In partnership with
PM DUBS BRAIN DRAIN PART OF TALENT HUNT TO EVENTUALLY BECOME STRENGTH
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TERMS EXPORT OF HUMAN RESOURCES AN IMPORTANT COMPONENT OF COUNTRY’S GDP
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URGES EDUCATED CLASS TO ALSO DEBATE THEIR POLITICAL ATTITUDES BESIDES ASSERTING RIGHT TO AGITATE
STAFF REPORT
ARETAKER Prime Minister Anwaarul Haq on Wednesday, calling the brain drain, a part of talent hunt, said those leaving Pakistan for better opportunities would eventually become a strength for the country, which ought to be encouraged. The prime minister, in an interactive session with the students of Ghulam Ishaq Khan Institute of Engineering, Science and Technology, exemplified the Indian nationals who had left their country and returned as an asset to contribute to their country. Responding to a question about the measures taken by the government to stop the brain drain, he said those leaving the country were not going to vanish, rather they would seize better economic opportunities and skills, which should be encouraged. He said after improving their skills and qualifications, they would become a valuable asset and product as the world was in search of talent. “I consider their journey a part of the talent hunt,” he added. He said there was no evidence of any dramatic surge in brain drain in the prevailing circumstances rather it was a continuous process of skilled, semi-skilled, and non-skilled people moving abroad
for better economic opportunities. He said the export of human resources was an important component of the country’s GDP. To a question about the arrest of Imran Khan, he said the state had an inherent right to apprehend those who violated the laws. He was arrested under certain laws, not by the PML-N, PPP or JUI, he added. He urged the educated class to also debate their political attitudes besides asserting their right to agitate. Prime Minister Kakar called for adopting the “all of us” approach, in ad-
Dr Alvi, Raisi stress for coordinated efforts by Islamic states to end Gaza massacre ISLAMABAD
STAFF REPORT
President Dr Arif Alvi and his Iranian counterpart Ebrahim Raisi during a telephonic conversation on Wednesday underscored the need for coordinated efforts by the Islamic countries to bring an end to the ongoing massacre and crimes against humanity in Gaza. The president in 45-minute telephone conversation voiced deep concern over the dire situation in occupied Palestine including Gaza as a result of ongoing Israeli aggression and occupation. Despite the deaths of over 19,000 Palestinians including women and children, the UN Security Council has failed to impose a ceasefire and bring an end to the unspeakable Israeli atrocities, he regretted. President Alvi reiterated that a just solution to the Palestinian question based on an independent and contiguous Palestinian State with Al-Quds-Al-Sharif as capital was critical for lasting peace in the Middle East. The president reaffirmed Pakistan’s support for all diplomatic initiatives to this end and appreciated Iran’s concerns and initiatives about the ongoing situation. He also appreciated the Iranian leadership for its principled stance on the Jammu and Kashmir dispute and its support for the Palestinian cause. President Alvi conveyed his heartfelt condolences to the government and people of Iran over the heinous terrorist attack on an Iranian police station in SiestanBaluchistan on December 15. He expressed Pakistan’s resolve to work with Iran to combat terrorism. As the two leaders discussed bilateral economic cooperation, the president termed the joint inauguration of Mand-Pishin Border Sustenance Marketplace and Gabd-Polan Electricity Transmission Line as tangible developments that would further strengthen bilateral ties between the two brotherly countries. The two leaders agreed that Pakistan and Iran were brotherly Islamic countries, sharing the same culture, religion, and history. They agreed to work together to further improve economic, trade, and cultural relations between the two brotherly countries.
Rs 15.00 | Vol XIV No 172 I 8 Pages I Islamabad Edition
dition to encouraging qualitative discussions for betterment of the society. He said democracy should morph towards the performing democracy as the performance was the key indicator to judge the success of the democratic system. He said transitional democracies like Pakistan could not turn into settled democracies for not giving due focus on performance. To another question, he said every individual was responsible for defending the ideological frontiers of the nation. He said Islam was not the name of a
reactionary movement but a reformist movement that encouraged any type of dialogue that otherwise would impact society negatively. Responding to another query, he said no one, including the state, could suppress critical thinking, but being a critical thinker did not necessarily require being abusive in conversation. “Unfortunately, critical thinkers are not being born. This is the tragedy. I am trying to find my Rousseau and Voltaire of my time,” he remarked. Asked about the reasons behind the low ratio of girls’ education, he said the situation would not change unless the people built influences voluntarily and started taking pride in the accomplishments of the girls as well, not merely the boys. He said the change in the society’s attitude was of paramount importance as the government’s intervention alone would not suffice to overcome the situation. He assured that the State of Pakistan did not discriminate, on the basis of gender and the challenges of primary and higher education could only be tackled by the State through collaborations at the district and Tehsil levels. The prime minister said the academia-industry linkage was crucial for reaping the economic dividends as well as establishing an ecosystem to create opportunities for the graduates and fulfill corporate requirements.
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SHARES DESIRE TO BROADEN BILATERAL ENGAGEMENT WITH US THROUGH LONG-TERM MULTI-DOMAIN PARTNERSHIP RAWALPINDI
STAFF REPORT
Chief of the Army Staff (COAS) General Asim Munir has said that Pakistan wishes to develop itself as a hub of connectivity and a gateway to Central Asia and beyond, a statement released by the InterServices Public Relations (ISPR) said on Wednesday. Speaking to media and think tanks in the United States during his maiden trip, the army chief further highlighted that the country “eschews bloc politics” and believes in maintaining balanced relationships with all friendly countries, adding that “Pakistan is a country of consequence both from the geopolitical and geoeconomic perspectives”. According to the military’s media wing, General Munir also discussed matters of regional security, transnational terrorism and the importance of maintaining strategic stability in South Asia from Pakistan’s perspective. The army chief shared Pakistan’s desire to broaden bilateral engagement with the US through a long-term multi-domain partnership. The COAS highlighted that his interactions with the political and military leadership of the US were very positive and that he
looked forward to further strengthening the relationship, the military’s media wing added. In his interaction, the COAS held that Pakistan has continuously stood as a bulwark against transnational terrorism for decades, ensuring regional stability and global peace as well as security. He maintained that the nation “has made unparalleled contributions and sacrifices in its enduring fight against terrorism and will continue to fight till the logical end, in line with the aspirations of the people of Pakistan”. On the other hand, the COAS stressed the need for the resolution of the Kashmir issue as per the as-
piration of the people of Kashmir and the United Nations Security Council (UNSC) Resolutions, the ISPR stated. “Kashmir is an internationally accepted dispute and no unilateral action can alter the nature of this dispute against the wishes of millions of people of the area.” The military’s media wing further said that the COAS also emphatically emphasised the immediate need to end the suffering in Gaza, the provision of humanitarian assistance and the implementation of the two-state solution for enduring peace in the region. General Munir was received by the Ambassador of Pakistan to the US on his arrival.
Top BNA commander, 70 associates lay down arms QUETTA
STAFF REPORT
Top commander of the banned militant organization Baloch National Army (BNA), Sarfraz Bangulzai along with 70 other associates on Wednesday surrendered to the state of Pakistan, expressing his wishes to integrate into the national fold. Bangulzai made the announcement during presence of Balochistan Caretaker Information Minister Jan Achakzai at a press conference in Quetta on Wednesday. He accused New Delhi of funding violence in the province, claiming that women were exploited for inciting youth into joining the movement. “The blood of Baloch people is being shed by Baloch hands. Innocent lives were lost for resisting extortion. Families are living in fear, and the youth are paying the price,” expressed Bangulzai. He said that thousands of Baloch youth were killed during the past 20 years, adding that only in 2014, 155 innocent Baloch people were killed as they refused to give extortion. “What I have done for the past 15 years… I have nothing but regret,” he said. Bangulzai asserted that India funds terrorism and unrest in Balochistan, having personally witnessed the situation during his time in Afghanistan. “I have seen with my own eyes how India funds terrorism in Balochistan. The so-called Baloch leaders abroad are living comfortable lives while our people suffer,” revealed the ex-BNA commander. He stated that both past and present Afghan governments support Baloch separatist leaders, and sympathisers still exist in the neighbouring country. “Indian money has provided [BNA] commanders with luxuries. I realised they are enemies of the state, and that’s why I decided to disassociate from the Baloch National Army,” explained Bangulzai. He recalled his past as a government employee in the food department in Balochistan, owning a home and a car until he was misled by a few individuals in 2009. “I had a stable life until I was misled. I urge others to lay down their arms and return to a normal life. We need a state policy for reintegration,” urged Bangulzai. Regarding the tragic helicopter crash in which six army officers, including Quetta Corps Commander Lt General Sarfraz Ali embraced martyrdom, he said that it happened due to a technical fault and he was a witness to it but BLA accepted its responsibility on India’s directions. Meanwhile, Caretaker Prime Minister Anwaarul Haq Kakar has welcomed the development, saying that peace and stability were the government’s top priority. “The surrender of Sarfraz Bungulzai alias Mureed Baloch (the head of BNA) along with his companions/families is a very welcome development for Pakistan & Balochistan. This comes at the heels of another major re-integration in which Gulzar Imam Shambay (the previous head of BNA) was arrested and mainstreamed in the recent past,” he wrote on his X handle. “Embracing peace through inclusivity, our state and institutions are championing an accommodative approach, actively working to reintegrate estranged militants.” PM Kakar said that this strategic move seeks lasting peace, fostering understanding, and rebuilding communities. “Together, we pave the way for a harmonious and secure future for our next generations. I appreciate the efforts of our Law Enforcers and Intelligence Agencies, especially ISI that planned, executed and led this complicated clandestine operation. May Allah be with you all! Ameen,” he concluded. In April, the founder of BNA, Gulzar Imam alias Shambay, was arrested in a high-profile intelligencebased operation. Since Shambay’s arrest, BNA attacks have almost halted, though other militant groups continue to operate in Balochistan. Speaking on the occasion, Jan Achakzai emphasised the need to bridge misunderstandings and gaps. He called for the inclusion of disgruntled Baloch individuals into the national mainstream.
‘Shared e-KYC’ introduced for banks as PBA and SBP move towards more open banking
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SBP ADVISES BANKS TO JOIN A SHARED E-KYC PLATFORM, WHICH WILL USE BLOCKCHAIN TECHNOLOGY TO STORE AND SHARE CUSTOMERS’ IDENTITY INFORMATION ACROSS BANKING INDUSTRY PROFIT
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The Pakistan Banks Association (PBA) has introduced a new platform that allows banks to share customer data across the industry, in an effort to improve the onboarding experience for new customers and lower costs for banks. In a circular issued on December 18, the State Bank of Pakistan (SBP) announced the launch of the platform, also called “Shared Electronic Know Your Customer (e-KYC) Platform”. This platform, initiated by the PBA and guided by the SBP, aims to improve the efficiency of the KYC process. The SBP has advised banks to join this shared platform and allocate dedicated resources for its effective implementation.
Financials institutions, such as banks, use KYC to verify the identity of their clients. This is typically conducted in two stages: during the onboarding of a new customer, and periodically for existing customers. For instance, individuals in Pakistan wishing to open a bank account must submit identification documents, proof of income, and contact details, among other things, as per SBP guidelines. The shared e-KYC platform, built on distributed ledger technology, allows customers’ KYC and customer due diligence (CDD) related information to be stored with the banks themselves, eliminating the need for a central entity to hold this crucial data. To safeguard customers’ rights, the data can only be accessed with their explicit consent. This new platform offers numerous ben-
efits to banks, such as the timely exchange and updating of customers’ KYC or CDD information across the banking industry via a secure digital channel, the standardisation of KYC or CDD data, improved customer onboarding experience, and cost savings for banks. The initiative is also likely to ease the process of switching for customers. This is now possible because according to the circular, the SBP has over the years bolstered the Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) regime, including KYC and CDD processes. To further optimise these processes, the SBP has permitted banks to rely on third-party institutions for efficient and effective KYC or CDD. Raza Matin, CEO and co-founder of Brandverse, applauded the move. “After
RAAST, this may be the single greatest driver of FinServ (financial services) quality in Pakistan. Shared KYC means faster account opening and not putting up with poor service. Real money mobility,” Matin tweeted. PBA works on e-KYC project Earlier, the PBA, representing all its member banks, signed a contract with the Avanza Group for the development and execution of Pakistan’s first blockchain-based national e-KYC banking platform. The signing ceremony took place at the PBA office in Karachi on March 2, 2023. The e-KYC project is part of the SBP’s ongoing efforts to strengthen the AML and CFT control infrastructure in the country. The PBA has managed the project planning on behalf of the banking industry, under the auspices of the State Bank of Pakistan.
The Avanza Group spearheaded the project from the development end with its e-KYC platform, ‘Consonance’, being implemented for the PBA. The distinguishing feature of the platform is that it leverages blockchain technology to allow banks to standardise and exchange their details via a decentralised and self-regulated network, with the consent of their customers. Shared e-KYC in other countries According to the “Central KYC (CKYC)” report by PwC published in August 2020, the C-KYC registry as a concept has been implemented in India. Additionally, countries such as Singapore, Sri Lanka, and the Bahamas, are in the process of implementing C-KYC.
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02 NEWS
ELECTIONEERING PICKS PACE AS FILING OF NOMINATION PAPERS BEGINS FOR FEB 8 ELECTIONS
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Staff RepoRt
HE submission of nomination papers for contesting the upcoming general elections commenced on Wednesday, day after Returning Officers issued a public notice for nominations for national and provincial assemblies seats to kick off the electoral process for scheduled Feb 8, elections. According to schedule issued by Election Commission of Pakistan (ECP), the aspiring candidates could get and submit the nomination papers till 4:30 pm December 22. On December 23, preliminary list of the candidates will be released while scrutiny of nomination papers will be held from 24th to 30th December.
Thursday, 21 December, 2023 | ISLAMABAD
As per the schedule, electoral symbols will be allotted to the candidates on January 13 and polling for the general elections will be held on February 8. On the other hand, the Election Commission of Pakistan (ECP) issued guidelines to candidates for filing nomination papers. Latest data from the Election Commission of Pakistan shows that over 128.5 million registered voters will decide the fate of 175 political and religious parties, vying for 266 National Assembly (NA) seats and 593 Provincial Assembly (PA) seats in the elections 2024. The ECP data reveals that out of the total registered 128,585,760 voters, 59,322,056 are female voters.
‘FEES’: The fee for obtaining a nomination form has been fixed as Rs100, and each can-
didate can submit a maximum of five nomination papers with different proposers and seconders. The non-refundable fee for submission of a nomination paper for a national assembly seat is Rs30,000 while for a provincial assembly seat, it is Rs20,000. The fee for a nomination paper can either be submitted directly to the RO or through a bank draft in the RO’s name to any National Bank of Pakistan’s branch, with the receipt attached with the nomination form. Nomination papers can be obtained from respective returning officers between 8:30am to 4:30pm from Dec. 20-22. Nomination papers need to be submitted with attested copies of computerized national identity cards of the candidates and their proposers and seconders, vote certificates issued by the concerned office of the district elec-
‘ELIGIBILITY’: The ECP has also issued a criterion for eligibility of contesting candidates for national and provincial assembly seats. A candidate should be a citizen of Pakistan who is at least 25 years old at the final date of filing of nomination papers. The candidate should be a registered voter in any part of Pakistan for the national assembly and of the province in which he or she is contesting for a provincial assembly seat. It is mandatory for candidates of women’s reserved seats of the national assembly to be registered voters of that province and fulfill eligibility criteria mentioned in Articles 62-63 of the constitution,
Auto loans hit 17-month low amid high interest rates MQM-P demands extension in deadline for nomination papers filing ISLAMABAD
Staff RepoRt
The Muttahida Qaumi Movement-Pakistan (MQM-P) has demanded the Chief Election Commissioner (CEC) Sikandar Raja Sultan to extend the deadline for filing of nomination papers for the general elections to be held on February 08, 2024. According to the election schedule issued by Election Commission of Pakistan (ECP), nomination papers could be filed with respective returning officers by the candidates from December 20 to 22, while names of all nominated candidates would be published on December 23. In a letter to CEC Sikandar Raja Sultan, the MQM-P expressed concern over duration – three days – of filing nomination papers, saying that the process is a “tedious job, and has a long list of formalities requiring time and a lot of paperwork”. Therefore, the political party said, three days duration does not seem enough, and it may “discourage adequate participation”. In the interest of free and fair elections and to encourage wider participation, MQM-P urged the Election Commission that the duration for filing nomination papers may be extended sufficiently, under Section 58 (1) of the Election Act, 2017.
Imran Riaz awarded lifetime membership by Lahore Bar Association LAHORE
Staff RepoRt
The Lahore Bar Association (LBA) awarded lifetime membership on Wednesday to anchorperson Imran Riaz Khan in recognition of his “bravery… for raising his voice for human rights without worrying for his life”. This is the first time a journalist has been granted membership of a lawyers’ association. Addressing the LBA, Riaz said, “You can forcefully silence people, but you can never change their thoughts.” He said those sitting inside offices don’t make decisions, the people make their own decisions. LBA president Rana Intizar Hussain said that Riaz was the first journalist in history to be granted lifetime membership. “The judicial system of Pakistan has completely failed in dispensing justice to the public,” Hussain maintained. He also demanded resignations from the chief justices (CJs) of the Supreme Court (SC), and the Lahore High Court (LHC) “over their failure to ensure justice for the people”. On September 25, Riaz returned home safely after going missing for more than four months. Sialkot police, in a post on social media platform X confirmed the news, saying: “Journalist/anchor Mr Imran Riaz Khan has been safely recovered. He is now with his family.” Separately in a post on X, his lawyer Ashfaq said: “By God’s special blessing, grace, and mercy, I have brought back my prince.” The Pakistan Tehreek-e-Insaf (PTI) also confirmed Imran’s return, saying: “He is one of many names suffering from enforced disappearances.”
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The demand for auto financing has continued to decline for the 17th consecutive month in November, falling 24.4% year-on-year and 2.6% monthon-month to Rs 257 billion, as consumers faced exorbitant costs of financing, higher interest rates, and a significant increase in car prices over the past one and a half year. The State Bank of Pakistan (SBP) attributed the downward trend in auto financing to its macro-prudential measures, which aimed to moderate vehicle loans by increasing the down payment required and reducing the maximum financing term. The SBP also tightened the import of completely knocked down (CKD) vehicles by requiring banks to obtain its approval in advance. Another factor that deterred con-
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CAR FINANCING DECLINED 24.4% YEAR-ON-YEAR TO RS257 BILLION IN NOVEMBER
sumers from buying new cars was the devaluation of the rupee against the US dollar, which increased the production costs for automobile manufacturers and led to higher car prices. The inflationary pressures also eroded the purchasing power of consumers, who faced a record 22% interest rate set by the SBP. DISMAL NOVEMBER: Passenger car sales plunge by over 68% YoY in Pakistan The auto loans reached their peak of Rs 368 billion in June 2022 and have since dropped by Rs 111 billion. The slump in auto financing was reflected in the dismal car sales figures
released by the Pakistan Automotive Manufacturers Association (PAMA). Overall, in the first five months of the current fiscal year, car sales by the members of PAMA were recorded at 33,638 units, down 50% YoY compared to 67,104 units in 5MFY23. Other segments of the auto sector such as bike, tractor, truck and bus also witnessed a decline in sales in November due to higher prices and low demand. An analyst said auto financing may continue to decrease till January or March 2024 when the central bank was expected to make a first cut in its benchmark policy rate, which currently stood at the record high of 22%.
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HYDEL EMERGED AS LEADING SOURCE OF POWER GENERATION IN NOVEMBER, CONSTITUTING 36.5 PERCENT OF GENERATION MIX PROFIT
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The cost of power generation in Pakistan experienced a significant increase of almost 20 percent in November 2023, reaching an average of Rs7.17/KWh compared to Rs5.99/KWh in the same period the previous year, marking a YoY increase of 19.7 percent, as reported by brokerage house Arif Habib Limited (AHL). AHL noted that the yearly rise in fuel costs was primarily due to a decrease in nuclear, wind, and solar-based generation. Furthermore, the fuel cost for local coal-based generation saw a
55 percent YoY increase, while Regasified Liquid Natural Gas (RLNG) and gas-based fuel costs rose by 17 percent and 38 percent YoY, respectively. Despite the monthly cost of power generation decreasing by 13.2 percent, compared to October’s average cost of Rs8.26, the mounting electricity bills pose a challenge for the populace already grappling with high inflation and sluggish economic activity. In terms of power generation, November 2023 recorded 7,547 GWh (10,482 MW), a 9.8 percent decline compared to the same period in the previous year, when power generation stood at 8,367 GWh.
which deal with the qualifications and disqualifications of members of parliament. The proposers and seconders of candidates contesting on general seats should be voters of the relevant constituency while proposers and seconders of national and provincial assembly women and non-Muslim seats should be voters of that province. The proposers and seconders of candidates for national assembly seats of nonMuslims should be registered voters in any part of the country. The priority list issued by political parties for reserved seats needs to be attached with the nomination papers of the candidate while a special account for election expenses is required to be opened by the candidates in any scheduled bank, or details and bank statements provided of an already existing account.
tion commissioner, candidates’ income tax returns of the last three years and passports.
The YoY decrease in power generation was attributed to a decline in nuclear generation by 32.8 percent, along with reductions in RLNG (21.1pc), gas (41.5pc), and wind (6.2pc). Hydel emerged as the leading source of power generation in November, constituting 36.5 percent of the generation mix, followed by nuclear at 20.8 percent, and local coal at 13.1 percent. Among renewables, wind, solar, and bagasse contributed 2 percent, 0.7 percent, and 0.4 percent to the overall power generation share. During the first five months of FY24, power generation increased by 1.8 percent YoY, totaling 61,258 GWh.
National Savings cuts profit rates by up to 160 bps on various schemes
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The National Savings has announced a revision in the profit rates on various savings schemes, effective from December 19, 2023. The rates have been slashed by up to 160 basis points (bps) or 1.6%, following the downward trend in the market interest rates. The most affected schemes are the Special Savings Accounts and Certificates, which have seen a fall of 160bps to 16.40% per annum. The profit rates on short-term savings certificates for 3 months, 6 months, and 1 year have also experienced reductions of 1.02%, 96bps, and 1%, respectively. The rate of profit on deposits made in Pensioners’ Benefit Accounts and in Shuhada’s Family welfare Account has been revised to 16.08% per annum, marking a decline of 24bps. The regular income certificate and Behbood savings certificate have also seen lower rates of 15.12% and 16.08% per annum, respectively. However, the profit rates for savings accounts and Defense savings certificates have remained unchanged at 20.5% and 14.48% per annum. The rates on the Sarwa Islamic Term Account (SITA) have also been revised, with a slight decrease for the three-year and fiveyear accounts, and a slight increase for the one-year account. The profit rates on threeyear SITA have been revised downward to 18% per annum, down by 23 bps. On a five-year SITA account, the rate has inched down by 6bps to 15.66% per annum compared to the revised rates for October 30.
Pakistan, ADB sign $1.2b loan agreements for budget support, development projects PROFIT
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Pakistan has inked six loan agreements with the Asian Development Bank (ADB), securing a total of $1.2 billion in financing. Approximately one-third of this amount is earmarked for budget financing, marking a significant development following the recent agreement with the International Monetary Fund (IMF). The Economic Affairs Division (EAD) and the local ADB office formalized these agreements on Friday, with the ADB committing to provide $400 million in budget support through two separate deals. Budget financing had faced disruptions due to strained relations between Pakistan and the IMF, impacting lending programs from other multilateral creditors. With the recent staff-level agreement, the
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IMF is set to approve a $700 million tranche on January 11. Under the Domestic Resource Mobilisation program, the ADB is expected to disburse a $300 million loan this week, while an additional $100 million in budget support is planned under the Women Financial Inclusion program, subject to procedural requirements. These funds are anticipated to bolster the central bank’s reserves, approaching $7.5 billion. Official inflows for the first five months of the fiscal year have been relatively low at $6.4 billion, constituting a quarter of the annual financing needs. The ADB’s approval of these loans, along with Pakistan’s recent agreement with the IMF,
has revived financing pipelines. Despite Finance Minister Dr. Shamshad Akhtar’s assertion that Pakistan’s public debt is unsustainable, the ADB declared Pakistan’s debt sustainable based on a debt sustainability analysis. The analysis projects sustainability under prudent macroeconomic policies, even factoring in multiple crises from 2020 to 2023. The ADB also signed agreements for various development projects, including $250 million for the power transmission sector, $102 million for the Punjab Workforce Readiness project, $83 million for the Khyber-Pakhtunkhwa Food Security project, and $250 million for the Sindh Secondary Education project.
Acknowledging the critical nature of the current IMF program, the ADB highlighted that Pakistan’s fiscal strategy aims for a budget deficit of 7.5% of GDP during the fiscal year. The deficit will be financed through treasury bills, bonds, and official development assistance. Additionally, Pakistan secured a $300 million loan from the ADB to strengthen tax administration and increase collection. The loan carries a 15-year term, including a three-year grace period, with an interest rate determined by the ADB’s Flexible Loan Product. The loan aims to support tax reforms, a task that does not necessitate foreign borrowing.
Govt borrowing from banks surges sevenfold to Rs3.585trn in 5MFY2023-24 PROFIT
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In the initial five months of the current fiscal year, the government’s borrowing from banks has surged sevenfold, reaching the total borrowed in the entire FY23, according to recent data from the State Bank of Pakistan (SBP). From July 1 to Dec 8 FY24, the government borrowed Rs3.585 trillion, a substantial increase from the Rs516 billion borrowed in the same period last year. The total borrowing in FY23 amounted to Rs3.7 trillion. Despite higher revenue growth, the government’s aggressive borrowing has led banks to invest their maximum liquidity in risk-free papers. In the latest auction
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on Dec 13, the government received bids totaling Rs4.6 trillion, selecting Rs2.6 trillion from the pool. To curtail expenditure, there are reports that the government is contemplating a reduction in the Public Sector Development Programme (PSDP). This move appears contradictory given the elevated revenue collection and record borrowing, as development spending is crucial for economic growth. While the Federal Board of Revenue (FBR) reported exceeding the targets set for the five-month and Novem-
ber collections, government spending has risen significantly, fueled by a 29 percent inflation rate. Despite grappling with record-high inflation, the government’s revenue has also increased. Analysts attribute the rising spending to inflation’s impact, creating a challenging situation for the government. SBP data reveals that the government borrowed Rs3.1 trillion for budgetary support from July 1 to Dec 8, compared to Rs1.1 trillion during the same period last year.
A Dec 7 report from the APP indicates that the federal government has authorized the utilization of Rs302.6 billion for various social sector uplift projects under PSDP, out of a total allocation of Rs940 billion for July-November 2023-24. However, the fund utilization is lower than anticipated. Media reports suggest that the caretaker government has decided to terminate 137 development projects under the PSDP, valued at Rs116 billion. An IMF report titled “Pakistan: Technical Assistance Report — Public Investment Management Assessment” concludes that Pakistan’s PSDP is financially unsustainable, with the total cost of project completion reaching Rs10.7 trillion—over 14 times the budgeted allocation of Rs727 billion in the last fiscal year.
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Thursday, 21 December, 2023 | ISLAMABAD
CARETAKER ENERGY MINISTER BATTLES FOR DISCOS, REJECTS NEPRA REPORT ON DISCOS OVER BILLING IRREGULARITIES
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ahmad ahmadani
ARETAKER Federal Minister for Energy, Muhammad Ali, has taken a staunch stance in support of the allegedly corrupt power distribution companies (DISCOs) and turned down a report of the country’s power sector regulator (NEPRA) that highlighted electricity billing anomalies. On Wednesday, the caretaker Energy Minister Mohammad Ali while talking to journalists, in a resolute defense, refuted the allegations of corruption within the DISCOs and countered the findings of the report of National Electric Power Regulatory Authority (NEPRA). He said that wrong data was used by NEPRA in overbilling report, saying that 10 million customers were not overcharged. It may be mentioned that chief executive
All-rounder Shadab Khan becomes brand ambassador of Punjab Police LAHORE
Staff RepoRt
Pakistan cricket team’s star all-rounder Shadab Khan has become part of the Punjab Police by becoming brand ambassador of the force. National cricketer Shadab Khan visited Central Police Office where he met Punjab IG Dr Usman Anwar. The cricketer clad in olive green uniform of Punjab Police, was conferred the rank of Honorary DSP by IGP Dr Usman Anwar and Additional IG Sultan Ahmad Chaudhry. Both the office pinned the badge on Shadab Khan’s shoulders. On the occasion, star player Shadab Khan saluted the IG Police for appointment as honorary DSP and thanked him for giving the chance to represent the Punjab Police. After being appointed as an ambassador, Shadab Khan said that it is an honor for him to be appointed as a brand ambassador by IG Punjab. “Today I am very happy that I am becoming a part of Punjab Police, I will try to play my role fully by being associated with Punjab Police.” Shadab Khan further said that he never thought he will ever become part of Punjab Police,. After the ambassador appointment ceremony, Additional IG Punjab Sultan Ahmad Chaudhry took Shadab Khan to various parts of the Central Police Office. Shadab Khan was informed about the working of Punjab Police and various departments. IG Punjab Dr Usman Anwar said that the appointment of Pakistan’s star player Shadab Khan as an ambassador is welcome for the Punjab Police. In the past, many famous athletes and sportsmen have been a part of the Punjab Police. IG Punjab Dr. Usman Anwar said that more measures will continue to encourage sportsmen in the police force.
PTI founder to contest elections from three constituencies: Gohar ISLAMABAD
Staff RepoRt
Pakistan Tehreek-e-Insaf’s founder will contest election from three constituencies, PTI Chairman Barrister Gohar Ali and Barrister Ali Zafar announced at a news conference on Wednesday. The PTI founder will contest elections from the National Assembly constituencies of Mianwali, Lahore and Islamabad, party chairman Gohar Ali Khan said. Barrister Ali Zafar said that the PTI wants general election on February 08, at any cost. “Restraining from submitting nomination papers is against the spirit of democratic process,” he said. “We won’t boycott the election, the opponents will try to create the situation,” Barrister Gohar said. He said, he will contest the election from Buner. “The election commission should ensure that the PTI gets its rights as a political party,” Gohar Khan said. They are nervous to the extent that denying election field to the party candidates, PTI chairman said. “We don’t want to exacerbate the situation, opponents will try to worsen it,” he said. Barrister Gohar said that the party tickets will be decided soon. “I will advise the party candidates to face hardships and submit their nomination papers,” he added. Ali Zafar expressed hope that the election commission will decide about the party’s election symbol soon. ” The democracy will suffer in case of opacity in elections,” he said. He expressed hope that the Islamabad High Court will announce its decision in Toshakhana case soon. “We have directed workers to file their nomination papers,” Ali Zafar said. “PTI leaders in jails will be preferred over other candidates,” he added.
officers (CEOs) of the power distribution companies (DISCOs) had already admitted that customers were overcharged. Moreover, the NEPRA had used the data of DISCOs that revealed that customers were overcharged. “Only 0.2 million customers have been affected by overbilling,” energy minister said adding that an independent committee was working on this issue and would submit its report in a week time. He said that faulty agreements by past governments had led to increase in electricity prices. Speaking at 3rd International Hydropower Conference, caretaker minister for Power Muhammad Ali while lauding the Energy Update for organizing the conference said that it would help us to improve the policy framework in energy sector. He said enhancing share of RE and hydropower in energy max was the government’s top priority as it was the only way to
reduce the power tariff besides provision of affordable energy to the people. Currently, the share of hydel and RE in total energy mix stood at 31 per cent adding that the government has embark on an ambitious plan to enhance it to 61 per cent by 2030, he said. He said Pakistan has tremendous potential for wind, solar and hydropower. We could alone generate around 64,000 megawatt (MW) from hydel and only tapped 11,000 MW so far. He said work on 4200 MW Dasu hydropower, 800 MW Mohmand dam and 4500 MW Diamer Basha dam was being carried out. However, financing was a big issue for such mega projects, he added. The minister said Pakistan has 175 billion tons of Thar coal reserves which could generate electricity for decades. On energy conservation side, the minister said that some 3000-4000 MW could be
save only through energy efficient fans across the country. Earlier, Managing Director Private Power Infrastructure Board (PPIB) Dr Shahjan Mirza said hydropower projects were equally beneficial for environment and economy. He said that PPIB has commissioned four projects having 1100 MW capacity so far. However, he said it was not an easy task to attract private investor for hydropower projects as it required huge financing and long time-period for completion. He said the government has also set target of 60 per cent of RE and hydel share by 2030 and it would attract around $ 100 billion investment. Chief Executive Officer Pakhtunkhwa Energy Development Organization (PEDO) Engineer Muhammad Naeem while speaking on the occasion said that RE could turn the future of the country. RW was not only
Locally manufactured HEV ‘Toyota Corolla Cross’ finally launched by Indus Motors g
MID-LEVEL VARIANT PRICED AT 94 LAKH AND HIGH-END VARIANT PRICED AT 98.5 LAKH RUPEES ISLAMABAD
Ghulam abbaS
Indus Motor Company (IMC) on Wednesday revealed its inaugural locally-assembled Hybrid Electric Vehicle (HEV), the Toyota Corolla Cross, at the 7th Journalist Summit in Bhurban. The event, attended by the leading journalists of the automotive industry, witnessed the unveiling of this vehicle in the presence of Chief Engineer Yasushi Ueda from Toyota Motor Corporation (TMC). Boasting a 1.8L Hybrid Electric Engine, Multi Drive Modes, advanced safety features like 7 SRS Airbags, Blind Spot Monitor, Clearance Sonars, Rear Cross Traffic Alert, a 9-inch Floating Display, and Bi-Beam LED Headlamps, the Corolla Cross promises comfort, convenience, and safety for customers, as emphasized by Mr. Ueda. The car was launched at an introduc-
tory price range of PKR 9,399,000 for the Mid-Level category and PKR 9,849,000 for the high-end category. Mr. Ueda highlighted the vehicle’s outstanding features, citing the Toyota New Global Architecture (TNGA) as a driving force behind its enhanced platform and modern styling, ensuring a comfortable and luxurious driving experience. On this occasion, the CEO Mr. Ali Asghar Jamali passionately articulated the Corolla Cross’s pivotal role in reshaping Pakistan’s automotive landscape. He emphasized its game-changing attributes, highlighting a 50% increase in fuel efficiency, reducing both costs and its dependency on imported fuel. Acknowledging the vehicle’s environmental impact, Mr. Jamali underscored the Corolla Cross’s 35% reduction in emissions, aligning with Toyota’s commitment to a greener
Pakistan. He emphasized the significance of offering a hybrid electric option that contributes substantially to a cleaner environment. Exploring the challenges in introducing Battery Electric Vehicles (fully electric cars) in Pakistan he said that due to the country’s reliance on non-renewable energy sources, the HEV technology is the most practical. He lauded the HEV for its low maintenance costs, reliable batteries, and excellent resale value. He showcased Pakistan’s unwavering love for Corolla, since its arrival in 1993, by stating Pakistan’s consistent position as the top country in the Asia Region for Corolla sales, maintaining this status for 13 out of the past 17 years. According to him, the Corolla Cross, blending modernity and luxury, embodies the essence of the Corolla brand, presenting itself as a strong contender in the market, offering power, efficiency, and a sense of pride with every purchase, according to Mr. Jamali. Earlier this month, the Indus Motor Company, inaugurated its hybrid vehicle assembly line after a delay of more than a year.
Karachiites likely to face Rs1.72/unit hike ISLAMABAD
ahmad ahmadani
The electricity consumers of K-Electric are likely to face power tariff hike of Rs 1.72 per unit as the National Electric Power Regulatory Authority (NEPRA) on Wednesday conducted a public hearing on the motion filed by the power division. Earlier, the Ministry of Energy (Power Division) asked NEPRA to apply quarterly adjustments (QTA) of PKR 0.4689 per unit and PKR 1.2489 per unit on the power consumers of the K-Electric (KE) for the 2nd and 3rd quarter of FY22-23 respectively. The Energy Ministry filed the request to maintain uniform tariff across the country, as these charges have already been determined for the power distribution companies (DISCOs). During the course of NEPRA hearing, power division official said that this increase has not been applied to KElectric, so these collections have to be
made now from KE consumers. However, the business community of Karachi have strongly opposed increasing the price of electricity. Traders said that increase in electricity prices on monthly basis is no longer a bearable burden for them. They said that increase in electricity prices on account of the fuel price and sometimes the uniform tariffs are affecting businesses. They said If electricity is made expensive, everything will be expensive. Karachi is an industrial and business hub, please let the business run, a businessman said during public hearing. The NEPRA Authority completed the hearing on the request of the Federal Government. However, the decision for the second and third quarters under the uniform tariff will be issued later, NEPRA said. KE, in a statement, said NEPRA will further scrutinize the request and issue a final decision through a determination on the amount to be passed on to customers as part of procedure. Dis-
tribution Companies across Pakistan operate in a regulated environment, and follow the directions issued by NEPRA and the Government of Pakistan regarding the costs of electricity to be applied on customers’ monthly bills. Individual Distribution Companies cannot influence the process or make unilateral changes. K-Electric (KE) is a publicly listed company incorporated in Pakistan in 1913 as KESC. Privatised in 2005, KE is the only vertically integrated utility in Pakistan supplying electricity within a 6500 square kilometres territory including Karachi and its adjoining areas. The majority shares (66.4%) of the company are listed in the PSX owned by KES Power, a consortium of investors including Aljomaih Power Limited of Saudi Arabia, National Industries Group (Holding), Kuwait, and the Infrastructure and Growth Capital Fund (IGCF). The Government of Pakistan is also a minority shareholder (24.36%) in the company.
important for the industry and consumers but also for climate and economy of the country, he said. He said Pakistan has huge hydro energy potential at North and RE particularly wind and solar at South. He said PEDO was playing its role to develop small hydropower projects in remote and far flung areas of KPK. Some micro hydro projects have already been supplying power supply to the near by localities at very cheap rate, he added. He said more nine such projects having 750 MW capacity were in pipelines. He stressed the need to focus more on RE projects besides removing hurdles in its way to ensure affordable electricity to the consumers and industries. CEO International Hydropower Association (IHA) Eddie Rich in his video message highlighted the importance and future aspect of hydropower energy.
SC seeks candidates’ stance in lifetime disqualification of lawmakers ISLAMABAD
Staff RepoRt
The Supreme Court (SC) on Wednesday released an advertisement to seek candidates’ input before taking up the lifetime disqualification matter of lawmakers. The apex court ad aims at resolving the discrepancy between the judicial decision on lifetime disqualification under Article 62 (1) (f) and the amendments made to the Elections Act, 2017. The candidates willing to contest general elections in the matter of lifetime disqualification have been invited for inputs through advertisement released in the different newspapers. “Interested candidates can submit detailed written replies to SC if they want,” the ad read. A seven-member bench of SC will take up pleas to resolve the discrepancy between the judicial decision on lifetime disqualification under Article 62 (1) (f) and section 232 of the amended Elections Act, 2017. The advertisement released by SC further stated that the decision on the pleas can affect the candidates willing to contest the general elections 2024. In the last hearing on the pleas on December 11, SC issued notices to Attorney General for Pakistan (AGP) Mansoor Usman Awan, advocate generals of all the provinces and the Election Commission of Pakistan (ECP) to assist the court. The apex court’s notice came on a petition filed by a former MPA of the Pakistan Muslim League-Nawaz (PMLN), Shamona Badshah Qaisrani, who was disqualified over a fake degree in 2007. THE LIFETIME DISQUALIFICATION MATTER: In 2018, a five-judge bench of Supreme Court unanimously held that disqualification handed down under Article 62(1)(f) of the Constitution is for life. Under Article 62(1)(f) of the Constitution of Pakistan, which sets the precondition for a member of parliament to be ‘sadiq and ameen’ (honest and righteous), former prime minister and PMLN chief Nawaz Sharif was disqualified by the SC bench on July 28, 2017, in references pertaining to the Panama Papers. Similarly, Pakistan Tehreek-e-Insaf (PTI) founder was also disqualified under the same article in the Toshakhana case earlier this year. However, in June, the thencoalition government passed an amendment to the Elections Act 2017, which limited the disqualification of lawmakers to five years.
Pakistan extends legal cover to Turkmenistan’s $10bn TAPI gas pipeline investment PROFIT
newS deSk
Turkmenistan is set to possess an 85 percent stake in the project, while Afghanistan, Pakistan, and India will each hold a 5 percent share Pakistan has decided to extend the Foreign Investment Promotion and Protection Act (FIPPA) to provide legal protection to Turkmenistan’s investment in the ambitious $10 billion TAPI gas pipeline project. The move aims to enhance the project’s bankability for international lenders. Turkmenistan will hold an 85 percent stake in the project, with Afghanistan, Pakistan, and India each having a 5 percent share. The FIPPA law, previously enacted to safeguard foreign investment in the Reko
g
TURKMENISTAN SET TO POSSESS 85PC STAKE IN PROJECT, WHILE AFGHANISTAN, PAKISTAN, AND INDIA WILL EACH HOLD 5PC SHARE
Diq copper and gold mine, will now offer assurances to Turkmenistan’s investment in the TAPI project. The law division, having no objections, is working on aligning existing commitments under the Gas Pipeline Framework Agreement (GPFA) and Host Government Agreement (HGA) with the incentives package under FIPPA. The evaluation process is set to conclude by December 31, 2023, with the Special Investment Facilitation Council (SIFC) Apex Committee expected to provide final approval. Despite previous assurances through the HGA, Pakistan sees FIPPA, 2022, as
a comprehensive mechanism for providing incentives and guarantees to Turkmenistan’s investment in the gas pipeline project. The TAPI project, with a 30:70 percent equity and loan business plan, has faced delays over the years, primarily due to financial closures and recent geopolitical changes with the Taliban’s takeover in Afghanistan. The Asian Development Bank (ADB) halted due diligence and processing activities until the Taliban regime is legitimized. However, progress was marked on June 9, 2023, as Turkmenistan and Pakistan signed a Joint Implementation Plan
(JIP) in Islamabad to expedite work on the TAPI Gas Pipeline project. Pakistan proposed laying a portion of the gas line up to Herat in Afghanistan to secure ownership from the Taliban, facilitating the project’s advancement. The TAPI gas pipeline project, spanning 1,849 kilometers, aims to transport natural gas from Turkmenistan’s Galkynysh gas field to Pakistan through Afghanistan. The proposed route includes Herat, Kandahar, Chaman, Zhob, DG Khan, Multan, and Fazilika, with an annual capacity of up to 33 billion cubic meters over a 30-year period, and Pakistan’s off-take set at 1.35 BCFD.
‘Shared e-KYC’ introduced for banks as PBA and SBP move towards more open banking CONTINUED FROM PAGE 01
In Pakistan, the KYC repository can only be accessed by banks; however in India, the shared e-KYC can be accessed by many different financial institutions. In India, the C-KYC was initiated by the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI), in collaboration with the government of India. The programme was launched in July 2016, and commenced operations in mid-2017. As of March 31, 2023, the C-KYC record
registry hosts more than 70 crore KYC records – which accounts for approximately 50% of India’s total population. The C-KYC aims to streamline the KYC process by creating a centralised database with customer identification details. This can be accessed by financial institutions including banks, mutual funds, insurance companies, and other regulated institutes. It does away with the need for customers to submit KYC documents multiple times when signing up with different financial institutions. On August 16, 2023, the Reserve
Bank of India (RBI) announced the initiation of a pilot program for a digital platform, the Public Tech Platform for Frictionless Credit. This pilot aims to provide various types of loans to individuals including credit card loans, dairy loans, loans to micro, small and mediumsized enterprises without collateral, and personal and home loans. It will do so by consolidating data from C-KYC to streamline credit appraisals and enable lending via an open API. Such initiatives are the building blocks for the broader digital open bank-
ing ecosystem. “It achieves this by facilitating shared KYC and enabling digital banks to tap into existing customer bases through embedded finance partnerships,” read a recent report by Karandaaz on open banking in Pakistan. “Moreover, open banking-mediated collaborations between digital banks and other fintechs can promote knowledge and data sharing, significantly improving the market entry capabilities of digital banks by reducing the trial-and-error phase in areas such as consumer segmentation and product pricing.”
04 COMMENT
Evolving Nations of economic superpowers
External funding problem
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Rating agency predicts debt servicing difficulties as ADB runs the tap back on
ITCH Ratings, the credit agency, has retained its CCC rating, indicating a belief that it faces liquidity difficulties which make it difficult to service its foreign debt. The agency has noted that the country needs not just the IMF to help it weather the challenges ahead, but also other multilateral and bilateral donors. The Asian Development Bank has also signed six loan agreements with Pakistan, which are worth a total of $1.2 billion, of which $400 million is in budgetary support for the current fiscal year. These loans have been made possible by the recent agreement with the IMF, with approval of the second tranche of the current Stand-By Arrangement now scheduled for the January 10 meeting of the IMF Board of Directors. That approval may only be a rubber-stamp for the recent staff-level agreement, but without that approval, the next tranche of $700 million cannot be disbursed. As the Fitch report noted, the threat of an immediate default may have receded, but forex reserves not just show no signs of growing, but remain low. That means there is a possibility of a return to the situation that prevailed at the end of last year, and beginning of this, when every month, as payments fell due, there was a kind of controlled panic until the payment was actually made. It should be noted that IMF and other multilateral loans are not project loans any more, but programme loans, which go towards ‘budgetary support’, which means they are mostly being used to service debt. That is essentially a form of rollover, and indicates how deeply the country is dripped by the debt trap. The government has quietly begun putting the squeeze on imports, so as to conserve foreign exchange, but that clearly has only enabled the country to pay for its imports, not service its debt, which is funded only by further borrowing. It is clear enough that the present SBA, which expires in June, is only a temporary measure before another IMF programme. However, Pakistan must begin to sell more to the world and buy less if it wishes to survive. That will perhaps not be enough to take it out of the debt trap, but it would indicate that the country is moving in the right direction.
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The idea of what makes an economic superpower are changing Rimsha malik
N the 1970s and 1980s, individuals from various nations sought the “American Dream” in the USA, attracted by the promise of economic opportunity and social mobility. The USA stood as a symbol of prosperity, particularly for those escaping economic hardships and political turbulence in their homelands. Today, the world has witnessed a shift in these trends. Westerners are now establishing startups and embracing the digital nomad lifestyle in regions like Asia and Africa, while citizens of emerging economies are seeking ways to uplift themselves and their communities without leaving their homelands. This transition away from the USA, traditionally viewed as a major economic superpower, prompts a reconsideration of the concept of economic superpowers in the contemporary world and its implications for the global economy. The G7, a group initially formed to address the challenges of the 1970s recession and oil crisis after the Cold War, focuses on global economic and financial cooperation and maintains an interest in security and conflict prevention. In contrast, the more diverse G20, established in 1999, aims to foster cooperation between the G7 and developing countries. Historically, membership in the G7 or G8 has represented economic superpower status, but in the post-Cold War era, the landscape of economic superpowers has become more intricate. Russia, for instance, joined the G8 despite not having a fully
liberalized economy, reflecting the evolving nature of economic influence. However, it’s worth noting that once a nation attains membership in these exclusive economic superclubs, it rarely relinquishes that status. With the exception of Russia’s suspension in 2014, no nation has fallen from the superpower ranks. This brings us to a contentious point that has garnered much attention in recent years: China’s perceived shift in the context of the USA’s economic and military influence. In recent years, China has transformed from an emerging market to an influential global economy known for technological advancements and extensive infrastructure development. The “Belt and Road Initiative,” initiated in 2013, has allocated substantial funds for global infrastructure projects, fostering increased trade and economic activity and bolstering China’s global influence. Nonetheless, despite these signs of progress and growth, discussions about the sustainability of China’s influence, particularly in terms of economic competence, remain ongoing. Conversely, the USA maintains its position as one of the prominent superpowers, even as it faces substantial domestic challenges, including income inequality, a shrinking middle class, and a polarized political system. Notably, the USA invests heavily in its military, yet it faces increasing scrutiny regarding its role as a global superpower. These challenges raise questions about the sustainability of the USA.’s superpower status. In fact, some argue that it is more pertinent to question
In the current dynamic global economic landscape, it is imperative to reassess our understanding of economic superpowers. The traditional criteria of GDP and military might are no longer sufficient to capture the multifaceted nature of todayÊs economic realities. We must transition to a more inclusive and nuanced perspective that encompasses a broader range of factors, including literacy rates, life expectancy, healthcare accessibility, and human capital development. This shift towards a comprehensive view not only acknowledges the unique strengths and innovations of each nation but also encourages cooperative regional alliances, such as the Association of Southeast Asian Nations (ASEAN), where countries can work together.
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late) Founding Editor
Yousaf Nizami
Recognizing the significance of choosing a career Editor Umar Aziz M. A. Niazi Joint Editor
Executive Editor
Choice of career determines how you live your life
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HESE days, a person’s career is highly valued in life, regardless of gender. We are expected to focus on our studies and perform well on the exams right away. The end goal of doing this is to establish a solid foundation and earn high marks, both of which will enable us to pursue prosperous careers. A person’s career is crucial to their existence. Our chosen professional path will have a significant impact on our lives. Our lifestyle and social standing will be determined by our careers. Put another way, our connections and social circle will be shaped by our careers. Selecting a career is a significant decision, and yet, we are often unprepared to make such a decision when it is necessary. When we have to select between the scientific, commerce, or humanities streams, which primarily determines the job route we eventually choose, we are still in school. Thanks to the internet, youngsters today have a greater awareness than they had in the past, when our professional choices were primarily affected by our parents, instructors, and older siblings. Before deciding, we can research the many job alternatives that are out there online along with their prospects. Nonetheless, as they have greater life experience, elder guidance is still advised. All of us need to exercise extreme caution while selecting a career. We shouldn’t pursue a career path merely because our parents encourage us to or because a friend or sibling has succeeded in it. We should follow our intuition, figure out what truly interests us, assess our aptitude for it, and then look forward to the opportunities that come with it. The price of the course we want to take, the market’s need for such specialists, the packages being given in the industry we want to enter, and the industry’s potential for growth are some of the other factors. For this reason, picking the
OPTING FOR A CAREER: There are several aspects to take into account when selecting a career. Every element has a big impact on our decision. First of all, always take a close look at yourself. To select a career, you must be aware of your areas of interest. For example, a person with strong math and science skills can absolutely become an engineer, but his interests can change at any time. Therefore, be sure you possess the skills necessary to succeed in the career you select. This will originate from within your field of interest. Following that, you search for opportunities related to your interest. You may easily hunt for jobs that fit your interest now that you know what you enjoy and detest. List the many careers that you could pursue based on your interests. Additionally, condense the list you have already compiled. You have to act in a way that best fits you. To make wise selections, you should speak with your parents and senior peers. Above all, learn the abilities necessary for the job path you want to take. Make sure you obtain the necessary degrees and certifications. To improve your talents, consider enrolling in training courses. This will provide you the advantage of knowing if your decision to pursue a particular career strategy was the right one. Additionally, write a CV that stands out so you can be considered for the suitable chances.
ACCOMPLISHING YOUR CAREER OBJECTIVE: Prior to achieving your career objective, there are some actions you must perform. Success, as they say, doesn’t happen right away. To reach your objectives, you will need to put in effort along the route. If you have the will, hope is always present. To start, make
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The writer is a researcher at the Center for International Strategic Studies, AJK, and can be reached at rimsham@gmail.com
Editor’s mail
profiles on various employment platforms in order to grab the employer’s interest. You will be able to find good work chances if you take good care of your profile. And constantly keep your network maintained. Establish a strong network and produce connections in the industry. In this manner, you can keep yourself informed about the most recent events in the sector or at any establishment. Additionally, make an effort to attend workshops and seminars that are relevant to the career you want to pursue. You’ll get to know powerful individuals in the same industry who can extend your perspective. Never forget to maintain your resolve. If you put your mind to it, you can easily accomplish your career goal. Put otherwise, people tend to get easily distracted. To effectively reach your goals, you must refrain from doing so and concentrate on your career route.
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whether China’s supposed shift will occur before any potential change in the US role. The traditional division between emerging and developed economies is becoming less relevant. Many emerging economies are now growing faster than developed ones, making significant strides in poverty reduction and education. For instance, China has risen to become one of the world’s largest economies, with impressive progress in literacy and infrastructure. In contrast, the USA faces challenges such as healthcare costs and infrastructure. As countries like South Korea, Brazil, and Indonesia exhibit their own strengths and innovations, it becomes evident that a more inclusive approach to global economic governance is needed. A shift to regional groupings, similar to the Association of Southeast Asian Nations (ASEAN), can foster economic and technological collaboration, offering fairer economic comparisons. In the 21st century, there is no need for a single economic superpower to dominate the global economy. By reevaluating global economic governance, a more equitable system can be established, where all nations have a voice and the opportunity to shape the global economy. Traditional measures like GDP and military spending, while valuable, are no longer sufficient benchmarks for progress. In this evolving landscape, inclusive measures such as literacy rates, life expectancy, and access to healthcare can provide a more accurate representation of a country’s wellbeing and progress. In the current dynamic global economic landscape, it is imperative to reassess our understanding of economic superpowers. The traditional criteria of GDP and military might are no longer sufficient to capture the multifaceted nature of today’s economic realities. We must transition to a more inclusive and nuanced perspective that encompasses a broader range of factors, including literacy rates, life expectancy, healthcare accessibility, and human capital development. This shift towards a comprehensive view not only acknowledges the unique strengths and innovations of each nation but also encourages cooperative regional alliances, such as the Association of Southeast Asian Nations (ASEAN), where countries can work together, celebrate diversity, and foster mutual support, ultimately leading to more equitable global economic governance. Embracing this approach is pivotal in shaping a 21st-century economic landscape characterized by inclusivity, equity, and collaborative progress.
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
Never forget to maintain your resolve. If you put your mind to it, you can easily accomplish your career goal. Put otherwise, people tend to get easily distracted. To effectively reach your goals, you must refrain from doing so and concentrate on your career route
right professional route is crucial. Numerous factors influence our job decisions. As a result, it’s critical to weigh all the options before deciding on a career.
YaQOOB ali BalOCh
Thursday, 21 December 2023
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Birds beware
I wish to address a pressing issue prevalent in Pakistan: the senseless killing of birds. Birds contribute to the beauty of nature, enhancing the world’s aesthetics. Unfortunately, in Pakistan, the value of these avian creatures seems unacknowledged, leading to their unnecessary slaughter due to the absence of stringent rules. This rampant killing is escalating, posing a significant problem for the country. The lack of government commitment exacerbates the issue, as there is no effective control mechanism in place. The relentless hunting of birds by people not only deprives nature of its beauty but also poses a severe threat to various living organisms. I earnestly implore the government of Pakistan to take immediate action to halt bird hunting, as these creatures are an integral part of nature, and their absence tarnishes its beauty. DARVESH DAD KOLWAH
Space odyssey
SINCE October 4, 1957, when the Union of Soviet Socialist Republics (U.S.S.R) launched Sputnik, the first artificial satellite orbiting Earth, humans have been venturing into space. This historic event unfolded during the Cold War, an era marked by intense geopolitical rivalry. The human fascination with space has been an enduring aspect of our collective curiosity, amplified by advancements in ballistic projectiles first utilised by Germany towards the end of World War II. By the close of the 20th century, the development of powerful rockets capable of overcoming Earth’s gravitational force marked a pivotal moment. This led to a space race between the Soviet Union and the United States. Notably, the International Space Station, a research laboratory in low Earth orbit, stands as a testament to collaborative space exploration. Constructed with contributions from various partners, this flying laboratory symbolises unity in space exploration, with former rivals now working together. Since its arrival on November 1, 2000, the International Space Station has been continuously occupied. In contemporary times, space exploration has transcended once-distant dreams. Mars has become the focal point of modern space exploration, with manned Mars missions representing a long-term goal for the United States. NASA is actively working on the journey to Mars, aiming to send humans to the Red Planet by 2030. ARIF AZEEM BALOCHISTAN
Educational void
EXPRESSING a significant problem in Balochistan, Ayob Degree College Bulada faces a severe lack of teachers, impacting its education system. Despite being a substantial institution, proper education is compromised. It’s disheartening to note that many teachers, although receiving salaries, seldom fulfil their duties. Some engage in private jobs, while others work in different cities. Moreover, some present teachers don’t enter classrooms, idly spending time in offices. Consequently, students are left outside classrooms with closed books. Crucial subjects like English and mathematics lack dedicated teachers, hindering students’ future prospects. The absence of proper guidance leads some students to drop out, resorting to drugs and adopting unhealthy habits. This situation produces degree holders but not educated youth. A plea is extended to the Government of Balochistan to intervene, save Balochistan’s education, and support students for their future endeavours. AKMAL BALOCH TURBAT
Web: www.pakistantoday.com.pk
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Email: editorial@pakistantoday.com.pk
Xinjiang: Uygur muslims shining Thursday, 21 December 2023
Propaganda appears false
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Yasir haBiB Khan
eeinG is believing. With setting foot on the ground and making close observations in Xinjiang, it is testified that Uyghur Muslims in Xinjiang are completely free to live their normal life practicing islam in its true spirit. Visits to kashghar, known as kashi, and Urumqi, capital of Xinjiang, along with detailed interaction with local Uyghur Muslims have invalidated the long list of allegations about repression of Uyghur Muslims, rights abuses, ban on practicing islamic values, political indoctrination, forced labor, sterilization and detention camps for re-education. Being a part of a Pakistan journalists and think tank delegation, it was shocking to learn how insidiously western powers and media led by the USA and its allies had been misleading the international community by accusing the Chinese government of resorting to oppression of Uyghur Muslims without any credible proof. Because here in Xinjiang neither i saw police checkposts, surveillance cameras and fear on the faces of all Muslim communities including Uyghur Muslims. Chinese Law is equal for all citizens including Uyghur Muslims, believers and non-believers live as per their beliefs and faiths. indeed, ground realities are always contrary to mythological stories. Such hideous stories may be sold well for a while but they are short-lived. Credulous people may accept these make-believe and fabricated reports. However, the world is not foolish enough. it asks questions. it demands evidence. in this enlightened era, the world can never be made hostage of speculations furthermore. Hence, Western accusations of China for shrinking religious freedom as well as Uyghur Muslims’ genocide have been exposed in totality. As a president of the Think Tank institute of international Relations and Media Research (iiRMR), i got an ample chance to monitor endeavours to differentiate myths and realities. Findings are myths are being busted.
“i offered prayer five times in etigar Mosque, the main mosque of kashgar, city of Xinjiang. not only i but many other Uyghur Muslims freely offer prayers here. i never observed any religious embargo on practising of Muslim faith or exercising Muslims’ rights,” Mr Mehmat, a local Uyghur, said. During face-to-face interaction when he was coming out of the etigar Mosque, he flatly rubbished the speculations about any state-sponsored repression against Uyghur Muslims, saying fake stories of creepy surveillance and alleged imprisonment in so-called detention centres were misleading. Talking to me, the president of the iRMR, who had come to kashgar with a 15-member Pakistan journalists delegation, Mr. Mehmat made a categorical remarks that Uyghurs are hundred percent free, safe and secure here. Their religious practises including prayers and islamic norms and tenets, besides daily life, marriages, and education are unhindered and smooth, he said and further answered “We as Uyghurs enjoy quality life with availability of all basic civic amenities from the government. We are thriving with ample opportunities of employment, business and trade,” During a conversation with the etigar Mosque imam Mr Muhammad, he termed atrocities and rights abuse against Uyghur Muslims as a pack of lies. He said that as prayer leader he had attached to the mosque over the last 8 years and did not go through any intimidation or crackdown as negatively disseminated by Western media. He said life of a lie is always short and truth is destined to prevail. “Hence more foreign visitors will pour into kashgar to observe personally facts and will interact with the general public, more such propaganda will be busted and those who are behind the game of misinformation will be exposed sooner or later,” he added. A local Chinese official also said that the city of kashgar, also known as kashi, is home to around 9000 mosques. He revealed that none of mosques were demolished, rather some were renovated for the convenience of local Uyghur Muslims. On query, he also labelled rumours regarding ban on beards for men and on veils for women as absurd, saying the government always respects the religious sentiments of the Uyghur Muslim community. etigar Mosque is located on the west side of etigar Square in kashi. it was built in the Ming Dynasty in 1442 and was expanded three times in 1573, 1787 and 1873. in 1962 it was announced as an autonomous region-level key cultural relics protection site by the government of the autonomous region. it was later announced as a national-level key cultural relics protection by the State Council. This fully demonstrates that China implements the policy of freedom of religious belief and protects citizen’s freedom of belief in accordance with the Law. Another revelation came to the fore whenwe visited Xinjiang islamic institute. in an interview, institute President Sheikh Abdul Raqeeb said that around 1000 students studied there. “They are taught Quran and islamic principles, Chinese Law and History. Having completed their studies, students join the teaching profession of professorship and or are designated as prayer leader in Muslim mosques,” he said. He outrightly rubbished
the allegations of any ban on practising islam in Xinjiang as well as in China. Respect for and protection of freedom of religious belief is a basic and long-term national policy of the Chinese government. Subject to the principles of protecting lawful practices, proscribing illegal activities, containing extremism, resisting infiltration, and punishing crime, the local government of Xinjiang fully applies the policy, protecting legitimate religious activities and ensuring the public’s freedom of religious belief in accordance with the law. The Chinese Constitution stipulates that citizens of the People’s Republic of China shall enjoy freedom of religious belief, and that the state shall protect normal religious activities. no organization or individual may compel citizens to believe in or not believe in any religion; nor may they discriminate against citizens who believe in or do not believe in any religion. The China islamic Association makes arrangements every year for practising Muslims to go on pilgrimage to Mecca in Saudi Arabia. it funds medical care and interpretation for pilgrims, and offers other services to ensure safe and orderly travel. Religious activities are held at every major religious festival. During the holy islamic month of Ramadan, whether to close or open halal restaurants is completely determined by the owners themselves without interference. During the Covid-19 epidemic, virus prevention and control measures were taken at all the venues to ensure that worship, fasting, and other activities continued in a stable and orderly manner. Currently, more than 40 islamic publications in different ethnic minority languages are distributed in Xinjiang. The Quran and Selections from Sahih al-Bukhari have been published in standard Chinese, Uygur, kazakh and kirgiz languages. The new Collection of al-Wa’z
Securing workers’ rights in the AI revolution
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FINANCIAL TIMES
EuropEan Commission
RTiFiCiAL intelligence (Ai) is reshaping the way we work, with research projecting it will deliver a €6.5 trillion increase in annual global GDP over the next decade. However, alongside unprecedented opportunities for innovation and growth, there are concerns over workers’ rights and job security. This raises the question of how to harness Ai to deliver benefits, while also protecting society – including workers – from its potentially harmful effects. “Ai means changes, but not necessarily bad changes,” said Joost korte, the european Commission’s Director-General for employment, Social Affairs and inclusion. The Forum brought together a diverse panel of 74 speakers and explored the responsible harnessing of Ai to ensure that technological advancements do not compromise workers’ rights. “in the fast-changing world of work, we should always value innovation and performance, but we must also continue to protect workers with the right regulatory framework. We need to prevent abusive practices and ensure that the human remains in control,” said Mr korte.
HOW TO SHAPE THE FUTURE: Despite much debate over the impact of Ai on working life, making accurate predictions remains challenging. nobel laureate in economics Professor Christopher Pissarides suggested to look at the enablers for a successful integration of Ai in the world of work, arguing that countries that score high on issues such as social support for workers “can use Ai beneficially to create good jobs and better lives”. At the same time, he noted, “that a country’s preparedness for Ai would not guarantee the creation of good jobs without also focusing on social support”. Most speakers at the Forum agreed that this uncertainty highlights a clear need for proactive government regulation of Ai to protect workers as technology advances. The eU is already pioneering efforts to shape rules for the development and use of Ai, according to Thierry Breton, european Commissioner for internal Market. in 2021, he presented the Commission’s proposal for the Ai Act, the world’s first comprehensive Ai legislation.
A ‘HUMAN-CENTRIC’ APPROACH: A similar approach is needed when it comes to the use of Ai at work, and many participants at the european employment & Social Rights Forum advocated for a ‘human-
centric’ approach to both Ai innovation and regulation. “it is necessary to ensure that impactful decisions are still made by a human,” said Annette Bernhardt, Director of the Technology and Work programme at the UC Berkeley Labor Center. it is also key for workers to have a say in how changes to their roles might be managed. esther Lynch, General Secretary for the european Trade Union Confederation (eTUC), said that keeping employees involved and invested in new processes is an important part of learning to work in harness with Ai. “Workers want participation and discussion on change, and access to training. it’s necessary to enable frameworks to inform them,” she commented. The main message running through the Forum was clear: no matter how advanced technology gets, human workers still hold the key, and they should be the main beneficiaries of technological advancement. “With the new technologies such as ChatGPT, work can be more efficient, faster, facilitated, simplified,” said nicolas Schmit - eU Commissioner for Jobs and Social Rights. “But we also need to ensure that workers profit from each new breakthrough. The biggest challenge is to establish a system where the gains made out of Ai are distributed fairly.”
West treats Arabs as inferior
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ELECTRONIC INTIFADA Tharwa Boulifi
ike any Arab child raised in an Arab country, the Palestine cause was an integral part of my childhood. Battered landscapes, images of buildings collapsing after being bombed, big, scary tanks, children’s cries, the laments of mothers holding their dead children in their arms and men mourning – we saw it all. i’ve witnessed these scenes regularly. Regularly enough that they have left an indelible mark on my memory. every time i see scenes of war, whether in movies or on the news, it triggers my brain. As a child, i could discern the atmosphere of collective despair and resignation. Adults were tense and kept binge watching the news. My child’s brain was most intrigued by all that was happening and i kept asking questions about what was going on and who was killing all these people. Adults were stretched too tight to answer me, and only my grandmother responded with what she heard on TV and the radio: “it’s the israelis and Americans, my daughter, may God destroy them.” When i got a bit older and was able to follow political conversations, i’d often hear adults in my family say
things like: “Arab lives matter as much as animals’ lives to the West,” or “they want to lessen the number of Arabs” and other things. So i grew up with the duality of “them vs us” that’s most predominant in the collective psyche of Arabs. At the same time, coming from an upper-middle-class family, my parents did their best to maximize my chances of getting accepted by a Western university, by starting to teach me French at 3 and english at 5. They also enrolled me in a public French school in Tunisia, to facilitate access to Western universities.
THE BIG DREAM: My parents often told me there’s a “better life” in europe and the USA, where my rights would be guaranteed and i would be well paid. emigrating to the West became the “big dream” for me, and whenever a member of my family or one of my older friends, who went to study or work abroad, came back for vacation, i and other people would reunite around them, to ask them about this “perfect world.” As teenagers, we were quickly disappointed with the lack of enthusiasm of the expats, who’d tell us “it’s okay, but it’s better than here,” or “it’s fine, but you’ll always be an Arab for them, no matter how long you live in their country.” These words always came as a sur-
prise to our idealistic selves, who would bear anything including long lines in front of visa centers or unjustified rejected visa applications, to go to “the other side.” if we didn’t understand what our elders meant, it’s now that we’re starting to get their point, especially in the current context of the war in Palestine, where pro-Palestine protesters are teargassed in France or arrested in Germany. Such practices can only frustrate Arabs living in the Western world since they find themselves deprived of their right to express their grief and their anger. This can only make them feel like second-class citizens, and thus nurture feelings of resentment towards their more privileged neighbors, who have more rights than them. Amid this chaos, i couldn’t help but ask myself about this imbalanced relationship we – Arabs or Africans – have with the Western world and its institutions. While their hospitals and companies brim with our most skilled workers, their embassies still act as if they are doing us a favor when we apply for visas, by charging us high fees and making us go through humiliating procedures. At the end of the day, what matters most is which side needs the other more.
Tharwa Boulifi is a Tunisian writer.
COMMENT 05
Speeches series have been compiled and published in both Chinese and Uygur. The China islamic Association operates both Chinese and Uygur versions of its website. Any individual can study religion through legal channels. Facilities and conditions of venues for religious activities have been improved. Such venues are protected in accordance with the law. Special government funds have been allocated to maintain and renovate venues listed as cultural heritage sites under the protection of the state and the autonomous region, including the id kah Mosque in kashgar, Shengyou Lamasery in Zhaosu, Baytulla Mosque in Yining, Baluntai Monastery in Hejing, Jiaman Mosque in Hotan, and Yanghang Mosque in Urumqi. Mosques are generally equipped with running water, electricity, natural gas, and easy road access. The mosques also have communication tools, radio and television facilities, LeD screens, computers, electric fans, air conditioners, water dispensers, medical services, and fire-fighting appliances. Washing and cleansing facilities have been installed in congregational mosques for Juma prayers. All this provides greater convenience for religious believers. The system for training islamic clerics has been reinforced. islamic clerics in Xinjiang are trained at the China islamic institute, the Xinjiang islamic institute, and the Xinjiang islamic School. The government has invested more than RMB 200 million to build a new campus of the Xinjiang islamic institute, which opened in 2017. The institute also has eight new branches in ili, Changji, Urumqi, Turpan, Aksu, kizilsu, kashgar and Hotan. They form a comprehensive training system for clerics.
The coming debt crisis
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PROJECT SYNDICATE annE o. KruEgEr
n its latest World economic Outlook, the international Monetary Fund (iMF) reported that a rising share of countries, 56 per cent of low-income countries and 25 per cent of emerging markets, are “in or at high levels of debt distress”. While some of these countries are already working on reform programmes that will make them eligible for iMF funding and offer good prospects for economic growth, many are not. A developing-world debt crisis is looming. extremely high levels of indebtedness are usually preceded by a period during which creditors roll over claims or extend new loans, with increasingly high interest rates. There is no simple way to determine when that debt becomes unsustainable. Analysts often use the debt-to-GDP ratio, but interest rates make a difference here. Low-income countries facing concessional interest rates might have lower ratios than emergingmarket economies, for which interest rates are higher. The maturity structure of the debt also matters: if most of it will come due soon, the required rollovers (or renewals) will be much larger than for debts with a longer maturity. Borrowing by poor countries is warranted if the loans finance activities that will yield a high rate of return for the borrower, whose own resources are already financing worthwhile activities. in such a scenario, debt-service can be self-financing (barring unforeseen shocks). The problem is that, in many countries, sovereign borrowing has largely been to finance expenditures with low or negative rates of return, such as sports stadiums or pre-election handouts. Such spending, together with large debts and fiscal deficits, can make lenders wary, leaving countries struggling to borrow, especially in times of rising interest rates. When creditors start refusing to roll over outstanding debt coming due, or when the interest rate that would be charged on new or rolled-over debt is prohibitive, a debt crisis erupts. To many, the solution to developing-country debt distress seems obvious: Provide debt relief to countries that need it, so that debt-service payments can be reallocated toward expenditure on social services, such as health and education. But experience shows that such reallocation is far from always guaranteed. When the debt of the world’s poorest countries was forgiven under the iMFWorld Bank Heavily indebted Poor Countries initiative, launched in 1996, adequate economic reforms did not follow. Many of these countries are again highly indebted. Debt relief is certainly needed. But to lend, even on soft terms, to governments that cannot or will not pursue sound, realistic and businessfriendly economic policies is simply to increase their future debt-servicing obligations. That is why debt relief must be conditioned on such reforms.
The writer is a freelance columnist
This is not a new idea. From the mid-twentieth century, when sovereign creditors formed the informal Paris Club grouping to find solutions to countries’ debt-servicing difficulties, they relied on the iMF to assess debtors’ economic prospects and determine the policy adjustments needed to improve economic performance. The creditors recognised that, without reforms, debt would simply pile up again until another crisis erupted. But some governments borrow so much that no reasonable policy adjustments would be sufficient to enable them to fulfill their debt-servicing obligations without imposing a “haircut” on creditors. in such cases, Paris Club members may allow for the rescheduling of debt service, thereby reducing the net present value of the debt to a sustainable level. Once such an agreement is reached, an iMF loan enables the country to resume imports while economic reforms take effect, leading to higher growth. Obviously, most private-sector creditors also must agree to any restructuring; otherwise, the country would be left servicing debts to holdouts, reducing the amount available for those agreeing to restructuring. in the 1990s, changes were implemented that accelerated the resolution of debt problems, although delays were frequent and, for debtor countries, costly. But by the end of the twentieth century, governments were increasingly borrowing from private sources. in 2010, low- and middle-income economies owed 46 per cent of their long-term public and publicly guaranteed external debt to private creditors. By 2021, that share had risen to 61 per cent. Though the Paris Club’s share of debt declined, its procedures continued. When Turkey confronted debt-servicing difficulties in 2002, it undertook policy reforms and received an iMF loan, quickly restoring rapid GDP growth. Around the same time, Argentina became unable to meet its obligations, so its debt had to be restructured. Today, however, there is another major sovereign creditor on the block, China, and it has refused to join the Paris Club. Other creditors are naturally reluctant to participate in debt restructuring if China does not, lest they end up effectively bankrolling full debt-service payments to China. Already, Sri Lanka and Zambia have faced long delays in receiving debt relief, because their Chinese creditors refuse to agree to the debt-restructuring terms agreed in the Paris Club, even though the iMF had backed the associated economic-reform programmes. Fortunately, neither country’s financial situation attracts headline news, and creditors did not withdraw lending from others. But some countries, including egypt, Lebanon, Pakistan, Turkey, and many smaller economies, report high debt-to-exports and debt-service-to-GDP ratios. in Lebanon, external debt reached 603 per cent of exports and 381 per cent of gross national income in 2021. if several of the larger emerging markets and low-income countries are simultaneously confronted with rising interest rates and an increasing reluctance by creditors to roll over their debts, a global debt crisis is likely to erupt. To avoid this scenario, the world needs an international agreement that establishes procedures for supporting debt-distressed sovereigns, thereby enabling the iMF to deliver loans faster. And all creditors must adhere to it. Anne O. Krueger is a former World Bank chief economist and a former first deputy managing director of the International Monetary Fund.
HAMAS CHIEF IN CAIRO FOR POSSIBLE TRUCE NEGOTIATIONS 06 NEWS
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GAZA
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L Jazeera reported on Wednesday that head of Hamas’s political office Ismail Haniyeh was in Egypt’s Cairo, “in what could signal a new phase of possible truce negotiations”. More information on Haniyeh’s presence in Cairo, or ceasefire talks was not yet available. Earlier today, Hamas official Ghazi Hamad in an interview with Al Jazeera said that the group’s “priority” amid the ongoing negotiations was a stop to the war. “Our vision is very clear: We want to stop the aggression,” he said. “What is going on in the ground is a big catastrophe,” added Hamad, referencing the “mass destruction and mass killing” caused by the Israeli attacks on Gaza. The member of Hamas’s political bureau said “some people” are looking for brief pauses in fighting of a few days or weeks but added that this was not in Hamas’ and Palestinians’ interest. “Israel will take the card of the hostages and after that they will start a new round of mass killing and massacres against our people,” he said. “We will not play this game.” Hamad added that once the war stopped, Hamas was “ready to negotiate with all” and reach a “big compromise” for the Palestinian prisoners and the captives in Gaza.
The Hamas official has also addressed reports of the group’s leaders having talks with leaders from the rival Palestinian faction Fatah about what Gaza would like at the end of the war. Hamad told Al Jazeera that Hamas has called on Fatah and other Palestinian factions “many times” in order to have discussions and “take decisions together”. “The problem is still the president of the Palestinian Authority [Mahmoud Abbas], who is still rejecting these calls from Hamas,” he argued. “We are very interested to meet our brothers from Fatah and the Palestinian factions in order to think how we can deal with the current situation in Gaza, either politically or the
Kuwait Emir Sheikh Meshal rebukes parliament, cabinet in inaugural speech
humanitarian aspect or these American attempts in order to change the situation.” Since the start of the war, US President Joe Biden has made it clear that he wants to see a revitalised Palestinian Authority take charge in Gaza once the conflict is over. Hamad said that until now, there have been “no good steps” taken from Fatah “to come close to Hamas”. “We are open to sit with him [Abbas], to talk with him and with all Palestinian factions, first as a priority to stop the aggression and after that we can think how we can deal with the situation either in the West Bank or Gaza in order to rearrange the Palestinian home, in
order to have one political system, one Palestinian authority,” he added. “This is I think in our interest but I hope and I expect from our brothers in Fatah to show more positive steps in this direction.” Gaza’s health ministry reported earlier on Wednesday that Israeli attacks killed “around 100” Palestinians and wounded hundreds of others in only one day. The attacks continued as a United Nations Security Council (UNSC) vote on a draft resolution calling for a ceasefire was delayed by a day. It is now expected to take place today. Israel’s campaign to eradicate Hamas has left the coastal enclave in ruins and brought widespread hunger and homelessness. At least 19,667 Palestinians have been killed and 52,586 wounded in the conflict. UN agency for Palestinian Refugees UNRWA said more than 60% of Gaza’s infrastructure had been destroyed or damaged and more than 90% of the 2.3 million population uprooted. Under foreign pressure to avoid killing innocents, Israeli Prime Minister Benjamin Netanyahu says the war will not stop until Hamas releases the remaining 129 captives it is holding in Gaza and the resistance group is obliterated. A United Nations Security Council vote to set up aid deliveries was delayed by another day on Tuesday as talks continue to try and avoid a third US veto of action over the two-month-long IsraelHamas conflict.
Pakistan triumphs in legal battle against Saudi steel company
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ARBITRATION TRIBUNAL DISMISSED ALL CLAIMS BY TUWAIRQI STEEL AND ORDERED THEM TO PAY PAKISTAN OVER 1.8 MILLION EUROS IN COSTS AND LEGAL FEES PROFIT
MONITORING DESK
Pakistan has emerged victorious in a legal dispute with a Saudi steel company and its investors at the Permanent Court of Arbitration (PCA) in The Hague, Netherlands. The Saudi company, Tuwairqi Steel, and its investors, Dr Hilal Hussain Al Tuwairqi and Al Ittefaq Steel Products Company Ltd, had initiated arbitration proceedings against Pakistan in February 2018, alleging breaches of the Organisation of Islamic Cooperation (OIC) investment agreement. The dispute arose when the claimants accused Pakistan of failing to honour sovereign assurances, including the committed supply of natural gas at a certain predetermined tariff, for their steel-production facility in Port Qasim, Karachi. The arbitration tribunal, which was formed under the OIC investment agreement, rejected all the claims by the Saudi company and ordered them to pay Pakistan over 1.8 million euros in costs and legal fees, according to an official statement. The tribunal also instructed the PCA to refund 96,839 euros of unutilised deposit to Pakistan. The government, in a statement, hailed the decision as a victory for Pakistan’s legal position and a boost for its investment climate. “The decision not only affirms the country’s commitment to international investment agreements but also sets the stage for a more positive environment for future investments,” it said.
China vows to build itself into an agricultural powerhouse
KUWAIT
AGENCIES
Kuwait’s new Emir Sheikh Meshal Al-Ahmed AlSabah on Wednesday criticised parliament and cabinet for harming national interests as he was formally sworn in before lawmakers as the country’s 17th ruler. Officially taking over from his half-brother Sheikh Nawaf, who passed away on Saturday, Sheikh Meshal is faced with the task of pulling the country out of longstanding political paralysis and reforming a bloated public sector that has turned Kuwait into one of the Gulf’s most laggard states. “I have stressed in my previous speeches that there are national obligations that must be fulfilled,” the 83year-old ruler told lawmakers after he took the oath of office. But “we have not noticed any change or correction” from parliament and cabinet, he added. Instead, the two entities have “harmed the interests of the people and the country,” he said. His predecessor’s short-lived rule was marked by a protracted political standoff that saw successive parliament dissolutions and cabinet resignations. Sheikh Meshal further pointed to public appointments and promotions that “don’t meet the simplest standards of justice and fairness”. He pledged to temporarily halt promotions and new appointments, after already signing a decree on December 5 ordering a three-month pause in state hiring that is open to extension. “We have warned on many occasions that crises, challenges and dangers surround us,” Sheikh Meshal said, underscoring “the necessity to reconsider our current reality in all its aspects”. Shortly after the speech, the government submitted its resignation in a procedural step to allow for the naming of a new prime minister. Kuwait, which borders Saudi Arabia and Iraq, is home to seven per cent of the world’s crude reserves. It has little debt and is one of the strongest sovereign wealth funds in the world. However, it suffers from constant disputes between elected lawmakers and cabinets installed by the ruling Al-Sabah family, which maintains a strong grip over political life, despite a relatively robust parliamentary system in place since 1962. The deadlocks have prevented lawmakers from passing reforms to diversify the economy, while repeated budget deficits and low foreign investment have added to the crises. Bader Al-Saif, a professor at Kuwait University, described Sheikh Meshal’s address as “one of the strongest first speeches given by an incoming ruler”.
Thursday, 21 December, 2023 | ISLAMABAD
BEIJING STAFF REPORT
China has laid out the priorities for the country’s rural work in 2024 at a key meeting held from Tuesday to Wednesday, stressing the target to build China into an agricultural powerhouse and the importance of advancing rural revitalization across the board. Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, Chinese president and chairman of the Central Military Commission, made important instructions on work related to agriculture, rural areas and farmers at the annual Central Rural Work Conference, according to the Xinhua News Agency. To advance Chinese modernization, the country must make unremitting efforts to strengthen the foundation of the agricultural sector and advance rural revitalization across the board, said Xi. The meeting, which was held from Tuesday to Wednesday in Beijing, analyzed the current situation and challenges facing the country’s rural sector, while mapping out priorities for rural work in 2024, according to a readout of the meeting released on Wednesday. Analysts said the conference
has set a tone for the country’s rural work in 2024 by clarifying the target, mission and path of achieving modernization of agriculture and rural areas. Seen from the readout, food security will still be among China’s most fundamental interests and rural work will be focusing on strengthening food security, including increasing the area of farmlands and grain yield, accelerating invigoration of the seed industry, and intensifing research on core technologies, analysts noted. The meeting stressed that China will ensure the area of farmlands, in parallel to the increase of the grain yield. Efforts will be made in agricultural disaster prevention, mitigation and relief. China emphasized the importance of maintaining the area of farmlands, which it has set a red line of no less than 1.8 billion mu (120 million hectares). Efforts have also been made to prevent farmland from becoming non-agricultural. Again, China sets the target of grain output for 2024 – staying above 1.3 trillion jin (650 billion kilograms) in 2024. The country has for nine consecutive years achieved the target of an output of 1.3 trillion jin, with output in 2023 reaching a record
high of 1.39 trillion jin, according to statistics from the National Bureau of Statistics. Meanwhile, the country will build a diversified food supply system, with efforts simultaneously made in agriculture, forestry, animal husbandry and fishing. Apart from improving the quality of arable lands, analysts said food security will be guaranteed through modernized agricultural infrastructure and facilities, as well as technological breakthroughs in the seed industry, so as to accelerate China’s realization of self-reliance in agricultural science and technology. Next year’s rural work focuses on improving food security capacity through enhancing the resilience and stability of the supply chain, and relying on scientific and technological equipment to modernize the agriculture sector, Li Guoxiang, a research fellow at the Rural Development Institute of the Chinese Academy of Social Sciences, told media. “Under the premise that the overall food supply is guaranteed, China will also focus on improving rural infrastructure and public services in 2024, which is crucial to increasing the efficiency of the agricultural sector,” said Li. Ensuring food security now refers to the capacity to produce, store, transport and process food when needed, rather than the simple pursuit of grain output like in the past, Wang Gangyi, a professor at Northeast Agricultural University, said. “Food security is now measured by the capacity of the whole agricultural industrial and supply chain, from production to the dining table. China should accelerate the construction of major water conservancy projects, and build seedling centers, grain drying facilities, and cold chain logistics facilities for agricultural products,” said Wang.
Iran lashes at Sweden over life sentence for former official TEHRAN
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Tehran lashed out at Sweden for its courts rejection an appeal by a former Iranian prison official against a life sentence handed down over mass executions in 1988. A day earlier, a Swedish appeals court upheld the jail term handed down against Hamid Noury, 62, in July last year “for grave breaches of international humanitarian law and murder”. In a statement, the Iran’s Foreign Ministry spokesman Nasser Kanani said, “It is regrettable that the Swedish court, without considering the standards of a fair trial, decided to issue such a destructive verdict.” He condemned the judgment as “fundamentally unacceptable” and said Iran would “use all legal avenues at its disposal” to secure Noury’s release. Noury was arrested at Stockholm airport in November 2019 after Iranian dissidents in Sweden filed police complaints against him. The case relates to the killing of at least 5,000 prisoners across Iran to avenge attacks carried out by the rebel People’s Mujahedin of Iran (MEK) at the end of the Iran-Iraq war of 1980-88. Noury had worked as an assistant prosecutor in a prison near Tehran at the time but argued that he was on leave during the period in question. Sweden has tried Noury under its principle of universal jurisdiction, which allows it to try a case regardless of where the alleged offence took place. There have been concerns that the case could have repercussions for the fate of Swedish prisoners in Iran, including EU diplomat Johan Floderus, who has been held for more than 600 days. Floderus, 33, has been charged with the capital offence of “corruption on earth”. He was detained at Tehran airport in April 2022 on his return from a trip abroad. Another Swedish citizen, dual national Ahmad Reza Jalali, is already on death row in Iran after he was detained in 2016 and sentenced to death on espionage charges.
China, Russia hail bilateral ties as strategic choice, stabilizer of international relations BEIJING
STAFF CORRESPONDENT
Maintaining and developing China-Russia relations is a strategic choice made by both sides based on the fundamental interests of the two peoples, Chinese President Xi Jinping said in his meeting with Russian Prime Minister Mikhail Mishustin on Wednesday, following the Russian highranking official’s meeting with Chinese Premier Li Qiang, chairing the 28th regular meeting between the Chinese and Russian heads of government. Chinese experts hailed the close strategic collaboration between the two countries in recent years as a model of a new type of great power relations, which is crucial to the stable development of the international community. In addition, under the leadership of the heads of state, the internal driving force of ties is expected to be strengthened, not only in trade and the economy, but also cultural and people-to-people exchanges. In his meeting with Mishustin, Xi said the governments, legislative bodies, political parties and localities of the two
countries have carried out in-depth exchanges, and pragmatic cooperation in various fields has developed in a sound and steady manner. In the first 11 months of this year, bilateral trade between China and Russia achieved the annual trade volume target of $200 billion jointly set by the two heads of state, which shows the strong resilience and broad prospects for mutually beneficial cooperation between the two
countries, Xi said. Xi also expressed the hope of taking the 75th anniversary of the establishment of diplomatic relations between China and Russia next year as a new starting point to continuously expand the positive effects of high-level political relations and jointly move forward in the process of comprehensively promoting economic and social development and realizing national rejuvenation. Mishustin hailed the China-Russia
relationship as being “at the highest level in history,” adding that it is maintaining a rapid momentum of development. He described bilateral ties as “a ballast and stabilizer of international relations,” according to Xinhua. Russia is willing to work with China to strengthen communication and coordination within multilateral mechanisms such as the UN and BRICS, Mishustin said, Xinhua reported. Li Haidong, a professor at the China Foreign Affairs University, told media that Xi’s meeting with Mishustin highlights the mutual trust and support at the strategic level between Beijing and Moscow. The strengthening of trade and economic cooperation will lay the foundation for cooperation between Beijing and Moscow in broader areas, and the past has shown that strategic coordination between the two sides is very close and productive, Li said. Unlike the US’ approach of “saying one thing but doing another” in dealing with relationships with China, Europe and Russia, China and Russia have always put words into action, said Li, and “that shows why China-Russia relations are a role model of great power relations.”
Thursday, 21 December, 2023 | ISLAMABAD
CORPORATE CORNER ICMPD in collaboration with MOPHRD and GIZ hosts national conference to mark Int’l Migrants Day 2023
ISLAMABAD: International Migrants Day, observed annually on 18th December, serves as a global platform to recognise, and celebrate the contributions of migrants to societies worldwide. International Migrants’ Day promotes the opportunity to reflect on the positive impacts of migration, raise awareness on the challenges they face and encourages dialogue on the importance of safe and orderly migration with full respect for the dignity and human rights of migrants. This year's theme, "Building a Global Future: Recognition of Migrants’ Qualifications and Skills" has been selected by ICMPD and GIZ, considering the shared goals and priorities of the Government of Pakistan. The discussion focused on the promoting the export of skilled labour, meeting the skilled labour needs of destination countries, and addressing migrants' aspirations for skill recognition. The event explored challenges migrants face in global skill recognition and proposed viable solutions. PR
DGPR Muhammad Salim Khan visits various Directorates of Sindh Information Department
KARACHI: Director General Public Relations (DGPR Sindh) Muhammad Salim Khan visited various Directorates of Information Department on Wednesday.DGPR Sindh gave instructions to the officers and staff on this occasion and asked them to perform their official duties in a timely and responsible manner.He said that it is the first task of the information department to inform the public about all the projects of the Sindh government through the media and for this purpose the officers of all the departments are using print, electronic and social media to inform the public about the ongoing development projects in the province.In his visit, DGPR Sindh Muhammad Saleem Khan also visited the offices of Directorate of Admin and Accounts, Directorate of Advertisement, Directorate of Press Information, Directorate of Publication, Directorate of Films, Directorate of R&R and office of Section Officer. PR
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ISLAMABAD
MIAN ABRAR
PEAKERS at the 8th CPEC Media Forum on Wednesday unanimously vowed to counter disinformation and fake news targeting China, Pakistan Economic Corridor (CPEC) through collective efforts. The forum featured insightful speeches by Murtaza Solangi, Caretaker Minister of Information and Broadcasting; Zhang Zaidong, Ambassador of People’s Republic of China to Pakistan; Senator Mushahid Hussain Sayed, Chairman Senate Committee on Defence & Pakistan-China Institute; Zheng Qingdong, President and Editor in chief of Economic Daily; Cui Jun, President of China Economic Net; Wu Xu, Executive Secretary of China Journalists Association; Ambassador Khalil Hashmi, Ambassador of Pakistan to China; Hamid Mir, Senior Journalist; Shiffa Yusufzai, Anchor at 92 NewsHD. Pakistan-China Institute, in collaboration with China Economic Net and
Embassy of People’s Republic of China, organised 8th CPEC Media Forum here on Wednesday. The forum was also virtually telecast in Beijing and University of Gwadar. In his inaugural address, Mustafa Hyder Sayed, Executive Director of the Pakistan-China Institute (PCI), underscored the enduring consistency of the CPEC Media Forum since its initiation in 2015 as an annual gathering alternating between China and Pakistan. Emphasising that the scope of CPEC
NHA chief vows to complete highways projects as per international standards
ISLAMABAD: Chairman National Highway Authority Mr. Arshad Majeed Mohmand has said that the Authority is trying its level best to complete countrywide ongoing motorways and national highways building schemes as per scheduled time frame with quality construction. He was responding to the questions raised by people across the country in e-Katcheri held at National Highway Authority Headquarters here today. On Facebook, people from various parts of the country expressed interest through their questions, opinions and complaints to further improve the performance of NHA. Most of the participants commended this step of public access to NHA authorities through social media. NHA Members concerned were also present. PR
Cooperation extends beyond ‘brick and mortar’ infrastructure projects to encompass people-to-people connectivity, he asserted that the people of China and Pakistan serve as the true custodians of this profound friendship. Furthermore, he regarded President Xi Jinping’s announcement of a $100 billion investment in the green development of Belt and Road Initiative (BRI) countries as historic. Cui Jun, President China Economic Net read the congratulatory communication from Vice Minister of Foreign Af-
fairs of China, Sun Weidong, pertaining to the eighth China-Pakistan Economic Corridor (CPEC) Media Forum. In the conveyed message, Vice Minister Sun Weidong expressed sincere felicitations to the participants for the successful execution of the forum. Emphasising the enduring nature of the bilateral relationship, he underscored that Pakistan and China stand as all-weather strategic partners, and the successful conclusion of a decade of CPEC serves as a testament to the profound friendship between the two nations. Vice Minister Sun Weidong highlighted significant progress achieved during the 3rd Belt and Road Forum held in Beijing in October. In his keynote speech, Murtaza Solangi, Minister for Information and Broadcasting, emphasised the transformative impact of the China-Pakistan Economic Corridor (CPEC) during the auspicious year of 2023. He appreciated the vital role of the media in shaping public perceptions of CPEC, urging objective reporting to counter propaganda and ensure accurate dissemination of information.
Unveiling remarkable Corolla Cross as a testament to Toyota's ground-breaking philosophy ISLAMABAD PR
Indus Motor Company (IMC) recently hosted the 7th Journalist Summit at Bhurban, where esteemed journalists from the automotive industry congregated to witness the unveiling of the remarkable Corolla Cross. Gracing the occasion was Chief Engineer Toyota Motor Corporation (TMC) Mr. Yasushi Ueda. This highly anticipated event showcased Toyota's revolutionary philosophy, exemplified by the Corolla Cross Hybrid Electric Vehicle (HEV), and reiterated IMC's commitment to delivering sustainable transportation to customers nationwide. Highlighting the exceptional features Corolla Cross and the success of Toyota's New Global Architecture (TNGA), Mr. Ueda remarked, "TNGA is the backbone of the Corolla Cross, contributing to its enhanced platform and modern styling, which enables a comfortable and luxurious driving experience." "Equipped with a 1.8L Hybrid Electric Engine, Multi Drive
Shaheed Zulfiqar Ai Bhutto Medical University Vice Chancellor Prof Dr Tariq Iqbal adminsters oath to newly-elected members of Prime Minister’s Green Youth Movement Club Executive Council steered by Higher Education Commission. PR
ICCPO orders to enhanced security measures in Diplomatic Enclave
Modes including EV, ECO, and Power, 7 SRS Airbags, Blind Spot Monitor, Clearance Sonars, Rear Cross Traffic Alert, 9-inch Floating Display, and Bi-Beam LED Headlamps, the Corolla Cross ensures that our customers experience unrivaled comfort, convenience, and safety." He further added. During the summit, Mr. Ali Asghar Jamali, Chief Executive Officer of Indus Motor Company, embarked on an enthusiastic discourse, emphasizing the pivotal aspects that make the Corolla Cross a
game-changer in the automotive landscape of Pakistan. A key highlight of the discussions centered around the remarkable advantages offered by the Corolla Cross HEV. Mr. Jamali highlighted, "The Corolla Cross boasts superior fuel economy, providing customers with up to 50% more fuel efficiency. This not only translates into significant savings but also contributes to reducing our dependency on imported fuel by approximately 50%.” (data taken from other countries with similar conditions).
National Spice Summit 2023: National Foods Ltd leads the way for red chili ecosystem development
Hajj operation digitalized as MOITT develops mobile app in record time
ISLAMABAD: Hajj operations for pilgrims have been digitalized, a mobile app has been developed in record time to facilitate Hajj Pilgrims under the Ministry of Information Technology and Telecommunications. Caretaker It Minister Dr Umar Saif and Caretaker Minister for Religious Affairs Aneeq Ahmed jointly launched the application developed by the National Information Technology Board (NITB) here on Wednesday. Chief Executive Officer NITB Babar Majeed Bhatti briefed the participants about the application in the welcome address.Speaking on the occasion, Federal Minister for Information Technology and Telecommunications Dr. Umar Saif said that the process of digitalization has been accelerated in the country under the directions of the Special Investment Facilitation Council (SIFC). The launch of Hajj application is a milestone in this connection. Highlighting the key features of the application Dr. Umar Saif said that the Application enables pilgrims to register using the OTP received via SMS. PR
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SPEAKERS AT MEDIA FORUM VOW TO COUNTER FAKE NEWS TARGETING CPEC NEWS
ISLAMABAD PR
National Foods Limited, a leader in the food industry, hosted the National Spice Summit 2023 on December 14th, 2023, in Karachi. This successful event brought together key stakeholders and players in the red chili value chain for a day of insightful round table discussions. In response to the dynamic
shifts in the regulatory landscape of export markets and the challenges posed by inconsistent and stringent Maximum Residue Limits (MRLs), a compelling call for collective action has emerged to enhance the quality of red chilies fit for export. The primary objective of the summit was to foster collaboration and engagement among industry experts to understand challenges and share innovative ideas for the de-
velopment of the red chili ecosystem. Drawing inspiration from the success of the "Seed to Table" project, which aimed to fortify the tomato value chain, National Foods Limited is now at the forefront of leading initiatives to strengthen and develop the red chili value chain. National Foods Limited has outlined plans to cultivate red chili to meet its internal requirements initially. The company aims to scale up the project over the next few years, with the goal of making substantial contributions to the export market. "The National Spice Summit 2023 reflects our commitment to taking a multi-stakeholder approach to strengthen localization, and enhancing the quality of red chili in Pakistan which will unlock access to export markets. As we embark on this journey.
VEON presents digital operator success story at NSR/BCG Investor Conference
NEW YORK: VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides converged connectivity and online services, recently participated in an investor conference organized by New Street Research and Boston Consulting Group in New York, highlighting the achievements of its digital operator strategy. “VEON has a tailored digital operator approach in each of its markets, going beyond traditional telecommunications and providing digital experiences that are locally relevant. This results in not only the growth of our market share in our industry, but the expansion of our overall wallet share in terms of the value generated in adjacent verticals. We are happy to see that investors understand and appreciate VEON’s track record of success based on this model and the future opportunities that this transformation brings” said Kaan Terzioglu, VEON Group CEO. At the NSR/BCG conference, VEON provided a case in point for its digital transformation by highlighting the journey of Jazz, Pakistan’s largest mobile operator which has successfully evolved its business model into being a provider of digital experiences. “As Pakistan's largest digital operator, our purpose is to improve the lives and livelihoods of our people by unlocking the power of digital and financial inclusion. A key driver of our solid topline growth is our digital operator strategy, which is rooted in our commitment to offering our customers exceptional services. PR
IESCO chief listens to customers complaints live on facebook, telephone today
ISLAMABAD: Chief Executive IESCO Dr. Muhammad Amjad Khan will conduct facebook live E Kachary on Thursday 21st December 2023 from 10:00 AM to 12:00 Noon. Consumers can contact Chief Executive IESCO via Facebook ID CEO-IESCO E-Kachery or call at Tel No. 051-9253105 according to above given scheduled to register and resolve their electricity-related issues. While registering complaints, customers are required to provide their name, bill reference number, and contact number. PR
ISLAMABAD According to the details, the Islamabad Capital City Police Officer (ICCPO) Dr. Akbar Nasir Khan conducted a visit to the Diplomatic Enclave to assess security arrangements, monitored safe city cameras and issued directives for enhancing security measures, a public relation officer said. He said that the ICCPO Dr Akbar Nasir Khan interacted with officers and officials of the Islamabad Capital Police entrusted with the security of the diplomatic enclave. He issued directives to senior officers for the enhancement of security measures at the embassies. Emphasizing the need for effective monitoring on both internal and external routes of the diplomatic enclave, the ICCPO stressed the importance of ensuring effective surveillance through the Safe City centralized camera systems. PR
SAPM stresses enhanced collaboration with ILO for Pakistani workforce uplift
RIYADH: The Special Assistant to the Prime Minister (SAPM) on Overseas Pakistanis and Human Resource Development, Mr. Jawad Sohrab Malik, held a significant meeting with Mr. Gilbert Houngbo, the Director-General of the International Labour Organization (ILO), on the sidelines of the Global Labour Market Conference (GLMC) in Riyadh. The discussions centered around aligning Pakistan's workforce development strategies with ILO's global standards and initiatives.The meeting was a significant step towards fostering international collaboration to enhance the skills and employability of the Pakistani workforce in line with the ILO's best practices. Both parties acknowledged the importance of aligning national policies with global standards to ensure the welfare and prosperity of the workforce.Mr. Gilbert Houngbo, Director-General of ILO, implored the global community to support and create employment opportunities for Pakistani. PR
Thursday, 21 December, 2023
NEPRA HIKES POWER TARIFF BY RS1.15/UNIT FOR ALL POWER CONSUMERS NEWS
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PROFIT
AHMAD AHMADANI
ATIONAL Electric Power Regulatory Authority (NEPRA) has jacked up the power tariff by Rs 1.15 per unit for all the power consumers across the country on account of periodic adjustment in tariff for the 1st quarter of Financial Year 2023-24. NEPRA has issued its decision of hike in the power tariff and sent its decision to the federal government for intimation prior to issuing a notification of increase in the electricity price. “The decision is being sent to the Federal Government for intimation and action, if any, by the Federal Government under Proviso (ii) of Section 31(7) of NEPRA Act, before its notification by NEPRA pursuant to the said Proviso of Section 31(7) of NEPRA Act, 1997,” said NEPRA decision. According to the NEPRA decision, the increase in electricity price by Rs 1.15/unit will be applicable to all consumers including K-Electric while this hike in power price will be applicable from January 1, 2024 and will remain in effect till March 2024. “While effecting the Quarterly Adjustments, the concerned DISCOs shall keep in view and strictly comply with the orders of the courts notwithstanding this order,” reads the NEPRA decision. It should be noted that the increase in electricity prices will put an additional burden of more than Rs 22 billion and 29 crore (Rs.22,297 million) on the beleaguered power consumers of the country. Earlier, power distribution companies (XWDISCOs) filed request with NEPRA for adjustments on account of capacity charges, transmission charges
& market operator fee, the impact of incremental units and impact of T & D losses on FCA and variables operation & maintenance charges for the 1st quarter of FY 2023-24 i-e July to September 2023, in line with the notified mechanism in this regard. And, the NEPRA conducted a public hearing on November 14, 2023 on the application of power distribution companies (DISCOs) under the chairmanship of NEPRA chairman Waseem Mukhtar and announced that it would issue final decision later. NEPRA officials, during the course of hearing, said that XWDISCOs have sought a total increase of more than Rs22 billion and 56 crore and its impact will come depending on which month this quarterly adjustment is received from the consumers. They said if the increase in power tariff is approved then the power tariff hike in the next three months will be around Rs 1.25 per unit. They said XWDISCOs reduced power purchase in July, August and September as their purchase of power was decreased by 9.50 percent. XWDISCOs purchased total 38 billion units instead of 42 billion, said NEPRA officials. Adjustments could have been negative if the figures were as per reference cost, they added. Responding to a question, NEPRA officials clarified that increase in power tariff will be applicable to all customers across the country under quarterly adjustment because uniform increase will be applied across the country on the direction of the federal government. They said that implementation of quarterly adjustments in the case of K-Electrics faced delays. They said difference of KElectric’s quarterly adjustments between the adjustments of the DISCOs is
Former PM Nawaz Sharif obtains nomination papers from NA-15 Mansehra MANSEHRA
STAFF REPORT
Pakistan Muslim League-Nawaz (PML-N) Quaid Mian Muhammad Nawaz Sharif including 14 other candidates Wednesday obtained nomination papers for NA-15 Mansehra to contest the upcoming general elections scheduled for Feb 8, 2024. According to details, in the lead-up to the General Elections, the electoral landscape in Mansehra has gained momentum as 15 candidates, including former prime minister Mian Muhammad Nawaz Sharif, have successfully obtained their nomination papers in the NA-15 constituency. The formal procedure for acquiring nomination papers was currently underway in the Mansehra district for participation in the upcoming elections. In the NA-14 constituency of Mansehra, 20 candidates, notably former federal minister Sardar Muhammad Yousaf from PML-N and provincial leaders such as Shujaat Saleem Khan from PPP, have secured their nomination papers. The political spectrum was further enriched as more than 80 candidates have obtained nomination papers from five constituencies of the provincial assembly. The electoral fervor was intensifying as candidates hailing from diverse political backgrounds gear up to contest in the upcoming elections. This dynamic and competitive political landscape promises an engaging electoral season in the region.
PTI’s Asad Qaisar released from Mardan jail MARDAN
STAFF REPORT
Pakistan Tehreek-e-Insaf leader and former speaker of the National Assembly Asad Qaiser has been released from the central jail in Mardan. As per details, Asad Qaiser was released after Deputy Commissioner of Swabi took back the 3 MPO order on the direction of Peshawar High Court. The PTI leader was in jail under 3MPO from November 24 despite his bail in May 9 violence case. On December 9, Pakistan Tehreek-e-Insaf leader and former speaker of the National Assembly Asad Qaiser was rearrested after securing bail from the district and sessions court in Mardan on. Prior to this, the district and sessions court in Mardan granted him bail in the May 9 case against surety bonds of Rs90,000. However, following his release, Swabi police rearrested him under MPO. Qaiser, who is accused of corruption in the procurement of equipment for Gajju Khan Medical College, was arrested from Bani Gala, Islamabad, on Nov 3.
paid by the federal government with subsidy. Final decision regarding power price hike will be issued later, said NEPRA Authority at the end of public hearing on quarterly adjustment sought by the XWDISCOs on account of variation in Power Purchase Price (PPP) for the 1st quarter of fiscal year 2023-24. According to a summary of adjustment requested by XWDISCOs, the WXDISCOs requested total Rs 12,126 million amount on account of capacity charges for the 1st quarter of FY 2023-24 i-e July to September 2023, in line with the notified mechanism in this regard. As per details, FESCO has sought Rs 3,639 million amount on account of capacity charges, HESCO requested Rs 9 million amount, IESCO Rs 3,743 million, LESCO Rs 10,450 million, SEPCO Rs138 million and TESCO Rs 927 million while GEPCO requested Rs 620 million cut under the head capacity charges, MEPCO Rs 2,754 million reduction, PESCO Rs 93 million decrease, QESCO Rs 3,313 million cut on account of capacity charges. Similarly, the ten XWDISCOs requested Rs 4,617 million amount on account of variable O&M charges as FESCO sought Rs1,033 million, GEPCO Rs 471 million, HESCO Rs188 million, IESCO Rs306 million, LESCO Rs 1,021 million, MEPCO Rs 788 million, PESCO Rs488 million, QESCO Rs 173 million, SEPCO Rs 149 million and TESCO asked for Rs 40 million under the same head of variable O&M charges. Likewise, WXDISCOs advocated for total Rs4,617 million amount under the head UoSC & MbF as FESCO requested Rs 1,528 million amount, GEPCO Rs918 million, HESCO Rs665 million, IESCO Rs 1,190 million,
LESCO Rs 2,650 million, MEPCO Rs1,433 million, PESCO Rs 1,004 million, QESCO Rs198 million, SEPCO Rs 358 million and TESCO Rs303 million on account of UoSC & MbF. Furthermore, XWDISCOs pleaded for total Rs 6,617 million amount on account of impact of T&D losses on monthly FCA as FESCO requested Rs 640 million amount, GEPCO Rs560 million, HESCO Rs496 million, IESCO Rs548 million, LESCO Rs1,124 million, MEPCO Rs1,253 million, PESCO Rs1,260 million, QESCO Rs317 million, SEPCO Rs367 million and TESCO Rs52 million. It is also learnt from the summary of adjustment requested the XWDISCOs that FESCO has requested total Rs 4,189 million amount on account of capacity charges, transmission charges & market operator fee, the impact of incremental units and impact of T & D losses on FCA and variables operation & maintenance charges for the 1st quarter of FY 2023-24 i-e July to September 2023, in line with the notified mechanism in this regard. GEPCO sought total Rs 396 million decrease, HESCO Rs 1,056 million, IESCO Rs 5,542 million, LESCO Rs 10,308 million, PESCO Rs2,096 million, SEPCO Rs 926 million, TESCO Rs 1,196 million while MEPCO requested Rs 520 million reduction, PESCO Rs 926 million amount and QESCO Rs 2,625 million decrease on account of capacity charges, transmission charges & market operator fee, the impact of incremental units and impact of T & D losses on FCA and variables operation & maintenance charges for the 1st quarter of FY 2023-24 i-e July to September 2023, in line with the notified mechanism in this regard.
Ex PTI chief, Bushra Bibi summoned in NAB Toshakhana reference ISLAMABAD
STAFF REPORT
Former Chairman of Pakistan Tehreek-e-Insaf (PTI) Imran Khan and his wife Bushra Bibi have been summoned on December 23, in connection with NAB Toshakhana reference. The NAB filed Toshakhana reference against the former prime minister Imran Khan and his wife Bushra Bibi in the Accountability Court which was accepted for hearing. The accused had obtained 108 items from the Toshakhana and kept 58 with them, the reference stated. The National Accountability Bureau (NAB) on Tuesday filed a reference with the Accountability Court against PTI founder Imran Khan and his wife Bushra Bibi pertaining to Toshakhana case.
The NAB Rawalpindi has named two accused in the graft reference and after scrutiny of the case, the Registrar Office of the accountability court would take fur-
ther action. NAB prosecutor Sohail Arif and Investigation Officer Mohsin Haroon submitted the reference to Registrar’s Office.
PRAYER TIMINGS FAJR SUNRISE
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ASR MAGHRIB ISHA
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World Bank approves $350 million for Pakistan under RISE-II g
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ISLAMABAD STAFF REPORT
Jamiat Ulema-i-Islam (JUI) on Wednesday has demanded the Election Commission of Pakistan (ECP) to amend the election schedule, requesting an extension to the deadline for receiving nomination papers. Senator Kamran Murtaza, a JUI representative, wrote a letter to Chief Election Commissioner Sikandar Sultan Raja, expressing concerns about the limited time allotted for submitting nomination papers. The current schedule allows only three days for this crucial step. Murtaza argued that political parties need more time to distribute tickets to candidates at both the national and provincial levels. He proposed adding three days to the nomination paper receipt period to facilitate this process. To compensate for the extended nomination window, Murtaza suggested reducing the time for scrutiny of nomination papers
from seven days to four days. He believes this adjustment would still allow elections to be held on the scheduled date of February 8th. The JUI senator emphasized that his party has no objection to the overall election schedule or other stages. However, he cited Section 58 of the Election Act, which grants the ECP the authority to make necessary changes to the schedule. Murtaza expressed confidence
that extending the nomination deadline would benefit JUI and other political parties, ensuring a smoother and more inclusive electoral process. The ECP has yet to respond to JUI’s request. The commission is likely to consider the proposal and make a decision in the coming days. JUI’s demand highlights the challenges faced by political parties in the lead-up to the upcoming elections. With limited time and resources, ensuring fair and equal participation for all candidates remains a critical concern. The ECP’s decision on JUI’s request could have a significant impact on the overall conduct of the elections. It is important to note that other political parties have also raised concerns about the election schedule. Some have called for a delay in the elections, citing logistical challenges and security concerns. The ECP is facing pressure from various stakeholders to address these concerns and ensure a successful election process.
PROFIT
SHAHNAWAZ ALI
The World Bank’s Board of Executive Directors has granted approval for $350 million in financing under the Second Resilient Institutions for Sustainable Economy (RISE-II) Operation. The initiative is designed to fortify fiscal management and foster competitiveness, with the ultimate goal of achieving sustained and inclusive economic growth. Najy Benhassine, the World Bank Country Director for Pakistan, emphasized the urgent need for fiscal and structural reforms to restore macroeconomic balance and establish the groundwork for sustainable growth. “RISE-II completes a first phase of tax, energy, and business climate reforms geared towards raising additional revenues, improving expenditure targeting, and stimulating competition and investment,” Benhassine noted. RISE-II, part of the Resilient Institutions for Sustainable Economy initiative, receives support under the World Bank’s COVID-19 Crisis Recovery Facility. Co-financed with the Asian Infrastructure Investment Bank (AIIB), it aims to enhance Pakistan’s macroeconomic management and foster sustained, inclusive growth. The program focuses on mitigating the socioeconomic effects of COVID-19 and other shocks by providing external financing for critical policy reforms. These reforms target effective fiscal management, private sector investments, and regulatory frameworks to induce economic growth and reduce poverty. Earlier, the RISE series contributed to strengthening institutions, broadening tax bases, eliminating trade barriers, and rationalizing power sector subsidies. The operation under RISE-II also addresses fiscal management through various strategis. These strategies include enhancing fiscal policy coordination, improving debt transparency and management, strengthening property taxation, and enhancing the financial viability of the power sector. Moreover, RISE-II aims to boost growth and competitiveness by reducing the cost of tax compliance, enhancing financial sector transparency, promoting digital payments, and facilitating exports through lower import tariffs. Derek H. C. Chen, Task Team Leader of the operation, highlighted the pivotal opportunity for Pakistan to address longstanding structural distortions in its economy following the upcoming general elections. Chen cautioned that failing to seize this opportunity could risk pushing the country back into unpredictable economic cycles characterized by starts and stops. The financing is not only expected to play a crucial role in supporting Pakistan’s economic resilience but is also a crucial forex injection ahead of what is expected to be another balance of payments crisis for the country.
Bar councils cry foul at ECP, demand level playing field ISLAMABAD
Pakistan’s legal eagles are ruffling feathers. In a rare joint move, the Pakistan Bar Council, Supreme Court Bar, and Sindh High Court Bar have taken aim at the Election Commission of Pakistan (ECP), raising serious concerns about its ability to conduct transparent and fair elections. The chorus of discontent stems from the ECP’s handling of constituencies and seat distribution, with accusations of gerrymandering and bias flying thick and fast. The Pakistan Bar Council, in a scathing statement, questioned the fairness of the electoral process and demanded equal opportunities for all political parties. The Bar Council’s statement throws a dark cloud over the ECP’s credibility. It alleges a “growing perception” that the current Commission lacks the mettle to hold clean elections, and its actions are raising troubling doubts about the integrity of the entire process. The Bar Council doesn’t hold back on the judiciary either. It calls upon the Supreme Court to stop blindly validating every ECP move and instead, scrutinize inconsistencies and take swift action. The message is clear: the Supreme Court must uphold its role as guardian of the Constitution and not be seen as rubber-stamping a compromised electoral process. The Supreme Court Bar Association is taking matters a step further, announcing an All-Pakistan Representative Convention to discuss the crisis and demand a level playing field for all political parties. The message is loud and clear: Pakistan deserves general elections that are free, fair, and transparent, not a sham orchestrated by a biased election commission. Will the ECP listen? Will the Supreme Court rise to the occasion? Will Pakistan get the elections it deserves? Only time will tell, but one thing is certain: the legal fraternity is not backing down, and the pressure is mounting on the ECP to clean up its act.
PTI flays ‘use of violence, force’ against peaceful Baloch long marchers ISLAMABAD
STAFF REPORT
The Pakistan Tehreek-e-Insaf (PTI) on Wednesday strongly condemned the state coercive actions and use of violence against the peaceful participants of the long march of Baloch citizens, saying that the country was under a constant chaos due to unnecessary use of extra-constitutional and legal tactics. A PTI spokesperson, in a statement, made it clear that all attempts to subdue the citizens through use of unconstitutional and unlawful means would serve no purpose; rather would further complicate the already aggravated situation. He said that the constitution gave every citizen the basic rights of peaceful protest,
freedom of expression and fair trial with guarantee of life, property and dignity. Therefore, PTI spokesperson pointed out that the disrespect of the justice system at the hands of the powerful state forces would further increase anarchy and lawlessness in the country, besides augmenting the sufferings of the citizens by making them more vulnerable. PTI spokesperson alarmed that the nuclear country of 240 million was pushing into the mire of internal turmoil due to the existence of two type of system, wherein the powerful enjoyed complete impunity, while the poor were always in the strict grip of the law. He stated that the state must put the constitution first while dealing with citizens and should always try to find an amicable solu-
tion to their problems without any discrimination and use of coercion and blind force. PTI spokesperson went on to say that the power wielders and decision-makers should shun tactics to manipulate the elections and let people decide to choose their true representatives through clear and transparent elections. He emphasized that instead of suppressing peaceful protests and political activities held within the realm of law by the blind use of force, the state should analyze its decisions and make the most serious efforts to solve the problems and deprivations of Baloch citizens in particular. PTI spokesperson noted that the PTI believed that every Pakistani who had faith in the constitution should be treated according to the law.
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OPERATION MEANT TO BOOST PAKISTAN’S ECONOMIC RESILIENCE, STRENGTHEN FISCAL POLICY
STAFF REPORT
JUI demands ECP to amend schedule, citing short time for filing nominations
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Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited. Ph: 051-2204545. Email: newsroom@pakistantoday.com.pk