorney General for Pakistan have explicitly informed him that following amendments to the Election Act, he no longer has the authority to announce election dates

Meanwhile the Pakistan Tehreeke-Insaf (PTI) the party to which Dr Alvi belongs was insisting that the president immediately reveal the election date However, Caretaker Federal Minister for Information and Broadcasting Murtaza Solangi in an interview to a private channel had said that it was the ECP s responsibility to hold free fair and transparent elections

The election commission will announce elections date, Solangi said, adding that elections were to be held according to the last census but completing delimitation exercise was necessary before that The information minister

said that the ECP has already issued the delimitation process schedule adding that the political parties will be given 54 days for election campaign once the process of redrawing the boundaries of constituencies is completed Arif Alvi was elected as the President of Pakistan on September 4 2018 and took the oath of office as the president of the Islamic Republic of Pakistan on September 9 2018 His five-year tenure as the country s president concluded on Friday

Meanwhile the federal and provincial law ministers Wednesday unanimously urged all organs of the state to respect the autonomy and authority of the Election Commission of Pakistan (ECP) in carrying out the delimitation of constituencies and determining the election schedule This statement by the law ministers was conveyed via a press release following a meeting chaired by caretaker Law and Justice Minister Ahmad Irfan Aslam in Islamabad

The meeting attended by provincial law ministers – Kanwar Dilshad (Punjab) Muhammad Omer Soomro (Sindh) Arshad Hussain Shah (Khyber Pakhtunkhwa) and Amanullah Kanrani (Balochistan) was held to discuss matters pertaining to the upcoming general elections to the National and

Why is OPay International acquiring FINJA?

CONTINUED FROM BACK PAGE

It received its commercial operation licence for EMI in 2021 A year later, it raised a $10 Million Series A2 financing round with participation from notable investors including Sturgeon Capital and HBL

W H AT I S O PAY? OPay, is a one-stop mobile-based platform for payments transfers loans savings and other essential services for individuals OPay was founded by Opera Norway AS Group with a footprint in emerging markets across Asia, Africa, and Latin America

I t w a s r e c o g n i z e d b y C N B C r ecently as the Top 200 Global Financ i a l Te c h n o l o g y C o m p a n i e s showcasing the names of 200 fintech companies which included those prov i d i n g e l e c t r o n i c p a y m e n t s , d i g i t a l a s s e t s , d i g i t a l b a n k i n g , a n d d i g i t a l business from around the world The list includes prominent companies such as Ant Group Tencent PayPal Stripe Klarna and Revolut a s w e l l a s s o m e e m e rg i n g s t a r t u p s with great growth potential OPay provides digital payment, digital wallet and other financial services to emerging market customers in Africa and Asia In less than

Automotive sales in July, August 2023, worse than same months during pandemic

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In absolute terms Suzuki saw the most significant increase in MoM sales, selling 3,848 units in August compared to the 2,514 units it sold in July However, when viewed in relative terms Sazgar emerged as the frontrunner with a staggering 121% increase in its MoM sales The top-performing car was Suzuki s Alto which clocked in sales of 2 769 units In stark contrast, Sazgar s BJ40L was the least popular car of the month, managing to sell a mere 8 units throughout August

Some intriguing insights from this section include how Hyundai has managed to sell more of its high-end cars rather than its more affordable option Hyundai s Tucson and Sonata both saw MoM increases in sales while its Elantra experienced a contraction in sales on a MoM basis Speaking of high-end options, inflation seems to have had little impact on Toyota’s Fortuner and IMV as they managed to actually increase their MoM sales

exception of United, saw an increase in their sales in August compared to July Ravi however did not manage to sell a

motorcycle Unsurprisingly Atlas Honda continued its reign at the top selling a staggering 75,071 units perhaps marking yet another month of dominance in the industry Atlas Honda also witnessed the largest nominal increase in MoM sales managing to sell an additional 13 059 units in August compared to July The highest relative increase was recorded by Qingqi which saw an impressive 200% surge in sales However, this figure is somewhat less impressive when considering that they sold only 6 vehicles compared to the previous month’s 2 Consequently Qingqi also had the lowest sales figures for motorcycles in the month of

August Turning our attention to the outliers, United sold 482 fewer motorcycles in August than the 7 657 motorcycles it sold in July

Where has all the demand gone?

Now one might wonder how has the industry managed to perform worse than it did during a time when it seemed like the world was on the brink of collapse? In a conversation with Profit, Syed Shabbir Uddin Director of Sales and Marketing at Changan pinpointed the escalating prices of vehicles coupled with the general macroeconomic conditions and high interest rates as the primary culprits for the slump in car sales

Echoing similar sentiments, Muhammad Salman, Director of Sales and Marketing at Road Prince cited almost identical reasons for the downturn in motorcycle sales Salman noted that motorcycle prices have skyrocketed by 130% from October 2020 till now

Now, let s delve into the more interesting segment-specific downturns

“An intriguing shift in the automotive landscape has been observed begins Shabbir

Uddin He notes The most profound impact has been felt in the mid-range segment – the realm of sedans and compact sedans He further elucidates, The demand for high-end cars and SUVs persists, albeit diminished; a similar trend is noticeable in the market for entry-level hatchbacks Shabbir Uddin s assertions gain credence when we scrutinise the figures from PAMA Amongst the medium-sized sedan categories listed, only Honda s City and Civic, along with Hyundai’s offerings, witnessed a monthon-month uptick in sales In contrast Toyota’s Corolla & Yaris and Hyundai’s Elantra experienced a downturn

If we were to include Suzuki Swift in this category due to its price point, the argument remains unscathed Changan s Alsvin is presumed to have encountered a similar fate, de-

provincial assemblies

It concluded after the huddle determined that the conduct of general elections and announcement of election dates is the sole competence of the country s electoral authority, as per the Constitution “The Election Commission of Pakistan is an independent constitutional body the statement issued by the ministry read The statement by the law ministry comes a day after caretaker Prime Minister Anwaar-ul-Haq Kakar, too, issued a similar statement in the wake of speculations regarding the announcement of the election date by President Dr Arif Alvi

The president during his second meeting with the interim federal law minister in 10 days on Monday, discussed the matter of the election schedule He was reportedly expected to announce the date of the election

I: Meanwhile sources told Geo News about a meeting between President Alvi and interim minister Irfan today their third interaction within two weeks

According to the sources, the matter of the election date came under discussion during this meeting Irfan during the meeting apprised the president about the position of all the interim provincial ministers regarding the date of polls in the country

five years OPay has rapidly become one of the most competitive Fintech unicorns in emerging markets which includes countries such as Nigeria, Egypt, and now Pakistan OPay is backed by some global VC giants such as SoftBank and Sequoia Capital The fintech company raised $400 million in funding in 2021

Ironically, Opay Pakistan is the same fintech company that owns SeedCred Financial Services which operates the digital nano lending app Barwaqt This app like some other nano lending apps, is notorious for harassing its borrowers to pay back loans Profit reached out to the central bank to find how it gave approval for an EMI licence to such an organisation but received no response

spite the absence of specific data owing to its non-membership in PAMA Shabbir Uddin further elaborates on the market trends It appears that all customer segments have downshifted by one or two tiers

Concurrently we ve observed a trend of compromise among prospective sedan buyers who are now opting for used sedans aged between 3 to 5 years due to budgetary constraints ” The demise of the most favoured category is not confined to sedans alone

R U L E O F O N E

Let s break down the collapse of the motorcycle segment into two parts: Atlas Honda, and everyone else “The non-Honda motorcycle customer predominantly from the lower-income stratum has been disproportionately impacted by the macroeconomic turbulence

Their living expenses have skyrocketed while their wages have seen a modest uptick, elucidates Fahad Iqbal, a Director at Ravi Automobile “Their eroded purchasing power currently precludes them from even contemplating such an acquisition ” Iqbal adds with a note of finality

In essence all brands barring Atlas Honda have seen their customer base decimated under the relentless economic onslaught besieging the nation Iqbal also highlights the metamorphosis of informal lending and microfinance landscapes that were once accessible to non-Honda motorcycle buyers This was the primary propellant for growth over the past decade for nonHonda marques, Iqbal notes, which is now being diverted into other sectors Salman points out a significant shift in investment strategies “Owing to price hikes ” he observes “leasing firms and dealers have pivoted their investments from motorcycles to more lucrative sectors like agriculture and real estate He also mentions that financing has become ensnared in more stringent terms and conditions

International Education and Technology (Pvt) Ltd had sent 150 Pakistanis to China for getting advanced skilled education He further informed that his institute would send more Pakistani youth to China on scholarship basis for getting advance skilled education The president lauded the services of the organization for imparting skilled education to Pakistani youth

First-ever Christian woman appointed SHO in tribal district Kurram

PESHAWAR

S ta f f R e p o R t

The tribal district of Kurram in Peshawar got its first-ever Christian woman Station House Officer (SHO) at the Parachinar Police Station it was reported on Wednesday Thirty five-year-old Samreen Amir sees her appointment as a testament to diversity within the police department She has already conducted numerous raids and actively participated in police exercises within the Kurram district Her top priority is to aid voiceless and vulnerable women in the region she said District Police Officer Kurram Muhammad Imran stated that this move not only aimed at providing a safe space for women to report crimes but also tackle inheritance problems, domestic violence, and other issues faced by women in the region Kurram district boasts a Woman Reporting Center established in 2020 dedicated to addressing women s complaints KhyberPakhtunkhwa (K-P) Inspector General of Police Akhtar Hayat Khan stressed that Samreen s appointment exemplifies the police department’s commitment to gender equality and women empowerment He also highlighted how the department has promoted women s careers in policing in the past giving examples of a female district police officer in Batgram and Chitral and a higher number of female traffic police officers in the province We also have a female deputy muharrir in our police station, he added Saima Qadeer an activist and advocate of women’s rights and issues stated that the appointment was a significant achievement She commended K-P police for providing opportunities to minorities and promoting harmony and peace, despite the security challenges faced in tribal areas

FEMALE SHOS IN PUNJAB POLICE:

Earlier this year Inspector General Police Punjab Aamir Zulfiqar Khan had issued orders to appoint a female SHO in at least one police station in every district of the province within the next five days An order issued by the IGP titled, “Enhance the role of women police officers” to all the Punjab Police commanding officers maintained that “Every district should post one female SHO by Friday in any police station that the DPO thinks fit It further stated: Women s help desks had been established but are not active now All urban police stations in big cities and districts should have a woman officer to assist and attend to the complaints of female victims and applicants” In compliance with orders SI Mehwish Aslam was appointed as the first female SHO in Hafizabad district at Lalelki Mandi police station in January 2023

R E S I D E N T Arif Alvi s announcement of an election date, November 6, well within the 90day limit prescribed by the Constitution, suffers from a number of problems, with the result that while the general elections do not take place on the designated day, the confusion over the date does not come to an end Indeed, there is every possibility that it might grow worse There are two major obstacles to the date being accepted First, though the Constitution prescribes that where there is a premature dissolution (as there was in this case), the President shall set the date of the general election, it also prescribes that the President shall exercise his functions in accordance with the advice of the Prime Minister The question is thus both valid and worrisome, who gave the President the requisite advice? Then there is the question of the status of the Election Law amendment which made the Election Commission of Pakis responsible for giving the date Indeed, more than one statement by caretaker

Prime Minister Anwarul Haq Kakar explicitly puts the weight of the government behind the amendment

It remains to be seen what view of the matter is taken by the Supreme Court if the matter is agitated before it However, it should not be ignored that the failure to give a date is taking place because of what seems a slender excuse, and some specious reasoning

The obligation of the ECP to carry out delimitations after each census is laid down in the Constitution, but it is surely not intended that this obligation should trump the obligation to hold elections in 90 days The noise being made, that the economy must be fixed first, has got two problems First, it is not to be fixed by unelected caretakers, but by an elected government Second, there are not supposed to be conditions for postponing elections That is supposed to be the bedrock on which the Constitution is built

A strange paradox has come into play With a date given, the ECP is supposed to issue an election programme, after which it should stop updating electoral rolls, and while it may continue carrying out delimitation work, the new date should be for elections according to the previous delimitations The President may have given a date, but that does not mean the uncertainty will end

Dedicated to the legac y of late Hameed Nizami

Arif Nizami (Late)

Founding Editor

Yousaf Nizami Editor

M A Niazi Joint Editor Umar Aziz Executive Editor

WO R L D W I D E, technocrats have replaced bureaucrats but in the land of the pure they sit in for politicians Due to managerial complexities bureaucracy was rendered obsolete about half a century ago to be replaced by trained Technical managers or Technocrats Elected representatives of the people provide direction and oversight to the technocrats to implement pro-people policies In the USA the President appoints un-elected professionals as cabinet members to oversee the working of various departments or ministries whereas the oversight monitoring and accountability is conducted by the elected Congress be revisited men (House of Representatives, Senate) Technocrats need directives to deliver otherwise they lose focus and ultimately default The big question is; Who will provide the directions and the much needed oversight to the current interim set-up in the country ? The elected assemblies have been dissolved paving he way for free and fair elections; any other mandate of the current cabinet may result in complexities and confusion which must be understood and avoided Even the worst breed of politicians can feel the pulse of the people as they remain in touch with

them and speak the same language, bureaucrats are trained to keep distance from the public while technocrats are trained to deliver once the directions are set by the policy makers

In the current set-up where will these directives come from? Currently this is the eighth interim setup, all the seven before have failed to deliver the free and fair elections for which they were inducted

In the original 1973 constitution there was no concept of an interim set-up Major democracies of the world do not allow un-elected individuals to enter the corridors of power The sitting President or Prime Minister (PM) continues as a lame duck leader till his or her replacement has been duly elected After the current dust settles down, it is time to reconsider this approach of N i g r a n Hukoomat (Caretaker Government) as it has been disastrous in the past their care has been missing

As legislated the Leader of the House and of Opposition in the outgoing assembly nominate the Caretaker PM, but in reality the final selection is done elsewhere which is counter productive

Imagine if the sitting Chief Ministers had carried on in Punjab and KP the situation in the land of the pure would have been very different Extended rule of un-elected individuals is deadly for democracy In KP the entire cabinet had to be replaced as their neutrality was questionable Pakistan needs a constitutional, orderly transition of power in which the establishment should have no role

During my stint as Chairman Pakistan Science Foundation I tried to convince PM Mir Zafarullah Jamali to induct technocrats in all technical ministries His immediate response was; They are not elected I had to explain that they should be inducted as Secretaries and not as Ministers as was done in the 1970s when the elected government of Bhutto introduced technocrats in most ministries through lateral entry Engr Masood Hasan was appointed Secretary Defence Production Dr Muhammad Ajmal Secretary Education Naseem Ahmed Secretary Information to name a few Constitutionally the PM appoints all Grade 21 and 22 officers Bhutto used his powers to appoint technocrats in important positions, which had a major impact on the performance of the sluggish bureaucracy The same practice

As a useful tip to the incumbents, the ag e-old diar y system must be understood and followed Ever y office has an entr y and dispatch register which should be regularly checked to monitor the incoming and outgoing communication to avoid such lapses otherwise business as usual will continue . Caretakers should focus on public care which has been missing in the previous interim set-ups.

Pakistan needs technocrats to replace bureaucrats not politicians

Social media responsibilities

lead to some construction and if they are used negatively they will surely and certainly cause construction of one or the other kind

to spreading misinformation and cause harm

While using the social media platform of their choice, the users should be mindful of their own privacy as well as the privacy of others

should continue for these senior positions Jamali Sahib was convinced but it happened to be his last day in office Upon his refusal of military action in Dera Bugti he was removed He was replaced by a technocrat who proved to be the worst PM ever The President acts on the advice of the PM Together with Musharraf he too should have been tried under Article 6 of the Constitution T h e t h i r d u s u r p e r a l s o t o o k c o n t r o l o f t h e c o u n t r y i n a n i n t e r i m a r r a n g e m e n t t o h o l d e l e ctions within the stipulated period of 90 days He then set up military courts for speedy justice that were called; Mobile Summary Military Courts w h i c h p r o v e d t o b e t h e b i g g e s t j o k e e v e r Z i a ’s misrule continued for over 11 years during which m o s t c i v i l i a n i n s t i t u t i o n s w e r e d e s t r o y e d T h e d e m o c r a t i c o r d e r c o n t i n u e s t o s u ff e r b e c a u s e o f this unholy intervention by the dictator who ruled through hand picked un-elected individuals The c o n s t i t u t i o n s u r v i v e d b u t w a s d i s f i g u r e d d u r i n g this period The recent flurry of legislation by the o u t g o i n g g o v e r n m e n t h a s f u r t h e r d a m a g e d t h e unanimously agreed document There is a current controversy about two very important bills that serious ly affect human rights and individual liberties Despite the reservations of the President they have become law

In the present scenario the interim, un-elected, technocrats must focus on free and fair elections for which clear directions and a roadmap are essentially required to deliver For course correction directives must have political inputs which are not available to the caretakers The bureaucracy will continue to call the shots as they control the files and paperwork Dr Arif Alvi, the President of Pakistan is complaining that his directives were not ,by his own staff As a useful tip to the incumbents the age-old diary system must be understood and followed Every office has an entry and dispatch register which should be regularly checked to monitor the incoming and outgoing communication to avoid such lapses otherwise business as usual will continue Caretakers should focus on public care which has been missing in the previous interim set-ups Pakistan needs technocrats to replace bureaucrats not politicians

The writer is ex-Chairman Pakistan Science Foundation He can be contacted at: fmaliks@hotmail com

E d i t o r ’ s m a i l

Language development

WH AT does social media mean?

Social media academically speaking is a digital technology that facilitates the sharing of text and multimedia through virtual networks and communities Social media is also interactive technology that facilitates the creation and sharing of information ideas interests and other forms of expression through virtual communications and networks

Over the years social media platforms have been increasing somewhat gradually every now and then and so are the number of users of all these platforms throughout the world In Pakistan itself, the number of all social media platforms users was also increasing rapidly The users belong to all segments of the society and of all ages though the young people including the students outnumber others by and large

Any technological advancement and scientific innovation quite obviously entail both construction and destruction depending on its use

If they are used positively obviously this will

It is advisable that the users should prioritiz e cybersecurity and take due steps to ensure their own online safety. They should better be cautious about clicking on suspicious links, avoid sharing any somewhat sensitive information with unknown individuals or unsecured websites besides using private settings to control who can have access to their personal information

Without going into gory details of how social media platforms were being used in Pakistan quite negatively and quite regretfully the adverse effects this negativity was having on the national interests both directly and indirectly in highly deplorable and condemnable manners and also bringing bad name to the motherland and globally, through this article the users were intended to be apprised, reminded about their responsibilities, benefits and risks so that they use their opted social media platforms positively and not negatively It may also be mentioned here rather regretfully that most of the social media platforms users are not aware or know that all these originate and have headquarters in foreign countries, friendly as well as hostile ones, and the moment they put out something on whatever social platform they are using it reaches millions of views across the world in no time including the hostile countries which can exploit any negative stuff for their benefit

As the users of social media platforms, all individuals have certain responsibilities to be upheld so that they make positive contributions to the online community Some of these are mentioned below briefly

The users should try their level best to be authentic and honest in their interactions on social media This means they should represent themselves truthfully and accurately, avoiding spreading any false information or rumours and also ensure they refrain from creating or using fake accounts Social media users should ensure that they engage only in respectful and civilized communication treating others with kindness empathy and tolerance They should avoid engaging themselves in online harassment, cyberbullying, hate speech, or any form of discriminatory behaviour in any manner

All social media users have a responsibility of sharing content responsibly Before sharing any information with anyone they should verify its accuracy and also consider the potential impact it may have on others Sharing any misleading or harmful content can obviously contribute

Needless to mention here that it is important to respect the boundaries of individuals’ personal information and seek consent before sharing someone else s private information and details

Users should also be taking appropriate measures for protecting their own accounts by using strong passwords and being cautious about sharing personal information with others

It is advisable that the users should prioritize cybersecurity and take due steps to ensure their own online safety They should better be cautious about clicking on suspicious links avoid sharing any somewhat sensitive information with unknown individuals or unsecured websites besides using private settings to control who can have access to their personal information

While using any social media platform they should aim at contributing positively to the online community This should involve sharing informative and valuable content engaging in some constructive discussions, supporting others, and promoting inclusivity and diversity

While creating their own content the users should be mindful of the potential impact it may have on others directly or indirectly It was also important that the users avoid spreading harmful or offensive material and be considerate of the consequences of their words and actions

It is also advisable that the users should report any inappropriate, offensive, or harmful content they come across on social media platforms Quite obviously timely reporting of any such content to the official quarters concerned will help in maintaining a safer and more welcoming online environment to say the least

For want of space, the benefits and risks accruing from the use of one or the other social media platform are being held up for the time being and may be covered some other time

The writer is Lahore-based freelance journalist columnist and retired Deputy Controller (News) Radio Pakistan Islamabad and can be reached at zahidriffat@gmail com

A S a teacher, it is frustrating to be constantly pressured to focus on teaching students how to speak English like native speakers While I understand the concerns of schools and parents who view fluency in English as crucial for success in today’s competitive environment it’s important to recognise that communication skills extend beyond mere speaking Failing to address the foundational steps of language development and prioritising only the end goal of speaking skills will only impede a child s progress and ultimately prove to be counterproductive Reading is a fundamental skill that is key to learning and developing language proficiency Once a reading habit is established, children should be shown English content such as animated movies or cartoons as this can help develop comprehension skills Only after mastering these skills can students be expected to speak and write confidently in English In most schools teachers are forced to prioritise speaking in English at the expense of these other fundamental skills, which is not an effective way to promote language proficiency It s important to acknowledge that writing is the final step in developing English communication skills

With a solid foundation in reading listening and speaking students will eventually be able to write confidently on their own However it’s crucial to acknowledge that every student learns at their own pace and that language development is a gradual process Thus language is a complex system and mastering one aspect of it without considering the others will only hinder progress and impede the overall language proficiency of children As a teacher, I’ve attempted to collaborate with both the school management and parents to address these concerns and find a better way forward A holistic approach can promote language proficiency and prepare children to become well-rounded communicators in all aspects of their lives

RAKHSHANDA ABBAS GILGIT

Dair y sector

D E S P I T E being the 4th largest milk producer in the world Pakistan lags in milk consumption The dairy sector in Pakistan is facing imminent danger due to low productivity and poor supply chain management Climate change and severe heat waves are further exacerbating the challenges for the dairy industry With intensifying temperatures and heat waves becoming more frequent, milk production is significantly declining

Given that milk is a perishable commodity, the dairy sector faces a critical issue with moisture content, which results in limited shelf life and rapid spoilage because of microbial activity Currently Pakistan is grappling with surging inflation because of which the price of milk has reached Rs200 per litre compromising the affordability of this essential food item As people struggle to put food on their tables necessary nutrition is often overlooked Cheap beverages, detrimental to human health, have gained popularity, overshadowing the significance of nutrientrich milk in our diet But, milk should not be considered an extravagant expense Research confirms that milk is a complete food containing all the necessary macro and micronutrients for proper growth and development It also serves as a vital source of calcium essential for strong bones teeth and disease prevention

Additionally, milk is the foundation for various nutritious products, such as yoghurt, desi ghee, butter, cheese, and buttermilk, which are consumed on a large scale Disregarding milk in our daily diet can have far-reaching consequences for our nutrition and overall health in the long run Instead of eliminating milk our focus should be on eliminating unnecessary items from our diet The government must take immediate action to reduce milk prices promote local dairy farming to minimise transportation costs develop temperature-controlled farms so milk production does not reduce in the summer, and raise awareness about the importance of milk in our diet

President’s announcement of an elec tion date adds to the confusion, not reduces it

MuhaMMad Zahid Rifat

e l e c t i o n s ?

Open questions about democrac y?

The leaders share their ‘world view’ with people who fall in line to leave behind a legacy a story

Hitler otherwise viewed as a psychopath explains his world view in Chapter 1 of his autobiography Mein Kampf (My Struggle) He says Thus we brought to public knowledge those first principles and lines of action along which the new struggle was to be conducted for the abolition of a confused mass of obsolete ideas which had obscure and often pernicious tendencies’

Napoleon’s ‘world view’ (like Julius Caesar’s) is less pronounced than his lust for power and contempt for constitution (like Bhutto Zia et al) Pakistan s prime ministers and prime-ministers-to-be forgot French jurist Jean Bodin s dictum majesta est summa in civas ac subditoes legibusque salute potestas, that is highest power over citizens and subjects [is] unrestrained by law’ (Roedad Khan Pakistan: A Dream Gone Sour)

governments

were not tempted to prowl upon haves’ property

SO M E politicians actually demagogues are very vocal that elections are a panacea for all Pakistan s politico-economic and societal ills

They consider elections a sine qua non of demo-kratia (government of the people)

Be that as it may, demo-kratia had a lame duck run in Pakistan None of the “elected” governments made an effort to ameliorate the lot of the common man However those at the helm of affairs did enrich themselves and their kith and kin at the cost of national exchequer The poor performance of the democrats emboldened the praetorians to overthrow the elected governments or precipitate their downfall through political engineering If not overthrown, some governments preferred to stay tamed and devolve the blame for mis-governance on the invisibles

The demagogues have no worldview They pander to base sentiments of the gullible electorate to garner votes They are megalomaniacs without any ideology Bolman and Deal say Great leadership begins when a leader s world view (Weltanschauung) and personal story, honed over years of experience, meet a situation that both presents challenges and opportunities’ They add “Great leaders test and evolve their story over time experimenting polishing abandoning plot lines that don t work and re-inventing those that do (Lee G Bolman and Terrence E Deal How Great Leaders Think:

The Art of Reframing 2014)

The German-word equivalent of world view is Weltanschauung The word combines Welt (world) with Anschauung (view) It connotes a particular philosophy or view of life It is a concept fundamental to German philosophy and epistemology and refers to a wide world perception Additionally it refers to the framework of ideas and beliefs forming a global description through which an individual, group or culture watches and interprets the world and interacts with it

Study of leadership styles across swathes of literature indicates that the two traits a world view’ and a storyline are common in all business leaders (Steve Job Penny Eisner Ford and Rockefeller) Or in political leaders like Hitler Lenin Stalin Mao and Lincoln whether you abhor or adore them

Why it is so? Stanley A Kochanek unpuzzles the conundrum by pointing out Parties in Pakistan are built from the top-down and are identified with their founders The office holders are appointed by the leader Membership rolls are largely bogus and organizational structure exists only on paper ’ (Interest groups and Development, 1983) Most political parties are non-democratic in their structure character and outlook The process for leadership selection is not by election but by nomination Political parties have no links with the policy process as personalities rather than issues matter (Saeed Shafqat, Contemporary Issues in Pakistan Studies) Those enamoured of elections and democracy ignore that democracy has some inherent flaws that engender questions about its potential to deliver the goods (welfare of the masses)

The Law states that all complex organisations including democracies regardless of how democratic they are in the beginning, eventually develop into oligarchies

Michels observed that since no sufficiently large and complex organisation can function purely as a direct democracy, that power within an organisation will always get delegated to individuals within that group; elected or otherwise During the Aristotelian age the city states participated well in decision making But as the population grew they left participation jobs to their representatives American political dissident Noam Chomsky calls even American people a bewildered herd

A feudal aristocracy was created by British raj whose generations ruled post-independence

Some pirs and mashaikh (religious leaders) even quoted verses from the Holy Quran to justify allegiance to the Englishman (amir) after loyalty to Allah and the Messenger (PBUH) They pointed out that the Quran ordained that ehsan (favour) be returned with favour The ehsan were British favours like titles (khan bahadur, nabob, etc), honorary medals, khilat (royal gown) with attached money rewards life pensions office of honorary magistrate assistant commissioner courtier etc A Tiwana military officer even testified in favour of O Dwyer when the latter was under trial for the Jallianwala Bagh massacre Ayub Khan added the chapter of 22 families to the aristocracy About 460 scions of the pre-partition chiefs, a legacy of the English Raj along with industrial barons created in the Ayub era are returned again and again to the Assemblies They do not allow agricultural incomes industrial profits or real estate to be adequately taxed

Both houses represent the rich In his study of political systems (oligarchy, monarchy, and so on), Aristotle concluded demokratia was probably the best system The problem that bothered him was that the majority of free people (then excluding women and slaves) would use their brute voting power to introduce pro-poor legislation like taking away property from the rich During the Aristotelian age there was only one house a unicameral legislature Aristotle too was a man of means His household had slaves Aristotle suggested that we reduce income inequalities so that have-not representatives of the poor people

S u r e ly Pa k i s t a n i s a p l u t o c r a c y, n o t a d e m o c r a c y T h o s e i n s i s t i n g o n e l e c t i o n s a r e t h e c o u n t r i e s w h o ex p e c t t o b e r ew a rd e d fo r t h e i r b l i n d s u p p o r t t o p a r t i e s w i t h o u t a ny i d e o l o g y o r wo r l d v i ew F u s f e l d s ay s ,

„ T h i s i s t h e a g e o f t h e e c o n o m i s t ( D y n a m i c s o f D ev e l o p m e n t ) To c o r r e c t mu l t i f a c e t e d s o c i a l i n j u s t i c e , a l l s t a k e h o l d e rs , i n k h a k i a n d mu f t i s , s h o u l d t r y t o evo l v e t h e A r i s t o t e l i a n ` G o l d e n M e a n Ê .

India’s political prisoners tell their stories

This essay is adapted from How Long Can the Moon B e Caged?

IN May 2014 in what looked like a scene from a movie a van pulled in front of G N Saibaba s car The police in plain clothes dragged him out then assaulted blindfolded, and kidnapped the English professor on his way home from Delhi University’s campus in broad daylight No warrant was issued and he wasn’t allowed to call his wife or lawyer His wife Vasantha waiting for him to return home for lunch found out about his abduction from an anonymous phone call

Within hours, Saibaba was flown out of Delhi and taken to the remote Aheri Police Station on the border between Maharashtra and Chhattisgarh, in central India Here the district magistrate sentenced Saibaba who contracted polio as a child and is wheelchair-bound to prison where he would spend the next 14 months in a small egg-shaped cell in darkness

According to India s government, he and five others university student Hem Keshavdatta Mishra; journalist Prashant Rahi; and Mahesh Tirki Pandu Narote and Vijay Nan Tirki all members of the minority Adivasi communities were charged with conspiring to wage war against India under the infamous Unlawful Activities (Prevention) Act (UAPA)

Whispers of Saibaba s arrest were in the air long before he was abducted Saibaba was the spokesperson for the Forum Against War on People a coalition of writers students and concerned citizens who campaigned against the Indian government s Operation Green Hunt While the official mandate of the operation which began in 2009 and reverberates unofficially to this day was to eliminate the Maoist Naxalite militants, it was in fact an all-out war on the Adivasi communities in the mineral-rich “Red Corridor in central India Over the past 14 years Adivasi lands have been confiscated entire villages emptied, and communities driven out as part of the military operation Saibaba was already being hounded prior to his arrest The Delhi Police had raided his faculty residence on campus searched its premises and interrogated him on four separate occasions In one of these raids over 50 police and intelligence officers stormed into his home and detained his entire family, including his visibly frightened teenage daughter Then, like in 2014, the police refused Saibaba access to his lawyer

When police left Saibaba’s ransacked home after three hours they had seized flash drives hard drives photographs laptops SIM cards, and cell phones The seizure list resembled a reading list for social movements rather than items that would suggest a “conspiracy to incite violence” by a mastermind It included an old copy of People’s March mag-

azine, a booklet on the killing of Naxal leader Mallojula Koteswara Rao, or “Kishenji,” and material from magazines like Jan Pratirodh In violation of procedural rules police used plastic bags from the couple s kitchen instead of sealed evidence bags When police finally returned some of their photos, one of Saibaba s prized possessions a photograph of him with Kenyan writer Ngugi wa Thiong’o was missing In an interview soon after Saibaba joked: “They probably thought Ngugi’s a Maoist ” On second thought they probably did Bombay s High Court granted Saibaba bail on medical grounds 14 months after his May 2014 arrest (He was taken to hospital 27 times during this period, and his left hand became paralyzed ) Yet Saibaba’s time behind bars would not end there The Court’s Nagpur Bench canceled his bail in December 2015 and he returned to prison On Oct 14 2022 the High Court acquitted Saibaba but India s Supreme Court stepped in less than 24 hours later, and stayed the release order During the three-year-long trial against Saibaba and the other men which ran from 2014 to 2017 the prosecution produced no real evidence Of 23 witnesses presented before the court by the prosecution 22 were police officers The only civilian witness retracted his confession after claiming it resulted from torture While Saibaba’s health deteriorated in prison, Rahi, the social activist and journalist, alleged that he Mishra Narote and Mahesh Tirki were tortured in custody by investigating officer Suhas Bawache Rahi writes: All of us accused were tortured in the most inhuman[e] manner Mr Bawache personally used brute force against me and the others, violated our minds and body, abused us, tormented and harassed us all through the days and nights over several weeks of our Police Custody Remand ”

The prosecution alleged that Saibaba operated under various aliases and was a kingpin of the Maoist insurgents Their case was wholly based on the so-called confessions” extracted from Mahesh Tirki and Narote Despite affidavits filed by both alleging brutal conditions under which the statements were made the judge admitted them as evidence The prosecution s other evidence consisted of letters newspapers umbrellas pamphlets, books on Marxism, and videos seized during searches, whose legality the defense repeatedly challenged

Many who witnessed the trial saw it as a farce Saibaba and his lawyer Surendra Gadling had believed the courts would acquit him But in an 827-page judgment on March

7, 2017, Saibaba and the five others were convicted under UAPA, the anti-terror legislation dating back to 1967 that has been increasingly used to stifle dissent All received life sentences except Vijay Nan Tirki who was handed a 10-year sentence I n d i a n j u d g e s h a v e b e e n i n c r e a s i n g l y handing out indefensible judgments that run contrary to the law and the fundamental prin-

ciples enshrined in the Constitution Rather than interpret rights and principles in favor o f c i t i z e n s t h e y h a v e b e c o m e i d e o l o g i c a l f o o t s o l d i e r s a n d s t e n o g r a p h e r s f o r a n a uthoritarian state

The vast powers granted under UAPA have always posed human rights concerns But recent amendments have only amplified them, including most recently in 2019, when the burden of proof under UAPA was effectively shifted from the prosecution to the defense

The latest amendment also made it effectively illegal to hold certain political beliefs especially those that question the Indian state

In September 2022, the human rights group People’s Union for Civil Liberties (PUCL) published a damning report on how UAPA has been misused from 2009 to 2022 which also found that the number of cases brought forward under the anti-terror legislation has surged under Prime Minister Narendra Modi Research conducted by FactChecker in, India s first fact-checking initiative, echoed PUCL’s findings, saying that the number of cases under UAPA rose 14% a year from 2014 to 2020

Indeed Saibaba is hardly the first scholar or human rights defender to be arrested under UAPA Before him there was Dr Binayak Sen, Soni Sori, Gaur Chakraborty, Sudhir Dawale, Arun Ferreira, and Kobad Ghandy, among others

Yet Saibaba’s ordeal marked a turning point Saroj Giri a political science professor at Delhi University has written that the deep state got greedier more demanding after capturing and killing Maoist leaders like Kishenji, and they set their eyes on pigeons like Saibaba Mihir Desai, a defense lawyer, used the metaphor of a lion to capture that shift “First with the case of Binayak Sen and Saibaba they tasted blood and now they are going all out he said

It took us several years to research How Long Can the Moon Be Caged? Voices of Indian Political Prisoners In looking at the growing authoritarianism of the Indian state, we understood that in order to make sense of the role that political prisoners play in shaping socalled democratic societies we needed to look beyond individual cases of violence

During our research, we detected an emerging pattern of state violence whereby all agencies of the state would collaborate to implement an ethnonationalist vision The police a complacent judiciary and a subservient media each play a role in implementing and promoting a single narrative that allows perpetrators of heinous acts of communal violence to walk away, all while criminalizing the affected communities and those who call out such injustice

In our book we tell the story of a cruel state that is intolerant of criticism dissent or resistance and uses disproportionate violence and collective punishment to target its opponents

Like Aristotle American founding fathers were unnerved by the spectre of rule of the proletariat James Madison harboured similar concerns He feared if freemen had democracy, then the poor farmers would insist on taking property from the rich’ via land reforms (Noam Chomsky, Power Systems)

The fear was addressed by creating a senate (US) or a house of lords (Britain) as antidotes against legislative vulgarities of a house of representative or a house of commons a house of peoples (lok sabha) vs council of states (rajya sabha) in India, and so on William A Welsh says, The rise of democracy has signalled the decline of elites (Leaders and Elites) Not true of Pakistan? Here talent rusts and mafias prevail

We see mafias all around in media politics justice education and health-care The USA progressed by leaps and bounds by eliminating mafias and making economic opportunities accessible to the ordinary people

Pakistan s constitutional history is marred by egotistic clashes between power claimants Even judicial judgments swung in the direction of the wind vanes of the time Shortly before pronouncing his verdict in the Dosso case then Chief Justice Muneer declared that when politics enters the portals of the palace of Justice democracy its cherished inmate walks out by the backdoor

The kingpins in various institutions tend to forget French jurist Jean Bodin s dictum majesta est summa in civas ac subditoeslegibusque salute potestas’ , that is ‘highest power over citizens and subjects unrestrained by law’ Bodin explained power resides with whosoever has power to coerce In the past Pakistan s bureaucrats judges politicos and even praetorian rulers fought tooth and nail to prove I m the locus in quo of ultimate power

Surely Pakistan is a plutocracy, not a democracy

Those insisting on elections are the countries who expect to be rewarded for their blind support to parties without any ideology or world view Fusfeld says “This is the age of the economist (Dynamics of Development) To correct multifaceted social injustice all stakeholders in khaki and muftis should try to evolve the Aristotelian Golden Mean Or else, continue on auto-pilot until divine retribution strikes

The writer is a Researcher at the Balochistan Think Tank Network

How global currencies end

IS the dollar poised to lose its dominance of global economic and financial transactions?

Many commentators apparently think so Russia obviously hopes they are right given that it has been shut out of the United States banking system and suspended from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) China evidently wants to help the process along by encouraging countries to undertake transactions in renminbi And Brazilian President Luiz Inácio Lula da Silva has called for the BRICS countries (Brazil, Russia India China and South Africa) to create a common currency as an alternative to the dollar Russia s shift away from the dollar which got underway following its illegal annexation of Crimea in 2014, was prompted by the fear – and then the fact – of US sanctions More than a few commentators have since warned that other countries witnessing US weaponization of the dollar will follow the Kremlin s example China s renminbi internationalization campaign reflects not only tensions with the US, but also a desire to project power internationally with the drive for economic and financial selfsufficiency reflected in other aspects of Chinese policy as well The dollar s singular preeminence in this view is unlikely to survive a world dominated by two large economies at loggerheads, only one of which benefits from the dollar ’s “exorbitant privilege ” Similarly Lula s common-currency campaign reflects the view that the rising power and influence of the BRICS can no longer be denied, and that they deserve a seat at the top monetary table, whether the US agrees or not So, do these global geopolitical developments augur the end of dollar dominance? History – at least twentieth-century history – suggests not To be sure this history confirms that international currency status can be lost But whether that happens depends on the actions of the issuing country, not simply on geopolitical circumstances beyond its control

To a significant extent the twentieth-century history of global currency status is a history of the British pound sterling, the leading global currency of the preceding century Britain emerged from World War I economically and financially weakened It had lost skilled manpower sold off assets to finance the war effort and now faced intense competition from other economies

Importantly, Britain had incurred a public debt on the order of 130% of GDP, which was six times prewar levels That raised questions about whether the country would maintain the value of its obligations or alterna-

tively inflate them away as Germany

France and Italy eventually did

Yet even though the dollar had emerged as a competitor by the early 1920s, sterling s international status was successfully maintained A decision was taken by Chancellor of the Exchequer Winston Churchill with broad support from the political class to focus on this objective Prices were pushed back down toward prewar levels permitting earlier exchange rates against gold and the dollar to be restored Painful steps were considered, and in some cases taken to limit public spending

These policies came at a cost to British competitiveness and hence to output and employment But this sacrifice was accepted in the interest of reestablishing sterling s role in the global economy – a goal that financial leaders regarded as being in their selfinterest and that imperialists saw as necessary for maintaining Britain s geopolitical reach As a result the currency s international role survived even the turbulent 1930s, when it remained the pivot of the sterling area, the British-led currency zone

The United Kingdom emerged from World War II even more heavily indebted In addition it now had an overriding commitment to full employment, implying very different policies toward sterling The currency was devalued in 1949 in an effort to reconcile demand stimulus and full employment with external balance The disorderly liquidation of sterling balances by other central banks and governments was prevented with exchange controls and commercial threats

Such measures were antithetical to international currency status Contrary to the textbook view of ongoing competition between sterling and the dollar scholars such as Maylis Avaro show that the shift away from sterling was already well underway in the aftermath of WWII

At this point, geopolitics intervened When the UK participated in an invasion of Egypt in 1956 to seize control of the Suez Canal and sterling crashed US President Dwight Eisenhower s administration refused to help until Britain withdrew its forces This diminished sterling s global stature once and for all But these geopolitical events only validated a decline and fall that was already a fait accompli

The fundamental lesson then is that the issuer of an incumbent international currency has it within its power to defend or neglect that status Thus, whether the dollar retains its global role will depend not simply on US relations with Russia China or the BRICS Rather it will hinge on whether the US brings its soaring debts under control avoids another unproductive debt-ceiling showdown, and gets its economic and political act together more generally

h e h u l l a b a l o o a b o u t

O P E C + C U T S T O T I G H T E N O I L M A R K ET

S H A R P LY I N F O U R T H Q U A R T E R , I E A S AY S

plies from producers outside the alliance including the United States, Brazil and still under-sanctions Iran, the agency said

OIL output cuts which Saudi Arabia and Russia have extended to the end of 2023 will mean a substantial market deficit through the fourth quarter, the International Energy Agency (IEA) said on Wednesday, as it largely stuck by its estimates for demand growth this year and next OPEC and its allies known as OPEC+ began limiting supplies in 2022 to bolster the market This month benchmark Brent crude breached $90 a barrel for the first time this year after OPEC+ leaders Saudi Arabia and Russia extended their combined 1 3 million barrel per day (bpd) cuts until the end of 2023

Output curbs by OPEC+ members of more than 2 5 million bpd since the start of 2023 have so far been offset by higher sup-

But from September onwards, the loss of OPEC+ production will drive a significant supply shortfall through the fourth quarter it said in its monthly oil report

However the lack of cuts at the start of next year would shift the balance to a surplus, the agency said, highlighting that stocks will be at uncomfortably low levels, increasing the risk of another surge in volatility in a fragile economic environment

CHAOTIC FORECASTING

Broader economic concerns led by China s sluggish post-pandemic recovery, have been amplified by worries that interest rates will remain high in the United States

Still oil demand at the world’s biggest oil importer has so “far remained remarkably unaffected by its economic downturn

BEIJING s tA f f c o R R e s p o n D e n t

In Beijing, Chinese President Xi Jinping on Wednesday welcomed President Maduro’s fifth visit to China and called on the two sides to push for more fruitful China-Venezuela strategic cooperation, bring more benefits to the two peoples and inject more positive energy into world peace and development

Both leaders on Wednesday announced the elevation of the ChinaVenezuela relationship to an all-weather strategic partnership ahead of the 50th anniversary of diplomatic ties between the two nations next year

“[We are] ready for what will be a historic visit for the strengthening of cooperation ties and the construction of a new world geopolitics Venezuelan President Nicolás Maduro wrote on social media last Friday when he landed in southern Chinese city of Shenzhen, the first stop in his trip to China between September 8 to 14

During the meeting Xi emphasized that China and Venezuela are good friends who trust each other and good partners for common development

He told Maduro that China views relations with Venezuela from a longterm strategic perspective and as always will support Caracas in protecting national sovereignty and countering external interference China and Venezuela signed a Memorandum of Understanding (MOU) for cooperation on the Belt and Road Initiative (BRI) on September 14 2018 with bilateral cooperation running smoothly in areas such as energy agriculture infrastructure and high technology

China is the main trade partner of Venezuela

In the first half of the year, bilateral trade rose 16 percent year-onyear to $1 92 billion customs data showed

In July Venezuela officially joined

the China-led International Lunar Research Station (ILRS) President Xi on Wednesday also congratulated Venezuela for becoming the first country in Latin America to join the project

After their talks, the two leaders also witnessed the signing of a number of bilateral cooperation documents covering the areas of joint construction of the BRI economy and trade education tourism science and technology health, aerospace and civil aviation

When asked about the reason for choosing Shenzhen as the first stop of his trip Maduro earlier told reporters that his country is keen to draw on the development experience of Shenzhen one of China s first special economic zones which was at the forefront of China s reform and opening-up policy

the IEA said China is the main wild card, it added Any abrupt weakening of China s industrial activity and oil demand is likely to spill over globally making for a more challenging climate for emerging markets in

Modi’s BJP can go to any extent to win general elections in India

ISLAMABAD

Ag e n c i e s

During his meeting with Maduro President Xi spoke about China’s reform and opening up especially the development of special economic zones

He said China supports Venezuela in setting up special economic zones and will share relevant experience to help its national development China stands ready to work with Venezuela to firmly support each other in exploring a development path suited to their national conditions and strengthen Party and national governance exchanges, Xi stressed

Maduro hailed Venezuela-China relationship an exemplary of international relations in the Global South

The people of Venezuela express their heartfelt gratitude to China for its invaluable support and assistance at a

Forging ahead to enhance

AMBASSADOR JIANG ZAIDONG n

s D e s k

This year marks the 10th anniversary of the Belt and Road Initiative (BRI), and China s neighborhood policy of amity, sincerity, mutual benefit and inclusiveness both proposed by President Xi Jinping It also marks the 10th anniversary of the launch of the China-Pakistan Economic Corridor (CPEC)

In this context being appointed as the Chinese Ambassador to Pakistan, I m fully aware of the glorious mission with heavy responsibility

Not long ago, I flew over the majestic Karakoram and arrived in Pakistan a friendly country what we call iron brother in China Even within this short stay I have already felt the China-Pakistan friendship that is said to be higher than mountains, deeper than ocean, and sweeter than honey China and Pakistan are linked by mountains and rivers and have enjoyed ever-lasting friendship During the past 72 years since the establishment of diplomatic ties no matter how the international situation may change, China-Pakistan have always stood side by side in weal and woe The two countries have rendered each other mutual understanding and mutual support, and forged an ironclad friendship

In April 2015 Chinese President Xi Jinping paid a historic state visit to Pakistan during which the two sides elevated China-Pakistan bilateral relations to allweather strategic cooperative partnership, opening up a new chapter in the development of bilateral ties Since then President Xi Jinping has met with Pakistani leaders many times and both sides have reached important consensus which provides the fundamental principles and action guidelines for the development of bilateral relations China-Pakistan relations have

maintained a high level of operation and are full of vigor and vitality

Both sides have maintained close highlevel exchanges Not long ago President Xi

Jinping sent a message of congratulations to the 10th anniversary of the CPEC and dispatched his Special Representative, Vice Premier of the State Council of China Mr He Lifeng to visit Pakistan for the celebration It fully demonstrates the great importance attached to China-Pakistan relations by our leaders

The Global Development Initiative Global Security Initiative and Global Civilization Initiative proposed by President Xi

Jinping have received positive response in Pakistan

The strong guidance of the leaders has set the direction for the development of China-Pakistan relations and steer the way forging ahead

China-Pakistan practical cooperation has achieved fruitful results The economic and trade cooperation maintains high level

China has been Pakistan’s largest trading partner for eight consecutive years Pakistan’s exports of agricultural products to China have grown rapidly

The CPEC has evolved from vision into reality, becoming a vivid testament of the allweather friendship, and providing important support for building an even closer ChinaPakistan community with a shared future in the new era Two sides are committed to jointly building CPEC into a growth corridor a livelihood-enhancing corridor an innovation corridor a green corridor and an open corridor, and carry forward the CPEC with high-quality development

China-Pakistan military exchanges and cooperation have continued to deepen The leaders of the two militaries have maintained good momentum of frequent exchanges and visits This year senior leaders of the Pakistani military including Chairman Joint

time when Venezuela was suffering from the multiple difficulties posed by the illegal unilateral sanctions and the COVID-19 pandemic he added

As a member of Global South, China firmly supports South-South cooperation and insists on doing its best to help other developing countries achieve common development

The Global Development Initiative (GDI) proposed by President Xi now includes over 200 cooperation projects The Chinese president also just announced to set up a special $10 billion fund dedicated to the implementation of the GDI at the BRICS summit in August

Moreover China has created the Global Development and South-South Cooperation Fund with a total funding of $4 billion

Narendra Modi-led Bharatiya Janata Party (BJP) government in India can go to any extent to win the general elections to be held in the country next year India has a history of carrying out false flag operations to achieve its nefarious designs and the RSS-backed Modi regime can conduct another one for shoring up sagging electoral fortunes in 2024 The Modi regime has faced defeat in the polls held in various states and could plan a communal conflict or a cross border attack to rally its Hindutva base ahead of general elections The BJP-RSS combine can mobilise rabid far-right Hindutva votaries for its selfish electoral gains through another Pulwama-like false flag operation The Indian secret agencies have staged several false flag operations to defame Pakistan and malign the Kashmiris freedom struggle Socalled Pulwama attack, Samjhauta Express blast, Pathankot, Uri, and Indian Air Force Jammu base attacks are some of the false flag operations staged by India in the past Even the Indian politicians have said that Pulwama incident of 2019 was orchestrated by the Modi government to win elections Chief Minister of West Bengal Mamata Banerjee has said that the Pulwama incident was orchestrated by the Narendra Modi government for winning the elections Over 40 Indian troops were killed after an explosive-laden vehicle rammed into one of the buses of a convoy of Indian Central Reserve Police Force in Pulwama on February 14 2019 Banerjee said that the blood of Indian soldiers was spilled to steal the elections She also warned that Modi could stage something similar to influence the next general elections Satya Pal Malik, the Modi regime s former Governor in Indian illegally occupied Jammu and Kashmir, has already revealed that the Pulwama incident was the result of negligence He also said that he was told by Modi and Amit Shah (Indian Home Minister) to remain silent on the matter He has hinted at the possibility of another similar incident by the BJP government to win 2024 elections The so-called Balakot cross-border attack in 2019 after the Pulwama incident was aimed at whipping up the nationalist sentiments before elections in India The Modi government is attempting to equate the Kashmiris’ freedom struggle with terrorism through false flag operations and concerted propaganda The Kashmiris’ struggle for securing the right to self-determination is based on the UN charter Modi will not succeed in his nefarious designs against Pakistan and the Kashmir freedom movement by staging false flag operations The international community must realize that fascist Modi regime is a threat to global peace

China-Pakistan ironclad friendship

20th National Congress of the CPC, and to embrace the great rejuvenation of the Chinese nation on all fronts through a Chinese path to modernization

Despite the complex and challenging external environment Chinese economy still has strong resilience with tremendous potential The fundamentals sustaining China’s long-term growth remain unchanged China has the confidence the conditions and the ability to promote the continuous optimization of its economic structure continuous enhancement of its growth momentum, and continuous improvement of development trends

China will accelerate efforts to foster a new development paradigm, pursue highquality development in a comprehensive way and contribute more positive energy to global economic recovery China s development will undoubtedly create new opportunities for China-Pakistan cooperation China views its relations with Pakistan from a strategic and long-term perspective, and Pakistan has always been a high priority in China’s neighborhood diplomacy

Chiefs of Staff Committee and Chief of Army Staff visited China successively The two militaries have witnessed fruitful cooperation in fields such as joint training and exercises anti-pandemic cooperation equipment and technology collaboration, constantly enriching the connotation of bilateral strategic cooperation, making important contribution to safeguarding regional peace and stability

China-Pakistan cultural and people exchanges have continued to expand Flights between the two countries have resumed in an orderly manner Exchanges of visits by scholars, media professionals, religious representatives and other groups have taken place one after another Students from the

two countries are enthusiastic about studying abroad in each other ’s country

The people-to-people bond has been further strengthened This year is the ChinaPakistan Year of Tourism Exchanges The Gandhara Art Exhibition was successfully held at the Palace Museum in Beijing, injecting new impetus into the people-to-people contacts tourism cooperation and cultural exchanges between the two countries

Now under the strong leadership of the CPC Central Committee with Comrade Xi

Jinping at its core, under the guidance of Xi

Jinping Thought on Socialism with Chinese Characteristics for a New Era, the entire CPC and people of all ethnic groups in China are earnestly implementing the spirit of the

I am ready to work with friends from all walks of life in China and Pakistan by implementing the important consensus reached by President Xi Jinping and Pakistani leaders as the guiding principle, building a closer China-Pakistan community with a shared future in the new era as the main line and promoting high-quality development of the CPEC as the major platform to continuously consolidate deepen and expand China-Pakistan all-weather strategic cooperation, safeguard our common interests against changes unseen in a century, and better benefit the two countries and the two peoples Chin-Pak dosti zindabad!

The author is Chinese Ambassador to Pakistan

h i n a , Ve n e z u e l a u s h e r i n a n e w e ra o f b i l at e ra l re l at i o n s

I R A N S AY S R E A D Y T O S E N D R E L I E F A I D T O F LO O D - S T R I C K E N L I B YA

IRAN s ta f f r e p o r t

PRESIDENT Ebrahim

Raeisi has voiced Iran’s readiness to send relief aid and provide medical assistance and supplies to Libya over the deadly flood in the North African country

In a message addressed to the Libyan prime minister, Raeisi also offered condolences to the Libyan nation

The storm and devastating flooding in the country which left a large number of people dead, injured or missing, has been deeply saddening, Raeisi said On behalf of the people and

Jaz z ser ves Rs10b

defamation notice to SNGPL for baseless allegations

ISLAMABAD p r e s s r e l e a s e

In response to the recent baseless allegations of gas theft by Sui Northern Gas Pipeline Limited (SNGPL), Jazz, Pakistan s largest digital operator, has served the gas company with a Rs 10 billion defamation notice Categorically refuting SNGPL’s false claims of gas theft at a Karak (KP) site the telecom company has served a legal notice to SNGPL Jazz has reiterated its stance that there s no provision for natural gas use at any of its network sites across the country, a fact that is also corroborated by the picture of the diesel generator that SNGPL itself shared in its X (formerly Twitter) post on the matter Accusing Jazz of gas theft at one of its sites is frivolous and lacks merit SNGPL's allegation against Jazz which is a significant contributor to the national economy holds no basis Moreover, baseless accusations like this can undermine investor confidence and potentially have a negative impact on the country's economy Jazz ensures that its electricity and fuel arrangements are completely legitimate

ABG Inter-Franchise collaboration por tal between ABPL , ABL-SA

KARACHI p r

Al Baraka Bank (Pakistan) Limited hosted the first of its kind Webinar on the Launch of Al Baraka Group (ABG) Inter-Franchise Collaboration and portal between Al Baraka Bank (Pakistan) Limited (ABPL) and Al Baraka Bank South Africa (ABL SA) The Webinar focused on connecting Exporters from Pakistan to Importers in South Africa to increase avenues of trade between the two countries Mr Houssem Ben Haj Amor - CEO of Al Baraka Group chaired the Webinar and also announced that there will be similar collaborations between Pakistan and 10 other countries Top names from the business community were present and shared a very positive outlook on the outcome of this webinar

Dignitaries which included Dr Ishrat Hussain Former Governor SBP Mr Akhtar Jawaid ED Banking Policy SBP, High Commissioner of South Africa in Pakistan His Excellency Mr Mthuthuzeli Madikiza and the High Commissioner of the Islamic Republic of Pakistan in South Africa His Excellency Mr Aftab Hasan Khan also graced the event Speaking at the event Mr Muhammad Atif Hanif CEO of Al Baraka Bank (Pakistan) Limited said, This initiative is highly important for supporting Pakistan s foreign exchange inflows during these highly critical times

IESCO decides to take action against electricit y defaulters

ISLAMABAD p r

In light of directives passed by Government of Pakistan and Ministry of Energy IESCO has decided to take action against defaulters under which a list of electricity defaulters of Government and semi-Government institutions has been compiled According to the details, Azad Kashmir Government, Federal and Provincial government and semi-government institutions are electricity defaulters of IESCO of 71519 Millions

According to the details Azad Kashmir government has to pay 60706 million for the electricity to IESCO, while the Federal Government institutions have to pay 10276 million and the provincial government institutions have to pay 538 millions Government institutions situated in IESCO Islamabad

government of the Islamic Republic of Iran he also sympathized with the bereaved families

Iranian Foreign Minister Hossein Amir-Abdollahian also sympathized with the Libyan government and nation over the deadly storm and flooding Amir-Abdollahian expressed compassion over the death and injury of thousands of people in Libya Iran s top diplomat wrote on X social media platform that he, too, personally offered his condolences

Meanwhile the head of Iran s Red Crescent Society (IRCS) also wrote a message to the president of Libyan Red Crescent Society, offering to

help the flood-hit country

In this difficult situation on behalf of the IRCS and myself

I would like to express my condolences to you and your colleagues in the Libyan Red Crescent and announce our readiness to send humanitarian relief aid relief items as well as dispatch medical and relief teams to assist the flood-affected people and help with the humanitarian operation in Libya, Kolivand said Reports say over 5,000 people have been killed and thousands more gone missing after a raging flood ripped through the city of Derna following a heavy storm and rain and the collapse of two dams

NBP donates PKR5m to NOWPDP in recognition of services to people with disabilities

KARACHI s ta f f r e p o r t

Mr Rehmat Ali Hasnie President National Bank of Pakistan (NBP) recently made a visit to the Head Office of the Network of Organizations Working for People with Disabilities Pakistan (NOWPDP) During his visit, he presented the organization with a donation of PKR 5 million to support a wide range of services and training initiatives T h i s c o n t r i b u t i o n r e f l e c t s N B P ' s c o m m i t m e n t t o N O W P D P ' s n o b l e m i s s i o n o f f o s t e r i n g a n i nc l u s i v e s o c i e t y a n d e m p o w e r i n g i n d i v i d u a l s w i t h d i s a b i l i t i e s ( P W D s ) N O W P D P w h i c h w a s f o u n d e d i n 2 0 0 8 h a s a m u l t i - f a c e t e d a p p r o a c h t o a d v a n c i n g d i s a b i l i t y i n c l u s i o n T h e i r f o c u s a r e a s e n c o m p a s s i d e n t i t y r e c o g n i t i o n , w e l f a r e s u p p o r t , e d u c a t i o n a l a d v a n c e m e n t , s k i l l d e v e l o p m e n t , a n d e c o n o m i c e m p o w e r m e n t f o r P W D s A m o n g t h e i r e x t e n s i v e s e r v i c e s a r e C e r t i f i c a t i o n A u d i t s e m -

PTCL , DynaSys join hands to take IoT & satellite communications to next level

ISLAMABAD p r

p l o y e e s e n s i t i z a t i o n p r o g r a m s a s s i s t a n c e w i t h a cc o u n t o p e n i n g a n d c o m p r e h e n s i v e f i n a n c i a l l i t e ra c y t r a i n i n g , a l l o f w h i c h c o l l e c t i v e l y c o n t r i b u t e t o t h e h o l i s t i c d e v e l o p m e n t o f i n d i v i d u a l s w i t h d i s a b i l i t i e s

The visit by the President of NBP to the Center of Excellence for Financial Inclusion (CEFI) marks a significant stride towards raising awareness about the unique challenges and opportunities faced by disabled individuals Interacting with disabled students across various classes underscores a genuine commitment to understanding their needs and fostering their growth

NOWPDP's vision of promoting equal access to opportunities and the seamless integration of PWDs into society resonates with the core principles of National Bank of Pakistan which prioritizes inclusivity and social equity These contributions play an important role in the ongoing effort to create a more inclusive and equitable society for all, a cause that the bank steadfastly upholds

Nashpa produc tion boosts by 900 bpd as ODGCL issues second PSX notice for produc tion

ISLAMABAD s ta f f r e p o r t

The Oil & Gas Development Company Limited (OGDCL) on Wednesday proudly announced yet another remarkable achievement in its production enhancement efforts during last 24 hours with the Nashpa Well-10, located within the Nashpa Development and Production Lease (D&PL) in Karak district of Khyber Pakhtunkhwa province Focused on the strategic implementation of production en-

hancement initiatives OGDCL's rigless intervention in the HanguLumshiwal formation has delivered exceptional results leading to a substantial increase in hydrocarbon production OGDCL announced an additional output of 900 barrels per day (BPD) of oil at a wellhead flowing pressure (WHFP) of 720 PSI from Nashpa Well-10 This enhanced production commenced on September 12, 2023, marking a significant milestone in the company's efforts to meet Pakistan's energy demands

As a result the cumulative production from Nashpa Well-10 now stands at an impressive 1340 BPD of oil The gas produced from this well is being seamlessly injected into the SNGPL network Nashpa D&PL operates as a joint venture with OGDCL serving as the operator with a 56 45% stake joined by Pakistan Petroleum Limited (PPL) holding a 28 55% share, and Government Holding Private Limited (GHPL) with a 15% stake Nashpa Well-10 has been in production since December 27 2020 Prior to this enhancement the well was producing 440 BPD of oil and 3 40 million standard cubic feet per day (MMSCFD) of gas at a WHFP of 710 PSI from the Datta, Shinawari, and Samanasukh formations

This achievement not only underscores OGDCL's commitment to sustainable energy production but also reinforces the company s dedication to meeting the growing energy needs of Pakistan OGDCL remains steadfast in its pursuit of excellence in the energy sector and this success at Nashpa Well-10 is a testament to our unwavering efforts

A ze r b a i j a n A m b a s s a d o r c a l l s o n A i r C h i e f

The Ambassador of the Republic of Azerbaijan, H E Mr Khazar Farhadov, called on Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force in his office today The meeting covered a wide array of topics including matters of mutual interest regional developments and the evolving geopolitical landscape Amidst the discussions Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force, shared his strategic vision for Pakistan Air Force and reiterated his unwavering commitment to modernize its capabilities across the realms of air space cyber and electronic warfare The discussion primarily focused on the areas of joint operational training and comprehensive cooperation in cross-domain, multi-spectrum operations Emphasizing the historical friendship between the two nations, the Air Chief stated, “The relationship between Pakistan and Azerbaijan has a myriad of reasons, deeply rooted in mutual experiences enduring religious cultural and historical bonds all underpinned by a shared commitment to regional peace security and stability Chief of the Air Staff reaffirmed his steadfast determination to further enhance the existing inter-military cooperation between the two sides, particularly in the fields of training and defence aviation

In the backdrop of upcoming major air exercise being held at Air Power Centre of Excellence the Air Chief emphasized the pivotal role of joint aerial drills between the respective air forces to foster mutual learn-

ing and effectively address common security challenges Chief of the Air Staff offered his full cooperation for comprehensive training programs, starting from the basic level and progressing to tactical training of Azerbaijan Air Force air and ground crew in order to strengthen their technical skills and foster greater interoperability between the two air forces

The Ambassador of the Republic of Azerbaijan and his team expressed great interest in the upcoming multinational aerial exercise that would incorporate all domains of airpower He lauded the historic and exemplary professionalism displayed by PAF personnel in times of both conflict and peace He also expressed admiration for PAF s notable achievements in nurturing a vibrant and progressive domestic aviation industry

The visiting dignitary reaffirmed that Pakistan and Azerbaijan, with their strong diplomatic and defence ties, are poised for an even stronger alliance in future He also praised the visionary leadership of the Air Chief particularly commending the success of 'National Aerospace Science and Technology Park and expressed keen interest in this state-of-the-art project highlighting its significance in advancing the domestic aerospace industry

Pakistan Telecommunication Company Limited (PTCL) and DynaSys Networks (DynaSys) announced the signing of two Memoranda of Understandings (MoUs) at a ceremony held at the National Aerospace Science and Technology Park (NASTP) in Rawalpindi The signing ceremony was jointly chaired by Aamer Ejaz, Group Vice President, Carrier Services, PTCL & Ufone 4G and Ali Akhtar, Founder and CEO, DynaSys Networks The ceremony was attended by senior officials from both organizations along with the leadership of NASTP The MoU on Internet of Things (IoT) establishes the technical framework for the integration of DynaSys IoT platform and end user devices with PTCL s Cloud and cybersecurity infrastructure as well as wired and wireless transmission networks This would culminate in a fully assimilated and first of its kind IoT service that would be commercially available to customers across Pakistan The mission statement on IoT reaffirmed by both organizations is to jointly become Pakistan s largest IoT service provider with the first to one million active end user subscriptions During the ceremony, Aamer Ejaz, Group Vice President Carrier Services, PTCL & Ufone 4G said, “We are excited to establish a partnership with DynaSys to support the IoT and satcom needs of our business partners PTCL a market leader in telecom is proactively playing its role to bridge the digital divide to bring a positive change in the lifestyle of people Such partnerships will help achieve that objective by providing futuristic, innovative and cost-effective solutions even in the remotest parts of the country It will contribute significantly towards stirring the business activity and overall economic growth of the country ” On the occasion Ali Akhtar Founder and CEO of DynaSys Networks said The framework that DynaSys and PTCL have formally signed today is a giant leap for materializing IoT in Pakistan

Launching ceremony of Pakistan Nav y offshore patrol vessel held at Romania

ISLAMABAD s ta f f r e p o r t

Launching Ceremony of state-of-the-art Offshore Patrol

Vessel PNS HUNAIN (Desig) being built for Pakistan

Navy was held at M/s DAMEN Shipyard Galati Romania Chief of the Naval Staff Admiral Muhammad Amjad Khan Niazi graced the occasion as Chief Guest Speaking on the occasion, Chief of the Naval Staff highlighted the importance of maritime security under the prevailing conventional and non-conventional maritime threats to energy and trade highways passing through Indian Ocean Region In this context he underscored that Pakistan Navy has tremendous contribution in successfully providing a secure sea environment for maritime trade since 2004 The Admiral expressed his confidence that induction of these multipurpose and highly adaptive platforms; equipped with state-of-the-art weapons/ sensors suite, will further strengthen combat capability of PN Fleet in safeguarding maritime frontiers while ensuring Maritime Security in the Indian Ocean Region especially in the Arabian Sea

ISLAMABAD: Federal Minister for State Tourism Syed Wasi Ahmed Fatimi (Wasi Shah)

‘Holding open Kacheries are best forum to find out consumers' issues’

faster system comes after T+1 has been adopted in other parts of the world

In recent times China and India have shifted to the new settlement model with the US and Canada also planning to do so in the near future The benefits outlined by the clearinghouse in regards to this change are that there is a reduction of systemic risk present in the capital markets as reduced settlement period leads to a decreased chance of a transaction being left unsettled in a volatile market

Furthermore, as the finances of the members are not held for too long a period NCCPL believes that it will also increase the liquidity that is available to the trading houses while making sure market risk is minimized The goal of this change is to bring the services of the company in line with international practices which will help in reduction of risk and improve the efficiency of the mar-

kets themselves

At this point of time the idea is in its infancy as there are considerations that have to be kept in mind in relation to the regulatory framework and technical issues that need to be resolved before implementation can take place However the industry is less enthused about the idea

We are already having a difficult time in running after clients to procure the funds and this will make their task more difficult going forward,” Shehryar Butt, portfolio manager at Darson Securities But why is this so?

Sajid Tajri researcher at Alfalah

CLSA Securities Limited states that the settlement time used to be way bigger in the earlier days when banking processes were slow In terms of efficiency, it is better that settlement time is reduced However he feels that clients are slow in

depositing money with the brokers

Traditionally clients place an order with their broker and then send a cheque to the broker later in the day As clearing of the cheque takes time brokers have to put up the funds for a day or two on behalf of the client while their cheque is being cleared The brokers hold debit balances in the accounts of the clients

Experts of the industry feel that due to the slow nature of the banking system and the response of the clients this move will increase the working capital requirement of brokers who are not able to get the funds from their clients in due time There is already a feeling that the banking system is not as efficient as it should be for T+2 settlement to work and if the settlement model is changed this will further stress the system with clients taking longer to deposit their funds F a h a d R a u f , H e a d o f R e s e a r c h a t I s m a i l I q b a l S e c u r i t i e s f e e l s t h a t i t will help settle transactions a day early, saving interest costs if the amount is borrowed ”

Why is OPay International acquiring FINJA?

KARACHI

m a R a m U m a R fa R o o q OPay International a Norway based mobile platform that provides payments transfers loans savings and other essential services, is set to acquire operations of Pakistani fintech company FINJA

OPay claimed recently that the State Bank of Pakistan (SBP) had given them the nod to acquire FINJA which is only the second fintech in the country to receive a full Electronic Money Institutions (EMI) licence from the central bank

Profit reached out to Qasif Shahid, CEO and Cofounder of Finja and Ali

Mubashir Kazmi, President of Opay Pakistan to verify Kazmi confirmed that Opay has received SBP approval to acquire Finja

We have been receiving interest from several financial players in our EMI licence We can only take proposals seriously after they receive approval from SBP,” said Shahid Why would Opay acquire an EMI licence? Kazmi told Profit of Opay s plans to

replicate the digital ecosystem in Pakistan that it has created in Africa OPay has massively created the digital ecosystem in Africa and plans to do the same in Pakistan EMI is going to be integral in creating that eco-system for Pakistan for both POS acquiring and wallet/card issuance he said I believe there is a huge market opportunity for financial inclusion in Pakistan for which Opay has the financial muscle, commitment and required team and expertise which other players may be lacking ”

Besides obtaining an EMI licence is a lengthy and arduous process It has also been disclosed that fintech companies typically spend an average of 10 months to progress from in-principle approval to pilot approval, and another 15 months to obtain commercial operation approval

These timelines do not include the time required to secure the initial in-principle approval which can take several months if not years

Long timelines result in high costs for these fintechs This further explains why Opay is interested in acquiring Finja By acquiring Finja not only can

Cypher case: Imran, Qureshi’s judicial remand extended till Sept 26

ISLAMABAD

S ta f f R e p o R t

A special court on Wednesday extended former prime minister Imran Khan s and former foreign minister Shah Mahmood Qureshi s judicial remand in the cipher case till September 26 The cipher case pertains to a diplomatic document which reportedly went missing from Imran’s possession The PTI alleges that it contained a threat from the United States to oust Imran from power

Following the suspension of the PTI chairman s threeyear jail term in the Toshakhana case it emerged that he had been in judicial remand in the cipher case, which was extended till September 13 last week The same day, Imran had approached the Islamabad High Court (IHC) against the appointment of Judge Abual Hasnat Zulqarnain an anti-terrorism court (ATC) judge to the special court established to hear cases filed under the Official Secrets Act The PTI has been criticising Judge Zulqarnain s absence from the hearings, which sources in the judiciary said was due to his wife being sick and in critical condition Imran’s 14-day judicial remand expired on Tuesday, and as per the law ministry’s fresh notification issued the same day Judge Zulqarnain had requested that proceedings be held in Attock jail due to security reasons Also yesterday the IHC reserved its order on a petition challenging the conduct of the PTI chief s trial in prison rather than in Islamabad Today, the special court resumed the proceedings after the law ministry’s notification expressed no objections to conducting the trial in Attock jail Strict security arrangements were made outside the Attock jail ahead of the hearing The Federal Investigation Agency s (FIA) team and nine lawyers of Imran s legal team were allowed inside the jail and were present during the in-camera hearing At the outset of the hearing, the former premier s attendance was marked Subsequently, the court directed that Imran be presented again on September 26 and also directed the FIA to submit a challan in the case by then In another post on X Panjotha the judge assured him that the hearing on Imran s bail plea would be held tomorrow Tomorrow judge sahib should hear both sides arguments and make a decision, he said

QURESHI’S JUDICIAL REMAND EXTENDED

Meanwhile, Qureshi was presented before Judge Zulqarnain’s special court at the Federal Judicial Complex (FJC) upon the completion of his judicial remand However there the court officials informed him that the judge had gone to Attock jail for a hearing and said they would ask the judge if Qureshi could be allowed to return after marking his attendance At this, Qureshi asked the authorities why the judge had gone to Attock jail, to which he was informed that there was a hearing on Imran’s case Judge Zulqarnain then extended Qureshi’s judicial remand by the same period as well directing him to be presented before the court again on September 26 Speaking to reporters outside the FJC Qureshi reiterated his support for the PTI chief and called for transparent elections to steer the country out of the current “economic, constitutional and political crises” Responding to a question, he said, “We never committed treason against the country and will never do so [ ]

We can never think of harming Pakistan s interests

Pak-Turkiye strong brotherly ties always stand test of times: COAS

RAWALPINDI S ta f f R e p o R t

OPay secure the commercial licence more swiftly, but it can also initiate the business concurrently Kazmi commented, “This is true for any business starting from scratch vs buying a running entity One always does time value analysis

Why would Finja let go of the EMI licence?

The business of EMIs is extremely challenging in Pakistan due to the economic situation, low margins, and cutthroat competition in the local market For instance Habibullah Khan told Profit how a major commercial bank Habib Bank Limited (HBL) has been throttling payments to SadaPay placing arbitrary daily limits on transactions HBL has set an arbitrary limit of sending 10,000 per day because HBL customers just started putting all their salaries in SadaPay and using it for transactions How will this work if the SBP cannot protect these EMIs despite issuing the licences? wondered Habibullah Khan

Moreover, the majority of EMIs, including those already operating and those yet to launch are allowed to provide a

ISLAMABAD

S ta f f R e p o R t

British High Commissioner to Pakistan Jane Marriott Wednesday stressed free, credible, transparent and inclusive elections in Pakistan in a meeting with Chief Election Commissioner (CEC) Sikandar Sultan Raja in Islamabad

The British envoy shared on her account on X formerly Twitter about the meeting with the CEC at the Election Commission of Pakistan (ECP) office in the federal capital Important introductory meeting with Chief Election Commissioner Sikandar Sultan Raja at ECP today, Marriot wrote in her post

The diplomat added that she and the CEC agreed that it is crucial for Pakistan to witness “free credible transparent and inclusive elections in line with the law The meeting between the UK envoy and CEC Raja comes at a time when the country is awaiting the announcement for the next general polls which, at the moment, remain in limbo owing to the matter of delimitation of constituencies following the digital census held earlier this year This is not the first time that a foreign envoy has met the ECP chief and commented on the conduct of general polls in the country

Last month, United States Ambassador Donald Blome also met CEC Raja to reaffirm his country s support for “free and fair elections”, adding that it would work to strengthen the US-Pakistan relationship with

similar scope of services, resulting in market saturation The upcoming digital banks and the increasing digital banking services offered by conventional banks will leave little room for this sector to grow effectively In 2023 two fintech operators withdrew their licence from the central bank This includes Careem Payment Solutions and Checkout Limited

What is Finja?

Finja founded in 2016 is backed by leading global venture capital firms such as VEF BeeNext Quona Capital ICU Sturgeon Capital Gray MacKenzie and HBL It was co-founded by Qasif Shahid, Monis Rahman, and Umer Munawar It is Pakistan’s largest dual-licensed fintech –EMI (Electronic-Money Issuer) under regulations of the State Bank of Pakistan and NBFC (Non-Banking Finance Company) from the Securities and Exchange Commission of Pakistan This made it one of the four operators in the EMI industry providing e-money wallet services to customers and merchants Finja also initiated a lending business catering primarily to grocery store owners which continues to operate under the management of its original founders

whomever the Pakistani people choose

“ T h e U n i t e d S t a t e s r e m a i n s c o m m i t t e d t o w o r ki n g t o b r o a d e n a n d d e e p e n t h e U S - P a k i s t a n r e l at i o n s h i p w i t h w h o m e v e r t h e P a k i s t a n i p e o p l e c h o o s e a s t a t e m e n t f r o m t h e U S e m b a s s y s s p o k e s p e r s o n r e a d

The US ambassador reiterated that choosing Pakistan s future leaders is for the Pakistani people to decide, the statement added Blome also reaffirmed that would back transparent elections conducted in accordance with Pakistan’s laws and constitution

The date of elections in Pakistan remains a contentious matter particularly following the dissolution of the National Assembly on August 9 by the then-Shehbaz Sharif-led government

The Sindh and Balochistan assemblies, meanwhile, were also prematurely dissolved to allow the electoral authority to hold elections in the country within 90 days

Under the law polls should be held in 60 days if the legislature completes its constitutional tenure however the deadline is three months if assemblies are dissolved prematurely

Furthermore, the general elections in the country are likely to be delayed after the Council of Common Interest (CCI) days before the dissolution of the assemblies approved the 7th Population and Housing Census 2023

The move led to concerns from several quarters including the Pakistan Peoples Party, which was part of the coalition government that ratified the census

Chief of Army Staff (COAS) General Syed Asim Munir on Wednesday appreciated Turkish military s efforts for maintaining peace and stability in the region and also praised the standards of operational readiness of Turkish armed forces, the military said in a statement According to ISPR, the military’s media wing he expressed these remarks during an official visit to the Republic of Turkiye The visit is part of the high-level mutual visits by both the brotherly countries to enhance the historic diplomatic and military ties According to Inter-Services Public Relations (ISPR), during the visit, the army chief called on the President of the Republic of Turkiye, Recep Tayyip Erdogan, foreign and defence ministers, the Commander of Turkish General Staff and commanders of Turkish land and air forces During the meetings it added the COAS emphasised on enhancing defence collaboration and training cooperation He appreciated Turkish military s efforts to maintain peace and stability in the region and also praised the standards of operational readiness of Turkish armed forces The ISPR said that the Turkish leaders acknowledged the efforts extended by Pakistan Army engineers who worked along NDMA teams during the unfortunate earthquake that hit Turkiye in February General Munir also visited the mausoleum of Mustafa Kemal Ataturk in Ankara to pay homage to the great leader and laid floral wreath in his honour He later visited the Turkish land forces headquarters, where on his arrival he was given a warm welcome and was presented with the guard of honour The army chief was also conferred with the Legion of Merit by the Minister of Defence and Commander of Turkish land forces in recognition of his services towards promoting defence relations between the two countries “Pakistan and Turkiye have strong brotherly relations which have always stood the test of times,” the COAS highlighted during the ceremony General Munir said that the Pakistan army is always willing to extend full support to the Turkish land forces in multiple domains Pakistan has always stood with their Turkish brothers in times of calamity and moments of triumph and shall continue to strengthen the fraternal ties amongst the two nations,” he further said

Investigation in ‘good direction’ to recover missing Imran Riaz: IGP

LAHORE S ta f f R e p o R t

Punjab Inspector General Police (IGP) Dr Usman

Anwar on Wednesday informed the Lahore High Court (LHC) that anchorperson Imran Riaz Khan s investigation was going in a good direction in the journalist s recovery case Chief Justice Muhammad Ameer Bhatti resumed the hearing of the plea filed by Khan’s father seeking his son’s recovery, whose whereabouts remain undisclosed since his arrest on May 11 from the Sialkot Airport At the outset of the hearing CJ Bhatti asked the Punjab IGP about the progress of the missing anchorperson s case To this Dr Anwar told the court that on the direction of the LHC, he had met with the petitioner and had updated him and his counsel about the developments in this case IGP Dr Anwar said that the probe was going in the right direction However, the petitioner ’s counsel Ali Mian Ashfaq told the court that a development may occur at any time in this case Subsequently the high court judge adjourned the proceeding by September 20 It is pertinent to note that in the last hearing, CJ Bhatti gave the Punjab IGP till September 13 to recover missing anchorperson Imran Riaz, granting yet another extension The Punjab IGP had informed the court that favourable progress had been made toward the missing anchorperson’s recovery Stating that good news would be delivered within 10 to 15 days and had sought further extension in time to produce Khan The court had earlier given the authorities till July 25 to produce the missing anchorperson but no hearing was held on the designated date reportedly due to the bench’s availability This was an extension from earlier deadlines of May 22 and May 30 The court had directed all law enforcement and intelligence agencies to work together to ensure his recovery

ISLAMABAD S ta f f R e p o R t

Former Federal Minister for Information Senator Muhammad Ali

Durrani said that the PTI leaders wanted reconciliation and rapprochement in the larger interest of the country

All those who were still standing behind the PTI despite all odds, do not want war and hostilities against the institutions They want reconciliation in the larger interest of the country the former minister said

He said those who had quit the PTI were the warmongers and had added fuel to the fire for the petty personal gains Mr Durrani said that there were some elements who wanted to create

controversy and pit them against the institutions The confrontation would be detrimental to democracy and politics, he warned Durrani, who is an ardent supporter of reconciliation and has already held meeting with President Arif Alvi on the pattern that in past he had met (former Prime Minister)

Shehbaz Sharif said he would formally announce first step for confidence building measures (CBMs) on Friday (September 15) “It (announcement) will express my sentiments and desire to promote peace and reconciliation ” he said Durrani said that the meeting between the army chief and president has left positive impact but there is a need for making more effort to further improve the situation He expressed hope that there would

be consensus on all national issues very soon R e s p o n d i n g t o a q u e s t i o n a b o u t r e c e n t s t a t e m e n t s b y t h e l e a d e r s h i p o f P P P, D u r r a n i s a i d that Bilawal Bhutto Zardari should n o t h a v e r e p u d i a t e d h i s f a t h e r ’s s t a t e m e n t H e s a i d t h a t B i l w a l should not have spoken in a mann e r t h a t g i v e s t h e i m p r e s s i o n o f being disrespectful or unethical according to our norms, culture and t r a d i t i o n D u r r a n i q u o t e d t h e e xa m p l e o f S e h b a z S h a r i f w h o a lways followed his elder brother ’s decisions said Bilwal should apologize to his father To a q u e s t i o n D u r r a n i s a i d that people tell him that his peacem a k i n g a n d p a c i f y i n g a p p r o a c h h a v e m a d e h i m N a w a b z a d a N a sr u l l a h K h a n o f c u r r e n t a g e

Durrani says will unveil CBMs on Friday as PTI wants ‘reconciliation’ in country ’s interest

‘Credible, inclusive’ elec tions crucial for Pak istan: British HC