Epaper_23-10-12 LHR

SC FULL COURT UPHOLDS LAW CLIPPING CJP’S SUO MOTU POWERS In partnership with

Profit

thursday, 12 October, 2023 I 25 rabi ul awal, 1445

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Majority of 10 members declare SC Practice and Procedure Act 2023 as Constitutional

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Justice Ijazul Ahsan, Justice Munib Akhtar, Justice Mazahar Ali Naqvi, Justice Ayesha Malik and Justice Shahid Waheed write dissenting note

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ISLAMABAD

Staff repOrt

HE Supreme Court, in a full court session on Wednesday, ruled that the SC (Practice & Procedure) Act, 2023 — which requires a committee of senior judges to form benches for constitutional matters and suo motu notices — was “sustained as being constitutional” and rejected petitions against the law in a majority verdict.

Reading the reserved verdict, Chief Justice of Pakistan (CJP) Qazi Faez Isa said that “a majority of 10-5 (Justice Ijazul Ahsan, Justice Munib Akhtar, Justice Mazahar Ali Akbar Naqvi, Justice Ayesha A. Malik and Justice Shahid Waheed dissenting), the SC Practice and Procedure Act 2023 is sustained

as being in accordance with the Constitution of the Islamic Republic of Pakistan and to this extent, the petitions are dismissed”.

“By majority of 9-6 (Justice Ahsan, Justice Akhtar, Justice Afridi, Justice Naqvi, Justice Ayesha and Justice Waheed dissenting) sub-section 1 of Section 5 of the Act (granting a right of appeal prospectively) is declared to be in accordance with the Constitution and to this extent, the petitions are dismissed,” he ruled. Sub-section 1 of Section 5 of the Act says: “An appeal shall lie within thirty days from an order of a bench of the Supreme Court who exercised jurisdiction under clause (3) of Article 184 of the Constitution to a larger bench of the Supreme Court and such appeal shall, for hearing, be fixed within a period not exceeding fourteen days”.

“By a majority of 8-7 (CJP Isa, Justice

Section 5 of Act (granting right of appeal retrospectively) is declared to be ultra vires to Constitution

Sardar Tariq Masood, Justice Syed Mansoor Ali Shah, Justice Amin-ud-Din Khan, Justice Jamal Khan Mandokhail, Justice Athar Minallah and Justice Musarrat Hilali dissenting) sub-section (2) of Section 5 of the Act (granting a right of appeal retrospectively) is declared to be ultra vires the Constitution and to this extent the petitions are allowed,” the verdict added.

Sub-section (2) of Section 5 of the practice and procedure law says: “The right of appeal under sub-section (1) shall also be available to an aggrieved person against whom an order has been made under clause (3) of Article 184 of the Constitution, prior to the commencement of this Act.” The practice and procedure law, which was passed by Parliament in April, states that a three-member bench, comprising the CJP and the two senior-most judges of the apex court, will decide whether or not to take up a matter suo motu. Previously, this was solely the prerogative of the CJP. Additionally, it adds to the review jurisdiction of the Supreme Court, giving the right to file an appeal within 30 days of the judgement in suo motu cases. The law was seen by the petitioners as an attempt by the government to curtail the chief justice’s powers.

In April, the Supreme Court, then led by former chief justice Umar Ata Bandial, barred the government from implementing the law until the petitions challenging it were decided. The decision was taken by an eightmember bench consisting ex-CJP Bandial, Justice Ahsan, Justice Akhtar, Justice Sayyed

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PML-N, PPP and PTI hail SC verdict as to ‘democratises’ apex court’s workings ISLAMABAD

Staff repOrt

Political parties, including Pakistan Muslim League-Nawaz (PML-N), Pakistan Peoples Party (PPP), and Pakistan Tehreek-i-Insaf (PTI), have welcomed the Supreme Court’s (SC) verdict on the SC (Practice & Procedure) Act, 2023, saying that the decision not only enhances transparency but also democratises the apex court’s workings. The SC’s full court — comprising all 15 judges — sustained the Supreme Court (Practice and Procedure) Act 2023, which deals with the chief justice’s powers, as “constitutional” with a 10-5 majority. The verdict acknowledges the parliament’s right to legislation under Article 191, which states that the SC rules are subject to the Constitution. Terming today’s verdict as a “welcome step” PML-N President Shehbaz Sharif said that the development reflects’s judiciary’s respect for the parliament. “The Supreme Court’s verdict regarding the Practice and Procedure Act 2023 is a welcome step. It not only democratizes the workings of the Supreme Court itself but also shows due respect to the Parliament, which represents the people of Pakistan,” the former Punjab chief minister said on X. However, Shehbaz — addressing the possible effect of the verdict on party supremo Nawaz Sharif — said: “It is important to mention that, according to legal experts, the specific clause under discussion concerning appeals against past judgments does not affect Mian Nawaz Sharif.” Meanwhile, PPP senator Sherry Rehman termed the decision as an “important step for parliament’s supremacy”.

CONTINUED ON PAGE 03 Naqvi, Justice Mohammad Ali Mazhar, Justice Ayesha, Justice Syed Hasan Azhar Rizvi and Justice Waheed. A day after he was sworn in, on September 19, incumbent CJP Qazi Faez Isa resumed hearing the petitions with a full court and ordered live-streaming of the entire proceedings.

Today’s judgment comes after five proceedings were conducted on the matter. At the previous hearing, an exchange between judges and counsel hinted at the disquiet among judges over the court’s workings.

THE HEARING At the outset of the hearing today, Attorney General for Pakistan (AGP) Mansoor Usman Awan presented his submissions. He said his arguments would be based on the

No possibility of delay in polls, says PM Kakar g

Says cypher is state’s property, exposing it for other than prescribed purpose unjustified

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ISLAMABAD

Asked if Nawaz Sharif was victimised, PM said questions were raised about judicial interventions

Staff repOrt

Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday ruled out the possibility of any delay in general elections, saying that the polls would be announced and conducted on time.

“I don’t see any possibility (of delay in elections). I don’t have any confusion at all. I feel the elections will be announced and conducted on time,” the prime minister said in an interview with a private television channel.

Commenting to the cypher case against former premier Imran Khan, Kakar said cypher was state’s property, and exposing it for other than the prescribed usage was unjustified, though the court has yet to ascertain its illegality. The prime minister said in the 2013 and 2018 elections, he had voted for PTI to seek solutions for the country’s issues like infrastructure, economy, foreign policy and branding of Pakistan, not for attacking the GHQ. Reiterating his government’s resolve to hold free and fair elections, he said all the registered political parties

had legal and constitutional rights to canvass, mobilise people and attract public support. However, he said the government would not be responsible if someone was legally barred from the political process.

To a question, he emphasized effective law enforcement saying that his gov-

NAB gets new deputy chairman, prosecutor general g

Sohail Nasir appointed Dy Chairman NAB ISLAMABAD

Staff repOrt

National Accountability Bureau (NAB) on Wednesday got new Deputy Chairman and Prosecutor General (PG) as both appointments were made the same day. Former judge Lahore High Court (LHC), Sohail Nasir has been appointed as Deputy Chairman while Syed Ihtesham Qadir Shah has been appointed Prosecutor General of the National Accountability Bureau (NAB). The Ministry of Law and Justice issued a formal notification to this effect here Wednesday. Meanwhile, Advocate Syed Ihtesham Qadir Shah has been appointed as the prosecutor general of the National Accountability Bureau (NAB) for the next three years. A notification issued in this regard stated that the federal government appointed the lawyer as per the NAB chairman’s recommendation. Having a career spanning over three decades, Shah as an advocate has broad experience in criminal and allied matters, including financial crimes. He was enrolled as an advocate at a high court in 1982, to be later upgraded to an advocate of the Supreme Court in 1991. In the year 2007, he was appointed as a senior prosecutor for the Anti-Narcotics Force and later elevated as a judge of Lahore High Court in 2009. Besides that, Shah has also worked as a regional prosecutor general under the Protection of Pakistan Act, of 2014, and as Punjab prosecutor general from 2014 to 2019. He also contributed to justice by providing complete assistance to special military courts for the conviction and sentence of heinous cases of jet-black terrorists.

ernment, with the cooperation from military leadership, had implemented the existing laws to crack down the illegal currency businesses and hoarders. He also called for the capacity building of the civilian institutions for the implementation of the law.

The prime minister said the estab-

lishment of the democratic system within the political parties was essential for democracy in the country. To a question, he said being a political player, he had interacted with all political leaders before assuming the office but never thought of joining any party, though being a citizen, he had the right to join a party or form his own.

Rubbishing the allegations of the caretaker government’s tilt towards the PML-N, he said the political parties usually create such impressions before the elections with a view to attracting public support. Prime Minister Kakar appreciated the leadership qualities of Chief of Army Staff General Syed Asim Munir and said that Pakistan’s future was in capable and committed hands.

To a question, Kakar said he was comfortable with the military leadership and that the caretaker government had the final say in the decision-making. Asked whether Nawaz Sharif was victimised, the prime minister said the questions were always raised about the judicial interventions as different parties had varying views on the respective subjects.

government’s written response submitted in court. “You are saying you not repeat the arguments but will highlight them,” the CJP said here, to which Awan stated that he would talk about the independence of the judiciary and Article 191 of the Constitution.

Article 191 (Rules of procedure) states: “Subject to the Constitution and law, the Supreme Court may make rules regulating the practice and procedure of the Court.”

The AGP added that three questions were raised during the proceedings on the matter in discussion and he would respond to them. He said Article 191 did not take away the Parliament’s right to legislate.

CONTINUED ON PAGE 03

Pakistan, OIC reiterate support for Kashmiris’ right to self-determination ISLAMABAD

Staff repOrt

Foreign Secretary Muhammad Syrus Sajjad Qazi on Wednesday stated that the current Indian leadership is bent upon perpetuating Delhi’s occupation of Jammu and Kashmir, crushing “fundamental rights” of Kashmiri people. Addressing a press conference along with Organisation of Islamic Cooperation (OIC) Secretary General and Special Envoy on Jammu and Kashmir Yousef Aldobeay after a meeting here in Islamabad, Syrus Sajjad Qazi highlighted Indian excesses in Illegally Occupied Jammu and Kashmir, which have seen significantly rise under the Modi regime. “The curbs on the fundamental rights and freedoms of the Kashmiri people remain persistent,” said Jilani. “The total number of detained political activists and human rights defenders comes to around 4,000,” he said, adding that members of the Hurriyat leadership have been “incarcerated arbitrarily”. The dignitaries drew attention to the death penalty sought by the Indian authorities on Kashmiri leader Yasin Malik, who was awarded life imprisonment last year, and Shabbir Ahmed Shah as well as the increase in atrocities by the state since 2019. “India’s unilateral and illegal actions of August 5, 2019, have opened a new chapter of oppression. The ultimate aim of these steps is to convert the Kashmiri people into a disempowered minority in their own land,” said Syrus Sajjad Qazi, adding that the OIC has affirmed its resolute support to the Kashmiri people for their just struggle.

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Did Pakistan just record one of its biggest ever corporate real estate sales?

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Sale of Regent Plaza to SIUT would be biggest real estate purchase in Pakistan but only in terms of rupee PROFIT

Shahab Omer

One of the largest ever real estate transactions to take place in Pakistan’s listed, corporate sector is unfolding as the Sindh Institute of Urology and Transplantation (SIUT) is set to buy the once swanky and fashionable Regent Plaza in uptown Karachi.

Valued at Rs 14.5 billion the transaction is the single largest real estate transaction in the country’s history in absolute rupee terms. In dollar terms the hotel is worth just over $52 million. While it is still among one of the biggest transactions in the country’s history, it will still not be the largest ever when it comes to how property valuations work.

THE BUYER AND THE SELLER The current transaction is taking place between SIUT and Pakistan Hotels Developers Limited (PHDL).

The PHDL is a publicly listed company that owns and operates the Regent Plaza Hotel which has been a mainstay in Karachi for many decades. According to notifications posted on the PSX, the offer for Rs 14.5 billion has been extended in person through a letter sent on Tuesday the 10th of October.

One of the largest healthcare organisations in Pakistan, the SIUT depends on donations for its mission to provide healthcare to Pakistanis at their many facilities across the Sindh province. While many charitable organisations run side businesses which become steady revenue streams for them to operate their

charitable activities, SIUT is reportedly thinking of a more direct use for the Regent Plaza. According to well placed sources the plaza is designed in a way that it can easily be converted into a hospital, which is what the institute plans on doing.

READ MORE: Can the miracle called SIUT ever be replicated?

The biggest property sale ever?

In rupee terms this really will be the biggest transaction for listed real estate in Pakistan’s history. However, there have been other transactions in the country’s history that are bigger in real terms.

Back in 2017, Habib Bank Ltd, paid Rs 14.4 billion for the new HBL Tower in Clifton Karachi They bought this form Mega and Forbes, the shipping conglomerate owned by the reclusive billionaire Habibullah

Khan. Back in 2017 however this transaction’s value in dollar terms was a whopping $137 million.

When comparing the transactions of HBL and Regent Plaza, a slight price difference is noticeable in rupee terms. However, when evaluated in dollar terms, HBL’s deal is significantly larger, being approximately 62 percent higher than that of Regent Plaza.

Another mega real estate transaction took place more recently in 2021 Bank Al Habib bought Centrepoint from TPL Properties for nearly $50 million. Companies regularly update property valuations in their financial statements so they reflect the current value of the property which increases their assets on their balance sheet. Going by their financial statements from that year, the rupee value of the building was listed at just over Rs 7 billion.

CONTINUED ON PAGE 03

02 NEWS

Thursday, 12 October, 2023 | LAHORE

PAK RAILWAYS SUFFERS OVER RS55 BILLION LOSSES IN FY23

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PROFIT

newS DeSk

AKISTAN Railways has incurred a staggering loss of over Rs55 billion during the fiscal year 2022-23. The losses were attributed to a combination of governance issues, financial mismanagement, and a lack of transparency, according to an audit conducted by the Auditor General of Pakistan (AGP).

The audit’s segregated analysis highlighted governance issues as a significant concern within the department, particularly in administration and the management of Public Sector Development Programme (PSDP) projects. These prob-

lems were deemed more severe than those related to risk management and controls.

One of the most glaring issues found in the audit was the non-recording of accrued liability on account of interest and exchange risk premium on foreign loans, which amounted to Rs29.35 billion. The report also revealed a loss of Rs19.80 billion due to potential revenue loss from project delays and non-adjustment of suspense balances amounting to Rs12.64 billion.

Furthermore, the department overspent by Rs11.75 billion beyond the allocated budget, exacerbating the financial strain.

The failure to record accrued pension liabilities in the financial statements of Pakistan Railways resulted in an additional Rs8.25 billion loss. Contract awards at

higher rates cost the department Rs6.96 billion, and the non-registration of Pakistan Railways Freight Transportation Company (PRFTC) with the Punjab Revenue Authority contributed to a loss of Rs7.92 billion.

Non-operating track access agreements resulted in a further loss of Rs6.10 billion per annum, and a lack of fair competition and transparency in procurement cost the department Rs5.09 billion.

The audit report also revealed that the department suffered a loss of Rs5.05 billion due to the non-recovery of receivable bills.

Delays in the finalization of bids caused an additional loss of Rs2.07 billion due to the devaluation of the local currency. Suspicious weighing practices concerning coal led to another Rs2.07 billion loss.

Continuing along the same lines, the department incurred a loss of Rs1.37 billion due to the non-recovery of PRFTC dues from Huaneng Shandong Ruyi, and an additional loss of Rs866.95 million was witnessed due to the non-disposal of scrap.

The report highlights the urgent need for systemic reforms within Pakistan Railways to address the governance, financial, and operational challenges that have contributed to these massive losses. Failure to do so could further undermine the sustainability of this vital transportation entity, which has long struggled with financial and management issues.

Govt likely to increase gas tariff up to 193pc PROFIT

newS DeSk

Karachi building collapse kills five people KARACHI

Staff RepoRt

At least five people were killed when an under-construction building collapsed in Karachi’s Shah Faisal Colony area on Wednesday. The incident also left two people injured. Edhi sources said all deceased appeared to be labourers working inside the under-construction building. The ill-fated building, situated near Qadri Masjid, had construction ongoing on its third floor when it seemingly gave way and collapsed. Soon after the incident was reported, rescue teams and law enforcement along with local residents reached the incident site to initiate rescue efforts. A police spokesperson also confirmed casualties in the incident. He stated that there were a total of six labourers working in the now-collapsed building. “Four labourers have been evacuated with minor injuries while a pedestrian was killed by the collapse of a building,” said the police. Three of the deceased individuals have been identified as 55-year-old Abdul Ghaffar son of Hasan Ali, 30-year-old Naseer Ahmed son of Mohammad Anwar and 37-year-old Mohammad Kashif son of Mehbood Ali. So far, three bodies have been recovered from the debris, while the injured individuals have been moved to the Jinnah Postgraduate Medical Center for medical treatment.

The government of Pakistan plans to increase natural gas prices for various consumer categories, including nonprotected domestic consumers, bulk consumers, commercial consumers, the export industry, the non-export industry, CNG (Compressed Natural Gas), cement, and Liberty Power. These increases range from 25 percent to 193 percent, sources close to the Petroleum Ministry said.

However, there will be no change in gas prices for the “protected” category of domestic consumers, Roti Tandoor, and the feed gas of Engro’s fertilizer plant. For protected consumers, the fixed monthly charge has been signifi-

cantly increased from Rs 10 to Rs 400, amounting to a 3900 percent increase.

The government has not adequately revised consumer gas prices in line with OGRA’s determinations since FY 2013-14. As per a report by BR, this has led to an accumulation of revenue shortfalls, with SSGCL and SNGPL facing a total shortfall of Rs. 878 billion as of June 2023. It is said that price inaction could lead to a revenue shortfall of Rs 185 billion on natural gas alone, contributing to the circular debt in the petroleum sector.

Affordability for certain consumer categories is to be ensured through cross-subsidies funded by surplus revenues generated from other consumer categories.

Tariffs have been revised for differ-

ent sectors, including commercial consumers, power generation, and industry, to create a level playing field and reduce price disparities.

Higher prices for CNG and the cement sector are proposed to encourage the switch to alternate fuels. Sui companies will offer blended gas based on the availability of natural gas and RLNG (Re-gasified Liquefied Natural Gas). The prices for feed gas for fertilizer plants have been proposed to remain lower to ensure affordable urea prices for farmers.

It is notabe that the Petroleum Division emphasizes that gas price revisions should be consistent with OGRA’s revenue requirements, as per the legal provisions in the OGRA Ordinance of 2002.

Govt to borrow over Rs10 trn to meet financial obligations PROFIT

newS DeSk

The federal government has unveiled its borrowing strategy for the second quarter (October to December) of fiscal year 2024, aiming to secure more than Rs10 trillion from the domestic market to meet its financial obligations and bridge the fiscal gap.

As per reports, the State Bank of Pakistan (SBP) issued an auction calendar on behalf of the federal government. The government’s borrowing plan includes the auction of various types of security papers, encompassing Pakistan Investment Bonds Fixed Rate (PIBs Fixed Rate), Pakistan Investment Bonds (PIBs) Floating Rate, and Gov-

ernment of Pakistan Market Treasury Bills (MTBs).

The government’s primary focus will be on short-term government papers, as it strives to raise a significant portion of the borrowed amount through the sale of Market Treasury Bills (MTBs). Approximately Rs7.905 trillion will be raised through MTBs during this period, which is lower by Rs2 trillion compared to the maturing amount for the same quarter.

To achieve its financing target, the government has scheduled seven auctions of Treasury Bills (T-Bills) during the quarter. The borrowing breakdown for the quarter includes Rs1.5 trillion in October 2023, Rs3.825 trillion in November 2023 through three T-Bill auctions, and

Rs2.580 trillion in December 2023.

In addition to MTBs, the federal government intends to borrow Rs2.76 trillion through the sale of long-term Pakistan Investment Bonds (PIBs) during the second quarter of FY24. This includes various PIB categories, such as Fixed Rate, Floating Rate Semi-Annual Auction, and 2-year and 3-year PIBs with a Floating Rate.

The cumulative borrowing target for the October-December 2023 period stands at Rs10.665 trillion, as the government aims to secure funds through a mix of short-term and long-term security papers. These funds are essential to bridge the fiscal gap and support the government’s ongoing operations and fiscal commitments.

Chartered plane booked from Dubai for Nawaz Sharif’s return on 21st LONDON

Staff RepoRt

Pakistan Muslim League-Nawaz (PML-N) leader and former prime minister Nawaz Sharif will reach Pakistan in a chartered plane from Dubai on 21st October. As per sources, the flight carrying Nawaz will have the name “Umeed-e-Pakistan” which can carry approximately 150 passengers. “The booking has been made and all arrangements are in place,” said the source. Nawaz, along with party members and journalists, is scheduled to leave Dubai for Pakistan on Oct 21. The special flight will land in Islamabad from Dubai before proceeding to Lahore, where Nawaz Sharif will address the gathering at Minar-e-Pakistan. Nawaz Sharif will reach Saudi Arabia for Umrah on Wednesday. He will stay in Saudi Arabia for a week during which he will hold important meetings. He will arrive in Dubai on 18th October. Nawaz Sharif will be accompanied to the Saudi visit by his close aides Mian Nasir Janjua, Waqar Ahmed, his friend Karim Yousaf and a few others. Nasir Janjua, the owner of MIDJAC company, spent nearly three years in exile in London with Nawaz Sharif and returned to Pakistan just a few months ago. Earlier this year, the Federal Investigation Agency (FIA) former head Bashir Memon revealed that former prime minister Imran Khan and his then-principal secretary Azam Khan time and again forced him to use all legal and illegal means, including the use of torture and anti-terrorism laws, to force businessman Mian Nasir Janjua to give a false confessional statement against PML-N Senior Vice President Maryam Nawaz in the judge Arshed Malik video scandal. Memon said it was planned in the PM House that Janjua, who has been a 30years-old trusted friend of Nawaz Sharif, should be made the main culprit since he is a businessman and would be an easy target to become an approver against Maryam and senior PML-N leadership. Janjua then left Pakistan for London and didn’t return until Imran Khan was in power. On Tuesday, PML-N Senators Ishaq Dar and Irfan Siddiqui said Nawaz would leave for Saudi Arabia on Wednesday. Refuting rumours pertaining to Sharif’s presence in Saudi Arabia, Irfan Siddiqui confirmed that the three-time former prime minister is still in the United Kingdom and that Nawaz’s visit to Saudi Arabia is of a private nature as the expremier will perform Umrah. Ishaq Dar said that there is no chance of Nawaz being arrested on return to Pakistan. He said that transit bail and protective bail would be obtained from the court. “Nawaz will follow the standard legal procedures.” He said that PML-N’s narrative would be around the economy. Dar said: “Recovery of the economy is the best revenge.”

Is petrochemical set to be Pakistan’s next industry to watch?

PROFIT

Daniyal ahmaD

Two years have slipped by since Abdul Razak Dawood, the then Adviser on Commerce to the Prime Minister, first breathed life into the concept of a petrochemical policy. Now, Pakistan teeters on the precipice of finally sculpting its maiden petrochemical policy. Media murmurs this week hint that the Government of Pakistan is meticulously applying the final brushstrokes to the policy, and the industry is positively buzzing with anticipation.

However, let’s address the elephant in the room. Many of the industry’s most seasoned stakeholders are left scratching their heads over the policy due to the protracted delay since its initial announcement. Let’s take a moment to jog our memory and revisit what we know thus far.

According to media whispers, the policy aims to lure investment into the midstream industry to kickstart indigenous manufacturing of petrochemicals. The Engineering Development Board (EDB) is currently engaged in consultations with public and private sector stakeholders to put the finishing touches on the Petrochemical Policy of Pakistan (2023). The goal? To ignite indigenous manufacturing of petrochemicals such as polypropylene, polyethylene, LAB, etc., and ensure sustainable development through local availability of plastic resins for the downstream engineering industry.

A draft policy was reportedly handed over to the Ministry of Industries & Production in July 2023 and is currently under scrutiny from relevant Ministries/Divisions.

It will subsequently be presented before the Economic Coordination Committee of the Cabinet for consideration.

The proposed policy is anticipated to yield a plethora of benefits. It is expected to ensure the availability of essential raw materials for a wide array of downstream sectors. These include, but are not limited to, textiles, construction, automobiles, pharmaceuticals, fertilisers, and synthetic rubber.

While all the specifics related to the policy remain cloaked in secrecy, there’s no denying that anticipation within the industry is reaching fever pitch.

“The Government deserves a round of applause for prioritising the development of a long-term roadmap for the petrochemical sector,” declares Jahangir Piracha, CEO of Engro Polymer & Chemicals. He continues, “This could be a catalyst for industrialisation in Pakistan.”

Piracha underscores the need for a petrochemical policy that encompasses both existing and new petrochemical assets. He states, “It’s crucial to attract substantial in-

vestments into these projects which are capital intensive and have long gestation periods.” He also tips his hat to Pakistan’s existing petrochemical players, saying, “They invested during challenging times and it’s their success that will pave the way for large-scale petrochemical investments.”

Echoing similar sentiments, Asif Jooma, CEO of Lucky Core Industries asserts, “Petrochemicals form the backbone for multiple industries in Pakistan and have been instrumental in supporting various downstream industries and services.” He adds, “They are one of Pakistan’s largest imports and investments in this sector are pivotal for the country’s economic growth.”

Now, while this may be the sector’s first brush with a dedicated petrochemical policy, it certainly isn’t Pakistan’s maiden voyage into industrial policy. In fact, Pakistan’s tryst with industrial policy has been somewhat chequered. Profit reached out to the EDB to understand their rationale behind selecting this particular sector but was met with silence.

So, will this time be any different? But first things first – what exactly are petrochemicals and why does it seem like they’re being singled out by the Government as a sector in need of a dedicated policy?

WHAT ARE PETROCHEMICALS? The midstream segment of the petrochemical industry encompasses monomers and polymers. These are derived from naphtha cracking and utilised by the downstream segment to create a myriad of plastic products. These include, but are not limited to, sheets, films, tubes, profiles, containers, filaments, ropes, and more. These products find their application in a wide array of industries such as packaging, construction, automotive, industrial products, wind turbines, solar panels, electrical & electronics, artificial leather, home appliances, bottles & jars, furniture, kitchen wares, household toys, disposable utensils and packaging.

The major petrochemical products currently manufactured in Pakistan include poly-vinyl-chloride (PVC), polystyrene (PS), purified terephthalic acid (PTA), polyethylene terephthalate (PET), phthalic anhydride (PA), and linear alkyl benzene sulfonic acid.

However, it’s worth noting that Pakistan’s chemical sector appears to have hit a roadblock. The output seems to have stagnated at $8.3 billion. This is a step back from its 2021 peak of $9.7 billion. Moreover, if all other factors remain constant (ceteris paribus), this trend is expected to continue until 2027.

SO, COULD INVESTMENTS IN THE SECTOR BRING ABOUT ANY MEANINGFUL CHANGE? Piracha posits that a $1 increase in petro-

chemical output could potentially amplify the gross domestic product by approximately $4, courtesy of a high GDP multiplier effect. “Pakistan’s petrochemical sector is underdeveloped; we are one of the few large economies without a cracker,” Piracha rues. He sees a silver lining in the midstream petrochemical sectors, which he believes offer an opportunity to invest $3 billion. “The strong local demand for six products – polypropylene, PTA, PET, PVC, Methanol and linear alkyl benzene – justifies the setup of world-scale plants in Pakistan,” Piracha adds.

This then posits the question: why do you need an industrial policy with tariff production if there’s already domestic demand for the sector to capitalise on?

WHY THE NEED FOR CONSISTENCY? Two pivotal factors are at play here: the imminent Saudi refinery and the potential for stability to catalyse the sector’s growth.

The Petroleum Refining Policy, formally known as the Pakistan Oil Refining Policy for New/Greenfield Refineries 2023, was unveiled earlier this summer. This policy has been tailored specifically for a single project – a greenfield deep conversion integrated refinery and petrochemical complex with a crude oil processing capacity of 300,000 barrels per day (bpd). This project is being established in collaboration with Saudi Arabia. The policy does not permit any future refinery projects that utilise a different oil refining process or technology other than deep conversion, or have a capacity less than 300,000-bpd. Moreover, it stipulates that it must be an integrated refinery and petrochemical complex, regardless of feasibility. Refinery projects with a capacity of less than 300,000-bpd will be considered under a separate package offering lesser incentives and concessions.

Rumours are also circulating that the installed capacity of the Saudi Refinery may be increased to 400,000 bpd.

While the refinery sector may not be entirely pleased with the policy, it could prove to be a boon for the petrochemical sector.

Firstly, at 300,000 bpd, the Saudi refinery would become the largest in Pakistan, boasting a cumulative capacity equivalent to that of PARCO and Cnergyico’s combined – currently the two largest refineries in the country.

This would not only ensure a steady supply of feedstock for the petrochemical sector from the refinery but also stimulate ancillary industries into action and pave the way for economies of scale for whichever Pakistani company manages to achieve them.

Furthermore, the 300,000 bpd limit in the refining policy suggests that the forth-

Output by Type of Chemical ..................................... 2016........................ 2022........................ 2027 Basic chemicals................$2,177 million............$2,141 million ...........$2,141 million Fertilisers and .................$2,658 million ...........$2,613 million ...........$2,613 million nitrogen compounds Plastics and synthetic ...... $696 million ..............$685 million.............. $685 million rubber in primary forms Pesticides and other ........ $352 million ..............$346 million ............. $346 million agrochemical products Paints, varnishes, ............ $671 million...............$659 million.............. $659 million printing ink and mastics Soap, cleaning and .......... $1,594 million............$1,567 million............$1,567 million cosmetic preparations Other chemical products... $236 million...............$232 million.............. $232 million Man-made fibres.............. $62 million................ $61 million................ $61 million

coming petrochemical policy may also set similar production thresholds for players wishing to capitalise on the sector. While this could further limit the sector to even fewer players than currently exist, it also ensures that those who do operate will be running world-scale plants. This brings them closer to achieving economies of scale and potentially contributing to the country’s exports.

The existence of such a policy would also provide much-needed consistency to the sector. Petrochemical plants typically take around four to five years to become operational. Therefore, any large-scale investment would require safeguards for at least that period. One common sentiment echoed across our interactions with various sector stakeholders was their hope that such a policy would shield the sector from erratic decisions like the super tax.

However, this is where our optimism concludes. This is not Pakistan’s first industrial policy, nor is it likely to be our last.

Based on historical precedents, we have an established track record of either botching policies or setting up policies destined for failure from their inception. Let’s now examine all the ways this policy could potentially go awry.

HOW TO TENTATIVELY BOTCH THE POLICY ALTOGETHER First and foremost, when a sector is shielded by tariffs, it invariably exerts pressure on the downstream sector. This could be either inadvertent or deliberate. The downstream sector then protests that their production costs have escalated due to the additional protection granted to the upstream sector (or midstream in our case), leading to a tug-ofwar. The government typically finds itself in the middle of this struggle, necessitating the intervention of the National Tariff Commission to resolve the issue.

This is precisely what transpired with polyester, PTA, and polymers.

“The domestic market needs to be naturally large enough to attract investors. If it

isn’t, no one will invest regardless of the artificial gains you provide,” states Asif Saad, former CEO of Lotte Chemical.

“Shielding one or two products in the value chain engenders imbalances and is not favourable for the growth of the entire sector. The examples of synthetic polyester and pvc show that they are unable to grow to any significant scale despite the high level of tariff provided historically,” Saad adds. .

“China and India invested in domestic capacity building to achieve economies of scale and then gain competitive advantages in global markets. The government needs to invest in large-scale infrastructure. It needs to enhance ports, storage tanks, shipping etc., so that the petrochemical producer is provided with a plug-and-play model. Currently, all of this is undertaken by the companies in the sector themselves,” Saad continues.

“Petrochemical is also a broad term. You can’t have one policy for the entire sector.

You need to narrow the scope to provide investors with greater clarity. Paraxylene, for example, has its own value chain that requires the refiner to allocate additional molecules. Every product in the sector has its own value chain,” Saad criticises.

While the sector may be elated with the incoming policy, there’s also perhaps a hint of bitterness across them. This will be the country’s first policy of its kind, and they will now be competing in a world dominated by large incumbents, with China and India being just the most recent additions.

Some might even argue that the opportunity to develop the sector to compete with regional and global peers perhaps sailed thirty years ago.

However, now that we have a policy on the horizon, we can only hope that this is not a repeat of our automotive experiments.

“To fully leverage the benefits of scale and integration, it is highly beneficial to evolve a policy that addresses the current and future needs of an integrated refinery and petrochemical complex,” emphasises Jooma.

Thursday, 12 October, 2023 | LAHORE

NEWS 03

CPEC BOLSTERS PEOPLE-TO-PEOPLE CONTACTS BETWEEN PAKISTAN, CHINA, SAYS SOLANGI

C

ISLAMABAD

Staff CoRReSponDent

ARETAKER Minister for Information and Broadcasting Murtaza Solangi Wednesday said the launch of China-Pakistan Economic Corridor (CPEC) had not only deepened the economic cooperation between the two brotherly countries but also bolstered people-to-people contacts in a remarkable way.

“Over 28,000 Pakistani students were currently studying in China. This aspect of cooperation is of prime importance in the framework of the Belt and Road Initiative,” the minister said while addressing the Art Exhibition & Cultural Show at Pakistan National Council of Arts. Since the launch of CPEC, he said people-to-people connectivity between Pakistan and China had soared to new heights.

In Pakistan, the minister said the number of Chinese language learners was growing ex-

PML-N, PPP and PTI hail SC verdict as to ‘democratises’ apex court’s workings CONTINUED FROM PAGE 01

“Today’s proceedings and verdict in the Supreme Court have certainly enhanced the transparency and faded image of the superior court. It is also an important step forward for Parliament’s supremacy in its first obligation of making laws.” “Good also on CJ Issa on sharing his powers to a collegial framework of 3 judges. Appeals for suo moto cases being allowed are long overdue,” the senator added. Commenting on the apex court’s verdict, PTI said that the decision was a disappointment for those who had political hopes associated with the top court, in a jibe at the PML-N. The party’s future plan of action will be put into place after a thorough evaluation of today’s verdict, PTI said in a statement on its X account. The SC law gives the power of taking sou motu notice to a three-member committee comprising senior judges including the chief justice. It further aimed to have transparent proceedings in the apex court and includes the right to appeal.

Regarding the constitution of benches, the Act stated that every cause, matter, or appeal before the apex court would be heard and disposed of by a bench constituted by a committee comprising the CJP and the two senior-most judges. Regarding exercising the apex court’s original jurisdiction, the Act said that any matter invoking the use of Article 184(3) would first be placed before the committee. On matters where the interpretation of the Constitution is required, the Act said the committee would compose a bench comprising no less than five apex court judges. About appeals for any verdict by an apex court bench that exercised Article 184(3)‘s jurisdiction, the Act said that the appeal would lie within 30 days of the bench’s order to a larger SC bench. It added that the appeal would be fixed for hearing within a period not exceeding 14 days.

‘Govt to take forward privatization process in transparent manner’, says Fawad Hasan Fawad CONTINUED FROM BACK PAGE

Regarding the privatization of Pakistan Steel Mills (PSM), the minister said that the loss of PSM stood at Rs 230 billion and it was operating with outdated technology. He said the transaction structure of the PSM was approved in December 2020, however, its privatization process was halted due to interest from a single bidder. The minister said that the government has not received any government-to-government proposal regarding the privatization of PSM. Currently the PSM has the capacity to produce 1.1 million tons and it could be enhanced up to 3.1 million tons. About the privatization of PIA’s iconic Roosevelt Hotel in New York, he said that the date had been extended beyond November 8th, and further action would be taken after receiving the necessary plan of action for further proceeding. Fawad Hassan Fawad said that the highest investment has been made in the power sector in Pakistan and now “we are moving towards the free energy market. We have had two meetings with the International Finance Corporation. We are trying our best to engage with the private sector on a longterm basis and move forward on the public-private partnership model.” He said the process of privatization of House Building Finance Corporation, State Life Insurance Corporation, First Women Bank and other SOEs would also be carried forward in a transparent manner. In the past, the minister said the best results of privatization had come out, citing the example of the telecom sector that had around 197 million subscribers while covering 98 % of the country’s total population. “The telecom sector contributes 2.7% to the GDP”, said the minister.

ponentially with the establishment of Confucius institutes in top universities like the University of Punjab, NUML University and others. Likewise, Pakistani students also visited Chinese universities on Chinese government scholarships to learn Chinese language and do professional degrees/diplomas, he added.

He said similarly artists from Pakistan and China frequently exchanged visits to showcase their artwork in each other’s countries through art exhibitions. In the Joint Statement of the People’s Republic of China and the Islamic Republic of Pakistan (2022), he said both sides reiterated the importance of people-to-people contacts, tourism cooperation and cultural exchanges for strong bilateral relations.

Building on the MoU on Tourism Exchanges and Cooperation signed in November 2021, Solangi said the two sides agreed to celebrate the Pakistan-China Year of Tourism Exchanges in 2023 and to establish strong linkages between the tourism promotion agencies and private enterprises of the

two countries. The minister said in May 2023, the Pakistan-China joint exhibition at the Palace Museum featured 173 Gandhara artifacts from Pakistani museums, promoting shared heritage and cultural exchange between the two nations, fostering cultural cooperation and offering insights into Pakistan’s heritage for the general public and

Chinese scholars.

“These exchanges are not new. In fact, from 138 B.C. until our modern age, the Silk Road has managed to represent one of the longest-established and permanent hubs for exchange, influence, and cooperation between communities,” Solangi remarked.

The Silk Road did not only promote commodity exchange but also culture, he said, while citing Buddhism as one of the religions of the Kushan kingdom that reached China.

“Together with merchant caravans Buddhist monks went from India to Central Asia and China, preaching the new religion,” the minister added. He said Buddhist monuments were discovered in numerous cities along the Silk Road.

During the ancient period, Buddhism flourished in both China and Pakistan.

He noted that the famous Chinese traveler and scholar, Xuanzang, embarked on a journey to the Gandhara region of presentday Pakistan in the 7th century. “In his travels through what is now Pakistan, he recalls the Swat Valley, the famous Bala Hisar Fort

Did Pakistan just record one of its biggest ever corporate real estate sales?

CONTINUED FROM PAGE 01

Centrepoint is, quite literally, at the heart of TPL’s ambitions and represents one of the largest developments in Pakistan’s real estate sector. Some key details about the building include its stature as a 28-story structure, standing 385 feet high, and constructed on 26,226 square feet of land, offering 197,810 square feet of rentable space across 17 floors (spanning from the 11th to the 24th, and also including the 26th and 27th floors). Notably, TPL Properties recorded Centrepoint on its balance sheet at Rs 7.65 billion, or around $49 million, given the dollar value at that time, and sold it to Bank Al Habib for Rs 7.75 billion, slightly above the value listed on their balance sheet.

IS THE REGENT WORTH RS 14.5 BILLION? Pakistan Hotels Developers Ltd. experienced a financial journey of ups and downs during 2022-23 and 2021-22.

The company successfully boosted its revenue to Rs. 559.042 million in 202223, a 20.34% rise from the previous year, despite a slight decline in the gross profit margin from 47% to 44%.

The net profit also saw a modest drop, landing at Rs. 44.129 million in 2022-23, down from Rs. 47.817 million in 2021-22, and EPS decreased from Rs. 2.66 to Rs. 2.45. A notable 28.25% increase in the cost of sales and services was attributed to heightened sales vol-

ume and inflation.

The company’s financial performance showcased variability, with profits and losses oscillating over the years. For example, while 2022-23 witnessed a profit before tax of Rs. 58.807 million, 2020-21 saw a loss of Rs. 46.357 million. Despite financial fluctuations, the company maintained its physical assets, valued at approximately Rs. 10 billion in 2022-23, and upheld a 19.00% room occupancy rate with 105 employees.

The notable point is that in the balance sheet, PHDL is listing the value of its land as Rs. 8.9 billion, while the building on the land is valued at Rs. 949 million. Accordingly, if PHDL’s property is assessed based on their own valuation, it does not exceed Rs. 9.85 billion. However, they are intending to sell this plaza for a sum that is nearly 47% more than the valuation price, specifically for Rs. 14.5 billion.

LOCATION ANALYSIS A lot of why each property is worth what it comes down to location. HBL Tower is located in Clifton, a wellknown upscale area in Karachi, which is renowned for its modern infrastructure and proximity to high-end shopping malls, restaurants, and other amenities. This location might offer businesses and visitors a prestigious address and access to numerous facilities.

Centrepoint is situated on Main Korangi Road, near the KPT Flyover in Karachi. This location is significant due

to its accessibility and connectivity to various parts of the city via the flyover, potentially easing the commute for individuals and businesses. It might also be in proximity to industrial zones given its location near Korangi, providing a strategic point for businesses.

Regent Plaza Hotel is strategically located on the main Shahrah-e-Faisal, one of the major boulevards in Karachi, ensuring easy accessibility. It’s also close to various amenities and attractions, including shopping malls and parks. Its proximity to Jinnah International Airport (13 km away) and the Railway Station (2.9km or an 8-minute drive away) provides notable advantages in terms of connectivity and transit, especially for travellers and tourists.

SIZE AND AREA WISE ANALYSIS HBL Tower has a gross area of 485,000 sq ft and a rentable area of 247,000 sq ft. It’s built on a plot of 3,700 sq. yd. and stands notably tall at 327′-6″ with a total of 30 floors (27 above ground and 3 underground).

Centrepoint provides 197,810 square feet of rentable space and is built on a 26,226-square-foot plot. It stands taller than the HBL Tower at 385 feet and has 28 stories.

Regent Plaza Hotel spans an area of 13,200 square yards with a multi-story building covering a total area of 47,034 square yards. The exact height and floor count are not specified in the provided information.

which was a fortified royal residence even at the time.” He said the Caravan routes were often used by scientists and researchers, the most known of whom was the Venetian merchant Marco Polo.

“For centuries, the southern part of the land Silk Roads, wound its way to south from Central Asia, across some of the highest mountains in the world, down through modern Pakistan and then curved east into India (Hindustan) or continued south to the Arabian Sea,” the minister said. He added that the Taxila route played an essential role throughout the Pakistani region, where cultural activity flourished, most notably with the emergence of Gandhara art. Both the Gandhara region and Indian sub-continent were able to forge links with the West during the era of Darius I, king of the Persian Achaemenid Empire from 522-486 BC, he said, adding this was due to the fact that an interconnected network of commercial, trading relationships had not previously been established amongst various regions.

Pakistan, OIC reiterate support for Kashmiris’ right to self-determination CONTINUED FROM PAGE 01

Pakistan expresses its profound gratitude to the OIC for its consistent and unequivocal support for the cause of the Kashmiri people, said Syrus Sajjad Qazi, stressing on the need to implement international resolutions passed on the issue to secure a lasting resolution.

Meanwhile, the visiting dignatory stressed on the OIC’s commitment towards securing the rights of the Kashmiri people. He condemned the “illegal steps” taken by the Indian government in August 2019 on behalf of all members of the OIC and said that they should be revised. “We are with you…support every activity which is your right,” said Aldobeay, directing his remarks towards the Kashmiri people while thanking Pakistan for its continued efforts towards securing the rights of the occupied people. Prior to the press conference, the two leaders held a meeting in Islamabad. A comprehensive report was presented by the OIC on the Kashmir issue, said Aldobeay. In September, at a meeting of the OIC held on the sidelines of the 78th session of the United Nations General Assembly (UNGA), Saudi Arabia Foreign Minister Prince Faisal bin Farhan bin Abdullah said that the Kashmir issue constitutes one of the pressing challenges facing the security and stability of the region, warning that leaving the issue unresolved will contribute to regional instability. The OIC Contact Group said in a statement that during the ministerial-level meeting on Wednesday, the international community was urged to “intensify its efforts to settle the issue of Jammu and Kashmir” based on relevant UN Security Council resolutions.

Imran moves IHC against indictment in cypher case ISLAMABAD

Staff RepoRt

Pakistan Tehreek-e-Insaf chief Imran Khan challenged on Wednesday the special court’s October 17 indictment order in the cypher case in the Islamabad High Court (IHC). The former prime minister through his counsel, Sher Afzal Marwat, has requested the court to declare the special court’s October 9 order null and void.

In his plea, the ex-premier has argued that the special court had asked him to receive the copies of the case, but he has not done so, adding that the court was initiating the process of indictment without waiting for the IHC’s ruling on his plea challenging the in-camera proceedings of the cypher case.

Two days ago, a special court established under the

Official Secrets Act formally commenced the cypher case trial of Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan and Vice Chairman Shah Mahmood Qureshi, setting October 17 as the date of their indictment.

Special Court Judge Abul Hasanat Zulqarnain ordered the distribution of the copies of the charge-sheet among the accused, rejecting the defence’s plea for delaying the process until the reserved ruling of the Islamabad High Court (IHC) on their plea against the in-prison trial was announced. However, both Imran and Qureshi refused to receive the copies of the charge-sheet and sign the relevant documents. Their lawyers complained that the law and the rules were not being followed, and that they would challenge the decision in the IHC. THE CYPHER CASE: The cypher case pertains to a diplomatic document which reportedly went missing from

Imran’s possession. Previously, the PTI chief had alleged that the document was the evidence of a foreign conspiracy for removal of his government through a no-confidence motion in April last year.

Imran was arrested and shifted to Attock Jail on August 5, 2023, after an Islamabad court sentenced him to three years in prison in the Toshakhana case. Following the suspension of his sentence by the IHC, he was arrested in the cipher case and remained incarcerated on judicial remand.

The PTI chief was shifted to Rawalpindi’s Adiala Jail from Attock district jail on his appeal in the IHC. On September 26, both the PTI leaders’ judicial remand was extended until October 10. On September 30, the Federal Investigation Agency (FIA) declared Imran and Qureshi as principal accused in the case.

SC full court upholds law clipping CJP’s suo motu powers CONTINUED FROM PAGE 01

“Parliament has given the judiciary its independence but has also not limited its right to legislate,” Awan said.

Here, Justice Akhtar recalled that before 1973, changes to SC rules were conditional to the permission of the governor general or president.

For his part, the AGP said there were no restrictions on the Parliament amending rules under Article 191.

“Are you saying that there are no restrictions on the Parliament amending rules formulated by the SC?” Justice Ahsan asked. “So are there no restrictions on SC amending laws created by the Parliament?”

Awan replied that the Parliament was the institution that created laws. He further stated that if the number of pending cases in the apex court crossed 70,000 a need may arise to create another law.

Meanwhile, Justice Naqvi asked if the AGP had brought the record of the number of parliamentarians who had debated on the practice and procedure law. “It is present on the website,” Awan replied.

At one point, CJP Isa said institutions should be “pitted against each other” and there should be mutual respect among them. “In my opinion, the Parliament respected the SC. If it wanted, the Parliament could have taken another step which it did not. I believe that step was not taken because the Parliament trusts us,” he said.

The top judge further stated that the scope of the matter should not be widened.

“Parliament is not our enemy neither does it consider us enemies. Both can be run simultaneously,” he said.

“The world is moving forward while we are going backwards. There are a number of challenges that we are seeing, including climate change,” Justice Isa added and cited the phrase “live and let live”.

“The world moves forward together, not antagonistically,” the apex judge said.

He then instructed the AGP to focus on the attack on the Constitution.

Resuming his submissions, Awan said the Constitution did not recognise any convention but didn’t recognise customs or usages having the force of law. However, Justice Akhtar stressed that the Constitution has to be read on the premise that there have to be constitutional conventions.

For his part, the AGP said the Constitution never acknowledged the CJP as the “master of the roster”. Here, Justice Isa interjected and asked about the genesis of the term and whether it was even used today.

Awan replied that the term came from the colonial British times. The CJP again questioned if such a term existed in Islamic history and criticised the dependence on “colonial masters”.

At one point, Justice Akhtar said that the master of the roster committee, under the new law, would do the same work that the CJP used to do. If you don’t want to give the power to one judge, why give it to three judges, he asked.

“If any CJP has not given the power to full court in the past, then you do it,” the

judge remarked.

On the other hand, Justice Ahsan said the foremost question was whether the Parliament was competent and the second was that if the Parliament was competent, some provision of the law inconsistent with the Constitution could be struck down. “You would have to take us to each provision and justify that it is not in conflict with any provision of the Constitution,” he added, asking the AGP to proceed.

Meanwhile, the CJP said that it wasn’t acceptable that the Parliament was restricted while the SC kept taking decisions, recalling that orders have been passed in the past where judges were restrained from being a part of benches.

Justice Isa expressed displeasure that this was, however, not being discussed by anyone from the petitioners’ side. “The time has come for the country to move forward. The way courts are used, as they say, ‘misuse of due process’. Guns are being fired from our shoulders and martial laws have been endorsed,” the top judge said.

Institutions, Justice Isa continued, were not perfect but they should be developed and respected. “But anyone who talks about betterment, they are reprimanded,” he said. “Keep a balanced approach, you are the Attorney General for Pakistan. At the moment, you are an officer of the court, not just representing the government’s approach, because there is no government in the sense that there is a caretaker government and a neutral set-up now,” the CJP told Awan.

The judge added that there was a difference between the government and Parliament. During the hearing, the AGP revealed the details of judgments taken under Article 184(3) and their outcomes.

He said Steel Mills had record losses of Rs206 billion since June 2022.

“Are you trying to say that all this happened because of SC’s action?” CJP Isa asked while Justice Naqvi stated a chargesheet should not be made against the apex court.

“Why are we so scared of listening to the truth?” the top judge said. On the other hand, Justice Afridi asked what the AGP wanted from the chargesheet. “Do you want us to call the practice and procedure law constitutional through the doctrine of necessity?”

HERE, THE CJP ONCE AGAIN QUESTIONED, “WHY ARE WE SCARED OF CRITICISM?” Separately, Justice Akhtar reprimanded the AGP and said: “This is not a debate society neither are we sitting here to listen to your lectures.”

Meanwhile, the CJP said calling legislation by the Parliament a “chargesheet” would not be correct. He added that he spent most of his life as a lawyer and counsels, irrespective of whether the judges like it or not, continue their arguments.

After the AGP concluded his arguments, Lawyer Hassan Irfan, representing petitioner Mudassar Hassan Jura, and Supreme Court Bar Association (SCBA) President Abid S. Zuberi also completed their submissions.

04 COMMENT

Selection of the PM

The Supreme Court decides

T

The verdict on the Supreme Court Practice and Procedure Act is a win for the Court

There is still no job description

HE majority by which the Supreme Court Practices and Procedure Act was upheld by the Supreme Court was 10-5, which indicated that the present Chief Justice enjoys the sort of support of his court that would enable him to push through a judicial agenda which would restore the image of the Court, something that his predecessor, Mr Justice Umar Ata Bandial, was apparently not very careful of.

Indeed, it was Mr Justice Bandial’s selection of cases for suo motu interventions, and the formation of what were called ‘like-minded’ benches to hear them, which were tilted in the favour of a particular political party, that led to the passage of the impugned statute, as Parliament attended to correct the excesses of the past.

It was one of the grounds of objection to the Act, that its passage represented Parliament attempting to interfere in the independence of the judiciary. The Supreme Court verdict indicated that the Act did not represent such interference.

Apart from placing the power of selecting cases for suo motu powers, and bench formation, in the hands of a committee, instead of in the hands of the Chief Justice alone, the Supreme Court also ruled that there would lie one appeal to verdicts, something which did not previously exist. However, the Court decided 8-7 against allowing retrospective appeals, thus closing the door on Mian Nawaz Sharif’s and Jehangir Tareen’s lifetime disqualifications. Previous decisions were treated as past and closed transactions. How exactly this will pan out, but the case set another very useful precedent that deserves to be repeated, and that is that the proceedings were shown live on television, allowing the public to see what went on behind the forbidding exterior of the Supreme Court building.

It will be worth seeing how far the judgement lasts.

It should be noted that the five judges dissenting from the decision were not just those who supported Mr Justice Bandial in favouring a particular party, but also those with legitimate expectancy of becoming Chief Justice. In short, while the present holder of the office was anxious to divest himself of powers, his successors did not seem at all eager. It is to be hoped that this verdict is also treated as a past and closed transaction, and future Chief Justices accept that there are limits to their power.

A

FTER listening to the schoolboy speech of the interim selected Prime Minister in the United Nations General Assembly on September 22, I decided to explore the selection criteria. It is widely believed that it was Raja Riaz Ahmad Khan, who as leader of the opposition, suggested the name of the candidate which was accepted by the outgoing PM. Thus, Anwaar Ul Haq Kakar was unanimously selected to head the interim set-up as the 8th PM. Firstly, there was no provision in the original 1973 constitution for an interim government. The sitting outgoing elected PM continued to run the country while the Election Commission of Pakistan (ECP) was tasked with holding free and fair elections. Secondly the interim arrangement is only required to provide the administrative support to ECP. The big question being was there no better choice to represent the Islamic Republic of Pakistan at the international forum?

Selection for a position requires a Job Description (JD) against which the qualification of the applicants is evaluated. When the person comes on board MBOs take over (Management by Objectives). Meritorious selection requires JD while performance is regulated by objectives. Raja Riaz should make public the JD for the Interim PM together with the MBOs, as the selectee seems to be going wayward.

During his speech at the UN the hall was empty with very little interest. Though the speech was well written he had to struggle to read it. At the hotel in which he stayed the nightly rate was $4400 per person. On his way back he stopped in London to meet dignitaries there. From there he went for Umrah to the holy land. For a country close to default this joy ride makes no sense.

During the Iran-Iraq war in the 1980s, the Islamic Republic incurred a debt of about $ 20 billion which it wanted to get rid of. Strict financial discipline was enforced. Officials travelled on Iran Air and stayed in the embassy premises, every dollar was saved to retire the debt.

Within a short period the country became debt free. The President of Iran gave a very powerful speech at the international forum holding the Holy Quran in hand, which clearly overshadowed the per-

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

Yousaf Nizami Editor Umar Aziz M. A. Niazi Joint Editor

Executive Editor

Dr FAriD A MAlik

formance of our Interims. It was the same forum where the Chairman PTI gave a very powerful speech. He spoke extempore from his heart. When Zulfikar A;i Bhutto spoke in this forum the world listened in silence. Even the speeches of the fourth usurper had more impact.

It did not end here; the interim Chief Minister of Punjab also went on an official trip to China where he meet the Chinese leadership. I remember after every foreign visit Bhutto used to address the Parliament highlighting the outcome of his trip. As leader of the opposition Wali Khan then responded with his point of view. In one of his speeches Bhutto told the house that the Shah of Iran was not happy with the provincial government of Balochistan. Prompt came the reply, here the Shah of Pakistan, not of Iran, rules. A politician has to earn his wings. He or she has to sell himself and his ideas before he or she can reach the corridors of power. Selected individuals follow a different course; it is equally important for them to perform.

Raja Riaz and Shehbaz Sharif are accountable for their selection. Both the interim PM and CM should publish a trip report together with the expenses incurred and the achievements of their respective trips, otherwise they should be considered joyrides to be covered by the individuals out of their own pockets.

Mir Zafarullah Khan Jamali was the first PM from Balochistan. He was a seasoned politician with solid credentials. Like Muhammad Khan Junejo before him. when he stood up to the dictator he was cornered and replaced by Shaukat Aziz, the crafty international banker. Jamali sahib refused to take military action against Nawab Akbar Bugti for which he was sent home.

The PM of Pakistan is not an easy position. After over 75 years the JD has still not been finalized, then a separate JD is required for the interims. Unfortunately the experimentation continues while the country and its institutions sink.

Compromise on merit has hurt the nation badly.

Gen Sirl Douglas Gracey, the last Gora Commanderin-Chief, warned against the menace of nepotism.

Despite objections of the Chief and the founder of the nation, Ayub Khan (PA 10 ) was appointed the first Desi Sipah-e-Salar superseding nine senior officers much brave and abler than him. It then set the tone of the armed forces. Promotion of Zia-ul-Haq against merit and seniority was the biggest blunder committed by Bhutto which he regretted later. I had the

What happens in Gaza is the natural result of past Israeli oppression

T

AttiyA MunAwer

HE rulers of the world have a strange kind of sleepiness and a state of power that if any tyrannical and obstinate ruler or miscreants who invent a false myth, attack and invade a peaceful, harmless nation or kill the innocent people of a country with bullets, bombs and airstrikes, there is no one to ask and no one to stop it but when an oppressed people is fed up and takes retaliatory action, everyone starts making noise together. For the past five decades, the Palestinians have been subjected to extreme oppression but the international community remained a silent spectator. No progress is being made for the right to freedom of the Palestinians.

Thus, Palestinians have now decided to prefer the death of dignity by standing on their knees over the death of humiliation.

It is a fact that Israel’s continuous oppression and aggression against the Palestinians is getting out of control, that is why the Palestinian resistance organization Hamas has suddenly shaken Israel to its roots through a major attack, but the entire responsibility lies with Israel because the response of the Palestinians is retaliation to the endless series of Israeli atrocities. This attack by Hamas convinces Israel that it is not possible to imprison a nation forever. The reaction is sure to happen after some time and can be very noticeable at times.

This resistance operation has surprised the world while after this operation, Israel is bombarding Gaza heavily, as a result of which more human lives will be lost but blood can never be washed away with blood. The oppression and injustice must be ended and the rights must be given to the rightful. In this regard, the Palestinian Foreign Minister is right to say that without the end of the Israeli occupation of the Palestinian territories and the establishment of a Palestinian state, there will be no sustainable peace in the region or the concept of stability is also not possible but the Israeli leadership and their international supporters do not believe this.

The world is divided on the issue of Hamas’ countermeasures against Israel as in some parts of the world Israel is being supported and in some other places solidarity is being expressed with Palestine. US President Joe Biden has said that his country is standing with Israel like a rock. While Indian Prime Minister Narendra Modi has expressed his solidarity with Israel by condemning the attack

by Hamas. On one hand, European countries seem to be willing to give free concessions to Israel under the guise of supporting Israel

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

The country has enough talent in every field which is largely ignored and bypassed. I challenge the interims to publish their trip reports together with measurable objectives to benefit from these expensive tours that the nation can ill afford. Please focus on holding free and fair elections as has not happened since 1970. Pakistan needs an orderly and constitutional transition of power without passing through Lal Kurti

Israel’s obstinacy

while on the other hand, Muslim countries are convincing that its results will never be good.

Saudi Arabia, UAE, Iran, Pakistan and other Islamic countries have asked the world community to stop Israel from attacking Palestinians using these events as an excuse, otherwise the situation will be dire.

Meetings of the United Nations and OIC have been called on this sensitive situation.

Many such meetings have been held before but the verbal actions and decisions of these meetings have never been converted into practical measures. These alleged peace contractors and all human rights experts have been watching such bloody spectacles for decades, but no one has the courage to stand up to the Zionist atrocities and put pressure on Israel to stop the series of the bloodshed of innocent Palestinians. Instead, all of them together have been giving open exemptions to Israel. They are still blaming the oppressed Palestinians and giving free rein to Israel. Meanwhile, Israel intensified its attacks on Gaza after Israeli Prime Minister Netanyahu threatened to turn the besieged Pales-

chance of meeting Gen Muhammad Sharif, the senior most General with outstanding professional credentials, who was bypassed. Then Mian Nawaz Sharif committed the same mistake not once but five times during his three stints as PM. After meeting Pervez Musharraf, I came to the conclusion that he should have retired as a Major but he made it to the top. After forced retirement of Genl Jehangir Karamat, Lt Gen Ali Kuli khan was superseded by Nawaz, ignoring both seniority and merit. Recently stories of a deal in the appointment of Gen Qamar Javed Bajwa have also surfaced, casting serious doubts about the selection process. Opinions differ in the Armed Forces about applying the seniority formula in promotions but the superior judiciary has applied it well for a smooth transition with no extensions.

Pakistan deserves better. The nation must be represented by the best selected through an open merit after due process. These back door entries must stop.

I remember after the 1965 war Mr S.M. Zafar, a federal minister and leading lawyer, was sent to the UN to represent Pakistan instead of Bhutto. Zafar sahib proved to be no match to the experienced Swaran Singh, the Indian Foreign Minister. As an experienced foreign policy expert Bhutto was rushed to effectively counter his onslaughts.

The country has enough talent in every field which is largely ignored and bypassed. I challenge the interims to publish their trip reports together with measurable objectives to benefit from these expensive tours that the nation can ill afford. Please focus on holding free and fair elections as has not happened since 1970. Pakistan needs an orderly and constitutional transition of power without passing through Lal Kurti.

tinian territory into a deserted island. However, Hezbollah launched attacks in support of Hamas against Israel, resulting in more than 1000 deaths to date, including 370 Palestinians and at least 600 Israelis.

It is the result of the two-faced policy of the international community that the fierce attacks of Hamas on Israel have not only made the Zionist state shine, but also destroyed all the pride of being equipped with modern technology and military equipment. If Israel continues to be portrayed as the victim under the guise of these attacks and is given such an open licence to spill Palestinian blood in retaliation then this will result in an endless cycle of violence that nobody will be able to control. So, what is happening or has happened so far is a mere spectacle of resistance. It is the joint responsibility of all to stop this spectacle from playing again and if it is not immediately curbed, then no one will be able to save the peace of the world from destruction.

The writer tweets @AttiyaMunawer

Editor’s mail

Send your letters to: Letters to Editor, Pakistan Today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan.

E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan Today exclusively

Mental illness in Pakistan

THERE are hundreds of children in Pakistan who are suffering from some form of mental illness or mental disorder. It is said that many people are in need of help due to the disorders they have. The sad part is that there are not enough psychologists in Pakistan to deal with the mentally ill, and they have to endure significant suffering. Parents are reluctant to take their children to the doctor because they fear ridicule for having “crazy” children.

These innocent children have nowhere to turn and go through a great deal of anguish. In the West, there are specialised doctors trained to deal with mental illnesses, and there is help available for them. In our country, Pakistan, we do not adequately care for the mentally ill. We must not let the pleas of our fellow countrymen go unheard; we must help them and learn from the West.

There is a lack of proper mental health services in our country, and this must change. There are misconceptions about mental illness and what it entails. Parents often feel embarrassed when taking their children to the doctor, not realising that they need counselling and assistance. Furthermore, the psychologists in our country are not adequately trained to deal with the mentally ill, and they lack knowledge about the latest developments in medicine and medications for mental illnesses. Some psychologists seem to be more interested in financial gain than in the wellbeing of their patients and the pain they endure. Some individuals have mental disorders, while others suffer from depression.

As a nation, we should raise awareness about this issue and encourage parents, especially those who are economically disadvantaged and unsure of what to do, to seek help for their children. This problem has also contributed to an increase in the suicide rate in our country. Pakistan has one of the worst mental health indices in the world. We must assist our fellow countrymen who suffer from mental illness by establishing helplines for the mentally ill to access help and by supporting more NGOs and doctors.

DANIAL TANVIR ISLAMABAD

Empowering the youth

It is the result of the two-faced policy of the international community that the fierce attacks of Hamas on Israel have not only made the Zionist state shine, but also destroyed all the pride of being equipped with modern technology and military equipment. If Israel continues to be portrayed as the victim under the guise of these attacks and is given such an open licence to spill Palestinian blood in retaliation then this will result in an endless cycle of violence that nobody will be able to control. So, what is happening or has happened so far is a mere spectacle of resistance.

Lahore – Ph: 042-36300938, 042-36375965

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Karachi – Ph: 021-35381208-9

I

Islamabad – Ph: 051-2204545

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I write to address a pressing issue that affects countless students in our society today: the pervasive lack of confidence among our youth. It is disheartening to witness so many bright minds falter under the weight of anxiety, depression, and misplaced expectations.

In our increasingly challenging world, the importance of confidence cannot be overstated. A nurturing environment is essential for a child’s selfassurance, yet many young individuals find themselves surrounded by negativity and discouragement. The harmful impact of wrong arguments and undue pressure from family and society cannot be underestimated, as they erode the foundation of confidence.

One critical turning point for many students is the experience of failing a test. Instead of embracing failure as a stepping stone to growth, family and societal pressures often brand them as failures themselves. This, in turn, chips away at their self-esteem, hindering their ability to learn and ultimately succeed in life.

EMPATHY & NATIONAL INTEREST: It is a heartfelt plea to all parents: do not undermine your children’s self-worth. We must uplift, inspire, and support them in their journey towards becoming better individuals. The happiness and well-being of our youth should be our top priority, not the undue pressure that can stifle their potential.

Moreover, I urge our government to take action. It is incumbent upon our leaders to recognise and address this crisis. Policies and initiatives that promote positive environments for our youth, both at home and in society, are crucial to fostering a confident and successful generation.

In conclusion, let us come together as a community to nurture the confidence and potential of our students. Only by doing so can we ensure a brighter and more prosperous future for all.

RAHIM LAL TURBAT

Web: www.pakistantoday.com.pk

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Email: editorial@pakistantoday.com.pk

COMMENT 05

G-20 Summit and Pakistan’s isolation Egypt, Mauritius, Netherlands, Nigeria, Oman, India used the summit to showcase itself moros, Singapore, Spain, and UAE were invited to attend the

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Gul-I-aYesha BhattI

HE 18th Summit of the Group of Twenty (G20) concluded on September 10 in New Delhi. The summit’s main focus was to prioritize inclusive development, address climate change, and find solutions for issues impacting the global South.

The summit’s declaration reflected a consensus, particularly with regards to Ukraine, which received praise from Indian Prime Minister Narendra Modi.

Despite the absence of Chinese President Xi Jinping, and Russian President Vladimir Putin, their positions were filled by the Chinese Prime Minister and Russian Foreign Minister. The summit was attended by numerous world leaders, including the US President.

The 2023 Presidency of both SCO and G20 in New Delhi marks a pivotal moment for Indian diplomacy, offering a prime opportunity for India to showcase itself as a representative of the global South. To maintain and expand its influence in international relations, however, India must strive to avoid internal political divisions, particularly in communal politics.

The upcoming G20 summit, themed “One Earth, One Family, One Future,” aims to promote unity in diversity, address global issues, and encourage international cooperation. Indian Prime Minister Narendra Modi’s innovative ideas were lauded during the summit, including inviting the African Union (AU) to join the G20 and signing a Memorandum of Understanding (MoU) with Saudi Arabia, the United Arab Emirates, the United States, and the European Union to establish a trade and communication corridor connecting India and Europe via the Middle East.

The European-Middle Eastern and Indian corridor is a proposed plan that offers an alternative to China’s Belt and Road Initiative. Its aim is to provide economic and technological benefits to India, the Middle East, and Europe. The African Union’s recent inclusion in the G20’s membership has increased it to 21 nations, and with the addition of the EU’s 27 member states and the AU’s 55 members, the G20 will soon encompass roughly 100 nations. Brazil will take over the G20 presidency from India in December, ensuring continued leadership by the global South.

While non-G20 countries such as Bangladesh, Co-

Summit, India’s neighbor and the world’s fifth most populous state was not in attendance.

According to a report from the Christian Science Monitor, the 2023 summit was to commemorate India’s remarkable achievement in emerging as a global leader and promoting the interests of non-G20 nations. India organized the Voice of the Global South Summit in January. This two-day virtual conference provided developing countries a platform to articulate their perspectives on economic expansion, development objectives, and their aspirations for India’s presidency as the G20’s head.

As we analyze the recent G20 Summit, it’s crucial to take into account three essential elements. Firstly, the African Union, which consists of 55 member states and is the world’s largest regional organization, was welcomed into the group’s expanded membership.

This results in the G20 representing around 100 nations, which account for 85 percent of the globe’s population and economy. With North and South countries represented, the G20 faces the challenge of enhancing its performance.

However, the Delhi Summit faced obstacles in agreeing on critical issues such as the climate crisis and Ukraine. India utilized its persuasive skills to create the impression of a unified voice in the Delhi Declaration.

At one point, the French president threatened not to sign any G20 declaration unless Russia’s invasion of Ukraine was condemned. However, he had to accept a compromise formula regarding Ukraine, in which members pledged to safeguard the territorial integrity of a state and follow a non-intervention policy.

The decision to exclude Russia from the Delhi declaration regarding Ukraine was appreciated by the Russian foreign minister, but criticized by Kiev. The BRICS aimed to create an alternative to the US-dominated world order, while the G20 summit aimed to address the concerns of developing nations through compromise.

The Indian Prime Minister and other world leaders, including Brazil’s President who will lead the group from December, deserve credit for ensuring that the G20 summit remained conflict-free. Their message was

According to a report from the Christian Science Monitor, the 2023 summit was to commemorate IndiaÊs remarkable achievement in emerging as a global leader and promoting the interests of non-G20 nations.

Could Bin Salman emerge as the saviour of Palestine?

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MIDDLE EAST MONITOR Yvonne RIdleY

NDER-FIRE Israeli Prime Minister Benjamin Netanyahu has vowed to change the political landscape of the Middle East in response to the astonishing Hamas attack launched during the Jewish festival of Yom Kippur.

No truer word has been spoken by the alleged fraudster who stands charged with breach of trust and accepting bribes, as well as fraud, leading him to hand over all of his ministerial portfolios other than that of prime minister.

Hamas has ripped open a Pandora’s Box which, I believe, will change the shape of the Middle East for years to come, and it will be for the better. It would be incredibly difficult for the suffering of the Palestinians to get any worse than the brutal occupation that they have been forced to endure for the past 75 years. The shocking events that unfolded at the weekend offer an unbelievable opportunity for redemption for some of the most monstrous individuals in the region, while exposing the usual hypocrisy of Western leaders.

First up is the unpredictable and petulant Saudi Crown Prince Mohammed Bin Salman, who has unequivocally announced his support for the Palestinian people. Shame he did not go as far as to include Hamas in this unprecedented show of solidarity with Palestinian Authority leader Mahmoud Abbas, but that may come later. It also seems that Bin Salman has binned plans for normalisation with apartheid Israel, which is a major blow for Netanyahu and his American allies. Netanyahu has yet to go on trial in the very tough court of public opinion in Tel Aviv after last weekend’s events, and go he well might.

I believe that the Hamas incursion will eventually cost Netanyahu his job because his own people, including the families of fallen soldiers, kibbutz survivors and others, have lost all trust in his ability to lead. Last week the average Israeli never gave Palestinians a second thought. In today’s climate, though, the Israelis have moved from hubris to humility and are living in fear while being forced to re-evaluate their personal security.

Losing the normalisation deal with the Saudis will

also send tremors through the corridors of power in the Zionist state. That alone will probably result in the defanging of Netanyahu, currently the world’s most dangerous man. He has convinced Israelis that the biggest threat to world peace is Iran and, through the normalisation process, he was obviously hoping that Saudi Arabia would help tame Tehran’s aggression towards Israel.

Iran has dismissed accusations that it funded and enabled Hamas to carry out Saturday’s attack. This is likely true, not least because the response by Hezbollah in Lebanon is uncharacteristically muted, although we are told that the movement is waiting in the wings to lend support if needed. What is clear is that Israel suffered its darkest day in its violent history. It is being referred to in some circles as Tel Aviv’s own 9/11, and it’s on Netanyahu’s watch. In terms of intelligence failures, it was catastrophic, a bit like US intelligence failing to see the fall of the Berlin Wall coming until it actually happened.

Gaza is now being bombed without mercy and, in some cases, without warning. Collective punishment is, of course, illegal under international law.

Israel doesn’t care about that; it treats international laws and conventions with contempt, and is allowed by the US and its craven allies in the West to act with impunity. Those allies trembled when Hamas delivered its own version of “shock and awe”, breaking out of the open-air prison that is the Gaza Strip to attack Israel. Then Washington, London, Paris, Berlin and elsewhere reverted to type and condemned the actions of Hamas as “terrorism”.

The word was bandied around liberally having been conspicuous by its absence in descriptions of Ukraine’s resistance to Russian occupation, but now the West is wondering what else it can do. All are mindful not to incur the wrath of the crown prince and de facto ruler of Saudi Arabia in case the West’s golden goose turns and flies away. The plans for normalisation between Riyadh and Tel Aviv now lie in tatters, and not one of the Western leaders has the guts to chastise Bin Salman or persuade him to resume negotiations. To complicate matters further, the prince is having a very public spat with another Western ally, Abu Dhabi’s own strongman, Crown Prince Mohammed Bin Zayed.

There are serious cracks opening up in the thin veneer of their much-vaunted Arab entente cordiale. The bromance is well and truly at an end, although their rivalry is a cause for concern.

The joint ventures of Bin Zayed and Bin Salman with Moscow in Libya, their combined mercenary adventures in Yemen, and the courting of China to influence global information power, have put the two crown princes on a collision course. World leaders have

PakistanÊs undeniable significance cannot be disregarded, as it holds a crucial geostrategic location in the region and ranks among the worldÊs most populous countries. Pakistani decision-makers must reflect on why Pakistan remains marginalized and isolated in the global arena.

While PakistanÊs frail economic, political, and social circumstances may impede its ability to counter IndiaÊs strategy, and we must not overlook our foreign policy shortcomings. straightforward: the G20 will work towards improving humanity and will not be a divisive organization.

Secondly, the India-Middle East-Europe Economic Corridor, a massive project characterized as a modern “Spice Route” designed to connect India to Europe via the Arabian Peninsula, was also an important announcement.

The project is viewed as a competitor to China’s Belt and Road Initiative, which entails transcontinental transportation, energy, and data links. US President Joe Biden referred to it as a “real big deal”. Even though a few voices have questioned the economic viability of the proposed route, its geopolitical significance cannot be refuted.

The corridor will have regional and international consequences. According to the majority of experts, it is an alternative to China’s Belt and Road Initiative (BRI) and, therefore, a significant success for the USA and India. Nevertheless, given the complexity of the new international geopolitics, it cannot be ruled out that the new economic corridor will converge with the BRI rather than supplant it. Currently, it appears that India has been able to keep both Russia and the USA satisfied, while also limiting China’s influence. The process has minimized the significance of Chinese President Xi Jin-

been forced to watch and grimace as the Saudi leader cosies up to the Russians and Chinese on the world stage. He has shown that he is in charge of his own diary and dance card, and US President Joe Biden — what a supporter of farright extremists that supposed Democrat is turning out to be — has already learned to his own cost not to raise the issue of human rights with Riyadh.

Bin Salman has the servile Western leaders exactly where he wants them under his royal thumb. This presents him with a golden opportunity to put the grim days of the Khashoggi murder behind him while he plays the beneficent royal to the Arab world. He could yet shock us all by becoming the saviour of the Palestinians by insisting on a Middle East peace deal and seeing to it personally that a deal is thrashed out and implemented.

We should get a hint of what might be when British Prime Minister Rishi Sunak rolls out the red carpet for an official visit to London; if all goes well and enough oil and arms deals are agreed, no doubt a state visit will follow. Sunak is not going to rock the boat, and if he is told to be kinder to the Palestinians he will almost certainly agree.

Bin Salman has a chance to redeem his overseas image on which he has spent billions with a series of extraordinary “sportswashing” deals.

This show of soft power serves him well in some quarters, but now he could reap even more rewards if he decides to play to the people in the souk.

With almost open war between Bin Salman and his UAE counterpart, exposing a huge disparity in their reaction to Israel, the Hamas attack provides the Saudi leader with the opportunity to boost his negotiating position on the world stage. The controversial normalisation process with Israel threatened to derail his position among ordinary Arabs and Muslims who watched in disbelief as groups of Jews visited Madinah and some even took selfies in the Grand Mosque in Makkah.

In the current climate, therefore, any normalisation deal by the Saudi crown prince will be seen as a betrayal.

This is why, I believe, he has aligned himself with the Palestinian Authority and its leader Mahmoud Abbas.

His proposed visit to the UK and possibly the US is part of the process of whitewashing his human rights record and rehabilitation. While everyone realises it is in their best interests to remain on Saudi Arabia’s good side, Mohammed Bin Salman could emerge as the fully redeemed saviour of Palestine. It would be an extraordinary reversal of fortunes, but once again the Palestinians will be at the mercy of a third party. True freedom will only come their way when they can control their own destiny.

ping’s decision not to attend the meeting.

Thirdly, the G20 summit has further strengthened India’s credibility in global affairs. In contrast, Pakistan’s non-participation in the event was not unexpected, given its absence from the list of non-G20 nations invited. Earlier this year, India voiced strong opposition to Pakistan’s participation in BRICS. Additionally, virtual meetings of SCO leaders have seemingly been utilized as a means for India to distance Pakistan from international events.

India’s current efforts to isolate Pakistan from significant international events are noteworthy.

However, Pakistan’s undeniable significance cannot be disregarded, as it holds a crucial geostrategic location in the region and ranks among the world’s most populous countries. Pakistani decision-makers must reflect on why Pakistan remains marginalized and isolated in the global arena. While Pakistan’s frail economic, political, and social circumstances may impede its ability to counter India’s strategy, and we must not overlook our foreign policy shortcomings.

The writer can at guleayeshabhatti@gmail.com

be

reached

My Israeli friends: This is why I support Palestinians It is not always easy to stick to your moral compass, but if it does point north – towards decolonization and liberation – then it will most likely guide you through the fog of poisonous propaganda

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PALESTINE CHRONICLE Ilan PaPPe

T is challenging to maintain one’s moral compass when the society you belong to – leaders and media alike – takes the moral high ground and expects you to share with them the same righteous fury with which they reacted to the events of last Saturday, October 7.

There is only one way to resist the temptation to join in: if you understood, at one point in your life – even as a Jewish citizen of Israel – the settler colonial nature of Zionism, and were horrified by its policies against the indigenous people of Palestine. If you have had that realization, then you will not waver, even if the poisonous messages depict Palestinians as animals, or ‘human animals.’

These same people insist on describing what took place last Saturday as a ‘Holocaust’, thus abusing the memory of a great tragedy. These sentiments are being conveyed, day and night by both Israeli media and politicians.

It is this moral compass that led me, and others in our society, to stand by the Palestinian people in every way possible; and that enables us, at the same time, to admire the courage of the Palestinian fighters who took over a dozen military bases, overcoming the strongest army in the Middle East. Also, people like me cannot avoid but raise questions about the moral or strategic value of some of the actions that accompanied this operation.

Because we always supported the decolonization of Palestine, we knew that the longer Israeli oppression continued, the less likely the liberation struggle would be “sterile” – as it has been the case in every just struggle for liberation in the past, anywhere in the world.

This does not mean we should not keep an eye on the big picture, not even for a minute. The picture is that of a colonized people fighting for survival, at a time when its oppressors had elected a government, which is hellbent on accelerating the destruction, in fact the elimination of the Palestinian people – or even their very claim to peoplehood. Hamas had to act, and quickly so. It is hard to voice these counter arguments because Western media and politicians went along with the Israeli discourse, and the narrative, however problematic it was.

I wonder how many of those who decided to don the Parliament House in London and the Eiffel Tower in Paris with the colors of the Israeli flag truly understand how this seemingly symbolic gesture is received in Israel. Even liberal Zionists, with a modicum of decency, read this act as a total absolution of all the crimes Israelis have committed against the Palestinian people since 1948; and therefore, as a carte blanche to continue with the genocide that Israel is now perpetrating against the people of Gaza.

Fortunately, there were also different reactions to the events which unfolded in the last few days.

As in the past, large sections of civil societies in the West are not easily fooled by this hypocrisy, already at full display in the case of Ukraine.

Many people know that since June 1967, one million Palestinians have been imprisoned at least once in their lives. And with imprisonment, come abuse, torture and permanent detention without trial. These very people also know about the horrific reality Israel had created in the Gaza Strip when it sealed the region, imposing a hermetic siege, starting in 2007, accompanied by the relentless killing of children in the occupied West Bank. This violence is not a new phenomenon, as it has been the permanent face of Zionism since the establishment of Israel in 1948.

Because of that very civil society, my dear Israeli friends, your government and media will ultimately be proven wrong, as they will not be able to claim the role of victims, receive unconditional support, and get away with their crimes. Eventually, the big picture will emerge, despite the inherently biased Western media.

The big question, however, is this: will you, my Israeli friends, be able to clearly see this same big picture as well? Despite years of indoctrination and social engineering? And no less important, will you be able to learn the other important lesson – one that can be gleaned from recent events – that sheer force alone cannot find the balance between a just regime on the one hand and an immoral political project on the other? But there is an alternative. In fact, there has always been one: A de-zionised, liberated and democratic Palestine from the river to the sea; a Palestine that will welcome back the refugees and build a society that does not discriminate on the basis of culture, religion or ethnicity. This new state would labor to rectify, as much as possible, the past evils, in terms of economic inequality, the stealing of property and the denial of rights. This could herald a new dawn for the whole Middle East.

It is not always easy to stick to your moral compass, but if it does point north – towards decolonization and liberation – then it will most likely guide you through the fog of poisonous propaganda, hypocritical policies and the inhumanity, often perpetrated in the name of ‘our common Western values’.

Ilan Pappé is a professor at the University of Exeter. He was formerly a senior lecturer in political science at the University of Haifa.

06 NEWS

OVER 2000 DEAD AS GAZA BOMBARDMENT CONTINUES AMID ‘COMPLETE SIEGE’

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TEL AVIV

Agencies

VER 2,000 people have been killed on both sides as Israel intensified its air strikes in Gaza and imposed a “complete siege” on the Palestinian enclave following the Palestinian Islamic Resistance Movement’s (Hamas) weekend surprise attack on Israel. Israeli PM, opposition leader form ’emergency unity government’ Israeli Prime Minister Benjamin Netanyahu and Benny Gantz, an opposition leader and former defense minister, announced on Wednesday the formation of “an emergency unity government” amid the fierce conflict between Israel and Gaza’s ruling faction Hamas.

ALL FLIGHTS SUSPENDED AT BEN GURION AIRPORT No flight arrivals or departures are allowed out of Ben Gurion Airport on Wednesday following Gaza rocket launches, Israeli media reported.

ELECTRICITY IN GAZA GOES OUT AS SOLE POWER STATION STOPS WORKING: MEDIA Electricity in Gaza went out on Wednesday after the sole power station in the blockaded Palestinian enclave stopped working,

Hamas media reported.

UK FOREIGN SECRETARY ARRIVES IN ISRAEL James Cleverly, the Secretary of State for Foreign, Commonwealth and Development Affairs of the United Kingdom arrived in Israel, Reuters reported on Wednesday, citing a spokesperson from UK’s Foreign, Commonwealth and Development Office.

PUTIN, ERDOGAN HOLD PHONE CONVERSATION OVER PALESTINIAN-ISRAELI ESCALATION Russian President Vladimir Putin held a telephone conversation with Turkish President Recep Tayyip Erdogan over the Palestinian-Israeli escalation, the Russian Foreign Ministry said on Wednesday.

1055 PALESTINIANS KILLED IN ISRAELI RETALIATORY AIRSTRIKES At least 1055 Palestinians have been killed from Israeli retaliatory airstrikes in Gaza, according to the Palestinian Health Ministry on Wednesday.

HEZBOLLAH CLAIMS ROCKET FIRE FROM LEBANON ONTO ISRAEL Hezbollah said it was responsible for firing precision missiles on Israel on Wednesday, saying it was in response to Israeli attacks this week that left three of its fighters dead. The Israeli military had said it had been targeted with anti-tank fire on

Wednesday and had begun attacking Lebanon in return.

ISRAELI FORCES SAYS IT ATTACKS LEBANESE TERRITORY IN RETALIATION The Israel Defense Forces (IDF) is now attacking Lebanese territory “in response to the anti-tank fire at the IDF force,” IDF said on Wednesday.

GAZA’S SOLE POWER PLANT HAS FUEL FOR 12 MORE HOURS AT MOST: PALESTINIAN OFFICIAL The Gaza Strip’s sole power plant and only current provider of electricity will run out of fuel in 10 to 12 hours, Palestinian Energy Authority Chairman Thafer Melhem told Voice of Palestine radio on Wednesday.

Israel cut off its own electricity supply to Gaza on Monday as part of what it called a “total siege” in response to a mass-infiltration

by Palestinian gunmen.

FORMER HAMAS CHIEF CALLS FOR ARAB PROTESTS ON FRIDAY Former Hamas chief Khaled Meshaal called for protests across the Arab world on Friday in support of Palestinians, in a recorded statement.

1,000 MILITANTS FROM GAZA KILLED SINCE SATURDAY: ISRAELI ARMY At least 1,000 militants who infiltrated from Gaza were killed since Saturday, the Is-

China reaches debt agreement with Sri Lanka, surprising IMF PROFIT

MonitoRing Desk

In an unexpected development in the region, China secured a tentative debt agreement with Sri Lanka, out-

pacing concurrent negotiations that the International Monetary Fund (IMF) and other creditors were conducting with the South Asian nation.

On Tuesday, China’s Foreign Ministry revealed that the Export-Import Bank of China had reached a preliminary agreement with Sri Lanka to address its debt issues, although specifics of the arrangement were not disclosed.

Earlier, Bloomberg reported that the IMF, along with creditors such as Japan, the United States, and India, was preparing to convene discussions in Mo-

rocco this week regarding a debt restructuring plan for Sri Lanka. Notably, these discussions were set to exclude China’s participation. Sri Lanka’s central bank Governor, Nandalal Weerasinghe, and Junior Finance Minister, Shehan Semasinghe, are presently in Marrakech for the IMF and World Bank annual meetings, actively working to secure an agreement with creditors and holders of the country’s foreign bonds.

Peter Breuer, the senior mission chief for Sri Lanka at the IMF, expressed awareness of ongoing discussions with creditors but indicated that the IMF had not received any formal communication about specific agreements. He emphasized that the IMF would need to thoroughly assess the entirety of the agreement to ensure they align with IMF debt targets. An anonymous official from one of the creditor nations said that they, too, had not been apprised of the terms and details of China’s agreement with Sri Lanka.

India detains Vivo executive, three others in money laundering case PROFIT

ReuteRs

India’s financial crime agency arrested four industry executives including one Chinese national working for smartphone maker Vivo in India in a case of alleged money laundering, according to legal papers and lawyers working on the case.

The arrest adds to the legal troubles of the Chinese phone maker in India. It comes amid rising tensions between Beijing and New Delhi over issues ranging from border disputes to India’s increasing scrutiny of Chinese businesses and investment. Vivo said in a statement it “firmly adheres to its ethical principles and remains dedicated to legal compliance. The recent arrest deeply concerns us.

We will exercise all available legal options”.

India’s Enforcement Directorate (ED) did not immediately respond to requests for comment.

Earlier in the day, two sources told Reuters that four Vivo employees had been arrested, but during a court hearing where executives were produced lawyers said only one Vivo employee, a Chinese national identified in legal papers as Guanwen Kuang, was arrested.

Further details of the investigation were not immediately clear. The ED’s counsel, Manish Jain, sought 10 day custody for the arrested individuals, but the judge ordered only three days.

The names of three other executives, and their affiliations, were not immediately clear.

raeli army said on Wednesday.

950 PALESTINIANS KILLED IN ISRAELI RETALIATORY AIRSTRIKES

At least 950 Palestinians have been killed from Israeli retaliatory airstrikes in Gaza, according to the Palestinian Health Ministry on Wednesday.

SWEDEN, DENMARK SUSPEND PALESTINIAN DEVELOPMENT AID Sweden has temporarily suspended development aid to the Palestinian territories, its Development Minister Johan Forssell has said. Denmark also announced that it will pause its aid. Meanwhile, the Danish government said it will offer to evacuate its nationals from Israel and Palestinian territories.

MORE THAN 260,000 PEOPLE DISPLACED IN GAZA: UN Over 260,000 people have been forced to flee their homes in the Gaza Strip, as heavy Israeli bombardments from the air, land and sea continue to hit the Palestinian enclave, the United Nations said.

Fierce fighting has left thousands dead on both sides since Hamas launched a surprise assault on Saturday, spurring Israel’s reprisal bombing campaign. “Over 263,934 people in Gaza are believed to have fled their homes,” said UN humanitarian agency OCHA said in an update Tuesday, warning that “this number is expected to rise further.”

BLINKEN SPEAKS WITH ISRAELI MINISTER FOR STRATEGIC AFFAIRS U.S. Secretary of State Antony Blinken said he has spoken with Israel Strategic Affairs Minister Ron Dermer and expressed Washington’s support for “Israel’s right to defend itself and its citizens against terrorist attacks.”

BIDEN SAYS HE DISCUSSED U.S. SUPPORT FOR ISRAEL WITH NETANYAHU U.S. President Joe Biden said he discussed support for Israel in his call with Israeli Prime Minister Benjamin Netanyahu on Tuesday after meeting with U.S. national security teams “to direct next steps.”“We connected with Prime Minister Netanyahu to discuss coordination to support Israel, deter hostile actors, and protect innocent people,” Biden said in a social media post before making public remarks on the situation in Israel.

CATCH UP WITH THE LATEST PALESTINIAN-ISRAELI CONFLICT: – UN rights chief Volker Türk said on Tuesday all parties must stop targeting civilians and Hamas and other armed groups must immediately release their hostages, as the death toll on both sides of the conflict climbed to over 2,000, including 921 Palestinians in Gaza and the West Bank, and at least 1,200 Israelis.

Thursday, 12 October, 2023 | LAHORE

CHIEF OF STAFF QATAR ARMED FORCES VISITS AIR HEADQUARTERS NEWS

CORPORATE CORNER

Seasoned politicaian and former senior burequcrat Mahtab Akbar Rashidi makes presentation on Shah to Jo Risalo, a masterplece collection of Shah Abdul Latif Bhatti’s peotry contraining universal themes.

On the occasion, she receiving a shield from Syed Jawaid Iqbal, Chairman Board of Directors National Academy Performing Arts (NAPA). Mr. Junaid Zuberi the CEO, MAPA is present on the occation.

Anuga Food Fair held in cologne, Germany

Pakistan participated in ANUGA Food Fair scheduled from 7th-11th October in Cologne, Germany.

This year 52 companies have displayed their finest products demonstrating the rich and diverse food industry of the nation. ANUGA, one of the world’s most renowned food & beverages food fair attracted participation from across the globe. The Pakistan pavilion covered a wide range of food sectors. Of the 37 companies participated through TDAP, 19 hailed from the rice sector, emphasizing the significance of rice as one of Pakistan's primary exports.

These companies displayed an array of rice varieties, from Basmati to Long Grain, highlighting Pakistan's role as a global rice producer. Additionally, 12 companies specializing in processed food participated, presenting an assortment of savory and sweet delicacies. Four companies from the salt sector exhibited Pakistan's exquisite salt varieties, famous for their purity and exceptional quality.

FFC ranks first amongst top 25 listed companies of PSX consecutively for 13th time KARACHI

staff report

Pakistan Stock Exchange (PSX) instituted Top 25 Companies Award in 1994 to acknowledges the performance of the top companies. By the Grace of Allah Almighty, since then FFC is amongst Top 25 Companies of PSX. FFC has once again been ranked FIRST for 13th consecutive time amongst the TOP 25 Listed Companies for the Year 2022.

The award recognizes the production competence, excellent financial and managerial performance of listed companies and provides them with a powerful marketing tool.

Dawlance inaugurates 400th touch-point for consumers KARACHI

staff report

In continuation of its commitment to deliver the highest quality of services, Dawlance – the technology-leading enterprise in Pakistan’s Home-Appliances industry, has now inaugurated its 400th Touch Point, at its Lahore Service Center. This is a big milestone in the expansion of Dawlance’s largest network of customer service all over the country. Senior management of Dawlance and other stakeholders of the industry were present on the occasion and applauded the company’s efforts to create unmatched convenience and elevate its standards of services and quality.

Faysal Bank, State Life’s Window Takaful partner to offer ShariahCompliant Takaful Products KARACHI

staff report

In a recent ceremony hosted at State Life Insurance Corporation of Pakistan (SLIC) Head Office – Window Takaful Operations of SLIC formalized a Distribution Agreement with Faysal Bank Limited (FBL). The signing ceremony was witnessed

by Mr. Yousaf Hussain, President and CEO of FBL and Mr. Shoaib Javed Hussain, CEO of SLIC. Mr. Jaudat Hussain, Head of Retail Banking FBL and Mr. Muhammad Izqar Khan Executive Director of SLIC were present and Mr. Ahmed Anwar Hemani, Head Institutional Sales & Wealth Management of FBL and Mr. Tariq Saeed Chaudhry, Chief Takaful Officer of SLIC, signed the agreement where senior officials from both organizations were also present.

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KARACHI

staff report

HIGH level delegation, led by Lieutenant General (Pilot) Salem Hamad Eqail Al-Nabet, Chief of Staff, Qatar Armed Forces, called on Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force at Air Headquarters, Islamabad today.

During the meeting, evolving regional security and geo-strategic environment, avenues of defence cooperation in the field of technology sharing and development alongside key areas of mutual interest were discussed.

On his arrival, a smartly turned out contingent of Pakistan Air Force presented him guard of honour following which he was introduced to the Principal Staff Officers of Pakistan Air Force.

Later, the visiting dignitary called on Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan

Air Force in his office. During the meeting, Chief of the Air Staff shared broad contours of his vision concerning PAF’s modernization drive to further augment current operational capability necessitated in contemporary hybrid warfare especially in Artificial Intelligence, Niche technologies, Cyber and Space domains.

He also discussed about various ongoing projects of Pakistan Air Force's operational construct, force goals and plans for the force structure with a keen focus on future warfare. Appreciating the participation of Qatar Air Force contingent in Exercise Indus Shield at an operational air base of PAF, the Air Chief highlighted that both the countries enjoy historic and unprecedented brotherly relations and reiterated his resolve to further enhance the existing bilateral ties in military to military cooperation and training domains.

The Chief of Staff, Qatar Armed Forces, praised the professionalism of Pakistan Air Force personnel and the ex-

ceptional progress made by PAF over the years, especially through indigenization. He also appreciated the dynamic efforts of Air Chief Marshal Zaheer Ahmed Baber Sidhu in steering PAF towards modernization. Both sides concurred to further optimize the existing military ties between the two countries, with a specific focus on advanced tactical training, emerging technologies and strengthening operational competencies especially in the spheres of electronic warfare and cyber technology. The dignitaries also discussed the potential for joint military exercises and exchange programs with an aim to facilitate the exchange of expertise, enhancing interoperability and fostering closer ties between Air Forces of both the brotherly countries.

The Chief of Staff, Qatar Armed Forces also visited different installations and technological infrastructure established at Air Headquarters, Islamabad, including PAF's National ISR and

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Integrated Air Operations Centre (NIIAOC) and PAF's Cyber Command.

Later, the President of the Islamic Republic of Pakistan, Dr Arif Alvi, conferred Nishan-i-Imtiaz (Military), which is the highest Non-Operational Military Award, upon Lieutenant General (Pilot) Salem Hamad Eqail AlNabet at a momentous ceremony held at Aiwan-e-Sadar, Islamabad. The recognition applauds the unparalleled commitment of the Chief of Staff, Qatar Armed Forces to strengthening bilateral military ties and his dynamic role in advancing relations between Pakistan and Qatar.

The meeting between Chief of the Air Staff, PAF and Chief of Staff, Qatar Armed Forces, serves as a testament to the commitment between the Armed Forces of both the countries in working together to address common challenges and the willingness to further strengthen their bilateral ties in the realms of defence and military cooperation.

JazzCash, Meezan Bank partner to transform temittance collection in Pakistan ISLAMABAD

staff report

JazzCash, Pakistan's leading fintech provider, has announced a partnership with Meezan Bank, Pakistan's first and largest Islamic bank, to simplify remittance collection. Through this collaboration, customers around the globe can now send remittances directly into JazzCash wallets using Meezan Bank remittance partners, creating greater convenience and accessibility. The signing ceremony was held at Meezan Bank’s Head Office in Karachi and was signed by Irfan Siddiqui, Founding President & CEO – Meezan Bank, and Aamir Ibrahim, CEO – Jazz.

Sharing his thoughts on the occasion, Aamir Ibrahim, CEO Jazz,

commented, “In Pakistan, the flow of remittances is a lifeline connecting families, building dreams, and fueling individual and national progress. The partnership between JazzCash and Meezan Bank for seamless remittance collections is a testament to our purpose of improving the lives and livelihoods of Pakistanis through digital and financial inclusion. We, as Pakistan’s largest digital operator, remain committed to improving the remittances flow to uplift the economy.”

Irfan Siddiqui, Founding President & CEO - Meezan Bank, shared his thoughts on the partnership, stating, “Meezan Bank consistently plays a vital role in fostering and advancing Pakistan's digital payment landscape. This collaboration will empower mil-

lions of JazzCash customers in Pakistan to effortlessly receive funds from their loved ones abroad. Our support for this initiative will not only benefit mobile wallet customers in the country but Insha'Allah facilitate the regulated flow of remittances in Pakistan, thus contributing significantly to the country’s economy."

Speaking at the signing ceremony, Murtaza Ali, Head of JazzCash, said, "Our partnership with Meezan Bank is a step in the right direction for creating ease of access to digital financial services for our customers within and outside Pakistan. We believe that this initiative will not only make remittances more accessible but also contribute to the overall economic growth of Pakistan."

Fakt Exhibitions set to host ‘3P–Plas, Print, Pack, Pakistan’ KARACHI

staff report

Fakt Exhibitions is all set for the forthcoming inauguration of the “3P – Plas, Print, Pack, Pakistan” – International Exhibition for the Plastic, Printing & Packaging Industry, set to take place at the Karachi Expo Centre.

The grand inauguration ceremony will occur on the 12th of October, 2023, at 11:30 am in Karachi Expo Centre's Hall # 5. The event will be graced by the presence of distinguished personalities, including H.E. Eng. Sami Abdullah Salim AlKhanjari, Consul General of The Sultanate of Oman, Mr. Mujahid Ali Shaikh, Chair-

man of the Flexible Packaging Association of Converters of Pakistan, and Mr. Saleem Khan Tanoli, CEO of Fakt Exhibitions, alongside other renowned industry professionals. This pioneering and the largest industry exhibition will bring together over 250 exhibitors from 15 countries, including Austria, China, Germany, Iran, Italy, Malaysia, Pakistan, Singapore, Switzerland, the UAE, and more. These exhibitors will showcase their cutting-edge machinery and industry innovations.

3P Plas Print Pack Pakistan promises to be a significant gathering for the plastic, printing, and packaging industry, offering a unique platform for industry leaders, professionals, and enthusiasts to explore the latest advancements in the field.

ICME 2023 organized by Riphah Int’l University starts in Baku, Azerbaijan BAKU

press release

The Fairmont Hotel in Baku was busy with enthusiasm and anticipation as the International Conference on Medical Education (ICME) 2023 kicked off in grand style at the start of this week. ICME is a grand event organized by Riphah International University and Azerbaijan Medical University to bring together all the health professionals around the globe.

The opening ceremony witnessed a gathering of around 450 guests, including high-ranking government officials and leaders in the field of medical education, who shared their insights and aspirations for this transformative event. Delegates from a diverse array of countries graced the opening ceremony and

joined ICME 2023, including representatives from Azerbaijan, Brazil, Georgia, Hong Kong S.A.R., Iran, India, Indonesia, Libya, Malaysia, Mexico, Oman, Pakistan, Qatar, Saudi Arabia, Sudan, Switzerland, Turkey, United Arab Emirates, United Kingdom and USA. This international participation underscores the global significance of ICME and its role in shaping the future of medical education worldwide. Emin Amrullayev, the Minister of Education Azerbaijan, welcomed the attendees with a speech that highlighted the importance of international collaboration in advancing medical education.

On this occasion, Mr. Hassan Muhammad Khan, Chancellor of Riphah International University, emphasized the significance of cross-border collaboration in fostering medical education excellence.

Interim Federal Minister for Defence Production visits POF Wah Cantt

Federal Minister for Defence and Defence Production, Lt Gen Anwar Ali Hyder HI (M), (Retd.), visited POF Wah Cantt this morning. Chairman POF Board, Lt Gen Ali Amir Awan, HI (M) briefed the Minister about production capabilities of POF. The Federal Minister appreciated the vital role POF was playing in fulfilling the defence requirements of Pakistan’s Armed Forces with state-of-theart arms and ammunition. He also lauded provision of modern arms and ammunition to law enforcement agencies of Pakistan.

The honourable minister visited the production

sites and inaugurated the Self-Refurbished Production Plant of POF. He appreciated efforts and contribution of POF’s engineers, scientists and workmen towards Pakistan’s defence.

Telenor Microfinance Bank wins CFA award for gender diversity ISLAMABAD

staff report

Telenor Microfinance Bank (TMB), operator of Pakistan’s leading digital financial services platform, easypaisa, has been honored with "Recognizing Gender Diversity at Workplace Award 2023" at the 20th Annual Excellence Awards by CFA Society Pakistan. This award is a testament to the organization’s unwavering commitment to fostering inclusivity, celebrating diversity, and empowering voices within its workplace. The Recognizing Gender Diversity at Workplace Award is a prestigious recognition bestowed upon organizations that have demonstrated exceptional dedication to promoting gender diversity and inclusion in their workforce. TMB's efforts in this regard have been acknowledged by the CFA Society Pakistan, a member society of the global organization of finance and investment professionals, CFA Institute. The award was received at the 20 th Annual Excellence Awards ceremony in Karachi, which celebrated outstanding performances of financial institutions, corporates, and professionals over the past year. Sharing his thoughts on the achievement, Kashif Ahmed, Acting CEO & President, Telenor Microfinance Bank/ easypaisa, expressed his gratitude, saying, "It is a moment of great pride for us to receive an award for gender diversity at workplace. This award is a testament to our unwavering dedication to fostering an inclusive workplace environment that values diversity and ensures equal opportunities for all. It reflects our ongoing efforts to cultivate a culture that celebrates differences and provides a platform for everyone to thrive and contribute to the success of our organization. We are committed to creating more purpose driven opportunities and empower individuals from all walks of life.” Telenor Microfinance Bank, through its leading and innovative digital financial services platform, easypaisa, has been at the forefront of transforming the financial services landscape in Pakistan.

This recognition further underscores the Bank’s dedication to not only providing cutting-edge financial solutions but also fostering an environment where every employee is empowered to thrive.

PTA continues crackdown on illegal SIMs Issuance ISLAMABAD

staff report

Pakistan Telecommunication Authority (PTA) Zonal office, Peshawar in collaboration with the Federal Investigation Agency (FIA) Cyber Crime Circle, successfully conducted a raid against a mobile phone company franchisee located on Kohat Road, Peshawar. The franchisee and his team were involved in illegal issuance of SIMs against Afghan passports. Reportedly, the franchisee was being run by an Afghan national and the activated SIMs were being sold to Afghan nationals for Rs.3000 each.

Five laptops and eight mobile phones, containing scanned passport data, were seized. Furthermore, five individuals were apprehended at the scene by FIA, ho are pursuing further investigations into the matter. PTA had filed a complaint with FIA earlier based on information regarding illegal issuance of SIMs by the sales channel. This raid, marking the twelfth of the current year, stands as a testament to PTA's persistent commitment to curb the menace of illegal issuance of SIMs.

Syngenta Pakistan recognized President of Pakistan for its contribution towards female farmers KARACHI

staff report

Syngenta Pakistan Limited, a leading agriculture innovation and technology company that provides crop protection, seeds, biologicals and digital services to millions of Pakistani farmers, has been recognized for its efforts for the farming communities and female farmers in a high-powered award ceremony, organized by the Women Business Network (WBN) Pakistan, at the President's House in Islamabad. During the event, the Hon-

orable President of Pakistan conferred the “Rising Women 2023” Award to Syngenta Pakistan in recognition of company’s strong commitment and efforts for empowering female farmers and farming communities.

Dedicating this award to all female farmers and workers, Mr. Zeeshan Hasib Baig – Country GM Syngenta Pakistan – emphasized the inclusion of women as a pivotal catalyst to unleash Pakistan’s true economic potential for a healthier and economically vibrant society.

He further congratulated his team on this great achievement and reiterated his strong commitment of taking bold

actions to disrupt the status quo and achieve greater representation of women in the agriculture sector.

SEPTEMBER REMITTANCES IMPROVE SLIGHTLY BUT LOWER THAN EXPECTED

Thursday, 12 October, 2023

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Analyst says remittances are expected to improve in coming months after premium between interbank and open markets reduced PROFIT

URooj ImRaN

SBP boosts cash incentives for financial institutions to drive remittance inflows. Remittances for September came in at $2.21 billion, according to data shared by the State Bank of Pakistan (SBP) on Tuesday. This figure, while an improvement from last month’s $2.09 billion, was significantly lower than market expectations of $2.4-2.5 billion. On a month-on-month basis, remittances rose by 5.3%. However, they de-

clined by 11.24% compared to last year, when remittances stood at $2.49 billion.

The market was expecting remittances to improve following a massive crackdown on exchange rate manipulation in the open market, and the subsequent reduction in the premium between the open and interbank markets.

RUPEE’S APPRECIATION Pakistanis abroad may choose to send remittances through banks, in which case they would become part of the interbank market, or exchange companies, which are part of the open market. Typically, the dif-

ference in the rates of the two markets is not very large; under the agreement with the International Monetary Fund (IMF), it cannot exceed 1.25% for more than five days.

However, between August 28 and September 4, the difference in the market rates widened to an alarming extent both in absolute and percentage terms — up to nearly Rs 30 per dollar or 8.5%. And before the crackdown was launched in early September, a significant number of foreign exchange dealings, including remittances, were either being done ‘off the books’ in

the open market or diverted to the grey market, General Secretary of the Exchange Companies Association of Pakistan (ECAP) Zafar Paracha told Profit in an interview last month. It all changed, however, once the authorities launched a massive crackdown on illegal foreign exchange trade.

On Sep 1, the per dollar interbank rate was Rs 305.46. By Sep 28, this was down to Rs 287.74 per dollar — an improvement of Rs 17.72 per dollar or 5.08%. Similarly, the per dollar open market rate on Sep 4 was Rs 331.

Industrialists urge govt to take pragmatic steps for resolution of issues PESHAWAR

azIz BUNeRI

Industrialists have urged the government to take pragmatic steps for resolution of issues to promote industrialization in Khyber Pakhtunkhwa.

The industrialists Association Peshawar (IAP) acting president Ayub Zakori said that the business community is the backbone of the economy.

The association’s acting chief said resolution of industrialists is our topmost priority. He added business, trade and industries would only be flourished by re-

solving industrialist’s issues on a fasttrack basis. Ayub Zakori, the IAP acting president made these remarks while leading an industrialists’ delegation during a meeting with newly elected SCCI’s president Fuad Ishaq and senior vice president Sanaullah Khan here at the chamber’s house on Wednesday.

The IAP delegation was consisted on Senator Nauman Wazir; Executive members IAP Malik Niaz Ahmed, Farhad Asfandyar; Secretary General IAP Muqtasid Ahsan; members IAP Haris Mufti, Junaid Altaf, Salman Altaf and expresident SCCI Faiz Muhammad felici-

tated the newly elected President Fuad Ishaq, SVP Sana Ullah and VP Ejaz Afridi of SCCI. A brief discussion on contemporary issues faced by industries and business community and possible solutions was carried out. The SCCI President-elect had assured mutual cooperation for the betterment and promotion of industries and assured extended support at all the forums. IAP delegates had highly appreciated the assurance and support of SCCI for betterment of industries and the business community.

Both IAP and SCCI reaffirmed a

strong resolve of bipartite collaborative and connected nexus to facilitate and boost economic activity through industrial development and trade.

Earlier, IAP acting chief Ayub Zakuri informed the president of SCCI Fuad Ishaq in detail about the problems of the industrialists and also presented various suggestions for their solution.

Fuad Ishaq agreed with the recommendations of the IAP delegation and assured to take up the problems of the industrialists effectively with the relevant institutions at the central and provincial levels and solve them immediately.

Unlicensed Konnect Gas allegedly involved in unlawful sale of unprocessed gas to CNG stations since 2020 ISLAMABAD

ahmaD ahmaDaNI

Without getting gas sale license from Oil and Gas Regulatory Authority (OGRA), an unlicensed gas company has allegedly been involved in the illegal sale of unprocessed gas to the Compressed Natural Gas (CNG) stations since 2020, it was learnt on Wednesday.

According to sources, M/s Jura Energy Corporation has been selling gas to an unlicensed gas company, M/s Konnect Gas (Pvt.) Ltd, since 2020, while M/s Konnect, without obtaining a license from OGRA has allegedly been involved in providing unprocessed gas to the CNG stations, posing threat to the lives of citizens. However, Transparency International Pakistan (TIP), in a letter dated October 2, 2023, titled “Complaint on the Violation of Pakistan Petroleum (E&P) Rules 2001 and Natural Gas Regulatory (Licensing) Rules 2002 Due to Unauthorized Third-Party Gas Sale by Konnect Gas (Private) Limited, a subsidiary of Jura Corporation,” to Director General

(DG) Petroleum Concession (PC), Ministry of Energy (Petroleum Division), requested to look into the allegations of the complaint and if found to be correct, take action against M/s Konnect Gas (Pvt.) Ltd for its illegal activities of providing unprocessed gas to CNG stations posing threat to the lives of citizens under applicable laws and rules. And the petroleum division is expected to take stern action soon over the alleged violations of applicable laws and rules, said sources.

According to the allegations made in the complaint, in 2020, M/s Jura Energy Corporation publicly announced through a press release the commencement of gas sales from the Sara and Suri Leases to M/s Konnect Gas under the guise of a third-party arrangement. Similarly, the website of Jura Energy also reflected M/s Konnect Gas as the buyer to the Sara Suri Fields while M/s Konnect Gas knowingly and willfully have engaged in the unlawful sale of unprocessed gas since 2020. Furthermore, in April 2019, M/s Konnect Gas submitted its license application to OGRA which OGRA unequiv-

ocally rejected in April of 2022 due to M/s Konnect Gas’s failure to meet the stipulated criteria.

However, despite OGRA’s rejection of M/s Konnect Gas application for license, the company has been illegally supplying unprocessed gas to CNG stations. TIP has reviewed the allegations of the complaint, prima facie, the allegations seem correct, said TIP letter to DGPC. As per sources, M/s Konnect Gas had submitted an application to OGRA on 09th April, 2019 for grant of license for sale of Flare Gas from Sara and Suri Gas Fields of district Ghotki-Sindh.

However, on finding certain deficiencies and constant failure in submission of requisite data/information by M/s Konnect Gas (Pvt.) Limited for 2.5 years, the Oil and Gas Regulatory Authority (OGRA) rejected the application of M/s Konnect Gas on 15th April, 2022 and declared that M/s Konnect was not a licensee of OGRA to undertake any regulated activities.

According to OGRA, M/s Konnect Gas (Pvt.) Limited had applied for grant

of license for sale of flare gas from (Sara and Suri Gas Field) on 09-04-2023 which was evaluated by the concerned departments of OGRA and found certain deficiencies in requisite documentations of required under the applicable provisions of Natural Gas Regulatory (licensing) Rules, 2002.

Upon constant failure in submission of the requisite data/information by the applicant for 2.5 years the Authority considered the matter and rejected the applications of M/s Konnect Gas (Pvt.) Ltd on 15-042022, therefore, M/s Konnect Gas (Pvt.) Ltd is not a licensee of OGRA to undertake any regulated activities, said OGRA’s letter dated 08th September, 2023, a copy of which is available with this scribe.

Surprisingly, prior to the cancellation of M/s Konnect Gas’s license application by OGRA, M/s Jura Energy Corporation on October 13, 2020 publicly announced through a press release the commencement of gas sales from the Sara and Suri Leases to M/s Konnect Gas under the guise of a thirdparty arrangement.

‘Govt to take forward privatization process in transparent manner’, says Fawad Hasan Fawad ISLAMABAD

Staff RepoRt

Caretaker Minister for Privatization, Fawad Hasan Fawad on Tuesday said that the government is taking forward the privatization process in a transparent manner.

Addressing a news conference along with the Minister for Information and Broadcasting Murtaza Solangi, he highlighted the importance of privatizing loss-making State-Owned Enterprises (SOEs) to enable them to compete effectively in the evolving global economy.

Fawad Hasan Fawad specifically noted that the privatization of Pakistan International Airlines (PIA) is essential to bolster the country’s aviation industry, positioning Pakistan as a potential regional aviation hub.

Regarding the Pakistan Steel Mills (PSM), the minister indicated that the government plans to present the matter to the federal cabinet, which will make a decision in due course.

He assured that a robust regulatory control regime would be in place to safeguard public interests throughout the process. Fawad Hasan Fawad expressed regret over the past governments’ failure to adequately address the country’s economic challenges. He recalled the privatization efforts that commenced in 1994, of which some cases are still pending in the courts.

However, he reaffirmed the caretaker government’s commitment to fulfilling the responsibilities entrusted to it by the elected governments.

The minister disclosed that in 2020, SOEs contributed to a 7 % deficit in the Gross Domestic Product (GDP). 15 major SOEs were incurring losses amounting to Rs2 trillion in that period.

He also highlighted that the gov-

ernment allocated Rs 2.542 trillion to support loss-making SOEs between 2018 and 2022. He underscored that these funds could have been allocated to advance national development projects such as the Bhasha Dam. By the end of June 2023, the accumulated losses of PIA were recorded at Rs 713 billion and out of which Rs 263 billion consisted of debt, besides an additional amount of Rs 13 billion, which was provided by the banks on government guarantee. The government also provided Rs 150 billion from its own resources.

The minister said that another objective of the privatization of PIA was to regain the maximum value and avoid unbearable losses to national exchequer, which stood at Rs 12.70 billion per month. He said the Privatization Commission had suggested appointing a single-transaction adviser, for which approval would be taken from the federal cabinet on the basis of the report prepared in 2017.

Fawad Hassan Fawad said that efforts were being made to resume PIA flight operations for Europe as soon as possible. In this respect, a team of experts is expected to visit Pakistan in December or January for reviewing the flight safety and security standards.

He said Pakistani pilots were highly skilled and capable of landing and taking off in difficult areas; similarly “our engineers and supporting staff are also of international standards.”

Currently, the PIA fleet consisted of 34 aircrafts, out of which 15 were grounded including six which were leased, the accumulated losses of which were recorded at $2 million, says Fawad Hassan Fawad.

CONTINUED ON PAGE 03

FAJR SUNRISE

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By Sep 28, the rupee’s value had improved to Rs 288 per dollar — up by Rs 43 or 12.99%.

So, why did this strengthening in the rupee not lead to increased inflows of remittances through legal channels? Perhaps the effect is lagged. Fahad Rauf, head of research at Ismail Iqbal Securities, noted that while remittances were lower than expected this month, given that the gap between interbank and open markets has reduced now, they should pick up going forward.

BREAKDOWN OF REMITTANCES RECEIVED According to SBP data, the highest amount of remittances was received from Saudi Arabia at $538.2 million, followed by the United Arab Emirates at $400 million, the United Kingdom at $311.1 million and the United States at $263.4 million.

Meanwhile, remittances from other GCC countries totalled $248.1 million, while Pakistanis in the European Union sent $269.3 million. Overall, total remittances in the first three months of FY24 stood at $6.33 billion, down 19.8% from last year’s figure of $7.89 billion.

PKR holds strong against US dollar, dips below 280 mark PROFIT

NewS DeSk

A currency trader counts Pakistani Rupee notes as he prepares an exchange of U.S dollars in Islamabad, Pakistan December 11, 2017. RUTERS/Caren Firouz/File Photo The Pakistani Rupee continued to strengthen against the US dollar, recording a 0.43% gain in the inter-bank market on Wednesday. The rupee was observed at 279.30 during the intraday trading session, marking a notable increase of Rs1.21 against the greenback. This positive trend extended to the open market as well, where the Pakistani rupee saw an upward movement against the US dollar. Currency dealers reported selling rates at 279 and buying rates at 276, accommodating the needs of various customers. Notably, in the month of September, the PKR’s performance was remarkable, with a gain of 6.19% against the US dollar, marking its second-best performance in percentage terms since 2014. This achievement earned it recognition as the best-performing currency in the world for the month. This development follows a series of measures undertaken by the State Bank of Pakistan (SBP) to stabilize the Pakistani currency. Last month, the SBP introduced a comprehensive set of “structural reforms” aimed at regulating Exchange Companies (ECs) and curbing the dollar’s ascent.

Simultaneously, the caretaker government implemented administrative actions to combat currency smuggling and hoarding. As a result, authorities conducted countrywide raids, leading to the closure of numerous illegal currency exchanges and the confiscation of foreign currency worth millions.

The timing of the rupee’s resurgence is particularly significant as Pakistan gears up for the next review of its Stand-By Arrangement (SBA) with the International Monetary Fund (IMF), scheduled for November. A stable and appreciating currency is typically viewed favorably in IMF negotiations, potentially strengthening Pakistan’s position.

NAB clears Khawaja brothers of corruption charges in Paragon case LAHORE

Staff RepoRt

The National Accountability Bureau (NAB) on Wednesday declared Khawaja Saad Rafique and his brother Khawaja Salman Rafique innocent in Paragon City case. The NAB returned the reference against Khawaja brothers to the Lahore Development Authority (LDA) adding that no evidence of corruption found against them. “Paragon Housing Society was approved by the Aziz Bhatti Town, not by the LDA,” NAB said in its report to the court. “The bureau not required to pursue the case further,” the bureau stated. “The case should be sent to the LDA, which have to redress complaints as regulator,” accountability watchdog said.

Accountability Judge Qamaruz Zaman directed the LDA to address complaints in Paragon Housing Society project adding that four affected persons remaining while all others have been given plots.

THE REFERENCE The NAB in the reference said that Saad Rafique and others had launched a housing project named Air Avenue, which was later renamed to Paragon City (Pvt) Ltd. According to the reference, Saad Rafique, Salman Rafique and Nadeem Zia owned 93.2 per cent shares in the Paragon Housing Society.

PM Kakar lauds Xi’s visionary Belt, Road Initiative ISLAMABAD

Staff RepoRt

Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday lauded the vision and leadership of President Xi Jinping, particularly Xi’s visionary Belt and Road Initiative (BRI). The prime minister expressed these views while talking to Ambassador of the People’s Republic of China, Mr Jiang Zaidong who called on the premier, PM Office Media Wing said on Wednesday.

This was Ambassador Jiang’s first meeting with the caretaker prime minister since presenting his credentials as China’s Ambassador to Pakistan. The premier said that Pakistan and China were fully committed to ensuring the success of China, Pakistan Economic Corridor (CPEC) and the government would continue to work closely with the Chinese authorities to ensure timely implementation and completion of various projects envisaged under it. The caretaker prime minister said that Pakistan and China enjoyed a unique relationship as ‘All-weather Strategic Cooperative Partners, Iron Brothers’ and trusted friends. Prime Minister Kakar also noted the centrality of CPEC in enhancing economic, trade and technological ties between the two countries and highlighted its role as the flagship project of BRI. The prime minister congratulated ambassador Jiang on assuming ambassadorial responsibilities in Islamabad and hoped that he would play a key role in further strengthening relations between the two countries.

Published by Asad Nizami at Qandeel Printing Press, 4 Queens Road, Lahore, for PT Print (Pvt) Limited. Ph: 042-36300938, 042-36375965. Email: newsroom@pakistantoday.com.pk