Epaper_23-09-22 KHI

G E N E R A L E L E C T I O N S T O B E H E L D I N L A S T W E E K O F J A N U A R Y : E C P

g ANNOUNCEMENT EXCEEDS NOV 6 CUT-OFF DATE SUGGESTED BY PRESIDENT BY MORE THAN TWO MONTHS

g COMMISSION ALSO WRITES LETTERS TO CS, ICT CHIEF COMMISSIONER REGARDING PREPARATORY ACTIVITIES FOR POLLS

to the chief secretaries of the four provinces and the chief commissioner of Islamabad apprising them of the upcoming elections and the commencement of preparatory activities by the electoral watchdog in this regard

BRI and CPEC vital vehicles for achieving SDGs: PM

ISLAMABAD S TA F F R E P O R T

Caretaker Prime Minister Anwar-ul-Haq Kakar noted that China’s Belt and Road Initiative (BRI) and the China-Pakistan Economic Corridor (CPEC) are vital vehicles for achieving the Sustainable Development Goals (SDGs)

Mr Kakar expressed these views during a call on with Chinese Vice-President Mr Han Zheng here in New York on the sidelines of the UNGA Summit

The much-anticipated announcement, though lacks a specific date for the elections, exceeds the Nov 6 cut-off date suggested by President Arif Alvi by more than two months I n a s t a t e m e n t t h e e l e c t i o n c o mmission said that it reviewed work on delimiting constituencies and decided that the initial list for the delimitation o f c o n s t i t u e n c i e s w o u l d b e p u b l i s h e d on September 27

After hearing objections and suggestions regarding the exercise the final list would be issued on November 30 the commission said It said that polls would be held in the last week of January following the completion of a 54-day election campaign programme Immediately after the development was announced Pakistan’s dollar-denominated government bonds slipped by as much as 1 cent

Most of the sovereign bonds slid lower, but the 2031 maturity fell by the most with of drop of just over 1 cent The country faces a funding crunch and is widely expected to need a longer-term support programme from the International Monetary Fund after the election

The announcement comes a day after the ECP said it had scheduled a meeting with political parties next month to discuss the code of conduct for general elections

According to the ECP a draft code of conduct has been shared with political parties to get their feedback before finalising the rules of the game

The draft code says political parties, contesting candidates and election agents

shall not propagate any opinion or act in any manner prejudicial to the ideology of Pakistan or the sovereignty integrity or security of Pakistan or morality or public order, or the integrity or independence of the judiciary of Pakistan, or which defames or brings into ridicule any government institution including the judiciary and the armed forces

The ECP had ruled out elections this year citing the need for fresh delimitation of constituencies following the notification of the latest 2023 digital census

Since the National Assembly was dissolved three days before the end of its constitutional term Article 224 of the Constitution mandates that elections be held within 90 days of the dissolution of the assembly by November 7

But at the same time, Section 17(2) of the Elections Act states that “the commission shall delimit constituencies after every census is officially published ”

During the last round of consultations with the ECP political parties took different positions on the timing for elections with some highlighting the need for fresh delimitation and others notably the PTI and PPP calling for holding polls within the constitutional time frame

T International Monetary Fund (IMF) Managing Director

Kristalina Georgieva has urged Pakistan to collect more taxes from the wealthy and protect the poor people amidst soaring inflation following the nation s securing of a last-minute bailout in July Pakistan s year-on-year inflation for the month of August leapt to 27 4pc, contracting household budgets

That same month exorbitant electricity bills led to protests across the country The rattled government had initially promised some relief for the public but later ruled it out citing Pakistan s commitments with the IMF

Speaking to Geo News after meeting caretaker Prime Minister Anwaarul Haq Kakar on the sidelines of the United Nations General Assembly on Wednesday, Georgieva said that she believed this was in line with what the people of Pakistan would like to see for the country

What we are asking in our programme is that please collect more taxes from the wealthy and please protect the poor people of Pakistan, she said I do believe this is in line with what people in Pakistan would like to see for the country ”

Later in a post on X (formerly Twitter) the IMF chief said she had a good meeting with the Pakistani premier on the country s economic prospects

We agreed on the vital need for strong policies to ensure stability, foster sustainable and inclusive growth, prioritise revenue collection, and protection for the most vulnerable in Pakistan,” Georgieva added

Meanwhile interim PM Kakar also posted on X about the meeting He said he held a constructive dia-

Article 220 of the Constitution provides that all executive authorities in the Federation as well as in the provinces are bound to assist the ECP and the chief election commissioner in discharge of its function the letter sent to all chief secretaries by the ECP said Article 220 of the Constitution reads: It shall be the duty of all executive authorities in the federation and in the provinces to assist the commissioner and the Election Commission in the discharge of his or their functions

PDM par ties ‘ welcome’

announcement; PTI to move top cour t

I S L A M A B A D: As the uncertainty surrounding general elections ended with the Election Commission of Pakistan s (ECP) announcement of a timeframe for the polls, major political parties in the former ruling alliance welcomed the development, hoping that it would remove the apprehensions regarding the political situation of the country In a much-awaited move, the electoral authority has announced that elections will be held in January next year following the completion of the delimitation process Polls were supposed to have taken place within 90 days but the election watchdog said it needed more time to redraw constituencies following the latest population census The final list of constituencies will be published on November 30 After that, the elections will be held in the last week of January 2024, after a 54-day election programme,” the commission said in a statement Reacting to the development Pakistan Muslim League-Nawaz (PML-N) Pakistan Peoples Party (PPP) and Muttahida Qaumi Movement-Pakistan (MQM-P) viewed it as positive while Awami National Party (ANP) called for a specific date however Pakistan Tehreek-e-Insaf (PTI) decided to challenge the move in court Following the announcement of the poll date, the Imran Khanled party has decided to challenge the Election Commission s decision to conduct elections in the last week of January PTI’s core committee member Niazullah Niazi said that the Constitution calls for elections within 90 days and exceeding the period is unlawful

The conversation was marked by traditional warmth and cordiality that has been the hallmark of PakistanChina All-Weather Strategic Cooperative Partnership During the meeting the two leaders exchanged views on the entire gamut of bilateral relationship including CPEC and bilateral economic and financial cooperation Reiterating support to China on core issues, the Prime Minister appreciated China’s unflinching support to Pakistan’s territorial integrity sovereignty and socio-economic development He noted that China s firm opposition to holding any G20 meeting in the disputed region of Jammu and Kashmir reflected China s principled stance for upholding international law and UN resolutions In his remarks, Vice-President Han said that PakistanChina friendship is unique and has withstood the vicissitude of time due to deep fraternal ties between the peoples of two nations He added that as a close neighbour and iron-brother Pakistan occupies a special position in China s neighbourhood diplomacy and that China would continue its efforts for safeguarding Pakistan’s core interests and for the economic development and prosperity of the people of Pakistan Expressing satisfaction at the steady development of CPEC projects in Pakistan the two sides agreed on the centrality of CPEC for Pakistan s socio-economic development and expressed their firm commitment to continue working together for realizing its shared objectives

The two leaders also expressed satisfaction at the celebratory events held in both countries to mark the 10th anniversary of CPEC

Gov t abandons plan of electricit y bill payments

istan s concerted efforts in implementing policies and reforms to revive the economy” She assured that the IMF remained committed to continued engagement with Pakistan the statement added

On July 12 the Fund s executive board had approved a $3 billion bailout programme for Pakistan which will immediately disburse about $1 2 billion to help the country On June 29, the IMF and Pakistan had reached a Standby Arrangement to ease the country’s financial crisis

The IMF in a press release had said that the executive board approval allowed for an immediate disbursement of $1 2bn with the rest to be phased over the programme s duration subject to two quarterly reviews IMF s approval had come after Saudi Arabia and the United Arab Emirates (UAE) deposited $2 billion and $1 billion respectively with the State Bank of Pakistan boosting the foreign exchange reserves

The government’s decision to abandon the proposal to extend the payment of electricity bills for consumers using up to 200 units over three months despite a previous agreement with the International Monetary Fund (IMF), indicates a shift in priorities towards fiscal considerations and revenue collection from electricity bills

logue with the Fund’s director that “emphasised extending our mutual commitment towards bolstering economic stability and growth in Pakistan

An official handout released by the Prime Minister s Office said that Kakar expressed gratitude for the IMF s approval of the $3 billion standby agreement to support Pakistan’s economy

It said the premier briefed Georgieva on the various measures taken by the government to “stabilise and revive the country’s economy”

The prime minister affirmed that these initiatives aim to create a stable and conducive environment for sustainable economic growth and investment Additionally a strong focus had been placed on protecting the vulnerable segments of society,” the PMO statement said It further said that the IMF chief “appreciated Pak-

The $3bn funding spread over nine months is higher than expected for Pakistan Earlier the country was awaiting the release of the remaining $2 5bn from a $6 5bn bailout package agreed in 2019, which had expired in June

: Later the prime minister addressed the Financing for Development Dialogue on the sidelines of the UNGA where he proposed measures for developing struggling economies under the umbrella of the United Nations (UN)

He stated that an investment entity could be formed to “create and enlarge the capacity of developing countries to identify proposed SDG (sustainable development goal) related bankable projects

According to Caretaker Energy Minister Muhammad Ali the impact of this decision was deemed nominal as most of the bills had already been collected, and there are plans to gradually reduce electricity bills starting from October The minister said that the government is actively pursuing various power projects, including a 660 MW solar project in Muzaffargarh a 330 MW imported coal-based plant in Gwadar and the C-5 nuclear power plant with a 1 200 MW installed capacity These projects are being developed despite challenges related to the capacity payment trap in the energy sector He said that the 660 MW solar project will proceed once a competitive price is obtained at a reasonable level This suggests a commitment to renewable energy sources in Pakistan s energy mix

Responding to a question Muhammad Ali said that Pakistan is exploring the possibility of importing more crude oil from Russia Establishing a specialpurpose vehicle (SPV) is being considered to ensure sustainable imports of Russian crude oil This move could help diversify Pakistan s sources of energy resources The Energy Minister expressed concerns about gas availability during the upcoming winter season and emphasized the need for long-term agreements to secure sustainable supplies of ReGasified Liquefied Natural Gas (RLNG)

Inflation revised upward to 25pc as ADB downgrades growth to 1.9pc

The Asian Development Bank (ADB) has revised Pakistan s GDP growth forecast for the fiscal year 2024 down to 1 9 percent (two percent in April), while inflation is forecast at 25 percent, sharply higher than the earlier 15 percent projection saying downside risks to the outlook remain exceptionally high The bank in its report Asian Development Outlook, stated that amid the upcoming election season, persistent political instability will remain a key risk to implementing reform toward growth stabilisation the restoration of confidence and sustainable debt Disbursement from multilateral and bilateral partners would remain crucial for reserve accumulation, exchange rate stability,

and improved market sentiment

The bank also revised Pakistan’s GDP growth estimate for fiscal year 2023 down to 0 3 per cent (0 6 per cent forecast in April) because political instability and floods affected the economy In Pakistan inflation is estimated to have accelerated to 29 2 per cent in fiscal year 2023, faster than April s 27 5 per cent forecast, the report added In Pakistan, growth is forecast at 1 9 per cent in fiscal year 2024 assuming continued implementation of reforms and supportive macroeconomic policies recovery from flood-induced supply shocks and improving external conditions Political stability following general elections later this year, if achieved, will boost business confidence as will a new standby arrangement agreed with the International Monetary Fund (IMF) to support economic stabilisation and rebuild fiscal buffers

The economy s near-term prospects will heavily rely on progress under the economic adjustment program The program aims to stabilise the economy and rebuild buffers for domestic and external balance thereby providing a foundation for a possible successor programme under the new government expected to be elected in the first quarter of calendar year 2024, the bank added The program involves fiscal consolidation monetary tightening and a return to a market-determined exchange rate as well as structural reforms in energy state-owned enterprises banking and climate resilience The economy is projected to recover modestly in fiscal year 2024 with base effects from the post-flood recovery Uncertainty will linger though and stabilisation measures will limit the growth of demand It further stated that fiscal and monetary tightening will crimp demand as will infla-

tion staying in double digits On the other hand, implementation of the economic adjustment program and a likely smooth general election should boost confidence while the easing of import controls should support investment as fiscal tightening restrains public consumption On the output side better weather conditions will enable an in-

The report noted that fiscal tightening will come from raising revenues and containing spending The fiscal year 2024 budget targets a primary surplus of 0 4 per cent of GDP and an overall deficit of 7 5per cent of GDP, gradually declining over the medium term Tax revenues are programmed to hit 10 3 per cent of GDP in fiscal year 2024 Provincial spending will be cut by 0 4 per cent of GDP and spending on defense and energy subsidies will be limited, while protecting priority social and development outlays The government has committed to granting no further tax amnesties or issuing new tax preferences or exemptions

J A PA N K E E N T O D E V E LO P T R A D E T I E S W I T H

PA K I S TA N : A M B A S S A D O R M I T S U H I R O

Ambassador of Japan to Pakistan

Mitsuhiro Wada has said that his country is keen to boost trade ties and enhance trade volume with Pakistan He said this while addressing a meeting of Sialkot exporters held at Sialkot Chamber of Commerce and Industry (SCCI) here on Thursday

The meeting was attended by SCCI

President Abdul Ghafoor Malik Senior Vice President (SVP) Wahub Jahangir, Vice President Amer Majeed Sheikh, and delegations of various leading firms from Japan and Sialkot business community

The Japanese ambassador stressed the need for making all-out sincere efforts to strengthen mutual trade ties between Pakistan and Japan He said that Sialkot is famous for its production of soccer balls and others The ambassador said that both nations had been supportive to each other and last year the two countries celebrated the

Eid Miladun Nabi: Gov t notifies public holiday on 12th Rabiul Awal

ISLAMABAD S ta f f R e p o R t

70th anniversary of establishment of diplomatic relations

He said that potential of Pakistan economy was huge and his country was interested in finding more opportunities He said that 80 Japanese companies were doing business in Pakistan and 80 000 workers were working in these companies in Pakistan He said that there were so many international competitive companies working in Sialkot He said that famous prestigious companies including trading companies and logistic companies present here in the meeting have very strong business network globally The ambassador said that his visit would promote new ways of cooperation between two countries He also showed keen interest in SCCI’s documentary “Sialkot, the City of Progressive People” which was screened during this meeting SCCI President Abdul Ghafoor Malik s a i d t h a t t o d a y s v i s i t o f t h e a m b a s s a d o r was also significant as it was the first visit o f a J a p a n e s e e n v o y t o t h e S i a l k o t

The government has announced a public holiday on the occasion of Eid Milad-un-Nabi (12th Rabi ul Awwal) The notification was issued by the cabinet division which stated that the government has announced a nationwide public holiday on the occasion of Eid Milad-un-Nabi (12th Rabi ul

Awwal) September 29 Central Ruet-i-Hilal Committee Chairman Abdul Khabeer Azad announced that the Rabi-ul-Awwal moon was not sighted therefore the Islamic month will commence on September 18, and Eid Milad-unNabi (PBUH) would fall on September 29

(Friday) According to details, the announcement was made after a meeting of the committee presided over by Maulana Azad Religious scholars from all schools of thought and weather experts attended the meeting Besides this meetings of zonal committees were also held in all big cities of the country The committee assessed various moon sighting reports received from different parts of the country “The committee, with consensus concluded that the month of Rabi ul Awal will commence on September 18 (Monday) said Maulana Azad in a press conference after the meeting

Pak currency’s recover y continues, traded at PKR 293 against USD

PR OFIT N e w S D e S k

The Pakistani currency (PKR) continues its impressive recovery against the US Dollar (USD) in the interbank market, reflecting a strengthening local currency On Thursday, at mid-day time the PKR gained an additional 90 paisa compared to the previous closing rate of PKR 293 88 per USD trading at PKR 292 95/293 Over the past 12 trading sessions the PKR has demonstrated remarkable resilience, appreciating by approximately 4 83pc or 14 15 rupees against the USD in the interbank market This positive trend is attributed to the government’s stern action against speculators hoarders and smugglers aimed at curtailing illegal dollar outflows The strengthening of the PKR is poised to continue if the efforts against dollar smuggling persist In the near future, it is expected that the PKR may reach 250 against the greenback,” commented Malik Bostan, chairman of the Exchange Companies Association of Pakistan (ECAP) Furthermore exchange companies have reported a noteworthy improvement in transparency leading to a substantial increase in daily dollar transfers from $5 million to $15 million per day It s crucial to note that despite the recent positive developments, workers’ remittances experienced a year-on-year decline of 23 74% amounting to $2 09 billion in August

‘You waste cour t’s time’:

CJP Isa slaps Rs50,000 fine on law yer

ISLAMABAD

Chief Justice of Pakistan (CJP) Justice Qazi Faez

Isa on Thursday fined a lawyer for wasting the court’s time According to media reports Chief Justice of Pakistan slapped a fine of Rs5 000 on a lawyer for wasting the Supreme Court s time in a property case The top judge remarked the lawyer wasted SC s time rather than focusing on the merit of the cases and tried to mislead the court “The court has lost trust in you,” CJP Justice Qazi Faez Isa said to the lawyer and slapped a fine of Rs5 000 Present receipt after submitting the fine amount in any of the charitable organisation the top judge remarked Separately in a meeting with bar councils, Chief Justice of Pakistan (CJP) Justice Isa on Wednesday vowed to formulate a “comprehensive policy” on fixation of pending cases and the formation of benches The development was shared by Pakistan Bar Council (PBC) Chairman Hassan Raza Pasha while addressing a press conference after a meeting with CJP Isa Senior Puisne Judge Justice Sardar Tariq Masood The apex court judges had summoned representatives of Pakistan Bar Council (PBC) and Supreme Court Bar Association (SCBA) to discuss issues related to formation of benches pending cases speedy administration of justice and fixation and hearing of cases

Chamber after 2016

He said that Japan and P a k i s t a n e n j o y e d a s p e c i a l b o n d o f friendship starting from the establishment o f d i p l o m a t i c t i e s i n 1 9 5 2 H e s a i d t h a t

Sialkot the export industrial excellence of P a k i s t a n w a s p l a y i n g a v i t a l r o l e i n economic uplift of the country through its i n d u s t r i a l p r o d u c e t h a t i s e x p o r t e d t o a l l parts of the world T h e S C C I p r e s i d e n t s a i d t h a t t o p c r i c k e t a n d h o c k e y b r a n d s h a i l f r o m Sialkot and the city produces sports goods s u rg i c a l i n s t r u m e n t s t e x t i l e a p p a r e l a n d leather goods for top brands of the world T h e c i t y c o u l d b e t e r m e d t h e H o u s e o f Brands and is open to trade with the top i n b u s i n e s s M a l i k s a i d t h a t t h e r e a r e c o u n t l e s s p o i n t s o f c o n n e c t i o n a n d cooperation but trading partnership should u n d e r p i n o u r s h a r e d c o o p e r a t i o n “ I a m pleased to mention that Japan is one of the l a rg e s t t r a d i n g p a r t n e r s o f P a k i s t a n w i t h our bilateral trade standing at $1 23 billion w i t h P a k i s t a n s e x p o r t s o f g o o d s a n d services at $260 million

PSX rises as ECP announces election schedule for Jan 2024

PR OFIT N e w S D e S k

Sheikh Rashid’s Lal Haveli sealed by ETPB

RAWALPINDI S ta f f R e p o R t

The Evacuee Trust Property Board (ETPB) Monday sealed Lal Haveli, the residence of Awami Muslim League head Sheikh Rashid According to the ETPB sources six units of Lal Haveli had been sealed

The ETPB also wrote to the authorities concerned for the confirmation of the registry of one of the units of Lal Haveli

The decision of sealing or not sealing the unit will be made upon the confirmation of the registry by the authorities concerned

The state land had been under occupation for a long time, the ETPB authorities said

A heavy contingent of Rawalpindi police had been deployed while the building was being sealed

On Saturday last a civil court in Rawalpindi had rejected Awami Muslim League (AML) chief Sheikh Rashid s petition challenging the Lal Haveli s evacuation orders Judge Naveed Akhtar had said that the court could not stop any department from taking action under the law

The AML chief had argued in his petition that the evacuation of Lal Haveli was political victimisation as the case related to the property was already in litigation Sheikh Rashid prayed in his plea that the Evacuee Trust Property Board be stopped from taking action that he alleged was a part of settling the

score against him”

He also claimed that he had the registry of one of the seven units D-158 of Lal Haveli

But even if it is so, the question arises why had Sheikh Rashid been occupying the remaining parts of the haveli for 27 years?

While talking to the media Sheikh Rashid said that he would give a call for a sit-in

Three parties from London want to make a film on Lal Haveli, which they [government] cannot bear I am being paid a good amount of money for these films ” he claimed

The ETPB had already written a letter to the district administration for

help in action against Sheikh Rashid’s Lal Haveli

Strong resistance was expected during the operation at Lal Haveli But not even a worker of Awami Muslim League (AML) or Pakistan Tehreek-eInsaf (PTI) showed up After four hours of the operation Sheikh Rashid’s nephew Sheikh Raashid reached Lal Haveli

He told the media that they had the registry of one unit of Lal Haveli, adding that they would approach the court against the sealing of the haveli

It is to be noted here that Sheikh Rashid’s plea to obtain stay order to stop the ETPB action has already been rejected

FTO asks FBR to address deciencies in valuation of real estate

The Pakistan Stock Exchange (PSX) experienced an upward trend on Thursday reacting to the Election Commission of Pakistan s (ECP) announcement of the general election schedule for January 2024 During the trading session the KSE100 index displayed a notable improvement recording a 0 68 percent gain and reaching 46 309 points just one hour before the market s close In a statement shared via social media platform X, the Election Commission outlined its plan for constituency delimitation The initial constituency delimitation list is set to be unveiled on September 27 with provisions for receiving objections and suggestions from various stakeholders The final list of constituencies is expected to be published on November 30 The press release issued by the ECP also noted that the general elections are scheduled for the last week of January, following a 54-day election campaign program Additionally on the previous day the ECP had announced its intention to hold a meeting with political parties on October 4 The primary agenda of this meeting will be to engage in discussions regarding the formulation of a comprehensive code of conduct for the upcoming general elections

Audio leak case: Bushra Bibi files petition against FIA investigation

ISLAMABAD S ta f f R e p o R t

PTI chairman s wife Bushra Bibi has filed a miscellaneous petition against the FIA investigation on the alleged audio leak issue Bushra Bibi, through her lawyer Latif Khosa, filed a separate petition in the Islamabad High Court stating that the main case was already pending in this court and the court on September 18 directed the FIA to proceed as per law The plea further stated that the main case was now scheduled for hearing on October 30 Despite the pending case, the FIA issued a notice summoning her on September 19 She pleaded in her petition that if the FIA continued with the proceedings, it would affect the rights of the petitioner So while the case was pending the court should suspend the notice of the FIA

Pakistan’s future in terms of investment climate is ver y bright: FM

NEW YORK

S ta f f R e p o R t

Caretaker Foreign Minister Jalil Abbas Jilani has stated that future of Pakistan in terms of investment climate is very bright as we are expecting the visits of representatives of GCC and other world countries to Pakistan this month for signing of MoUs for investment In an interview with Turkish TV, TRT World, he said Pakistan has taken a new initiative and constituted Special Investment Facilitation Council (SIFC) to attract foreign investment and the GCC countries have shown a lot of interest for investment in Pakistan under the SIFC He said the GCC countries and Saudi Arabia are great partners of Pakistan We have very close cooperation with GCC countries in diverse fields including economy and defence The Foreign Minister expressed the confidence that reforms introduced by the government in different sectors will also offer a promising future for the people of Pakistan and we are quite hopeful that it will result in political and economic stability About internal political situation, he said Pakistan is going through a normal democratic process and currently there is a caretaker setup in the country which is a constitutional requirement About security issues and relations with Afghanistan Jalil Abbas Jilani said Pakistan will like to see Afghanistan a stable and prosperous country He said presence of large number of terrorist groups including TTP, IS-Khorasan are a major concerns for not only Pakistan, but for other regional countries He said we are engaged with Afghanistan urging them to fulfill their commitment made with Pakistan and international community

LAHORE: Ambassador of Iran to Pakistan Reza Amiri Moghaddam Consul General in Lahore Mehran Movahhedfar and DG Khana Farhang Jafar Ronas in a group photo at Mazar-e-Allama Iqbal –p R

T F O R M S C A B I N ET C O M M I T T E E O N S O E S T O I M P R O V E

E R F O R M A N C E O F LO S S - M A K I N G C O M PA N I E S

CARETAKER Federal Finance Minister Dr Shamshad Akhtar has said that the federal government has formed a cabinet committee on State Owned Enterprises (SOEs) to improve the performance of loss making government owned companies In a media briefing on Thursday, the caretaker Finance minister said that the government has designed a policy structure with respect to the loss-making State owned Enterprises (SOEs)

The caretaker FM said that the loss making SOEs are being restructured explaining she said that under the proposed

policy, Chief Executive Officers and board members shall be appointed independently besides the members will also be given security of tenure and the appointment of the CEO will also be reviewed

In addition, ad-hoc interventions will be prohibited, preventing ministries from issuing directives to SOEs

She added that any exemptions from PPRA Rules will be granted upon due approval of the federal cabinet and all organizations shall maintain electronic financial data She said that companies have an important and historical role in the country s development as SOEs provide services in those areas where the private sector is reluctant to do so

Presently there are 18 financial SOEs

including 4 Industrial and State Development and Management 12 infrastructure transport and ITC 14 manufacturing mining and engineering 8 in oil and gas 20 in the Power Sector and 4 in the Trading and Marketing Sector

In the fiscal year 2019, the total tax revenue of all SOEs were about Rs 4000 billion while the book value of their assets recorded Rs 19 thousand billion whereas these SOEs are providing employment to 0 450 million employees She said that the loss of governmentowned SOEs have exceeded Rs 500 billion in the year 2020 which was Rs 143 billion in the year 2019 adding that she said that the Ministry of Finance has also been providing assistance in order to keep many SOEs in good condition

She disclosed that the top ten loss making SOEs in 2019 including Quetta Electric supply company Rs108 5 billion National Highway

OICCI offers comprehensive feedback on National AI Polic y Draf t

ISLAMABAD

g h u l A m A b b A s

The Overseas Chamber of Commerce and Industry (OICCI) has provided a detailed and insightful response to Pakistan’s ‘Draft National Artificial Intelligence Policy This feedback addressing critical aspects of the policy signifies the commitment of OICCI s members, who represent over 200 prominent foreign investors in Pakistan, to contribute to the nation’s AI transformation

The OICCI’s recommendations encompass a wide array of topics as outlined in the draft proposals they have shared Here is a summary of their key points: Analysis of Pakistan s Draft National AI Policy: The OICCI has

scrutinized Pakistan’s draft AI policy and identified areas that require further clarity and coherence They highlight the importance of a clear implementation plan data privacy and security measures to navigate the dynamic AI landscape effectively Steps Required for Enriching the AI Policy: The OICCI advocates for continuous global expert consultations international leadership in setting AI standards streamlined governance structures for agility, fostering collaboration and research, strengthening data privacy and security, and building AI infrastructure AI Risk Management

Framework:Recognizing the multifaceted challenges associated with AI the OICCI proposes the establishment of an AI Risk Management

General elections to be held in last week of Januar y: ECP

CONTINUED FROM PAGE 01

The letter further directed the chief secretaries to instruct deputy commissioners to assist district election commissioners and promptly implement several measures The measures encompass providing administrative and logistical support, ensuring the availability of adequate secure storage space for both sensitive and non-sensitive election materials including tablets for returning officers and facilitating bulk breaking of materials at the district level It also emphasised the importance of providing sufficient security for the storage space

PRESIDENT ALVI CEC

Last month, President Alvi had invited Chief Election Commissioner (CEC) Sikandar Sultan Raja for a meeting to fix an appropriate date for general elections In his letter to the CEC the president quoted Article 244 of the Constitution saying he was duty-bound to get the elections conducted within the prescribed 90-day period once the National Assembly is dissolved prematurely But a recent amendment to the Elections Act 2017 empowered the ECP to announce the dates for polls unilaterally without having to consult the president Citing this change to the law the CEC responded to the president, saying that participating in a meeting with him to decide the election date would be of “scant importance” Subsequently, the president sought the law ministry’s advice on the matter, and the ministry communicated to the president that the powers to announce the poll date rested with the ECP Earlier this month the president wrote another letter to the CEC and citing constitutional requirements, proposed that elections be held by November 6 The letter came against the backdrop of reports that the president would unilaterally announce a date for the elections But contrary to the said reports analysts said that the missive was just a suggestion and not a declaration of the election date

Framework This framework aims to identify assess mitigate and monitor potential risks linked to AI deployment including bias data quality transparency security and ethical considerations

Artificial Intelligence Regulatory Body:To ensure the ethical and safe use of AI, the OICCI suggests the creation of an independent AI Regulatory Body This body would define guidelines policies and procedures to oversee AI systems compliance with safety and ethical standards

These recommendations underscore the OICCI’s commitment to responsible AI development and deployment in Pakistan They emphasize the importance of collaboration transparency and international engagement to harness the transformative power of AI while

safeguarding against potential risks Pakistan with its significant young population and burgeoning interest in AI stands to benefit greatly from the implementation of these recommendations By proactively addressing AI-related challenges, Pakistan can position itself as a responsible participant in the global AI revolution fostering innovation and ensuring the well-being of its citizens I n c o n c l u s i o n t h e O I C C I s f e e d b a c k h i g h l i g h t s t h e n e e d f o r a balanced and proactive approach to AI p o l i c y d e v e l o p m e n t , o n e t h a t m a x i m i z e s t h e b e n e f i t s o f A I w h i l e m i t i g a t i n g p o t e n t i a l r i s k s Wi t h t h e s e recommendations Pakistan can chart a path toward a prosperous and inclusive AI-powered future

Rural Youth S ummit contributes to empowering youth in the digital age

PESHAWAR s tA f f R e p o R t

The three-day Rural Youth Summit came to a resounding conclusion with the enthusiastic and exuberant participation of women community members from the Pakistan Community Support Project (PCSP) implementation areas The female students from the universities and colleges particularly based in Khyber, Peshawar Nowshera and the adjoining areas were also in attendance The RYS is a collaboration of the Government of Khyber Pakhtunkhwa and the World Bank to provide a transformative platform for young people both men and women, to explore and enrich their future development opportunities The RYS team comprising the PCSP and World Bank representatives designed the event that comprised engaging panel discussions and mentoring sessions with key experts to enlighten the youth about the boundless potential of digital technology including opportunities to startup their own businesses A special focus was given to the empowerment of women, with female speakers sharing their inspiring stories One of the keynote speakers, Samar Khan, a

professional cyclist, and founder of Samar Camp, inspired the female audiences with her journey and stated, “Everything is possible if we pursue our dream There is no distinction between men and women, and all of us are equally capable” Several women role models public influencers startup owners and social changemakers were invited on the third day who spoke to the audiences regarding their personal journey with reference to the experiences, challenges, and opportunities that they have had

The speakers included a renowned list of women leaders from different sectors including Shamama Arbab co-founder Euro Industries Aasia Khan the caretaker minister for Social Welfare Ayesha Khan from Hashoo Foundation Kiran Shah from KSB Calligraphy among o t h e r e m i n e n t s p e a k e r s a n d e x p e r t s T h e t h r e e - d a y e v e n t w o u l d b e p a c k e d w i t h e n g a g i n g p a n e l d i s c u s s i o n s o n v i t a l t o p i c s w i t h e x p e r t s i n t h e i r r e s p e c t i v e f i e l d s , p r o v i d i n g e x p o s u r e t o n e w technologies that are on display including augmented reality and artificial intelligence as well as live workshops led by some of the most sought-after tech professionals coming from all over Pakistan

manner

KSrelief distributes 9400 food packages to flood affectees in Sindh, Punjab

ISLAMABAD s tA f f R e p o R t

KSrelief has successfully distributed 9 400 essential food packages to assist individuals affected by recent floods in various regions Dadu and Sujhawal in sindh province and Bahawalnagar and Muzaffargarh in Punjab province in a collaborative effort with the National Disaster Management Authority (NDMA) In total this initiative aims to bring much-needed relief to 65 800 people across Pakistan through the distribution of 9 400 food packages Each package is thoughtfully designed to provide essential sustenance, weighing a total of 95 kgs and containing 80kg of flour, 5 liters of cooking oil, 5kg of sugar, and 5kg of Daal Chana These provisions are carefully curated to support a family’s nutritional needs throughout the month

Fatima murder case: ATC grants 5-day physical remand of accused

KHAIRPUR

s tA f f R e p o R t

An anti-terrorism court on Thursday granted five days physical remand of accused Asad Shah and coaccused Imtiaz Meerasi in the murder case of child maid Fatima Phuriro The investigation officer produced accused Asad Shah and his facilitator Imtiaz Meerasi before the court of Badar Qazi today The investigation officer pleaded for 15 days’ physical remand of the accused However the ATC judge approved a five-day remand of the accused in the murder case The police on Wednesday released four accused including, SHO Ameer Chang, Dr Fatah Memon and Dr Ali Hasan Wasan in the murder case of Fatima Phuriro who died in the Haveli of Ranipur The investigating officer claimed that the suspects were set free as they were not named in the FIR Despite the passage of almost five weeks co-accused Hina Shah who is the wife of accused Asad Shah has not been arrested Ejaz Khaskhali a driver of Hina Shah, was arrested from Karachi by Khairpur Police while 11 others were also taken into custody from Asad’s residence The 10-year-old Fatima had died in the Haveli of Asad Shah and the video of her tragic death went viral on social media The postmortem report confirmed that the minor maid was sexually abused according to DIG Sukkur Javed Jiskani

Saudi FM describes Kashmir dispute a pressing challenge to South Asia’s security, stability

NEW YORK Ag e n c i e s

Saudi Arabia s minister of foreign affairs

Prince Faisal bin Farhan has described the Jammu and Kashmir dispute as a pressing challenge to the security and stability of South Asia

Prince Faisal bin Farhan was

addressing the meeting of the Organization of Islamic Cooperation s Contact Group on Jammu and Kashmir held on the sidelines of the 78th session of the UN General Assembly in New York

The Saudi Foreign Minister warned that if the Kashmir dispute is allowed to remain unresolved it will contribute to further instability in the region

H e s a i d S a u d i A r a b i a s t a n d s b y M u s l i m p e o p l e s i n t h e i r e ff o r t s t o m a i n t a i n t h e i r I s l a m i c i d e n t i t y a n d preserve their dignity He reiterated his c o u n t r y ’s s u p p o r t f o r p e o p l e i n a r e a s affected by conflict or unrest including t h o s e i n I n d i a n I l l e g a l l y O c c u p i e d Jammu and Kashmir Prince Faisal bin Farhan maintained

t h a t S a u d i A r a b i a i s u n r e m i t t i n g i n i t s e ff o r t s t o m e d i a t e b e t w e e n t h e p a r t i e s involved in the conflict, in an attempt to d e e s c a l a t e i t a n d h e l p b r i n g a b o u t a p eacef u l s ettlemen t in acco r d an ce w ith i n t e r n a t i o n a l r e s o l u t i o n s S u c h e ff o r t s a r e i n l i n e w i t h S a u d i A r a b i a s unwavering stance in support of Islamic peoples, he added

Inflation revised upward to 25pc as ADB downgrades growth to 1.9pc

controls cut the current account deficit but at some cost The current account deficit shrank by 85per cent in fiscal year 2023 to $2 6 billion (or 0 7per cent of GDP) from $17 5 billion (or 4 7per cent of GDP) in 2022

Administrative efforts to control the exchange rate led to the emergence of a parallel foreign exchange market with a substantial premium over the official exchange rate This in turn led to a further tightening of foreign currency liquidity in the interbank market by encouraging the use of the parallel market for inward remittances and proceeds from service exports Consequently, recorded workers’ remittances fell by $4 3 billion to $27 billion in fiscal year 2023

The target fiscal year 2023 budget deficit was raised from 4 5per cent of GDP to 6 9per cent of GDP to allow for flood relief and rehabilitation The actual deficit was higher 7 7per cent of GDP little changed from 7 9per cent in fiscal year 2022

The primary balance registered a deficit of 0 8per cent of GDP also above the revised target although less than the 3 1per cent deficit in fiscal year 2022

Although tax revenues grew by 15 7per cent, they fell to 9 2per cent of GDP in fiscal year 2023 from 10 1per cent of GDP in fiscal year 2022, reflecting poor collections of sales taxes and customs duties from the economic slowdown and contraction in imports and industrial output

fuel cut purchasing power and raised import costs Slower global growth curbed exports and global monetary tightening reduced financing flows Nevertheless, expansionary policies were continued, including large fuel and electricity subsidies Due to missed targets under an IMF extended fund facility IMF financing ceased and flows from bilateral and multilateral sources also slowed Tight foreign exchange controls reduced imports, which curtailed production due to the scarcity of critical inputs Consequently, real GDP stagnated, and inflation jumped The report noted that ad hoc import

Despite a sharply narrowed current account deficit international reserves plunged Net international reserves fell by more than half during fiscal year 2023, to $4 5 billion from $9 8 billion at the end of fiscal year 2022, reflecting a 40per cent larger outflow for external debt repayments

In July 2023 after Pakistan reached an agreement with the IMF the IMF disbursed $1 2 billion while Saudi Arabia and the United Arab Emirates lent a total of $3 billion, raising foreign reserves to $8 2 billion The fiscal deficit remained high on weak tax collection and higher interest outlays

The decline would have been even larger if direct taxes had not risen by 0 4per cent of GDP, thanks to tax policy measures enacted through a mini-budget revision in February 2023 Nontax revenues increased to 2 1per cent of GDP from 1 9per cent a year earlier helped by an increase in the petroleum development levy to the statutory upper limit Because of the large fiscal deficit, the weaker rupee, and slow growth, public debt rose to 74 3per cent of GDP in fiscal year 2023, above the 73 9per cent of GDP in FY2022

TH AT the Election Commission has inched a little closer to holding elections by deciding that preliminary delimitations will be published on September 27, and final delimitations on November 30 That tales elections of the last week in January after a 54day election programme is provided for That means that PML(N) Supremo Mian Nawaz Sharif will need to return to Pakistan by November 21, as is planned, if he is to have any effect on the coming election campaign

However party chief Mian Shehbaz Sharif s two trips to London while reflecting this also contain a struggle over the party s election narrative Mian Nawaz has accused two generals and a judge for ousting him and then imposing PTI chief Imran Khan and has named names Mian Shehbaz is made uncomfortable by this antiestablishment narrative as he has always taken a pro-establishment stance in politics

That is not the only problem the PML(N) faces in shaping an election platform There is also the issue of Mian Nawaz having imposed Ishaq Dar as Finance Minister and thus created the wave of resentment the party faces in the electorate for the poor state of the economy Mian Shehbaz cannot escape all responsibility because he was the PM who accepted Senator Dar into the Cabinet even though Miftah Ismail was doing the job arguably better and at least not worse Mr Ismail represents another problem as he and former PM Shahid Khaqan Abbassi are among those who are considered likely to join the new party that former PPP Mustafa Nawaz Khokhar has spoken of Mr Ismail and Mr Abbassi are not the only intra-party problem Mian Nawaz must handle There is the possibility that the pressure of an election campaign will bring to the fore the rivalry between Mian Shehbaz and his children and Mian Nawaz’s children particularly his daughter Mariam That rivalry is presently quiescent but it is still simmering

While all of this is going on Mian Nawaz will also have to face the revival of the NAB cases against him the result of one of Chief Justice Umar Ata Bandial’s last judgements which struck down the NAB law amendments by the Shehbaz coalition There has been some talk that the establishment wants to bring back the PML(N) but at the moment that seems more wishful thinking than anything else

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

TH E ill-concealed hidden hand behind the fall in the dollar made it almost seem that it did not want to be hidden If there was credit going then it should be ascribed where credit was due, and not to the caretaker government This was nothing new The armed forces have had a long history of intervening in economic matters The main reason the one given by the armed forces is that it is a national institution and cannot stand aside from what is going on in the country Delving deeper, one finds concerns about the troops and their villages are going through And finally, one finds that the officer corps, salaried to a man, are finding it hard to make ends meet despite all the facilities that it is imagined they have got

Another worry for the armed forces is that the rising of the dollar means that military import costs go up Some of the costs can be covered by ordering less: less cannon can be got for the same money Of course, less guns or even planes means lower combat ability, but at least the books balance, but one can’t very well order 85 percent of a destroyer or half a submarine One has to give the Navy more money Which will probably mean less for the Army or Air Force

Even Imran Khan was only five when the Ayub Martial Law was imposed, and Only Mian Nawaz Sharif would remember it, but those would be childhood memories which means they would be distorted by time and would be bereft of the analysis typical of adulthood The present COAS was not even born but the way he brought down the rupee must have revived memories of that era

Not in the details, however The Pakistan rupee was still then a sterling-area currency, and the dollar was still freely convertible with gold The main problem was hoarding but not of currency Wheat and sugar were problems

It might be remembered that these two commodities were still rationed after rationing had been introduced in World War II Sugar is still starring as a problem, and there are reports of the chronic smuggling which are apparently now to be handle Certain arrangements have been made along the western border both with Afghanistan and Iran which now have to be disturbed While in 1958 the probity of armed forces personnel was a given it does not apply now to those serving with the border security forces, like the Rangers Therefore, while the 1958 Army had no problems going after hoarding, now going after smuggling may mean difficulty tackling smuggling

One of the present problems is that the IMF did not loom as large as it does now There has already been a report of the IMF regarding the COAS int e r v e n t i o n a s u n d u e i n t e r f e r e n c e I t s h o u l d b e r em e m b e r e d t h a t t h a t i s h o w i t r e g a r d e d f o r m e r

Finance Minister Ishaq Dar s intervention, which was after all similar Perhaps the fate of Dar ’s intervention is what has caused the coolness towards the current intervention It failed Not so much because it was bad or illintentioned as because Pakistan does suffer a trade deficit That leads to the dollar rising as it is chased by too few rupees Similarly, sooner or later, the pressure on the rupee will resume, because the administrative measures have not remedied the fundamental imbalances in the economy which lead to the deficit Just as both interventions were similar the reason was similar: speculation In both cases the target audience consisted of foreign exchange dealers The COAS also addressed a wider audience of businessmen, who were also at the cutting edge of the speculation Another problem with dollar leakage is that it has to do with Afghanistan indeed with the financing of trade and hawala in the whole of the Middle East The disruptions are likely to be immense if there is a thorough-going Pakistani campaign against them

The Ayub regime is credited with many things on the economic front, deser vedly so It is also blamed for many things, again deser vedly so That the caretaker ÂhybridÊ wants any blame is unlikely, but the credit will drag it along in its wake That credit and blame should be left to an elected government, which means having elections as soon as possible

This might come up against one of the intiatives of the COAS the Special Investment Facilitation Council which is designed to ensure that the bottlenecks to foreign direct investment, especially from the Gulf, is brought in Back in 1958 there was no FDI being sought The industrialization programme was to come later At the time of the takeover, attention was focused on such minor matters as whether bakeries adequately protected food from flies The impact of Martial Law was immense Over recurrence, the impact has decreased, perhaps because it was learnt through experience that initial rigour would ultimately be relaxed There was also the lesson that military men were human beings

It is also worth noticing that the military did not have the sort of political clout it now has The clout is not because of the threat that it could take over It is because all the parties do not want the military to stay out of politics but to support them starting with getting them elected into power As the PDM coalition showed the objection was not to the hybrid regime, but to the PTI being favoured It should be noted that the SIFC was formed under the coalition In 1958, there were no parties which could pro-

The self-st yled guardians of the Constitution

Who would guard the guardians?

AMjed jAAved

TH E President has proposed an election date in disregard of the Law Ministry s opinion He is bound to seek his prime minister s opinion no matter how much he abhors him But, he has more than once preferred not to seek his prime minister ’s consent President Alvi is not the lone defender of the Constitution There is a long queue Foreigner Chief Justice Umar Ata Bandial also defended the Constitution tooth and nail so to say But, the litigants entangled him in political cases He willy-nilly heard the cases, leaving behind a backlog of about 55,000 nonpolitical cases (not his fault!) His critics say that he had an ebullient affinity for hearing political cases and showering favours on his sadiq-o-ameen Good to see you best of luck

Our Constitution vests authority or power in elected representatives The institutions should abide by the Separation of Powers (Montesquieu) But in practice it is Jean Bodin’s Theory of Power that is at play in our country The real power vests in the one who has power to coerce Jean Bodin s dictum majesta est summa in civas ac subditos legibusque salute potestas, that is highest power over citizens and subjects is unrestrained by law’ (Roedad Khan, Pakistan: A Dream Gone Sour) Even a civilian could be a martial-law administrator

There is a Latin adage quis custodiet ipsos custodes? who will guard the guardians? The phrase epitomises Socrates search for guardians who can hold power to account Power corrupts and absolute power tends to corrupt absolutely

While entertaining the political cases Bandial did not care a fig about what Justice Muneer said shortly before pronouncing his verdict on the notorious Dosso case when politics enters the portals of Justice, democracy, its cherished inmate, walks out by the backdoor ’ (Roedad Khan, Pakistan: A Dream gone sour, p 175)

History teems with guardian luminaries who harboured supra-constitutional hallucinations Alas! Bhutto also was a pseudo-guardian contemptuous of the Constitution Bhutto s disdain of people is well illustrated in M Asghar

Khan’s book We ’ ve Learned Nothing from History-Pakistan: Politics and Military Power: Zulfiqar Ali Bhutto told me [Asghar] that he was sure that if I joined hands with Him We can then rule together The people are stupid and I know how to fool them I will have the danda (stick) in my hand and no one will be able to remove us for twenty years” (ibid p 60)

Zia had nothing but contempt for the Constitution and democratic norms (ibid p 87) While addressing a press conference in Tehran he said

What is the Constitution? It is a booklet with ten or twelve pages I can tear them up and say that from tomorrow we shall live under a different system (ibid pp 87-88) ” Dicey said, “No Constitution can be absolutely safe from a Revolution or a coup d etat Julius Caesar and Napoleon also harboured extra-constitutional thoughts Napoleon told Moreau de Lyonne The constitution, what is it but a heap of ruins Has it not been successively the sport of every party?” “Has not every kind of tyranny been committed in its name since the day of its establishment?” During his self-crowning in 1804 Napoleon said What is the throne a bit of wood gilded and covered with velvet? I am the state I alone am here, the representative of the people Former Finance Secretary Saeed Ahmed Qureshi in his book Governance Deficit: A Case Study of Pakistan (p 56) points out that our constitutional evolution had an uneasy start with preponderance to personalities over institutions

The Federal Cabinet in its proceedings on the 30 December 1947 decided In the event of any difference of opinion between the Cabinet and Quaid-e-Azam, the latter s decision should be

final’ The writer adds ‘one could understand the trajectory of his role as the sole spokesman of Pakistan movement But it suffered from some haunting institutional weaknesses : (a) being hinged on personalities rather than institutions , (b) it legitimized extra-constitutional authority’, (c) it imparted a viceregal character to a democratic set-up’ Qureshi goes on to recount Eight blows to the Constitutional System including dissolution of the Constituent Assembly dismissal of elected prime ministers induction of General Ayub Khan as defence minister on October 24, 1954, imposition of martial or quasi-martial law for 33 out of Pakistan’s 68 years of history’

Theoretically the people hold ‘power ’ to account But the people are an amorphous lot without a legal identity like an institution except as voter during elections usually not fair Noam Chomsky called even American people a bewildered herd Elected representatives (power) should exercise their authority within the bounds of our constitution The courts are guards over brute power and authority of the guardians (government) But their discretion is not limitless The institutional boundaries in the golden words of our constitution are crystal clear But, blurred in minds of purblind players: ruling bureaucrats, judges, and praetorians

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

vide such a vehicle Ayub Khan was forced to go through the painful process of founding a party of his own the Convention Muslim League It could be said that every martial law becomes converted into a hybrid regime once it founds a political party of its own In that respect, the Yahya regime could claim to be different, but it should be remembered that Yahya wanted the new National Assembly to elect him President Only Mujib won majestically in East Pakistan and the rest is history Indeed it could be argued that there was a hybrid regime before 1958, what with the Commander-inChief in the Cabinet The ruling party was hardly in a position to resist any of the demands of the military but it seems there was not as much emphasis on the economy That is understandable, because at the time, the country was wrestling with the conundrum of how to have two wings The ruling party was then trying something naïve, which was to avoid elections It could be said that the present caretakers are doing the same what with the elections being put forward by an indeterminate period It could be said that the imposition of Martial Law, which converted the hybrid regime into an out-and-out military regime ended many of the contradictions then felt but what it did not do was solve the country s economic issues

The Ayub regime is credited with many things on the economic front, deservedly so It is also blamed for many things, again deservedly so That the caretaker ‘hybrid’ wants any blame is unlikely but the credit will drag it along in its wake That credit and blame should be left to an elected government which means having elections as soon as possible

The writer is a member of staff

E d i t o r ’ s m a i l

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

The psychology behind buying luxur y goods

F O R most of the people, luxury symbolizes exclusivity, rarity, expense, excellent artistry, high quality, magnificence and extreme pleasure These attributes are completely different from the characteristics of fast fashion Nowadays, luxury as an industry is no longer catering the needs and requirements of the rich and elite clientele of the society It has become easily accessible to people coming from different types of background

Three major psychological factors influence the purchasing habits for luxury goods

S E L F-I D E N T I T Y: Luxury consumers express their self-identity by associating with a luxury brand through which they can express their personal values and beliefs Self-identity of a consumer dominates the manner in which they associate with their individual self This creates an emotional bond between the consumer and the brand The individual values of a consumer is one of the compelling forces behind the consumption of luxury goods

M A S L O W T H E O RY: Maslow s hierarchy puts forward the fact that people are motivated by five factors: physiological (food, shelter, clothing), safety (security, employment, health, education), love (friendship, family), esteem (respect, freedom, recognition) and self-actualization (desire to be the most one can be) As per the Maslow’s hierarchy theory the fourth stage which is self-esteem is very important to attain self-actualization in life

S O C I A L I D E N T I T Y: Some researchers propose that there is a connection between positive social identity and a person s self-esteem gained by buying luxury goods When wearing luxury a person s confidence and morale boosts They feel unique and good about themselves

The Millennials and Generation Z consumers make up 85 percent of the luxury buying population The younger generation want to buy luxury goods that do not harm the environment Due to these statistics luxury brands need to start making goods that are more sustainable

Corporate Sharks

C O M M E R C I A L organisations are rude, materialistic and selfish in Pakistan, for they force their seasoned employees into the realm of unpredictability and hardness without realising the fact that their last few years in service happen to be the most difficult and sensitive time

During this phase they pass the most difficult time of their lives not knowing what they might end up doing once the axe falls on their heads

They carry a heavy burden of responsibilities but the cruel corporate world is not willing to adjust them merely because they happen to be aged 50 years The current challenges are made tougher by the bleakness of future prospects Lives are ruined as uncertainty itself makes people fall prey to physical and psychological ailments

The cour ts are guards over brute power and authority of the guardians (government). But, their discretion is not limitless.

The `institutional boundaries Âin the golden words of our constitution are cr ystal clear. But, ÂblurredÊ in minds of purblind players: ruling bureaucrats, judg es, and praetorians

On the domestic front their lives become miserable and all these factors accelerate the inevitable journey towards final abode Private commercial organisations prefer to have the young on board so that they may suck fresh blood The so-called golden handshakes , or voluntary separation schemes, are nothing but death warrants delivered with a wrapping of the transitory glow of money The employees of commercial organisations should never accept such offers and must continue their jobs till the age of superannuation It is painful to move away from the path they have known all their professional lives and when the path ahead is uncertain And uncertainty mind you is the best case scenario in this context Is there any regulatory authority that may stop private commercial organisations from exploiting their employees through such unethical practices? If there is none, there should be one

TH E integration of Artificial Intelligence into the field of Alternative Dispute Resolution offers the prospect of improved effectiveness, inclusiveness, and flexibility This does not come without difficulties either Due to their adaptability effectiveness and confidentiality ADR processes such as mediation and arbitration have become extremely popular in the business world

Artificial intelligence integration into ADR is becoming more challenging as a result of the development of technology Although AI has the ability to speed up procedures and minimize the risk of human error it also encounters several challenges Artificial Intelligence has become more popular across the world by offering processes that are efficient more private and sometimes less combative than the traditional litigation Both apprehension and excitement have accompanied the introduction of artificial intelligence into several industries The draw of AI-driven processes is undeniable, as ADR strives to offer a more effective adaptable and private way of settling conflicts outside the typical courtroom setting

Perhaps weighing actual data against theoretical concerns and determining the probable course of AI s involvement in ADR is becoming crucial day by day Although the innovative concept of using AI arbitrators and mediators in ADR aims to increase the effectiveness and standard of arbitration procedures it could be scary in reality After the potential ramifications of the pandemic the rule of conducting mediation and arbitration proceedings in-person is becoming more of an exception than a rule

Now Al-infused softwares have the potential to entirely replace human arbitrators in arbitration proceedings Where arbitration has ensured that the Courts may continue to function with legitimacy, effectiveness, and high standards Al on the other hand exemplifies an entirely different kind of challenge for the arbitration industry It is a difficult choice to make whether to give up the fundamental values that define humans in exchange for the benefits that machine driven arbitrators offer With its constantly growing capabilities, AI is slowly changing its course in terms of organization of different

A r t i f i c i a l I n t e l l i g e n c e a n d a r b i t r a t i o n : A p e r f e c t f i t ?

A n e w l e g a l f i e l d m ay b e t r a n s f o r m e d b y A I

sectors Alternative Commercial Dispute Resolution (ACDR) is one such area that is ready for this sort of revolution The ability of AI to manage enormous datasets is unrivaled In the context of ADR AI systems may examine previous dispute resolution data identify trends and provide suggestions for practical approaches to disagreements of a similar nature in the future With its data-driven algorithms, AI is able to assess a sizable amount of dispute resolution information It can spot patterns and trends, enabling efficient resolution techniques based on past precedents However it could be considered more of an advantage in ADR mechanisms in which the governing law system is common law It can use predictive analytics to provide parties with a likely projection of possible outcomes by looking at prior decisions, agreements, and mediation results with an aim to reach an amicable settlement AI technologies can automatically comb through enormous quantities of paperwork collecting relevant information and rationally arranging it using Optical Character Recognition (OCR) and Natural Language Processing (NLP) The amount of time needed to prepare for an arbitration hearing or mediation session might be greatly reduced as a result Moreover, in terms of monetization, all parties concerned can save a lot of money by automating ADR process steps using AI to save time and human resources that would otherwise be needed In dispute resolutions of International conflicts translation and transcription are regarded as of paramount importance

In such instances, real-time translation capabilities provided by AI-powered solutions can eliminate the need for human translators and stenographers AI relies on data and algorithms to function Theo-

retically, it is free of any feelings, biases, or preconceptions that could affect how people make judgments

Therefore AI can seem to be a shining example of objectivity guaranteeing consistent and impartial judgments based only on factual information and legal precedents AI technologies can ensure objective data analysis to maintain a fair playing field, especially in mediation where emotions might be volatile

Human arbitrators and mediators, on the other hand, bring to the table a wealth of knowledge, insight, and familiarity with the prevailing conditions They could however unknowingly harbour prejudices that might affect their impartiality Although AI relies on algorithms to make judgments it can be difficult to comprehend and analyze these algorithms Contrarily, human mediators and arbitrators may justify decisions, establish rapport, and promote trust, creating an atmosphere where parties feel heard and understood

Perhaps there are other options beyond “either/or” when it comes to the future of ADR Combining AI s data-driven methodology with human emotional intelligence may provide a fair, impartial, and more effective resolution mechanism While humans still make the final decisions, AI might help with evidence analysis and precedent retrieval

The language barrier is one of the most pressing issues with cross-border ADR procedures During mediation or arbitration sessions AI-powered translation technologies may deliver real-time accurate translations ensuring that all parties fully grasp the proceedings Beyond simple translation, powerful Natural Language Processing (NLP)-enabled AI systems may be trained to identify and understand cultural quirks idioms and col-

I t s e e m s t h e f u l l s u r r e n d e r o f p o w e r t o t h i s n e w t e c h n o l o g y i s a g a i n s t t h e e l e m e n t a l g o a l o f A D R , w h i c h i s t h e a c h i e v e m e n t o f j u s t i c e b a s e d o n h u m a n c o n s c i o u s n e s s . L e g a l p r a c t i t i o n e r s s h o u l d l e a r n h o w t o e m b r a c e A I Ês p o t e n t i a l a n d u t i l i z e i t t o t h e b e n e f i t o f t h e i r cl i e n t s a n d u s e r s r a t h e r t h a n f i g h t i n g i t

I f I n d i a k i l l e d a C a n a d i a n S i k h , T r u d e a u a n d o t h e r L i b e r a l P M s a r e a t f a u l t

AL JAZEERA a n d r e w M t r ov c a

CA N A D A is the world’s door-

mat A big insecure nation that pleads to be taken seriously as an indispensable global player is, instead, largely considered an inconsequential afterthought – a perpetual minor-leaguer in the major leagues of international affairs and diplomacy

That embarrassing fact was made plain yet again when earlier this week a stern-looking Prime Minister Justin Trudeau rose in the House of Commons to say that he wanted to share some pressing news with Canadians

The moment’s profundity was undercut by the undeniable impression that the dramatic scene – which included a sea of suitably solemn-looking members of parliament sitting in silence behind Trudeau – had been choreographed to burnish a bruised prime minister ’s standing as a man of gravitas and action

Speaking in a deliberate but determined tone Trudeau told Canadians that the country s spies and cops had recently been pursuing leads that agents of its G20 partner and democratic ally, India, may have murdered a Canadian on Canadian soil

It was an astonishing accusation that ricocheted instantly across Canada and across continents in stunned newsrooms that in their shocked state wrote fivealarm headlines which inferred that India was guilty as charged of the appalling, sovereignty-insulting crime But, having listened to Trudeau’s short, damning address carefully I’m not convinced – at this point at least

that the allegation is much more than that

Trudeau didn t provide any concrete ammunition

otherwise known as evidence – to support his stop-the-press claim Rather, he relied on standard, bureaucrat-approved weasel words to point an accusatory finger at New Delhi while giving himself exculpatory space to insist that he never actually intended to incriminate India in a murder plot Over the past number of weeks, Trudeau said, Canadian security agencies have been actively pursuing credible allegations of a potential link between agents of the government of India and the killing of a Canadian citizen Hardeep Singh Nijjar

Can you spot the three glaring weasel words the prime minister used not by accident but by careful design? That s right: “potential,” “link,” and “pursuing”

Potential is a long, long way from Canada’s spies and cops having established a connection tying unequivocally India s agents to the assassination of Nijjar a

Sikh separatist Any journalist with a smidgen of appreciation for the lovely usefulness of link knows that the word allows reporters and government officials, including, apparently, prime ministers, to imply that something is true without proving that it is true Finally by his own admission Trudeau has acknowledged that Canada s spies and cops are still pursuing the aforementioned proof No wonder A more serious and judicious prime minister ought, I think, to have waited to make a speech of such import and consequence until he or she was confident enough to employ proof and established Still assuming that India is in fact implicated in the killing of Nijjar let me address a question that is at the core of this unfolding schism between two supposed strategic and ideological chums Why did India believe that it had the licence to do it? The answer reveals the history of dithering and hypocrisy of a succession of Liberal prime ministers –who now claim to be deeply offended when Canada s sacrosanct sovereignty is treated, as I said, like a doormat – as well as their shameful complicity in the grievous harm visited upon innocent Canadians by other friendly foreign powers

Exhibit A: In 1998 my reporting revealed that Israel s security service

Mossad, continued the practice of obtaining Canadian passports for use in lethal covert operations, despite assurances from its top diplomat to then Liberal Foreign Minister Lloyd Axworthy – sealed with a hand-shake – that it would stop the blatant affront to Canada s sovereignty Israel double-crossed Canada even after then Liberal Prime Minister Jean Chretien briefly recalled his ambassador in Tel Aviv when Ottawa learned that Mossad officers disguised as tourists had been caught carrying doctored Canadian passports in a botched attempt to poison Hamas leader Khaled Meshaal in Amman Jordan, in 1997 Axworthy promised to investigate He and his boss did nothing, claiming, absurdly, that the story “could not be corroborated” Their sorry negligence confirmed that Liberal governments are ready to sacrifice Canada s prized sovereignty at the ever-agreeable frictionfree altar of Canadian-Israeli relations

Exhibit B: Trudeau told Parliament that:

“Canada is a rule-of-law country The protection of our citizens in defence of our sovereignty are fundamental Our top priorities have therefore been that our law enforcement and security agencies ensure the continued safety of all Canadians Sure they do It appears that Trudeau and his equally amnesiac caucus need reminding that Canada’s spies, cops, diplomats and lawyers have been responsible in hefty part for the “rendition” and torture of Maher Arar and the decades-old injustice endured by Hassan Diab – both Canadian citizens Not too long ago, a Liberal government was more than eager to dispense with Canada’s sovereignty and the “safety” of Arar, a software engineer, to curry favour with a rule-of-law-shattering United States administration headed of course by that abduction-and-tortureracket thug-turned-president George W Bush, in the disfiguring War on Terror Even though the Royal Canadian

Mounted Police and Canada s spy agency the Canadian Security Intelligence Service (CSIS), knew he was not a terrorist, they happily enabled – at the behest of their American colleagues – Arar ’s “rendition” ultimately to Syria There the devoted husband and father was imprisoned in a coffin-like cell doubled over for hours inside a tire and subjected to electric shocks

Indeed, in 2002, the former deputy director of CSIS admitted the agency s role in facilitating the horror Arar suffered, writing in a memo that: “I think the United States would like to get Arar to Jordan where they can have their way with him

A year later the same unrepentant spook – who was never held to account

contacted the Department of Foreign Affairs and International Trade to tell them that it was not in Canada’s interests to demand that the United States return Maher Arar” For his deplorable part Trudeau has allowed rabid French authorities –more interested in collecting a scalp than conceding the truth – to persist in their extrajudicial persecution of Diab, a sociology professor and father of two

Earlier this year, Diab was convicted in absentia of the bombing of a Paris synagogue more than 40 years ago that killed four and injured dozens Zealous French prosecutors first trained their crosshairs on Diab in November 2008 That s when oh-so-accommodating Canadian police arrested Diab pending an extradition hearing Diab was jailed for four months without charge

Having exhausted his appeals Diab was shipped to France in 2015 where he spent another three years in prison – often in solitary confinement In 2018, citing a lack of convincing evidence, two French investigative magistrates ordered Diab released At the time Trudeau said: “What happened to [Diab] never should have happened and [we need to] make sure that it never happens again Right Trudeau and Canada s acquiescent diplomatic corps have abandoned Diab to the wolves, intent on tarring another innocent Canadian as a “terrorist” Look here’s the unspoken rub Canadian prime ministers – Conservative and Liberal – are obliged to say that they will protect every citizen in the defence of Canada s sovereignty

Yet, Maher Arar, Hassan Diab and Hardeep Singh Nijjar are evidence of ingrained, two-tier citizenship that prevails in Canada where “old stock” Canadians – as former Prime Minister Stephen Harper once dubbed them – are more worthy of protection than others In this stubborn context, Trudeau s indictment of India oozes opportunism With familiar theatrical flair, the prime minister ’s splash to the nation has had the salutary effect of dominating a news cycle that lately has been – to put it charitably – unforgiving and helped to confirm his tough guy credentials in the face of unrelenting criticism that he has been soft on foreign interference

Anyone who dismisses or denies that Trudeau’s halting, curiously timed, and uncorroborated broadside wasn’t motivated in some measure by parochial political calculations is blind

loquialisms This can help to ensure that the parties underlying thoughts and intentions are properly understood and communicated

While there are many potential risks presented by AI securing its ethical and successful integration will require cooperation among engineers legal experts and legislators AI-enhanced ADR has the potential to completely reshape the nature of business dispute resolution improving its effectiveness and accessibility for all parties Even though AI would be better not to be considered an arbitrator or mediator due to the existing challenges it could aid as an assistant in the ADR mechanism to make it more efficient

The world we live in will continue to change as a result of AI s immense capabilities It is uncertain how much AI will affect our lives over the next few years, but it will continue to progress even if not indefinitely It is obvious that there is no proper mechanism to respond efficiently to growing AI in various fields of law, especially dispute resolution

It seems that due to the fast growth of AI in online dispute resolution and its benefits in ADR mechanisms we should revise the existing common conventions and regulations based on the upcoming requirements and prevent the total sovereignty of AI

It seems the full surrender of power to this new technology is against the elemental goal of ADR which is the achievement of justice based on human consciousness Legal practitioners should learn how to embrace AI s potential and utilize it to the benefit of their clients and users rather than fighting it

The writer is a lawyer based in Lahore

Wh e n M o d i r u n s f o r re - e l e c t i o n n ex t ye a r, h i s s u p p o r te r s w i l l n o d o u b t p o i nt to t h i s c a s e a s f u r t h e r e v i d e n ce t h at h e h a s c h a n g e d I n d i a’s i m a g e i n t h e wo r l d f ro m t h at o f a we a k s t ate to a s t ro n g o n e

hind the killing but nobody being able to prove it This would, in turn, keep our diplomatic stature intact

The chances are though that in stonewalling the Canadians we may come off less like Israel and more like OJ Simpson: not achieving plausible deniability so much as engaging in an if I did it celebration that cements our guilt in the world s mind

KOREA HERALD

M i h i r S h a r M a

CA N A D I A N Prime Minister Justin Trudeau’s dramatic statement in parliament that there were “credible allegations Indian intelligence was behind the murder of a radical Sikh activist in British Columbia came as a shock to many in India for a couple of reasons For one thing, most of us still believe that we’re the good guys and our government doesn’t do this kind of thing

More importantly if India actually did conduct an assassination on Western soil which its Foreign Ministry strongly denies it would represent a pretty major escalation of the country s covert struggle against both non-violent dissidents and active supporters of militant separatism abroad Even the most fervent supporters of the government’s muscular approach to foreign policy should have qualms about that possibility

Prime Minister Narendra Modi has long pledged to change India s traditionally quietist approach to international relations After a terrorist attack in Indian Occupied Kashmir in 2019 he declared in a much-quoted campaign speech that his policy was to “barge into (their) homes and kill them

Everyone knew that he meant in particular, the homes of extremists living abroad That was followed quickly by an air force raid into Pakistani territory that targeted a supposed terrorist training center The mission was wildly popular: Leaders in Modi’s party argued that it helped them sweep general elections a few weeks later

On right-wing social media where the Indian establishment often tests out its narratives before adopting them on the world stage, there was both jubilation and a bit of confusion after Trudeau’s speech Some commenters seemed to assume we did carry out the hit and should be proud of how powerful a nation we have become Others tried to argue we didn t do it and Trudeau was an obvious liar Many tried both, sometimes in the same tweet Some in India no doubt hope the government will be able to pull off an Israel-like strategic ambiguity here with everyone suspecting that our intelligence services were be-

After all, the fact that things have gotten this far is already a diplomatic and intelligence failure The murdered man Hardeep Singh Nijjar may not have been the saintly community leader and civil-rights activist that some Canadian politicians are making him out to be Nevertheless, once Canadian officials raised the issue privately, the priority should have been to keep Trudeau from making a fuss about it as long as he only had “accusations” to level

Instead the meeting between Trudeau and Modi at the G-20 summit in New Delhi recently, where the Nijjar killing was discussed, seems to have been a trainwreck for the ages Trudeau said he brought the accusations to Modi “personally and directly ” The official Indian readout of the meeting meanwhile makes only one point accusing Canada of supporting a nexus of religious militancy and organized crime drug syndicates, and human trafficking

There s a lot we still don t know about this case The official Indian view, that the Canadian establishment is riddled with sympathizers of the Sikh separatist movement who have allowed extreme viewpoints to color a murder investigation may turn out to have some merit in it

What matters now is that the Canadians conduct an investigation that is as transparent as possible, and the Indian government cooperates as publicly as it can

If there turns out to be sufficient evidence that this was a state-sponsored killing we must then accept that there is a qualitative difference between this and past Indian policy on extremism abroad Sure, New Delhi is believed to have had militants in exile in Pakistan killed in the past The larger diaspora has always been off-limits though even when relations with the West were far worse than they are now

When Modi runs for re-election next year, his supporters will no doubt point to this case as further evidence that he has changed India’s image in the world from that of a weak state to a strong one Yet, it is one thing to have the power to reach across continents and kill those you fear; it is another thing entirely to do it in a manner that insults your friends and the values they and you supposedly cherish To the rest of the world, we might end up looking a lot more like Rwanda or Russia than Israel or the US

SarMad Sattar

I n d i a n e e d s t o s t o p t h e b l e e d i n g f r o m

C a n a d a k i l l i n g

X I T O AT T E N D O P E N I N G C E R E M O N Y O F 1 9 T H A S I A N

G A M E S , K I C K I N G O F F M A J O R D I P LO M AT I C E V E N T

CHINESE President Xi Jinping will attend the opening ceremony of the highly expected 19th Asian Games to be held in Hangzhou from Friday to Saturday and will hold a welcoming banquet and bilateral events for foreign leaders attending the ceremony the Chinese Foreign Ministry announced on Thursday

Hangzhou the host city is now under the global spotlight as it welcomes about 12,000 participants from 45 countries and regions across Asia, marking it the largest Asian Games ever

The Games – China’s first mega-event since the 2022 Beijing Winter Olympics –will not only serve as an occasion for showcasing the solidarity among Asian countries amid the frequent interference of US-led

Western forces in its regional affairs and demonstrating China s inclusiveness and openness, but will also give a new push to economic recovery, as the sports event itself is an important pipeline for stimulating economic activity in the host city and even the host country boosting exchanges and strengthening public confidence in its future prospects experts said

The launch of the Games also unveiled a major diplomatic event in China this fall

The foreign leaders attending the opening ceremony in China include King Norodom Sihamoni of Cambodia President Bashar

a l - A s s a d o f S y r i a C r o w n P r i n c e S h e i k h

M e s h a l A l - A h m a d A l - J a b e r A l - S a b a h o f

K u w a i t , P r i m e M i n i s t e r P u s h p a K a m a l

Dahal Prachanda of Nepal, Prime Minister Xanana Gusm?o of Timor-Leste, Prime

M i n i s t e r H a n D u c k - s o o o f S o u t h K o r e a a n d S p e a k e r o f t h e D e w a n R a k y a t o f

M a l a y s i a J o h a r i b i n A b d u l C h i n e s e F o r-

eign Ministry spokesperson Hua Chunying said on Thursday In addition the Sultan of B r u n e i s r e p r e s e n t a t i v e P r i n c e H a j i S u f r i Bolkiah, the Emir of Qatar ’s representative S h e i k h J o a a n B i n H a m a d B i n K h a l i f a A l Thani Prince Faisal bin Hussein of Jordan P r i n c e s s S i r i v a n n a v a

attend related events the spokesperson said

Asian Games, also called the Asiad, is a multi-sport event that takes place every four years

19th edition of the Games was originally scheduled to take place in China in 2022 but was postponed due to the COVID-19 pandemic It s not only a sports event but also a major diplomatic activity showcasing the solidarity among Asian countries, and the many foreign leaders and senior officials attending the event also reflected a consensus on building a community with a shared fu-

ture in Asia,” Li Haidong, a professor at the China Foreign Affairs University told the Global Times on Thursday Such a large-scale attendance also shows the wide recognition of China s role in inter-

Israel, S audi Arabia close to normalizing diplomatic relations

NEW YORK

Ag e n c i e s

Israeli Prime Minister Benjamin Netanyahu and Saudi Arabian Crown Prince Mohammed bin Salman (MbS) have hinted at the possibility of a normalizing diplomatic relations between their nations

In interviews and meetings in New York, they expressed optimism about the potential for normalization Netanyahu speaking after a meeting with U S President Joe Biden declared

Under your leadership Mr President we can forge a historic peace between Israel and Saudi Arabia

He believes such a peaceful relation could be a crucial step towards resolving the Arab-Israeli conflict and fostering reconciliation in the region

MbS echoed this sentiment while speaking to Fox News saying Every

day we get closer to normalizing relations with Israel However, he emphasized the importance of addressing the Palestinian issue as part of the negotiations Both leaders emphasized their mutual concern about Iran’s nuclear ambitions MbS warned that if Iran were

to obtain a nuclear weapon Saudi Arabia would consider acquiring one for security reasons, though he expressed a desire to avoid such a scenario

The United States has been actively working to facilitate this potential peace deal seeing it as a significant diplomatic

achievement

It could help reduce tensions in the Middle East counter Iran s influence and strengthen ties between the U S , Israel, and Saudi Arabia

However, challenges remain Saudi Arabia seeks U S support for its civilian nuclear program while Israel is cautious about making concessions to the Palestinians The U S Congress may also pose resistance given concerns about Saudi Arabia s past actions, including the killing of journalist Jamal Khashoggi

The path to peace is filled with obstacles but the prospect of Israel and Saudi Arabia establishing diplomatic relations is a historic development that could reshape the Middle East s geopolitical landscape

The world watches with bated breath as these nations inch closer to a potential peace agreement that may bring lasting change to the region

Sik h communit y protests against India over leader ’s k illing in Canada

LAHORE

Ag e n c i e s

The Sikh community staged a protest in Lahore on Wednesday against the Indian government in response to the killing of a prominent Sikh leader, Hardeep Singh Nijjar a vocal advocate of the Khalistan movement in Canada The Sikh community emphasised that Indian

intelligence agencies were involved in targeting Sikhs globally calling on the international community to take note of India s acts of terrorism

Speaking to the media former member of the Punjab Assembly Sardar Ramesh Singh Arora asserted t h a t I n d i a w a s i n v o l v e d i n t h e a s s a s s i n a t i o n o f t h e Khalistan leader “Indian government is fearful of the Khalistan ref-

erendum and is resorting to targeting Sikhs but Sikhs have a fundamental right to peaceful and democratic struggle for Khalistan he added

He said that Canadian Prime Minister Justin Trudeau has provided evidence of India s involvement in the killing of Sikh leader, adding that India has long been accused of spreading terrorism

The Sikh community also raised slogans against the Indian government and demanded that the international community must take notice of the atrocities and ethnic cleansing perpetrated against Sikhs by the Modi government Since the rise of BJP government incidents of oppression and violence against Sikhs and other minorities in India have increased significantly

Tension has grown between Canada and India after PM Trudeau said on Monday that his country was investigating “credible allegations” about the potential involvement of Indian government agents in the murder of Hardeep Singh Nijjar in British Columbia in June

Prime Minister Narendra Modi s government has rejected outright Canada s suspicions that New Delhi s agents had links to the murder Khalistan is the name of an independent Sikh state whose creation was the goal of a bloody Sikh insurgency in the 1980s and 1990s in India s northern state of Punjab during which tens of thousands were killed

As the ruling party at the time Congress led the fight against the separatists and eventually suppressed the insurgency

But it took the lives of key Congress leaders Prime Minister Indira Gandhi who was assassinated by her Sikh bodyguards in 1984 and Punjab Chief Minister Beant Singh who was killed in a bomb blast by Sikh separatists in 1995

Sikhs in Australia, Britain, Canada and the United States support the separatist demand and occasionally stage protests outside its embassies

Canada has the largest population of Sikhs outside the Indian state of Punjab with about 770 000 people reporting Sikhism as their religion in the 2021 census

national sports events and other international affairs demonstrating those countries’ willingness to coordinate and cooperate with China in promoting the cause of human progress Li said

Words ‘secular’, ‘socialist’ found removed from India’s Constitution

NEW DELHI

Ag e n c i e s

The Narendra Modi government of India plans to make the country a Hindu polity or so it is being feared Reportedly, the words secular and socialist appear to have been deleted from the preamble of the country s Constitution The words ‘secularism’ and ‘socialist’ have been found missing from the preamble in copy of the Constitution of India provided to the members at the inaugural session of the new parliament India has been declared a socialist and secular state in the Constitution The Modi government has apparently removed the words socialist and secular from the newly published copy of the Constitution Opposition leader Adhir Ranjan Chowdhury said the disappearance of the words ‘secular ’ and ‘socialist’ from the Constitution is very worrying The Preamble which explains the Constitution s philosophy and objectives was adopted by the Constituent Assembly on November 26, 1949 Like the Constitution itself, the Preamble can also be amended Previously, it was amended just once, during the 1976 Emergency of Indira Gandhi Among the gifts the lawmakers received by the government the day they walked into the new parliament building was a copy of the Constitution Congress leader Sonia Gandhi also said: In the Preamble the words ( socialist and secular ) were not there The Nationalist Congress Party of Sharad Pawar accused the BJP of displaying a biased mindset by removing the words ‘socialist’ and ‘secular'”

Chinese scholar says Modi’s suppression against minorities expands from India to abroad

ISLAMABAD Ag

Prominent Chinese scholar Prof Cheng Xizhong has said that the serious diplomatic incident between India and Canada that has occurred in recent days indicates that the grave consequences of the Hindu extreme nationalism promoted by the Narendra Modi-led Indian regime have expanded from within India to abroad and even as far away as North America Cheng Xizhong Visiting Professor of Southwest University of Political Science and Law in a statement said if Narendra Modi continues to suppress minority religions and ethnic groups such as Muslims, Kashmiris and Sikhs, the extremely grave consequences will not only lead to greater domestic turmoil in India but also have a serious impact that will further spread to the whole world Prof Cheng who is also a former Defense Attaché in South Asian countries noted that due to unbearable extreme Hinduism by the Indian authorities, Sikhs hoped to establish their own country Khalistan “This force was quite active from the 1960s to the 1980s but was subjected to bloody armed suppression by the Indian security forces In this situation some leaders and supporters of the Sikh separatist movement fled to Western countries where they have regained their foothold and influence Recently, over 42,000 Canadian Sikhs congregated at the Khalistan Referendum voting center in Malton, Ontario, following the assassination of Hardeep Singh Nijjar a prominent pro-Khalistan leader in Canada ” he added The Chinese scholar further noted that over the years the Modi regime has been vigorously promoting extreme nationalism that only reveres Hinduism

PLA’s new armed recon drone likely to join drills around Taiwan Island

tA f f c o r r e s p o n d e n t

The newly unveiled KVD002 armed reconnaissance drone of the Chinese People s Liberation Army (PLA) Army has likely participated in patrols and exercises around the island of Taiwan since 2022, identified then as the CH-4, analysts said on Thursday

Shortly after the KVD002 medium altitude long endurance unmanned aerial system was displayed for the first time in public at the 6th China Helicopter Exposition held in North China s Tianjin Municipality last week, media reports emerged to say that the KVD002 is a variant of the highly renowned CH-4 specially customized for the PLA Army

The aerodynamic design of the KVD002 on display at the expo boasted a high resemblance to that of the CH-4 and it carried the AR-1 air-to-ground missile that was also developed by the Aerospace CH UAV company, the developer of the CH drone series,

observers pointed out

Neither the PLA Army nor the Aerospace CH UAV company have officially remarked on the relationship between the KVD002 and the CH-4 as of press time

Since September 2022 and without the knowledge about the KVD002 the defense authority on the island of Taiwan has occasionally reported the presence of CH-4 armed reconnaissance drones during the PLA s daily patrols and exercises around the island, which have also sometimes featured Z-10 attack helicopters and KVD001 reconnaissance drones of the PLA Army The CH-4 has displayed its capabilities overseas and it was natural that it won int e r e s t f r o m d o m e s t i c u s e r s l i k e t h

conduct

the CH-4 into the PLA Army as the KVD002, more than 200 units of the CH-4 were sold on the international market as of November 2022, Aerospace CH UAV company told the Global

CORPORATE CORNER

B A N K O F E N G L A N D H A LT S R U N O F I N T E R E S T

R AT E H I K E S A S E C O N O M Y S LO W S

PR OFIT

R E U T E R S

TH E Bank of England halted its long run of interest rate increases on Thursday as the British economy slowed but it said it was not taking a recent fall in inflation for granted

OGDCL, NUST forge strategic par tnership to advance scientific, educ ational initiatives

ISLAMABAD: In a landmark development to address criticalExploration and Production (E&P) issues the Oil & Gas Development Company Limited(OGDCL) and the National University of Sciences and Technology (NUST) have forged astrategic partnership to drive innovation, research, and educational excellence inPakistan's energy sector OGDCL and NUST have signed a Document of Understanding (DoU), ushering in newopportunities for innovation research and educational excellence in Pakistan

The DoUwas signed by Mr Ahmed Hayat Lak CEO of OGDCL and Dr Rizwan Riaz Pro-RectorRIC representing NUST, in a ceremony attended by officials from both organizations Thiscollaboration marks the beginning of an exciting journey aimed at addressing critical E&Pissues while fostering a culture of innovation and research excellence within Pakistan Theformal signing ceremony took place at NUST and was followed by visits to the School ofNatural Sciences & Engineering Sciences (SINES) and the National Science andTechnology Park (NSTP) PR

Jazz, UNDP launch WISE Bootc amps to empower women entrepreneurs

A day after a surprise slowing in Britain’s fast pace of price growth, the BoE’s Monetary Policy Committee voted by a narrow margin of 5-4 to keep Bank Rate at 5 25%

Four members – Jon Cunliffe Megan Greene, Jonathan Haskel and Catherine Mann – voted to raise rates to 5 5% It was the first time since December 2021 that the BoE did not increase borrowing costs

There are increasing signs of some impact of tighter monetary policy on the labour market and on momentum in the

real economy more generally ” the MPC said in a statement It cut its forecast for economic growth in the July-September period to just 0 1% from August s forecast of 0 4% and noted clear signs of weakness in the housing market Growth for the rest of the year was likely to be weaker than previous forecasts the BoE said Record growth in workers pay which has been a big concern for the central bank, was not backed up by other measures of the labour market, it noted, suggesting the BoE’s policymakers expected it to slow down soon CPI inflation is expected to fall significantly further in the near term reflecting lower annual energy inflation despite the renewed upward pressure from oil prices, the BoE said But it said services inflation was expected to remain elevated

The BoE’s decision to pause its rate hikes came a day after the U S Federal Reserve also opted to keep borrowing costs on hold Last week the European Central Bank raised rates but suggested it might be the last for now

The MPC reiterated its message that it was prepared to raise borrowing costs again if needed Further tightening in monetary policy would be required if there were evidence of more persistent inflationary pressures, the statement said, and it repeated the guidance that monetary policy would be “sufficiently restrictive for sufficiently long” to get inflation back to its 2% target from 6 7% in August

Governor Andrew Bailey and other MPC members have recently suggested the BoE was close to pausing its run of interest rate increases but they have also stressed that borrowing costs are likely to remain high to ensure inflation pres-

Endeavor Pakistan, TPL Maps-sponored ‘C hasing Impac t ’ event draws entrepreneurial excellence

LAHORE P R

Endeavor Pakistan, a leading global organization dedicated to fostering entrepreneurship and supporting high-impact startups to scale, successfully hosted the "Chasing Impact" event at Colabs (Lahore Campus) co-sponsored by TPL in Lahore The event witnessed a remarkable turnout and brought together prominent venture capitalists emerging startups and renowned entrepreneurs nationwide for a day of insightful discussions, networking, and celebration

Sharing his excitement for the transformative potential of Pakistan’s tech ecosystem and how Endeavor aims to select then support the highest potential entrepreneurs to scale; Ali Oosman Founding MD - Endeavor Pakistan stated that Chasing Impact is about sharing Endeavor s vision to support the growth of the entrepreneurial ecosystem from the ground up We are excited to bring our global platform to the market and are proud to have already selected amazing Endeavor Entrepreneurs who represent the true potential of Pak-

Chair of APPNA Advoc ac y Committee Dr Attiqui S amdani visits PM&DC to promote collaboration

istan We are seeing some amazing companies in the pipeline and are confident that we will be able to help scale many more companies in the near future Sarwar Khan, CEO TPL Maps expressed his enthusiasm for the event adding that “Let us remember that in the world of entrepreneurship, impact is our compass innovation is our map and collaboration is our vehicle Together we embark on a journey to inspire innovate and connect for it s in these moments that we empower the change-makers of tomorrow

The founders of Bazaar, Abhi, Laam, and Sadapay - took to the stage to share details about their experience with Endeavor and the value they have captured from engaging with global mentors Key highlights included insightful presentations and panel discussions featuring leading local solutions like TPL Maps with strong representation from firms like FGV Zayn VC and Shorooq Partners, sharing valuable insights into the current landscape, trends, and opportunities These discussions offered a comprehensive understanding of the challenges and prospects that entrepreneurs face in securing funding

sures are squeezed out of the economy

In a separate statement on Thursday

Bailey welcomed the recent fall in inflation and BoE forecasts that it would continue to ease But there s no room for complacency, he said We need to be sure inflation returns to normal and we will continue to take the decisions necessary to do just that ”

The MPC agreed to speed up the pace of its programme to shrink the massive stockpile of government bonds that the central bank acquired over the past decade and a half as it sought to steer the economy through the global financial crisis and the coronavirus pandemic

As investors had widely expected the stockpile will be reduced by 100 billion pounds over the next 12 months – by a combination of sales and allowing bonds to mature – to a total of 658 billion pounds, the BoE said, faster than the 80 billion pounds reduction over the past year

Revolutionizing SUV L andsc ape: L aunch of Hyundai's S anta Fe is around the corner

L A H O R E : Hyundai Nishat Motor (Private) Limited (HNMPL) the fastest-growing automotive manufacturer in Pakistan is set to make waves in the country s automotive landscape with the imminent launch of the highly anticipated Hyundai SANTA FE Marking their 5th locally assembled

Completely Knocked Down (CKD) model, HNMPL continues to redefine the automotive industry in Pakistan

Building on the remarkable success of their previous models such as the Sonata Elantra and Tucson the Hyundai SANTA FE promises to usher in a new era of excellence in the SUV segment With a focus on advanced features and cutting-edge technology, this remarkable vehicle is poised to change the SUV landscape and emerge as a true competitor in the SUV market PR

Aneeq highlights need to strengthen Muslim unity, perception worldwide

ISLAMABAD: Jazz and UNDP launch the muchanticipated WISE (Women in Social Entrepreneurship) bootcamps to empower women entrepreneurs through the digital revolution, creating a symphony of opportunities for women across Pakistan The first WISE Bootcamp kicked off in Islamabad to be followed in Sukkur Hyderabad

Karachi Quetta Khuzdar Lasbela Multan Lahore

Peshawar Swat and Chitral To strengthen the startup ecosystem in Pakistan, in 2020, Jazz and UNDP partnered to launch SDG Bootcamps to promote social innovation and entrepreneurship by youth in Pakistan The SDG Bootcamps engaged 401 participants 40% of them being women entrepreneurs The solutions addressed by these enterprises included climate action health and digital transformation PR

Hashoo Group welcomes Ali Ibrahim as VP Marketing & Communications

ISLAMABAD: Hashoo

Group is delighted to announce the appointment of Ali Ibrahim as the Vice President,Marketing & Communications on a group level In his new role he will be directly reporting toDeputy Chairman and CEO of Hashoo Group Mr Murtaza Hashwani Established in 1960 by Mr Sadruddin Hashwani the Hashoo Group is Pakistan s premiumconglomerate with a diversified business portfolio spanning both national and internationalmarkets The Group owns and operates the Pearl-Continental Hotels & Resorts PC Legacy andHotel One brands and has business interests encompassing the information technology investment minerals commodity trading travel and tourism, and real estate sectors Ali holds a master s degree from Lahore University of Management Sciences (LUMS) and hasgarnered international professional training experiences from the Netherlands France andSouth Africa enhancing his global perspective and expertise Ali has over 17 years of experience in marketing project management communications andsustainability

Before joining Hashoo, Ali was serving as Head of Marketing & Communicationsat Mobilink Bank, Pakistan’s leading digital microfinance bank with over 40 million mobilewallets PR

I S L A M A B A D: The Chair of the Advocacy Committee of the Association of Physicians of Pakistan Descent of North America (APPNA) Dr Attiqui Samdani visited the Pakistan Medical and Dental Council (PM&DC) to strengthen ties and promote collaborative opportunities for the advancement of healthcare standards and professional support Dr Attiqui Samdani met President PM&DC Dr Rizwan Taj during the visit in a productive discussion The primary focus was to enhance cooperation between APPNA and PM&DC, with the shared goal of elevating healthcare practices, education, and regulation in both the United States and Pakistan The discussions underscored collaboration s importance in promoting positive changes in the healthcare sector Dr Samdani expressed APPNA s commitment to supporting PM&DC's initiatives aimed at ensuring high-quality continuing medical education, Continuing professional development, and ethical medical practices in Pakistanr PR

Interim Minister for Privatisation receives briefing on Pakistan Steel Mills transac tion

I S L A M A B A D: The Federal Minister for Privatisation Mr Fawad Hassan Fawad received a briefing from the Financial Advisor appointed by the Privatisation Commission in 2020 to oversee the Pakistan Steel Mills transaction The meeting was attended by the Secretary of the Privatisation Commission, as well as other senior officers and Consultants from the Commission During the meeting, the Financial Advisor s team provided a comprehensive overview including details from their due diligence report the transaction s structure the proposed scheme to create a new entity called Steep Corp the status of pre-qualified interested parties, and the major challenges impeding progress in the transaction It was emphasized that the successful completion of this transaction depended on resolving issues among various stakeholders and maintaining the

Zuberi, Kazi Asad Abid, Muhammad Athar Kazi and Kazi Sajjad Abbasi called upon Consul General of the People s Republic of China Mr Yang Yundong PR

NUST offers 6-month Certificate in Health Professions Education

I S L A M A B A D: With a view to enhancing knowledge and skills of healthcare professionals, theNational University of Sciences & Technology (NUST) has introduced a comprehensive 6-monthCertificate in Healthcare Professions Education (CHPE) The programme is geared towardsadvancing healthcare services vis-àvis patient experiences and overall healthcare outcomes The initiative comes at a time when Pakistan Medical & Dental Council (PMDC) has made itmandatory for all medical faculty to acquire this certification CHPE is tailored to the growing demand for highly skilled educators and trainers in thehealthcare industry Carefully designed by experts in the field, the curriculum equips healthcareprofessionals with the knowledge and skills needed to excel as educators and mentors in theseepoch-making times The healthcare industry currently faces unprecedented challenges withregard to improved affordability accessibility and quality of healthcare NUST recognises thesechallenges and is committed to addressing them by leveraging cutting-edge technologies NUST invites healthcare professionals, public and policymakers to join in this exciting journeytowards healthier and more connected future CHPE is open for enrollment now NUSTwebsite www nust edu pk may be visited for more information about the programme PR

ISLAMABAD: Minister for Religious Affairs and Interfaith Harmony Aneeq Ahmed on Thursday met with Muslim World League Secretary-General Dr Mohmmad bin Abdulkarim Al-Issa in Riyadh, and highlighted the urgent need to strengthen the unity and perception of the Muslim Ummah on the globe During the meeting, both the leaders explored solutions to issues facing the Muslim community through the MWL platform said a statement issued here Minister Aneeq emphasized the importance of adapting to modern knowledge and the necessity of both shortterm and long-term planning to alleviate poverty within the Muslim Ummah He acknowledged that contemporary challenges such as Islamophobia, climate change and increasing secularism required concerted efforts and dialogue with non-Muslim communities Minister Aneeq underscored the significance of fostering dialogue and understanding with non-Muslims, portraying it as a battle against ignorance rather than a clash of civilizations He stressed that Islam promoted humanity and service to all without any discrimination as “the duty to serve is essence of faith ” PR

Türkiye CG Cemal S angu, TİK A Coordinator Halil

Ibrahim Başaran and S indh S couts C hairman Hasan Feroz at a ceremony

KARACHI: Search and Rescue Basic Training, conducted by the Turkish Cooperation and Coordination Agency (TİKA) within the scope of the Emergency and Disaster Response Training Program (ADAMEP) in cooperation with the International Humanitarian Aid Association (IHH) and Sindh Boy Scouts Association, was attended by Consul General of the Republic of Türkiye in Karachi Cemal Sangu, TİKA Karachi Coordinator Halil Ibrahim Başaran and Sindh Scouts Chairman Hasan Feroz Speaking at the program held at Sindh Scouts Gulshan Training Center Consul General Cemal Sangu said that the disasters experienced in Pakistan Türkiye and recently in Libya and Morocco further increased the importance of search and rescue activities; Therefore, he stated that this training program is very important for both Türkiye and Pakistan PR

SENatOR DuRRaNI hOLDS FOLLOw-uP MEEtINGS wIth PRESIDENt aLvI, aSaD QaISaR

Confidence Building Measures (CBMs)

SECP introduces Shariah Governance Framework 2023

ISLAMABAD

M I A N A B R A R

N a major development former information minister Senator Mohammad Ali Durrani made a significant breakthrough on Thursday and held a follow-up meeting with President Dr Arif Alvi here at Aiwan-eSadr as the efforts for opening a dialogue between Pakistan Tehreek-i-Insaf (PTI) and military establishment entered its second round

A handout issued from Presidency gave no specific details about the second meeting held in the past fortnight though this time around a formal photo and official statement was released

Former Minister and Senator Mohammad Ali Durrani called on President

Dr Arif Alvi here at Aiwan-e-Sadr Political situation was discussed during the meeting,” said the handout

The meeting comes on heels of sudden return of former premier Shehbaz Sharif to London within 48 hours of his arrival reflecting an apparent new gulf development with the establishment after hard-hitting statement by Nawaz Sharif lately, calling for accountability of former army chief General (R) Qamar Javed Bajwa and former Director General of the ISI Lt General (R) Faiz Hameed besides some retired and serving judges

under article 6 of the Constitution

Later in the day, a PTI delegation led by former Speaker National Assembly Asad Qaiser called on Senator Durrani in the federal capital “The meeting held a detailed discussion on important issues regarding national unity During the meeting while keeping the wider national interest of the country and the nation the importance of national consensus was also discussed, said a handout issued by PTI Khyber Pakhtunkhwa (KP)

During the meeting the handout said there was a principled agreement on the importance and effectiveness of the points made by Senator Mohammad Ali

Mar yam Nawaz , Shehbaz Sharif leave for London

Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif and Senior Vice President Maryam Nawaz left for London from Lahore Airport in the wee hours of Thursday

PML-N supremo Nawaz Sharif has summoned Maryam Nawaz and PML-N President Shehbaz Sharif to London to hold consultations over the political and constitutional matters

Both the uncle and niece flew to the British capital via Doha through private airlines in separate flights

In London Shehbaz Sharif is scheduled to hold an important meeting with his brother and PML-N supremo Nawaz Sharif Shehbaz Sharif had return to Lahore on Monday night Prior to his departure from London, the PML-N president had announced October 21 as the date for Nawaz Sharif ’s return to Pakistan to spearhead the party’s election campaign Maryam is reportedly accompanied by her younger daughter is scheduled to meet her father and brothers in London According to PML-N sources Nawaz Sharif will finalise the plan for his much-awaited homecoming after consultation with Shehbaz Sharif and Maryam Nawaz

Following Maryam Nawaz departure, former interior minister Rana Sanaullah will be looking after the preparations for a reception for Nawaz Sharif s impending return on October 21

While in UK Maryam Nawaz and Shehbaz are scheduled to discuss details of the PML-N supremo s return on October 21

On Wednesday, Shehbaz Sharif and Maryam Nawaz exchanged views on the return of the party supremo to the country

Education institutions halt transpor tation facilit y due to lack of funds for fuel

ISLAMABAD S TA F F R E P O R T

The government schools and colleges of Federal Capital have halted the transportation facility for poor students using buses to and from schools and colleges owing to the lack of funds for fuel

The inner sources have revealed that the transport service for children at the educational institutions in the federal capital has once again been terminated Currently, the bus service of colleges including Islamabad Model College for Boys F-8/4 and Islamabad Model College for Girls F7/4 have stopped their bus service owing to the shortage of funds for fuel (diesel)

Meanwhile Caretaker Federal Minister for Education and Professional Training Mr Madad Ali Sindhi took notice of this issue and sought a report in this respect

Sources further stated that buses of more colleges will also be stopped from Monday, while most of the children of colleges in Islamabad may be deprived of transportation facilities from next week

On the other hand parents viewed that at a time when the academic session is about to middle and students mid examination are going to be held in the next month October, it is cruel to end the transport facility

Durrani regarding Pakistan democracy and the armed forces for the cause of national harmony and unity

“The PTI delegation acknowledgment of Mohammad Ali Durrani’s efforts for promoting political harmony in the country and solving the crisis on behalf of the PTI delegation At the meeting there was complete agreement on the promotion and continuation of the efforts for improving relations, the statement added

Though Senator Durrani remains tight-lipped about his meeting with Dr Alvi sources told Pakistan Today that Senator Durrani had shared three proposals with Dr Arif Alvi which are called

to help bring down the heat between the PTI and establishment

The sources said that Asad Qaisar had actually met Senator Durrani on Wednesday night and being an old comrade of Senator Durrani he assured his full support to his initiative

When contacted, PTI leader Barrister

Mohammad Ali Saif said that the PTI welcomed the initiative of Senator Durrani

“We welcome any initiative that is aimed at bringing down temperature in the best interest of the country he said and added that any initiative in interest of the country is appreciable

It may be mentioned that Senator Durrani and Asad Qaisar are longtime friends and comrades as both used to work together in Jama’at-e-Islami’s youth chapter called Pasban back in 1980-90s Senator Durrani was top central leader of Pasban while Asad Qaisar used to head the provincial chapter of Pasban Khyber Pakhtunkhwa Both Durrani and Qaisar then joined Imran Khan in his fund-raising campaign for Shaukat Khanum Memorial Hospital

However Durrani left Imran Khan in 1996 and did not support his launching of the PTI while Qaisar went along with Imran Khan and parted ways with Durrani and continued to support Imran Khan’s PTI

In a stride towards enhancing the regulatory landscape of Islamic finance the Securities and Exchange Commission of Pakistan (SECP) has unveiled the Shariah Governance Regulations, 2023

These regulations mark a major overhaul, amalgamating and superseding the prior Shariah Governance Regulations of 2018 and the Shariah Advisors Regulations of 2017

Under the authority granted by Section 512(1) in conjunction with Section 451 of the Companies Act, 2017, the new framework introduces several pivotal changes A notable highlight is the introduction of voluntary Shariah supervisory boards, providing organizations with the option to establish dedicated bodies for overseeing compliance with Shariah principles This innovative approach is poised to foster a more robust adherence to Islamic finance principles

Furthermore, the Shariah Governance Regulations, 2023, now encompass a comprehensive framework for Shariah stock screening of listed securities, ensuring that Islamic ethical standards are upheld throughout the financial markets Importantly the jurisdiction of Section 451 of the Companies Act has been reinstated extending its reach to encompass all securities

One of the key enhancements is the elimination of the need for periodic renewal of Shariah-compliant securities This simplifies compliance procedures for market participants, streamlining their operations Additionally the qualifications and experience prerequisites for Shariah advisors have been bolstered to ensure that these experts possess the necessary expertise to guide organizations effectively Moreover, the regulations have redefined the powers and functions of Shariah advisors, granting them the authority to offer their services across all regulated sectors This change paves the way for a more cohesive approach to Shariah compliance regardless of the sector in question

Coal power plants in the country are allegedly charging prices for imported coal whilst using low-quality coal in their plants The plants are supposedly doing this to take advantage of the high prices of coal on the international market The revelations were made during a hotly followed public hearing of the National Electric Power Regulatory Authority (NEPRA) on coal pricing mechanism

During the NEPRA s public hearing, it was informed that the coal power plants are manipulating prices of coal by importing poor quality of coal for power plants The coal power plants use offspec coal but they were charging the price of higher quality coal

These coal-based power plants had committed to use coal containing 6000 calorific values (CVs) but they had been importing coal with 4500 to 5500 CVs So, they were using offspec coal but they were charging the price of higher quality coal

Coal price should be scaled down based on quality of coal while coal power plants were demanding the rate for 6000 CVs it was informed during the public hearing

It was also informed that these coal power plants had inked agreements with traders whereas these agreements should be signed with coal mines owners Similarly, these plants were receiving different discounts on CVs sulphur and moisture and were not ready to give discounts to the power consumers Furthermore they were receiving different discounts

on CVs, sulfur, and moisture, but were not ready to give discounts to the power consumers

During the NEPRA hearing it was further informed that Pakistan had been facing issues of exchange rate and opening Letter of Credits (LCs) for coal import Officials of the power division informed that a few Chinese banks were ready to open LCs in RMB, and coal-based independent power plants (IPPs) should consider importing coal in RMB

During the hearing, the issue of importing coal through spot purchases was also raised

A point was raised in the meeting that according to power purchase agreements signed with imported coal-based power plants the IPPs can import 10 percent coal through the spot market Upon this, the regulator suggested an increase in the share from 10 to 20 percent and the coal should be imported through a bidding process to get competitive price of coal from local and international markets

The coal-based IPPs representatives said that they had long-term contracts with coal suppliers and therefore got the price through negotiation About the API 4 differential, they said that they had faced a sudden deduction of differentials without prior notice They said that it was done without an open hearing and the fuel cost component was applied They said that 44 ships had been affected due to this

Now how can I change the contract through a notification from NEPRA? a coal-based IPPs representative said in bewilderment The entire process will be disrupted if we are directed to go to the spot market,” they said

Verified refugees shouldn’t be jailed: IHC

The Islamabad High Court (IHC) has asked the federal government to establish a mechanism in accordance with Article 31 of the Refugee Convention 1951

This mechanism should enable refugees to voluntarily report upon arrival in Pakistan that they seek refuge and wish to register with the United Nations High Commissioner for Refugees (UNHCR) to seek asylum in a third country “It must also be noted that in a case where the state has initially registered an FIR [First Information Report] under the Foreigners Act [1946] but has subsequently verified through the instrumentality of [the] UNHCR that the foreigner in question is a bona fide and legitimate refugee seeking asylum in a third country, the state is not a hapless bystander

Upon verification of the refugee status of a foreigner by [the] UNCHR, the refugee must not be kept incarcerated like an under trial prisoner ” said a 21page order authored by IHC judge Babar Sattar

An Afghan woman Rahil Azizi had moved the IHC against registration of a FIR against her under the Foreigners Act, 1946 for entering Pakistan without a visa

The IHC quashed the FIR against Rahil, noting that the Constitution grants the right of asylum It instructed the Ministry of Interior to issue a no-objection certificate (NOC) to the Afghan woman for traveling to Australia which has issued a visa to her The court asked the gov-

ernment to make arrangements to lodge refugees independently or in association with the UNHCR so that until recognition of their refugee status and decision on asylum applications such refugees are not locked up in prisons

The government must also frame SOPs [Standard Operating Procedures] to direct police authorities to release an accused refugee [booked] under Section 169 of CrPC [Code of Criminal Procedure] “Or [it should] file an appropriate report under Section 173 of CrPC or file an appropriate application under Section 494 of CrPC forthwith to withdraw from the prosecution of the foreigner depending on the stage in the case in question once the refugee status of the foreigner has been recognized by UNHCR and his application for grant of asylum is under process or has been approved “This will ensure that a foreigner seeking refuge is not unnecessarily charged and where the charge has been framed such foreigner can be acquitted in respect of any offence under the Foreigners Act [1946] that he/she has been charged with It said the Ministry of Interior can issue an appropriate exit permit to enable such foreigners to travel to the country that has granted them asylum Facilitating the settlement of a refugee in a third country would not just burnish the credentials of Pakistan as a polity that understands the plight of refugees given that it has shouldered the burden of refugee settlement from neighboring countries It would also be a sensible public policy choice to reduce litigation and prevent further burdening of the criminal justice system with unnecessary trials, the verdict said

Another noteworthy feature is the introduction of a standardized format for independent assurance reports by external Shariah auditors, aligning with guidelines established by the Institute of Chartered Accountants of Pakistan (ICAP) This ensures transparency and consistency in Shariah compliance assessments

The formulation of these pioneering regulations was a result of extensive public consultation with input from various stakeholders including representatives from listed companies, brokers, asset management companies, mutual funds, and Shariah advisors This collaborative approach ensures that the regulations are reflective of industry needs and best practices

The unveiling of the Shariah Governance Regulations 2023 is poised to have a transformative impact on the Islamic finance sector in Pakistan This comprehensive framework is expected to instill confidence in Islamic finance, attracting both local and international investors Additionally, it will contribute to financial stability and foster innovation within the sector, aligning with SECP’s strategic priorities

Furthermore these regulations are anticipated to stimulate growth in sectors that adhere to Islamic principles further reinforcing Pakistan s commitment to Islamic finance

The Shariah Governance Framework 2023 represents a milestone in the evolution of Islamic finance regulation in Pakistan, setting the stage for a more transparent compliant and investor-friendly financial ecosystem

Eight terrorists killed in Jani Khel, Datta Khel IBOs: ISPR

RAWALPINDI

Eight terrorists were killed during exchange of fire with security forces in two separate intelligence-based operations in Khyber Pakhtunkhwa the military’s media affairs wing said on Thursday According to a statement issued by the Inter-Services Public Relations (ISPR) the first operation was conducted in the Jani Khel general area of Bannu district An intense fire exchange took place between own troops and terrorists Resultantly, six terrorists were sent to hell while five were apprehended,” it stated The ISPR said the terrorists were involved in numerous terrorist activities against security forces including facilitation of motorcycle borne suicide attack on a military convoy in Jani Khel on August 31 during which nine brave sons of soil laid their lives The second operation was conducted in the general area Datta Khel, North Waziristan District “Two terrorists were sent to hell in a fierce encounter between security forces and terrorists ” the ISPR said It added that weapons and ammunition were also recovered from the slain terrorists and sanitisation of the surrounding areas was being carried out in the area Locals of the area appreciated the operation Security forces of Pakistan remain determined to eliminate the menace of terrorism, the military s media wing added Pakistan has witnessed an uptick in terror activities in recent months especially in KP and Balochistan after the TTP ended its ceasefire with the government in November last year

Pakistan Tehreek-e-Insaf (PTI) Spokesperson strongly reacted to the inclusion of new clauses including the charge of ‘criminal conspiracy and sedition into all May 9 cases against PTI Chairman Imran Khan saying it seemed a well-thought-out scheme to minus Khan and PTI from politics

The PTI spokesperson categorically rej e c t e d a l l a l l e g a t i o n s l e v e

Chairman

He said that the adding of further clauses in the May 9 case provided further evidence that the perpetrators were acting well beyond the domains of constitution and rule of law This is in spite of the fact that on the day of the incident, Khan was in the custody of NAB and completely cut off from the world outside,” he added PTI spokesperson stated that adding further clauses in a whimsical manner will not help the cause of justice adding that the controversy surrounding the incident of May 9 can come to rest only if it is thoroughly probed by a high-powered judicial commis-

sion leading to the guilty dealt with in accordance with the law of the land “Every other route will further perpetuate the impression that it is a false fabricated pre-meditated and pre-orchestrated trial solely meant to punish PTI Chairman for alleged crimes he had absolutely nothing to do with,” he added PTI spokesperson went on to say that imposing serious charges like incitement to rebellion on the leader and workers of the country s largest party was the worst attempt to target the party of the extrajudicial revenge and actions

PTI spokesperson stated that the ongoing illegal actions against PTI under the guise of May 9 were clearly indicating the nefarious intention to minus Khan and PTI from politics adding that over 180 fake and fabricated cases were registered against PTI Chairman under a well-thought-out plan despite the fact he strongly condemned the arson incidents of May 9 while standing in the Supreme Court which was also made part by the top court in its decision He stated that PTI Chairman demanded a high-level judicial inquiry into the May 9 incidents but no progress has been made till date

PTI spokesperson noted that the addition of new provisions in the May 9 cases was an attempt to protect the real culprits involved in these incidents He demanded that the apex court should take notice of the inclusion of serious clauses like sedition in politically motivated cases against PTI, insisting that actions should be taken against the police officers involved in this criminal use of the law including other prosecution authorities PTI Spokesperson said that a high-level judicial investigation should be conducted in the light of PTI Chairman s demand to determine the real characters of the May 9 incidents