Epaper_23-09-29 ISB

Profit

COAS REAFFIRMS RESOLVE AGAINST SMUGGLERS AND HOARDERS WITH IMF REVIEW AROUND CORNER

comes in wake of a crackdown on currency exchanges

In a week marked by the continued recovery of the Pakistani rupee, Chief of Army Staff (COAS) General Asim Munir vowed that the crackdown against smuggling and a litany of other illegal activities would continue with full force General Munir made the statement during a meeting of the Provincial Apex Committee of Punjab Flanked by caretaker Chief Minister Mohsin Naqvi, the COAS said that illegal activities such as smuggling, hoarding and panic on the forex market had resulted in detrimental consequences for the economy The strongly worded statement comes in the wake of a crackdown against currency exchanges all over the country and the establishment of currency exchanges by the country’s major banks As a result of these strict measures the Pakistani rupee has risen sharply against the value of the dollar to Rs 287 on Thursday Market speculations expect that the greenback will continue to fall and that the rupee will settle somewhere around the Rs 250 to Rs 260 mark At the same time the country s caretaker setup has been actively making statements and planning to continue to wrestle down the dollar

The statement comes at a crucial time when the caretaker setup is ready to begin talks with the International Monetary Fund on the quarterly review of the $3bn Standby Arrangement next month

It is important to remember that the IMF had set a condition as part of the agreement that the gap between the interbank and open market rate of the dollar would not exceed more than 1 25% One of the biggest reasons for the recent crackdown that has resulted in respite for the rupee has been to meet this bench-

Gov t expects $700m from IMF under SBA

Arrangement (SBA) of the IMF Briefing the Senate Standing Committee on Finance and Revenue caretaker finance minister said that the government will deliver on the IMF programme to secure US$700 million under SBA In addition the government is also expecting $450 million from World Bank and $250 million from IDB She further said that the government targets an increase in SBP FX Reserves to US$ 12 billion (3 months of import cover) by June 2024 based on higher official inflows and pick up in FDI under the SIFC She said that the key risk to external stability comes from the rise in international commodity prices She said that Brent crude prices have jumped to $ 95/bbl in Sept, an increase of 27% from $ 74 /bbl in June 2023 Finance minister said that the caretaker government has taken proactive measures to stabilize the economy and build market confidence The government s stabilization efforts are anchored around the IMF stabilization package, she added

mark The idea behind this condition is simple IMF suspects that SBP in the past has been coercing the banks into keeping the dollar rate artificially low in the interbank market The IMF does not like this as this encourages imports and discourages exports making the dollar reserve situation even worse IMF it seems also believes that the open market is much more difficult to coerce and by requiring the rates in the two markets to be close to each other, it was hoping to keep the interbank rate nearer to

the market reality But not only was this condition not being met, the delta was so high that even if the IMF was not making us do it, such a wide gap was abnormal

In July the IMF executive board had approved the much-needed nine-month SBA with Pakistan to support its economic stabilisation programme The approval had allowed for an immediate disbursement of $1 2bn, with the rest to be phased over the programme’s duration subject to two quarterly reviews The second quarterly re-

Imran nominated prime accused as police submit challan of May 9 cases

LAHORE

S Ta F F r E P O r T

Former prime minister Imran Khan was nominated as the prime accused in a challan submitted before an antiterrorism court on Thursday pertaining to 11 cases registered following the May 9 riots

The challan pertaining to incidents of vandalism at the Lahore Corps Commander s House (Jinnah House) Askari Tower, Shadman Police Station and Sherpao Bridge during nationwide protests that broke out following Imran’s arrest on May 9 by the paramilitary Rangers nominates the Pakistan Tehreek-e-Insaf chief and other party leaders as prime accused

PTI chief Imran founding party member and former Punjab governor Omar Sarfaraz Cheema former provincial ministers Mian Mehmoodur Rashid and Dr Yasmeen Rashid, fashion designer Khadija Shah and S a n a m J a v e d , a r e a m o n g t h e a c c u s e d n a m e d i n t h e challan

Imran was arrested on May 9 from the premises of the Islamabad High Court (IHC) where he had appeared for proceedings related to the Al-Qadir Trust case Nationwide protests broke out shortly after his arrest with rioters attacking key government and military installations, among other acts of vandalism

The state responded by shutting down internet and mobile services for four days severely hindering the flow of information as well as adversely impacting economic functions in the country

The state has since rounded up thousands of PTI leaders and workers with a majority of them hailing

from Punjab Scores of them including the prime accused in the challan submitted today (Thursday) remain incarcerated while at least 102 suspects are currently detained in military custody pending trials under the Pakistan Army Act read with the Official Secrets Act – both of which were amended earlier this year

The PTI chief was released on May 11 after the Supreme Court declared his arrest by the paramilitary force illegal He was arrested for the second time on August 5 after a local court in Islamabad convicted him in the Toshakhana case effectively ending his prospects for taking part in the upcoming general elections

He remains behind bars with over 150 cases pending against him Meanwhile, the police also submitted on Thursday a challan pertaining to an arson attack on Justice Mazahar Ali Akbar Naqvi’s squad car

Implementation of Faizabad sit-in r uling would’ve aver ted ‘serious incidents’ af ter wards: CJP

g D e f e n c e M i n i s t r y, P T I a n d I j a z u l H a q a l s o j o i n I B, Pe m r a t o w i t h d r a w

Chief Justice of Pakistan Qazi Faez Isa on Thursday asserted that future serious happenings” could have been averted had the apex court’s verdict on 2017 sit-in at Islamabad’s Faizabad been implemented

Had this verdict been implemented at that time serious incidents afterwards would not have taken place the CJP observed while hearing a set of review petitions challenging the apex court’s verdict

A three-member bench including

Chief Justice of Pakistan Qazi Faez Isa

Justice Aminuddin Khan and Justice

Athar Minallah took up the pleas

During the hearing the Defence Ministry through the federal government, the PTI and Ijazul Haq joined the Intelligence Bureau and the Pakistan Electronic Media Regulatory Authority (Pemra) to withdraw their pleas prompting the CJP to ask why is everyone so afraid to speak the truth

Attorney-General for Pakistan (AGP) Mansoor Usman Awan, who was representing the federal government, assured the court that the decisions of the Faizabad judgement would be implemented

Hafiz Ahsaan was present as Pemra s counsel while the MQM s lawyer did not appear before the court

Accepting the plea of Awami Muslim League (AML) chief Sheikh Rashid’s counsel to adjourn the hearing the Supreme Court adjourned it till November 1 and directed the respondents counsels to submit a written response by October 27 Authored by Justice Qazi Faez Isa years before he took oath as the chief justice of Pakistan (CJP) the searing judgement had instructed the defence ministry and the tri-services chiefs to penalise personnel under their command who were found to have violated their oath

It had also directed the federal government to monitor those advocating hate extremism and terrorism and prose-

cute them in accordance with the law Adverse observations were also made against several government departments for causing inconvenience to the public as the 20-day sit-in paralysed life in both Islamabad and Rawalpindi Pleas were subsequently moved against the verdict by the Ministry of Defence the IB the PTI Pemra the Election Commission of Pakistan (ECP) the Muttahida Qaumi Movement (MQM) Rashid and Ijazul Haq However, earlier this week, the IB and Pemra approached the apex court, seeking the withdrawal of their review petitions in the case stating that they did

view under the SBA, due in October, would be based on end-September data that would secure the disbursement of about $710 million worth of the second tranche in December Thanks to the current environment in which the dollar has been dampened, the data for September will help Pakistan go back to the IMF for the current review with heads held high As has been the norm of late the meeting involving the COAS also spoke regarding the Special Investment Facilitation Council and its role in the economy in the days to come T h e I S P R s a i d t h e f o r u m w a s a l s o a p p r i s e d o f p r o g r e s s o n t h e S p e c i a l I nv e s t m e n t F a c i l i t a t i o n C o u n c i l a n d G r e e n P u n j a b i n i t i a t i v e s L a w e n f o r c e m e n t a c t i o n s a g a i n s t a s p e c t r u m o f i l l e g a l a ct i v i t i e s w i l l c o n t i n u e w i t h f u l l f o r c e i n c o l l a b o r a t i o n w i t h t h e L E A s a n d t h e c o n c e r n e d g o v e r n m e n t d e p a r t m e n t s t o r i d P a k i s t a n o f t h e s u b s t a n t i a l e c o n o m i c l o s s e s i t c o n t i n u e s t o s u f f e r d u e t o p i lf e r a g e d o n e b y d i f f e r e n t m e t h o d s t h e m i l i t a r y s m e d i a w i n g q u o t e d G e n M u n i r a s s a y i n g Earlier this month, the army chief had also met the business community in Lahore and assured them of fostering transparency in dollar exchange and interbank rates During the four-hour meeting Gen Munir had signalled towards the country s bright future in view of the upcoming huge foreign investments in various sectors

g T a x e x e m p t i o n s t o b e l i m i t e d t o e s s e n t i a l s e c t o r s

not wish to pursue the matter further

Meanwhile, Rashid, via Advocate Mehr Khan Malik had also requested the Supreme Court to adjourn the hearing His plea had stated that since the AML chief s counsel Amanullah Kanrani, had taken over the charge of the law minister for Balochistan, he was not in a position to appear before the apex court

Prior to the hearing when asked by a reporter if the PTI intended to withdraw its plea as well Barrister Ali Zafar replied in the affirmative: We do not wish to pursue the review petition

THE HEARING At the outset of the hearing, CJP Isa

finance ministry has stated in its monthly economic update and outlook September, 2023 that the key measures under the Economic revival includes revenue enhancement strategies Including tax revisions in sectors like retail, agriculture, and real estate, alongside a wealth tax on movable assets as deemed appropriate In addition tax exemptions worth billions will be limited to essential sectors only like food and medicine whereas austerity measures to rationalize government expenditures, along with a review of subsidies and grants is likely to take place The government will also review the Development Plan and emphasis toward Public-Private Partnership (PPP) projects besides Compliance with Quarterly budget targets and IMF agreements This includes both tax collection and debt liabilities Furthermore the government under the proposed plan will also focus on the 5Es framework (Exports, Equity, Empowerment Environment, and Energy) in order to address socio-economic challenges, and to encourage export expansion and business facilitation According to the Finance division the use of Information Technology to digitize the economy and expand the tax net is also something that the interim government is keen on implementing The proposed plan also includes State-Owned Enterprises (SOEs) reforms, including an SOE policy which is yet to be enacted The Central Monitoring Unit (CMU) and SOE performance reports will also be prepared while focusing on the implementation of a Treasury single account (TSA) remittance incentives energy conservation and price controls The Privatization Commission will also be looking to privatise selected Public Sector Enterprises using various modes Initiatives include assessing privatization options for power sector DISCOs restructuring options for PIA-CL and unbundling studies for SNGPL will also be conducted On the other hand the government under the proposed plan will reduce corporate taxes in order to improve non-bank finance, and promote the capital market For export enhancement, implementation of Weighted Average Cost of Gas (WACOG) operationalization of EXIM bank and faster clearance of sales tax refund are priority short-term measures The short-term initiatives for Business facilitation and promoting investment are also to be taken by the Board of Investment, including the Asan Karobar plan (establishing central e-registry, development of Pakistan Business Portal)

FAYSAL BANK TO SET UP EXCHANGE COMPANY WITH RS1BN PAID-UP CAPITAL

Gov t to restrict specific items smuggled into Pakistan through Afghan Transit Trade

In a bid to curb the smuggling of goods into Pakistan through the Afghan Transit Trade (ATT) route, the government is gearing up to impose stringent restrictions on specific items that are adversely impacting the nation’s industry and economy

Weekly SPI shows slight dip, surges by 37.33pc YOY

Automechanika Dubai 2023: Six Pakistani companies gear up for grand showcase

ISLAMABAD g h u l a M a B B a S

The automotive world is reviving up for one of the biggest events of the year, as Automechanika Dubai 2023 prepares to open its doors from October 2nd to 4th at the renowned Dubai World Trade Centre This international trade exhibition boasts itself as the largest exhibition dedicated to the automotive aftermarket and service industry

As per details, with over 1,912 exhibitors hailing from 61 nations, representing a wide array of automotive sectors Automechanika Dubai 2023 is poised to be a gathering of automotive giants The event will also host 20 official country pavilions and attract trade buyers from around the globe

This year, Automechanika Dubai 2023 shines a spotlight on sustainability with the introduction of new events including the Lubricants Technology Conference and Innovation4Mobility These endeavors will explore cuttingedge solutions aimed at reducing the industry s environmental footprint T h e 2 0 t h e d i t i o n o f A u t om e c h a n i k a D u b a i w i l l f e a t u r e e i g h t s p e c i a l i z e d P r o d u c t S e c t i o n s e n s u ring that there is something for everyone with an interest in the automotive i n d u s t r y F r o m P a r t s & C o m p o n e n t s to Electronics & Systems, Accessories & Customizing to Tires & Batteries, C a r Wa s h & C a r e t o O i l s & L u b r ic a n t s D i a g n o s t i c s & R e p a i r a n d f i -

nally Body & Paint – attendees will h a v e t h e o p p o r t u n i t y t o e x p l o r e t h e l a t e s t d e v e l o p m e n t s a n d p r o d u c t s i n each category

Highlighting the international nature of the event six distinguished companies from Pakistan are gearing up to make their mark at Automechanika Dubai 2023 These companies are:

1 Ghandhara Tires

2 Hussein Engineering Works

3 Pakistan Accumulators

4 Panther Tyres

5 Rastgar Engineering

6 Thal Engineering

As per details these Pakistani companies, amongst the 1912 exhibitors are ready to showcase their prowess, inno-

vation and contribution to the automotive industry on a global stage The Pakistan Automobile Spare Parts Importers & Dealers Association (PASPIDA) is further demonstrating its commitment to fostering trade relations by organizing a delegation of VIP buyers from Pakistan to attend Automechanika Dubai With over 200 visitors from Pakistan expected to attend, the event promises to be a catalyst for international business collaborations and knowledge exchange As the automotive world converges on Dubai Automechanika Dubai 2023 stands as a testament to the industry s resilience innovation and dedication to a sustainable future, as per the Automechanika team

As per a report published by BR the Ministry of Commerce is alarmed by the 67 percent increase in Afghan Transit Trade through Pakistan in the fiscal year 2022-23, reaching $6 71 billion from $4 016 billion in the previous year This substantial trade deficit driven by Afghan imports is challenging to explain given Afghanistan’s limited exports and the sanctions on its interim government Commerce Ministry reported that meetings have taken place over the past two weeks, culminating in a joint presentation by the Ministry of Commerce and the Federal Board of Revenue (FBR) to the Prime Minister s Office with these findings shared with the Apex Committee of SIFC on September 8 2023

To address these issues, the Ministry of Commerce plans to ban specific items under Afghan Transit Trade, including fabrics, tires black tea home appliances toiletries and cosmetics

The SIFC Executive Committee has directed officials to develop a mechanism to curb smuggling of identified items, including fabric, machinery, tires, and black tea

The Secretary of Commerce, Secretary of Finance and Chairman of the FBR have been tasked with assessing the impact and feasibility of imposing a 10 percent ad valorem processing fee on identified smuggling-prone items They are also directed to explore the possibility of replacing insurance guarantees with bank guarantees for consignments released after the uploading of T-1 forms in WeBoc for transit trade Reviewing the AfghanistanPakistan Transit Trade Agreement (APTTA) is also on the agenda to counter smuggling

Pakistan’s expor ts to US drop by 24pc amid textile sector challenges

and a notable increase of 16 24 percent compared to prices from the previous year

Trader kidnapped from Peshawar’s Saddar area

PESHAWAR

SECP unveils standardized constitutive doc uments for registration of private funds

Agreement, Custodian Agreement, and Private Placement Memorandum This groundbreaking development comes in response to growing interest in the establishment and registration of private funds over the past few years due to higher rates The release of these standardized constitutive documents is expected to have several far-reaching benefits for both fund managers and investors in Pakistan’s burgeoning private fund industry

With standardized documents now available private fund management companies will no longer need to create bespoke constitutive documents for each fund they intend to launch This will promote consistency and uniformity across the industry ensuring that all private funds adhere to the same regulatory standards and requirements

Moreover it increases transparency for the customers

ments

The most significant advantage is the reduction in the time and cost associated with the registration process, removing a significant amount of red tape Previously the creation and review of custom constitutive documents could be a time-consuming and expensive process With standardized documents readily available, fund managers can focus on other critical aspects of launching their funds

The release of these standardized documents has been met with enthusiasm and appreciation from industry experts and stakeholders The move is expected to attract more investors to the private fund market, leading to increased capital inflow and the growth of Pakistan’s financial sector

from $1 22 billion during the same period last year according to data released by the State Bank of Pakistan (SBP) The main driver behind Pakistan s declining exports to the United States is the reduction in the export of textile products, which constitutes the largest segment contributing to Pakistan’s export figures The textile sector vital to the country’s exports is grappling with various challenges including rising energy costs In the previous fiscal year exports to the US saw a decline of 14 45 percent, declining to $5 92 billion from $6 92 billion in FY22 During that period, merchandise exports had been on an upward trajectory and the US had emerged as Pakistan’s primary export destination

opting for a trust structure for their fund Additionally for those choosing a Limited Liability Partnership (LLP) structure for their private fund, SECP has provided the LLP

The standardized documents include detailed guidelines for disclosures, ensuring that investors are provided with comprehensive and transparent information about the private funds they are considering This will empower investors to make informed decisions about their invest-

SECP s decision to issue standardized constitutive documents for private funds is a milestone in the development of Pakistan s financial industry This forward-looking initiative will not only expedite the registration process but also enhance transparency and investor confidence As Pakistan s private fund sector continues to evolve these standardized documents will play a pivotal role in its growth and development

The decline in exports can be attributed to several factors One of the key challenges is a shortage of capital, which has affected businesses ability to invest in their export operations Additionally, there have been delays in receiving sales tax refunds, deferred sales tax payments and income tax refunds

The duty drawback on local taxes and levies has also posed challenges for exporters Additionally the lack of access to the technology up-gradation fund has limited businesses ability to modernize their export processes

phase -2 to boost B2B investments, industrial growth

PESHAWAR a z i z B u n e R i

The 2nd phase of China-Pakistan Economic Corridor (CPEC) is set to prioritise Business-to-Business (B2B) investments aiming to further strengthen ties and foster industrial growth

The Board of Investment (BOI) has reaffirmed its commitment to facilitating B2B enterprises and attracting foreign investments signaling a shift in the CPEC s approach to industrial development

R I S

I

E S E F D I : Khashihur Rehman, Additional Secretary of BOI, highlighted the sustained increase in foreign direct investment (FDI) from China since the inception of CPEC This trend underscores China s position as Pakistan s primary source of FDI reflecting the strong interest of Chinese investors in expanding their footprint within Pakistan In contrast to the first

phase of CPEC which centered on government-to-government (G2G) relations, the second phase will emphasize B2B and people-to-people (P2P) connections

S T R AT E G I C R O L E S E Z S : Special Economic Zones (SEZs) are poised to play a pivotal role in Pakistan s industrial policy

These zones are expected to drive national economic growth by enhancing industrial competitiveness, generating job opportunities, facilitating technology transfer, and contributing significantly to overall economic progress Pakistan s allure for Chinese industries lies in its deep market and cost-effective young labor force The relocation of light manufacturing from China to Pakistan is seen as a catalyst for rapid industrialization and structural transformation in the country BOI has been diligently working on speeding up industrialization in Pakistan since 2012 Pakistan s liberal investment pol-

icy places no restrictions on the remittance of capital, profits, and dividends It allows for 100% foreign equity and full repatriation of profits, coupled with tax exemptions for importing capital goods

WEST ‘OVER-OBSESSED’ WITH EFFORTS TO CONTAIN PAKISTAN’S ‘ALL-WEATHER FRIEND’: PM

CA R E TA K E R Prime Minister Anwaarul Haq Kakar has said that Pakistan was focusing on its own interests without choosing sides in the great power competition, and that the West was over-obsessed with efforts to contain China

The prime minister in an interview with Washington Post during his visit to New York to attend the 78th United Nations General Assembly session published on Wednesday said Pakistan intended to stay neutral on Russia s war with Ukraine and saw China as its “all-weather friend” and “strategic partner ”

“It’s not a Cold War There is no Iron Curtain here It’s not that opaque Everybody

Gov t plans to raise taxes on retail, agriculture, real estate

CONTINUED FROM PAGE 01

According to the monthly report IT exports will also be boosted through a Startup Pakistan Program training and policy interventions In telecommunications reforms aim to foster growth and introduce 5G technology

In Maritime affairs, initiatives include reducing freight charges, enhancing ship recycling, developing port master plans and revitalizing the fisheries sector Pakistan Railways to focus on governance private sector participation technology and digitalization

The National Highways Authority (NHA) also looks towards a comprehensive plan to restructure resources, focus on maintenance and optimization and seek private-sector financing The Petroleum Division is implement price reforms and attract foreign investment along with other initiatives

In the Power sector, short-term actions include an anti-theft campaign, cost reduction through solar initiatives, and renegotiating IPP agreements

According to the finance division the recent administrative measures aimed at improving the availability of essential food commodities and expected ease in supply constraints have improved the inflation outlook

Administrative and regulative action for curbing illegal activities in the foreign exchange market have started to yield desired dividends and narrowing the gap between interbank and open market exchange rates

On the external front current account deficit and aligned indicators are showing some developments in August Similarly, fiscal performance remains satisfactory at the start of FY2024 It is expected that the economic revival plan and prudent actions – policies including SIFC and IT policy- will attract new investments to create a multiplier effect in the economy for higher and inclusive economic growth in FY24 and further in the medium term

Minor girl dead, mother injured in firing over ‘family dispute’ in Karachi

KARACHI: A three-year-old girl died and her mother sustained injuries in firing over a family dispute in Surjani Town, Karachi on Thursday

According to police, the girl was identified as Jannat and her mother as Meerub The maternal grandfather of Meerub told the media in the presence of the Surjani Town SHO that his granddaughter was a divorced woman and she had a daughter from her first husband Meerub befriended a man, Arif, and she used to hang out with him day and night Arif had several quarrels with our family members due to his friendship with Meerub ” he added S ta f f r e p o rt

sees what is happening the prime minister said He said that the West was over-obsessed with efforts to contain China

He told the interviewer that Pakistan was charting a path, designed to avoid getting caught up in the competition between the West and Russia and China He said Pakistan had no intention of committing to either camp in the growing US-China rivalry

By siding with the West against the Soviets and again after 9/11, Pakistan paid a high price, Kakar said “Pakistan in the last 30 years, has been treated unfairly by the West ” he told the interviewer

Every nation for itself Why should we be worried about this competition? It s between two great powers two great civilizations, and the implications [affect] 150plus countries And Pakistan is just one of

them PM Kakar remarked

Mentioning Pakistan s neutral stance on Ukraine, the prime minister said: This crisis is creating challenges and at the same time it is creating opportunities also within the region and we are looking at it both ways ”

Prime Minister Kakar flatly denied the allegations in a media report of Pakistan moving any munitions to Ukraine saying We have not gone for any sale which was directly intended for the Ukraine, not any sort of transactions, even through a third party ”

Regarding the arrest of workers of Pakistan Tehree-k-e-Insaf the prime minister denied the alleged abuses and compared Pakistan s actions to the arrests in the United States of those who attacked the US Capitol on Jan 6, 2021 Arrests are being made for unlawful actions, somebody who s involved

in arson or vandalism he said This is not the kind of behavior which is promoted or vindicated by any liberal democracy So why is it being even expected of Pakistan that we should condone such behaviors?”

Caretaker

Prime Minister (PM) Anwaarul Haq Kakar visited Masjid-e-Nabvi SAWW in Madinah offered Nawafil and paid respects and prayers at Roza-e-Rasool (SAWW) He also visited the International Fair and Museum of the Prophet (SAW)’s Biography and Islamic Civilization adjacent to the Masjid-e-Nabvi

The premier was given a comprehensive briefing about the historical museum which showcases the life and teachings of Prophet Muhammad (SAWW) and different aspects of Islamic civilization

Meta shares approach to protect election integrity, suppor t community safety in Pakistan

ISLAMABAD g h u l a M a b b a S

In an attempt to uphold the integrity of Pakistan s forthcoming General Election and ensure safety of its online communities the global tech giant Meta has revealed a multifaceted approach aimed at curbing misinformation, promoting digital literacy, and enhancing transparency This comprehensive strategy encompasses the formation of an Election Operations team the reinforcement of policies against harmful content, misinformation combat, transparency in political advertising, and the advancement of digital literacy and civic education programs

Talking to a group of journalists on Wednesday Alice Budisatrijo Head of Misinformation Policy for Meta, Asia

Pacific, emphasized Meta s commitment to safeguarding election processes: “We have developed a comprehensive approach to how elections play out on our platforms We continue to invest significantly in efforts and resources to connect people to reliable information about voting while combating misinformation, hate speech,

and voter interference We are drawing on our global experiences and inputs from experts, as well as coordinating with local election bodies, to help preserve the integrity of elections around the world including here in Pakistan ”

For Pakistan s upcoming general election Meta has established a dedicated election operations team comprised of subject matter experts well-versed in the local country context This team will closely monitor and respond to emerging risks in real time including Pakistani nationals who are fluent in the local language

: Voter Education: In collaboration with the Election Commission of Pakistan (ECP), PakVoter, and Shehri Pakistan Meta supports a digital civic education campaign This campaign aims to inform citizens about their voting rights and addresses key election-related digital literacy topics, such as combatting misinformation, fostering respectful online communication, and ensuring online safety Third-Party Fact-Checking Partnerships: Meta has partnered with organizations like AFP and Soch Fact Check

in Pakistan These organizations review and rate viral misinformation in both English and Urdu, ensuring a more accurate information landscape Digital Literacy Program: Meta launched its flagship digital literacy program We Think Digital in Pakistan in 2020 The program is available in both English and Urdu and aims to empower Pakistanis with digital literacy skills and promote responsible digital citizenship

Additionally Meta is committed to enhancing community safety in Pakistan Dr Priyanka Bhalla Safety Policy Manager for Meta Asia Pacific reaffirmed this commitment: We re committed to providing a platform that helps people safely connect and engage with their communities We will continue working with our partners to support voter education campaigns digital literacy programs and the dissemination of safety tools and resources in the lead-up to, during, and after the elections

Meta’s proactive approach underscores the company’s dedication to fostering a secure online environment combatting misinformation and preserving the democratic process in Pakistan s upcoming General Election

Army most popular institution in Pakistan: Gallup survey

KARACHI

M o n to r i n g r e p o r t

In a recent Gallup survey conducted across the country, the Pakistan Army has emerged as the institution with the highest level of public approval earning an impressive 88 per cent rating

The survey titled National Public Opinion Poll Report conducted between June 10 and June 30, gathered responses from 3,500 participants representing various regions in all four provinces of Pakistan

The survey illuminated the public s sentiments on various institutions and political figures offering a comprehensive snapshot of Pakistan s current political landscape and the challenges it faces, including inflation, poverty, unemployment and concerns about the efficacy of democracy The results of the survey showcased the public s perception of various institutions with both the media and the courts receiving a 56 per cent approval rating, while the Election Commission of Pakistan (ECP) garnered a 42 per cent approval rating

The police earned a 54 per cent ap-

proval rating, while politicians secured the lowest rating on the list with only 39 per cent of respondents approving of their performance Region-wise breakdowns revealed Khyber-Pakhtunkhwa (K-P) leading the approval ratings for the army with an impressive 91 per cent, closely followed by Punjab at 90 per cent Sindh recorded an 88 per cent approval rating for the army while Balochistan showed the lowest approval at 66 per cent Remarkably, 57 per cent of respondents strongly approved of the army’s performance I M R A N R E M A I N S M O S T P O P UL A R L E A D E R: In terms of political leadership Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan maintained his position as the country s most popular leader, earning over a 60 per cent approval rating Saad Rizvi the chief of Tehreek-eLabbaik Pakistan (TLP) secured a distant second place with a 38 percent approval rating sharing this rating with PTI President Parvez Elahi Other notable ratings included PTI s Shah Mahmood Qureshi at 37 per cent,

followed closely by Pakistan Muslim League-Nawaz (PML-N) supreme leader Nawaz Sharif at 36 per cent PML-N President Shehbaz Sharif at 35 per cent

PML-N Senior Vice President Maryam Nawaz at 30 per cent, and PML-N s Shahid Khaqan Abbasi at 28 per cent

When it came to political party preferences PTI led with a 59 per cent likability rating with Pakistan Peoples Party (PPP) following at 42 per cent TLP at 41 per cent PML-N at 38 per cent and Jamaat-e-Islami (JI) at 31 per cent

On the other hand, Jamiat-e-Ulema Islam-Fazl (JUI-F) received a 22 per cent approval rating while Pakistan Muslim League-Quaid (PML-Q) Awami National Party (ANP) and Muttahida Qaumi Movement-Pakistan (MQM-P) garnered 22 per cent, 21 per cent, and 20 per cent approval ratings, respectively The survey also explored voting preferences revealing that twice as many respondents would vote for PTI if elections were held next week compared to those who would vote for PMLN In terms of governance indicators, the PTI government received the highest rating for its economic performance

Implementation of Faizabad sit-in ruling would’ve aver ted ‘serious incidents’ after wards: CJP

CONTINUED FROM PAGE 01

Upon the CJP inquiring if there was a reason to do so the AGP responded There is no specific reason We only want to withdraw the review petition The federal government does not want to defend the case

The top judge then asked, Why does [the government] want to withdraw [the plea] now?

“First, it was said that there were mistakes in the verdict Now at least tell the reasons for withdrawing it he added

To this the AGP replied that the government at the time of filing the review pleas was different CJP Isa then asked why the attorney general did not submit a written application for the withdrawal, to which the latter responded that he was “giving his statement”

Here the Pemra counsel informed the court “I am also withdrawing my review petition ” The CJP asked on whose directions he was doing so and remarked Comments are made on YouTube channels At this point during the hearing, the PTI s Barrister Zafar also informed the court that the party did not wish to pursue its review plea CJP Isa asked the lawyer if he had the authority to withdraw the petition and observed, “If you want to become a respondent [in the case] the court will allow you However Zafar responded No we do not want to become a respondent in this case At this point during the hearing, a former Pemra chairman came to the rostrum CJP Isa reiterated, “Previously, it was said that the verdict is full of mistakes Now, are the mistakes no longer there in the verdict?” Is there any reason to withdraw the review petitions? The ones who have remained in authority make speeches on TV and YouTube They say we were not heard Now we are sitting here to listen [so] come and speak

The top judge then observed that the court would keep Pemra’s petition pending, adding, “So that no one says tomorrow that we were not heard ” Here the advocate-on-record on behalf of Rashid

requested the apex court to continue pursuance of the petition The chief justice then directed the advocate to inform the court in the next hearing if he wanted to hire another lawyer or if he wanted to present cover arguments At this point during the hearing, Ijazul Haq’s counsel appeared before the court The CJP noted “We only said on the ISI s report that a few politicians gave irresponsible statements We did not take anyone s name

You assumed on your own that your mention was there

Do you want to say that you did not favour the sit-in?

Are you saying that the ISI s report was not correct? he asked the lawyer He then directed the counsel to submit an affidavit stating that his stance was correct

Here CJP Isa asked Attorney General sahib why not there be a fine applied on all including you?

The court s time was wasted The country was also kept disturbed Now, you all are coming and saying that you want to withdraw the pleas, he said

“Was your statement wrong at that time or today?

Even if the petitions are withdrawn what will happen to our verdict?” The chief justice went on to add “We were sitting [and thinking] that perhaps we had made a mistake in the verdict

Addressing AGP Awan, the CJP said, Malik sahib, this was not expected from a senior person such as you ” At this point during the hearing, Justice Minallah asked, “Have all the institutions decided that what is written in the verdict is correct?

The country can only develop through the protection of fundamental rights he remarked

Here CJP Isa observed that the court would keep the withdrawal pleas pending and directed, If someone wants to say anything, they may say in writing

“Everyone is quiet here and on the TV, they will say ‘We were not heard’ ” he quipped

The top judge then asked AGP Awan why he did not raise the question of why the review petitions were not fixed for hearing before He noted that the ECP was a constitutional institution and has a huge status

Write that we were given an order [and] that a re-

view petition was filed

Write where the order came from as well If you want to say that bury it and ignore [the matter], then write that as well

“Should we also bury what happened on May 12 and how many people were killed?” he asked, referring to the 2007 violent riots when around 50 people were killed and over 100 wounded in sporadic armed attacks on rallies organised by members of political parties and legal fraternity It is not correct to say new government or old government The government stays the government, regardless of the party in power, the CJP observed He added that the ECP was also not “former or current” but that it was an “institution”

There should be accountability for everyone We can start from ourselves CJP Isa said Why is everyone so afraid to speak the truth? Except for a few everyone wants to withdraw their petitions, he remarked Here, AGP Awan asserted, The court s verdict should be implemented ”

The top judge then said “It is very interesting that those who should have filed a review petition did not do so Tehreek-i-Labbaik did not file any review petition [and] accepted the verdict

Late Khadim Rizvi deserves to be praised for this Everyone makes mistakes [but] accepting them is a huge thing,” he added Recalling that Pemra was told that the decision to file a review plea was made during a board meeting the CJP remarked “This is the routine in Pakistan that the order has come from above CJP Isa then proceeded to ask Where is the apology letter from the election commission for filing the review petition? When the ECP s director general (law) spoke, the top judge interjected asking if he did not trust his counsel At this, the ECP official apologised “Simply saying that we are withdrawing the plea is not enough Either you say that we are taking action against those whose signatures were present on the agreement made with the protestors or tell [us] that we have taken action on so and so points of the verdict, CJP Isa observed

PM Kakar expressed his deep appreciation for the museum and lauded the efforts made to preserve and present the Islamic heritage On the occasion, Secretary Board of Directors of the museum Dr Nasir Misfir Al-Zahrani presented the Prime Minister with a shield and books symbolizing the cherished connection between Pakistan and Saudi Arabia in promoting Islamic heritage and fostering mutual understanding

The International Fair and Museum in Madinah offers an immersive experience with interactive exhibits and multimedia presentations It chronicles the Prophet (SAW)’s journey highlights significant events of his life his teachings and Islamic civilization s achievements in various fields The museum promotes interfaith dialogue and understanding, fostering respect for diverse beliefs and cultures

Gov t expects $700m from IMF under SBA

CONTINUED FROM PAGE 01

The good news is that the IMF disbursed

$1 2bn in July 2023 and this has also led to the disbursement of $ 3bn in bilateral assistance (KSA s $ 2bn and UAE s $ 1bn)

As a result, the SBP FX reserves have increased to $ 7 6bn (1 5 months of import cover) in September, from $ 4 5bn (1 month of import) in June The second good news is the normalization of trade and investment flows especially since the import ban has been lifted The ban badly impacted the availability of raw materials for the industry stifling trade flow and growth

The government has relaxed import restrictions, leading to the opening of L/Cs for imports The backlog of import payments (Jan-Jul) has now been cleared

Similarly foreign investors have been allowed to repatriate profits (withheld since 2022), with $ 49 2 million repatriated during Jul-Aug, an increase of 74%, she informed the committee members

She also said that the caretaker government has taken appropriate actions to stabilize the volatility and speculation in the exchange rate market Actions taken by SBP on exchange companies and crackdown against illegal transactions have helped to reduce the spreads between interbank and open market

As a result the PKR has strengthened to 289 against the USD in the interbank market an appreciation of 6 4% from 307 1 (05th Sep)

In the open market, PKR has strengthened by 13% to 290 The spread between the interbank and open market has declined to less than 1% (from over 9%)

She said that the government is working to bring back remittances through the banking channels and have launched the Sohni Dharti initiative, providing Rs 80bn budget allocation to banks to increase remittances, of which Rs 20bn has been disbursed

We are targeting $ 32bn in remittances in FY24 (from $ 27bn in FY23) she informed

She stated that steps are being taken to tackle inflation with the government not passing the entire burden of increase in power and gas tariffs to the public around Rs 1 trillion in subsidies is budgeted in FY2024 Inflation has declined to 27 3% in August down from peak levels of 38% in May 2023 SBP forecasts inflation to decline sharply in 2024 due to the improved agricultural output and administrative measures taken to curb volatility in the FX markets SBP has projected 20-22% average inflation for FY24 from 29 2% in FY23

Replying to one query of committee members Dr Shamshad Said that it’s the central bank s domain to talk about the exchange rate As an economist I can tell you that the exchange rate is linked with demand and supply and this moves naturally

Th e Fa i z a b a d d h a r n a c a s e re v i e w s e e s p e t i t i o n s w i t h d raw n , b u t a co m b at i ve C h i e f J u s t i ce

CH I E F Justice of Pakistan, Mr Justice Fez Isa, headed the bench which began hearing of the review petitions against the judgement, which he had authored, on the Faizabad dharna case The case dates back to 2017, and he had found that the various intelligence agencies were interfering in politics, specifically by backing the dharna organizers, the Tehrik Labbaik Pakistan against the government and had recommended that action be taken against officers responsible A number of review petitions were filed but were kept unheard Because of this the judgement was kept unimplemented It would have suited those who would have faced cases to have the review petitions left unheard Instead of hearing them, there was an attempt by the PTI government to have Mr Justice Isa removed from the Supreme Court through the Supreme Judicial Council, which failed, leaving Mr Justice Isa to become Chief Justice, and thus able to determine which case shall be fixed for hearing His remark on the opening day, that if the judgement had been implemented, the country would have been spared much of what it had gone through, was significant

The refusal of the Court to accept the applications for withdrawals with the learned Chief Justice remarking that they had filed the review petitions on prompting and were now withdrawing them on prompting from the same people indicates that the Court does not want to get rid of the matter but give implementation to the judgement That makes sense from the point of view of upholding the writ of the state, and of the Supreme Court, which is one of its organs The refusal to obey the Supreme Court then, it can be argued, led to later disobedience, in the ECP refusing to hold elections when ordered

The Supreme Court is refusing to let go, and has adjourned the case to November 1 It has become clear that the case and its review petitions, have become key to the course of future politics for if the judgement is implemented the assurance of impunity held out to those functioning as ‘political fixers’ would become dubious It is to be seen how far the Supreme Court can go

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

How to stay safe online

TH E number of all social media platforms users is not only gradually but rapidly increasing Most of the social media platform users particularly the young ones, are by and large unaware about the responsibilities, risks and even benefits which accrue to them in the process This scribe had highlighted social media responsibilities in a previous article and this one is intended to remind the social media platform user about the risks which he or she may face

Undoubtedly, the social media platforms offer to the users various benefits but they also entail risks when these technological facilities are used negatively Academically speaking, some potential risks associated with the negative use of social media are briefly given below with the hope that the young and old users of all social platforms do note these and avoid them as much as possible by using social media platforms positively and not negatively

Please note and remember that social media can be a breeding ground for cyberbullying and online harassment Users may experience personal attacks threats spreading of rumours or derogatory comments/remarks leading to emotional distress and harm

Sharing of personal information on social media quite unnecessarily, can put the individuals at risk breaching their privacy It is important to be cautious about the information shared and also be aware of the private settings to control who can access their personal details and information

Social media platforms can amplify the spreading of misinformation and fake news

False or misleading information can only rapidly circulate leading to confusion distorted perceptions and potential harm not only to the users but also the other social media platforms users

Excessive use of any of the social media platforms can lead to sort of addiction and compulsive behaviour, resulting in decreased productivity, social isolation, and negative impacts on mental health

Constant exposure to carefully curated posts and images on social media can lead to social comparison and feelings of inadequacy Comparing oneself to others seemingly enjoying perfect lives can negatively impact the self-es-

CA N A D I A N Prime Minister Justin Trudeau has asked India to join the investigation into the June killing of Hardeep Singh Najjar He did so on the floor of the Canadian Parliament, which meant that while the participation of the Indian state was not yet proven Trudeau was morally certain that India was behind the incident Will the world community the comity of nations which these days means the USA and its allies pay any attention? It all depends on whether that comity is willing to admit India within the ranks of the big boys, those who have impunity in lesser countries Part of the problem is that the First World is not too sure about how to handle the Indian diaspora That diaspora started when the British exported Indians all over the empire primarily as labour on sugar estates in the 19th and early 20th centuries

That is the reason for the presence of Indians in countries like Maldives, Mauritius and Fiji, not to forget the West Indies (with Guyana and Trindad the most profoundly affected) Some Sikhs ended up in the USA as farm labour and it was an early centre of an anaemic Khalistan Movement However it was to Canada that Sikhs moved and were already in substantial numbers when Canada relaxed its immigration policy in the hope of increasing its population One result is that there was a large Sikh presence in Canada and whereas Surjit Singh Sajjan became the first Sikh to command a battalion of Canadian infantry he also became Defence Minister He has since been shifted but in the meantime the Free Democrat Party elected Jagmeet Singh Dhaliwal as party leader; since 2019, the party has supported the Trudeau government, which was reduced to a minority His FDP lost half its seats, coming down to 24 from the 44 it had won in 2015 Sikhs are not only important in Canada but crucial to the current government However Canada has managed to become a hotbed of the Khalistan M o v e m e n t N i j j a r w a s t h e a l l e g e d c h i e f o f t h e

Khalsa Tiger Force, itself founded by Jagtar Singh

Ta r a , a o n e t i m e m e m b e r o f t h e B a b b a r K h a l s a , whose chief Talwinder Singh Parmar was accused of the 1985 blast on an Air India flight from Montreal to New Delhi that killed 329 passengers Nijjar had migrated from India in 1997 when he was 20, on a false passport, and claimed asylum, which was denied However, he got citizenship in 2007

H e h a d b e e n i d e n t i f i e d a s a t e r r o r i s t b y I n d i a t o

Canada, a claim which he strongly denied Also, it seems that he carried on his plumbing business in a law-abiding manner He had become a prominent activist in the Sikh community where he had been elected head of the Guru Nanak Gurdwara in Surrey, British Columbia The problem that India is posing is that it seems to want impunity to take out those it perceives as en-

teem and mental well-being of the users

Social media platforms can also attract online predators who target vulnerable individuals particularly children and teenagers Moreover social media users may also encounter various types of scams or fraudulent activities aiming at deceiving and exploiting them

Excessive use of social media platforms has also been linked and associated with mental health issues including anxiety depression loneliness and poor body image The constant exposure of the users to somewhat unrealistic standards and negative interactions can contribute to these problems

Social media can also be a platform for public shaming and humiliation Mistakes or controversial opinions can quickly spread to public backlash damage to reputation and psychological distress

Engaging with social media late at night or having notifications constantly buzzing can also disrupt sleep patterns, leading to sleep deprivation and associated health issues of the users

Furthermore sharing personal information location details or financial data on social media can also make individuals vulnerable to identity theft hacking and other forms of online threats

It is important for social media platform users one and all, to be aware and cautious about these risks and take necessary precau-

emies of the state One problem is that it wants the right to deal with those who have been given citizenship by the c countries they reside in In short, they want to be able to override the protections given by other states to their citizens

Let it be clear Hardeep Najjar had carried with him an essentially Indian issue despite being a Canadian citizen Canadian citizens like Surjit Sajjan and Jimmy Dhaliwal may take an interest in Indian affairs, so long as they do not actively intervene, the Indian state would have no problem But the expression of views the raising of funds the hatching of conspiracies that was not to be allowed

The big boys claim that impunity The invasion of Afghanistan by the USA is probably the best recent example The USA showed the Taliban that it would not allow it to give Usama Bin Laden a place from which he could attack US soil, and kill US citizens Earlier, it has bombed Khartoum, Bin Laden’s sanctuary then Back in 1985 French intelligence had put a bomb on the Rainbow Warrior in Auckland New Zealand stopping that ship from leading protests against French nuclear tests in the Pacific, and killing a Portuguese-Dutch photographer The New Zealand police carried out a massive investigation which led to the arrest of two French intelligence agents, who were tried and imprisoned

It was clear that the French had overstepped a line by undertaking an operation in an allied country India has also overstepped a line, though it might be worse for other countries, because India is not white It is also worth remarking that vital interests should be involved

India sees the Khalistan Movement as a threat to its integrity, but its problem is that it faces such a large number of movements, all of which are represented in the Diaspora Indeed they may be disproportionately represented because while most Indians migrate for economic reasons many migrants go abroad to escape discrimination or even prosecution at home

Accepting larg e numbers of Indians on oneÊs oil does mean impor ting Indian problems along with them. The host countries can perhaps not do anything to stop the new migrants use their new-found freedom of speech on the Indian government, but they can ensure that RAW doesnÊt go around killing people

Is it merely a coincidence that so far all assassinations have been carried out by nuclear states? The USA, the UK, China and Pakistan so far do not have any assassinations ascribed to them, though both the USA and UK have got coups and political manipulation attributed to them The USA are supposed to have been singularly inept with humorous attempts on Cuban leader Fidel Castro having failed India has been joining clubs, with an unmanned moon landing the month before isations China has beaten India in the space race so far, but has so far avoided the murder stakes As a repressive regime with a diaspora abroad it is as good a candidate as India for this Pakistan is also well qualified and indeed the death of Baloch nationalists abroad has been ascribed to the Pakistani state, basically on the ground that it had a motive Pakistan has not just to worry about the temptation of imitation, but of becoming a target India has long ago draw the links between extremist Sikh organisations and Pakistan How does Pakistan react to a similar assassination? The temptation to take revenge will be strong On the fac e of it, there is a very strong downside to doing so, but there was a strong downside to acting in Canada

One would have thought assassination would be more common during history, but states seem to have been concerned with keeping enemy heads of state alive Assassination is a terrorist weapon and it is worth noting that it was used only by the Taliban to assassinate Ahmad Shah Massoud, the Northern Alliance leader on 9 September 2001 That preceded what the modern terrorist seems to prefer: the attacks on the Twin Towers and the Pentagon

Those engaging in assassinations in recent times have been powers that are not entirely certain of their place in the world The episodes of Russian ex-agents being assassinated in the UK with Aleksandr

Litvineko assassinated by polonium poisoning in 2010 and an attempt with novichok nerve gas on Sergei Skripal, which killed a neighbour, showed that Russia considers loyalty a vital interest The assassination of North Korean leader Kim Jong-Un’s brother Kim Jong-Nam in 2017 in Malaysia by nerve agent was another example of unpunished assassination

tions while using the social media of their choice This includes setting healthy boundaries practising digital hygiene being critical of information and fostering a positive and safe online environment Benefits which accrue to social media platforms users briefly pertain to communication and connectivity, information and news sharing networking and professional opportunities community engagement and support education and learning creativity and expression business and marketing opportunities awareness and activism, and entertainment and recreation

It is also important to note that while social media can bring numerous benefits, users should also be mindful of their own online activities privacy and well-being Striking a balance between online and offline activities quite obviously is key to maximizing the advantages of social media while maintaining a healthy digital lifestyle as well

In conclusion, this scribe is hopeful that social media platform users of all ages genders and groups will surely and certainly take some notice of the risks mentioned and try to avoid them to the maximum extent possible while enjoying the benefits so accruing

The writer can be reached at zahidriffat@gmail com

It is also impor tant to note that while social media can bring numerous benefits, users should also be mindful of their own online activities, privacy, and well-being Striking a balance between online and offline activities quite obviously is key to maximizing the advantag es of social media while maintaining a healthy digital lifestyle as well

If the world community does not express its disapproval now, it will only encourage India in its bad behaviour The manipulation of the diaspora for its own ends is the means by which India will throw its weight about The Holy Grail seems to be to assassinate US citizens on US soil The FBI has already been obliged to warn several Sikhh Americans that they could be assassinated A c c e p t i n g l a rg e n u m b e r s o f I n d i a n s o n o n e ’s o i l d o e s m e a n i m p o r t i n g I n d i a n p r o b l e m s a l o n g with them The host countries can perhaps not do anything to stop the new migrants use their newf o u n d f r e e d o m o f s p e e c h o n t h e I n d i a n g o v e r nm e n t , b u t t h e y c a n e n s u r e t h a t R AW d o e s n t g o around killing people 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

Making railway safe and accident-free

T R A I N accidents in Pakistan have become an alarming and recurring issue, manifesting as derailments, collisions and other incidents causing substantial damages both in terms of human and infrastructure costs The frequency of such tragedies demands urgent attention to overhaul the country’s railway safety mechanism The most recent incident which occurred on Aug 6 involved a Rawalpindi-bound train that derailed and overturned near Nawabshah leading to a devastating toll of 30 fatalities and over 90 injuries Poorly maintained or damaged railway tracks have emerged as one of the primary culprits behind derailments and mishaps, underscoring the urgency of implementing regular inspections and maintenance protocols

Moreover, human error, stemming from inadequately trained operators, signalmen and other railway personnel also plays a significant role in such occurrences necessitating a stringent focus on training and adherence to safety protocols The failure of essential equipment such as brakes or signalling systems further exacerbates the situation calling for stringent maintenance and reliable equipment standards Addressing the issue of overcrowding in trains is equally vital, as operating within capacity limits is crucial to ensuring passenger safety Additionally, Pakistan’s diverse weather conditions pose a considerable challenge for train operations, particularly during heavy rain flooding and/or fog elevating the risk of accidents Implementing robust weather monitoring systems and enacting safety protocols during adverse weather conditions is of utmost importance in mitigating these risks

Equally concerning are collisions with vehicles or obstacles at level crossings, emphasising the necessity for well-designed crossings and clear tracks To address the train safety crisis in Pakistan and ensure the wellbeing of passengers and railway staff, comprehensive measures must be adopted without delay These include the implementation of stringent safety protocols the modernisation of railway infrastructure regular inspections and maintenance thorough training of railway personnel and strict adherence to safety regulations and protocols DR INTIKHAB

Faisal Mosque needs urgent care

FA I S A L masjid, the national mosque of Pakistan, is a symbol of pride for the country It is disheartening to see the current state of the mosque, which is in dire need of proper care and maintenance

During a recent visit it was evident that the management is not taking adequate measures to maintain cleanliness and hygiene in and around the mosque premises The littering waste accumulation and dirty pavements paint a picture of neglect and apathy towards the mosque s upkeep Furthermore, the absence of a proper system for managing visitors shoes, and the lack of guidance regarding the need to remove one’s shoes before entering the mosque is seriously unacceptable This practice is essential for maintaining cleanliness and hygiene inside the mosque and the mosque s management should prioritise it The parks surrounding the mosque are also in a state of disrepair with barren landscapes and dirty pavements These parks are an integral part of the mosque s surroundings, and their upkeep is necessary for providing visitors with a peaceful and serene environment It is the responsibility of the mosque’s management to ensure that Faisal Masjid is maintained properly, and visitors are provided with an environment they deserve The mosque is a national treasure and a significant religious site and it has to be treated as such The relevant authorities should take immediate action to address these issues and to improve the overall experience for the visitors It is time to prioritise the care and maintenance of Faisal Masjid and ensure that it remains a symbol of pride for generations to come

Need to immediately privatize loss making companies COMMENT 05

743 billion five times the total value of its assets, while its total losses for 2022-2023 stood at Rs 86 5 billion including Rs 11 billion in operational losses

PR I VAT I Z AT I O N the transfer of governmentowned assets and services into the hands of private entities has been a subject of intense debate and discussion for decades It has been implemented worldwide, with varying degrees of success and controversy

One of the primary reasons for privatization is to enhance economic efficiency When state-owned enterprises are privatized they typically become more responsive to market forces This increased efficiency can lead to lower prices higher quality products and services and ultimately economic growth

Privatization can help alleviate fiscal burdens When the private sector takes the responsibility for running and maintaining certain assets or services, the government can redirect funds to such needs as education healthcare and infrastructure It can reduce the need for government subsidies for struggling SOEs

As private companies enter markets previously dominated by SOEs, they bring fresh ideas, technologies, and innovations Competition encourages businesses to continuously improve their products and services, leading to increased consumer choice and satisfaction

Privatization often results in improved service quality

In many SOEs customer service may not be a top priority

In privatized industries like telecommunications transportation and healthcare consumers often experience better service, shorter wait times, and access to cutting-edge technologies Privatization can also contribute to job creation and economic growth

SOEs have sometimes become financial liabilities

Privatization allows governments to transfer the financial risks associated with them to private investors

When businesses operate under the discipline of profit and loss, they are more likely to manage risks prudently, reducing the potential for taxpayer-funded bailouts

It is essential to approach privatization with careful planning oversight and consideration of the specific circumstances of each case When executed thoughtfully privatization can play a pivotal role in driving economic development and improving the overall well-being of a nation s citizens Corruption in Pakistan s government departments is not new It affects every facet of public life Transparency International’s Corruption Perceptions

Index consistently ranks Pakistan among the countries with high levels of corruption

Several factors contribute to its persistence: many government employees particularly those in lower-level positions, receive meagre salaries This can lead to a susceptibility to bribery and kickbacks Weak accountability mechanisms have allowed corrupt officials relative impunity The absence of stringent consequences has emboldened wrongdoers Pakistan’s bureaucratic structures often lead to excessive red tape and opportunities for corruption This bureaucratic complexity can deter citizens from accessing public services without bribery Politicians sometimes protect corrupt officials This further erodes accountability and perpetuates corrupt practices Poverty and limited education exacerbate the problem

Corruption Corruption diverts valuable resources away from development projects and public services

Funds that could be invested in education healthcare and infrastructure are siphoned off by corrupt officials Corruption often leads to unequal access to public services, perpetuating social and economic disparities It erodes public trust in government institutions, discourages foreign investment and stifles economic growth

Combatting corruption departments requires a multifaceted approach: Establishing independent anti-corruption bodies is crucial These bodies should operate transparently and without political interference A fair wage system can help, as can simplifying bureaucratic procedures, digitalization of government services, implementing open data initiatives and ensuring public access to government information public awareness campaigns and educational programmes To address this issue effectively concerted efforts are required at all levels of society and government

Many national institutions have been long losing money Companies like Pakistan Steel, Railways and PIA etc are examples While employees are in a bad situation, officers enjoy lavish salaries and perks Corruption is separate It is in the minds of government employees that whether you work or not you will get paid after a month After corruption this mindset also played a big role in destroying our national institutions Political governments have contributed equally to the destruction of these institutions by recruiting additional employees

Today, the Pakistan Steel Mill s production is zero Outdated machinery does not meet industry standards

tensions on edge a recent foreign ministry advisory cautioned Indian expats and travellers about growing anti-India activities and politically condoned hate crimes and criminal violence in Canada

While Canadian officials have rubbished the advisory there are growing concerns among family members of those studying and working in Canada about the impact the diplomatic row would have on the safety and security of their loved ones

Production shut down in June 2015, when Sui Southern stopped supplying gas due to arrears Additionally it is unable to pay employees salaries It had lost Rs 16 9 billion by end of FY 2008 At present the total losses and liabilities are approximately Rs 400 billion

One of the primary reasons is the interference in Mills affairs by successive governments Political governments always compromised merit while appointing the CEOs besides inducting other incompetent people Consequently the organization has been managed very poorly Another integral factor is dependency on imported steel for local purposes

Despite its growth potential, Pakistan Steel Mills has lagged in competition with other countries Domestic iron and steel products struggle to compete with cheap imports from countries like China

The State Bank of Pakistan believes cheap imports from China and Ukraine had damaged the local production of iron and steel While comparing Pakistan Steel Mills with the steel industries in other countries such as Japan, we can infer that a skilled workforce is crucial

Unfortunately, Pakistan Steel Mills lacked one

The labour in developed countries is qualified and adept Selecting workers based solely on their expertise instead of partiality or prejudice ensures this In the Steel Mills however the workforce hired was more than required Political parties appointed thousands While about 9,000 employees were enough, 17,000 were hired This superfluous employment put an additional burden on Pakistan Steel Mills Privatization is another dilemma The government underpriced it However, a group of Pakistan Steel Mills workers standing up against the mills privatization caused a reversal of this decision Subsequently the Supreme Court declared the decision when it intervened This decision resulted in massive corruption as the government-appointed new public servants at the mills To secure their position and obtain undue benefits, they practiced corruption and drained Pakistan Steel Mills from its revenue This had adverse effects on the economy of Pakistan

Then look at PIA which is one of another loss making organization Regrettably PIA serves only a fraction of the country s population, accounting for less than three percent of citizens while consuming significant public funds This stands in contrast to the power companies that cater to nearly 80per cent of the population The government holds a 92 per cent share in PIA Since the late 1990s the airline has faced mounting losses attributed to competition from emerging regional airlines a lack of entrepreneurship external influences internal mismanagement, and insufficient funding for fleet expansion To cope with its financial losses, PIA accumulated debt, now unmanageable As of 31 December, 2022, PIA owed Rs

The severe shortage of funds is affecting flight operations PIA is facing difficulties in getting fuel from PSO while recently two-way flights from Karachi to Faisalabad, Islamabad and Lahore were cancelled due to lack of funds The flights from Karachi to Turbat, Bahawalpur and Sukkur were also cancelled as were the two-way flights from Karachi to Muscat All PIA employees could not be paid salaries Worse or the same is the situation of many other SOEs

The history of institutions shows that private institutions have much lower losses than public institutions Effective supervision, almost no corruption, competent and professional employees, officers and heads, have played an important role in increasing profits in private enterprises compared to government Another thing beyond comprehension is whether the government s job is to run trains buses ships and factories If you look at developed countries, you will find that apart from the national security, defense, foreign affairs, education and health etc related departments, the rest of the institutions are mostly in the private sector and from which governments also get taxes If it’s not possible to immediately privatize the loss making companies then at least there should be some revolutionary reforms I remember when I was studying in UET Lahore in 1993 politics was on its peak and four year s course was taking six years to complete Then, in 1998 a retired lieutenantgeneral was appointed VC He brought revolutionary steps and now students are graduating exactly in four years I can give examples of many other departments where organizations showed substantial growth soon after appointing the management from the Army Such setups are also going into much better profit than many government organizations where discipline, dedication, transparency and reward systems are playing a key role in the progress of those organizations

In the current scenario it might not be feasible to bring Army leaders in those organizations as they need to focus more on training operational preparedness and professional activities

But at least we can adapt their leadership and management styles to help out up to some extent till commencement of their privatization process

Readers, it is the urgent need of the hour to re-determine our goals and strategies Our country should not bear the loss anymore Civil and military leaderships are on one page and working together for betterment of the country The COAS is himself taking keen interest in the economic restoration along with his professional responsibilities It is the right time to privatize loss-making organizations on reasonable price, and job guarantee for the employees

The writer is a freelance columnist

Containing AI in open societies

Hoffman as well, who argues that “As today’s imperfect

Large Language Models improve requiring less and less from us we will need to demand more from ourselves

IN D I A-C A N A D A relations have been on the boil since Canadian Prime Minister Justin Trudeau claimed last week that Indian government agents were involved in the assassination of Sikh separatist Hardeep Singh Nijjar near Vancouver in June Nijjar was a proponent of a Sikh homeland called Khalistan, which separatists want carved out of India’s Punjab state Anti-Canada rhetoric and personal attacks on Trudeau have been on overdrive in India from the government and from media houses that have followed suit The Canadian prime minister has been accused of parroting Sikh separatist viewpoints to court the community’s votes – Sikhs represent about half of the country’s 1 3 million people of Indian origin

A spokesperson for the Indian Ministry of External Affairs accused Canada of being a safe haven for terrorists for extremists and for organised crime Wild conspiracy theories have fed into the frenzy On television, a former Indian diplomat cited unsubstantiated rumours that cocaine was found on Trudeau’s plane during his recent visit to India for the G20 summit and that he didn’t attend a dinner hosted by the president of India because he was high

While this kind of rhetoric works for a domestic audience in India that has leaned ever more to the right, it makes India s posturing look irresponsible globally And it places India’s vast diaspora in the crosshairs of the tensions between the majoritarian Hindutva agenda of Indian Prime Minister Narendra Modi s government on the one hand and the ambitions of the country to emerge as a leading power on the other

After Trudeau s explosive comments on the assassination, New Delhi responded with whataboutery, claiming that the allegations only shifted the focus from Khalistani separatists “who have been provided shelter in Canada and continue to threaten India’s sovereignty and territorial integrity

When Canada expelled the head of Indian intelligence in the country, India responded by expelling a Canadian diplomat in New Delhi India also suspended visas for Canadians at Indian missions globally, citing “security threats” to Indian diplomats India is also reportedly in the process of cancelling Overseas Citizenship of India (OCI) cards for those who have supposedly carried out proKhalistan activities and anti-India propaganda The OCI card provides lifelong, visa-free access to foreign citizens of Indian origin Canada, on the other hand has continued to issue visas to Indian citizens India’s tough stance is meant to somehow pressure Trudeau into backing out Yet in a country where more than 3 percent of the population is of Indian origin and where hundreds of thousands of Indian students enrol in universities every year, the heat is being felt most by this vast diaspora community Canadian citizens of Indian origin who don’t have an OCI card and visit India regularly to visit family attend social gatherings or attend to their businesses are now unable to travel With diplomatic

Indian citizens living in Canada are hesitant to travel out of the country because they fear Canada might reciprocate India’s visa ban with travel restrictions Indian students are worried about delays in visa processing times at Canada’s diplomatic mission in New Delhi which has been ordered to downsize and are concerned that visa acceptance rates might drop India s response has also deepened Hindu-Sikh tensions in Canada

Over the past couple of years, we have witnessed a global rise of Hindutva hate speech and violence We saw this in 2022 in Leicester United Kingdom where young Hindu men marched through the streets chanting Jai Sri Ram – a Hindutva war cry – and attacked Muslims

But Sikhs have not been immune to this violence either There has been a spike in anti-Sikh hate crimes in the UK and Australia In Canada, Sikh schools have been routinely vandalised and sprayed with racist graffiti Ron Banerjee a Canadian Hindu nationalist openly called for the genocide of Muslims and Sikhs last year India s ongoing incendiary rhetoric and actions targeting Sikh residents of Canada has further irked members of the community Indian authorities, experts and media outfits have been insistent in painting all Sikh activists and advocates of Sikh human rights as radicals India’s federal counterterrorism outfit the National Investigation Agency has now begun seizing properties of Sikh activists in Canada whom Indian authorities consider to be fugitive

Khalistani terrorists

Meanwhile, Sikh activists in the United States have said the FBI warned them that they could be in danger after Nijjar ’s assassination And members of the Sikh Congressional Caucus in the US have publicly expressed concerns about reports that India s government is targeting Sikh activists abroad

But it isn t just Sikhs who today face heightened security risks outside India The spiral of religion-based politics that the Modi government has played in India and increasingly abroad has left others vulnerable too

Across Canada Sikh activists have led demonstrations outside India s diplomatic missions in Toronto, Ottawa and Vancouver, where protesters have burned Indian flags Reportedly, posters calling for the killing of Indian diplomats as retribution appeared outside the gurdwara where Nijjar was killed One Canadian Sikh separatist leader Gurpatwant Singh Pannun also released a provocative video asking Canadian Hindus of Indian origin to leave Canada go to India India has global ambitions This was very much evident in the pomp and circumstance with which it hosted the recent G20 summit But irrespective of whether India was indeed responsible for Nijjar’s assassination its response to the allegations does not exactly paint the country as one that is ready for global leadership Instead it punishes the diaspora and makes the toxicity of the Hindutva brand of politics harder to ignore for the international community as divisiveness with roots in India explodes globally

Somdeep

MU S TA FA Suleyman a co-founder of DeepMind and former vice president for AI products and policy at Google offers some deep thoughts in his just-released book, The Coming Wave: Technology, Power and the 21st Century s Greatest Dilemma” (written with Michael Bhaskar)

The “wave” he sees washing over all aspects of society for better and worse is propelled by generative AI and another general-purpose technological innovation synthetic biology which powered by the processing prowess of intelligent machines can read and rewrite genetic code and then boot up life in the lab For the first time core components of our technological ecosystem directly address two foundational properties of our world: intelligence and life In other words technology is undergoing a phase transition No longer simply a tool it’s going to engineer life and rival and surpass our own intelligence Suleyman writes

INTELLIGENT MACHINES, HUMANIST RENAISSANCE? As has been widely discussed, the promise of these innovations ranges from curing cancer to predicting and preventing disease from creating clean forms of energy drought-resistant plants and manufactured protein to eliminating the drudgery of rote mental and manual labor while minting vast new wealth that could eradicate scarcity LinkedIn co-founder and top venture capitalist Reid Hoffman even sees a new humanist Renaissance on its way thanks to the “amplification [of] intelligence” the coming wave will bring He analogizes AI to Filippo Brunelleschi’s invention of mobile scaffolding that permitted the thentofore unrivaled construction of the stunning masonry-vaulted dome that crowns the Duomo in Florence That innovation in turn, fostered other imaginative leaps by artists, architects, blacksmiths and carpenters that helped fuel the cultural and scientific flourishing in Italy from the 15th to 17th century Hoffman regards generative AI as “the cognitive ‘mobile scaffolding’” of our time

Such promise Suleyman is quick to note is mirrored in perilous possibilities from displacing gainful employment while concentrating wealth in a few hands to ubiquitous surveillance, industrialized production of misinformation, automated warfare, the pernicious weaponization of pandemics and even the design of master races

UNCONTAINED ASYMMETRY: Like earlier generalpurpose technologies such as electricity AI-enabled innovations will inexorably proliferate in scope and scale across every realm of daily life The momentum of their diffusion will be driven not only by endless entrepreneurial opportunities drawn from massive social demand, but, distinctively, by the distributed nature of AI platforms that are available to anyone and everyone

The capacities of this phase transition are so consequential for humanity that in Suleyman s view we need to take a different approach than in all previous waves of innovation For most of history, he warns, the challenge of technology lay in creating and unleashing its power That has now flipped; the challenge of technology today is about containing its unleashed power ensuring that it continues to serve us and our planet ” This echoes the general take of

Suleyman puts meat on these bones He departs from the silicon libertarians of his ilk by calling for strengthening the state and other governing authorities to keep the consequences from getting out of control His remedies go beyond talk of mere regulation to include bringing government and critics into building technology from the start to transparent audits of tech rollouts the identification of chokepoints to stall or stop innovations and public input at every level

As the title of his book suggests Suleyman is cognizant of the daunting dilemma posed by pursuing this effort in open societies where the very nature of the distributed technologies that must be controlled erodes the legitimacy of any authority, not least the state, that might do so Never before in history which has been mostly characterized by hierarchical political orders have societies faced common challenges created by technologies that at the same time undermine the capacity for a common response Suleyman calls this uncontained asymmetry

In Noema, we have noted how the peer-to-peer digital media ecosystem spreads information from private space to private space without forming a public sphere Absent that solid ground for democratic deliberation through which open societies make the key choices about their future there is scant hope of addressing the issues Suleyman raises on both the near and far horizon

For that reason, renovating the practices and institutions of democracy must precede in importance all else, which can only follow from it Here too, the old paradigm has flipped: Just as republics have historically sustained themselves by establishing institutions and practices that check power when too much of it is concentrated in one place so too checks and balances are needed in the digital age when power is so distributed that the public sphere itself is disempowered

As it is now, we are suspended within a contradictory dynamic As Suleyman sees clearly, “The internet centralizes in a few hubs while also empowering billions of people It creates behemoths and yet gives everyone the opportunity to join in Social media created a few giants and a million tribes Everyone can build a website but there is only one Google Everyone can sell their niche products, but there is only one Amazon The disruption of the internet is largely explained by this tension, this potent, combustible brew of empowerment and control ” Suleyman has made a major contribution to the discourse with this manifesto calling for governance of both the giants and the tribes in the coming wave As he so rightly concludes The central problem for humanity in the 21st century is how we can nurture sufficient legitimate political power and wisdom, adequate technical mastery and robust norms to constrain technologies to ensure they continue to do more good than harm ”

Nathan Gardels is the editor-in-chief of Noema Magazine

nEwS C A N A D A W A R N E D N I J J A R ’ S A S S O C I AT E O F D E AT H

T H R E AT S F R O M I N D I A W I T H I N D AY S O F A S S A S S I N AT I O N

VANCOUVER,BRITISH COLUMBIA

AG E N C E S

A few days after pro-Khalistan leader Hardeep Singh Nijjar s assassination in Canada s biggest Gurdwara in Surrey British Columbia another Sikh leader from the same Gurdwara was warned in writing Duty To Warn by the Canadian police and the intelligence service of the imminent threat to his life at the hands of Indian state agents

According to evidence available

Gurmeet Singh Toor a close associate of Nijjar and a senior member of the management committee of the Guru Nanak Sikh Gurdwara, was issued a Duty To Warn letter by the Canadian law enforcement on August 24, 2023, during an urgent visit at his home by the Canadian intelligence and the police that his life was in serious danger at the hands of Indian agents roaming in Canada on behalf of the Indian state

An expert of the warning letter to Toor by the Canadian police said: The police have determined by way of one or more investigative avenues that your life may be in peril At this time we are unable to provide you specific details of the threat

Toor had started actively campaigning with Sikh For Justice (SFJ) for Khalistan

Referendum voting in BC after Nijjar s assassination at the hands of Indian agents on June 18, 2023

Nijjar was head of the Guru Nanak Sikh Gurdwara and Chief Coordinator of the Khalistan Referendum campaign in Canada

Canadian Prime Minister Justin Trudeau has directly accused the Indian govt of being behind Nijjar ’s murder through Indian agents controlled and operated by Indian diplomats stationed at India s consulates in Vancouver and Toronto

In a statement, Canadian national Gurmeet Singh Toor said that India wants to kill him because like Nijjar, he is engaged in campaigning for the Khalistan Referendum and after Shaheed Nijjar ’s assassination at the hands of gunmen hired by Indian agencies and I continue campaign for the Khalistan Referendum and particularly for September 10, 2023 voting event in Surrey

He revealed: On August 25, 2023, around 11:20 pm while I was sleeping at my home two Canadian officials belonging to Surrey Police and Integrated National Security Enforcement Team (INSET) respectively knocked at my door and served the attached Duty To Warn notice I was told by the officers that the fact that they have come to me at this hour of the night should be taken as an indication that the matter (threat) is really serious I was instructed by the officers to be vigilant and careful

In a September 27 communique to PM

Justin Trudeau SFJ demanded immediate expulsion of India s High Commissioner in

Canada Sanjay Kumar Verma on grounds that there is mounting evidence that the agents of the Indian government were involved in the killing of Hardeep Singh Nijjar in Surrey, British Columbia, on June 18, 2023[1]; continued threat to the Khalistan Referendum campaigners in Canada at the hands of Indian agents SFJ s letter highlighting the threat to Too and campaigners of Khalistan Referendum in Canada is also addressed to leaders of the Conservative Party, Bloc Quebecois, NDP, and Green Party urging them to “to raise above the partisanship on this national issue which pertains to the core of existence

shared by all Canadians – protecting of our country s sovereignty from any foreign aggression and securing the life and liberty of all Canadians against any foreign invasion and threats”

SFJ’s letter to the Canadian PM said:

“Mr Prime Minister the record in your office should reflect that in May 2016 when Shaheed Nijjar was falsely accused by India of running a terror camp in Mission BC Nijjar wrote you a letter in which he unequivocally stated that Mr Prime Minister, I want to bring it to your attention that the Indian government’s campaign to label me a terrorist started when I actively participated

Exclusive: HSBC to acquire Citigroup China consumer wealth business

HSBC (HSBA L) is set to acquire Citigroup’s (C N) China consumer wealth management business which manages more than $3 billion in assets two sources with knowledge of the matter said, in a major boost to the Londonbased bank s business in that country

The transaction, the financial details of which were not immediately known, will also see Asia-focussed HSBC taking over a few hundreds of Citi s Chinabased staff said one of the sources

The deal could be announced as soon as next month, the two sources said, who could not be named as they were not authorised to speak to the media SBC and Citi declined to comment

The acquisition adds to a list of moves by HSBC to expand in China one of its key markets as Europe s largest lender vows to exit less profitable geographies to focus on its key revenue generator, Asia

Looming uncertainties around doing business in China have dampened the appetite of Western companies with fewer banks boosting their presence in face of weaker economic growth and new national security restrictions on data transfers

However, HSBC’s chairman Mark Tucker told Beijing officials during a visit in July that an “ice-breaking” spirit adopted by British businesses historically would help the UK and China overcome challenges and geopolitical tensions, a bank statement said

The bank, which already runs wealth

India imposes cur few in strife-hit areas of Manipur state

INDIA

AG E N C I E S I n d i a i m p o s e d a c u r f e w i n t h e c a p i t a l a n d s o m e a r e a s o f i t s r e s t i v e s t a t e o f M a n i p u r o n T h u r s d a y a f t e r s c o r e s o f s t u d e n t s w e r e i n j u r e d i n v i o l e n c e f o l l o w i n g p r o t e s t s a g a i n s t t h e a l l e g e d a b d u c t i o n a n d m u r d e r o f t w o s t u d e n t s , a u t h o r i t i e s s a i d E t h n i c v i o l e n c e h a s p l u n g e d t h e n o r t h e a s t e r n s t a t e b o r d e ri n g M y a n m a r i n t o w h a t m a n y s e c u r i t y e x p e r t s d es c r i b e a s a n i n t e n s e c i v i l w a r f o u g h t o v e r l a n d j o b s a n d p o l i t i c a l c l o u t b e t w e e n i t s t w o l a rg e s t l o c a l g r o u p s I n d e f i n i t e c u r f e w h a d t o b e i m p l e m e n t e d i n I m p h a l a n d i n s o m e o t h e r d i s t r i c t s L K a i l u n a s e n i o r p o l i c e o ff i c i a l b a s e d i n t h e s t a t e c a p i t a l , t o l d R e u t e r s M o r e t h a n 8 0 s t u d e n t s w e r e i n j u r e d i n We d n e s d a y ’s c l a s h e s , a n o t h e r p o l i c e o ff i c i a l s a i d o n c o n d i t i o n o f a n o n y m i t y H e a d d e d t h a t t h e s i t u at i o n w a s “ e x t r e m e l y t e n s e ” a f t e r a r m e d m o b s v a nd a l i s e d a n o ff i c e o f t h e r u l i n g p o l i t i c a l p a r t y a n d h u r l e d p e t r o l b o m b s a t t w o p o l i c e s i t e s M o b i l e i nt e r n e t s e r v i c e s h a v e b e e n s u s p e n d e d i n t h e s t a t e f o r f i v e d a y s , o ff i c i a l s s a i d S i n c e t h e v i o l e n c e f i r s t e r u p t e d o n M a y 3 , m o r e t h a n 1 8 0 p e o p l e h a v e b e e n k i l l e d a n d o v e r 5 0 , 0 0 0 h a v e f l e d t h e i r h o m e s i n M a n i p u r M o r e t h a n h a l f t h e s t a t e ’s p o p u l a t i o n o f 3 2 m i l l i o n b e l o n g s t o t h e M e i t e i c o m m u n i t y w h i l e t h e K u k i c o m m u n i t y w h o m a k e u p a b o u t 4 3 p e r c e n t l i v e m o s t l y i n t h e h i l l s P r o t e s t s r e - i g n i t e d o v e r t h e a l l e g e d k i d n a p p i n g a n d k i l l i n g o f t w o s t ud e n t s o f t h e M e i t e i c o m m u n i t y w h o h a d g o n e m i s si n g i n J u l y a f t e r t h e i r b o d i e s w e r e f o u n d t h i s w e e k T h e n e w s w e n t v i r a l , r e v i v i n g t h e e t h n i c t e n s i o n T h e s t a t e ’s c h i e f m i n i s t e r N B i r e n S i n g h w h o i s a l e a d e r o f P r i m e M i n i s t e r N a r e n d r a M o d i s p a r t y d e n o u n c e d t h e a l l e g e d m u r d e r a n d v o w e d m a x im u m p u n i s h m e n t f o r t h e c u l p r i t s M e m b e r s o f t h e s t u d e n t s f a m i l i e s a n d M e i t e i l e a d e r s h a v e a c c u s e d K u k i m i l i t a n t s o f t h e l a t e s t k i l l i n g , a n d c r i t i c i s e d a u t h o r i t i e s f o r f a i l i n g t o e n d t h e v i o l e n c e A s p o k e s p e r s o n f o r a K u k i c i v i l s o c i e t y g r o u p s a i d i t d i d n o t h a v e a n i m m e d i a t e c o m m e n t o n t h e l a t e s t k i l l i n g s L e a d e r s o f t h e o p p o s i t i o n C o n g r e s s p a r t y h a v e a c c u s e d t h e M o d i g o v e r n m e n t o f f a i l i n g t o c o n t r o l t h e v i o l e n c e i n a s t a t e g o v e r n e d b y h i s n at i o n a l i s t p a r t y

management and private banking services in the local market earlier this month scored a first of its kind fund distribution qualification granted to a foreign firm, giving it new opportunities in China’s 28 8 trillion yuan ($3 94 trillion) fund market HSBC aims to tap its insurance brokerage network to kick off fund sales to wealthy Chinese people as soon as next month the second source said Citi s China wealth management operations, part of the retail banking business it has been looking to exit since 2021 mainly serves rich clients in the world’s second-largest economy with deposit fund and structured product offerings Its $3 billion in consumer assets under management is dwarfed by its Chinese and foreign peers such as Stan-

dard Chartered which have more retail branches handling wealth management

Its private banking services catering to high net worth Chinese clients from the bank s locations outside of China, remains intact, the first source said Citi is also in the process of applying to set up a China securities brokerage unit Citi said in December it was looking to sell some of its portfolios as it wound down its China retail banking business part of a strategy to withdraw from consumer franchises in 14 markets in Asia, Europe, the Middle East, Africa and Mexico

In Asia Citi is in the process closing its South Korea operation and plans to complete transferring its Indonesian business to UOB Group In August, it completed the sale and migration of its Taiwan consumer businesses

Donald Trump now begins to fight for his existence amid legal woes

US AG E N C I E S

Former US President Donald Trump s commercial enterprise is shaken from its core after Judge Arthur Engoron s ruling that found the 77-year-old billionaire liable for fraud and showing inflated worth of his assets to secure a better financial posture and the benefits associated with it

The ruling was issued on the case investigated by the state’s Attorney General Letitia James rescinding the licenses of the Trump Organization and other companies owned by Donald Trump and his adult sons

Eric and Donald Trump Jr

Donald Trump in his social media post Wednesday called the ruling a “political hack”, and said that Judge Engoron “must be stopped” According to Michael Cohen Trump’s former attorney and fixer the ruling pushed the former president already out of business

While speaking with CNN he said: Those companies will end up being liquidated the judge has already determined that the fraud existed

During the hearing, lawyers asked if the judge s rulig meant Donald Trump’s assets to be sold, or if they coud continue to operate under receivership Engoron noted that the issue would be addressed at the non-jury trial on October 2 Trump s attorneys said that the decision to rescind the licenses will be appealed alongside the decision If it fails, the edifice will come crashing down According to the Guardian, experts say the beginning would be marked by the sale of the actorturned-politician’s most prestigious real estate assets including Trump Tower in New York golf courses and resorts around the US It may also include his prized Mar-a-Lago club in Florida if it is termed to be a business operation instead of his primary residential home

In Wednesday s post, Trump denounced the value of Mar-a-Lago as $18 million, claiming it was worth “100 times more than he values it ”

William Black corporate fraud investigator and distinguished scholar in residence for financial regulation at the University of Minnesota Law School said in a report: “In finance, once the dominoes start falling, it becomes basically impossible to save it ”

Black noted: These properties are even more damaged goods today because of the success in demonstrating they are massively overvalued The most likely thing, if you get an honest agent or receiver, they re going to sell the properties at a loss And when you ve got a whole bunch of properties, with the first one you just desperately need to get some action and that gets discounted the most ” The fraud investigator termed Engoron s ruling devastating maintaining that the billionaire s insiders and employees would have incentive to come forward with more information if he lost his wealth and influence Trump is monumentally, stupidly greedy in that he isn’t actually paying for a number of key lieutenants in terms of their legal needs, and they’re facing the financial collapse of their own [such as] the Rudy Giulianis of this world

But a lot of folks can sink Trump

Having this ability to control all these assets even if they re massively overvalued, meant hope springs eternal among the Trump folks that he can use that money and influence to help them, but if Trump instead ends up bereft of control over the overwhelming bulk of his assets and has lots of liabilities sugar daddy goes away added Black

To monitor the Trump Organization Engoron appointed a retired federal judge Barbara Jones, who reported inconsistencies in financial disclosures last month “Donald Trump is no longer in business,” David Cay Johnston, author of the Trump-themed book The Big Cheat wrote in DC Report Barring a highly unlikely reversal by an appeals court Trump s business assets eventually will be liquidated since he cannot operate them without a business license

in a campaign to collect signatures on a complaint to the United Nations Human Rights

Council I am a Sikh nationalist who believes in and supports Sikhs right to self- determination and independence of Indian-occupied Punjab through a future referendum ”

Following Nijjar s murder we publicly raised alarm about our belief that the Indian government was involved in, and responsible for, his killing Finally, on September 18, 2023, Prime Minister Trudeau publicly on the floor of the House said what had long been known by the Sikh community – that the Indian government was behind the assassination of Shaheed Nijjar

The SFJ letter said: We agree with the Prime Minister s statement in the House of Commons that any involvement of a foreign government in the killing of a Canadian citizen on Canadian soil is an unacceptable violation of our sovereignty It is contrary to the fundamental rules by which free open and democratic societies conduct themselves Such a flagrant violation of Canadian sovereignty demands swift and decisive action on the part of our government Only the expulsion of India’s High Commissioner in Canada Sanjay Kumar Verma will adequately convey Canada s forceful disapprobation of India s blatant violation of our sovereignty and attack upon the Canadian people s life and liberty

China, EU are par tners, not rivals: Wang Yi

BEIJING

AG E N C E S

China and the European Union (EU) are partners, not rivals, Chinese Foreign Minister Wang Yi said on Wednesday The development of the manufacturing industry depends on fair competition not protectionism Wang said during a telephonic conversation with Hungarian Foreign Minister Peter Szijjarto Wang also a member of the Political Bureau of the Communist Party of China Central Committee, said he hopes that the Hungarian side will continue to push the EU to adopt a more positive and open cooperation policy towards China work with China to practice genuine multilateralism safeguard the UN-centered international system and promote the sound and steady development of China-EU relations The EU s anti-subsidy investigation into China s electric vehicles is against the basic rules of international trade and is likely to disrupt the global automotive industrial and supply chains, Wang noted adding China insists on taking the green lowcarbon and sustainable development path which is completely consistent with the development direction of the EU For his part Szijjarto said the Hungarian side strongly opposes decoupling from China Hungary hopes that the EU and China could cooperate closely, and does not support the EU taking any measures that are not conducive to fair competition and cooperation, Szijjarto said The Hungarian side appreciates China’s efforts in promoting peace in Europe and wishes that the Chinese side could continue to play an active role in this regard he added

Huge explosion at Tashkent airpor t causes tremors felt over 30km away

UZBEKISTAN

AG E N C E S

A huge explosion has rocked Tashkent the capital city of Uzbekistan in the early hours of Thursday The blast, which occurred near the airport, has been reported to have originated from a customs storage facility in Tashkent Although the specifics surrounding the explosion remain limited, it has raised widespread concern and immediate action The impact of the explosion was powerful enough to be felt over a significant distance Early on Thursday the Uzbek news website Daryo reported a powerful explosion in Tashkent Uzbekistan, citing information from the Ministry of Emergency Situations The explosion is suspected to have occurred at a warehouse located in a district near the airport While flight operations at Tashkent International Airport appeared to be functioning normally with flights taking off and landing there was a closure notice for a runway during specific hours The reason for this closure was not initially provided According to reports from Nova24, witnesses have described the explosion taking place at a customs warehouse near the airport Videos circulating on social media depict a column of flames and smoke rising into the night sky adding to the urgency of the situation Emergency response teams are on-site working diligently to contain the fire resulting from the explosion At this point details regarding injuries and casualties are yet to be confirmed Authorities are actively investigating the incident, and further updates will be provided as more information comes to light

Chinese President Xi meets UNESCO Direc tor- General Audrey Azoulay

BEIJING AG E N C I E S

Chinese President Xi Jinping met with Director-General of the United Nations Educational Scientific and Cultural Organization (UNESCO) Audrey Azoulay in Beijing on Thursday China has always supported the work of UNESCO, and together with UNESCO, has made positive contributions to safeguarding world peace and promoting global development Xi said adding that the valuable China-UNESCO cooperation should be maintained The world is made up of diverse civilizations and China is among the countries with the longest histories and oldest cultures, he said China is willing to work more closely with UNESCO to continuously improve the capacity for and level of heritage pro-

tection and promote exchanges mutual learning and cooperation among different civilizations in order to contribute to world peace and facilitate the building of a community with a shared future for humanity, he said Xi said that China is committed to building itself into a great, modern socialist country in all respects by the middle of the century and to advancing the rejuvenation of the Chinese nation through a Chinese path to modernization

To this end, China adheres to the strategy of invigorating the country through science and education; promotes the development of education science technology and culture; and attaches importance to international exchanges and cooperation with all parties including UNESCO, he said Azoulay said that the Chinese government has always attached great im-

BISP our expression of care for the deprived: Dr Amjad Saqib

Chairperson Benazir Income Support Programme (BISP) Dr Muhammad Amjad Saqib has said that BISP is about much more than providing monetary aid; it is a manifestation of love and care for the less fortunate members of our society It is not charity, it’s our expression of love for the deprived segments of society In a heartwarming address to a gathering of BISP employees at the BISP Auditorium Hall Dr Muhammad Amjad Saqib expressed his unwavering commitment to altering the prevailing perceptions about the program While addressing, he passionately spoke about the crucial role that education plays in uplifting individuals and society as a whole He expressed concern over the fact that millions of children in Pakistan do not have access to education and emphasized the need to change this reality Education is the real gamechanger he stressed underlining that it is a national, social, and religious responsibility to ensure that every child in Pakistan receives education

Chairperson BISP called upon the BISP employees to be custodians of this noble mission and to start a movement and campaign for a reformed society He envisioned a society where every child has access to education where love humanity brotherhood and sacrifice form the core of our values

Dr Muhammad Amjad Saqib acknowledged that 9 3 million families benefiting from BISP's support and the program operates on the principles of humanity brotherhood and responsibility

European countries are longing for a young population like Pakistan

Caretaker Federal Minister Khalil George s address as special guest at National College of Arts There is a need for public awareness and awareness regarding human rights These views were expressed by the Caretaker Federal Minister for Human Rights Mr Khalil George while addressing the students in the seminar on human rights held at the National College of Arts Islamabad campus today The Federal Minister said that youth is a valuable asset for any country in the world European countries are desperate for human resources But unfortunately the youth are not finding any way to get ahead In order to lead the country on the path of development They have to go ahead and manage the country Pakistan needs youth the most today Regarding the large numbers of young people going out of the country, the Federal Minister said that you will get an idea of the value of this country by going out Therefore, I request the youth of Pakistan to study here and serve the people by staying in the country Because this country has given us identity and we have to give something in return Federal Minister Khalil George informed further and said that half of Pakistan s population consists of women To take the country forward, women have to be brought forward in the economy

NIMA celebrates World Maritime Day 2023

ISLAMABAD: National Institute of Maritime Affairs (NIMA) organized an international seminar to mark the celebrations of World Maritime Day 2023 on 28 Sep on the theme MARPOL at

50: Charting the Future of Sustainable Maritime Practices Vice Admiral (Retd) Iftikhar Ahmed Rao HI (M), Special Assistant to Prime Minister on Maritime Affairs graced the occasion as a Chief Guest While addressing the audience the Chief Guest emphasized that Pakistan remains committed to its role as a responsible maritime nation and is dedicated to pursuing policies and initiatives that foster sustainable maritime practices He further congratulated IMO for achieving the milestone Vice Admiral (Retd) Ahmed Saeed HI(M), Director General NIMA, in his opening remarks said that MARPOL has been instrumental in safeguarding the world s oceans and seas from pollution for half a century He underscored the importance of charting a course toward a more sustainable maritime future He called for adoption of innovative technologies that will continue to ensure a cleaner efficient and more sustainable maritime sector Mr Jun Sun from IMO highlighted the ways MARPOL has made a difference in shipping and to the health of oceans Similarly Ms Li Jai Lun Research Assistant Institute of South Asian Studies Sichuan University, China; Cdre (Retd) Babar Bilal Haider SI(M), Dr Said Akber Khan from Bahria University shared their perspectives on the success of MARPOL over the

CHINESE Ambassador Mr Jiang Zaidong on Thursday said that under the strong leadership of Chinese President Xi Jinping China is steadfastly advancing the process of Chinese modernisation and China will provide new opportunities for developing countries including Pakistan with new accomplishments in the Chinese modernisation

Chinese Ambassador Jiang Zaidong made these remarks while addressing the participants of a grand reception hosted by the Chinese Embassy to mark the occasion of the 74th Anniversary of the Founding of the People s Republic of China and to celebrate the Chinese Moon Cake Festival

The mid-autumn festival, also known as the Moon Cake Festival is a traditional event in the Chinese culture The history of the festival dates back to over 3 000 years

Chairman Senate Sadiq Sanjrani and Caretaker Foreign Minister Jalil Abbas

Jilani were the Chief Guest on the occa-

sion while a large number of civil and military officers political figures diplomats attended the reception Ambassador Jiang said that as developing countries, both China and Pakistan were constantly exploring development paths that suit their national conditions and are actively committed to maintaining world peace and stability

On the occasion the Ambassador extended heartfelt thanks to the government and people of Pakistan for their warm sentiments towards China

“We are ready to work more vigorously with Pakistan under the leadership

of the two countries for common development and strengthening strategic partnership We are prepared to enhance trade and business cooperation and to promote security interests People welfare is our prime objectives,” Ambassador Jiang emphasised He mentioned the fast-growing China’s development under the leadership of President Xi Jinping He added China was taking new initiatives for its moderation and reformation in all sectors A group photograph of Chinese Embassy Staff on the eve of Chinese National Day 2023 The Ambassador also spoke high

OGDCL announces financial results for year ended June, 2023

ISLAMABAD S TA F F R E P O R T

The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on September 28, 2023, at Islamabad announced the financial results for the year ended June 30 2023 of fiscal year 2022-23 Net sales revenue clocked at Rs 413 594 billion, translating to profit after tax of Rs 224 617 billion, showing an increase of 59 percent compared to a profit of Rs 133 783 billion in the same period of last year and earnings per share of the company clocked at Rs 52 23 from Rs 31 11

The Board of Directors announced the final cash dividend for the year 2022-2023 on the basis of accounts for the period ended June 30 2023 @ 2 75 per share i e

27 50 percent This is an addition to interim dividends already paid @ Rs 5 80 per share i e 58 percent to its shareholders The dividend will be paid to the

shareholders whose names will appear in the Register of Members on Wednesday October 18 2023 The share transfer books of the company will be closed from Thursday October 19 2023 to Thursday October 26, 2023

During the period under review, the company paid Rs 159 154 billion on account of Taxation The annual general meeting (AGM) of shareholders of the company will held on Thursday October 26 2023 at 09 00 hours in Islamabad On the exploration and development side, the company recorded significant enhancements in seismic efforts and drilling activities The Board of Directors appreciated the efforts of the management for taking effective steps for the implementation of the company's aggressive exploration program

Jazz inaugurates state -of-art ‘digital house’ in Peshawar

PESHAWAR

S

Jazz, Pakistan s leading digital operator, inaugurated its state-of-the-art Regional Office, the Digital House,' on University Road in the vibrant city of Peshawar Embodying the Jazz identity this state-of-the-art office boasts an innovative design with spaces geared towards providing a healthier work environment

This cutting-edge office space has been meticulously designed to cater to the diverse needs of its employees, offering a range of facilities such as wellness rooms, a state-of-the-art gym, recreational areas, sitstands and ergonomic seating The office space encourages teamwork and collaboration with spaces fully equipped to cater to virtual team collaborations a critical part of the digital workplace strategy

At Jazz, inclusivity is not just a buzzword but a core value The Digital House has been thoughtfully designed to ensure accessibility for all, including individuals with disabilities This aligns perfectly with Jazz's vision to champion and safeguard the rights of differently-abled individuals

Jazz has garnered recognition as an employer of

choice by championing a work culture that emphasizes work-life balance and flexibility especially for working mothers Central to this ethos is the notion that employee wellness is the cornerstone of achieving organizational success

In addition to a robust array of competitive programs, Jazz introduces the Jazz Fit initiative, a hol i s t i c e m p l o y e e w e l l n e s s p r o g r a m r o o t e d i n t h e SEMP model: Social Emotional Mental and Physical well-being

Pakistan resolute to fulfill compliance with fundamental labour standards: SAPM

Mr Jawad Sohrab Malik, Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis & Human Resource Development has assured International Labour Organization (ILO) and European Union (EU) that Pakistan is resolute to fulfill its commitments with regard to compliance of fundamental labour standards which include elimination child & forced labour, freedom of association and gender discrimination He was speaking as a Chief Guest at the launch of National Report on the General Scheme of Preferences Plus

(GSP+) at Marriott Hotel Islamabad organized by Ministry of Overseas Pakistanis & Human Resource Development with the support of ILO and EU

The SAPM on OP&HRD Jawad Sohrab Malik reiterated that we are cognizant of the challenges concerning labour rights and committed to overcoming them Pakistan is on a journey to becoming an ethical and responsive global partner and the GSP+ is a crit-

ical part of that journey to which we remain fully dedicated, he added He also emphasized for close cooperation and coordination amongst all partners to c o m p l y w i t h i n t e r n a t i o n a l c o n v e n t i o n o f l a b o u r rights successfully for uninterrupted benefits from the GSP+ status which is imperative for export of our goods to EU countries

The GSP+ is a special incentive arrangement by the European Union for sustainable development and good governance that supports venerable development countries Countries grated GSP+ status are required to ratify and compliance with 27 international conventions including labour rights and the Pakistan

about the contribution of Communist Party of China (CPC) in China’s all-round national development He said the friendship between Pakistan and China was strong and deep as Pakistan was a brotherly country He welcomed friends to the Chinese Embassy and emphasised that the China-Pakistan relationship has profound historical roots, solid public support, and vital practical needs Ambassador Jiang stated that this year marks the 10th anniversary of the Belt and Road Initiative proposed by President Xi Jinping and the 10th anniversary of the launch of the China-Pakistan Economic Corridor

He said that with the joint efforts of both sides, CPEC has achieved fruitful outcomes covering areas of industry agriculture IT disaster prevention and mitigation etc which he said made significant contributions to promoting Pakistan s economic and social development, upgrading Pakistan s infrastructure, improving Pakistani people’s well-being, enhancing people to people contact and deepening regional connectivity The CPEC he said has an important role in Pakistan s economic and social development

SNGPL disconnects 235 connections in Punjab, KP and Islamabad during campaign against gas theft

LAHORE

During the ongoing crackdown against gas pilferers SNGPL continued raids in Punjab Khyber Pakhtunkhwa and Islamabad disconnecting another 235 connections while imposing fine of Rs 3 38521 million and 347 under billing cases processed In Lahore, the regional team disconnected twenty-three connections on illegal use of gas , another three on use of compressor and 26 Commercial meters under billing cases processed and also Rs 0 360 million booked against under Billing In Bahawalpur the regional team disconnected four connections on use of compressor while another 22 against illegal use of gas and Rs 0 03 Million has been booked against under billing The company disconnected 28 connections on illegal use of gas and one booked against under billing in Multan The regional team imposed fine of Rs 0 078 Million volume against gas theft and Rs 0 057 Million booked against under billing In Sheikhupura Twenty one connections were disconnected by the region and 05 under billing cases have been processed and the regional team also imposed fine of Rs 0 078 million against theft and Rs 0 057 million against under billing

Investment in agricultural research and development only solution to economic crisis

The federal minister for National Food Security and Research, Dr Kauser Abdulla Malik, visited National Agricultural Research Centre (NARC), Islamabad on September 28, 2023, to preside over a one-day workshop on Climate Resilient High Yielding and Quality Rice Development During his address Dr Kauser Abdulla emphasized the significance of research and development in the agricultural sector stating that it is the country s only hope for overcoming the economic crisis Dr Kauser urged young scientists and researchers to make use of technology, particularly in the field of genomics and Biotechnology He emphasized the importance of adapting crops that are resilient to the changing climate and resistant to extreme temperatures

P o w e r s u s p e n s i o n s c h e d u l e f o r t o m o r r o w

According to Islamabad Electric Supply Company (IESCO) s spokesman System Maintenance/Development Work is in process Therefore power supply of below mentioned feeders/areas will be temporary suspended as per given schedule Circle, Anguri, NCP, Mangyal Shahdara Shahpur Khayaban Iqbal Pir Suhawah Quaid-e-Azam University Punjab House Bri Imam Mandala Athal NIH Sohdran Road Feeders From 07:00 AM to 12:00 PM Islamabad Circle Margalla Tower, F-9 Park, I-10/1, I-11/1 Feeders Rawalpindi Cantt Circle, IST, Newrawat, Kohala, Murat , Karnab Kaswal Feeders, Rawalpindi City Circle, Khuram Colony, 6th Road, T&T, PTCL, Pindhoon, I-14/3, Noon, I-16/1, HPT

Radio Pak Lakho Road Ameer Hamza Officer Colony Feeder Chakwal Circle Medina Town Basharat Feeders Jhelum Circle F-9 Chak Daulat Chhapar Sharif Shah Safir Samot Islampura Kangar Pakhwal Feeders and surrounding areas will remain closed

Pak istan Nav y celebrates World Maritime Day

T

ISLAMABAD

S ta f f R e p o R t

HE federal cabinet is likely to approve State-Owned Enterprises Policy, 2023 to improve performance of loss making entities According to details the meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOE) was held at the Finance Division today under the chair of the caretaker finance minister Dr Shamshad Akhtar

The Cabinet Committee engaged in constructive discussions, reviewing key elements of the policy in light of suggestions of the previous meetings, including governance structures performance and accountability mechanisms

The finance minister stated that the State-Owned Enterprises Policy 2023 rep-

resents a critical step towards restructuring and modernizing the state-owned enterprises and the economy at large

She said that the objective is to reduce the size of SOEs in the public sector as well as to make those which remain in the public sector to be more competitive, accountable, and responsive to the needs of our citizens This policy will pave the way for a more efficient utilization of public resources and will enhance the overall economic landscape of Pakistan

The principal agenda of the meeting was to conduct a comprehensive review and finalization of the State-Owned Enterprises Policy 2023 an initiative aimed at reforming and revitalizing Pakistan s state-owned enterprisesThe finance minister underlined that the inconsistencies, contradictions and ambiguities in the relevant laws and rules have to be corrected to improve corporate governance in the SOEs She said that the code of conduct for Boards of Governance in the SoEs have to be formulated and implemented in letter and in spirit

The Finance Minister also emphasized the importance of enhanced scrutiny of the “fit and proper” criterion by the regulators Dr Shamshad Akhtar underscored that the mismanagement of the SOEs cannot be allowed to continue She said that dividends

have to be improved through enhanced efficiency and transparency

good condition She disclosed that the top ten loss making SOEs in 2019 were: Quetta Electric supply company (Rs 108 5 billion) National Highway Authority Rs (94 3 billion) Pakistan Railway (Rs 200 million), Sukkur Electric power company (Rs 40 8 billion), Pakistan International Airlines (36 07 billion), Sui Southern Gas Company Limited (Rs 21 4 billion), Pakistan Steel Mills Rs (20 6 billion) Hyderabad Electric Supply Company (Rs 17 7 billion) Pakistan State oil company (Rs 14 8 billion) and Peshawar Electric supply company (Rs 14 6 billion) On the other hand, the top profit making SOEs included Oil and Gas Development Company Limited (Rs 100 billion), Pakistan Petroleum Limited (Rs 49 4 billion), National Bank of Pakistan (Rs 30 billion) Government Holdings Pvt Limited (Rs 28 8 billion) National Power Parks Management (Rs 28 billion) and Port Qasim Authority (Rs 15 billion) C A B I N ET T O A P P R O V E N E W S TAT E - O W N E D E N T E R P R I S E S P O L I C Y g F i n a l d r a f t t o b e p r e s e n t e d t o F e d e r a l C a b i n e t i n n e x t m e e t i n g

The Finance Minister said that the Cabinet Committee on State-owned Enterprises and the Central Monitoring Unit has to play a major role to ensure business plans of the SOEs are in line with the sectoral priorities

According to details the final draft of StateOwned Enterprises Policy 2023 will be presented to the federal cabinet in the next meeting

Recently, the Caretaker finance minister had informed that the loss of governmentowned SOEs had exceeded Rs 500 billion in the year 2020 which was Rs 143 billion in the year 2019 She also said that the Ministry of Finance had been providing assistance in order to keep many SOEs in

Tax evasion of Rs95m detec ted by FBR intelligence

ISLAMABAD S ta f f R e p o R t Tax evasion worth Rs 95 million in the coal sector has been unearthed by the Directorate of Inland Revenue Intelligence & Investigation FBR According to details Directorate of Inland Revenue Intelligence & Investigation, Islamabad has arrested two persons under section 37A of Sales Tax Act 1990 in an effort to curb the menace of fake/flying invoices One way of evading taxes through fake invoices is that bogus companies which exist only on papers issue fake invoices These companies then claim a refund from the sales tax department on raw material that was never purchased Meanwhile flying invoices are used by registered taxpayers to claim undue refunds from the FBR by showing excessive use of raw materials It was reported by reliable sources that an office was set up in a residential complex located in Sector

dollar

F-10 of Islamabad

The office was involved in the making of fake invoices for coal presumably being sent to cement factories The Directorate raided the office/flat and registered an FIR against an alleged tax fraudster for his involvement in tax fraud and causing a loss of revenue to the tune of ninety five million rupees to the national exchequer by claiming/adjusting inadmissible input tax on the basis of fake invoices

However during the raid the principal officer of the company could not be apprehended as he was not present in the office Raids are being conducted in the search of the said person and he is expected to be arrested accordingly The accused were presented before a special court in Rawalpindi on 27th Septemb e r 2 0 2 3 f o r s e c u r i n g a 7 - d a y p h y s i c a l r e m a n d which has been granted by the court for further investigation It is expected that details of other culprits involved in fake and flying invoices could be revealed during investigation

Pakistan-Iran gas pipeline projec t

ISLAMABAD S ta f f R e p o R t The Senate Standing Committee on Interior on Thursday summoned the prime minister ’s secretary over the issue of an allegedly missing bill of Senator Irfan Siddiqui pertaining to separation of judiciary from the executive by clipping judicial powers being enjoyed by bureaucrats posted in Islamabad district administration PML-N Senator Irfan Siddiqui raised the issue of his missing bill during meeting of Senate Standing Committee on Interior held here with its Chairman Senator Mohsin Aziz in the chair The committee s meeting convened to discuss proposed amendments to the Pakistan Penal Code 1860 and the Code of Criminal Procedure, 1898 The committee, however, then decided to take up the issue of the PML-N senator raised about his ‘missing bill’ titled: “Code of Criminal Procedure (Amendment) Bill 2022 ” The meeting was attended by Senators Saifullah Abro Sherry Rehman Samina Mumtaz Zehri Shahadat Awan Danesh Kumar Dilawar Khan and Kamil Ali Agha Notable participants also included Senators Mushtaq Ahmed and Palwasha Muhammad Zai Khan, who contributed as bill movers Additional Secretary and Joint Secretary Ministry of Interior, representatives from FIA Ministry of Law and CDA were also present

e n e rg y r e q u i r e m e n t s P a k i s t a n , i n r e c e n t m o n t h s , inked agreements with Russia and Azerbaijan for procurement of crude oil and gas The country received its maiden liquified petroleum gas (LPG) cargo from Russia on Tuesday Moreover the official said Pakistan is not in a position to initiate a new controversy considering its dragging economy and reliance on int e r n a t i o n a l l o a n i n g a g e n c i e s I s l a m a b a d s e c u r e d a last-minute bailout from the International Monetary Fund in July to avoid a lurking default Fr day 29 September 2023 NEWS Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited Ph: 051-2204545 Email: newsroom@pakistantoday com pk