Epaper_23-12-30 LHR

Page 1

In partnership with

IMPRESSION BEING CREATED THROUGH FAKE NEWS ‘STATE LOSING ITS WRIT’: COAS

Profit

Saturday, 30 December, 2023 I 16 Jamada Al-Sani, 1445

g

‘RUMOURS AND NEGATIVE IMPRESSIONS’ BEING SPREAD ABOUT PAKISTAN ON SOCIAL MEDIA, SAYS GEN MUNIR

C

ISLAMABAD

AGRICULTURE HOLDS IMMENSE IMPORTANCE FOR SOCIO-ECONOMIC DEVELOPMENT OF PAKISTAN: PM KAKAR

STAFF REPORT

HIEF of Army Staff (COAS) General Syed Asim Munir on Friday expressed concern over the environment of pessimism and chaos being created on social media through fake news that the state was losing its writ. He expressed these remarks during his address at the National Farmer’s Convention where he graced the occasion as the guest of honour. Caretaker Prime Minister Anwaarul Haq Kakar was also present at the convention. The event was attended by federal ministers, agricultural experts and senior government officials. COAS said that “rumours” and “negative impressions” were being spread about Pakistan on social media. The army chief said that Pakistan experienced rapid growth in the sixties, but unfortunately, we lost sight of the fundamental principles of Quaid-e-Azam – faith, unity, and organisation. “As a re-

sult, he added, the country faced a decline,” he added. General Asim also vowed to suppress all types of mafia together with the nation. The army chief emphasised that the farmers were the backbone of the country’s agriculture sector. “It’s your untiring hard work, toil

Govt injects Rs200b subsidy to tackle power sector circular debt woes g

g

FUNDS WILL BE UTILIZED TO PAY GAS COMPANIES, ADDRESSING CIRCULAR DEBT TO TUNE OF RS80B PROFIT

NEWS DESK

The Ministry of Finance disbursed a subsidy of Rs200 billion to the financially strained power sector, aiming to address the growing issue of circular debt, which had escalated to Rs2.7 trillion based on the latest estimates. Following the clearance of this amount, the remaining circular debt in the power sector is anticipated to be approximately Rs2.5 trillion by the end of December 2023. Official sources confirmed that this subsidy clearance, totaling Rs200 billion, will assist both the power and gas sectors in settling their respective circular debts. The allocated funds will be utilized to pay gas companies, addressing circular debt to the tune of Rs80 billion. A top official stated that the Ministry of Finance approved the disbursement on Wednesday evening, and the funds were provided to the concerned ministry on Thursday. The Economic Coordination Committee (ECC) of the Cabinet, in its meeting on December 19, 2023, considered a summary regarding the settlement of payables to Government-Owned Power Plants (GPP) at par with Independent Power Producers (IPPs). The ECC granted the release of Rs262.075 billion to public sector power plants through a Technical Supplementary Grant (TSG). The Ministry of Power had requested the approval of a Technical Supplementary Grant of Rs262.075 billion for the second quarter payment of Rs131.035 billion to Government-Owned Power Plants GPPs. This included allocations to various entities, such as Genco-11, Genco-111, Wapda, Quaid-e-Azam Thermal Power (RLNG), and Quaid-e-Azam Solar Power. The ECC approved the request, directing the utilization of funds to prioritize clearing foreign-relent loans and cash development loans. For the fiscal year 2023-24, a budgetary allocation of Rs127 billion has been designated for K-Electric tariff differential subsidy arrears. To ensure the liquidity of the power sector, an immediate release of Rs57 billion to CPPA-G as an advance subsidy has been initiated, with adjustments to be made accordingly.

Rs 15.00 | Vol XIV No 181 I 8 Pages I Lahore Edition

and determination that plays a pivotal role in ensuring food security for millions of Pakistanis. You make us and the entire nation all proud,” he said. He said that climate change and water scarcity were realities that challenged Pakistan’s food security and necessitated the use of technology and

close government-public collaboration as being done under the Special Investment Facilitation Council (SIFC). “Pakistan is endowed with immense potential and abundant resources. Together, we will navigate through these challenging times, by the grace of Allah, and attain our goals across every sector, InshaAllah,” he added. General Munir said that the dividends of all initiatives by SIFC would help Pakistan come out of economic crisis. “United, we as a resilient nation, will lead Pakistan towards a progressive and prosperous future, InshaAllah,” the COAS added. During his address, PM Kakar said that agriculture held immense importance for the socio-economic development of the country at the grassroots level. The prime minister appreciated the collaborative work of ministries and departments for achieving various milestones under the umbrella of SIFC and stressed the need to expedite various initiatives.

IHC declares law giving detention powers to Islamabad DC illegal ‘POWERS REST WITH CABINET’

ISLAMABAD

STAFF REPORT

The Islamabad High Court (IHC) on Thursday declared as ‘illegal’ the 1980 presidential order (PO) No. 18, ruling that the Islamabad deputy commissioner does not have the authority to issue detention orders under section 3 of the Maintenance of Public Order (MPO). Under the PO, the chief commissioner of the federal capital was conferred with the powers of the provincial government. Announcing the reserved verdict, on the petitions filed by Pakistan Tehreek-e-Insaf (PTI) leaders Shandana Gulzar and Sharhyar Afridi, Justice Babar Sattar observed that only the federal cabinet should have the power to issue detention orders

under the law. Following the announcement of the IHC verdict, lawyer and PTI leader Babar Awan said that Justice Sattar observed that those who carried out the arrests under the law should be punished. Awan slammed the martial law era order, stating that the power conferred on the commissioner and deputy commissioner under the law was unlawful. “The court has declared the 3MPO order illegal,” he said, adding that only the federal cabinet can pass orders in Islamabad. The IHC had, on September 7, restrained the deputy commissioner of Islamabad from exercising section 3 of Maintenance of Public Order (MPO) powers until further notice. Justice Babar Sattar ruled that

the Islamabad DC cannot use the powers of Section 3 of MPO until further notice and issued a notice to the attorney general for assistance in determining the constitutionality and legality of the ordinance. Two judicial assistants, Advocate Salahuddin Ahmed and Advocate Waqar Rana, were also appointed to provide assistance on the matter. The high court had, in August, allowed the release of Afridi and Shandana as it heard their pleas against their prolonged detentions under the MPO ordinance. The court had stated that it would hold city deputy commissioner Irfan Nawaz Memon and a senior superintendent of police in contempt of court. The two PTI leaders had been arrested in relation to the May 9 violence.

Govt to borrow Rs3.88tr from banks in Q1 2024 to address budget deficit g

PRIMARY AVENUE FOR GOVT BORROWING INVOLVES FORTNIGHTLY AUCTIONS OF MARKET TREASURY BILLS PROFIT

NEWS DESK

The government plans to secure Rs3.88 trillion from banks through treasury bills and conventional bonds in the first quarter of 2024 to address its budget deficit, as disclosed by the State Bank of Pakistan on Thursday. As per the central bank’s auction calendar, the government aims to raise Rs2.250 trillion through long-term paper auctions. Additionally, it intends to secure Rs1.630 trillion from commercial banks through market treasury bill auctions. The recent auction schedule indicates a reduction in the government’s borrowing requirements, potentially attributed to the optimistic prospect of obtaining foreign funding from friendly countries. The primary avenue for government borrowing involves fortnightly auctions of market treasury bills and conventional and Sharia-compliant bonds in local currency. The borrowed funds are utilized to finance government operations, with analysts noting a significant increase in the burden of servicing domestic debt due to record-high interest rates. The majority of government revenue is allocated to servicing the substantial markup payments on domestic debt. While the government continues its borrowing practices, banks are strategically allocating a significant portion of available liquidity to risk-free securities, particularly government papers. This trend is driven by the higher returns generated from investments in these securities. In response to escalating inflation, the State Bank of Pakistan (SBP) implemented a policy rate hike of 600 basis points, from 16 percent in December 2022 to a record high of 22 percent in June 2023. T-Bills yields in 2023 observed an increase ranging from 415 to 439 basis points. However, in the last three months, yields have exhibited a decline of 270 to 358 basis points from their peak in September, signaling market anticipation of a policy rate cut in 2024. Similarly, the yield on three-year Pakistan Investment Bonds rose by 92 basis points to 16.56 percent in 2023 but has since decreased from its peak of 21.16 percent in September.

IHC allows PTI leaders to hold ‘election meetings’ with Imran in jail ISLAMABAD

STAFF REPORT

The Islamabad High Court on Friday granted permission to PTI leaders and lawyers to hold elections meetings with Imran Khan — who is incarcerated at Adiala Jail The order was passed by Justice Miangul Hasan Aurangzeb on a petition filed by Imran seeking permission to hold meetings with party members – Asad Qaiser, Junaid Akbar Khan, senators Aurangzeb Khan and Dost Mohammad Khan, and Ishtiaq Meherban, among others, to devise strategy ahead of the elections. The plea also requested the court to instruct the superintendent of Adiala Jail to ensure privacy for Imran during his consultations with his legal team. Earlier, PTI Chairman Gohar Khan had said the decision to allot tickets would still be taken by Imran. Meanwhile, Barrister Ali Zafar had asserted that PTI workers in jail would be prioritised when it came to the

allotment of tickets. Attorney-General for Pakistan (AGP) Mansoor Usman Awan, PTI lawyers and the Adiala Jail superintendent appeared in the IHC in the case. At the outset, PTI counsel Shoaib Shaheen said the party needed to hold discussions for the allotment of 700 tickets while the AGP raised objections to the maintainability of the plea. Justice Aurangzeb expressed displeasure at Awan’s arguments and asked: “Is the additional note from the Supreme Court insufficient for you? Do you want me to write a note against you as well?” He passed these remarks in reference to Justice Athar Minallah’s additional note in the cypher case. In his note, the SC judge had highlighted that it was the Election Commission of Pakistan and the government’s duty to ensure that the public was facilitated in expressing its will through a “genuine election”, adding that it was also bound to ensure that there was no perception of oppression or repression against one political party

while others were treated favourably. Mentioning these remarks, Justice Aurangzeb said the AGP and advocate general were representing the caretaker government and should therefore be impartial. “A terrible system is being run under the interim government where even consultation on elections is not allowed,” he remarked, asking if the caretakers wanted to “derail the polls”. Subsequently, the court allowed PTI lawyers, including Chairman Gohar Khan, to hold consultations with Imran in jail. The court also passed orders for a meeting between Gohar and the ex-premier to be held under the supervision of the jail superintendent. “Permission for consultations on polls is a fundamental right,” Justice Aurangzeb said, stressing that the caretaker government should be “neutral” during elections. “Opposing meetings between PTI chairman and Imran raises questions on the neutrality of the interim set-up,” the judge added and disposed of the petition.

Pakistan turns down Indian demand for Hafiz Saeed’s extradition ISLAMABAD

STAFF CORRESPONDENT

Pakistan on Friday apparently rejected an Indian request seeking the extradition of Hafiz Muhammad Saeed, the alleged mastermind of the November 2008 Mumbai attacks, citing a lack of an extradition treaty between the two countries. Foreign Office Spokesperson Mumtaz Zahra Baloch confirmed the Indian request for the extradition in a statement. “Pakistan has received a request from the Indian authorities, seeking extradition of Hafiz Saeed in a so-called money laundering case,” the spokesperson said. “It is pertinent to note that no bilateral extradition treaty exists be-

tween Pakistan and India,” she added. Without explicitly saying, the statement clearly suggested that Pakistan would not entertain the Indian request because of the lack of an extradition treaty between the two countries. Earlier, the Indian External Affairs Ministry spokesperson told reporters in New Delhi that the Indian government made a formal communication to extradite Hafiz Saeed. “The person in question is wanted in numerous cases in India. He is also a UN-proscribed terrorist. In this regard, we have conveyed a request along with relevant supporting documents to the government of Pakistan to extradite him to India to face trial in a particular case,” the spokesperson told the media.

“We have been flagging the issue of activities that he’s been wanted for. This is a recent request,” he added. Shortly after the Mumbai attacks, in December 2008, Saeed was listed at the UN 1267/1989 al-Qaida Sanctions Committee as an individual associated with the al-Qaida terrorist organisation and, thus, subject to international sanctions. The US announced a reward of $10 million for information about Saeed. Last year, a court sentenced him to 31 years imprisonment for terror financing. The move by Pakistan was aimed at complying with the Financial Action Task Force’s (FATF) plan of action to get out of its monitoring list.

India asks Pakistan to extradite Mumbai attacks suspect Hafiz Saeed

NEW DELHI: India has formally requested Pakistan to extradite Hafiz Saeed, suspected of involvement in the 2008 attacks on Mumbai, for trial in India, foreign ministry spokesperson Arindam Bagchi told reporters in a briefing on Friday. “We have conveyed a request along with relevant supporting documents to the government of Pakistan,” Bagchi told reporters. Questioned about the extradition request during her weekly press briefing on Thursday, FO Spokesperson Mumtaz Zahra Baloch had said: “This question is based on speculative reporting and we would not like to comment on speculative reports.” Saeed, a hardline cleric accused by the US and India of orchestrating the 2008 Mumbai attacks, has been a well-known, albeit shadowy, figure in Pak-

istan since the 2000s. Though his media presence has dwindled over the years, the past decade has seen Saeed in and out of the limelight owing to crackdowns by the government on his organisation Lashkar-i-Taiba (LeT) and its charity wing, Jamaat-ud-Dawa (JuD), due to mounting international pressure. According to the BBC, Saeed founded the LeT in the 1990s; when it was banned, the revival of Jamaat-udDawa wal-Irshad — a much older organisation — was witnessed in 2002 when it was renamed Jamaat-udDawa. Though the JuD leader insists his organisation has worked for Islamic welfare, especially in the aftermath of natural disasters, the United States has maintained that the group is a front for militant activities. REUTERS


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.