Epaper_24-01-10 KHI

In partnership with

Profit

Imran arrested in GHQ PTI’S FOUNDER, BUSHRA BIBI attack soon after release INDICTED IN TOSHAKHANA CASE order in cypher case Wednesday, 10 January, 2024 I 27 Jamada al-Sani, 1445

g

Court also rejects Imran’s post-arrest bails in both Toshakhana, £190m references

ISLAMABAD

Staff RepoRt

Legal challenges for Pakistan Tehreek-eInsaf (PTI) founder Imran Khan continue to mount as on Tuesday he was arrested in the GHQ attack case, soon after his release order was issued in the cypher case.

According to detail, Rawalpindi’s Anti-Terrorism Court heard 12 cases related to the May 9 riots against the former prime minister at the Adiala jail through video link, which was attended by multiple station house officers (SHO).

During the hearing, the SHO Royal Artillery (RA) Baazar requested the court to grant a physical remand of Imran in the GHQ attack case.

Subsequently, Rawalpindi’s anti-terrorism special court, presided over by Judge Malik Ijaz, granted a two-day physical remand for Imran Khan in connection to 12 cases related to the May 9 riots fol-

I am being punished for tr ying to bring mighty under law, Imran tells reporters

A

g

RAWALPINDI

Staff RepoRt

N Accountability Court (AC) on Tuesday indicted on Tuesday Pak(PTI) istan Tehreek-e-Insaf founder Imran Khan and his spouse Bushra Bibi in the Toshakhana reference.

Accountability Court Judge Muhammad Bashir presided over the proceedings at Adiala jail and announced the decision. NAB Deputy Prosecutor General Sardar Muzaffar Abbasi and Amjad Pervez, Special Prosecutors – Irfan Bhola, Sohail Arif and others appeared in the court.

Imran, his spouse, PTI lawyers – Shoaib Shaheen and Barrister Umar Niazi were also present in the court.

Imran Khan and his wife have been named in the list of accused for possessing gifts received from international dignitaries, which they were obligated to deposit in the Toshakhana.

The anti-graft watchdog alleged in the reference that during his term as prime minister, Imran and his wife had received a total of 108 gifts from different heads of state and foreign dignitaries.

“Out of these 108 gifts, the accused persons retained 58 gift boxes/sets against an undervalued amount of Rs142.1 million as assessed by appraisers,” the reference said.

The Toshakhana issue became a major sticking point in national politics after the Election Commission of Pakistan disqualified the PTI chief for making “false statements and incorrect declaration.”

The ECP judgement added that the former premier was found to be indulged in corrupt practices under sections 167 and 173 of the constitution. “A criminal proceeding will be initiated against him over filing a false statement.” “His disqualification under Article 63, 1(P) has been for his current parliament membership”, the

Rs 15.00 | Vol XIV No 192 I 8 Pages I Karachi Edition

ECP said in its 36-page detailed judgment of the reference.

As the proceedings commenced, accountability judge Muhammad Bashir indicted the PTI founder and his wife and read out loud the charges framed against them.

Imran denied the charges and said he was waiting for the day when he would meet the approvers, who had testified against him, claiming that people were kidnapped after which they became witnesses.

The court subsequently adjourned the hearing till Jan 11 and directed the NAB to

produce the witnesses in the case at the next proceedings.

Separately, the judge also reserved the verdict in the 190m pound reference.

The case alleged that Imran and Bushra Bibi obtained billions of rupees and land worth hundreds of kanals from Bahria Town Ltd for legalising Rs50bn that was identified and returned to the country by the UK during the previous PTI government.

The reference filed by NAB said Imran played a “pivotal role in the illicit transfer of funds meant for the state of Pakistan into an account designated for the payment of land by Bahria Town, Karachi”. It also claimed that despite being given multiple opportunities to justify and provide information, the accused deliberately, with mala fide

PIA’s privatization, outsourcing of airport services must be paced up: PM ISLAMABAD

Staff RepoRt

Caretaker Prime Minister Anwaarul Haq Kakar on Tuesday directed the authorities concerned to accelerate process for disinvestment of national-flag-carrier, Pakistan International Airlines (PIA), emphasized the need for transparency in the process of privatization.

Caretaker Prime Minister Anwaarul Haq Kakar issued the directives during a meeting with SAPM on Aviation Air Marshal (r) Farhat Hussain in Islamabad on Tuesday.

The premier said that privatization of state-owned enterprises (SOEs) was on priority for the caretaker government to save the national exchequer from further financial losses.

The caretaker prime minister said the country’s aviation industry had a high scope of growth through investment.

He also directed the out-sourcing of airport operations in a bid to ensure improvement of services. During the meeting, the adviser on aviation briefed PM Kakar about the matters of the ministry and the reform process.

‘UNICEF’s strategy for education of out-of-school children’ Meanwhile, Caretaker Prime Minister

g

Asks UNICEF to formulate effective strategy for education of out-of-school children in Pakistan

Anwaarul Haq Kakar asked United Nations International Children’s Emergency Fund (UNICEF) to formulate a new and effective strategy for the education of outof-school children in Pakistan.

Talking to the UNICEF Represen-

tative in Pakistan Abdullah Fadil in Islamabad here on Tuesday, he noted that illiteracy can significantly be reduced in the country by providing access to the latest information with the help of tablets to the students of back-

guing that the court had overstepped its jurisdiction. Days later, in a major blow for the PTI, the high court restored the ECP’s December 22 order that had stripped the party of its symbol.

Subsequently, the PTI moved the Supreme Court against the restoration of the ECP ruling, which has been fixed for hearing on January 11 (Thursday).

Justice Ejaz Anwar and Justice Syed Arshad Ali took up the plea today. During the hearing, PTI lawyers drew the ire of the judges for arriving to the hearing late.

The four-hour-long proceedings were later adjourned till 9am tomorrow (Wednesday) after Barrister Ali Zafar and the ECP counsel wrapped up their arguments.

THE HEARING When the hearing began after the requested time, Advocate Qazi Anwar informed the PHC that Gohar and Zafar would reach the court in “five to ten minutes”. At this, Justice Anwar expressed displeasure, asking, “Are you not interested? We have been waiting since the morning for them.

“When our cases were fixed at the Supreme Court, we used to reach there early in the morning,” he added. Qazi again sought more time from the judges, assuring the court that the PTI leaders

were to arrive soon.

“What manner is this that the [court] bench is being kept waiting?” Justice Anwar asked. The court noted that the ECP had submitted its response and that the hearing would begin once the PTI lawyers had arrived.

Here, Justice Anwar directed that the lawyers objecting to the PTI’s intra-party polls and electoral symbol should also be summoned. Noting that the objectors included Akbar S. Babar, the judge asked about his absence.

At one point during the hearing, Jahangir Raza, also challenging the party’s intra-party polls, said his counsel was not coming to the court due to a strike.

To this, Justice Anwar remarked, “This is a court. We have nothing to do with a strike.” Here, the ECP informed the court that it would the electoral symbols would be allotted to the candidates on January 13 (Saturday).

“If there is no symbol allotted to the PTI, their candidates would be considered independent,” ECP counsel Sikandar Shah Mohmand said.

He added that the interim relief of a stay order on the electoral watchdog’s December 22 ruling had ended today.

Here, Justice Ali asked, “Can this matter be solved if we make a decision

ward areas of the country. He extended support to the UNICEF’s initiatives of introducing technology in the education sector in the backward areas of the country.

The Prime Minister assured to provide all possible facilities for the UNICEF’s projects aimed at generating employment opportunities for the youth.

The Prime Minister was appreciative of UNICEF’s initiatives for the education sector in Azad Jammu and Kashmir despite severe criticism from India.

Anwaarul Haq Kakar described the role of UNICEF in Pakistan’s anti-polio campaign as of special importance. He said due to the mutual cooperation of the government of Pakistan and organizations like UNICEF, a positive change is being seen in the public attitude towards antipolio in the country.

The Prime Minister was informed that projects worth about one billion dollars have been executed under the UNICEF in humanitarian aid, clean water and food supply, education, health and other sectors over the last five years.

ECP just a ‘record keeper’, can’t revoke electoral symbol, PTI counsel argues in PHC PESHAWAR

Staff RepoRt

PTI’s Barrister Ali Zafar on Tuesday contended that the Election Commission of Pakistan (ECP) was just a “record keeper” and did not have the power to strip a political party of its electoral symbol as the Peshawar High Court (PHC) took up a petition challenging the watchdog’s decision to revoke the PTI’s ‘bat’ symbol and nullify its internal polls.

On December 22, the ECP had decided against letting PTI retain its electoral symbol for the February 8 election, saying that it had failed to hold intra-party polls — which saw Barrister Gohar Ali Khan becoming the PTI chairman — according to its prevailing constitution and election laws.

Subsequently, the PTI had approached the PHC. On Dec 26, the PHC had suspended till Jan 9 the ECP’s declaration of the PTI’s intra-party polls as unconstitutional as well as the subsequent revocation of the ‘bat’ symbol. It had also noted that general elections were scheduled for February 8 and the last date for allotment of election symbols was January 13.

On Dec 30, the electoral watchdog had filed a review petition in the PHC, ar-

today? A case in the Supreme Court would not be needed?” The ECP lawyer replied that the matter would not reach the apex court then.

When Qazi, the PTI lawyer, apologised to the PHC for the delay in Ali’s arrival, Justice Anwar directed him to tell the PTI leader that they would not wait further and gave a break in the hearing till 1:15pm.

When the hearing resumed, Barrister Zafar and Gohar appeared before the court and apologised for their late arrival.

In his arguments, Zafar recalled that those objecting to the PTI’s intra-party polls held in June 2022 had demanded that the party hold the elections again.

He argued that the PTI had submitted a record of its intra-party polls to the ECP, adding, “The election commission began raising questions on it later on.”

The PTI lawyer contended that none of those who had challenged the party polls were PTI members. “Our 800,000 voters do not include the names of the objectors,” he said.

Here, the ECP counsel said the petitioners had argued that the PTI’s intraparty polls had not been held according to he party’s constitution.

CONTINUED ON PAGE 03

lowing the conclusion of legal arguments.

Following the court’s decision, investigation teams from all police stations are authorised to conduct inquiries into Khan’s involvement within the confines of Adiala Jail. The court has explicitly directed that the Pakistan Tehreek-e-Insaf (PTI) founder cannot be removed from the jail premises.

The court adjourned the hearing and sought a comprehensive investigation report by January 11. The subsequent hearing is scheduled for January 11 at 10am within the premises of Adiala Jail.

The development comes day after the Special Court, hearing cases under the Official Secrets Act had issued an order for the release of PTI founder Imran Khan.

Judge Abul Hasnat Zulqarnain issued the release order of Imran, stating that the former premier’s bail had been approved and he shall be released if not wanted in any other case.

intention, refused to give information on one pretext or another.

As the proceedings commenced, copies of the case record were given to Bushra Bibi.

Imran was handed over the copies during yesterday’s hearing. The judge said charges would be framed against the suspects on Jan 17 and adjourned the case.

The court also rejected Imran’s post-arrest bails in both the Toshakhana and £190m references.

Speaking to reporters after the hearing, the PTI leader said it was alleged in the Toshakhana reference that he used his office boy as the prime minister for corruption of millions and billions of rupees.

CONTINUED ON PAGE 03

£190m reference: Court orders freeze on accounts, assets of Shahzad Akbar, Zulfi Bukhari ISLAMABAD

Staff RepoRt

An accountability court in the federal capital on Tuesday ordered a freeze on all assets and bank accounts of ‘absconding’ Pakistan Tehreek-e-Insaf (PTI) leaders Shehzad Akbar and Zulfiqar Bukhari in the £190 million case. Presiding over proceedings in the Toshakhana and £190 million references on Tuesday, Judge Muhammad Bashir also issued the same order for other accused in the case including Farah Gogi, lawyer Zia Mustafa, and other party leaders. The court also ordered authorities to seize all vehicles registered in the name of the accused. During the hearing of the case on Monday, the accountability court issued permanent arrest warrants for all accused. The National Accountability Bureau (NAB) also submitted the asset particulars of the six individuals accused in the £190 million scam case involving former prime minister Imran Khan and others. The case revolves around allegations of corruption and abuse of authority linked to a financial settlement during the PTI’s tenure, which reportedly incurred a £190 million loss to the national exchequer. NAB launched an inquiry into the scandal earlier this year. The inquiry transitioned into an investigation on April 30, leading to Imran Khan’s sudden arrest at the Islamabad High Court premises on May 9. This arrest triggered widespread protests nationwide. Subsequently, the Supreme Court declared Imran’s arrest on May 9 as illegal. On December 1, NAB filed a corruption reference against the former prime minister, his wife, and other suspects in an Islamabad accountability court.

The reference names a total of eight individuals, including Farhat Shahzadi aka Farah Gogi, PTI leader Zulfi Bukhari, Shahzad Akbar, and Barrister Ziaul Mustafa Naseem.

Request to stay SJC’s proceeding against Justice Naqvi rejected by SC ISLAMABAD

Staff RepoRt

The Supreme Court of Pakistan has rejected the request to stay the Supreme Judicial Council’s (SJC) proceeding against Justice Mazahar Ali Akbar Naqvi. Headed by Justice Amin ud Din Khan, a three-member bench of the apex court comprising Justice Jamal Khan Mandokhail and Justice Musarrat Hilali on Tuesday heard the petition of Justice Naqvi. During the hearing, the SC rejected the request to stay the proceeding of SJC against Justice Mazahar and instructed him to file the petition with amendment. The further hearing of the case was then adjourned for indefinite period.

02 NEWS

Wednesday, 10 January, 2024 | KARACHI

INDIA’S EXPORTS MAY TAKE A $30B HIT ON RED SEA THREATS

I

PROFIT

BlooMBeRg

NDIA may see around $30 billion shaved off its total exports in the current fiscal year, as threats to cargo vessels in the Red Sea lead to a surge in container shipping rates and prompt exporters to hold back on shipments.

The initial assessment, conducted by the Research and Information System for Developing Countries, a New Delhi-based thinktank, would mean a 6.7% drop in Indian exports, based on last fiscal year’s $451 billion total.

“The crisis in the Red Sea would indeed impact India’s trade and may lead to further contraction,” said Sachin Chaturvedi, the director general of the thinktank.

The government hasn’t released any official estimates on the impact of the Red Sea crisis on Indian exports.

The number of ships passing through the Suez Canal is down about 44% compared to the average for the first half of December, according to Clarkson Research Services

KP Bar Council boycotts court proceedings against shooting in judicial complex

Ltd, a unit of the world’s largest ship broker.

Vessels with a combined tonnage of about 2.5 million gross tons passed through in the week to Jan. 3, compared with about 4m tons at the start of last month, they said.

Yemen’s Iran-backed Houthi militants have targeted vessels transiting through the Red Sea with missiles in recent weeks. The Houthis say they are going after any vessels that have a connection with Israel.

For India, the Red Sea is a major route for shipping to Europe, the US East Coast, the Middle East and African countries.

Prime Minister Narendra Modi’s government is in discussions with export promotion councils to find ways to protect trade transiting through the route, according to two officials familiar with the matter.

Last week, India sent a warship to the Arabian Sea where a Liberian-flagged vessel said it was hijacked near Somalia’s coast.

The Indian Navy said it “successfully rescued” the ship.

The threats have pushed Indian exporters to hold back around 25% of the outbound shipments transiting through the Red Sea, ac-

cording to Ajay Sahai, director general of the Federation of Indian Export Organizations, which falls under India’s Trade Ministry.

“In many cases, both buyers and exporters are also renegotiating contracts to adjust to surging freight charges,” he said.

The spot rate for shipping goods in a 40foot container from Asia to northern Europe now tops $4,000, a 173% jump from just before the diversions started in mid-December, Freightos.com, a cargo booking and payment platform, said Wednesday. Rates from Asia to North America’s East Coast have risen 55% to $3,900 for a 40-foot container.

India usually exports a variety of goods including petroleum products, cereals, and chemicals using the Red Sea route. Exports in the current fiscal year are already flagging with a 6.5% contraction in the April to November period from a year ago, according to government data.

The Red Sea disruption could hit margins for India’s oil and auto sectors, Madhavi Arora, a lead economist with Emkay Global Financial Services Ltd, wrote in a note published Dec. 22. But the bigger con-

Taxation dispute prolongs refinery upgrade negotiations under new policy g

PESHAWAR

FBR INSISTS ON TAXING RELEASE FROM ESCROW ACCOUNT, WHILE REFINING SECTOR ADVOCATES FOR GOVERNMENT TO TREAT IT AS A GRANT TO AVOID TAXATION

Staff RepoRt

On the call of the Khyber Pakhtunkhwa Bar Council, the lawyers in eleven districts of the province and on the principal seat of the Peshawar High Court (PHC) have boycotted the court proceedings in protest against the incident of shooting and killing within the judicial complex here the other day. They expressed concern over an incident of shooting and killing in front of Anti Terrorism Court, within the premises of the judicial complex and termed it a highly regrettable incident, adding that despite security deployment the accused managed to enter the judicial complex with weapons.

The bar urged the government to ensure fool-proof and efficient security of all the courts of the province and warned that the strike would be extended in case security measures were not provided. The bar requested the lawyer’s community to cooperate with the security personnel during the search at the entrance and exit points so that no one could take advantage of a lawyer’s uniform.

All covid variant patients fully recovered: Health minister ISLAMABAD

Staff RepoRt

Caretaker Federal Minister for Health Dr. Nadeem Jan on Tuesday confirmed four cases of a new variant of Corona, JN1, which is an Omicron sub-variant. In a statement, the health minister said that all patients have recovered as they have mild symptoms. Dr Nadeem Jan, the caretaker health minister, assured that authorities are closely monitoring the situation. In response to the emergence of JN1, Border Health Services, alongside national and provincial health authorities and laboratories, are on high alert to ensure robust disease surveillance.

Rigorous screening measures have been implemented at international airports across entry and exit points.

The minister said international airports have an effective screening system at all entrances and exits. He stated that the Border Health Services Department is implementing the recommendations of International Health Regulations. He said that the federation and provinces are fully alert.

He added 90 per cent of Pakistan’s population have already been vaccinated.

Nadeem Jan asked citizens to use masks, distance and other precautions to avoid spreading diseases like COVID-19 or flu in winter.

cern could be inflation, which has been above the central bank’s comfort zone of 4% since the end of 2019.

“Higher global freight and insurance

PROFIT

MoNitoRiNg DeSk

The refining sector faces challenges in finalizing agreements with the government for upgrading facilities to produce cleaner fuels under a new policy. according to The News.

A news story published in The News tells that with the deadline for signing agreements set to expire on January 16, 2024, both sides need to resolve the taxation escrow account dispute. Under the policy, the release from the joint escrow account will follow a pro-rata basis, with a maximum of 25 percent from the escrow account and 75 percent from the refinery’s re-

sources for the upgrade, subject to auditing by internationally reputed firms for transparency and accountability.

However, the Federal Board of Revenue (FBR) insists on taxing the release from the escrow account, while the refining sector advocates for the government to treat it as a grant to avoid taxation.

Industry officials argue that any taxation would render the upgrades economically unfeasible for the refineries. Four refineries—Pak Arab Refinery Limited (PARCO), National Refinery Limited (NRL), Attock Refinery Limited (ATRL), and Cnergyico Limited—have not signed agreements for their upgrades, citing concerns over

taxation, arbitration, force majeure, and import incentives misalignment with the announced policy.

Pakistan Refinery Limited (PRL) is the sole refinery to have signed the agreement in November last year.

The Cabinet Committee on Energy (CCoE) extended the deadline for signing agreements by two months, set to expire on January 16, 2024. The policy, implemented on August 17, 2023, offers incentives and concessions to existing refineries investing in upgrading to produce Euro-V-compliant fuels, contributing to environmental conservation.

Refineries were required to sign upgrade agreements with the Oil and Gas Regulatory Authority (OGRA) within three months of the policy announcement.

The aim was to attract $4-5 billion in refining sector investment to reduce the burden on foreign exchange reserves and dependency on imports.

The policy emphasizes that a modern refining sector will stimulate economic growth, benefitting consumers, stakeholders, and adjacent industrial development.

The taxation issue remains the sole outstanding challenge after resolving other concerns, with efforts underway to reach a resolution in the next two to three days to proceed with the signing of upgrade agreements, according to a senior official from a local refinery.

Govt takes steps to activate $1.5b uplift fund for development projects g

ESTABLISHED IN 2014 WITH FINANCIAL SUPPORT FROM SAUDI ARABIA TO TACKLE FOREIGN EXCHANGE CHALLENGES, PAKISTAN DEVELOPMENT FUND HAS REMAINED LARGELY DORMANT PROFIT

NewS DeSk

The caretaker government is taking steps to breathe new life into the Pakistan Development Fund Ltd (PDFL), a state-owned entity with $1.5 billion earmarked for financing public sector development projects.

Initially funded by Saudi Arabia in 2014 to address foreign exchange challenges, PDFL has been largely inactive.

The Ministry of Finance is now in the process of hiring a CEO for PDFL, tasked with jumpstarting its operations,

attracting foreign investments, and facilitating financing for strategically chosen projects in the country.

PDFL, initially focused on setting up LNG-based power plants, has been granted non-banking financing company (NBFC) status, allowing it to engage in various financial services related to investment, asset management, corporate finance, money market activities, and capital market activities.

The CEO, appointed for an initial three-year term, will be pivotal in developing and implementing PDFL’s corporate strategy, overseeing project

selections, and engaging with international lenders and private sector stakeholders. This initiative aligns with the government’s broader strategy to streamline infrastructure financing and public-private partnerships.

In tandem with these efforts, the government recently issued guidelines on Fiscal Commitments and Contingent Liabilities (FCCL) for federal PPP projects. These guidelines aim to enhance the quality and cost-effectiveness of public infrastructure, manage longterm fiscal costs, and ensure fiscal sustainability throughout the project lifespan. The focus is on optimizing the benefits of private sector participation while achieving long-term infrastructure development goals.

This comprehensive approach underscores the government’s commitment to revitalizing dormant financial entities and ensuring transparent, sustainable development in the country.

Steel prices increase by up to Rs3,000 per ton amid Red Sea crisis, rising production expenses g

RETAIL PRICES FOR STEEL REBAR NOW RANGE FROM RS263,000 PER TON TO RS268,000 PER TON PROFIT

NewS DeSk

Steel rebar prices in the country have experienced an increase of up to Rs3,000 per ton due to supply chain disruptions caused by the Red Sea crisis and a simultaneous rise in domestic utility prices.

Following this upward adjustment, retail prices for steel rebar now range from Rs263,000 per ton to Rs268,000 per ton.

Producers are passing on the heightened production costs to consumers.

A series of missile and drone strikes on shipsin the Red Sea, attributed to Yemen’s Houthi militants, has resulted in significant disruptions to global trade.

A US-led force has increased naval pa-

trols in response to these attacks, but the threat has prompted shipping companies to reroute a substantial portion of the Red Sea’s regular container traffic around the southern tip of Africa—a longer and more costly journey. As of early January, with little indication of a de-escalation by the Houthis, container-ship fleets are avoiding the route, raising concerns about extended transit times and potential price hikes for various consumer goods.

The longer journeys may impact prices for items ranging from sneakers to food to oil. While there were initial worries about disruptions to energy flows, particularly regarding Europe’s reliance on tanker-borne gas as a substitute for Russian pipeline gas, the current impact has been limited.

rates, possible upside risk to oil and global trade and re-emergence of potential supply chain would mean cost push inflation pressures,” she said.

PSX to conduct three GOP Ijarah Sukuk auctions in 1Q of 2024 PROFIT

NewS DeSk

The Pakistan Stock Exchange (PSX) announced on Tuesday the auction calendar for the sale of GOP Ijarah Sukuk (GIS) for the first quarter of 2024. The GIS are Islamic bonds backed by government-owned assets that offer a Shariah-compliant alternative to conventional treasury bills.

According to the PSX notice, the auctions will be held in accordance with the Auction Target Calendar from January 2024 to March 2024. The notice also follows up on a previous notice issued on December 7th, 2023. The PSX will conduct three types of GIS auctions: Short Term (12 Months), Fixed Rate, and Floating Rate. The shortterm auctions will have a target auction size of PKR 40 billion, PKR 30 billion, and PKR 30 billion respectively for January, February, and March. The Fixed-rate auctions will have tenor-wise targets of three and five years, with a total target auction size of Rs 30 billion, and Rs 60 billion each. The Floating Rate auctions will also have tenorwise targets of three and five years, with a total target auction size of Rs 30 billion to Rs 60 billion each. The auction will be held on January 23rd, February 20th, and March 19th respectively. However, the PSX notice states that all auction dates from February onwards are subject to availability of assets.

The settlement dates for the auctions are January 25th, February 22nd, and March 21st respectively. The GIS auctions are part of the government’s efforts to diversify its sources of financing and reduce its reliance on conventional debt instruments. Earlier, the government raised Rs479 billion through the sale of one-year Ijarah Sukuk at the PSX on December 9, attracting 16 times more than the target amount of Rs30 billion.

PC advances talks for FWBL and HBFC sale, seeks legal separation of PIACL PROFIT

NewS DeSk

The Privatisation Commission Board has taken significant steps toward negotiating the sale of two state-owned banks, First Women Bank Limited (FWBL) and House Building Finance Company Limited (HBFCL). In a meeting chaired by caretaker Minister for Privatisation Fawad Hasan Fawad, the board approved the formation of a negotiation committee to finalize the HBFCL transaction.

Additionally, transaction committees for HBFC and FWBL were sanctioned. The board’s discussions also delved into the proposed transaction structure for the divestment of Pakistan International Airlines Corporation Limited (PIACL).

This strategy involves separating the core aviation business and assets from non-core assets and liabilities. A consultative meeting with key government stakeholders, including finance, aviation, law, privatisation division secretaries, and the CEO of PIACL, along with financial advisors, further examined the roadmap for the legal segregation of PIACL. The meeting outlined a plan to make core aviation services more appealing to potential investors while retaining non-core assets in a holding company for later disposal. Financial advisors presented a proposal for the legal segregation of PIACL during the session, with a focus on eventually divesting core aviation services.

The board is set to reconvene to deliberate on the approval of PIACL’s legal segregation/draft scheme of arrangement and the transaction structure proposed by financial advisors. Upon the board’s endorsement, the legal segregation plan and transaction structure will be submitted to the Federal Cabinet through the Cabinet Committee on Privatization (CCOP) for final approval. Caretaker Minister Fawad emphasized the urgency of expediting the privatization process, underscoring the importance of transparency and competitiveness in these transactions.

PRESIDENT FOR IMPLEMENTING JOB QUOTA FOR PERSONS WITH DISABILITIES

NEWS 03

Wednesday, 10 January, 2024 | KARACHI

P

ISLAMABAD

Staff RepoRt

RESIDENT Dr Arif Alvi on Tuesday underscored the need to implement employment quota for persons with disabilities (PWDs) at all levels of the government for their financial empowerment.

He suggested that the government departments should identify jobs for PWDs and provide them employment as per their skill sets to increase their inclusion in the workforce, President Secretariat Press Wing said in a press release.

The president expressed these views while chairing a meeting on implementing employment quota for Persons with Disabilities (PWDs), at Aiwan-e-Sadr.

Secretary Ministry of Human Rights

Fawad Chaudhry’s remand extended in ‘corruption’ case

Allah Dino Khowaja, Secretary Federal Public Service Commission (FPSC) Syed Hasnain Mehdi, Special Secretary Establishment Division Ali Tahir and senior officials of the government attended the meeting. Highlighting the need to make PWDs productive members of society, the president said that they made up almost 12% of Pakistan’s population and affirmative actions like job quotas could help overcome existing barriers to their employment.

He underscored the need to equip PWDs with employable skills and link them with potential employers to provide jobs to them as per the nature and severity of their disability. The president emphasized the need for attitudinal change towards PWDs by the society to encourage them to actively participate in socio-economic activities. He recalled that he had

ISLAMABAD

been urging private schools to admit children with disabilities and take measures to promote inclusive education in mainstream educational institutions.

Secretary FPSC briefed the meeting

about the steps taken by them for the facilitation of PWDs. He informed that PWDs were eligible to appear in CSS exams against all occupational groups and FPSC was especially facilitating them by providing them additional time and writing assistants during the exams. It was also apprised that PWDs were being given two-year relaxation in the upper age limit under the CSS Competitive Examination Rules. The Establishment Division informed that they were vigorously pursuing the implementation of 2% job quota with all ministries, divisions and departments. The president asked the participants to identify roadblocks and difficulties in the implementation and fulfilment of job quotas for PWDs in the government sector. He appreciated the ministries for their cooperation towards the cause of PWDs.

Maritime security exercise SEA GUARD-24 commences at Karachi

Staff RepoRt

The Islamabad Accountability Court on Tuesday extended the physical remand of the former federal minister Fawad Chaudhry for allegedly involved in financial irregularities in construction projects near Jhelum. The Duty Judge Shahrukh Arjumand of the Accountability Court presided over the hearing, where the NAB sought an extension in the physical remand of Fawad Chaudhry for 10 days. The duty judge after hearing the argument from both sides approved the twoday physical remand and sent former federal minister Fawad Chaudhry under NAB’s custody. The court directed the authorities to produce the accused before the court on January 12. On December 30, an accountability court in Islamabad granted a six-day physical remand of former federal minister Fawad Chaudhry in a case about alleged irregularities in the dual carriageway project. Accountability court Judge Muhammad Bashir heard the case while NAB Prosecutor Irfan Bhola, Investigating Officer (IO) Sohail Arif, and Fawad’s counsel, Faisal Fareed Chaudhry appeared before the court.

During the hearing, The NAB prosecutor argued that a 14-day remand was requested during the last hearing but 10 days were given.

PTI’s founder, Bushra Bibi indicted in Toshakhana case CONTINUED FROM PAGE 01

“Being the premier, I used no one else but the office boy […] how is that possible?” Imran asked, adding that two persons, including an office boy, were made approvers against him.

“Is this society running on [the concept] of Amr Bil Maroof (enjoin the good)?” he further questioned. “I am being punished for trying to bring the mighty under the law,” Imran added.

Asad Umar, Imran’s sisters bail extended Earlier in the day, a Lahore Anti-Terrorism Court (ATC) court extended the pre-arrest bails of former PTI leader Asad Umar and Imran’s sisters — Uzma Khan and Aleema Khan — in multiple cases pertaining to the May 9 riots until February 10. Imran’s sisters appeared before the court, while an application was filed on behalf of Umar seeking a one-time exemption from personal appearance. The court subsequently extended their bail till February 10. Speaking to the media outside the court, Aleema said that the end of PML-N supremo Nawaz Sharif’s lifetime disqualification was part of the “London plan”.

She was referring the Supreme Court verdict on nullifying lifetime disqualification for lawmakers under Article 62(1)(f) of the Constitution. She alleged that her brother had informed the country of this plan a year and a half ago, saying an “agreement” was made in London, where Nawaz spent nearly four years in self-exile, and the current scenario was playing out according to a script. She regretted that women had protested peacefully in May yet they were still imprisoned. Talking about Imran, Aleema said she fully believed the judges were committed to ensuring justice. She said a wave of happiness would spread throughout Pakistan if Imran was given justice.

KARACHI

Staff RepoRt

The opening brief of Exercise SEA GUARD-24 was held at Karachi on Tuesday with Commander Coast Vice Admiral Raja Rab Nawaz as Chief Guest.

Representatives of various ministries, departments and organizations having linkages with maritime sector like Ministry of Defence, Ministry of Maritime Affairs, Ministry of Livestock and Fishing Sindh, Ministry of National Food Security and Research, Ministry of Interior, Ministry of Narcotics Control, private entities and NGOs were involved

in the exercise to support multifaceted challenges of Maritime arena both from traditional and non-traditional threats.

The session which includes Pakistan National Shipping Corporation, Anti-Narcotics Force, Pakistan Coast Guards, PMSA, KPT, Port QASIM, BYCO Petroleum was attended by leadership of various organizations in addition to other prominent figures from private sector and fishing community.

Exercise Sea Guard aims to synergize efforts of stakeholders while remaining within their legal framework through a common pedestal of Joint Maritime Information Coordination

Centre (JMICC) to ensure security of Maritime Zones of Pakistan. During the opening brief, participants were briefed about working methodology and contributions of JMICC to ensure maritime safety and security along our Coastline.

Commander Coast Vice Admiral Raja Rab Nawaz applauded the efforts of all stakeholders in their contribution for a safer Maritime environment. The exercise includes conduct of various practical scenario based exercises at sea along with Table Top Discussions to improve existing mechanism of security.

Exercise will conclude with a debrief session on 18 Jan 24.

Monetary Mayhem: Consequences of flushing the economy with money supply CONTINUED FROM BACK PAGE

Syed Salim Raza (former governor of SBP), Sultan Ali Allana (Chairman of the board of Habib Bank Limited) and Zafar Masud (President and CEO of Bank of Punjab) authored an article jointly titled “Transitioning away from cash economy”. It discussed the impact of OMO injections on the money supply.

“In the last two years, the single largest contributor to the money supply has been the SBP’s OMOs. The size of OMOs increased to a staggering Rs 9.4 trillion by the end of September 2023, roughly the same size as the CinC — and close to the size of outstanding private sector credit”, read the article.

As of December 2023, the money supply has exceeded Rs 32 trillion. SBP data indicates that the CinC at the end of December 2023 stood at Rs 8.7 trillion, which is equivalent to 27% of the total money supply. At the end of June 2023, CinC stood at Rs 9.2 trillion, equivalent to 30% of the total money supply, or around 11% of the national gross domestic product (GDP).

HIGH MONEY SUPPLY LEADING TO HIGHER INFLATION Injection of such large amounts of liquidity is one of the primary contributors to runaway inflation and has undermined SBP’s monetary policy efforts to control the price levels.

“An excess of money in circulation relative to the available goods inevitably drives up prices due to increased demand. In Pakistan’s context, heightened consumer purchasing power for additional goods leads to a surge in imports. This surge in imports, in turn, amplifies the current account deficit and contributes to the inflationary pressures within the economy. It also results in currency depreciation,” explained Farooq.

According to the monthly economic update and outlook report of December 2023 published by the finance ministry, in November 2023, the CPI inflation was recorded at 29.2% on a year-onyear basis, up from 23.8% in November 2022 which was more than the expectation of the analyst community.

To counter the high money supply, the SBP has maintained the policy rate at 22% since June 26, 2023. The sustained high policy rate has curbed the expansion in the money supply to some extent, as the broad money (M2) growth decelerated to 13.7% year on year as of November 24, 2023, from 14.2% as of end-June.

However, this came at the expense of the private sector, which has almost been cut off from the credit market.

“This deceleration is attributed to net retirements in private sector credit and more than seasonal decline in commodity operations financing,” read the offi-

cial statement of the monetary policy committee meeting held on the 12th of December.

WAY FORWARD Farooq stressed that the only solution for the government to decrease the money supply and inflation is to control the fiscal deficit. To achieve this, expenditures need to be reduced and revenue needs to be increased. The December economic outlook report by the finance ministry paints a positive picture, total revenue receipts outpaced the growth in expenditures. The fiscal deficit has been curtailed to 0.8% of GDP, and the primary surplus improved to Rs.1.4 trillion during the first four months of fiscal year 2024.

The primary surplus improved owing to contained growth in nonmarkup spending recorded Rs.1.4 trillion (1.4% of GDP) during Jul-Oct in the fiscal year 2024 from Rs.136.2 billion (0.2% of GDP) last year. Net federal revenue receipts increased to Rs 2.8 trillion in the same period from Rs 1.3 trillion last year. The sharp rise in revenues was due to considerable improvement in non-tax revenues that grew by more than 300% during the period under review.

Further, going forward, interest rate cuts are expected in the next 12 months which will also reduce the fiscal burden.

Usman Dar’s brother in Sialkot police custody, LHC told LAHORE

Staff RepoRt

The Punjab government told the Lahore High Court (LHC) on Tuesday that Umar Dar, the brother of former PTI leader Usman Dar, was currently in the custody of Sialkot police. The development came as the court took up a petition filed by Usman against the alleged illegal detention of his brother by law enforcement agencies. On Dec 30, the PTI claimed that Usman had been abducted in Lahore.

Subsequently, the LHC directed the police to recover Umar within 24 hours. Last week, the LHC rejected as dissatisfactory a report by the Punjab police denying the arrest or custody of Umar. The next day, it directed Punjab Inspector General Dr Usman Anwar to file a fresh report in light of CCTV footage of the alleged abduction.

It should be noted that in December, the Dar brothers’ mother Rehana had accused PML-N stalwart Khawaja Asif and the police of raiding their Sialkot home and manhandling her. Asif and Sialkot police had denied the claim. Justice Ali Baqar Najafi presided over today’s hearing, which was attended by Rehana and Umar’s daughter. Punjab Additional Advocate General Ghulam Sarwar Nihan appeared as the provincial government’s lawyer while Abuzar Salman Niazi was Umar’s counsel. During the hearing, Nihan told the court, “Umar Dar is in police custody.”

“He was arrested on January 8 from Gujrat,” the counsel claimed, adding that he was in Sialkot police custody at the Cantt police station. The provincial counsel further said Umar had been nominated in two first information reports, which Niazi told Dawn.com were related to the violent riots of May 9 that followed ex-premier Imran Khan’s arrest. The lawyer said the Punjab police arrested Naizi and then transferred his custody to the Sialkot investigation police. On the occasion, Umar’s mother thanked Justice Najafi, saying he had made a “just decision”. Following the hearing, Niazi said his client had been “located”.

In a post on social media platform X, he said, “Finally Punjab police has admitted before LHC Justice Baqar Najfi that Umar Dar is in custody of Sialkot police related to first information report in Cantt Police Station, Sialkot.

Only 400 Kashmiris apply for Hajj against 11,500 allotted quota SRINAGAR

Staff RepoRt

The dream of performing Hajj has gone out of reach for many in Indian illegally occupied Jammu and Kashmir owing to Narendra led Modi government’s crippling economic policies in the territory. According to Kashmir Media Service, this year, a significant drop in applications has been witnessed as only 400 applied against the allotted quote of 11500.

Direct and indirect measures taken by the Modi government to weaken the territory’s economy including deliberate attempts to destroy local businesses and fruit market and skyrocketing pilgrimage costs are cited as some main factors behind sharp drop in Hajj applications. This number is a stark contrast to the 14,200 applications received last year. “The overarching factor is the inflation affecting the affordability of the pilgrimage,” lamented an aspiring pilgrim.

In another brutal measure aimed at increasing the Kashmiris’ dependence on India, the authorities are ‘advising’ the Kashmiri applicants to embark from Delhi or Mumbai, instead of Srinagar.

Hearing of appeals against nomination papers concludes today ISLAMABAD

Staff RepoRt

The process of hearing appeals against acceptance or rejection of nomination papers of candidates by the appellate tribunals for the general elections 2024 will complete on Wednesday. According to a spokesperson of the ECP, the tribunals headed by high court judges would conclude hearing of the appeals on Wednesday and the revised list of candidates would be published on Thursday. “The withdrawal of nomination papers is scheduled for January 12 (Friday) and the final list of candidates will also be released on the same day,” he said. The allocation of election symbols to the candidates was slated for January 13 (Saturday), and the polling would take place on Feb 8, the spokesperson added.

ECP just a ‘record keeper’, can’t revoke electoral symbol, PTI counsel argues in PHC CONTINUED FROM PAGE 01

“The PTI will be deprived of its share from 227 specific seats,” Barrister Zafar said, adding that if the ‘bat’ symbol was taken away from the party, it would be rendered dormant. At this, Justice Ali asked the PTI counsel if his objection was on the matter of intra-party polls not falling within the ECP’s jurisdiction. “If a decision is not made today, hundreds of thousands of people will be deprived of the rights of a [political] party,” Zafar argued.

The ECP lawyer then claimed that “no one was allowed to take part” in the party elections and that “everything was decided from before”.

“Can intra-party polls be held if electoral symbols still have to be allotted on January 13?” Justice Ali asked Mohmand, to which he replied that the PTI had not sought nomination papers from any candidate.

Here, the PHC asked the parties if the hearing should be adjourned till Thursday, at

which Zafar requested the court to restore the interim relief given earlier.

However, Justice Anwar refused to grant the same, stating that the “interim relief was the final request”. Zafar then said the party would not be able to provide the ECP with the list of its candidates as the symbols have to be allotted on January 13. The court then directed him to continue his arguments.

Subsequently, the PTI counsel read out loud the ECP’s order on PTI’s intra-party polls, highlighting that the party had held its internal elections on the electoral watchdog’s orders which resulted in Barrister Gohar being elected as the chairman.

“Barrister Gohar signed on record and submitted it to the ECP,” Zafar said, adding that the commission did not have the power to declare the intra-party polls null and void.

“Even if intra-party elections are not held, the ECP cannot snatch a party’s electoral symbol,” he argued. “The ECP is only a record keeper.”

He further pointed out that the only ob-

jection raised by the commission to the party’s intra-party polls was that the appointment of the chairman was not done properly.

“The ECP’s verdict is based on malafide and should be nullified,” Zafar pleaded.

After the PTI counsel wrapped up his arguments, the court adjourned the hearing for 15 minutes. When the proceedings resumed, ECP counsel Mohmand started presenting his arguments. He said the Lahore High Court had dismissed the case as it was already fixed before the Supreme Court. “Two courts cannot be approached for relief at the same time,” he contended.

On allegations that the ECP verdict was issued in haste, the lawyer highlighted that the PTI was given several chances to implement the commission’s orders. The ECP had categorically said that the PTI would be stripped of its electoral symbols if intra-party polls were not held, he said.

Mohmand said the electoral watchdog had even granted the PTI a year to hold polls due to the Covid-19 pandemic and had is-

sued several notices in this regard as well.

He claimed that the PTI took several “uturns” in its documents as well, alleging that the party made amendments to its constitution but withdrew them when the election commission summoned it. “If the intra-party polls were held on the amendments withdrawn, then these polls would be nullified,” the lawyer added.

The ECP, he continued, was of the view that the PTI did not transparently hold its internal elections. Mohmand added that the party’s claim that the election commission was not empowered to revoke the electoral symbol was false and the ECP had the constitutional power to do the same.

“The commission is responsible for conducting free and fair elections,” he said.

Moreover, the ECP counsel clarified that the commission had only revoked the PTI’s ‘bat’ symbol. On the intra-party polls, he said that they should not just be in accordance with the party’s constitution but also the Elections Act. A party is bound

to satisfy the ECP on its internal elections, Mohmand added.

Here, Justice Ali asked if the election commission could take action on the issue of intra-party elections. “Yes, absolutely,” the ECP counsel replied.

Meanwhile, Justice Anwar inquired if the electoral body had issued notices to the PTI, to which Mohamand said three showcause notices had been served to the party.

But the judge interjected that these notices were issued before the intra-party polls.

“Should a notice not have been issued after the internal elections?” Justice Anwar asked. The ECP counsel replied in the negative, saying that the case was already being heard and there was no need for a new showcause notice.

“The ECP is not a court,” he contended.

“The election commission is an independent regulatory body and has constitutional authority.” The hearing was subsequently adjourned for tomorrow after the ECP counsel concluded his arguments.

04 COMMENT

The US and Israel failed peace thirty years ago

Polio vaccine team attacked The attacks on a polio vaccine team, which left five policemen dead in Bajaur and two in Bannu, shows the issue is danger of being ignored

t

HE blast which killed five policemen while they were off to perform escort duty for vaccinators as they went to a village in Bajaur district itself showed the vaccinators need protection, as did the blast in Bannu, in which two policemen were killed. Of course, it showed the need for at least a modicum of secrecy about what is a very public activity by its very nature. Without knowing where the vaccinators’ schedule, and the probable route to be used by their security detail, the IED used could not have been planted. However, the occurrence of the blast does not only show that antivaxxers have the capacity to make such attacks, but the issue of polio vaccines may be slipping under the radar in the maelstrom of terrorism directed at the coming elections.

While election security is very important, two things must not be lost sight of. First, the same forces which are spreading terrorism, which is resurgent, are anti-vaxxers. therefore, the rise in general terrorism will be accompanied by the rise in such attacks on vaccination teams. second, whoever wins the coming elections, will also have to deal with the polio problem. that it cannot be handled except by mass vaccination campaigns must be acknowledged. It must also be admitted that there is a problem in the region. Only Pakistan and afghanistan have reported cases of polio, six each last year. there seems to be only one area, consisting of contiguous areas in the two countries, which are reporting these cases. so virulent is the opposition to the vaccine, that cops are seen as fair game, even before the4y begin escorting the vaccinators. the caretakers have now got the bother of providing security, but they need to ask themselves how much effort they have put into reaching and vaccinating the last ‘zero dose’ children. the purpose of a caretaker government is to make sure that the wheels of government keep moving.

While the PtI and PDM governments cannot be said to have prioritized the issue, at least they did not reverse the policy. the caretakers should have been more proactive, and instead of trying to revive the economy, should have worked harder on breaking the transmission chain. It is worrisome for the future of our children that the wild poliovirus is still being found.

How the Palestinians were stifled right after Oslo

L

WAShington WAtch dR JAmeS J Zogby

ast week, The New York Times carried a lengthy tom Friedman article, “What Is Happening to Our World.” In it, Friedman makes the claim that Hamas could have turned Gaza into Dubai if only they had made the right choices in 2005. I hold no brief for Hamas. their suicidal policies have brought terrible pain to Palestinians, but Friedman’s argument, which I’ve heard others make, is so fanciful and ahistorical that it must be rebutted. the reasons for the Palestinian territories’ lack of development go back 10 years before the fateful elections of 2005 that brought Hamas to power. I know because I was there and watched this disaster unfolding in real time. While Palestinians were not without fault, it is cruel to blame them for Israeli policies that deliberately strangled the Palestinian economy and the failure of the Usa to take effective measures to counter them.

From 1993 to 1996, I co-chaired a project, Builders for Peace, launched by Vice President Gore to promote Us investment in the Occupied territories. In that capacity, I chaired the session on the

Palestinian economy at the 1994 Casablanca Economic summit and traveled to the region with secretary of Commerce Ron Brown. and on several occasions I led delegations of Us business leaders to the West Bank and Gaza to promote business partnerships that would spur economic development.

We were motivated by a World Bank study that observed that the Palestinian private sector in the territories could be the engine for growth if they could secure investment and had the opportunity to freely engage in trade with the outside world. We knew, as Vice President Gore noted, that expanding economic opportunities wouldn’t bring peace, but that without these opportunities achieving peace would be impossible.

Our initial delegation visits gave us hope. Prominent Us businesses were impressed with the Palestinian businessmen they met, and some deals were struck.

In the months that followed, it became clear that the Israelis were unwilling to allow Palestinians or their Us partners to import raw materials or export finished products without Israeli control or an Israeli middleman. as a result, the deals we had lined up collapsed. the problem ran deeper. One day I received a call from an official at the Us Department of agriculture. there was a shipment of 50,000 flower bulbs the Usa had tried to get into Gaza. the bulbs sat awaiting Israeli clearance for so long that they rotted. Israel didn’t want competition for its own flower exports. the agriculture Department had enough funds for another shipment of bulbs but didn’t want to risk the expenditure if the result would be the same.

In frustration, in 1995, I wrote a lengthy memo to President Clinton. I also testified with a number of my colleagues from BfP before the senate Foreign Relations Committee detailing the Israeli impediments to investment and economic growth in Palestinian lands.

In my letter and testimony, I noted that the situation— less than two years after Oslo— had become

Hamas didnÊt create the mess; they inherited and preyed off of the despair that was left to them by IsraelÊs suffocating control and US neglect and acquiescence. Hamas handled it badly, to be sure, but the reason why Gaza didnÊt become Singapore, which is what Yasser Arafat had set as his North Star, or Dubai, had less to do with HamasÊ choices and more to do with those who failed Palestinians and peace

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

Yousaf Nizami

An emerging menace in Turbat Editor Umar Aziz M. A. Niazi Joint Editor

Child labour adds to the woes of the area

C

HIlD labour is growing at the alarming pace across various parts of Balochistan and is a certain destructive tool to devastate the future of Balochistan’s will. Children ranging from different ages are apparently seen working at different workplaces with lots of burdens on their shoulders only to earn a small amount per every day to survive their days and nights. turbat, the second largest city of Balochistan, has the greatest number of child labourers as compared to other provinces of Pakistan but still it is decaying particularly because of negligence and ignorance of this issue by the concerned authorities, and Balochistan has become the hub of out-of-school children. after a survey across turbat, when an 18year-old boy, Essa Nadeem, a resident of a far flung area of turbat (Khairabad) declared, “I wish to pursue my education at university level after the completion of my intermediate but alas! I quit up my education and worked in a shop as a child labourer when my father left the world and I had to endure hardships to fulfil the responsibility of my small family.”

Child labour is a major impediment which terminates a person’s education. the city of turbat is full of such misery stories, where children quit their education and worked as child labour.

Every child wants to get enrolled in school instead of a workplace. Happly some children carry the bags towards schools, but sadly too many children wake up before the sun rises and rush towards their workplaces and return at home after the sunset with enduring unbearable pain.

However, the 1973 Constitution guarantees to stop the children from working at the earlier age of life, as article 25a guarantees fundamental education for every child aged 5 to 16. after observing the children at different workplaces in a large number, it is crystal clear that the constitution remain unimplemented.

In addition, there are some certain factors which help make child labour a growing crisis: factors such as poverty, low family income, inflation, illness and death in the family, debt, even lots of children are forced to work by the family. allah Baksh, a Class 8 student of 16, who resides in turbat (salala Bazaar), was a par-time

worker in a garage in the evening. When asked about the factor which made him obliged to work in a garage, he asserted, “I passionately and overwhelmingly wanted to study in the evening in an academy after my school classes, but unfortunately the constant inflation was the factor why I worked in a garage as a part-time worker; since, my father could only work at home, which is insufficient to meet the requirements of the home; hence, I was asked by the family to work with the study so as to earn a small amount of money.”

On the other hand, article 37a states about the protection of children to ascertain that the children shall not engage in work unsuited to their age and sex. Meanwhile, lots of children are engaged in hazardous jobs; reportedly a child, amir, 15, was working with adult male labourers and faced the worst consequences of work because of tough activities and died when a block hit his head. after admitting him to hospital, a doctor reported “a big block hit his head and he passed away”. the government must ensure that children are safe and secure at the workplace.

Psychological effects including depression, anxiety, hopelessness, shame, guilt, loss of confidence are some of the horrible emotional effects which are long-lasting issues. the children are also involved in life-threatening jobs such

as sex work, smuggling, drug sale and suchlike. a study conducted by Malalqa in 2004 in Jordan showed that working children have a lower level of adaptive skill, poorer physical health and demonstrate unwanted social behaviour. Due to child labour, children are separated from their families and communities and encounter sexual abuse and emotional trauma.

While speaking at a seminar a child psychologist said, “While children working at an earlier age at different workplaces survive in the worst atmosphere such as an abusive environment, drink alcohol, face trafficking issues, adopt criminal behaviour hence, these effects thoroughly affect their future rather it moves generation to generation.”

Further, he added, children working in their earlier age always try to find an isolated environment for themselves and always try to find a difference between them and others, by devaluing their self-esteem, and considering themselves inferior to others while lots of children are mostly separated from their families and they never try to create similar bonding with their families, rather adopt different conduct and behaviour.

Irrespective of everything else, children as the backbone of the nation must get all their fundamental rights and most importantly they shall get the opportunity of education to contribute better towards the nation.

The writer is a freelance columnist

dire. Israel’s closure of Palestinian lands and imposition of internal checkpoints across the West Bank following Baruch Goldstein’s massacre of Muslims in the mosque in Hebron had taken a toll in Palestinian support for peace. settlements were growing, as was Palestinian unemployment. In the West Bank unemployment was over one-third of the workforce, while in Gaza it had reached a staggering 62 percent. specifically citing Gaza, I noted: “Despite promises from the international community, not a single job-creating infrastructure project has begun. Open sewage remains a serious health hazard. Instead of real progress, Palestinians got observers, studies, pledges, and unfulfilled promises, and blame.

“Young Palestinians want nothing more than to have a job, live a meaningful life, raise a family and see them prosper. their anger is the product of despair— born of fear and frustration that they have no future. If peace is to survive, we must attack this crisis with all the resources and capabilities we have to show Palestinians that the promise of peace can be realized.”

Our asks were straightforward: that the Palestinian private sector be able to secure investments; that Israel be pressured to allow Palestinian businesses to import and export with the outside world; and that international donor funds be directed to job-creating projects. One of my BfP Jewish colleagues noted that the onus was on the Uss and Israel, not the Palestinians, to make these happen.

While President Clinton and the senators expressed support, our recommendation that Israel be pressured to let go of the reins and allow Palestinians to breathe and grow was rejected by the administration’s “peace team.” they argued that any pressure on Israel would impede their negotiating efforts. all this happened in the 1990s, not 2005. In a real sense, Hamas didn’t create the mess; they inherited and preyed off of the despair that was left to them by Israel’s suffocating control and Us neglect and acquiescence. Hamas handled it badly, to be sure, but the reason why Gaza didn’t become singapore, which is what Yasser arafat had set as his North star, or Dubai, had less to do with Hamas’ choices and more to do with those who failed Palestinians and peace.

The writer is president of the Arab American Institute

Executive Editor

Abdul RAhmAn ShAbeeR

Wednesday, 10 January, 2024

Editor’s mail

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

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

A good step

FINallY, with the initiative of launching Pakistan’s own locallyproduced hybrid electric vehicles (HEVs) production facility, the country has moved one step closer to the fulfilling the commitments that it has been making to transition itself away from the current fossil fuel-based auto industry for a greener Pakistan. this initiative will surely further strengthen the local automobile industry which needs this boost rather badly.

SYED OVAIS AKHTAR KARACHI

Local products

MaNY Pakistanis are boycotting international brands these days, particularly the ones that support Israel. Other than being a politically correct step, the current boycott is the perfect opportunity for local brands and small businesses to amplify their products. We need alternatives for products that are being boycotted, and if we can manage to increase the demand for local products, the economy will greatly benefit from this shift. local brands allow us to celebrate our roots and our culture, and promote community empowerment. let us make the most of this opportunity to fuel our innovation and work towards building quality products that can compete with international brands, and allow the country to prosper while promoting patriotism and national pride.

SARA ILYAS DADABHOY KARACHI

No extension needed

tHERE have been some reports in the media suggesting that the caretaker government has considered extending its tenure in the name of sustaining the country’s economic recovery. If it happens, it will be a violation of the Constitution. there should be a severe condemnation of any such move. any conspiracy to violate the people’s fundamental rights should not be tolerated. there is no extension in tenure needed at all. the nation’s focus should be on the elections ahead.

TAHIR ALI HYDERABAD

Fake promises

Children working in their earlier age always try to find an isolated environment for themselves and always try to find a difference between them and others, by devaluing their selfesteem, and considering themselves inferior to others while lots of children are mostly separated from their families and they never try to create similar bonding with their families, rather adopt different conduct and behaviour

Lahore – Ph: 042-36300938, 042-36375965

I

Karachi – Ph: 021-35381208-9

I

Islamabad – Ph: 051-2204545

I

WItH elections approaching, politicians are at it again, making tall promises right, left and centre. If the build-up to the elections is no different, it is hard to imagine that the post-election scenario will be any different. the people of larkana and its surroundings areas, for instance, remain deprived of their basic rights. the plight of drainage system, education, healthcare and infrastructure in rural sindh is an absolute mess. the law and order situation in many areas is seriously bad. Our politicians neither bring the change they promise nor bother to make an effort in that direction.

ARSLAN SHOUKAT MEMON LARKANA

Incompetency

tHE sindh Public service Commission (sPsC) conducted the exam of assistant Executive Engineer (BPs-17) in November 2022 for the provincial local Government Department. It has been more than a year, but the aspirants are still waiting for the result. about 3,000 students had appeared in the said exam. the government should take due steps to secure the future of the candidates.

ZUBAIR ALI GUL RANIPUR

Web: www.pakistantoday.com.pk

I

Email: editorial@pakistantoday.com.pk

Gradual changing climate of the earth: Earliest and thereafter Wednesday, 10 January, 2024

terns and average conditions.

F. INFLUENCES ON ECOSYSTEMS AND HUMAN ACTIVITIES: Climate profoundly affects natural ecosystems, agriculture, water resources, and human activities. Different climates support different types of flora and fauna and influence human lifestyles and economies.

G. CLIMATE CHANGE: It refers to significant changes in the patterns and averages of temperature, precipitation, and wind over long periods. Climate change can be due to natural processes or human activities, especially those leading to increased levels of greenhouse gases in the atmosphere. Understanding climate is essential for various applications, including agriculture planning, disaster management, environmental conservation, and addressing global challenges like climate change.

How the world evolved

“C

Dr rajkumar SingH

LIMATE” means the long-term patterns and average conditions of temperature, humidity, wind, rainfall, and other atmospheric phenomena in a specific area. It’s important to distinguish climate from weather, which describes the short-term atmospheric conditions.

The key aspects of climate include: A. LONG-TERM PATTERNS: Climate involves the study of weather patterns over a long period, typically at least 30 years. This long-term perspective is crucial to distinguish climate trends from short-term weather variability.

B. AVERAGE CONDITIONS: It includes the averages of various weather elements like temperature and precipitation over a significant period. These averages help identify a region’s typical climate.

C. GEOGRAPHICAL VARIATION: Climate varies significantly across different geographic regions. Factors such as latitude, elevation, proximity to bodies of water, and topography influence a region’s climate.

D. CLIMATIC ELEMENTS: Key elements of climate include temperature, precipitation (rainfall and snowfall), humidity, wind speed and direction, and atmospheric pressure.

E. CLIMATIC ZONES: The Earth is divided into different climatic zones, such as tropical, temperate, and polar, each characterized by distinct weather pat-

The earliest position of Earth’s climate, dating back to its formation over 4.5 billion years ago, has undergone significant changes throughout its history. It is divided in many parts: A. HADEAN EON (4.6 TO 4.0 BILLION YEARS AGO): During this period, Earth’s climate was extremely hot and hostile. The planet’s surface was likely molten due to frequent volcanic activity and impacts from meteorites. There was no atmosphere like we know today, and conditions were inhospitable to life.

B. ARCHEAN EON (4.0 TO 2.5 BIL-

LION YEARS AGO): As the Earth cooled, a primitive atmosphere began to form, primarily composed of gases emitted from volcanoes, such as water vapor, carbon dioxide, and ammonia. This era saw the formation of the first oceans. The climate was still very hot, but it began to stabilize enough to support the earliest forms of life, like anaerobic bacteria.

C. PROTEROZOIC EON (2.5 BILLION TO 541 MILLION YEARS AGO): This era witnessed the gradual oxygenation of the atmosphere and oceans, a crucial step for the development of more complex life. The climate fluctuated between extremes of ice ages and greenhouse periods. The end of the Proterozoic saw the Earth’s first snowball phase, where it’s hypothesized that the planet was completely covered in ice.

D. PHANEROZOIC EON (541 MILLION YEARS AGO TO PRESENT): This eon is marked by the proliferation of life and significant climatic shifts. It’s divided into three eras: E. PALEOZOIC ERA: This era saw the development of abundant marine life and later, the colonization of land by plants and animals. It ended with the largest mass extinction in Earth’s history, likely caused by massive volcanic eruptions altering the climate.

F. MESOZOIC ERA: Known as the age of dinosaurs, this era was warmer and saw the breakup of the supercontinent Pangaea. Climate was generally warmer

I

and more stable than in the Paleozoic.

G. CENOZOIC ERA: This era, leading up to the present day, has seen a cooling trend. The development of ice caps at the poles is a defining feature of this era’s climate. Throughout Earth’s history, the climate has been influenced by various factors, including volcanic activity, changes in the atmosphere’s composition, continental drift, variations in the Earth’s orbit and tilt, and the evolution of life itself. These changes have sometimes been gradual, over millions of years, and at other times, they have been abrupt and dramatic, leading to mass extinctions and rapid shifts in the types of organisms that dominate the planet.

During Earth’s earliest periods, specifically the Hadean and Archean eons, the impact of the climate on the planet’s population was profound, particularly because it influenced the very emergence and development of life. At that time its main features include: A. INHOSPITABLE CONDITIONS (HADEAN EON): In the Hadean Eon, Earth’s surface was largely molten, and the environment was extremely hostile due to high temperatures and a lack of stable landmasses. This period likely saw no life forms as we understand them today. The constant bombardment by meteorites and the intense volcanic activity would have made the surface uninhabitable.

The earliest climate and environmental conditions on Earth set the stage for the evolution of life. The adaptations and evolution of early life forms in response to the planetÊs climate and atmospheric conditions laid the groundwork for the diversity of life seen in later geological periods. During these early eons, EarthÊs „population‰ was microbial, and these microorganisms played a crucial role in shaping the planetÊs atmosphere and environment, which in turn influenced their own evolution and the possibility of more complex life forms.

India’s Hindu ‘emperor’ wants a third term

PROJECT SYNDICATE SHaSHi THaroor

COMMENT 05

NDIA begins the New Year with a general election looming, and the battle lines are already clear. On one side is Prime Minister Narendra Modi and his ruling Bharatiya Janata Party (BJP). On the other is a slew of opposition parties that are largely, though not wholly, clustered around the Indian National Congress party, and together form the Indian National Developmental and Inclusive Alliance (INDIA).

The BJP’s narrative has undergone significant changes during the party’s decade in power. During the 2014 campaign, the BJP’s slogan was achche din aane wale hain (good times are coming), and Modi, who had been chief minister of the prosperous state of Gujarat since 2001, was portrayed as an avatar of economic development. As prime minister, the narrative went, he would transform the Indian economy, bringing prosperity— including 20 million new jobs per year—to all.

Far from delivering broad-based prosperity, during his first term Modi oversaw a disastrous demonetisation process that nullified 86 percent of India’s currency in one fell swoop, causing widespread hardship and mass unemployment. So, for the 2019 election, a new narrative was needed.

The BJP found it when, two months before the vote, Pakistan-based militants carried out a suicide attack in the Pulwama district of Indian Occupied Kashmir, killing 40 Indian paramilitary troops. The BJP then went to work, recasting the election as a national-security referendum. Modi, previously portrayed as the former CEO of Gujarat, Inc, was positioned as a warrior with a 56-inch chest who would keep India safe from Pakistani depredations. A muchhyped Indian air strike targeting an alleged militant base inside Pakistan sealed Modi’s new image and tilted the electorate in his favour, especially in the northern Indian states.

But, during his second term, Modi again failed to live up to the narrative that got him elected. His assiduously cultivated tough-guy image might have played well against his domestic opponents, but it did not impress China, whose military has steadily encroached on its disputed Himalayan frontier with India.

It was on Modi’s watch that 20 Indian soldiers were killed in the first deadly clash with China in the area in at least 45 years. China has also managed to cut off India’s access to 26 of 65 points that used to be patrolled by both sides.

Modi has failed to secure a withdrawal of Chinese troops and restore the status quo ante.

So, the national-security narrative of 2019 has also lost credibility, compelling the BJP to devise yet another for the coming election. As 2024 begins, they are seeking to portray Modi as a Hindu Hriday Samrat—an “emperor of

Hindu hearts.”

In a sense, the BJP is going back to basics with this approach. It has long been known as the party of Hindu nationalism, and Modi himself is associated with a notorious anti-Muslim pogrom that left nearly 2,000 people dead in Gujarat in 2002 (when he was chief minister). It was partly to shake off this association that Modi was reinvented as an economic hero in the 2014 campaign, though even then, the BJP proclaimed Modi’s religious nationalism on billboards.

During his decade in office, Modi has increasingly asserted the dominance of Hindu Indians, who comprise some 80 percent of the country’s population. A series of government actions advanced the BJP’s goal of unravelling the cosmopolitan secularism that characterised Indian politics for more than six decades after independence.

Now, the BJP is doubling down on its portrayal of Modi as a true Hindu, and thus a more authentic representative of “the people” than the left-leaning secularists he replaced. This effort will reach a crescendo on January 22, when Modi inaugurates the Ram Mandir temple in Ayodhya.

The BJP long promised to build a grand Hindu temple at the site of the Babri Masjid, a disused mosque that was demolished in 1992 by Hindu extremists who believed, along with many ordinary Hindus, that it had been built on the site of the birthplace of the Hindu god Shri Ram. The Ram Mandir temple represents the fulfilment of this promise, and its inauguration will be accompanied by considerable fanfare across India, particularly in the northern states.

All this is expected to bolster support for the ruling party’s Hindutva doctrine.

Soon after, on February 14, Modi will head to Abu Dhabi, where he will triumphantly inaugurate the first Hindu temple in the United Arab Emirates, the BAPS Hindu Mandir. Modi already touts his independent foreign policy and boasts that he has enhanced India’s global stature. The inauguration of the BAPS Hindu Mandir will be an opportunity for the BJP to augment this narrative with the claim that Modi has increased respect for Hinduism abroad.

The election is likely to be announced soon after that event. This will send a clear message: the BJP is seeking a third mandate for a Hindu hero. A vote for Modi, the party will suggest, amounts to an affirmation of pride in one’s Hindu identity.

The INDIA bloc should not seek to fight Modi on his turf. With the BJP having laid claim to most of the weapons in the Hindu-chauvinist arsenal, the opposition cannot win on that battleground. Instead, INDIA should take a lesson from the 1992 presidential election in the United States, reminding voters (and itself) that “it’s the economy, stupid.”

What happened to achche din? What happened to 20 million jobs per year? What happened to broad-based economic growth? What happened to putting disposable income into the pockets and bank accounts of every Indian? In an election that will pit Hindutva against Indians’ material wellbeing, INDIA’s task is to put these questions at the centre of the campaign. Stay tuned.

Shashi Tharoor, a former UN undersecretary-general and former Indian Minister of State for External Affairs and Minister of State for Human Resource Development, is an MP for the Indian National Congress. He is the author, most recently, of Ambedkar: A Life (Aleph Book Company, 2022).

B. FORMATION OF OCEANS AND THE EMERGENCE OF LIFE (LATE HADEAN TO EARLY ARCHEAN): As the Earth’s surface cooled and solidified, and water vapor in the atmosphere condensed, oceans began to form. These primordial oceans created the first habitats where life could potentially develop.

The earliest forms of life, which likely appeared during the Archean, were simple, single-celled organisms, such as anaerobic bacteria. These organisms were adapted to survive in an environment without oxygen and with high levels of greenhouse gases.

C. EARLY ATMOSPHERE AND ANAEROBIC LIFE (ARCHEAN EON): The atmosphere, rich in greenhouse gases like carbon dioxide and methane but lacking in oxygen, created a very different climate compared to today. This environment was suitable for anaerobic organisms that did not require oxygen. The warm temperatures, despite the faint young Sun, were maintained by the greenhouse effect, which was crucial for keeping the planet’s surface warm enough to support liquid water and early life forms.

D. EVOLUTION OF PHOTOSYNTHEAND ATMOSPHERIC SIS CHANGES: The development of photosynthetic bacteria significantly impacted Earth’s climate and environment.

Through photosynthesis, these organisms began to produce oxygen, slowly increasing its concentration in the atmosphere. This gradual increase in atmospheric oxygen eventually led to the Great Oxidation Event, which dramatically changed Earth’s climate and environment, making it more suitable for oxygen-dependent life forms.

E. LONG-TERM IMPLICATIONS: The earliest climate and environmental conditions on Earth set the stage for the evolution of life. The adaptations and evolution of early life forms in response to the planet’s climate and atmospheric conditions laid the groundwork for the diversity of life seen in later geological periods. During these early eons, Earth’s “population” was microbial, and these microorganisms played a crucial role in shaping the planet’s atmosphere and environment, which in turn influenced their own evolution and the possibility of more complex life forms.

The writer is a youth motivator and Professor of Political Science, present Dean, Student’s Welfare (DSW), of the B.N. Mandal University, Madhepura, Bihar, India.

How close or far are secret agents, spies from our reality?

Foreign intelligence agencies often develop relationships with sources by starting with legal contacts, offering benefits beyond the norm, and gradually pushing the relationship toward illegal activities until they reveal their true intentions, using both incentives and threats to involve the person. Developing sources through the internet follows a similar pattern

T

GLOBAL TIMES Hu Xijin

HE first contemporary serialized comic on the subject of national security went online on Sunday. The mysterious actions of China’s Ministry of State Security (MSS) have recently been partially unveiled through blockbuster articles and novel cartoons, generating significant public interest. I believe that China has come to the cusp of international geopolitics, making it the perfect time to popularize and educate the public on national security knowledge.

At the same time, we must correctly interpret the national security publicity and education this time. Some Western media are trying to describe it as a mass mobilization of Chinese society to “catch spies,” and we must expose their malicious speculation. Our domestic public opinion, especially that on the internet, should objectively and truthfully recognize the situation we are facing, and boost the publicity to the world in order to counter the distorted speculations of the US and the West. Opening-up will inevitably be accompanied by certain national security risks, and China is capable of handling the coordination and balance between expanding high-quality openingup and continuously plugging the loopholes of national security.

Objectively speaking, MSS has long been one of the world’s most low-profile national security authorities. News involving national security is rare, and spy movies and other literary creations are also very scarce in China. I have often complained to relevant authorities that since the US usually arrest “Chinese spies,” many of which are not spies at all, why don’t we disclose some spying cases from the US and the West, even from the Taiwan island? Our national security departments must have made many such discoveries. I have always believed that it is beneficial for conducing external struggles and raising the public’s alertness by publishing some cases from time to time.

Through great efforts, Global Times, the media I worked as editor-in-chief, was exclusively informed of some cases of spies by the national security authorities, and

made quite sensational reports at the time.

In previous years, the national security awareness of many Chinese people was indeed too weak. As far as I know, there have been many instances in which individuals in important sectors have been successfully induced by foreign spy agencies. Some of them I personally know, and they simply lacked a strong sense of national security and fell into the trap set by foreign spy organizations, resulting in serious consequences such as imprisonment or dismissal from public positions, abruptly ending their personal prospects.?. It is crucial for all of us to have a basic understanding of national security as it serves as our protection. In my opinion, the publicity by MSS has played an important role in providing remedial education, which is particularly timely given the increasing intensity of the geopolitical struggle instigated by the US. In addition, I want to add some other perspectives to grasp the whole picture of the relationship between our normal life and national security. National security is the awareness and cognitive ability that we must have as nationals of a rising power. However, we should not be fearful of the higher risks associated with this issue, nor should we exaggerate the personal risks of being locked up by it.

Both social institutions and individuals should strive to strike a balance between being careless and overly sensitive, ensuring that national security does not disrupt or limit our normal work and life.

The reality is that the national security risks we face are highly controllable.

As long as a person strictly follows the law and regulations, does not seek personal gain, promptly reports any suspicious incidents to the authorities, and firmly refuses obvious attempts to lure, corrupt, or bribe, they will be safe. Foreign intelligence agencies often develop relationships with sources by starting with legal contacts, offering benefits beyond the norm, and gradually pushing the relationship toward illegal activities until they reveal their true intentions, using both incentives and threats to involve the person. Developing sources through the internet follows a similar pattern. As long as a person has a basic sense of confidentiality, does not seek personal gain, never trades classified materials, or uses leaked information to raise their own value, has the courage to reflect, extricates themselves, and honestly reports to the authorities when encounter anomalies during contact, they will avoid falling into a trap. Most of those who are eventually implicated are driven by personal interests, seeking personal gain. When they realize they have fallen into a trap, they lack the courage to firmly extricate themselves and hold onto fantasies about the risks.

We must ensure security, but we cannot completely cut off contact with overseas individuals or refrain from participating in international exchanges solely for the sake of ensuring security.

That would be an overreaction. Many professionals, like myself, have had numerous interactions with foreign individuals, including some with backgrounds in foreign spy agencies. However, this has not affected my personal safety or led to any suspicions from authorities regarding national security.

The national security agencies are conducting national security education in response to the increasingly severe geopolitical situation, which further enhances the awareness of the whole society and greatly contributes to the consolidation of national security. However, the purpose of doing so is to further promote the country’s opening-up to the outside world, making the process of opening-up safer and making it more difficult for hostile forces to find opportunities. In addition, strengthening national security does not mean “treating everyone as spies.” The legitimate rights and interests of all foreign nationals entering our country will continue to be protected, which is a basic condition for our continued opening-up and expanding exchanges with foreign countries. Our efforts to strengthen national security will be highly consistent with this basic principle.

In short, the true essence of national security lies in accompanying national opening-up. This approach encourages our entire society and promotes its resilience.

We must have a correct understanding and accurate interpretation of national security. I have seen some people on the internet advocating “everyone to come together to catch spies,” calling for caution when contacting with foreigners.

Additionally, some personnel in certain institutions are even actively reducing exchanges with the outside world due to concerns. Some institutions have also made the approval process for contact with foreigners very complicated. All of these are incorrect and seriously inconsistent with the overall goal of strengthening national security.

Finally, I would like to emphasize that we are currently caught in the midst of geopolitical turbulence, facing strong winds and rough waves. However, it is crucial that we do not retreat and seek a false sense of security by isolating ourselves. Instead, China must embrace a strategy of expanding high-quality opening-up to the global community, as there is no alternative. It is important to note that national security will accompany and safeguard this process of opening-up.

The author is a Chinese media professional.

06 newS

MAKE NEW HEADWAY IN MAJOR-COUNTRY DIPLOMACY WITH CHINESE CHARACTERISTICS

A

LET’S BUILD AN EVEN CLOSER CHINA-PAKISTAN COMMUNITY WITH A SHARED FUTURE IN NEW ERA AmbAssAdor JiAng ZAidong

T the recent Central Conference on Work Relating to Foreign Affairs held in China, President Xi Jinping delivered an important address, in which he presented a systematic review of the historic achievements and valuable experience of major-country diplomacy with Chinese characteristics in the new era, gave a profound exposition on the international environment and historical mission of China’s external work on the new journey, and made comprehensive plans for China’s external work for the present and coming periods.

It provides the fundamental guideline and guidance for action for advancing majorcountry diplomacy with Chinese characteristics. Currently, we are thoroughly studying, understanding and implementing the spirit of President Xi Jinping’s important address and the spirit of the Conference. Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for the New Era and Xi Jinping Thought on Diplomacy in particular, we will forge ahead and try the best to make new achievements, to create a more favorable international environment and provide more solid strategic support for building China into a great modern socialist country in all respects and advancing the great rejuvenation of the Chinese nation on all fronts through the Chinese path to modernization.

In this significant process, we stand ready to strengthen mutual learning, deepen mutually beneficial cooperation and strengthen multilateral coordination with Pakistan, to build an even closer China-Pakistan community with a shared future in the new era, and make new and greater contribution to building a community with a shared future for mankind. In terms of strengthening mutual learning, we stand ready to share with Pakistani side the major theoretical innovations of Xi Jinping

Thought on Diplomacy. We’ve taken building a community with a shared future for mankind as the noble goal pursued by China in conducting major-country diplomacy with Chinese characteristics for the new era.

The goal is to build an open, inclusive, clean and beautiful world of lasting peace, universal security and shared prosperity, the pathway is promoting global governance that features extensive consultation and joint contribution for shared benefit, the guiding principle is to apply the common values of humanity, the basic underpinning lies in building a new type of international relations, the strategic guidance comes from the implementation of the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, and the platform for action is high-quality Belt and Road cooperation.

Building a community with a shared future for mankind has developed from a Chi-

nese initiative to an international consensus, from a promising vision to substantive actions, and from a conceptual proposition to a scientific system. China has built different forms of communities with a shared future with dozens of countries and regions, and has signed Belt and Road cooperation documents with more than three-quarters of countries in the world and over 30 international organizations. And the concept of building a community with a shared future for mankind has been written into United Nations documents many times.

In terms of deepening mutually beneficial cooperation, we stand ready to work with Pakistan to enrich the vivid practice of building a community with a shared future for mankind. CPEC as a pioneering project of the Belt and Road Initiative, has made important contributions to Pakistan’s economic development and people’s livelihood enhancement over the past 10 years. At the crit-

ical moment when CPEC construction was to be improved and upgraded, President Xi Jinping met with Prime Minister Anwaar ul Haq Kakar, who was in China to attend the Third Belt and Road Forum for International Cooperation.

And the two leaders reached important consensuses on deepening China-Pakistan all-weather strategic cooperation and promoting CPEC construction. Under the strong guidance and promotion of highlevel consensuses, building CPEC into a growth, livelihood-enhancing, innovative, green and open corridor has been fully launched, the railway upgradation and highway realignment projects are accelerating, concrete plans for Pakistan’s agricultural cooperation with Xinjiang have been formed, the first batch of Pakistani dried chilli has been smoothly shipped to China, the Khunjerab pass’s functioning all year round is being intensively prepared, the Rashakai SEZ Phase-I has been completed.

The CPEC construction has entered into a new stage of high-quality development, which injects new impetus into the building of an even closer China-Pakistan community with a shared future.

In terms of strengthening multilateral coordination, we stand ready to join hands with Pakistani side to safeguard international fairness and justice, and promote the common development and prosperity for all countries.

Currently, great transformation is accelerating across the world. Changes of the world, of our times, and of historical significance are unfolding like never before, and the world has entered a new period of turbulence and transformation. Yet the overall direction of human development and progress will not change, the overall dynamics of world history moving forward amid twists and turns will not change, and the overall trend toward a shared future for the international community will not change.

It is doomed to failure if one country goes against the trend of history, maintains the Cold War mentality and obsession with hegemony, pursues unilateralism, stokes

wednesday, 10 January, 2024 | KARACHI

bloc confrontation, and contains and suppresses specific countries. And there is no future for those who go against the common aspirations of international community, pursue domestic priority and winner-take-all, promote protectionism, build “small yards with high fences”, and resort to sanctions and pressure.

Given the series of major issues and challenges facing the world today, China calls for an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization. In an equal and orderly multipolar world, all countries, regardless of size, are treated as equals, hegemonism and power politics are rejected, and democracy is truly promoted in international relations, so that every country or country group can find its own place in the multipolar system. To ensure the overall stability and effectiveness of the multipolarization process, which becomes a historical process in which countries unite rather than divide, engage in dialogue rather than confrontation, and cooperate rather than conflict. And a universally beneficial and inclusive economic globalization complies with the common aspirations of all countries in the world, especially developing countries, in which we work together to make the “pie” of economic globalization bigger and fairly shared, resolutely oppose unilateralism and protectionism, firmly promote trade and investment liberalization and facilitation, and achieve mutual benefit, win-win results and common prosperity.

China and Pakistan are all-weather strategic cooperative partners, and also the backbone of the international community in safeguarding fairness and justice and promoting development and prosperity. We stand ready to continuously work with friends from all walks of life in Pakistan, by implementing the important consensus reached by President Xi Jinping and Pakistani leaders as the guiding principle, building a closer China-Pakistan community with a shared future in the new era as the main line, and promoting high-quality development of CPEC as the major platform, to continuously consolidate, deepen and expand China-Pakistan all-weather strategic cooperation, to safeguard our common interests in the changes unseen in a century, to better benefit the two peoples, and to jointly usher in a bright future of peace, security, prosperity and progress for our world.

Senior CPC official’s US trip to push bilateral ties for a stable start in 2024 BEIJING

stAff correspondent

Liu Jianchao, head of the International Department of the Communist Party of China (CPC) Central Committee, became the first senior CPC official to visit the US since the summit meeting between two heads of state in San Francisco last November. Chinese experts believe Liu’s visit, apart from allowing inter-party diplomacy to play bigger role in bilateral relations, also seeks to help push for more stable China-US ties in 2024 when relations are anticipated to encounter more turbulence.

In a seminar under the “Track 1.5 Dialogue” framework held in New York on Monday local time, Liu said that both countries should implement the important consensus reached by the heads of state, establish a correct understanding jointly, effectively manage differences, promote mutually beneficial cooperation, shoulder the responsibilities of major countries together, and promote people-to-people exchanges together.

John Thornton, co-chair of the Asia Society’s Board of Trustees and Daniel Russel, former US assistant secretary of state for East Asian and Pacific Affairs also participated in the event.

The International Department of the CPC Central Committee is willing to strengthen exchanges and cooperation with the Asia Society, operate the “Track 1.5 Dialogue” mechanism well, and con-

tribute to the stable, healthy, and sustainable development of bilateral relations, Liu said. Liu is also scheduled to deliver a speech at Council on Foreign Relations, an American think tank at an event titled The Future of China and China-US Relations: A Conversation With Liu Jianchao, on Tuesday local time.

As head of the International Department of the CPC Central Committee, Liu’s visit to the US aims to make inter-party diplomacy play a more positive role in China-US relations, Diao Daming, an expert on US studies at the Renmin University of China in Beijing, told media, adding that the visit is also expected to further implement consensus reached by two heads of state in San Francisco in November last year, and seek to promote cooperation.

In 2023, Liu met with multiple US officials and government representatives, including US Ambassador to China Nicholas Burns in April 2023, and a California local government delegation led by Mike Fong, California State Assemblyman and Chair of the Assembly Higher Education Committee, in October. The International Department of the CPC Central Committee also held a “Track 1.5 Dialogue” with Asia Society via video in October last year.

Li Haidong, a professor at China Foreign Affairs University, stated that the decision to send Liu, a seasoned diplomat and influential figure in China’s diplomacy, to visit the US early this year serves two purposes: first, it demonstrates China’s commitment to fostering communication and dialogue

with the US; second, it is hoped that Liu’s visit will contribute to stabilizing China-US relationship during a year that is anticipated to bring numerous challenges, including the upcoming Taiwan regional leader election and the US presidential election.

Since the San Francisco summit, experts have described the relationship between the two countries as being in a state of “dynamic stability.” While both nations are trying to maintain stability in a general sense, the US has not yet scaled back its intention to suppress China. Specifically, Washington has been actively challenging China’s interests in the South China Sea and the Taiwan question. Diao said to tussle on one hand and cooperate on the other is and will be the new normal of China-US interactions, and Liu’s visit is a reflection of such a scenario.

Liu’s trip to the US has attracted wide media coverage, especially in the island of Taiwan. Some Taiwan media speculate the Taiwan question will be a priority in the discussions as the Taiwan regional leader election will be held this weekend.

On Sunday, the Chinese Ministry of Foreign Affairs announced that China has decided to impose sanctions on five US defense companies over their arms sales to island of Taiwan. Citing a Pentagon release last month, Reuters reported that the US State Department has approved a $300 million sale of equipment to help maintain the island of Taiwan’s tactical information systems.

US says Bangladesh elections were not free and fair WASHINGTON Agencies

The United States shares the view that the weekend’s elections in Bangladesh were not free and fair, the U.S. State Department said on Monday, adding that Washington was concerned by reports of vote irregularities and condemned violence that took place. Bangladesh Prime Minister Sheikh Hasina swept to a fourth straight term in power, with her party winning almost 75% of the seats in Sunday’s general election. But the main opposition Bangladesh Nationalist Party (BNP) boycotted the vote and turnout was low. “The United States remains concerned by the arrests of thousands of political opposition members and by reports of irregularities on elections day,” a U.S. State Department spokesperson said on Monday.

“The United States shares the view with other observers that these elections were not free or fair and we regret that not all parties participated.”

The ruling Awami League party won 222 seats out of 298, according to unofficial results released by the Election Commission.

Mounting pressure, threats force Indian journalists to move to social media NEW DELHI Agencies

In view of escalating pressure, coercive strategy aimed at suppressing dissenting media voices, many renowned Indian journalists have moved to YouTube since Narendra Modi government came into power in the country in the quest for truth.

A report by a freelance content writer Ziyauallah Khan and carried by Nagpur based Muslim Mirror writes that Indian journalists find solace in the digital realm in today’s India, which is ranked 161st out of 180 on the World Press Freedom Index.

The resonating voice of Ravish Kumar, an emblematic figure in Indian journalism, echoed on November 30, 2022, as he announced his departure from NDTV after 27 years. This pivotal moment marked a confluence of personal tribulations and the impending spectre of a hostile takeover of NDTV by an oligarch with close ties to Prime Minister Narendra Modi.

Kumar’s decision symbolised a crucial juncture for Indian journalism, prompting a closer examination of the challenges faced by media practitioners in the country.

For Kumar, the decision to part ways with NDTV was driven by a commitment to preserving journalistic integrity. Apprehensive about NDTV succumbing to what he coined as “Godi media,” an alignment with the government’s narrative, Kumar opted for departure amid a backdrop of personal and professional challenges. Driven by an unwavering commitment to jour-

nalistic integrity, Ravish Kumar chose to sever ties with NDTV, haunted by the spectre of the network aligning with what he termed “Godi media”—a subservience to the government’s narrative.

The Modi administration’s reprisal against NDTV materialised through accusations of money laundering, instigating a boycott, sponsorships loss, and mass layoffs. This coercive strategy aimed at suppressing dissenting media voices, fostering an environment that imperilled the core tenets of unbiased journalism. This orchestrated assault posed a severe threat to NDTV’s independence, exemplifying the broader challenges faced by media entities resisting aligning with prevailing political narratives in India.

Opting for YouTube as his platform, Ravish Kumar gracefully announced his resignation, expressing gratitude to his audience. The emotional resonance of his announcement, viewed by 9.6 million people, underscored public concerns about the integrity and future of journalism in India. Kumar’s departure symbolises a shifting landscape where prominent journalists seek refuge on social media platforms, reflecting the public’s desire for unbiased news in the face of mounting challenges to journalistic independence.

Journalists’ Migration to Social Media Kumar’s exit mirrors a larger trend where distinguished journalists abandon traditional media, finding sanctuary on YouTube and other social platforms. This migration responds to escalating government pressure and the myriad challenges confronting traditional media, positioning so-

cial platforms as the final frontier for disseminating unbiased news. As these respected voices navigate away from mainstream outlets, social media emerges as the sole refuge to uphold journalistic integrity and provide unfiltered narratives, reinforcing its critical role in preserving the essence of free and unbiased journalism in the face of unprecedented challenges.

Venturing into independent endeavours on platforms such as YouTube and Instagram is also not an easy task in the present-day India under Modi. Journalists are exposed to increased vulnerabilities including financial insecurity, minimal legal support, and the looming spectre of physical threats. These solitary voices grapple with the persistent threat of online harassment, warnings, isolation, potential equipment seizures, home raids, and the daunting prospect of imprisonment.

The NDTV takeover, a pivotal media institution, symbolized the precarious state of journalism in India.

This event became emblematic of the challenges faced by media outlets resisting alignment with prevailing political narratives. Journalists like Akash Banerjee, foreseeing potential government interference, emphasize the critical importance of legal preparedness as a shield against adversities. The incident not only underscored the vulnerability of media independence but also highlighted the pressing need for journalists to fortify themselves legally in the face of increasing threats to journalistic autonomy in the Indian media landscape.

Ranked 161st out of 180 on the World Press Freedom Index, Indian journalists grapple with an environment

that challenges their freedom and safety. The shift to YouTube and social media emerges as a desperate yet necessary response to navigate the escalating government control over mainstream media.

Wednesday, 10 January, 2024 | KARACHI

CORPORATE CORNER

The polio vaccination campaign commenced at Naimat Begum Hamdard University Hospital and will run from January 8 to 14. Deputy Commissioner of District Central Karachi, Fawad Ghaffar Soomro inaugurated the campaign

HBL inaugurates prestige lounge at University Road, Peshawar KARACHI

staff report

HBL inaugurated Peshawar’s first Prestige Lounge located at University Road on 9 January 2024. The Prestige footprint is now spread across 18 cities including an international footprint in Jumeirah, Dubai with plans to expand further. The inauguration of the lounge was done by HBL’s valued clients. Members of the leadership team of the Bank were also present at the inauguration. HBL Prestige provides a world-class banking experience to high-net-worth individuals (HNWIs). This exclusive proposition offers seamless instant account opening with tailored solutions through dedicated digital and physical channels and portfolio managers. The account offers personalized banking services to its clients including but not limited to instant world elite debit card issuance, dedicated conference rooms, and top-notch alliances. The state-of-the-art Prestige Lounges are located strategically in high-visibility areas of key cities.

Descon Oxychem achieves ZDHC certification KARACHI

staff report

Descon Oxychem Ltd. proudly announces its recent accomplishment of securing the "Zero Discharge of Hazardous Chemicals" (ZDHC) certification. This international recognition underscores Descon Oxychem's commitment to environmental standards and signifies a significant milestone in the company's ongoing efforts to promote sustainability and responsible business practices. The ZDHC certification is a testament to Descon Oxychem Ltd.’s dedication to reducing the environmental impact of its operations and ensuring the responsible management of hazardous chemicals. This certification is particularly crucial in the context of supply chain management, as it empowers companies associated with Descon Oxychem Ltd. to enhance their environmental performance and contribute to the global effort to minimize the discharge of harmful substances into water waste. CEO Mohsin Zia said “Descon Oxychem Ltd. recognizes the importance of sustainable and eco-friendly business practices,

BISP adopts transparent mechanism for identifying deserving individuals ISLAMABAD

staff report

Dr. Muhammad Tahir Noor, Addl. Secretary of BISP has said that Benazir Income Support Programme has adopted a transparent mechanism for identifying deserving individuals. BISP is currently providing financial assistance to 9.3 million poor families. During a Live E-Katcheri session at BISP headquarters today, Dr. Tahir Noor informed callers that information regarding needy families is collected through a computerized mechanism, ensuring transparency at maximum level. Dr. Tahir Noor further informed the participants that after the enrollment of new beneficiaries, they will also receive benefits of BISP initiatives such as Kafaalat, Taleemi Wazaif and Nashouma. This comprehensive approach aims to address the various needs of vulnerable populations, ensuring their overall wellbeing. The live E-Katcheri session, broadcasted through BISP's official Facebook account, aimed to directly engage with BISP beneficiaries and the general public to address their grievances.

DG Housing Authority visits sector G-14 Markaz ISLAMABAD

staff report

Director General Housing Authority visited Sector G-14 markaz and the Project Director briefed the Director General on the project and informed the management that the work of G-14 Center is in the final stages. The Director General Federal Government Employees Housing Authority advised that the work of horticulture and street lights should be completed as soon as possible and on this subject the Director General Housing Authority highlighted the importance of the project.

07

CHAKWAL SPINNING MILLS APPROVES MERGER WITH TECH FIRM NEWS

C

COMPANY'S BOARD ALSO APPROVED APPOINTMENT OF A CONSULTANT TO FACILITATE PROCESS PROFIT

News Desk

HAKWAL Spinning Mills Limited (CWSM) is set to undergo a significant transformation as its Board of Directors (BoD) has greenlit the Memorandum of Understanding (MOU) for a merger/acquisition with one of Pakistan’s leading technology companies.

According to a notice sent to the Pakistan Stock Exchange (PSX), the decision to pursue this strategic move was finalised during the board meeting held on Tuesday. The impending amal-

gamation is anticipated to be formalised soon, as the board also approved the appointment of a consultant to facilitate the process.

The chosen technology firm has a global presence in the USA, UAE, Philippines, and China, the notice read.

Notably, CWSM operates in the textile spinning sector and is currently classified under the defaulter segment.

Despite its financial challenges, there is a positive development for the company, as its stock has surged to the upper limit. At the close of trading, the company’s scrip was trading at Rs13.9, reflecting a an increase of 7.75% compared to the previous closing value.

ICMA hosts webinar on 'Electric Power Sector and Economy of Pakistan' ISLAMABAD

staff report

During a recent Webinar organized

by ICMA International titled 'Electric Power Sector and Economy of Pakistan,' Mr. Shah Jahan Mirza, Managing Director of Private Power & Infrastructure Board (PPIB), who represented as Chief Guest on behalf of Minister of Energy in the Webinar, revealed the government's plan to establish a 'Competitive wholesale trading market for electricity.' Initially proposed in 2005-2006 and later postponed to 2014, this market is set for a launch by mid-2024. Mr. Mirza highlighted its potential to foster competition among stakeholders, allowing large-scale consumers to procure electricity and enabling DISCOs and Private Generators to sell power. The Chief Guest also disclosed that an alternate strategy for DISCOs, contemplating extended management contracts rather than outright divestment.

These contracts would involve performance metrics, investment goals, and profit-sharing tied to im-

provements. He stated that active work is already in progress, supported by financial assistance from IFC and the proposal is expected to be presented before the Cabinet within the forthcoming weeks.

Notable speakers at the ICMA Webinar included Lt. General Sajjad Ghani (Retd) (Chairman WAPDA), Mr. Tauseef H. Farooqi (Former Chairman NEPRA), Mr. Asif Inam (Vice President FPCCI), Mohammad Zubair Motiwala (Chief Executive TDAP), and Irfan Munawar Gill (Managing Partner, Islamabad Law Chambers). ICMA's President, Mr. Shehzad Ahmed Malik, Vice President Mr. Ather Saleem, and Executive Director Mr. Aamir Ijaz Khan were also present.

Mr. Mirza elaborated on the PPIB's 10-year electricity generation plan and disclosed the commencement of competitive bidding process on the backlog of approximately 100 Letters of Intent (LOIs) received for solar and wind power plants, categorized as Category 3 projects. He outlined a 10-year power generation expansion plan, focusing on renewable sources like

hydro, solar, and wind projects. This strategy, subject to annual review, aims to initiate bidding processes for power procurement. Notably, bids are currently open for a substantial 600 MWp Solar PV power project situated in Kott Addu, Muzaffargarh area, with a submission deadline set for January 11, 2024. He said PPIB plan to boost green energy projects—especially solar and wind— from 31% to an ambitious 62% by 2031, requiring an estimated $50 billion investment whereas $25-30 billion investments are needed for upgrading transmission and distribution systems Lt. General Sajjad Ghani (Retd), Chairman WAPDA clarified WAPDA's current role, highlighting its focus on power project development and generation, having transferred distribution and transmission responsibilities a decade ago.

WAPDA manages 22 hydel power stations with over 10,000 MW capacity and aims to reach 21,000 MW in 3-5 years, propelled by projects like Diamer Basha and Dasu Dam.

Friesland Compaina appoints Ali Ahmed Khan as President MEPA KARACHI

staff report

Friesland Campina Engro Pakistan announces the promotion of Ali Ahmed Khan to the position of President of the Middle East, Pakistan, and Africa (MEPA) region at FrieslandCampina.

Ali's exceptional leadership and visionary approach have been pivotal in his transformative tenure as Managing Director of FrieslandCampina Engro Pakistan (FCEPL). Under his guidance, FCEPL has experienced significant growth and profitability, and continues to increase its market share across all categories.

Ali Ahmed Khan's exemplary performance has also led to his appointment to the executive board of FrieslandCampina Global.

The Company is confident that Ali's strategic vision and leadership will continue to drive growth and success in the MEPA region for FrieslandCampina.

He will be succeeded by Syed Kashan Hasan as Managing Director of FCEPL, effective February 1st, 2024. Bringing 22 years of rich experience across commercial functions, Kashan Hasan is a seasoned professional with a history of driving performance and innovation. His career spans various regional and global roles across Pakistan, South Africa, the UK, the Middle East, and North Africa.

Prior to joining FCEPL, Kashan served as General Manager at Reckitt for the Pakistan business and most recently he served as the CEO of Shan Foods.

A graduate of IBA, Kashan is known for his ability to develop insights, devise innovative solutions, and challenge norms.

PIMA members elect provincial office-bearers for two-year term ISLAMABAD

staff report

The Pakistan Islamic Medical Association (PIMA) members have elected its provincial office bearers for two-year term as the election process concluded on Tuesday. The PIMA members voted for presidents and executive council members through confidential balloting in biennial provincial conventions. According to the results, Dr. Asif Mahmood Khokhar assumed the role of President for Central Punjab, Dr. Noor Hussain Malik for North Punjab, Dr. Hafiz Habib ur Rahman for South Punjab, Dr. Fakhar Alam for Khyber Pakhtunkhwa, Dr. Abdul Rasheed Wahab for Sindh, and Dr. Abdul Jabbar for Balochistan. Simultaneously, PIMA members in Azad Kashmir chose Dr. Muhammad Usman, while members in GilgitBaltistan elected Dr. Anayatullah Khan Tahir as their respective Presidents. Provincial-level medical conventions took place at Faisalabad Medical University/Punjab Medical College in Punjab, Isra Medical University Hyderabad in Sindh, Saidu Medical College Swat in Khyber Pakhtunkhwa, Quetta Press Club in Balochistan, Rawalkot in Azad Kashmir, and Gilgit city in Gilgit Baltistan, drawing participation from thousands of doctors.

PhD Scholar of HITEC University will defend her research dissertation TAXILA

staff report

It is notified for the information of all that Ms. Mubeen Ul Basharat a PhD Scholar of Computer Science Department of HITEC University Taxila, will defend his research dissertation on Friday January 12, 2024 at 11:00 AM in IQBAL Auditorium of the University.

The topic of his research is “Analysis of Nonlinear Engineering systems by Neuro-Optimized Techniques”. The research has been supervised by Dr Muhammad Nazir. Defence is open to all interested individuals can attend the open defence and be seated by 10:45 AM.

EFU Life partners with Mindshare to drive digital transformation KARACHI

staff report

Mindshare has partnered with EFU Life, a leading life insurance and family takaful provider, to drive the brand’s digital marketing strategy. This collaboration aims to introduce a data-driven media approach that communicates the benefits and importance of life insurance and financial well-being.

Mr. Mohammed Ali Ahmed, CEO & MD EFU Life, expressing his thoughts on the partnership said, 'Leveraging on all digital channels for engaging with potential and existing customers, and tapping into new segments is a key part of

EFU Life’s strategy. With this partnership, our goal is to leverage the media expertise of Mindshare to curate effective communication and use data to enhance the impact of our outreach.”

Amna Khatib Paracha, CDO of GroupM & MD of Mindshare, added, 'At GroupM, we believe in bringing data upfront into our strategies and tailoring the communication based on the needs of businesses and audiences. With EFU’s market approach and Mindshare’s media expertise, we aim to elevate the online presence of the insurance industry.” Mindshare operates as an agency under the umbrella of GroupM Pakistan, renowned for its digital and media services provided to busi-

nesses across Pakistan. GroupM Pakistan serves as a regional entity of GroupM

Global, operational in regions including Asia, Australia, the Middle East, and Europe.

Politics of dynasties, master-slave division no more acceptable to masses: Siraj TALAGANG INp

Ameer Jamaat-e-Islami (JI), Sirajul Haq has said that politics of dynasties and the master-slave division are no longer acceptable to the people of Pakistan.

Addressing an election campaign rally here on Tuesday, he asserted that the people would bury the status quo on February 8.

Sirajul Haq highlighted that the country was still under the influence of a colonial system, as past rulers failed to implement reforms. Instead, they focused on looting resources, building personal factories, and investing in foreign properties through shell companies.

He said there was no significant dif-

ference among the policies of the three former ruling parties—the PML-N, PPP and PTI. He stated that mafias invest in major parties and reap returns once those

parties come to power.

The JI chief said that the former rulers failed to address the economic challenges, burdening the country with

heavy debts. He criticized the rulers for neglecting the people of Occupied Kashmir facing Indian forces' brutalities and for choosing silence over Israeli forces' genocide in Gaza. He emphasized that the ruling elite aimed to please Washington, considering it crucial for their rule in Pakistan.

He pledged that JI would advocate for the causes of Kashmir and Palestine and implement the laws of the Quran and Sunnah in the country. If voted to power, he promised that JI would establish the rule of law and ensure across-the-board accountability.

Siraj urged the people to seize the opportunity in this election to break free from the status quo and choose capable leadership to navigate the country out of the prevailing crises.

Wednesday, 10 January, 2024

MONETARY MAYHEM: CONSEQUENCES OF FLUSHING ECONOMY WITH MONEY SUPPLY NEWS

SBP’s latest OMOs indicate towards govt’s never-ending appetite for deficit financing through fresh money

O g

securities. The SBP earns interest on the money it lends, while the banks make a profit by charging a higher interest rate to the government. For instance, if the SBP lends money to banks at 21%, the banks can lend this money to the government at 21.5% or 22%, earning a spread of 0.5% or 1%.

WHY ARE INJECTIONS NEEDED? The government has to borrow money from banks to finance its fiscal deficit, which is the gap between its revenues and expenditures. The gap exists as the government’s expenditures exceed revenues mainly due to colossal interest payments and salary and pension expenses of its employees and retired personnel.

As per the economic update and outlook report of December 2023, total expenditures grew by 35% to stand at Rs 3.7 trillion during July-October in fiscal year 2024 against Rs.2.7 trillion last year.

Within total expenditure, current spending grew by 44% mainly due to a significant rise in markup payments (interest payments) that increased by 63% during the first four months of the current fiscal

PROFIT

MARiAM uMAR fARooq

N January 5, 2024, the State Bank of Pakistan (SBP) injected Rs 1.25 trillion into the banking system for up to 28 days through open market operations (OMOs). Of the Rs 1.25 trillion, Rs 1.21 trillion was injected into the conventional banks and Rs 0.49 trillion was injected into the Sharia-compliant banks.

This move aimed to mitigate liquidity shortages and cater to the financially strapped government’s financing needs.

How would this impact the economy?

DEMYSTIFYING OMOS OMOs are a key tool of monetary policy that allows the central bank to control the liquidity in the banking system by either adding or removing funds through the purchase or sale of eligible securities, depending on the demand and supply of money. In simple terms, when the SBP injects money, it lends money to banks against some collateral. The banks then use this money to buy government

year. The government’s reliance on domestic commercial borrowing has remained high, even though the Federal Board of Revenue (FBR) collected higher revenues in the first four months of fiscal year 2024 as compared to the IMF’s targets.

Growing expenditures of the government have prompted it to borrow from banks. The government borrowing has crossed the Rs 60 trillion mark and twothirds of it pertains to domestic lending.

In the last few years, the government has doubled down on borrowing by offering short-term securities in the domestic market. This has negatively impacted the maturity profile and resulted in exposure to high debt servicing costs.

“When the banks do not have enough money to lend, the SBP injects money into the banks so that they can lend this money to the government,” explains Yousuf Farooq, director of research at Chase Securities. This thereby increases the money supply (more on that later).

Previously the government could directly borrow money from the central bank but that changed by the end of 2021

when the International Monetary Fund (IMF) imposed restrictions on the government, prohibiting it from directly borrowing from the SBP to fund its deficit.

Later, the government agreed to make this a permanent ban through the SBP Act issued in September 2022.

However, the government found a way around this by borrowing from commercial banks, which in turn got financing from the SBP, creating a circular flow of money. “I believe a big chunk of OMO injections are circular as the SBP lends to the banks, banks to the government and the payback takes place in the reverse order. Therefore, it is important to look at it from an outstanding OMO perspective”, said Mustafa Pasha, chief investment officer at Lakson Investments.

IMPACT OF OMOS ON CINC: The perpetual cycle of OMOs has impacted the money supply. The broad money supply, also known as M2, refers to the total amount of money in circulation in an economy, including currency in circulation (CinC) which is the physical money held by the public, demand and time deposits held by individuals and businesses, and other liquid assets held by the non-bank financial sector.

Continued on page 03

Pakistan, KSA and Turkey engage in talks on prospective defense technology collaboration RAWALPINDI

stAff RepoRt

In the second meeting of the Trilateral Defence Collaboration held on Tuesday at the GHQ, Pakistan, Saudi Arabia and Türkiye discussed potential collaboration in defence equipment technologies including research and development.

According to a statement issued by the Inter-Services Public Relations (ISPR), the three sides reaffirmed the salience of “combining the intellectual, technical, financial as well as human resources of the three friendly nations towards the achievement of shared objectives and attainment of self-sufficiency in the defence domain”.

Acknowledging their historical relations, the three countries reiterated the strategic intent to increase the scope of trilateral cooperation and the need to enhance the pace of collaboration in pursuit of common goals, the military’s media

wing further said. The statement added that it was decided today that the three nations would convene their next meeting in Riyadh, Saudi Arabia during the World Defence Show.

The event is scheduled to take place

in February.

COAS’ MEETINGS IN BAHRAIN During his two-day visit to the Kingdom of Bahrain, the Chief of Army Staff (COAS) General Syed Asim Munir had engaged in key meetings with Bahraini

dignitaries, including His Majesty The King, Crown Prince Salman bin Hamad Al Khalifa, Field Marshal Khalifa bin Ahmed Al Khalifa (Commander of Bahrain Defence Forces), and Gen Shaikh Mohammad bin Isa Al Khalifa (Commander of Bahrain National Guard).

A statement released by ISPR on Janaury 8 stated that discussions during these meetings focused on matters of mutual interest, including military and security cooperation between Pakistan and Bahrain.

The dignitaries had acknowledged and applauded the achievements of Pakistan Army in the fight against terrorism and its ongoing efforts to promote regional peace and stability.

It should be noted that yesterday the COAS was conferred the Military Medal Order of Bahrain First Class by the the king of Bahrain and was also the chief guest at the 27th Raising Day of the Bahrain National Guard.a

SCCI demands uninterrupted electricity and gas supply to industries PESHAWAR

Aziz BuneRi

Sarhad Chamber of Commerce and Industry president Fuad Ishaq said resolution of industrialists and traders’ community amongst topmost priority of the chamber and urged federal and provincial governments to ensure uninterrupted electricity and gas supply to industries in Khyber Pakhtunkhwa.

He was speaking at a luncheon hosted in his honour by president of Industrialists Association Peshawar Ayub Zakori, held here at IAP office on Tuesday. The SCCI chief thanked IAP for hosting a lunch in his honour.

Those who attended the luncheon include SCCI senior vice president Sanaullah Khan, former FPCCI president Ghazanfar Bilour, former president SCCI Senator Mohsin Aziz, former presidents of the chamber Haji Muhammad Afzal, Faiz Muhammad Faizi, Riaz Arshad, Adeel Rauf, Malik Niaz Ahmad, Sherbaz Bilour, former vice presidents SCCI Junaid Altaf, Haris Mufti, a executive member of the chamber Monawar Khurshid, Shakir

Ishaq, Zarak Khan Khattak, Hakim Shinwari, Ahmad Mustafa, Shafiq Afridi, CEO KPEZDMC Javed Khattak, members of the IAP. Fuad Ishaq said SCCI believes in selfless services to the business community, which is solely their forum, which has proactively raised voice for the community in every term. He vowed no stone will be left unturned to resolve the issue of the business community and will continue the struggle for gaining constitutional rights on gas and electricity. The chamber president told participants that it is our motto these days that any problem from a trader or industrialist will be resolved within a span of 24 hrs. Furthermore, he said that the government is neglecting KP and our problems which is evident from recent events when we highlighted the gas price hike but the government was unfazed.

Fuad Ishaq said that KP is a net exporter of gas, as the province is producing 550 MMCFD, and are only consuming 200 MMCFD, in which 35 MMCFD is being consumed by KP industries and 40 MMCFD is being consumed by CNG sector.

Similarly, he said KP is producing 42% of Pakistan Oil (31,000)bbl/day out of 71,000 bbl/day.

He said the chamber has proposed to the federal government to rationalise income and sales tax and to streamline transit trade, the 224 band items and its duty should be equal to that of Afghanistan.

Likewise, the SCCI chief said mark-up rates are increased to 24 – 25 %, which is extremely non-feasible for industries of KP. Also, he told participants that the chamber has raised an effective voice for safeguarding rights of the business community and obliging US officials in Pakistan to provide funds and simple markup rate loans to youth of Khyber Pakhtunkhwa, through IDPP. Senator Mohsin Aziz, raised the issue of recent gas prices Hike and praised the role of SCCI in highlighting this injustice.

He further said that KP is grappling with many issues and the government has turned a blind eye to our province’s issues, which is why we need to have such discussions to highlight our issues.

What is Britain’s post office scandal?

PROFIT

ReuteRs

One of Britain’s biggest miscarriages of justice, the wrongful conviction of hundreds of Post Office workers due to faulty software, has exploded into the public domain following a TV drama, sparking demands for justice. In a more than 20-year scandal, some postal workers were sent to prison and others lost their livelihoods and homes.

An independent inquiry as well as a police investigation into the scandal are ongoing, and top business executives and former ministers are in the firing line.

WHAT IS THE POST OFFICE SCANDAL? Hundreds of postal workers at the stateowned Post Office were wrongly prosecuted or convicted between 1999 and 2015 for alleged false accounting, theft and fraud, because of a glitchy software system that incorrectly showed money missing from accounts.

Some spent time in jail while others went bankrupt, saw their marriages destroyed and some died before their names were cleared.

Managers at Post Office branches across Britain, called postmasters or postmistresses, are often at the heart of their communities, trusted individuals who han-

dle people’s savings and pensions.

The Post Office maintained for years that data from the defective Horizon computer accounting system, developed by Japan’s Fujitsu and rolled out in 1999, was reliable, while accusing branch managers of theft.

HOW DID THE SCANDAL UNFOLD? The issues with Horizon, where the system would incorrectly show shortfalls in the accounts of individual branches, began to be reported to the Post Office from the early 2000s.

Over the next decade, a number of post-

masters either found their Post Office contracts terminated, were made bankrupt or were jailed after being found guilty of stealing money.

In 2009, trade publication Computer Weekly reported the claims of flaws with Horizon, alongside the postmaster prosecutions.

Amid mounting pressure from the media and lawmakers, the Post Office began to investigate the issue, but in 2015, its boss Paula Vennells told a parliamentary committee that there had been no evidence of any miscarriage of justice.

pRAyeR tiMings FAJR SUNRISE

ZUHR

ASR MAGHRIB ISHA

6:35

1:30

4:15

Pakistan seeks rollover of $2bn loan from UAE as debt maturity looms 7:15

5:30

7:15

PROFIT

news Desk

In a bid to manage its financial obligations, Pakistan has formally approached the United Arab Emirates (UAE) seeking the rollover of a $2 billion loan. As per reports, the requested amount includes one loan set to mature on January 17, 2024, bearing an interest rate of 3%. Additionally, another loan, amounting to $1 billion with an interest rate of 6.5%, is also part of the appeal for an extension. It is noteworthy that the UAE presently holds a deposit of $3 billion with the State Bank of Pakistan (SBP), underscoring the economic ties between the two nations. Sources privy to the ongoing discussions revealed that high-level talks are underway between the Prime Minister’s office and the Ministry of Finance to navigate the complexities of this financial arrangement. As of the latest available data, Pakistan’s foreign exchange reserves held by the central bank stand at approximately $8.2 billion. This move to rollover the loans is seen as a strategic measure by the Pakistani government to manage its debt obligations and stabilize its financial position. The outcome of these negotiations will likely have implications not only for Pakistan’s economic trajectory but also for the broader diplomatic and economic relations between Pakistan and the UAE. Observers are keenly watching the developments, particularly as the maturation date of the $2 billion loan approaches later this month.

Court issues non-bailable warrants of Moonis in Lahore Masterplan corruption case LAHORE

stAff RepoRt

A local court on Tuesday issued non-bailable arrest warrants for former federal minister Moonis Elahi in Lahore Masterplan corruption case. As per details, Judicial Magistrate Imran Abid issued the non-bailable arrest warrants for former chief minister Pervaiz Elahi’s son Moonis Elahi in a case of alleged corruption in development projects. The anti-corruption officials stated that the former minister had not cooperated in the investigation and the case is standstill because of his concealment. Moonis Elahi is facing allegations of billions of rupees of corruption in development projects. In his application filed in the court of judicial magistrate Imran Abid, the Punjab Anti-Corruption Establishment (ACE), sought arrest for the suspect, said that a case had been registered against him under sections 420, 471, 467, 674, 109 and 468. It was further stated in the petition that since Moonis had not been cooperating with the Establishment and was hiding, therefore, the court was requested to issue his arrest warrants. On July 22, the Lahore district court declared Moonis Elahi – son of PTI President Parvez Elahi – an absconder over his continued absence in the money laundering case. Moonis is currently living in Spain.

MQM, PML-N agree on seat adjustment in Karachi KARACHI

stAff RepoRt

The MQM-Pakistan and the PML-N have agreed over seat adjustment on Karachi’s seats for the general election scheduled for next month. The sources sharing details of the meeting between the committees of two parties said that the PML-N will field its candidates on the national and provincial assemblies’ seats of Karachi in NA-229 and NA-230. The MQMP will field its candidates on NA-231 and its provincial constituencies. Both parties decided that the PML-N will field its candidate in national assembly constituency of NA-239 in Karachi South district.

The issue of seat adjustment on the NA-242 constituency of Keamari district is pending and it will be decided in next 48 hours, sources said. PML-N President Shehbaz Sharif and MQM leader Mustafa Kamal are the candidates from NA-242. People’s Party has also fielded former MNA Qadir Khan Mandokhel in NA-242 constituency. According to sources, two allied parties have also agreed that the PML-N candidates will contest on the National Assembly seats of Mirpur Khas, Nawabshah and Sukkur districts, while the MQM will field its candidates on provincial assembly seats in these districts.

WHAT COMPENSATION HAVE VICTIMS RECEIVED? In late 2019, the Post Office agreed to settle claims made by 555 sub-postmasters.

However, many of the victims found the amount paid in compensation was outweighed by legal fees.

The government says roughly 138 million pounds ($175 million) have so far been paid out to over 2,700 claimants across three separate Post Office compensation schemes.

Still, many postmasters are yet to receive compensation or have their convictions quashed.

HAS ANYONE BEEN HELD ACCOUNTABLE? No senior Post Office staff have been punished to date.

Vennells, who received more than 4.5 million pounds in salary and bonuses during her seven-year tenure, stepped down in 2019 before the Post Office agreed to pay 58 million pounds in a settlement with 555 sub-postmasters. In 2021 she resigned from the boards of two retailers after 39 sub-postmasters had their criminal convictions overturned, saying her past at the Post Office had become a distraction.

Since “Mr Bates vs The Post Office”, the ITV drama about the scandal, there have been growing calls for Vennells to lose her CBE, an honour bestowed on her in 2019 for services to the Post Office and charity.

Decisions on such matters are decided by a Forfeiture Committee which is independent of government. Prime Minister Rishi Sunak’s spokesman said he would

“strongly support” a review of the case.

Former postal affairs minister Ed Davey has also come under the spotlight. The now leader of the small Liberal Democrats party refused to meet sub-postmaster Alan Bates in May 2010, saying in a letter that it would not serve any useful purpose.

Davey, who later met Bates but did not intervene in any of the cases, said he was “clearly misled” by Post Office executives.

Fujitsu, which has continued to win multiple British government contracts, says it is “fully committed” to supporting an ongoing independent public inquiry. It says it has apologised for its role in a scandal that has had a “devastating” impact on people’s lives.

WHAT HAPPENS NEXT? Prime Minister Sunak said his government was considering a move to exonerate wrongfully convicted postmasters, calling the scandal an “appalling miscarriage of justice.” Separately, an independent public inquiry led by a former high court judge is gathering evidence from postal workers, the government, the Post Office, Fujitsu and others. The inquiry is expected to conclude later this year. London’s Metropolitan Police has also confirmed it is conducting its own investigation into the Post Office over potential fraud offences arising from the wrongful prosecutions.

Post Office minister Kevin Hollinrake has said the government is looking at options to speed up appeals and Justice Secretary Alex Chalk is consulting senior judges about the next steps.

Published by Asad Nizami at Plot No 66-C, 1st Floor, 21st Commercial Street, Phase-II (Extension), DHA Karachi and printed at Ibn-e-Hassan Printing Press, Hockey Stadium, Karachi, for PT Print (Pvt) Limited. Ph: 021-35381208-9. Email: newsroom@pakistantoday.com.pk