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Bajwa, Faiz PAKISTAN DEMANDS PROBE INTO ATTACKS Calling Hameed for probe into Faizabad sit-in not to ON GAZA HOSPITALS, RESIDENTIAL AREAS benefit country: Bugti
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FO SPOKESPERSON SAYS NO MEETING PLANNED BETWEEN PM KAKAR, INDIA’S MODI
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SAYS ISLAMABAD DOESN’T CONSIDER IT APPROPRIATE TO RESPOND TO AFGHAN OFFICIALS ANTI-PAKISTAN STATEMENTS
STAFF REPORT
S world leaders converge in the United Arab Emirates (UAE) for the 28th Conference of Parties (COP28), Foreign Office Spokesperson Mumtaz Zahra Baloch said that no meeting is planned between the India and Pakistani leadership. “No meeting is planned between Pak-India leadership in Dubai,” said Baloch during her weekly press briefing. The spokesperson’s comment comes as Caretaker Prime Minister Anwarul Haq Kakar is in the UAE to represent Pakistan. At the same time, Indian Prime Minister Narendra Modi is also in the UAE for the COP28 summit. Earlier the PM Office, in a statement on the visit, said that the premier would hold meetings with various world leaders on the sidelines of the conference without naming them. On the other hand during weekly briefing here, Foreign Office spokesperson Mumtaz Zahrah Baloch expressed concern over the Palestine situation. She said that Pakistan demanded an
investigation into the attacks on hospitals, mosques and residential areas in Gaza by the Israeli forces. She said atrocities on Palestinians should be stopped as Israel continued to annihilate unarmed people of Gaza. She said Pakistan stands along Palestinians. The spokesperson said that Pakistan was delivering aid to Gaza through
PM Kakar meets Dutch counterpart; invites firms for investment in Pakistan DUBAI
STAFF REPORT
Caretaker Prime Minister (PM) Anwaarul Haq Kakar on Friday met Prime Minister of the Netherlands Mark Rutte wherein he invited the Dutch firms to invest in multiple sectors of Pakistan. The prime minister met his Dutch counterpart at the sidelines of 28th UN Conference of Parties (COP28), which commenced in Dubai’s Expo City on Thursday with 52,000 party delegates and 90,000 non-party delegates joining this year’s proceedings. During the meeting, they appreciated the celebrations held in Islamabad and The Hague to mark 75 years of the establishment of diplomatic relations this year. This was the second meeting of both leaders after the one held in New York, United States on the sidelines of the United Nations General Assembly (UNGA) session. A statement released by the PMO said the two leaders discussed bilateral relations and exchanged views on international and regional issues of mutual interest, including the situation in Afghanistan. “They also discussed the evolving human rights and humanitarian situation in Gaza,” the statement said. PM Kakar underscored that Pakistan and the Netherlands should work together bilaterally as well as through the European Union on matters of mutual interest. Both the leaders expressed satisfaction on the upward trajectory in bilateral relations between Pakistan and the Netherlands. Kakar also highlighted the “importance of concrete outcome on climate action and referred to Pakistan’s climate vulnerabilities despite being one of the lowest carbons emitters,” it said, adding that he also invited the Dutch prime minister to visit Pakistan. The prime minister also invited Dutch firms to invest in agriculture, horticulture, water management and renewable energy sectors of Pakistan.
Rs 15.00 | Vol XIV No 153 I 8 Pages I Islamabad Edition
Rafah crossing. “The world is facing difficulties in delivering aid to besieged Gazans due to Israel’s blockade,” Ms. Baloch added. She said Caretaker Prime Minister Anwaarul Haq Kakar has raised voice in favor of Palestine and strongly condemned the ongoing Israeli brutalities. She urged the international commu-
nity to take immediate action on the situation in Palestine. Ms Baloch said that India was committing serious violations of human rights in its occupied Kashmir. The world should take notice of Indian oppression of Kashmiri people and force India to stop atrocities. Speaking about Afghanistan, the spokesperson said that the country has been in political turmoil for a long time. The international community has a responsibility to help the Afghan people and rebuild the country. “Pakistan sympathizes with the Afghan people for long uncertainty,” she continued. The spokesperson said Islamabad doesn’t consider it appropriate to respond to the anti-Pakistan statements by the Afghan officials. She said repatriation of Afghans living illegally was going on smoothly. A large number of them are returning voluntarily. Now, Afghan citizens will be required to obtain a visa to visit Pakistan, she stated. The spokesperson expressed concern on use of Afghan territory for terrorism in Pakistan. “We hope that the Afghan authorities will take action against the TTP, the banned outfit involved in terrorist activities in Pakistan,” Ms Baloch concluded.
NAB files reference against Imran, Bushra Bibi and six others AL-QADIR TRUST CASE ISLAMABAD
STAFF REPORT
The National Accountability Bureau (NAB) on Friday filed a reference against PTI Chairman Imran Khan and seven others, including the ex-premier’s wife Bushra Bibi and property tycoon Malik Riaz, in connection with the Al-Qadir Trust case. The case alleges that Imran and his wife obtained billions of rupees and land worth hundreds of kanals from Bahria Town Ltd for legalising Rs50 billion that was identified and returned to the country by the UK during the previous PTI government. Imran was initially arrested in the case earlier this year from the premises of the Islamabad High Court but was later released after the Supreme Court declared the arrest unlawful. On Nov 14, the PTI chief, who is already imprisoned in Adiala Jail in the cipher case, was again arrested by the accountability watchdog in the case. He was then handed over to the watchdog on physical remand, before being sent on judicial remand. The others named in the reference include Farhat Shahzadi, a close friend of Imran’s spouse, former special assistants to the prime minister (SAPM) Mirza Shahzad Akbar and Zulfi Bukhari, legal expert for the PTI govern-
ment’s Assets Recovery Unit (ARU) Ziaul Mustafa Nasim and Ahmed Riaz. The accountability watchdog submitted the reference against Imran and others to an accountability court in Islamabad earlier today. It said the “accused […] were given multiple opportunities to justify and provide information, but they deliberately, with malafide intention, refused to provide the information on one or the other pretext. “Furthermore, it is established through their responses that they have nothing in their defence to rebut the above-mentioned allegations. Thus, they all have committed an offence” under the National Accountability Ordinance (NAO). It added that the investigation proceedings and findings so far “established that accused persons in connivance with each other have committed the offence of corruption and corrupt practices” as defined under the NAO. The reference said Imran played a “pivotal role” in the illicit transfer of funds which were meant for the state which ultimately benefited Riaz. Akbar, the former SAPM and Asset Recovery Unit chief, played a “crucial role” in the “illegal design of the funds” which were meant for the state, the reference said. Malik, the reference said, had “actively aided, abetted and as-
sisted and acted in conspiracy” with the other respondents for the diversion of funds earmarked for the state. Bushra Bibi and Shahzadi also played a “significant” and “crucial” role in the “illegal activities”, the latter also a “front woman” for Imran and his wife, it said. The reference said that it was “just and proper” to proceed against the eight suspects as there was “sufficient incriminating evidence” available to justify the reference. It pleaded that the eight suspects be tried and punished in accordance with the law by the court or any other to which the reference was entrusted. The case relates to the alleged illegal acquisition of land for and construction of Al-Qadir University involving unlawful benefit given in the recovery of prime proceeds (140 million pounds) through the UK’s National Crime Agency (NCA) in a money laundering case against real estate tycoon Riaz and his family. Imran is also accused of misleading the cabinet by concealing the facts related to the settlement agreement. Money was received under the settlement agreement (140m pounds) and was supposed to be deposited in the national exchequer. But it was adjusted in the recovery of Rs450bn liabilities of Bahria Town Karachi (BTK).
ISLAMABAD
STAFF REPORT
Interior Minister Sarfraz Bugti on Friday emphasized that moving forward was always in the interest of Pakistan, saying summoning former COAS Gen Qamar Javed Bajwa and former ISI DG Gen Faiz Hameed for probe into 2017 Faizabad sit-in case would be of no benefit for the country. “This is the court’s job and a commission has been formed and it would not be appropriate to comment on that, but in my opinion, moving forward has always been beneficial for us,” the caretaker minister said during an interview with a private TV channel. To a question as if he would facilitate the commission in summoning the former military men, Bugti said: “Why would they ask us to facilitate? If they [Faiz and Bajwa] are called, they would appear [before the commission] themselves, they are citizens of Pakistan. “But how beneficial this is for Pakistan or not is a big question mark,” he said, adding that in his opinion this won’t be favourable for the country. The federal government had on Nov 15 formed a fresh commission to probe the Faizabad sit-in and issued a notification of the same, which was then submitted before a Supreme Court bench hearing appeals against its 2019 verdict in the case. During the hearing, Chief Justice of Pakistan Justice Qazi Faez Isa had said the commission was empowered to call anyone for investigation and no one would be exempt. According to the notification issued by the government, the commission has been tasked with probing the various aspects of the Faizabad sit-in, including the role of intelligence agencies’ officials. It will submit its findings in a report to the federal government within two months. So far, the commission has summoned former Punjab and Islamabad police chiefs Arif Nawaz and Sultan Azam Temuri, respectively, former Rawalpindi division commissioner Nadeem Aslam Chaudhary, ex-premier Shahid Khaqan Abbasi and former interior minister Ahsan Iqbal. Neither Bajwa nor Faiz have been summoned by the panel as yet. 78pc rise in terrorism in last eight months Talking about the overall law and order situation in the country, Bugti said there had been a 78 per cent increase in terrorism across Pakistan in the last eight months. “We face a big challenge from the Tehreek-i-Taliban Pakistan and Baloch separatists and this challenge has always been present,” he stated, pointing out that the same was not a new phenomena. The minister said it was unfortunate that the country moved towards a policy of appeasement.
CJ Isa to auction SC’s luxury vehicles for public welfare ISLAMABAD
STAFF REPORT
The Chief Justice of the Supreme Court (SC) Qazi Faiz Isa decided to auction the opulent vehicles allocated to the Chief Justice’s office. The Registrar of the SC has officially communicated the decision by sending letters to the cabinet secretary and Punjab chief secretary, instructing them to proceed with the auction as per CJ Isa’s directive. The auction will include a 2020 Mercedes Benz, valued at Rs61 million, and a bulletproof Land Cruiser provided by the Punjab government. SC registrar letter wrote: “The decision reflects a stance against the importation of luxury vehicles for constitutional positions. CJ Qazi Faiz Isa refrained from utilizing either of the specified vehicles and funds generated from the auction should be directed towards public transport initiatives.” The letter stressed that the decision reflected the Chief Justice’s commitment to utilizing resources for the greater public welfare.
Over 178 killed, 589 injured as Israeli resumes bombing Gaza GAZA
AGENCIES
Dozens of Palestinians killed since Israel resumed attacks on Gaza after expiration of truce on Friday with the health officials put the number of at over 178. The Health Ministry in Gaza said casualties rising after resumption of bombing. The ministry said in a statement that 178 Palestinians have been killed and 589 injured since morning. Most of the dead and wounded are women and children, it said. Israeli army drops leaflets telling people in parts of already bombarded and densely populated southern Gaza to evacuate to nearby areas, signalling an expanding offensive. More than 15,000 Palestinians have been killed in Gaza since October 7. In Israel, the official death toll stands at about 1,200. Earlier in the day, Israeli military said ‘resumed combat’ in Gaza after truce with Hamas expired. A temporary truce between Israel and Hamas expired on Friday, with the Israeli army saying combat operations had resumed and a journalist witnessing air and artillery strikes on Gaza City. “Hamas violated the operational pause, and in addition, fired toward Israeli territory,” the army said in a statement, adding it had “resumed combat against the Hamas terrorist organization in the Gaza Strip”. Israeli warplanes are carrying out a series of strikes, and artillery fire inside Gaza City, it reports. Drones could also be heard
in the air over the south of the territory for the first time since the truce. Minutes after a week-long truce between Israel and Hamas broke down earlier today, Israeli military vehicles were firing in northwest Gaza. A temporary truce between Israel and Hamas that was due to end at 7 a.m. (0500 GMT) on Friday expired, with neither side announcing a deal to extend it, added Reuters. In the hour before the truce was set to end, Israel said it intercepted a rocket fired from Gaza and Hamas-affiliated media reported sounds of explosions and gunfire in the north of the Palestinian enclave. Further sirens warning of rockets sounded again in Israeli areas near Gaza just minutes before the deadline, the Israeli military said. There was no immediate comment from Hamas or claim of responsibility for the launches. The seven-day pause, which began on November 24 and was extended twice, had allowed for the exchange of dozens of hostages held in Gaza for hundreds of Palestinian prisoners and facilitated the entry of humanitarian aid into the shattered enclave. Qatar and Egypt have been making intensive efforts to extend the truce following the exchange on Thursday of the latest batch of eight hostages and 30 Palestinian prisoners. Israel had previously set the release of 10 hostages a day as the minimum it would accept to pause its ground assault and bombardment. "We're ready for all possibilities.... Without that, we're going back to the combat," Mark Regev, an adviser to Israeli Prime
Minister Benjamin Netanyahu, said on CNN ahead of the expiry of the truce. Israel has sworn to annihilate Hamas, which rules Gaza, in response to the October 7 raid the resistance group carried out in Israel’s territories against the latter’s continuous violation of Palestinian rights. Israel retaliated with intense bombardment and a ground invasion. Palestinian health authorities deemed reliable by the United Nations say more than 15,000 Gazans have been confirmed killed. Thursday's releases brought the totals freed during the truce to 105 hostages and 240 Palestinian prisoners. With fewer Israeli women and
children left in captivity, lengthening the truce could require setting new terms for Hamas to release Israeli men, including soldiers. The militant group could in turn seek to have Palestinian male prisoners handed over. So far, three Palestinian prisoners have been freed for each Israeli hostage. GAZA GOVT SAYS 3 JOURNALISTS KILLED IN ISRAELI RAIDS: Gaza’s government has said three journalists have been killed in Israeli raids as fierce fighting has resumed after a week-long truce, AFP reports. The government press office identified the three as cameraman Muntassir alSawwaf, who worked for Turkey’s Anadolu
state news agency, his brother Marwan, who worked as a soundman, and cameraman Abdullah Darwish. It said their deaths brought to 73 the number of journalists killed since the Israeli offensive began on October 7. The Turkish agency confirmed the death of Sawwaf and two others whom it did not name in southern Gaza. “We are concerned about the lives of our colleagues, who fulfil their duties with great devotion under very difficult conditions,” Anadolu general director Serdar Karagoz said. ISRAELI ARMY SAYS IT RECOVERS BODY OF ISRAELI CAPTIVE IN GAZA: The Israeli army says it recovered the body of Ofir Tzarfati in Gaza a few days ago and has notified his family. According to the Times of Israel, the military said Tzarfati’s body was “brought back to Israel this morning for burial”. Tzarfati was taken captive from the Supernova music festival on October 7 when Hamas attacked the site outside the Re’im kibbutz, about 5.3km (3.3 miles) from the fence that separates Gaza from southern Israel. UNICEF SPOKESPERSON: ‘NIGHTMARE’ FOR GAZA GETS WORSE WITH END OF TRUCE: James Elder tells Al Jazeera that the right kind of aid has been getting to the people of the Gaza Strip over the last seven days during the pause in fighting. “But today it came to a grinding halt,” he said. “The only thing we really saw today was more casualties and fear returning to children.” The aid has been “so critical, it cannot stop, we know it’s not enough”, he continued.
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KSE-100 INDEX CLOSES ABOVE 61,000 LEVEL ON STRONG MARKET PERFORMANCE g
saturday, 2 December, 2023 | IsLAMABAD
NEws
Benchmark index gains 1159.98 points or 1.92% to close at 61,691.25 points PROFIT
news Desk
The Pakistan Stock Exchange (PSX) resumed its strong rally on Friday as the benchmark KSE-100 index touched the highest level of 61,779.72 points for the first time in its history. The index gained 1159.98 points or 1.92% up to close at 61,691.25 points compared to 60,531.27 points on Thursday. The benchmark index also crossed the 61,000 points milestone on Wednesday but could not sustain the record level and ended up in the red zone. The buying spree was broad-based on Friday, with all major sectors contributing to the index’s rise. The automobile assemblers, cement, chemical, commercial banks, oil and gas exploration, OMCs and refinery sectors were among the top
performers. DG Khan Cement, Maple Leaf Cement, Fauji Cement, Pioneer Cement, Oil and Gas Development Company, Pakistan Petroleum, Pakistan State Oil, Hub Power Company and Habib Bank were some of the prominent gainers. The PSX has been on a winning streak since the start of November, posting a return of 16.6%, the highest monthly return since March 2009. The index has gained 26.4% year-todate, making it one of the best performing markets in the region. The market reacted positively to the improvement in the country’s financial indicators, such as the increase in foreign exchange reserves and the expected decline in the policy rate. The rupee also strengthened against the US dollar in the interbank and open markets.
RECORD INFLOWS IN NOVEMBER The Pakistan Stock Exchange has also attracted significant foreign inflows in the month of November, recording a net buying of $34.5 million, the highest since January 2018. This confidence from overseas investors has resurfaced amid hopes of improved economic conditions following the expected inflows from the IMF and friendly countries, relatively stable currency amid government-backed administrative efforts, and a possible slash in the interest rates. The dominant buyers during the month were foreign corporates, with a net investment of $35 million. They allocated the majority of their capital to commercial banks, cement, power generation and distribution, oil and gas marketing companies, and fertilizer sectors. On the flip side, they divested from the
oil and gas exploration sector, amounting to $6.98 million in sales. Meanwhile, foreign individuals and overseas Pakistanis sold equities worth $0.37 million and $0.14 million respectively during the month. The PSX is expected to maintain its
KP’s NA seats rise to 55 as ECP unveils final list of constituencies ISLAMABAD
staff report
The Election Commission of Pakistan (ECP) published the final delimitation list of constituencies for national and provincial assemblies, brightening further the prospect of February 8, 2024 general elections in the country. According to the ECP notification, the final delimitation list of constituencies has based on the 7th Population and Housing Census 2023. As per the notification, the National Assembly has a total of 266 general seats, 10 reserved seats for non-Muslims and 60 reserved seats for women – taking the total number of 336. In the NA, Balochistan has a total of
20 seats, including 16 general and four reserved seats for women; Khyber Pakhtunkhwa has 45 general seats and 10 reserved seats for women; Sindh has a total of 75 NA seats and of these, 61 are general and remaining 14 are reserved for women; while in Punjab, there are 141 general seats and 32 seats reserved for women. Karachi gains one NA and three PA seats; six tribal districts added to KP’s NA tally. The ECP explained that keeping in view the seats allocated to the provinces and their population, their quota was worked out on the basis of which seats were allocated to each district under rule 8(2) following which, keeping in view the population of the districts and the number of their seats, the delimitation was carried out.”
Pak Suzuki temporarily halts motorcycle plant operations PROFIT
news Desk
Pak Suzuki Motor Company has officially declared a temporary shutdown of its motorcycle plant for six days. The company communicated this decision through an official letter submitted to the Pakistan Stock Exchange on Friday. The announcement explained that the decision to close the motorcycle plant from December 1, 2023, to December 6, 2023, is a strategic move aligned with the current sales demand and aims to optimize the inventory of finished goods. Notably, the automobile plant will continue its operations unaffected by this temporary shutdown. It is pertinent to mention here that Suzuki’s motorcycle facility has previously undergone nine plant shutdowns this year: from 2 to 6 January, from 20 to 31 March, from 4 to 27 April, from 2 to 9 May, from 23 May to 10 June, from 12 to 16 June, from 22 June to 18 July, and from 31 July to 15 August. — for a total of 133 calendar days.
FOUR PROVINCIAL ASSEMBLIES In the provincial legislatures, Balochistan comprises 51 general seats, 11 reserved for women and three for nonMuslims, bringing the total number to 65. Khyber Pakhtunkhwa consists of 115 general seats, 26 seats reserved for women and four seats for non-Muslims and the total number of seats of the legislature stands at 145. Sindh consists of 130 general seats, whereas 29 seats are reserved for women and nine seats for non-Muslims and the total number of seats is 168. Punjab comprises as many as 297 general seats, 66 reserved for women and eight for non-Muslims. The total strength of the provincial legislature is 371 seats. Hence, the total number of general seats of all the four assemblies is 593 – 132
seats reserved for women and 24 reserved seats for non-Muslims. In the final delimitation notification, the number of National Assembly seats for Karachi South has increased from two to three, while Sanghar has lost one of its three seats. In addition, Malir, Karachi East and Karachi Central have got one additional provincial assembly seat each. The provincial assembly seats of Malir have increased from five to six, while the number of seats for Karachi East and Karachi Central has increased from eight to nine each. Likewise, Khairpur, Sanghar and Thatta have lost one provincial seat each. The provincial assembly seats of Khairpur have come down from seven to six, Sanghar’s seats from six to five and Thatta’s seats from three to two.
SBP’s Forex reserves increase by $77m to $7b g
Saudi Arabia's $3b deposit extension boosts forex reser ves, alleviating debt repayment pressure PROFIT
By news Desk
The State Bank of Pakistan (SBP) reported a rise of $77 million in foreign exchange reserves in the week ending November 24, bringing the total to $7.257 billion. The country’s overall reserves also saw an increase of $91 million, reaching $12.393 billion. Commercial banks experienced a $14 million uptick in reserves, totaling $5.136 billion. While the SBP did not provide a specific reason for the reserve growth, analysts speculate that the central bank might have engaged in dollar purchases from the market to bolster
its holdings. This development follows Saudi Arabia’s extension of a $3 billion deposit with the SBP for an additional year. Initially provided as a loan to Pakistan in 2021, the deposit was set to mature on December 5 but has been rolled over into 2023. In a statement, the SBP highlighted that this extension reflects Saudi Arabia’s continued support for Pakistan, aiming to bolster the country’s foreign currency reserves and contribute to its economic growth. The extension of the Saudi deposit is seen as beneficial for Pakistan, particularly as it nears its gross financing needs. Analysts suggest that this move strengthens
Pakistan’s agreement with the International Monetary Fund (IMF), potentially paving the way for the approval of the next $700 million tranche under the standby arrangement. If approved by the IMF board next month, the total amount disbursed by the IMF to Pakistan would reach $1.9 billion. The financial assistance holds significant importance for Pakistan, addressing the challenges posed by a balance of payments crisis and the looming risk of sovereign debt default in July. The IMF has underscored the imperative need for external financing in the context of the $3 billion loan agreement established with Pakistan.
Annual inflation for month of November recorded at 29.2% g
MoM inflation at 2.7%; weekly price levels down by 0.23% ISLAMABAD
By ghulaM aBBas
Pakistan’s year-on-year inflation for the month of November clocked in at 29.2 %. This figure was revealed in data released by the Pakistan Bureau of Statistics (PBS) on Friday. Following the footsteps of the previous fiscal year, the average inflation for FY24 has now reached 28.6%. On a month-on-month basis the CPI rose by 2.7% marking yet another month of significant increase in prices. As per the
details published by the PBS, the food inflation was recorded at 28%, housing 33% and transport at 26.5%. Similarly on a monthly basis, the highest increase in prices was seen in housing (11%) and clothing(2.4%). Even though the price of transport went down by 2.8%, it failed to provide any respite to the overall levels of inflation. Taking to social media platform X (formerly Twitter), former finance minister, Miftah Ismail highlighted that “The trouble was urban non-food that increased by 7%
MoM. The growth is almost entirely due to an increase in gas prices for domestic consumers by 280% MoM. “ The weekly inflation, as measured by the Sensitive Price Indicator (SPI), exhibited a modest decrease of 0.23 percent for the combined consumption group during the week ending November 30. Notably, when compared to the corresponding week of the previous year, the SPI for the combined consumption group witnessed an alarming increase of 41.05 %. The high year-on-year trend of SPI, revels substantial rises in items
such as Gas Charges for Q1 (1108.59%), Cigarettes (94.20%), and Wheat Flour (87.27%), raising concerns among the public. However, some relief is seen in the prices of tomatoes (-23.12%), onions (22.36%), Mustard Oil (-4.09%), and specific types of Vegetable Ghee, where a decline in prices is noted. The commodities that experienced an increase in average prices on a Year-onYear basis include Gas Charges for Q1 (1108.59%), Cigarettes (94.20%), Wheat Flour (87.27%), Chilies Powder (81.74%), Rice Basmati Broken (75.79%), and others, emphasizing the challenges faced by consumers in the current economic landscape.
FBR surpasses IMF target, collects Rs736b in first five months of FY24 PROFIT
By news Desk
The Federal Board of Revenue (FBR) announced on Thursday that it had exceeded its five-month target by collecting Rs736 billion in November 2023, reflecting a monthly growth of 38 percent. FBR Chairman Amjad Zubair Tiwana noted that, following the agreed target with the International Monetary Fund (IMF), the monthly goal was set at Rs710 billion, but the revenue board surpassed expectations by collecting Rs736 billion. In a statement posted on X, the FBR highlighted that despite experiencing 54 percent higher refunds compared to the corresponding period in the previous year, it successfully achieved the five-month target with the November 2023 collection. The cumulative tax collection for the first five months (July-Nov) of the current fiscal year stands at Rs3,484 billion, a substantial increase from the Rs2,688 billion collected during the same period in the last financial year, indicating a boost of Rs795.6 billion. Looking ahead, the FBR now faces the task of collecting Rs5,931 billion in the remaining seven months (Dec-June) to meet the targeted tax collection of Rs9,415 billion by June 30, 2024.
Pakistan launches VC Fund to boost startup ecosystem PROFIT
PFOFIT
Interloop Limited, a leading Pakistani textile company, has announced the completion of its acquisition of a 64% equity stake in Top Circle Hosiery Mills Co, a US-based hosiery manufacturer with a subsidiary in China. The deal was finalised after securing all corporate and regulatory approvals, according to a filing on the Pakistan Stock Exchange (PSX). The acquisition is part of Interloop’s strategy to enhance its shareholders’ value, strengthen its position in the global market,
and contribute to its long-term sustainability. Top Circle will now operate as a subsidiary of Interloop, which is one of the world’s largest hosiery manufacturers. Interloop’s acquisition may help the company diversify its revenue sources and mitigate the impact of inflation. Interloop is a Pakistani textile company that specializes in hosiery, denim, knit apparel, and active-wear for various international brands and retailers. It supplies socks and leggings to retailers consisting of Nike, Adidas, H&M, Puma, Levi’s, Reebok and Target. It was founded in 1992 by Musadaq Zulqarnain, Navid Fazil, and Tariq
Rashid, and has grown to become one of the world’s largest hosiery manufacturers. In 2019, it raised more than Rs 5 billion through Pakistan’s largest private sector IPO, and in 2021, it announced its Vision 2025 plan to expand its capacity and offer value-added services to its customers. Top Circle Hosiery Mills Co is a USbased hosiery manufacturer that produces socks for the world’s leading brands. It was established in 1992 by Jerry Zhao and Leon Song in Long Island City, NY, and later moved to a new location in Weissport, PA, where it upgraded its knitting machines and finishing equipment.
Monitoring Desk
Pakistan is setting up a venture capital fund to support local startups that are seeking early-stage funding from global investors. The fund, which will be managed by the Ministry of Information Technology and Telecommunications, aims to invest up to $10 million annually in startups that have secured most of their financing from other sources. The venture capital is part of the government’s efforts to revive the startup ecosystem in Pakistan, which has seen a decline in fundraising amid the global economic slowdown and rising inflation. According to VC and insights firm Invest2Innovate, startup funding slumped significantly compared to $700 million in the previous two years. The minister for information technology and telecommunications, Umar Saif, said in an interview with Bloomberg that the fund will help attract global investors to Pakistan’s startup scene, which has potential in sectors such as e-commerce, fintech, healthtech, and edtech. Saif, a veteran entrepreneur and an MIT and Cambridge graduate, is part of an interim government that will oversee the country until the general election in February 2024. He said that he wants to make Pakistan a hub for innovation and technology in the region. The minister for information technology also announced other initiatives to boost the tech industry in Pakistan, such as a mandatory internship program for university students, a network of offices for freelancers, and a plan to connect Pakistan with China’s fiber-optic cable project that links Africa and Europe.
Interloop acquires 64% stake in US firm Top Circle Hosiery Mills By news Desk
upward momentum in the coming days, as investors anticipate positive developments on the economic and political fronts. The market is also likely to benefit from the seasonal factors, such as the year-end window dressing and the upcoming corporate results.
Saturday, 2 December, 2023 | ISLAMABAD
FARYAL TALPUR FINALIZES PPP CANDIDATES FOR UPCOMING GENERAL ELECTIONS
NEWS
P
KARACHI
Staff RepoRt
akistan People’s Party (PPP) senior leader Faryal Talpur has shortlisted the party’s potential candidates for the general elections 2024 on Friday. As per details, Faryal Talpur has shortlisted three candidates from each constituency in Karachi for the upcoming polls.
The sources knowing the matter further said, that Talpur will also shortlist the PPP candidates from Hyderabad, Sukkur, Nawabshah and Larkana, while the final decision of awarding tickets will be taken by her brother, the former president of Pakistan Asif Ali Zardari. The election campaign of the party is underway as February 8 is coming nearer. Separately, Asif Ali Zardari has formed different committees to reach out to ‘electables’ and other political players to
formidably place the party in the 2024 elections. He has formed committees in provinces for dialogue with politicians. Nayyer Hussain Bukhari, Qamar Zaman Kaira, Faisal Karim Kundi, Muhammad Ali Shah Bacha, and Sajid Toori will be the members of a committee in Punjab and Khyber Pakhtunkhwa. For Sindh, Saeed Ghani and Nasir Hussain Shah and for Baluchistan Chengez Khan Jamali, Rozi Khan Kakar and Sabir Ali Baloch are members of the committees.
LHC requests cabinet’s decision regarding Khadija Shah’s detention order LAHORE
Staff RepoRt
Lahore High Court’s (LHC) Justice Ali Baqar Najafi came down hard on the law officer on Friday over the delay in submitting the cabinet’s decision on a review application against the detention order of PTI supporter and fashion designer Khadija Shah. Justice Najafi was hearing the plea filed by the detainee’s husband, Jehanzeb
Amin, challenging the detention order of his wife and requesting the court to restrain the quarters concerned from removing or even transferring the detenue from the jurisdiction of Lahore, or from within the jurisdiction of this court. As proceedings commenced, the law officer told the court that the matter had been forwarded to the cabinet, adding that it will be decided as early as possible in its meeting. The petitioner’s counsel, advocate
Hundreds of KP employees illegally received secretariat performance allowance PESHAWAR
aziz BuneRi
The Khyber Pakhtunkhwa government has identified 1,701 employees who, despite not working in the Khyber Pakhtunkhwa Secretariat, were receiving secretariat performance allowances, resulting in a loss of over 526 million rupees to the government treasury. These employees, stationed in 76 offices across the province, consistently received the secretariat performance allowance from July to October. Among them, 21 individuals are from the Khyber Pakhtunkhwa Police. In Peshawar, employees from the Frontier Constabulary (FC), Bomb Disposal Unit (BDU), the office of the Deputy Inspector General (DIG), and the Chief Traffic Officer (CTO) were also found to be receiving the secretariat performance allowance. According to a document from the KP Accountant General, employees from various cadres in the province were discovered to be ineligible for the secretariat performance allowance. In response to a complaint about the allowance, an investigation was launched, identifying 1,707 employees who were wrongly receiving the benefit. These employees will be required to repay 526 million rupees. The document outlines specific departments where ineligible employees were found: 221 employees from the Police department 105 employees from the Commandant FC 35 employees from the Superintendent of Police Office And others from various units within the police force. Similarly, employees from other departments were also identified as ineligible recipients of the allowance: 182 employees from the Health Department 167 from the Peshawar District Administration 122 from the Provincial Construction Department 88 from Power and Electronics 54 from the Director General Monitoring 42 from Transport 42 from FATA Water Resources 40 from Fisheries 26 from Agriculture and Livestock 24 from Sustainable Development 23 from the Urban Policy Unit 20 from Oil and Gas Facilitation To address the issue and prevent future problems, the Accountant General has halted the allowance for these employees. They will not receive the allowance in their November sala
Man fatally shoots mother and brother in disturbing incident NOWSHERA
Staff RepoRt
A wicked person gunned down his mother and young brother over unknown dispute. According to details, the incident took place in Nizampur area of Nowshera where accused Sabeel sprayed bullets at his family members. As a result of firing mother and younger brother of accused were killed on the spot. The culprit fled the scene after committing the dual murder. The bodies were shifed to hospital for postmortem. The police after registering a case into the incident started raids to arrest the culprit.
Sameer Khosa, strongly opposed the government’s conduct. He said the government was lingering the matter over one pretext after the other. Khosa said that several days had passed, but the matter was still pending. Following the arguments, Justice Najafi directed the law officer to present the cabinet’s decision as early as possible. In earlier proceedings, Justice Najafi had directed the quarters concerned to
decide as soon as possible the aforesaid application. Meanwhile, he had directed the petitioner to approach the additional home secretary, who will decide this application. Advocate Khosa had raised serious concerns over the matter being delayed in an earlier hearing as well. He complained that the court had clearly directed the additional home secretary to decide the application on the same day, but the court’s order was not complied with. The counsel argued that Khadija had been in jail for six months, how could she be a danger to law and order. Petitioner Jehanzeb Amin has contended that after his wife was granted bail in all cases, a detention order was issued to detain her illegally for 30 days.
Pakistan initiates bidding process for oil and gas exploration KARACHI
Staff RepoRt
The Petroleum Division of Pakistan announced the opening of bids for oil and gas exploration in the country. The Directorate General of Petroleum Concessions (DGPC) invited bids for 10 exploration blocks, receiving positive responses for 6 onshore blocks. According to DGPC, the initial investment for these 6 onshore blocks is projected to be $23.2 million over the next three years. This significant investment indicates a promising outlook for oil and gas exploration in Pakistan. The successful bidders are also committed to social development initiatives within the communities surrounding the exploration areas. They have pledged to spend $540,000 annually on social activities, demonstrating their commitment to responsible and sustainable development.
The details of the successful bids, including the names of the companies and the specific blocks awarded, are expected to be announced soon. This will provide further insights into the future direction of oil and gas exploration in Pakistan. The opening of these bids has generated significant anticipation and optimism within the energy sector. It is hoped that these exploration ventures will lead to the discovery of new oil and gas reserves, boosting the country’s energy security and economic growth. The government’s commitment to attracting investments in the oil and gas sector is evident through initiatives like this bidding process. It will be crucial to ensure transparency, environmental sustainability and responsible community engagement as these exploration ventures progress,. This will guarantee long-term benefits for both the energy sector and the people of Pakistan.
Couple commit suicide after killing 3 daughters over ‘loan repayment’ FAISALABAD
Staff RepoRt
In a shocking incident, a Faisalabad couple committed suicide after killing their daughters in Faisalabad over loan repayment on Friday. According to police, the incident took place in Dajkot area of Faisalabad, where a man named Tahir and his wife Naheed committed suicide after killing their three children. The police said Tahir took a loan of about Rs300,000 from various persons and the couple took this step after failing to pay back the amount. A letter found from the body of Tahir stated that he was committing suicide after failing to pay his loan, the
police said. The bodies have been shifted to the hospital by the rescue teams for legal formalities. Last year in December, a man killed his wife and three minor daughters on the pretext of saving his honour in Muzaffargarh. According to details, the suspect, Afzal slit the throat of his wife Azra and three daughters named Taskeen, 4 years, Misbah 3 years and an infant of 10 days in the limits of ‘satpur’ police station and escaped from the scene. Later, a police party, on a tip-off, conducted a raid at a house in the area and arrested the suspect. The police sources said that the suspect doubted the character of his wife.
Karachi industrialists declare full shutdown on December 4 in protest KARACHI
Staff RepoRt
Industrialists in the economic nerve centre of Pakistan have announced a complete production shutdown on Monday (Dec 4) to force the caretaker government to reverse the unprecedented hikes in the gas tariffs. They estimate a per day export loss of $47 million from the port city, says in media reports. Businessmen have already displayed protest banners at the offices of all trade associations, demanding the government to immediately bring down the gas rates to Rs1,350 per mmBtu approved by the Oil and Gas Regulatory Authority (Ogra) instead of the high tariffs of Rs2,100-2,600 per mmBtu. This was announced by various industrial bodies at the third press conference held at the Site Association of Industry (SAI) on Thursday, which
was attended by the office-bearers of various industrial associations and value-added textile sectors. Businessmen Group Vice-Chairman Jawed Bilwani said that based on the country’s total exports of $9.6 billion during the July-October period, the cumulative per day exports stand at $79m in which the share of Karachi is 60pc or $47m per day. He claimed that all the trade bodies from Sindh and Balochistan are extremely perturbed over the exorbitant hike in gas tariffs which has made it impossible to keep the wheels of industries running. Lasbela Chamber of Commerce and Industry from Balochistan along with Nooriabad and Kotri chambers have also joined our protest and assured to fully endorse all the strategies adopted by the Karachi Chamber of Commerce and Industry (KCCI) to deal with the situation, he said.
Pakistan’s envoy elected as chair of Chemical Weapons Convention conference ISLAMABAD
Staff RepoRt
Ambassador Seljuq Mustansar Tarar, Pakistan’s Permanent Representative to the Organization for the Prohibition of Chemical Weapons (OPCW), has achieved a significant milestone by being elected as the Chairman of the Annual Conference of the Chemical Weapons Convention (CWC). The International Convention on Chemical Weapons convened its annual conference in The Hague, where Ambassador Tarar, serving as the Permanent Representative of Pakistan to the OPCW, assumed the role of the conference chair. This marks the first time that Pakistan has been bestowed
with the honor of chairing the Conference of States Parties (CSP) of the Chemical Weapons Convention. The selection process involves the 193-member conference electing a chair for a one-year term, with the chair chosen from a designated region each year. In this instance, the Asian group nominated Ambassador Seljuq Mustansar Tarar, who was subsequently selected by the conference. The Chemical Weapons Convention, ratified by 193 states, is recognized as a comprehensive agreement for the prohibition of all forms of weapons of mass destruction. Pakistan became a party to the Convention in 1997, reaffirming its commitment to the prohibition of the production, proliferation, and stockpiling of chemical weapons.
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Aleema Khan warns of potential audio clip leaks, raises concerns over privacy ISLAMABAD
Staff RepoRt
Aleema Khanum, the sister of Pakistan Tehreek-eInsaf (PTI) Chairman Imran Khan, has cautioned those who leaked an audio clip, purportedly featuring Bushra Bibi and former PM’s lawyer Latif Khosa, to be mindful of their own business, expressing concern that anyone’s audio could be leaked at any given moment. In the audio clip, Bushra and Khosa could be heard discussing their grievances against Khan’s sisters. The former first lady recalls a recent incident when Khan’s sisters raised concerns about the handling of a case related to Khan’s safety in Attock jail. She went on to say that the presence of the sisters created complications. “Tomorrow, it could be anyone’s audio leaking… we should worry about our homes as well,” Aleema said while talking to media representatives outside the Islamabad Judicial Complex on Friday. She said that even the US president was declared ineligible as no one was allowed to breach anyone’s privacy.
ECP successfully completes compilation of voters list ISLAMABAD
Staff RepoRt
The Election Commission of Pakistan (ECP) has completed the work on voters list and received the final lists without photos, citing sources. The ECP completed work on voters’ lists ahead of the general elections scheduled for February 8, 2023. The commission has received the final electoral rolls without photos from the National Database and Registration Authority (NADRA) today, confirmed the Chief Election Commissioner (CEC). Reports said that the voter lists have been provided to 90 per cent of districts by the commission and the remaining districts will be covered tomorrow. The electoral rolls with photos will be provided by the NADRA by January 1 which will be kept only by the ECP. The candidates and polling agents will be handed over the voter lists without the photos.
Pakistan acquires lightning detectors through collaboration with China ISLAMABAD
Staff RepoRt
China has gifted Pakistan with meteorological detectors that provide early warning of lightning, which will protect the people of Tharparkar from loss of life and property. According to Director General of the Meteorological Department Mehr Sahibzad Khan, China has given 25 weather detectors worth US$1 million to Pakistan free of charge. The Chinese equipment will be able to predict lightning events in time. Mehr Sahibzad Khan says that weather detectors are being installed all over the country, a radar with a range of 14,000 km is also being taken from China, the new equipment will timely identify natural disasters due to climate change.
04 COMMENT
Summing up the Biden–Xi summit
Saturday, 2 December, 2023
The reversal goes on
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Mian Nawaz’s acquittal throws up questions about the original conviction
The summit prevented relations worsening, but didn’t make peace
HILE all PML(N) supporters, not just party Quaid Mian Nawaz Sharif, jubilant at his acquittal on appeal by the Islamabad High Court in the Avenfield Flats anti-corruption reference, there arises a question as to why the original decision was made. It should be remembered that the Flats reference was initiated by NAB and sent to an Accountability Court, but had been referred to the Court by the Supreme Court, which had also appointed a supervising judge to ensure that the trial court decided the case on time. It had been claimed by Nawaz’s partisans that he was being removed from office as PM, and ousted from politics, so that the vacuum cold be filled by Mr Imran Khan and the PTI. If he was ousted back in 2017, he is being brought back now through the reversal of the decisions that ousted him then. Whereas decisions were made then to oust him, the decision now is to bring him back. The role of the judiciary, both higher and subordinate, seems tame, to say the least. Mian Nawaz could neither be ousted nor brought back without the judiciary giving the right decisions. Was the judiciary doing all this off its own bat, or at the behest of some other player? The attitude of the Bandial Supreme Court gives rise to the impression that the tilt towards Mr Khan emanated from the judiciary, but the admission last year by outgoing COAS Gen Qamar Javed Bajwa that the military had been intervening in politics, indicates that the source of these decisions was not the judiciary. While a judge’s judgements are usually protected from review, and reversal is not usually a ground for disciplinary action, it would seem that retired judges, even if from the apex of the institution, have some explaining to do. While judges are rightfully preserved from the pressure of the mob, it should not be forgotten that they do not exist in some splendid judicial isolation, but are part of society, to the extent that, even after retirement, they are still paid from taxpayers’ money. It is only in the fitness of things that the judges of the time should be asked about the decisions they made then, which are being so blithely reversed now. It should not be forgotten that this is the first occasion for such a harsh light being shone on past decisions, but is hardly likely to be the last, not with Mian Nawaz’s other cases coming up for reversal.
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UMMITS are, by definition, times of high politics and drama, so it should come as no surprise that the meeting between Chinese President Xi Jinping and US President Joe Biden on November 15 attracted a great deal of attention from around the world. The meeting proved to be beneficial as Biden and Xi decided to recommence military-to-military interactions, combat the lethal narcotic fentanyl, combat climate change, and talk about the potential hazards of artificial intelligence. However, it was also less than an entire restructuring of a relationship that has been failing for several years and will for the foreseeable future be characterized more by rivalry than anything else. Both presidents traveled to San Francisco in the hopes that the four-hour meeting that occurred with the APEC forum would lay the foundation for what is, in Biden’s favored metaphor, the most important bilateral relationship of this century. However, it’s important to remember that their motivations were very different. Biden sought to ease tensions because the last thing the overburdened USA needed was another diplomatic or, worse, military crisis while dealing with Russia’s aggressiveness against Ukraine in Europe and the fallout from the Philistine-Israel war that started on October 7. What remained unchanged after the discussion was the status of Taiwan, the most divisive issue between the USA and China. The two governments have been adjusting the matter for the last 50 years, basically agreeing to differ on how the island and the People’s Republic should ultimately be related. Whereas the USA views Taiwan’s protection from coercion as essential to its standing with its allies in the region and the survival of a rules-based international order, Xi views unification as essential to both his country’s future and his legacy. As in the past, conflicts resulted in being heated up from time to time. The agreement was important to restore militaryto-military connections, which China had broken off during House Speaker Nancy Pelosi’s visit to Taiwan in August 2022. Xi put demands on Biden to modify export control policy and relieve bans on sensitive
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late) Founding Editor
Yousaf Nizami Editor Umar Aziz M. A. Niazi
RAW goes global Joint Editor
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NazIa sheIkh
Executive Editor
The Nijjar case also served as a warning for Pakistan Nadeem IsmaIl
he recent killing of Hardeep Singh Nijjar, a leader of the Khalistan movement, on Canadian soil was not taken lightly by the Canadian government. PM Justin Trudeau’s direct accusation of the involvement of the Modi-led Indian government brought into the spotlight the activities of India’s Research and Analysis Wing (RAW). These accusations cannot be deemed unwarranted. The Indian government declared Nijjar a terrorist who was involved in the campaign of Sikh separatist Khalistan movement. And his murder after this declaration cannot be termed coincidental. According to the latest report of The Intercept, a US online news outlet, RAW has been planning assassinations targeting Sikh and Kashmiri activists residing in foreign countries. According to another report, RAW has been engaged in a global push for several years. Its officials confirmed its expansion after 2008. Since then, acts of violence similar to Nijar’s assassination have been well documented in various parts of the world, including Pakistan, Sri Lanka, Nepal and Bangladesh. All of them fit RAW’s pattern. For example, this May, Paramjit Singh Panjwar, a Sikh separatist leader was shot dead by unidentified gunmen in Lahore, Pakistan. Like Nijjar, he was also an India-declared ‘most wanted’ terrorist. There are countless other cases that follow a similar pattern. It would not take a genius to match the dots for these two successive murders and trace their
Pakistan has made countless sacrifices to maintain peace in its territory. These include the loss of thousands of lives of civilians, military and police officials, politicians and journalists. And the international community acknowledges these efforts. Being surrounded by hostile neighbors, including India and Afghanistan, Islamabad is struggling to cater to its peopleÊs interests.
roots. The pattern is clearly visible. A Canadian Sikh separatist Bhagat Singh stated that anyone who speaks out against the Indian government anywhere in the world is under threat. The increasing acts of violence on Indian critics and the fool-proof evidence of Nijjar’s murder provided by the Five Eyes intelligence alliance strongly suggest RAW’s involvement in these acts. In September, after Nijjar’s orchestrated murder in Canada, the FBI issued a warning to a number of Sikh Americans about their lives being in danger. In October, the family of Avtar Singh Khanda, a pro-Khalistan UK resident, claimed that the Indian intelligence agency poisoned him to death for protesting outside the Indian High Commission in London. People who are critical of the Indian government reside all over the world. They’re not safe anywhere. Apparently, RAW has gone global in its assassination programme. It is proving to be a source of instability and threat for not only its neighbors but also its Western allies. If the agency goes rogue, there will be serious global implications. The incidents of violence could increase. In light of this, the international community must intervene to stop India’s increasing terrorism on international soil. People’s right to free speech everywhere must be safeguarded. In South Asia, Pakistan has always remained a flagged area for RAW activities. Intelligence gathered by Pakistan’s spy agency unveils New Delhi’s footprints in using terrorism to destabilize Islamabad. Through RAW, India regularly finances banned outfits, like the Balochistan Liberation Army (BLA) and Tehreek-i-Taliban Pakistan (TTP). An Indian spy working for RAW, Kulbhushan Jadhav, was arrested in 2016 on the charges of terrorist activities in Balochistan. In a video confession, Jadhav admitted, “These activities have been of anti-national or terrorist nature which resulted in the killing and wounding of Pakistani citizens.” In 2020, it was revealed that not only Indian spies but diplomats and military officers too were engaged in terrorist incidents in Pakistan. With India’s help, these groups orchestrated countless terrorist attacks in Pakistan, including the APS massacre in 2014, attack on Pakistan Stock Exchange in 2020, Mastung at-
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equipment. There’s no sign that Biden will agree to these actions. Increased US-China cooperation on climate change and AI regulation seems to be the outcome of the meeting. The question that will eventually count is whether the spirit of that pledge is ultimately translated into significant, tangible action. Chinese and American disagreements about the two main ongoing problems in the globe did not seem to be resolved by the summit. China strongly supports Russia, whilst the USA supports Ukraine. In the wake of the October 7 attack, China has separated itself from Israel by refusing to denounce Hamas and by advocating an unconditional ceasefire. The two governments don’t seem to be moving towards a war in any region despite these differences. China has refrained from arming Russia because it wants to avoid the Middle East crisis getting worse and endangering its supply of Iranian oil. Additionally, Xi wants to prevent a situation in which the USA uses growing geopolitical tensions over one or both of these crises as an excuse to take further actions. The contemporary US-China relationship has changed dramatically during the past 70 years. There was no contact at all in the beginning, and during the Korean War, the USA and China found themselves in armed conflict. Two decades later, there was a phase of strategic collaboration against the USSR, and once the Cold War ended, there was a mutual priority to increase commerce and investment. However, in recent years, economic relations have been a cause of conflict. As
The writer is a Research Officer at Centre for International Strategic Studies, AJK, and can be reached at Nsheikh536@gmail.com
It is likely to be expected that partisan criticisms of BidenÊs diplomacy will arise; nonetheless, far too many of these criticisms now represent an unrealistic underlying vision for US-China relations, one that views military force as the only means of American influence.
tack in 2023, and many others. Thousands of innocent civilians have been killed. Even foreigners have also been attacked. In the war-torn areas of Pakistan, 7.9 million people became internally displaced. According to the Watson Institute, more than 67,000 Pakistanis lost their lives to terrorism, while the property damage is worth billions of dollars. Such incidents have hindered the growth of Pakistan and kept its status as that of a mere security state. Ironically, New Delhi leaves no forum to slam Pakistan with terrorism charges. It showcases nothing but India’s own double standards. It sends its spies to incite violence on Pakistani soil and in return plays the victim by accusing Pakistan of terrorism. As of 2020, the intelligence report shared by the top brass showed that the Indian intelligence agencies were running 87 terrorist camps targeting Pakistan. There is also evidence of RAW providing weapons to the TTP. As if it is not evidence enough, one may consider this: the Five Eyes, consisting of the USA, the UK, Canada, Australia and New Zealand, gave the information of Indian involvement in Nijjar’s murder. The testimony of five of the top Western powers is enough to label RAW a terror sponsor. After this assertion, India’s credibility as a state is at question. It has become hard for the international community to trust India. The reliability of the Indian spy agency’s own resources is also in question. For example, India initially blamed Pakistan for the 2008 Mumbai attack. However, in 2009, it arrested a US citizen for the attacks and called him an American ‘double agent’. In such a state, India is nowhere near to be called a reliable or trustable strategic partner, both in the East and the West. Pakistan has made countless sacrifices to maintain peace in its territory. These include the loss of thousands of lives of civilians, military and police officials, politicians and journalists. And the international community acknowledges these efforts. Being surrounded by hostile neighbors, including India and Afghanistan, Islamabad is struggling to cater to its people’s interests. New Delhi should also adopt this approach and do away with populist politics to appease mobs of voters for selfish political gains. Instead of destabilizing the neighbor, development of human capital should be India’s primary consideration.
The writer is a student of Strategic Studies at National Defence University. Email: nadeemismail2000@gmail.com
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China has grown more dominant, the two nations have found themselves with differences on a wide range of issues, including regional and international affairs. The US-China relationship is still something that needs to be managed rather than fixed. To anticipate more from the summit would have been overly optimistic. The most significant bilateral relationship in the world is still quite competitive, and the problem still exists from before the summit: making sure that rivalry doesn’t impede certain forms of collaboration or lead to hostilities. A severe economic split between the USA and China is unaffordable. If the two nations can have a conversation across a table, then a few of the most important global issues— like artificial intelligence, climate disaster, and global health— can be addressed. The steps the Biden Administration has already taken to significantly increase the US military footprint in Asia, invest in the US economy, and restrict the Chinese military’s access to the USA’s most cutting-edge technology remain unaltered. Summit diplomacy can take years to yield significant results. It is likely to be expected that partisan criticisms of Biden’s diplomacy will arise; nonetheless, far too many of these criticisms now represent an unrealistic underlying vision for US-China relations, one that views military force as the only means of American influence. Undoubtedly, some US interests can only be safeguarded by force. Competition with China will undoubtedly be sharp and intense.
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Peace pivot
THE United Nations, established in 1945, aimed to ensure global peace and protect human rights. However, questions arise regarding its role in the ongoing conflict between Israel and Hamas. Statistics reveal a significant imbalance in casualties, with basic human rights like water, food, and medicine being denied to Palestinians. The UN must actively intervene to halt Israel’s inhumane actions. Palestinians, determined for freedom, echo Martin Luther King’s words: “Oppressed people cannot remain oppressed forever.” MUDASSAR FARID QURESHI ISLAMABAD
Population growth
IN 1951, Pakistan’s population was a mere 33 million. Today, it has surged to 212 million, with some estimates reaching 228 million. Comparatively, China and India have reduced their annual population growth rates to 0.18% and 0.70%, while Pakistan’s hovers around 2% (1.91% precisely). High population growth’s well-known reasons include religious beliefs against contraception and marrying at legal ages. Some religious leaders and educated segments oppose interventions, considering every new mouth a divine blessing. Uneven population growth is exacerbated by distributing financial resources among provinces based on population through the National Finance Commission (NFC). Implementing population optimization policies becomes challenging when resources are allocated based on headcount. Pakistan lacks a Malthusian figure to portray the horrific impacts of high population growth, and there’s no leader initiating a drastic policy like China’s one-child policy (1979 to 2015). Countries rationalising their populations witness progress, lifting millions out of poverty. Poverty, unemployment, terrorism, crime, deforestation, pollution, political polarisation, and the energy crisis are directly linked to uneven population growth. The question remains: who will address this billiondollar issue? Existing policies and structures are against curbing high population growth. If the trend continues, the sword of default will loom over the fragile economy. GULSHER PANHWER JOHI
Milk peril
SHEDDING light on a critical problem affecting our region, specifically in Sindh—the widespread sale of artificial milk made from harmful chemicals. The unregulated distribution of this chemical-laden milk poses severe health risks, and it’s disheartening to witness the lack of oversight from the food control department. Rather than providing nourishment, artificial milk is linked to various diseases, including food poisoning, gastrointestinal complications, heart problems, cancer, and even death. The situation is further exacerbated by the apparent disregard for health standards by dairy shop owners. It is distressing to observe that some dairy businesses use religiously significant names, such as “Makka Dairy,” “Madina Dairy,” “Mashallah Dairy,” or “Subhanullah Dairy,” while engaging in practices prohibited by Islamic principles. I implore the government and relevant authorities to take immediate and stringent action against those involved in the production and sale of artificial milk. Urgent measures should be implemented to ban dairy shops where such harmful products are being distributed. The health and well-being of our community are at stake, and I believe swift intervention is crucial to prevent further harm. I appreciate your attention to this pressing matter and trust that prompt action will be taken to safeguard the health of our citizens. SAYED ZAMIN ALI LARKANA
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Why missing persons are missing?
Saturday, 2 December, 2023
Liberation Army (BLA) has emerged as a significant Middle East. An issue not as simple as some portray player, Saudi Arabia has actively taken measures to combat employing militant tactics to pursue its goals.
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aBdul BaSit alvi
AKISTAN has long contended with the menace of terrorism, grappling with internal challenges while being intricately entwined in geopolitical dynamics. This issue is intricate, marked by both internal and external factors that contribute to the intricate security landscape. The struggle against terrorism in Pakistan is deeply rooted domestically, with socio-economic disparities, ethnic tensions, and religious extremism playing pivotal roles. Militant groups, some originating during the Soviet-Afghan War, have evolved over time, posing a threat to the country’s stability and security. The Tehrik Taliban Pakistan (TTP) and other militant factions, rooted in local grievances and extremist ideologies, have targeted civilians, military personnel, and government institutions. The internal dynamics of these groups are intricate, with varying allegiances and motivations across different factions. Controversial aspects of regional discourse include accusations of foreign support for terrorism in Pakistan, particularly from India. India supports the separatist movements in Balochistan and provides havens for antiPakistan militant groups. The arrest of Kulbhushan Jadhav, an Indian national agent who was accused of being an operative for India’s intelligence agency, the Research and Analysis Wing (RAW), further strained relations. Jadhav was implicated in supporting terrorist activities in Balochistan and Karachi. The porous Pakistan-Afghanistan border complicates counterterrorism efforts, with militants freely crossing between the two countries. Afghanistan’s lack of effective control over its territory adds to the challenges in combating crossborder terrorism. Balochistan, Pakistan’s largest province, grapples with a complex web of socio-political issues and terrorism activities. Amidst these challenges, the Balochistan
Designated as a terrorist organization by Pakistan and several other countries, the BLA is a separatist militant group seeking an independent Balochistan. Formed in the early 2000s, the BLA has engaged in various acts of violence, targeting civilians and security forces. Known for tactics such as bombings, targeted assassinations, and attacks on security forces, the BLA has been engaged in deliberately targeting infrastructure and economic assets, including gas pipelines and electricity grids. Pakistan consistently accuses foreign actors, particularly India, of supporting and arming the BLA to destabilize the region, citing valid evidence. The persistent violence instigated by the BLA has severe implications for the development and stability of Balochistan, hindering economic progress and raising security concerns, especially regarding infrastructure projects like the China-Pakistan Economic Corridor (CPEC). The Pakistani government has responded to the insurgency through a combination of military operations and attempts at political reconciliation. However, finding a sustainable solution remains a formidable challenge. Shifting focus to the global handling of terrorism, numerous countries have implemented stringent measures in response to the escalating threat it poses to national and international security. Terrorism, characterized by its indiscriminate violence and ideology-driven attacks, has compelled nations to develop comprehensive strategies to safeguard their citizens and preserve societal integrity. Since the tragic events of 11 September 2001, the USA has been a leader in the global war on terror. Responding to the attacks on the World Trade Center and the Pentagon, the USA initiated the War on Terror, involving military interventions in Afghanistan and Iraq. The establishment of the Department of Homeland Security and the implementation of the USA Patriot Act underscored that nation’s commitment to combating terrorism through a combination of domestic and international measures. The United Kingdom has confronted its share of terrorist threats, notably from groups like the Irish Republican Army (IRA) and extremists. In response, the UK has enacted robust counter-terrorism legislation, including the Terrorism Act 2000 and subsequent amendments. The Prevent strategy aims to identify and address the root causes of radicalization, while security agencies such as MI5 work diligently to thwart potential attacks. France has faced a series of terrorist attacks in recent years, prompting the government to implement strict measures to ensure public safety. In the aftermath of the 2015 Paris attacks, the country declared a state of emergency, granting law enforcement increased powers to combat terrorism. France has also played a pivotal role in international efforts, participating in military operations against terrorist groups in the Sahel region and the
Henry Kissinger: Snake oil salesman of gangster realism
Sadistic touches to his curriculum vitae could thereby be ignored, including a butcher’s bill that would eventually run into roughly 3 million souls from the Vietnam War to Cambodia, East Timor, Bangladesh, the “dirty wars” of Latin America, and a number of encouragements and interventions in Africa
COUNTERCURRENTS dr Binoy KampmarK
‘He’ll have ye smilin’,” an old Irish saying goes, “while he takes the gold out of your teeth’.” (Charles Glass, London Review of Books, Oct 20, 2022) The obituaries of criminals, masterful or otherwise, are always going to be sordid matters. Either one has time for the deeds, giving column space to their execution and legacy, or one focuses on the extraneous details: voice, accent, suit, demeanour. “He may have killed the odd person or two, but he did have style.” Much of the Henry Kissinger School of Idolatry is of the latter propensity. The nasty deeds are either misread or diminished – notably when they have to do with the global infliction of mass death, prolongation of conflict, or the overthrow of democratic governments. Instead, time is given to the perceptions of what is supposedly meant to have been the workings of an oversized brain in international relations. Rather than seeing the inside of a prison or being bothered to the gallows by overly fussy lawyers, Kissinger spent ample time at high level receptions receiving huge wads of cash for offering his inner expertise. He was admired, adulated and pampered; the critics kept at bay. As former National Security Advisor and US Secretary of State, he was meant to be the great exponent of realism, which, rebadged, might simply be described as elevated gangsterism at play. His 1957 work, A World Restored: Metternich, Castlereagh and the Problems of Peace 1812-1822 studied the Europe of the admired diplomat Prince Clemens von Metternich, revealing a mind keen on keeping international power in fine equilibrium. Stability and order were primary goals; justice and human rights were concepts that had little to no role to play. Metternich, alongside British Foreign Secretary, Viscount Robert Stewart Castlereagh, was to construct a post-Napoleonic order suspicious, even paranoid of revolutionary movements. It held social and political progress in check; doused the fires of freedom. As a result, Kissinger reasons, Europe maintained stability from Napoleon’s defeat in 1815 to the outbreak of the First World War in August 1914. For all that, Kissinger would write that Metternich lacked “the ability to contemplate an abyss, not with the detachment of a scientist, but as a challenge to overcome – or perish in the process.” As if envisaging his own future role in US diplomacy, he suggested that “men become myths, not by what they know, nor even by what they achieve, but the tasks they set themselves.” This gnomic drivel was precisely the sort that fed a media illusion of the big-brained sage in command. His bloodied hands were washed on the international stage by such absurd titles as “Henry of Arabia,” one given to him
by Time Magazine in 1974. The same magazine would give him front-cover billing in February 1969 as one keen on “New Approaches to Friends and Foes”, and repeat the treatment on no fewer than fourteen other occasions. Not to be outdone, Newsweek was positively crawling in depicting the German-Jewish émigré who made his name at Harvard and on the world stage as “Super K”. As the Establishment Courtesan, Kissinger sought out such society reporters as Sally Quinn of The Washington Post to emetically inquire why she did not assume the master strategist to be “a secret swinger”. Sadistic touches to his curriculum vitae could thereby be ignored, including a butcher’s bill that would eventually run into roughly 3 million souls from the Vietnam War to Cambodia, East Timor, Bangladesh, the “dirty wars” of Latin America, and a number of encouragements and interventions in Africa. This also meant that such abysmal contributions such as his spoiling role in prolonging the war in Vietnam by several years in order to satisfy the electoral lust of his eventual boss, Richard Nixon, could be overlooked in favour of “shuttle diplomacy” in ending the Arab-Israeli War of October 1973. In this, he resembled, as Charles Glass suggested with striking salience, a certain “American frontier archetype: the pedlar whose wagonload of patent medicines promised to cure every ailment. By the time the rubes realised that his bottles contained snake oil, he had left town.” A far better appreciation of the Kissinger legacy would be gained by consulting such publications as that ever reliable, if bleak source of primary documents, the National Security Archive. The Archive pursued the US government with admirable tenacity, alleging that Kissinger had sought to remove, retain and control some 30,000 pages of daily transcripts of his phone conversations (“telcons”) as “personal papers” when he left office in 1977. As the director of the Archive, Tom Blanton, piquantly remarked, “Kissinger’s aides later commented that he needed to keep track of which lie he told to whom.” But the telcons are also illustrative, less of Kissinger the realist who furnished his employer with fearless advice than that of a truckler, obedient to his paymaster. When Nixon made the decision to commence the secret bombing of Cambodia to target Hanoi’s supply routes in March 1969, Kissinger conveyed the order to Secretary of Defence Melvin Laird without demur. He also states firmly that “there is to be no public comment at all from anyone at any level either complaining or threatening”. When public comment did make its way to the New York Times in May that year, Kissinger badgered the FBI Director J. Edgar Hoover to place a number of selected government officials and journalists under surveillance. While one’s death is rarely a planned thing – the Grim Reaper makes calls at all unexpected hours – there was a sense in Kissinger’s case that he had cheated it just long enough. He made it to a century without his collar being fingered. He avoided, in the early 2000s, attempted legal suits for human rights violations in the UK and France. Despite failing health, he was surrounded by the Establishment sycophants of which he had been one, worshipping power over principle while proffering snake oil. And there were a goodly number of them for the send-off.
Dr. Binoy Kampmark was a Commonwealth Scholar at Selwyn College, Cambridge. He currently lectures at RMIT University. Email: bkampmark@gmail.com
terrorism, recognizing its threat to regional stability. The kingdom has implemented comprehensive strategies, including intelligence sharing, financial regulations to prevent funding to terrorist organizations, and educational reforms to counter radicalization. Saudi Arabia has also been a crucial partner in the global coalition against ISIS, participating in military operations to eliminate the terrorist group. While many countries globally have adopted stringent laws to counter terrorism, it’s essential to note that the specific details and enforcement mechanisms can vary widely. Various nations have strict regulations to address terrorism and its elements. In the USA, a range of anti-terrorism laws and measures, such as the Patriot Act, provides the government with broader surveillance and intelligence-gathering powers. The National Defense Authorization Act (NDAA) allows for the indefinite detention of individuals, including US citizens, suspected of involvement in terrorism, without trial. In the United Kingdom, counterterrorism laws, including the Terrorism Act 2000, grant authorities the power to detain individuals suspected of involvement in terrorism. The Counter-Terrorism and Security Act 2015 provides measures to prevent people from being drawn into terrorism, including powers to seize passports and impose travel restrictions. Russia has a history of implementing strict counterterrorism measures, particularly in response to incidents like the Beslan school siege and the Moscow theatre hostage crisis. The Russian government has employed strong measures, including targeted military operations and the enactment of laws granting extensive powers to security forces. China has implemented stringent measures to combat terrorism, especially in the Xinjiang region, where ongoing conflict with Uighur separatist groups exists. The Chinese government has utilized surveillance technologies, extensive security measures, and mass detentions to counter perceived terrorist threats. In Pakistan, when the government and law enforcement agencies take stringent actions against terrorist elements, the so-called advocates of human rights immediately step forward. Interestingly, these advocates often remain silent when other countries implement even more stringent measures against such elements within their borders. Our judicial justice system is widely known for its flaws and delays, with cases taking years to conclude and often resulting in the punishment of the innocent while the actual culprits go free. In such circumstances, whenever our agencies detain a suspicious person for investigation and evidence collection, accusations of forceful and unlawful arrests arise. Our agencies do not apprehend innocent individuals without reason, and there is always substance behind
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these arrests. If one is innocent and has not acted against the state or armed forces, there is no reason for anyone to apprehend them. There is always a story behind every missing person, and our religion emphasizes the love for our country, the nation that has granted us identity and freedom. This loyalty is especially evident when we consider the struggles for freedom faced by the Palestinians and the people of Kashmir in Occupied Kashmir. Therefore, it is the responsibility of every individual to recognize the significance of our freedom, our independent country, and its patriotic army. While it may be easy to immediately blame agencies for allegedly catching innocents, it is essential to remember that these arrests have led to the disclosure of many terrorists, anti-state elements, and foreign spies. Terrorists never admit their crimes themselves, and investigations are crucial to extracting information from them. National security is a non-negotiable aspect, and no country in the world compromises on this front. I have come across numerous columnists and journalists who consistently blame agencies, often looking at only one side of the picture. In presenting a comprehensive and truthful picture, I attempt to address those who question why some individuals go missing. I don’t assert that all missing persons are culprits, as it is not my role or that of journalists to make such determinations. Only a thorough investigation can establish the innocence or guilt of individuals. Various factors contribute to the phenomenon of missing persons. Notably, not all individuals reported as missing are under the jurisdiction of law enforcement agencies; some have affiliations with terrorist organizations and engage in conflict against the state. Individuals with ties to terrorism may go into hiding to evade arrest. Additionally, some people become missing due to personal vendettas, seeking refuge in remote areas to escape potential revenge from adversaries. Others may be connected to cross-border smuggling and various criminal activities, prompting them to remain in hiding. The classification of these individuals as missing persons can be intentional or unintentional, influenced by design or lack of awareness Recently, a court has instructed interim Prime Minister Anwaarul Haq Kakar to attend court proceedings in the event that he is unable to ensure the retrieval of over 50 Baloch students who are reportedly missing. It is deemed inappropriate to involve the court in overseeing missing persons cases. Notably, Pakistan has the lowest number of missing persons in the region, and the missing persons issue has been utilized as a propaganda tactic against the country. It is worth mentioning that 78 percent of the cases listed have been successfully resolved. In the current situation, it is the responsibility of every individual to exercise caution while speaking or engaging in activities that may jeopardize our national security. Additionally, it is everyone’s duty to cooperate with agencies and provide them with all relevant information regarding anti-state and terrorist elements, contributing to making our country a land of peace and prosperity.
Nijjar-Pannun episodes reveal India’s delusions of power The writer is a freelance columnist
To imagine the future is the present, that we are already in ‘Amrit Kaal’, that the world ‘looks up to India’ is nothing more than political propaganda at home. To be aware of the distinction between rhetoric and reality is in the national interest
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INDIAN EXPRESS Sanjaya Baru
HERE was no better metaphor for the present government’s exaggerated sense of the country’s global power and capability than the macho manner in which Prime Minister Narendra Modi recently walked off a Tejas light combat aircraft and claimed that it had renewed his confidence in the country’s “indigenous capabilities”. Indeed, Tejas is an indigenously built aircraft, built over decades. However, it is far from being operationally ready and capable. The Indian Air Force will continue to depend on imported aircraft to bolster its power and reach. Imparting a false sense of pride and confidence to the people is par for the course in the game of domestic politics. It serves little purpose in the game of national power projection. India’s adversaries know very well the extent of the import dependence of India’s armed forces. All credit to this government for recognising this and promoting “atmanirbharta” in defence. However, in misleading the public, sometimes the political leadership runs the risk of believing its own propaganda. Something like this has happened with respect to the alleged assassination plots in Canada and the United States that have now come to light. Did India’s national security managers really imagine that they could get away with it? Was the political leadership in the know? Was it ill-advised? It is not merely party political ideologues and propagandists, and sycophants and time-servers in government, who have created this false sense of India’s newly acquired power and global influence. Many geopolitical analysts in think tanks and media have also lived off and fed this delusion. The year-long run-up to the G-20 summit further heightened this sense of India having “arrived” as a “Vishwaguru”, a world power. As long as all this was aimed at securing some advantage over political rivals at home, it would not have contributed to any external embarrassment. Part of the hubris was due to national security planners and commentators taking it for granted that the West was so scared of China’s rise that it would give India a free pass in international affairs. The Western reaction to India’s response to the Russian invasion of Ukraine ought to have been a wake-up call. It was clear that the United States was displeased and would show its displeasure.
FESTIVE OFFER: The more recent meeting between Chinese President Xi Jinping and US President Joe Biden was yet another reminder of the limited geopolitical space India has in reality. In claiming to be leaders of the Global South, Indian political leadership came to believe the rhetoric. Over a decade ago, former foreign secretary Shyam Saran drew attention to the limits of In-
dian power, given her as yet limited economic and defence capabilities by writing a column titled, ‘India: A Premature Power’. India has acquired many attributes of power but is not yet quite there. Ignoring this view has cost us dear. This week, a distinguished American geopolitical analyst, and a friend of India, Ashley Tellis of the Carnegie Endowment, responded to the news from Washington DC, accusing an Indian “government official” of hiring a gun to bump off a US citizen, stating: “It would be a mistake for New Delhi to conclude that India’s importance to the US strategy for balancing against China gives India the latitude to unilaterally target US citizens.” This is a mild public rebuke. Something more stern would probably have been communicated by the Biden administration within closed doors. In responding to this news, some supporters of the present regime in New Delhi have tweeted demanding that the US not sound so sanctimonious, that the Americans and Russians have bumped off adversaries, so why not India? That question is the product of precisely the kind of delusional thinking about Indian power and influence that has cost the country. This is not the first time that the country has paid a price for the political leadership’s delusions about India’s power and influence. In 1962, the country paid a price because Prime Minister Jawaharlal Nehru too had by then acquired an exaggerated view of India’s capabilities and influence. It can also be argued that the balance of payments and economic crisis of 1991 was in part a product of such an exaggerated view of India’s geopolitical and economic power and capability. The “India Shining” campaign too came out of such thinking. From time to time, when the going gets good, New Delhi’s political leaders imagine that India has “arrived”. In the past, there were any number of individuals and institutions who put in place some balancers to such thinking. Over the past decade, every such institution has been intellectually corrupted into joining the political band wagon. India is not yet a “Vishwaguru”. India is not yet an “indispensable” power. India’s influence in its own neighbourhood has gone down in this past decade. In 2019, the Modi government used the so-called “cross-border” targeting of terrorist bases in Azad Kashmir to claim that it had raised the bar with respect to her defence capability and intent. This was alright for internal political propaganda. However, how many defence analysts and self-proclaimed experts have undertaken an honest review of what happened? The world knows the facts on the ground regarding Indian and Chinese claims along the Line of Actual Control. How many so-called analysts and experts are willing to hold a candle to the reality? India is, without doubt, a rising power. In due course, it will be one of the poles of a “multipolar” global balance of power system. India will catch up with China. Asia will rise as the influence of the West declines. All these can be predicted to be realistic trends of the future. To imagine the future is the present, that we are already in “Amrit Kaal”, that the world “looks up to India” is nothing more than political propaganda at home. To be aware of the distinction between rhetoric and reality is in the national interest. To be delusional and believe one’s own propaganda is not. The writer was Member, National Security Advisory Board (1999-2001) and Advisor to Prime Minister of India (2004-08).
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06 NEWS
PALESTINIAN-ISRAELI ISSUE PRIORITIZED IN CHINA’S UNSC ROTATING PRESIDENCY
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Saturday, 2 December, 2023 | ISLAMABAD
chaired the meeting. “On the Palestinian-Israeli issue, China has always stood on the side of peace, the side of justice, and the side of conscience, and has actively pushed the Security Council to take responsible and meaningful actions,” Zhang said in reviews of the country’s presidency at a briefing. The UNSC held more than 30 meetings and adopted seven resolutions in November, he said. “These are hard-won outcomes given the current situation.” During a meeting with the Chinese foreign minister at the UN headquarters in New York on Tuesday, UN Secretary-General Antonio Guterres expressed appreciation for China’s constructive role in pushing for a political solution to the Palestinian-Israeli issue and alleviating the humanitarian situation in Gaza during its Security Council presidency. Guterres thanked China for convening
NEW YORK
Staff CorreSpondent
HINESE permanent representative to the United Nations Zhang Jun on Thursday said the Palestinian-Israeli conflict has topped the agenda of the United Nations Security Council (UNSC) in November, when China was the rotating president of the council. Under China’s presidency, Resolution 2712, the first resolution since the latest round of Palestinian-Israeli conflict broke out on October 7, was adopted by the UNSC on November 15. It was also the first UNSC resolution on the Palestinian-Israeli issue since the end of 2016. Also under China’s initiation, the UNSC held a high-level meeting on the issue on November 29, which was also the International Day of Solidarity with the Palestinian People. Chinese Foreign Minister Wang Yi
the high-level Security Council meeting on the Palestinian-Israeli issue. FM spokesperson says China and the EU are partners, not rivals The Chinese Foreign Ministry on Friday reiterated that China and the European Union (EU) are partners, instead of rivals. “China-EU cooperation should be a positive cycle that enables our mutual success, not a knock-out match which results in only one winner,” said Wang Wenbin, a spokesperson for the ministry. Wang made the remarks as comments to a recent report by France’s Jacques Delors Institute, which said it is a necessary choice for the EU to leveraging China to realize its own development. The report also called on the EU to be rational on “de-risking,” uphold a more rational and pragmatic China policy, and enhance mutually beneficial cooperation in energy, the green sector and technology with China.
Wang said the report reflects that people with insights in Europe are positive about the prospect of growing China-EU relations and that the relationship enjoys solid foundation in the people. “Certain individuals selectively emphasize on competing aspects between China and the EU, deliberately overlook partnerships and hype up ‘de-risking’ with China and reducing dependence on China,” he noted. Such misconception on China not only will reinforce misunderstanding and erode mutual trust, but also goes against the EU’s long-held position of upholding free trade and WTO rules and disrupts the growth of China-EU relations, which does not serve anyone’s interests, added Wang. “China believes that the risk that we need to get rid of the most is confrontation and rivalry caused by politicizing all issues and the dependence that needs to be reduced
the most is the act of resorting to protectionism,” he stressed. The spokesperson described China and the EU as important parts of the global industrial and supply chains and staunch force in building an open world economy. “We hope that the EU side can listen to rational voices, steer clear of politicizing all issues or overstretching the concept of security,” said Wang. He urged the EU to work with China to maintain two-way opening up instead of erecting walls and barriers, and promote trade and investment liberalization instead of trade protectionism, so as to create a fair, equitable, and non-discriminatory business environment for companies of both sides. Efforts should also be made to advance sound and steady growth of China-EU relationship and inject more stability and certainty for a volatile and turbulent world, said the spokesperson.
Exporters worried as Afghanistan raises kinnow customs duty by 43.5pc POTENTIAL IMPACT ON LOCAL FARMERS AND MARKET PRICES RAISES ALARM AMONGST KINNOW EXPORTERS PROFIT
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The Afghan government has implemented a substantial increase in customs duty on kinnow imports effective from November 27, causing concern among exporters and local farmers. Exporters report that Kabul is now imposing a customs duty of Rs2.9 million per 35-tonne container, marking a significant 43.5 percent surge from the previous year’s rate, as reported by Dawn. This development coincides with the commencement of the fruit harvesting season. Sajid Hussain Tarar, President of the Sargodha Chamber of Commerce and Industry, expressed apprehension over the impact of the customs duty increase. He emphasized that it would not only affect kinnow exports but also adversely affect local farmers, leading to a potential drop in fruit rates in the local market due to reduced exports. Sargodha, a major city of province
Punjab, and its neighboring districts are key contributors to the production of highquality citrus fruit, making this tariff hike particularly significant for the region. Tarar highlighted Afghanistan’s importance as a substantial market for Pakistani kinnow, underscoring that the Kabul government has consistently
China, Jordan sign MoU on jointly promoting construction of Belt and Road cooperation BEIJING
Staff CorreSpondent
China and Jordan signed a Memorandum of Understanding (MoU) on jointly promoting the construction of the Belt and Road on Wednesday, according to a statement released by the Chinese Embassy in Jordan on Thursday. The MoU was signed by Chen Chuandong, Chinese ambassador to Jordan, and Zeina Toukan, Jordanian Minister of Planning and International Cooperation in Amman, Jordan. China and Jordan are natural partners in the construction of the Belt and Road and close partners in modernization as 2023 marks the 10th anniversary of the China-proposed Belt and Road Initiative (BRI), Chen said. The signing of the MoU will strengthen the connection between the BRI and Jordan’s economic vision for modernization, Chen said. He added that the MoU will also advance the bilateral cooperation in policy communication, infrastructure ties, trade, financial integration, and people-to-people exchanges, while providing an action guide for deepening practical cooperation in various aspects and better benefit the people of the two countries. In the first eight months of 2023, the bilateral trade totaled $3.95 billion, according to China’s Foreign Ministry. China mainly exports electromechanical products, communication equipment, textile and clothing to Jordan, while importing potash fertilizer from Jordan. Meanwhile, Chinese cars took a majority share of Jordan’s imported electric vehicles market in the first half of 2023, the Xinhua News Agency reported in July. Some 16,000 foreign-made EVs entered a major free-trade zone in Jordan’s central governorate of Zarqa, said Jihad Abu Nasser, secretary and representative of the vehicle sector in the Jordan Free Zone Investor Commission, according to Xinhua.
taken measures against citrus fruit imports. He noted that the customs duty is increased from Rs2.02 million to Rs2.9 million immediately, following last year’s raise from Rs0.53 million to Rs2.02 million. Concerned by the recent customs duty hike, Tarar disclosed that he has
written a letter to the federal government and the commerce minister, urging them to address the issue with the Kabul government for a more reasonable tax structure and relief for exporters. He cautioned that achieving the export target would become challenging, as almost half of the total Pakistani kinnow exports are directed to the Afghan market. Recalling a similar tax rate increase by Kabul last year, Tarar highlighted that Islamabad’s intervention led to a 60 percent reduction in the tax rate. Former SCCI president Shoaib Ahmad Basra expressed fears that failure to resolve the customs duty issue could result in a significant decline in kinnow prices in the local market, potentially falling below Rs1,000 per 40kg compared to an average of over Rs2,000 per 40kg last year. This, he warned, could have devastating consequences for kinnow orchard owners, especially in the light of challenges such as whitefly attacks in certain kinnow zones.
Blue Carbon, Bahamas forge partnership for climate resilience, carbon credits DUBAI
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Blue Carbon, UAE-based environmental solutions provider and Bahamas forge pioneering partnership at COP28 to advance climate resilience and carbon credit Initiatives. At COP28 in Dubai, Blue Carbon and The Bahamas formalized their collaboration by signing a Memorandum of Understanding (MOU). The agreement is geared towards exploring and promoting carbon credit opportunities stemming from transformative projects within The Bahamas. Amidst global climate action discussions, the signing ceremony represents a significant move towards collaborative efforts aligned with the goals of the Paris Agreement. This endeavor seeks to reduce carbon emissions and promote sustainable development on a broader scale. This MoU symbolizes their partnership to explore and champion carbon credit facilitation opportunities stemming from transformative projects in The Ba-
hamas. Blue Carbon, an environmental solutions provider based in the UAE, and the Government of The Bahamas establish an innovative collaboration at COP28 to enhance climate resilience and promote initiatives for carbon credits. The Memorandum of Understanding delineates a strategic partnership between Blue Carbon and the Bahamian government, specifically emphasizing initiatives related to blue carbon. These efforts target the conservation, restoration, and enhancement of seagrass ecosystems, biodiversity, and the maintenance of coral reefs. Historically impacted by hurricanes and severe weather events, The Bahamas urgently requires solutions to address the harm inflicted on marine life, intensified by climate change stressors. These include elevated sea surface temperatures causing coral bleaching on the nation’s reefs. The partnership also aims to bring adaptation benefits to local communities and the environment, enhancing resilience and reducing vulnerability to climate change. By focusing on blue carbon initiatives,
the collaboration seeks to safeguard marine ecosystems from the impacts of hurricanes and extreme weather events. The MoU also paves the way for the engagement of The Bahamas in the opportunities provided by Article 6 carbon markets, as Blue Carbon will work with the government to facilitate the establishment of Article 6 infrastructure in accordance with UNFCCC guidance. Blue Carbon will concentrate on identifying prospects for crafting credits compliant with Article 6, specifically involving Internationally Transferred Mitigation Outcomes (ITMOs). Recognized as high-integrity carbon credits within the Paris Agreement, these credits signify measurable emissions reductions adhering to rigorous criteria, ensuring their environmental integrity and credibility. Representatives from Blue Carbon, the Government of The Bahamas, and distinguished guests graced the signing ceremony, underscoring the collaborative endeavor essential for addressing global climate change challenges.
Monthly Insights: PSX gains 16.59%, attracts $34.5 million foreign inflows in November PROFIT
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The Pakistan Stock Exchange (PSX) has seen a phenomenal rise of nearly 17% and the highest foreign investment in six years of $34.5 million in November 2023, indicating the strong confidence of investors in the country’s economic revival. This was the second-highest monthly return in percentage terms in over a decade, only behind the Covid’s abnormal return in April 2020. The surge in Pakistan’s stock market rally has been a pivotal factor in the 50 percent increase in the benchmark index since late June, making it the world’s second-best performer during this period, following Argentina. The bullish momentum in the month was driven by the confidence of investors in the country’s economic outlook, following the $3bn Stand-by Arrangement (SBA) with the International Monetary Fund (IMF) that averted a sovereign debt default. The expected inflows from the IMF and friendly countries, such as China and Saudi Arabia, the relatively stable currency, and the possible cut in the interest rates also boosted the market sentiment. HIGHEST INFLOWS IN SIX YEARS The foreign investors showed a keen interest in the Pakistani stocks, as they injected the highest amount in six years during the month. The foreign investment reached $34.5 million in November, the highest level since January 2018. The foreign investors, mainly corporates, have shown keen interest in various sectors of the economy, such as commercial banks, cement, power generation and distribution, oil and gas marketing, and fertilizer. They have also reduced their exposure to the oil and gas exploration sector, which has been facing challenges due to lower global oil prices. According to a brokerage firm, foreign corporations engaged in share transactions worth $66 million in November, with sales amounting to $31 million. This resulted in a net buying activity of $35 million, marking the highest monthly inflow since 2017, according to Topline Securities. The average daily volumes and values also increased significantly, reflecting the heightened activity in the market. The KSE-100 index has gained 46.02% in the fiscal year and 49.75% in the calendar year, making it one of the top-performing markets worldwide. However, the market may face some slowdown in the coming months, as the completion of the current IMF loan program is crucial to meet the external financing gap of around $5.3bn in the current fiscal year. The country will also need more loan programs in the future, as its external financing requirements are projected to average $30bn annually for fiscal year 2025 to 2028. In a related development, the Pakistani Rupee (PKR) has remained somewhat stable in the past few months, but its troubles are far from over.
Pakistan, Uzbekistan bilateral trade dynamically growing by 40-50% every year: Amb Usmanov ISLAMABAD Mian abrar
Uzbekistan Ambassador Oybek Arif Usmanov on Friday said that every year Pakistan, Uzbekistan bilateral trade is dynamically growing by 40-50% ($317 mln in 10 months 2023) and no doubt that our teams along with our colleagues will reach the goals of the recently signed 1 billion trade record. Ambassador of Uzbekistan in Pakistan, Oybek Arif Usmanov said that today, “we are able to show to Pakistani public and Diplomatic representatives the retrospective and historical photos demonstrating the very active dynamic interaction of Uzbek and Pakistani leaders – Presidents, Prime Ministers and federal ministers. He said that after 3 decades of our active interaction let’s focus on the connectivity strategy of our two regions South Asia and Central Asia – implementation of the projects for boosting trade and economics, transport linkages and cultural
and people-to-people re-connectivity. He said that this strategic approach is also actively promoted by our country’s governments, experts community and most importantly supported by our young generation. “Our connectivity logically emanates from the closeness of cultures and religious traditions – caravan’s roads of Central Asia with South Asia – Pakistan, China, Afghanistan, Sri Lanka, India, Nepal, Bhutan and Bangladesh”. Uzbek envoy said that the rich scientific and cultural legacy of such great Ulemas like Imam Al-Bukhari, Imam Al–Termizi, Al-Motrudi and Marghinani scholars as Abu Ali Ibn Sina, Al-Ferghany, Abu Raihan Al-Beruni and Zahiriddin Muhammad Babur, Allama Muhammad Iqbal, Mirza Ghalib is considered as a richest and common heritage of our religion. He said the brilliant works of Rahman Baba, Khushhal Khan Khattak, Allama Iqbal, Jalaluddin Rumi, Makhtumquli Fraghi, Sadriddin Aini, Mirza Golib, Alisher Navoi are well-
known in the world’s history, science and culture. Oybek Arif Usmanov said the period of our interactions was brightly manifested during the era of the Ghandhara, and Harappa civilizations, with the civilizations Saikhun and Jaihun rivers, Moghulistan and Khorasan cities Samarqand, Bukhara, Khwarazm, Termiz which are the well-known centers of Islamic cultural enlightenment and sciences. “I am sure that all Pakistanis are well aware of the common great heritage of such dynasties like Amir Taymur’s, Zaheerudin Muhammad Babar’s. The great successors of Bukharys, Mughals, Barlas, Termizi, Mirsas in Pakistan are bright followers of our connectivity, promoting the mutual understanding among our nations,” he said. In the last years, our brotherly cooperation has been elevated to a level of strategic partnership due to confident political dialogue, and strengthening trade, industrial, and cultural cooperation. During the last three years, we together have
increased bilateral trade via brotherly Afghanistan based on Transit and Preferential trade agreements. “Let me express confidence that with the valuable and tireless efforts of the two sides, we will be able to gain remarkable results – strengthening people-topeople contacts and business-to-business forums while developing region-to-region connectivity”. He said the relevant protocol on it was signed in Ashkhabad city, the capital of Turkmenistan on May 10 1992. A copy of that document is also displayed today in our Exhibition. He expressed his appreciation to Federal Minister for National Heritage and Culture Syed Jamal Shah for his great support and guidance in arranging the event. Oybek Arif Usmanov also extended special thanks to Muhammad Ayoub Jamali DG of Pakistan National Council of Arts and his team for indispensable help and excellent cooperation in all arrangements of our Exhibition.
Saturday, 2 December, 2023 | ISLAMABAD
CORPORATE CORNER NBP to accept hajj applications till Dec 12
The National Bank of Pakistan (NBP) has started accepting applications for Hajj 2024 at all NBP branches from November 27 till December 12, 2023.In the Long Hajj Package, the regular Hajj scheme, which spans 38 to 42 days, including 8 days in Madinah, is priced at PKR 1,065,000 per person for the Southern Region (Karachi, Quetta, Sukkur) and PKR 1,075,000 per person for the Northern Region (other cities). The Sponsored Hajj Scheme for the Southern Region is priced at $3,765 per person, while the Northern Region is set at $3,800 per person.For the Short Hajj Package, covering 20 to 25 days, with 3 to 5 days in Madinah, the regular Hajj scheme is priced at PKR 1,140,000 per person for the Southern Region and PKR 1,150,000 per person for the Northern Region. The Sponsored Hajj Scheme for the Southern Region is set at $4,015 per person, and for the Northern Region, it is $4,050 per person.For further information, the nearest NBP branch may be contacted, whereas NBP Helpline 021-111-627-627 is also available for assistance. PR
PNSC not a loss-making institution: Spokesman
The spokesman of Pakistan National Shipping Corporation has denied reports published in local press that PNSC is among the companies that are suffering from losses, the spokesman that are suffering since the last decade PNSC has been a profitable organization in the last financial year, the company earned net profit of Rs.30 billion which is a record income. The spokesman further stated that the explanation is being issued for the correctness of the record. PR
Minister okays appointment of FA for privatization of Roosevelt Hotel
Privatisation Commission Board in a meeting chaired by the Federal Minister for Privatisation/Chairman of the Board, Mr. Fawad Hasan Fawad granted approval to the appointment of Financial Advisor (FA) for privatization/joint venture development of Roosevelt Hotel, New York,USA. Among other decisions, the Board also recommended the delisting of Nandipur Power Plant (NPP) and Guddu Power Plant (GPP) from the privatization program by Cabinet Committee on Privatisation besides approving a transaction committee for overseeing implementation of financial services agreement (FASA) for divestment of PIACL. The Board also discussed the post privatisation issues of Pak-China Fertilizers Limited. PR
‘Confronting Inevitable’: Dr Azra Raza explores human experience at Habib University’s 8th Yohsin Lecture
Habib University hosted the successful culmination of its 8th Yohsin Lecture, a prestigious event featuring Dr. Azra Raza, a distinguished global leader in the fight against cancer. The lecture, titled 'Confronting with Passion the Conundrum of Life,' took place on Friday, 1st December 2023, at the Habib University Campus in Karachi.Dr. Azra Raza, the 8th Yohsin Speaker, is also the Chan SoonShiong Professor of Medicine and Clinical Director at Columbia University's Edward P. Evans Foundation MDS Center. Dr. Raza brought her wealth of experience as a renowned oncologist and dedicated researcher to the forefront. Actively treating 30-40 cancer patients weekly, Dr. Raza directs a cancer research lab and has made significant contributions to the field, publishing novel findings in esteemed medical journals. PR
IESCO swoop going on to elimnate electricity theft
In the light of the orders of the Government of Pakistan and the Ministry of Energy, toget rid of the scourge of electricity theft, best results of operations are being achievedin all operation circles of IESCO including Islamabad Rawalpindi City, RawalpindiCantt, Attock, Jhelum and Chakwal. As a result of the ongoing operations electricitythieves are facing heavy fines and arrests. In the month of November 2023 IESCOdetection teams checked 151166 meters out of which 3121 meters were foundsuspicious. 2.86 million units were charge by imposing fines of more than 129.022million on the concerned consumers by IESCO. 644 FIRs have been registeredagainst electricity thieves and 521 people have been arrested by the police. Duringthe anti-electricity theft campaign that has been going on since September 7, 2023, atotal of 345021 meters have been checked, out of which 5962 meters foundsuspicious. Electricity thieves have been charged 6.64 million units by imposing finesof 304.29 million by IESCO. While presiding the antielectricity theft review meeting,Chief Executive Officer Dr. Muhammad Amjad Khan said that electricity thieves are aburden on the national treasury, for the elimination of which we are following strictmeasures without discrimination. PR
NEWS
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UBANK DEBUNKS NEGATIVE EQUITY SPECULATIONS AS IT CLOSES FIRST HALF OF 2023 WITH EQUITY OF AROUND RS5B
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UNVEILS LONG-AWAITED HALF-YEARLY REPORT WITH 2022 FIGURES RESTATED PROFIT
MARIAM UMAR FAROOQ
Microfinance Bank (UBank), after a significant delay, has at last unveiled its much-anticipated half-yearly reports for January 2023 to June 2023. Usually, the half-yearly reports are released by the end of August or early September. However, UBank released its half-year report at the end of November. What’s intriguing in these newly released financial statements is the restating of UBank’s year-end figures for the concluded year of 2022. The statements offer surprising insights and dispel previous uncertainties. Prior speculation was circulating about a hefty Rs 8 billion provisioning charge (expected losses) imposed by the State Bank of Pakistan (SBP) on UBank resulting in the bank becoming insolvent (negative equity). A sudden change in leadership of UBank in October along with the delay of half-yearly financial reports added fuel to speculations. Soon after, in a press release issued on October 23, the PTCL Group vehemently dismissed all allegations and speculations surrounding the financial well-being of its wholly-owned subsidiary, Ubank.
The leading ICT services provider in Pakistan reiterated that Ubank possessed a robust and resilient capital base. The suspense has finally been shattered by the freshly disclosed financial statements where the equity figure stood at Rs 5.3 billion at the end of June 2023. For context, microfinance banks are supposed to maintain a minimum capital of Rs 1 billion as mandated by the SBP. The equity figure stands at five times the required amount, showcasing a significant surplus in comparison to the mandated threshold. Moreover, the bank reported an impressive Rs 1.4 billion in profit after tax. While the recent financial statements have revealed that UBank is nowhere near default, the statements also reveal revisions made to the 2022 figures. UBank wrote off Rs 1.7 billion as credit loss allowance in its restated half-year 2022 statement, a significant increase from the initially reported Rs 248 million, a difference of around Rs 1.5 billion. This recalibration stems from the application of the International Financial Reporting Standards (IFRS-9), specifically concerning the treatment of rescheduled loans under the expected credit loss (ECL) model. Application of IFRS International financial reporting
standards (IFRS) are global standards that set the rules for drafting financial statements. The standards are adopted by numerous countries including Pakistan, to ensure the uniformity of financial reporting to allow for comparability of financial statements and investor reliance. IFRS-9 governs the treatment of financial instruments including assets and liabilities.IFRS-9’s ECL model mandates periodic assessment of the outstanding loan portfolio to determine its recoverability. Under the ECL model’s standard, there is a requirement to regularly evaluate the outstanding loan portfolio and create an expectation regarding its potential recoverability. If a segment of this portfolio is seen as unlikely to be recovered, it is necessary to make an appropriate provision or, in simpler terms, record a loss. The extent of this loss is determined by the level of assessed credit risk. Initially, loans are categorised under stage 1, indicating a low risk of default. Nevertheless, if there is a notable rise in credit risk, such as amounts rescheduled, these loans are moved to stage two, requiring additional provisions. Stage three consists of non-performing loans, i.e. the loans on which the consumer has defaulted.
Bishop demands accountability of negligent officials in Jaranwala incident JARANWALA
STAFF REPORT
The head of the Church of Pakistan, the country’s largest Protestant church, on Friday reiterated the minority community’s demand of holding the government officials responsible for inaction in the Jaranwala incident accountable through a fair and transparent judicial investigation. Addressing an event at the Salvation Army church in Jaranwala, which was among multiple churches that were ransacked by charged mobs on Aug 16, Church of Pakistan President Bishop Azad Marshall said that though Christians appreciated the government’s action
against the mob leaders, the community believed that such incidents would continue to recur until the perpetrators are sternly dealt in accordance with the law and concrete measures are adopted to prevent religiously-motivated violence. The event was organised by Salvation Army’s Territorial Commander Colonel McDonald Chandi in honour of an official delegation of the British High Commission to Pakistan led by Deputy High Commissioner Andrew Dalgleish. “The Jaranwala incident marked the eleventh significant episode since 1997 involving the persecution of the Christian community and we want this to be the last such incident. Unfortunately,
no action has ever been taken against police and government officials responsible for negligence in any of these incidents,” he said. Marshall regretted that the Punjab caretaker government had turned down the Christians’ legitimate demand for a judicial investigation into the Jaranwala incident compelling them to move the Lahore High Court. “My objective of filing the petition for the formation of a judicial commission was to hold a thorough inquiry into the underlying causes of such attacks and holding the police and district officials responsible for inaction accountable. The government has now shown its willingness to review its decision and we hope to hear.
A special ceremony was held to mark Yango’s arrival in Karachi KARACHI PR
Yango, the international tech company, made the debut of its ridehailing service in Karachi earlier this month. A ceremony was held today at Governor House, Karachi, to commemorate the development. After beginning operations in the major cities of Punjab, Yango is all set to serve the population of Karachi and become their go-to choice for everyday transportation needs because of its dependable, safe, and affordable service. The launch was attended by prominent dignitaries and important political personalities. The Governor of Sindh, Mr. Kamran Tessori, was the Chief Guest for the event. Noted celebrities and members of the media were also in attendance. "I am delighted to announce our arrival in the vibrant city of Karachi. This marks a significant milestone in Yango’s journey, bringing the convenience and efficiency of Yango's innovative services to the business capital of Pakistan. We are not just launching a service; we are becoming a part of the fabric of this incredible city, contributing to its energy and growth. We are certain that, with Yango, every journey will be a
celebration of progress, and every corner of this city will become a destination of opportunity,” Faisal Iftikhar, Country Manager, Yango, said during the ceremony. Operating across more than 20 countries worldwide, including the UAE, Norway, Finland, Bolivia, Peru, Morocco, and Algeria, Yango has been making significant strides in introducing its cutting edge transportation solutions to the thriving Pakistani economy. The launch in Karachi comes on the heels of a successful introduction in Lahore, the twin cities of Rawalpindi and Islamabad, and Faisalabad. Yango came to Pakistan with the primary objective of making safe and budget-friendly transportation accessible to people from all walks of life. The service also creates earning opportunities for drivers. The service will continue to operate and
IG Police assures to improve security in markets to promote trade activities
ISLAMABAD: Dr. Akbar Nasir Khan, Inspector General Islamabad Police said that cameras being installed in the commercial centers and markets will be connected to the Safe City Project in order to provide a peaceful and safe environment to the business community for business promotion. He said this while inaugurating the installation of security cameras in I- 8 Markaz along with Ahsan Zafar Bakhtawari, President, Islamabad Chamber of Commerce and Industry. Dr. Akbar Nasir Khan lauded the efforts of traders to install security cameras in the I-8 Markaz on self-finance basis and said that the traders of other markets. PR
expand in further cities of the country with affordability, reliability, and safety as its core values. About Yango Yango is an international tech company that transforms globally sourced technologies into everyday services for local enrichment. With an unwavering commitment to innovation, we reshape and enhance leading cutting-edge technologies from around the world into seamlessly integrated daily services for diverse regions. Our mission is to bridge the gap between leading world innovations and local communities, fostering connections and enhancing everyday living experiences. Yango provides its superapp and ride hailing services across 20+ countries in Africa, Latin America, Europe, and the Middle East. Yango's multilingual app is available for free on Android and iOS.
Pakistan Press International organizes two-day security training workshop on election
Pakistan Press International (PPI) organized a twoday security training workshop on Election Reporting Fellowship under the supervision of law enforcement expert Dr. Syed Kaleem Imam, former Federal Secretary and Inspector General of Police. In the ongoing series of workshops across the country, Karachi, Peshawar, Lahore and then the final workshop was held in Quetta. Dr. Syed Kaleem Imam also invited first aid experts to the workshop who also gave practical first aid training to the participants. PR
The SBP had concerns regarding the treatment of rescheduled loans under the ECL model of the IFRS-9 and prompted the bank’s auditors to reassess their treatment. As quoted by a source privy to the matter, the bank classified a significant portion of its Covid-era rescheduled portfolio under stage one of the ECL model which implied that there was no significant decline in credit quality. However, according to the source, the classification was erroneous as the recoverability of these loans was contentious. Additionally, the amount to be booked as a loss on these loans, according to sources, are likely to be adjusted in the prior year financials of 2022, which would impact the bank’s equity but not be significant enough to wipe it out completely. In the revised financial statements of 2022, there is a notable decrease in net advances (loans) by Rs 4.3 billion, dropping from Rs 59.3 billion to Rs 55 billion. As detailed in the financial statement notes, UBank has reduced its gross advances (loans) in stage 1 from Rs 54.9 billion to Rs 47 billion, marking a difference of approximately Rs 7.9 billion. Simultaneously, there’s been a Rs 7.3 billion increase in gross advances in stage 2.
ICMA organized mega Job Fair 2023
The Institute of Cost and Management Accountants of Pakistan ICMA organized a mega Job Fair 2023 in Faisalabad on Thursday, 30th November at the Zoom Executive Marquee, Faisalabad. ICMA is a professional accounting body that excels in delivering high-standard education, professional training, and research & development activities that are aimed at improving business efficiency. Over 60 companies participated in the Job Fair representing all major industrial sectors of Faisalabad in particular. The Job Fair proved to be a hallmark in the nation’s job market catering to audiences from all walks of life. The event bridged the gap between academia & the job market, The event was ideally positioned as a networking platform and aimed at facilitating professionals to best-suited job opportunities. Professionals from all walks of life and spanning diverse industries were in attendance. Job Fair was attended by over 3,000 students representing different educational institutions of Faisalabad. PR
NIMA holds talk on ‘India’s Kashmir Policy-Implications and Way Forward’
National Institute of Maritime Affairs (NIMA) organized a focused talk on the ‘Indian Kashmir Policy - Implications and Way Forward’ at NIMA Islamabad on 01 Dec 23. Former Chief of the Naval Staff & Chairman NIMA BoA, Admiral (Retd) Muhammad Zakaullah graced the occasion as Chief Guest. He said that Kashmir issue is unfinished agenda of partition of 1947 whereas India has continuously disregarded its own commitments to international community for plebiscite under UN arrangements. He further reiterated that Kashmir is an inalienable part of our body and soul. Special Advisor to the Prime Minister on Human Rights & Women Empowerment Ms. Mushaal Hussein Mullick was guest of honor. PR
Mushaal briefs UK MPs on situation in Indian Illegally Occupied Jammu and Kashmir
ISLAMABAD: Special Assistant to the Prime Minister on Human Rights and Women Empowerment Mushaal Hussein Mullick attended a meeting of cross-party British Parliamentarians, convened by Debbie Abrahams MP, Chairperson APPG on Jammu & Kashmir at a virtual platform from London. Besides British Parliamentarians, members of the civil society and human rights organisations also participated in the virtual debate, which circled around the state of human rights affairs in Jammu and Kashmir.Mushaal Mullick briefed the Parliamentarians about human rights abuses by the Indian Government in Indian Illegally Occupied Jammu and Kashmir (IIOJK). She particularly raised the issue of gross violations of human rights against women and children in IIOJK. She urged the international community to take notice of the treatment of minorities, particularly the forced conversions of the Christian and other minorities under the RSS ideology, inside India. PR
Saturday, 2 December, 2023
UAE NATIONAL DAY PM HOLDS INTERACTIONS WITH A Celebration of Unity WORLD LEADERS ON COP 28 SIDELINES and Pride ALSO MEETS UAE PM, DUBAI RULER, PRESIDENT OF MALDIVES AND UZBEK PRESIDENT
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DUBAI
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VISITS PAKISTAN PAVILION, BRIEFED ON EFFORTS FOR OPERATIONALIZATION OF LOSS & DAMAGE FUND
STAFF REPORT
ARETAKER Prime Minister Anwaarul Haq Kakar on Friday held informal interactions with multiple world leaders, on the sidelines of the COP28 summit. Among those whom the prime minister interacted with informally, included British Prime Minister Rishi Sunik and Danish Prime Minister Mette Fredrickson. The prime minister also held an informal interaction with British King Charles III as they participated in the family photo of High Level Segment of 28th Conference of Parties. He also met with the Prime Minister of the United Arab Emirates and the Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, President of the Maldives Mohamed Muizzu, and President of Uzbekistan Shavkat Mirziyoyev on the sidelines of the high level segment of COP 28. Likewise the prime minister also interacted with Managing Director of International Monetary Fund (IMF) Kristalina Georgieva on the occasion. At the Summit, the prime minister is accompanied by caretaker ministers for Foreign Affairs Jalil Abbas Jilani, for Finance Dr Shamshad Akhtar, for Climate Change Ahmed Irfan Aslam and for Energy Muhammad Ali. PM arrives at Dubai Expo City to participate in COP28 conference
Caretaker Prime Minister Anwaarul Haq Kakar has arrived at Dubai Expo City to participate in the high-level segment of the 28th Conference of the Parties (COP 28) of the United Nations. The Prime Minister was received by President of the United Arab Emirates
Sheikh Mohamed bin Zayed Al Nahyan and the Secretary General of the United Nations Antonio Guterres. The Prime Minister will attend the opening session of World Climate Action Summit. On the sidelines of the conference,
the Prime Minister is expected to meet the Prime Ministers of the Netherlands and Estonia. Anwaarul Haq Kakar will also participate in the Zayed sustainability award ceremony. Caretaker Foreign Minister Jalil Abbas Jilani, Caretaker Finance Minister Dr. Shamshad Akhtar, Caretaker Federal Minister for Climate Change Ahmed Irfan Aslam and Caretaker Energy Minister Muhammad Ali are also participating in COP 28. PM Kakar visits Pakistan Pavilion at COP 28 venue Meanwhile, Caretaker Prime Minister Anwaarul Haq Kakar on Friday visited the Pakistan Pavilion, established here at the venue of United Nations’ 28th Conference of Parties (COP 28). The prime minister was briefed on the efforts being made by Pakistanis with regard to the negotiations and facilitation in the operationalization of the Loss and Damage Fund. He was also briefed on the ‘Living Indus Initiative’ which is designed to rehabilitate the health of the Indus Basin in Pakistan through climate-resilient approaches and nature-based solutions. The prime minister also met the Pakistani climate experts at the Pavilion and appreciated their efforts with regard to climate change risk mitigation. Caretaker ministers for Foreign Affairs and Climate Change, and Pakistan’s ambassador to the United Arab Emirates also accompanied the mrime minister.
LAHORE
SALEEM JADOON
Every year on 2 December, the United Arab Emirates National Day is celebrated with great enthusiasm and pride. The day marks the unification of all seven Emirates - Abu Dhabi, Dubai, Ajman, Al-Ain, Sharjah, Umm al-Quwain, and Ras Al Khaimah - into one nation in 1971. Under the leadership of the late Sheikh Zayed bin Sultan Al Nahyan, the UAE emerged as a prosperous and forward-thinking country. The UAE National Day is celebrated with a range of festivities that reflect the country's rich cultural heritage and modern outlook. The streets, homes, and cars are decorated with the colors of the national flag - red, white, black, and green. The national flag is hoisted high on buildings and landmarks across the nation, creating a festive atmosphere. The celebrations kick off with vibrant carnivals that wind their way along the waterfronts of each Emirate. Colorful floats resplendent with images and effigies of Sheikh Zayed draw cheers from the crowds. The beaches turn into outdoor galleries with sand sculptures, and the day culminates with spectacular fireworks lighting up the night sky across the Emirates. The official UAE National Day celebration takes place annually at Zayed Sports City Stadium in Abu Dhabi. The celebration is a theatrical extravaganza that includes aerobatic displays, rousing performances, and inspirational speeches. The event is imbued with a sense of national pride and courage, reflecting the legacy of the UAE's founders and their enduring spirit. Dubai also has a range of exciting events for UAE National Day, including the Global Village where a vast crowd gathers to sing the national anthem. The Dubai Mall hosts troupes of ayala dancers, while the Burj Khalifa usually has an impressive LED show inspired by the UAE flag. The Dubai Fountains also have a show choreographed to the national anthem, and the Burj Al Arab provides a stunning backdrop for fireworks.
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