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FM cut short PAKISTAN TARGETS PRECISION STRIKES PM, Davos, Uganda visits as NSC meeting ON TERRORIST HIDEOUTS IN IRAN convened today

Profit

Friday, 19 January, 2024 I 7 Rajab, 1445

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ISPR SAYS HIDEOUTS USED BY TERRORIST ORGANISATIONS – BLA, BLF STRUCK IN IBO CODENAMED ‘MARG BAR SARMACHAR’

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ISLAMABAD STAFF REPORT

AY after “unprovoked violation of airspace and missile attack in Balochistan,” Pakistan on Thursday struck terrorist hideouts inside Iranian border, the Foreign Ministry stated.

“This morning Pakistan undertook a series of highly coordinated and specifically targeted precision military strikes against terrorist hideouts in Siestan Baluchistan province of Iran. A number of terrorists were killed during the Intelligence-based operation – codenamed ‘Marg Bar Sarmachar’, the Ministry of Foreign Affairs said in a statement on Thursday.

According to a statement issued by the military’s media affairs wing, “hideouts used by terrorist organizations namely Balochistan Liberation Army (BLA) and

Balochistan Liberation Front (BLF)” were struck in an intelligence-based operation codenamed ‘Marg Bar Sarmachar’.

The ISPR said hideouts used by BLA and BLF were successfully struck in the operation. “The targeted hideouts were being used by notorious terrorists including Dosta alias Chairman, Bajjar alias Soghat, Sahil alias Shafaq, Asghar alias Basham and Wazir alias Wazi, amongst others,” it said. Meanwhile, Iran’s IRNA news agency reported that nine people were killed in the attack targeting a village in the city of Saravan, with Iranian Interior Minister Ahmad Vahidi saying all the dead “were foreign nationals”.

Iran on Tuesday had launched attacks in Pakistan targeting what it described as bases for the militant group Jaish al-Adl in the border town of Panjgur in Balochistan, Iranian state media reported, prompting strong condemna-

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Rs 15.00 | Vol XIV No 201 I 8 Pages I Lahore Edition

STATES ‘DIALOGUE AND COOPERATION’ DEEM PRUDENT IN RESOLVING BILATERAL ISSUES BETWEEN TWO BROTHERLY COUNTRIES

China offers to play ‘constructive role’ in defusing Pakistan, Iran tension KARACHI: Amid the escalation of hostilities between Pakistan and Iran, Chinese Consul General in Karachi Yang Yundong on Thursday said Beijing would like to play a constructive role in settling differences between Islamabad and Tehran.

“China would like to ask Pakistan and Iran that we will like to play a constructive role to settle the differences between the two countries,” Yundong said exclusively talking to a private Tv news channel.

To a question on Iran’s blatant breach of Pakistan’s sovereignty by launching a missile attack in Balochistan, he said Pakistan and Iran were the major countries in the region and Muslim world, so China hoped that the differences between them could be solved through talks and other peaceful ways.

On January 17, Pakistan had warned Iran of serious consequences

after Tehran violated Pakistan’s airspace that claimed lives of two Pakistanis and injured multiple others.

“Pakistan strongly condemns the unprovoked violation of its airspace by Iran which resulted in death of two innocent children while injuring three girls,” Foreign Office Spokesperson Mumtaz Zahra Baloch had said in a statement.

Iranian state media had claimed that it had targeted the bases of a terrorist organisation in Pakistan with drones and missiles and destroyed the headquarters of the said group.

The foreign office spokesperson had termed this violation of Pakistan’s sovereignty as completely unacceptable and said it could prompt serious consequences. The Chinese consul general urged both the countries to exercise restraint by following the principles and charter of the United Nations and norms of international relations.

tion from Islamabad and downgrading of diplomatic ties. The Iranian strikes were part of a series of attacks carried out by Iran in recent days in Syria and Iraq as a response to recent terrorist attacks on its territory. They have heightened concerns about regional stability, particularly amid ongoing conflicts in the Middle East.

“Pakistan Armed Forces remain in a perpetual state of readiness to ensure the safety of Pakistan citizens against acts of terrorism,” the army’s media wing stated.

“Our resolve to ensure that the sovereignty and territorial integrity of Pakistan is respected and safeguarded against any misadventure, remains unwavering.

We reaffirm our determination to defeat all enemies of Pakistan with the support of the people of Pakistan,” it said.

The ISPR added that “dialogue and cooperation” was deemed prudent in resolving bilateral issues between the two brotherly countries. The Foreign Office Spokesperson Mumtaz Zahra Baloch at a presser said: “Over the last several years, in our engagements with Iran, Pakistan has consistently shared its serious concerns about the safe havens and sanctuaries enjoyed by Pakistani origin terrorists calling themselves Sarmachars on the ungoverned spaces inside Iran.

As military tensions rise between Pakistan, Iran, both official and unofficial trade remains unaffected g

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TRADING HAS CONTINUED ACROSS BORDER AND SO HAS SMUGGLING. BUT COULD THAT CHANGE IN DAYS TO COME? PROFIT

GHULAM ABBAS

Formal and informal channels of trade between Iran and Pakistan remained unaffected by the recent escalation in military tension between the two states as of Thursday.

In the latest flare-up, military strikes were exchanged between the two neighboring nations, resulting in civilian casualties and heightened diplomatic tensions.

These incidents prompted a diplomatic rift, with Pakistan recalling its ambassador from Iran and suspending high-level visits. In response to Pakistan’s strikes, Iran demanded an immediate explanation from its neighbor.

Despite this, bilateral trade appears unaffected, continuing its usual course.

Ministry of Commerce officials stated that there is no immediate impact on trade activities, primarily the informal sector.

“There are no formal measures so far.

Whether there is any impact of the situation on trade is still to be seen,” said Saleh Frooqi, Secretary Ministry of Commerce.

Considering the limited formal trade with Iran, another official expressed the belief that the recent devel-

opments might not significantly impact formal trade.

Who would lose out if informal trade is stopped?

Interestingly enough, since the bilateral official trade is largely in favor of Iran, the neighboring country may face bigger consequences in case of a shut down of trade.

Haji Abdullah, President Quetta Chamber of Commerce and Industry, told Profit that a delegation of the chamber was at Chahbahar in Iran for a meeting with a team of Zahidan Chamber of Commerce at the time when Iran conducted the air strike. “When we heard about the attack we cancelled the meeting in protest and returned to Pakistan.”

“Iran would lose the most as it exports things worth $ 2 billion to Pakistan whereas Pakistan exports goods worth only $ 500 million to the neighboring country. The trade volume included both the formal and informal trade between Pakistan and Iran,” Haji Abdullah added.

“However, at the movement border is open for trade and movement of tracks on both sides of the border is as usual. We hope that the trade activities would re-

main unharmed as it involves wellbeing of people in both neighboring countries.”

Waheed Ahmed, a leading fruit and vegetable exporter, said that trade activities across the border were unharmed so far. He hoped that the existing tension would not be further escalated saying that the trade activities would continue as the neighboring countries are interdependent.

Formal Trade between Pakistan and Iran As per available data, Pakistan’s formal exports to Iran in last financial year (2022-2023) was registered only $ 0.097 million against the import of $ 881 million from Iran which shows how negligible things Pakistan export to Iran compared to its exports.

In 2021-22, Pakistan’s share in total bilateral formal trade of $774 million was merely $ 0.00002 million. Similarly in the financial year 2020-21 Pakistan exported goods of only wroth $ 0.007 million against the import worth $519 million. In 2019-20 Pakistan’s exports were only $ 0.018 million as compared to the imports of $ 438 million.

According to the data, during the past five years, only 2018-19 was the year in

which Pakistan exported things worth $ 12.33 million against imports worth $416 million from Iran.

According to officials at MOC, the unofficial exports of Pakistan to Iran are usually higher than formal trade as exporters usually show other countries like Dubai instead of Iran to avoid any difficulties related to financial transactions for the imposition of bans on Iranian banks.

Oil smuggling Though it is anticipated that Iran would be the major loser in case border closes for trade with Pakistan, but the case related to smuggling of oil, which is the major contributor in informal bilateral trade, may show different story as 40 to 50 percent of the oil (petrol and diesel) consumed in Pakistan is coming from Iran as claimed by oil marketing companies.

In case of any disruption in the smuggled oil, Pakistan may also lose a major supply forcing it to spend more dollar on import of the oil in the formal channel. According to industry sources, Pakistan may not afford losing the existing oil supply (smuggled one) keeping in view the dollar constraints and depleting foreign exchange reserves.

ISLAMABAD

STAFF REPORT

Caretaker Prime Minister Anwaarul Haq Kakar summoned a National Security Committee (NSC) meeting on Friday after announcing that he would be cutting short his visit to Davos for the 54th Annual Meeting of the World Economic Forum (WEF) amidst cross-border intrusions and heightened regional tension between Pakistan and Iran The meeting will be attended by cabinet members of the interim government, chairman Joint Chiefs of Staff Committee and all three service chiefs.

Foreign Minister Jalil Abbas Jilani, leading the Pakistan delegation to the Ministerial Meeting of the Non-Aligned Movement in Kampala, Uganda, will also be returning shortly.

The decision comes as Pakistan carried out ‘highly coordinated’, ‘precision strikes’ on terrorist hideouts in Iran’s Sistan-o-Balochistan province.

The retaliation came over a day after Tehran carried out missile and drone strikes in Pakistan’s Panjgur.

The strikes were launched the day Kakar met with the Iranian foreign minister on the sidelines of the WEF in Davos, Switzerland.

FM Jilani received also a telephone call from the Foreign Minister of Iran, Hossein Amir Abdollahian.

The foreign minister firmly underscored that the attack conducted by Iran inside the Pakistani territory, on January 16, was not only a serious breach of Pakistan’s sovereignty but was also an egregious violation of international law and the spirit of bilateral relations between Pakistan and Iran.

Expressing Pakistan’s unreserved condemnation of the attack, the foreign minister added that the incident has caused serious damage to the bilateral ties between Pakistan and Iran. The foreign minister added that Pakistan reserved the right to respond to this provocative act.

Furthermore, Iranian FM Abdollahian said on the sidelines of WEF, “None of the nationals of the friendly and brotherly country of Pakistan were targeted by Iranian missiles and drones.”

“The so-called Jaish al-Adl group, which is an Iranian terrorist group, was targeted,” he added.

Abdollahian also said he spoke to his Pakistani counterpart and assured him that Iran “respects” Pakistan’s sovereignty. However, he added that Iran would not hesitate to act if its national security and interests came under threat.

‘Toshakhana, £190 million case’: IHC reserves verdict on Imran’s plea against jail trial ISLAMABAD

STAFF REPORT

The Islamabad High Court (IHC) on Thursday reserved its verdict on the admissibility of petitions against the jail trial of PTI founder Imran Khan in the Toshakhana and £190 million NAB references.

The petitions seeking annulment of Imran’s jail trial in the two cases were heard by IHC judges Justice Miangul Hasan Aurangzeb and Justice Arbab Muhammad Tahir, with PTI counsel Sardar Latif Khosa representing the former premier.

Khosa, while reading out the jail trial notifications and giving reference to multiple court verdicts stated that they have challenged the two notifications regarding the Toshakhana and Al-Qadir Trust case jail trials. He added that one of their petitions was allotted a number, while the other was not.

On Justice Aurangzeb’s question about approaching the court weeks after the notification issued in November 2023, Khosa replied that the reference against Imran was filed on December 20; which led to the discovery that a daily trial was being conducted.

“A division bench gave a short judgment of annulling the cypher jail trial on November 21, with no order being issued in this regard by any judge,” the judge added.

Cheetay mulling shut down, Dastgyr, others look towards layoffs as startups go through another purge

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HURTING MACROS, GLOBAL DEARTH OF RISK CAPITAL LEAD TO MASSIVE LAYOFFS, CLOSURES IN PAKISTAN’S STARTUP SCENE PROFIT

TAIMOOR HASSAN & NISMA RIAZ

Facing continuing uncertainty and a serious decline in funding, a number of Pakistani startups are either planning to shut down operations or undertake massive layoffs.

Chief among those facing the heat are delivery service startup Cheetay, B2B startup Dastgyr, the Electronic Monetary Institute (EMI) known as YAP, and fintech company Paymob.

Of these four prominent startups Cheetay, according to a source close to the founders, is on the brink of shutting down.

The rest are all downsizing significantly with some cutting up to 85% of staff members loose.

Cheetay to shut down permanently Cheetay is a popular startup that was cofounded by brothers Ahmad Khan and Majid

Khan in 2015 as an online food delivery platform. Cheetay was essentially a competitor to FoodPanda in the food delivery space but also launched a grocery delivery arm at the beginning of the pandemic, dropshipping grocery items from physical stores to the customers. From dropshipping, it moved on to a quick commerce model, setting up dark stores to do deliveries swiftly.

Back in April 2021, Jabberwock Ventures, the parent company of Cheetay Logistics and Swyft Delivery Solutions, reportedly secured nearly $20 million in its Series-B funding round. Moreover, market rumours suggested Cheetay Logistics raised up to $25 million in Series-B. Sources had informed Profit that the round was actually just under $20 million, raised by Jabberwock Ventures, and not Cheetay or Swyft alone. The funds were likely to be used for both startups’ operations.

Nearly three years later, Cheetay is facing an unfortunately tough decision and is gearing up for a permanent closure. After letting go off half of its staff late last year, high ranking sources at Cheetay confirmed that the company was planning to shut down and a formal statement confirming the news is expected soon. “As a business, it doesn’t make sense anymore,” said an official at Cheetay, requesting anonymity.

What the official says is because quick commerce has a high-burn business model and there isn’t enough demand for an immediate grocery service. Troubles would have compounded for Cheetay in the current highinflation environment of Pakistan and global dearth of risk capital and need for sustainability in businesses. For these reasons, Airlift had announced a shutdown in June 2022 despite raising an $85 million round.

On the other hand, the other business of

being an aggregator for restaurants would easily succumb to foodpanda’s mammoth presence and warchest funded by DeliveryHero.

Cheetay had earlier shut its food delivery operations and was only operational as an aggregator for restaurants. Now, they would be shutting down all operations including the quick commerce business.

Dastgyr in need of a helping hand In other similar news, B2B eCommerce marketplace Dastgyr Technologies, a major competitor of Bazaar, Retailo and the already collapsed Jugnu, is also on the verge of collapse. The startup slashed its workforce of over 500 people by 50%-60%, according to an employee of the company.

In a company-wide email seen by Profit, co-founder Muhammad Owais Qureshi said, “Today, we have had to make a very difficult decision to reduce our team.” In a melancholic tone, Qureshi high-

lighted how Dastgyr, a company that resonates with “helping and supporting” is faced with a tough situation, where it is unable to help its very own team against rising costs of operations.

According to sources, Dastgyr had already let go of almost all of its warehouse staff before the new year, however, 2024 brought misfortune upon half of the white collar workforce, as well. Qureshi, in his email quoted “global and local political and financial climate” and an “unforeseen economic crisis” as the reasons for its mass layoffs. Information gathered by Profit reveals that along with shares being bought back by the company, the co-founder’s email also included details regarding the severance package, which is to be worth two months of the employees’ salaries.

CONTINUED ON PAGE 03

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PAKISTAN’S EXTERNAL FINANCING HITS $5.97B IN FIRST HALF OF FY24

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Govt to provide Rs30b to PSO for debt relief, subsidy disbursement g

A notable portion of financing includes a $517.8m loan for non-project aid PROFIT

News Desk

AKISTAN has achieved a significant milestone in its external financing efforts, securing a total of $5.968 billion during the first half of the fiscal year 2024 (1HFY24). This amount, as reported by the Economic Affairs Division (EAD), is part of the country’s targeted $17.62 billion for the entire fiscal year.

In December alone, the country received external financing amounting to $1.621 billion. This comprised $1.609 billion in loans and $12.16 million in grants from various sources.

A notable portion of this financing includes a $517.8 million loan for non-project aid.

This aid is broken down into $172.83 million for program/budgetary support to restructure Pakistan’s economy, $249.38 million from DPC, and $95.18 million obtained for the SFD oil facility.

Data from the EAD indicates that disbursements from bilateral and multilateral development partners remained robust.

December witnessed a total inflow of $1.537 billion, contributing to the six-month figure of $2.968 billion.

These inflows have played a crucial role in bolstering

Pakistan’s foreign exchange reserves.

The Ministry of Economic Affairs highlighted Pakistan’s reliance on foreign commercial borrowing, which stood at $83.96 million in December, sourced primarily through the Naya Pakistan Certificate.

The breakdown of assistance from multilateral sources reveals that Pakistan received nearly $1.398 billion in December and $2.245 billion over the six months.

The International Development Association-World Bank (IDA) emerged as a major contributor, providing $638.1 million in December.

This was followed by the Asian Development Bank (ADB) with $468.96 million, Asian Infrastructure Investment Bank (AIIB) with $254.6 million, the International Bank for Reconstruction and Development (IBRD) with $29.33 million, and the International Fund for Agricultural Development (IFAD) with $7.83 million.

On a cumulative basis for the half-year, IDA’s contribution stood at $1.04 billion, with ADB at $589.43 million, and AIIB at $287.04 million. Bilateral development partners contributed a total of $138.72 million in December and $723.13 million over the sixmonth period.

From bilateral sources, Pakistan received significant amounts from several countries in December.

Saudi Arabia, through the Oil Facility, provided $95.18 million, followed by China with $33.92 million, Germany with $7.63 million, and the USA with $1.74 million. In the first half of FY24, Saudi Arabia’s contribution was the highest, totaling $595.18 million.

FDI rises to $863m with 35% increase in H1 FY2024, despite challenges in power sector g

Friday, 19 January, 2024 | LAHORE

SBP data shows 61 percent growth in investments from Hong Kong; whereas Chinese investments saw a 12 percent decline PROFIT

staff report

Pakistan recorded a notable 35 percent increase in its foreign direct investment (FDI), reaching $863 million in the first half of the fiscal year 2023/24.

This growth was largely fueled by significant investments in December and considerable inflows from Hong Kong and the Netherlands, according to recent data from the State Bank of Pakistan (SBP). In December alone, FDI inflows surged to $211 million, a substantial rise from $33.1 million in the same month the previous year, marking a 540 percent increase. SBP data highlighted a 61 percent growth in

Pakistan’s foreign exchange reserves drop as SBP repays debts

investments from Hong Kong, totaling $191 million from July to December in FY2024. However, Chinese investments, which form a significant portion of Pakistan’s FDI, saw a 12 percent decline, amounting to $293 million.

The Netherlands also showed increased interest in Pakistan, with investments of $69 million during the same period, up from $7 million a year earlier. The oil and gas exploration industry benefited from an 84 percent increase in FDI, receiving $130 million in the first half of the fiscal year.

In contrast, the power sector experienced a slight decline of 1 percent, securing $434 million in investments.

Despite a dip in the financial sector, with an 8 percent decrease to $91 million, analysts remain optimistic about the future of FDI in Pakistan.

They attribute this positive outlook to restored global confidence in Pakistan’s economy and the acceleration of the privatisation of state-owned enterprises.

The confirmation of a $3 billion shortterm bailout package from the International Monetary Fund in July has been instrumental in improving Pakistan’s external sector outlook.

However, challenges persist in attracting foreign investment due to reputational concerns and increasing competition from advanced economies,

like the US and China, in manufacturing investment. Investors are also showing a preference for more stable economies, such as India, in line with their geopolitical strategies. The World Bank’s latest report cautions that upcoming elections could create uncertainty, potentially affecting foreign investment in South Asian countries, including Pakistan.

The report suggests that foreign investment levels may remain low, with limited access to external commercial borrowing for the government. It also predicts high gross financing needs, leading to a continued increase in domestic debt and associated risks to fiscal and debt sustainability.

Disbursement of full Rs30b to SNGPL is expected to facilitate prompt payments to PSO

PROFIT

News Desk

The federal government is set to release Rs30 billion to Pakistan State Oil (PSO) to mitigate its revolving debt and streamline PSO arrears.

Sources from the Ministry of Finance have confirmed that Rs5 billion has already been allocated to Sui Northern Gas Pipelines Limited (SNGPL) for onward payment to PSO. The remaining Rs25 billion, intended for subsidies to domestic consumers and fertiliser plants, is due for release this week. The disbursement of the full Rs30 billion to SNGPL is expected to facilitate prompt payments to PSO. This funding, designated for subsidies, aligns with the budgetary allocations already set aside by the government. According to government insiders, the federal cabinet is also considering a significant policy decision next week. This involves transferring the ownership of two power plants to PSO as part of a strategy to reduce the company’s revolving debt. PSO will acquire a controlling interest in the two power plants, once it is approved by the cabinet. This move is projected to decrease the gas sector’s revolving debt by around Rs100 billion, consequently reducing PSO’s total revolving debt by approximately Rs130 billion. PSO’s debt has been escalating since its foray into the liquefied natural gas (LNG) market. The company had previously signed an agreement with Qatar Petroleum for LNG imports under a government-to-government (G2G) arrangement, which added additional financial strain.

Senate body discusses railway connectivity of Gwadar port with ML-1, Quetta ISLAMABAD

staff report

SECP registers 2,095 new companies in December 2023 g

PROFIT

News Desk

The State Bank of Pakistan (SBP) reported a decline in its foreign exchange reserves, which fell by $127 million in the week ending January 12, settling at $8.03 billion. This downturn in reserves was primarily due to the repayment of external debts. The country’s total liquid foreign reserves, which include holdings by commercial banks, currently stand at $13.15 billion. Out of this, commercial banks possess $5.12 billion. This decrease follows a previous reduction of $66 million in the central bank’s reserves. However, in a significant fiscal development, Pakistan received a substantial sum from the International Monetary Fund (IMF). The SBP confirmed receiving a tranche of $705.6 million from the IMF on January 16, following the successful completion of the first review under the IMF’s Stand By Arrangement (SBA). “The SBP has received SDR 528 million, equivalent to $705.6 million, from the IMF. This is a direct consequence of the Executive Board of IMF’s approval under the SBA program,” the central bank stated. The latest IMF disbursement is expected to be reflected in the SBP’s reserve tally for the week ending January 19, offering a potential boost to Pakistan’s foreign exchange reserves amidst ongoing fiscal challenges.

Total capitalisation for newly incorporated companies is Rs2.6b PROFIT News Desk

The Securities and Exchange Commission of Pakistan (SECP) registered some 2,095 new companies in December 2023, bringing the total number to 209,604. As per a news release by the SECP, the total capitalisation for the newly incorporated companies is Rs 2.6 billion.

Around 57% of Pakistani companies are private limited companies, with 41% being single-member companies. The remaining 2% are public unlisted companies, not-for-profit associations, limited liability partnerships, and foreign companies. Three foreign companies had established businesses in Pakistan, with 99 foreign applicants registered through eServices.

The trading sector took the lead with the incorporation of 288 companies, followed by information technology with 286, services with 238, real estate development and construction with 220, education with 107, tourism with 98, food and beverages with 80, ecommerce with 66, marketing and advertisement with 51, power generation with 47, textile with 44, corporate agricultural farming with 43, mining and quarrying with 41, healthcare with 40, chemical with 39, transport with 38, pharmaceutical with 37, engineering with 35, fuel and energy with 34, cosmetics and toiletries with 32, lodging with 24, communication with 19, paper and board with 14, broadcasting and telecasting with 13, and cables and electrical goods with 10.

Some 151 companies were registered in other sectors.

The integration of SECP with the Federal Board of Revenue (FBR) and provincial departments led to the registration of 2,036 companies for NTN registration, 56 with EOBI, 27 with PESSI/SESSI, and 31 with excise and taxation departments. The SECP said that foreign investment in 62 new companies has been reported, with investors from Afghanistan, Australia, China, Denmark, El Salvador, Germany, Italy, Jordan, Mozambique, Nigeria, Oman, Russia, Saudi Arabia, Tanzania, Turkey, the UAE, the UK, and the USA. The major chunk of investment was received from China, followed by Afghanistan, US, Nigeria, Denmark, Germany, Mozambique, Saudi Arabia, and UAE.

The Senate Standing Committee on Maritime Affairs deliberated on the railway connectivity of Gwadar Port with the ML-1 and Quetta. Senator Rubina Khalid chaired the meeting of the Senate Body held at Parliament House on Thursday.

During the meeting, officials apprised the Standing Committee about the new rail links that will be established for the connectivity of Gwadar port with ML-1 and Quetta. The Committee was informed that the land acquisition for the said project is divided into three phases; however, the first phase has been completed, and the second is ongoing and will be completed soon. The Committee was of the view that railway connectivity of Gwadar port to ML-1 will play a significant role in the development of Gwadar port and Pakistan Railways. The committee directed the Pakistan Railways to prepare PC-1 of the project at the earliest for approval.

Furthermore, the committee was briefed on the Gwadar Port Master Plan and the land acquired by the Port Authority so far. Officials mentioned that the Gwadar Port Master Plan mainly entails a multi-use area and port industrial area; however, a total of 2,350 acres have been acquired so far, and 19,121 acres land is yet to be acquired.

Senator Rubina Khalid inquired about the existence of an industrial waste plan for the industrial sector and stated that the industrial waste plan should be intact as it will protect the Gwadar sea from pollutants, calling it a necessity of time. While discussing the implementation status of committee recommendations concerning the acquisition of the remaining land for the railway track from Gwadar Port to Railway Container Yard, Gwadar, officials stated that Pakistan Railways has requested the Gwadar Port Authority to acquire five acres of land, which was encroached during the construction of the East Bay Expressway, from private owners, and the said land will be acquired soon.

IT exports reach $303m in December, showing 23% annual growth g

Government estimates that IT companies have around $1-2B in earnings held outside of Pakistan PROFIT

staff report

Pakistan’s Information Technology (IT) exports witnessed a substantial increase, reaching an all-time high of $303 million in December.

This represents a significant growth of 17 percent compared to the previous month and a 23 percent rise on a year-on-year basis, as per the latest industry data released on Wednesday. According to a report by brokerage firm Topline Securities, December’s IT exports exceeded the average monthly export figure of $222 million observed over the past 12 months, underlining the sector’s robust performance.

Two key factors were identified as driving this growth. Firstly, the State Bank

of Pakistan (SBP) eased restrictions for IT exporters by increasing the permissible retention limit in the Exporters’ Specialized Foreign Currency Accounts from 35 percent to 50 percent. This policy change allows IT firms to retain a larger portion of their earnings in foreign currency, facilitating their business operations.

Secondly, the Pakistani rupee’s relative stability against the U.S. dollar has encouraged IT companies to repatriate their overseas income, thereby enhancing the reported export figures.

It’s important to note that these figures reflect the amount remitted back to Pakistan rather than the actual value of services rendered abroad. The government estimates that IT companies have around $1-2 billion in earnings held outside of Pakistan.

There’s potential for these funds to be repatriated if further incentives and facilities are provided to the sector.

For the first half of the fiscal year 202324, IT exports rose by 9 percent to $1.5 billion, up from $1.3 billion in the same period the previous year. Additionally, net IT exports, which are the IT exports minus IT imports, also saw an increase.

In December, net IT exports grew by 16 percent month-on-month and 13 percent year-on-year to $263 million, surpassing the 12-month average of $197 million. In the first half of FY 2023-24, net IT exports recorded a 7 percent year-on-year growth, reaching $1.3 billion.

In a move to bolster the local IT industry, the government has initiated the Pakistan Startup Fund, committing Rs2

billion annually as equity-free capital for startups. This initiative aims to foster industry growth, create jobs, and provide more opportunities for the youth.

Topline Securities acknowledges the government’s efforts to stimulate the industry but notes that it will take time for substantial changes to materialize.

The brokerage also points out that reaching the government’s ambitious $5 billion target for gross IT exports seems challenging.

They project that the gross IT exports for FY24 will likely be between $3-4 billion, compared to the $2.6 billion recorded last year.

03

MODI REGIME SNATCHES ASSETS OF MORE KASHMIRIS Friday, 19 January, 2024 | LAHORE

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Enforcement Directorate in false cases registered against them.

The Indian authorities have already confiscated the headquarters of All Parties Hurriyat Conference in Srinagar and hundreds of houses and properties belonging to Hurriyat leaders and organizations including Syed Ali Gilani Shaheed, Shabbir Ahmed Shah, Aasiya Andrabi and Jamaat-e-Islami across occupied Kashmir.

The occupation authorities have also demolished many residential houses, shops, shopping complexes and other properties in the occupied territory.

The attaching or confiscating Kashmiris’ properties every other day by India is a new way of rendering the people of occupied Kashmir homeless and landless. The action is aimed at forcing them to give up their

staff report

HE Narendra Modi-led Indian government has snatched the properties and other assets of more innocent people in Indian illegally occupied Jammu and Kashmir to punish them for their affiliation with the ongoing freedom movement.

According to Kashmir Media Service, in its fresh move the Modi regime has seized the seven immovable assets and bank deposits worth Rs 5 crore belonging to Hurriyat leaders and activists including Zafar Akbar Butt, Qazi Yasir, Muhammad Iqbal Mir, Muhammad Abdullah Shah and Fatima Shah. The assets were attached by India’s dreaded probe agency

support to the ongoing freedom struggle.

The action is a sheer political vendetta on part of Modi’s Hindutva regime.

Indian troops are also regularly destroying the Kashmiris’ houses during violent military operations. Demolition of properties, illegal confiscations and forced evictions are part of India’s systematic campaign to cripple the Kashmiris economically.

Modi must remember that India’s brutal military occupation and colonial tactics have failed to subdue the Kashmiris’ resolve for freedom in the past and will meet the same fate in future as well.

The world community must take cognizance of brutal actions of India in occupied Kashmir and force it to fulfill its promise of giving the Kashmiris their right to self-determination.

As military tensions rise between Pakistan, Iran, both official and unofficial trade remains unaffected CONTINUED FROM PAGE 01

While it not been declared either by the petroleum division or the Oil Companies Advisory Committee (OCAC) but there was a general consensus among all players in the industry that between 40- 50 percent of petrol and diesel was being smuggled in the country from Iran.

“The average monthly consumption of both the key fuels in country was around 800,000 tonnes,” said a senior executive of an oil marketing company (OMC).

“Various sources have confirmed that around 10,000 tonne HSD was being smuggled into Pakistan on daily basis, while the demand for Iranian petrol was less due to slightly lower quality of petrol produced in Iran,” the executive added.

The consumption of HSD varies in the country

based on the frequency of the transport sector which is high during the holidays in education sector, and the other key consumption era for diesel was wheat harvesting time.

Diesel was also consumed in heavy generators and it increases during the electricity load shedding days.

Industry sources said that the smuggled Iranian petrol was used in bikes, small loading vehicles and old cars in the whole southern region from D.I Khan, South Punjab, most of Sindh up to mane areas of Karachi.

Whereas the diesel was consumed at a larger area in the country, as the truckers have a nationwide movement IMPACT ON BORDER COMMUNITIES Despite the tensions, the tradition of bartering goods between Baloch communities on both sides of the border remains intact. Pakistan exports rice and

other products to Iran, while Balochistan’s border residents continue to save money by purchasing Iranian goods. Balochistan, being Pakistan’s least-developed province, heavily relies on Iran for essential commodities.

The informal trade, rooted in decades-old traditions, involves exchanging rice for cement, steel, fruits, dry milk, cooking oil, and various other commodities. The affordability of Pakistani commodities is a significant concern for Balochistan’s residents, particularly those in border areas.

As the situation unfolds, the impact on formal and informal trade between Pakistan and Iran remains uncertain. The ongoing interdependence of both nations in various economic aspects raises questions about the sustainability of any trade closures and their potential consequences on both sides of the border.

Cheetay mulling shut down, Dastgyr, others look towards layoffs as startups go through another purge CONTINUED FROM PAGE 01

Sources have said that the underlying fundamentals are highly unstable, leading to massive cash burn. B2B startups at their core not only stock inventory but also deliver it to neighbourhood convenience stores, just like distributors. Their marketplace is, however, discount driven in a market where there is competition from not only distributors and wholesale dealers but also other very well-funded startups.

Bazaar for instance had raised $70 million in March of 2022. This ultimately results in high costs while margins are not great, leading to an unsustainable and unfundable model.

Profit reached out to the co-founders of Dastgyr to get more details regarding the downsizing, however, all we got was radio silence from the other end.

Dastgyr has raised over $40 million in funding since its inception. In the mid of 2022, it raised $37 million and its round was joined by Veon, the parent company of Jazz. It had earlier raised $3.5 million in seed round and $500,000 in an angel round.

GOING YAP IN FLAMES In Pakistan’s fintech scene, a casualty on the cards could be YAP, which is an up and coming electronic money institution (EMI) that has now

laid off almost the entirety of its workforce of about 50 people in Pakistan, credible sources that have worked with YAP told Profit. They say further that only two people are employed by the company in Pakistan, which is clearly not enough to build a fintech company.

This also leaves YAP’s in-principle approval for the EMI license in the balance, which has not yet been revoked by the central bank but could reportedly be in trouble. Informed sources tell Profit that despite about two years of being granted the in-principle approval, YAP management has yet been unable to fulfil the obligation set forth by the central bank for minimum capital requirement.

Despite the layoffs and failing to meet central bank’s requirements, YAP has not withdrawn its application for the EMI license like some of the other EMIs such as Careem and Checkout that withdrew from the race of building new generation fintech companies.

Instead, the UAE-based company has resorted to laying off almost all staff and leaving unpaid bills. YAP has not yet responded to questions about its plans for Pakistan including reasons for layoff.

Matters, for obvious reasons, look dire at YAP and if it has planned to withdraw from Pakistan, it would most

likely be a first for a tech company from the Middle East that would have left from Pakistan so bizarrely and unceremoniously. The fintech company was planning to capitalise on the sizable chunk of payments sent to Pakistan as remittances from Middle Eastern countries where it has operations, providing overseas Pakistanis in these countries the ability to transfer remittances back to families in Pakistan.

In 2023 alone, remittances from Saudi Arabia were $6.4 billion and $4.6 billion from UAE, making these countries top remittance contributors to Pakistan. YAP has operations in both Saudi Arabia and the UAE. At the same time, YAP is wellfunded, having raised $41 million in July 2022.

RIGHTSIZING AT PAYMOB Lastly, just like Dastgyr, financial technology company Paymob has also belatedly realised that they scaled their workforce too fast too soon and are now aggressively rightsizing its over 90people workforce, leaving over 35%-50% of its employees jobless.

Paymob is a payments processor that provides a gateway for online payments.

According to industry sources and former employees of the company, there was no mention or even consideration of any downsizing before December 2023, however as investment dries up, the

company is forced to make some difficult decisions. Having a leaner structure is the most prominent one.

Despite being a well-funded startup, it might not be one that has made its investors too happy. The company has scaled but has still been unable to achieve sustainability and positive unit economics. The current downsizing points towards necessary cost-cutting but not an exit from the Pakistani market. “Ideally, the first resort should be to increase revenues and achieve profitability through sustainable means, which is what the investors also desire,” said a source that has worked with the company. “Instead, Paymob went through a rapid recruitment phase and later, quite belatedly realised that it did not need so much extra dead weight that forced them to make the current decision to cut costs at the expense of its employees.”

Paymob has been expanding in multiple regions, the most promising markets being ones in the Middle East, especially the UAE and Oman. It is speculated that the restructuring in Pakistan is a direct consequence of the company’s shifting regional focus to the Middle East. Nevertheless, when Profit sought verification on this matter, there was no response from executive vice president Omar El Gammal.

Pakistan targets precision strikes on terrorist hideouts in Iran CONTINUED FROM PAGE 01 Pakistan also shared multiple dossiers with concrete evidence of the presence and activities of these terrorists.”

“However, because of lack of action on our serious concerns, these so-called Sarmachars continued to spill the blood of innocent Pakistanis with impunity. This morning’s action was taken in light of credible intelligence of impending large-scale terrorist activities by these so called Sarmachars.

“This action is a manifestation of Pakistan’s unflinching resolve to protect and defend its national security against all threats.

The successful execution of this highly complex operation is also a testimony to the professionalism of the Pakistan Armed Forces,” “Pakistan will continue to take all necessary steps to preserve the safety and security of its people which is sacrosanct, inviolable and sacred,” said MOFA. The Foreign Office said that Islamabad fully respects the sovereignty and territorial integrity of the Islamic Republic of Iran, adding that the sole objective of today’s act was in pursuit of Pakistan’s own security and national interest which is paramount and cannot be compromised.

“As a responsible member of the international community, Pakistan upholds the principles and purposes of the UN Charter including territorial integrity and sovereignty of member states. Guided by these principles, and in exercise of our legitimate rights within international law, Pakistan will never allow its sovereignty and territorial integrity to be challenged, under any pretext or circumstances.”

“Iran is a brotherly country and the people of Pakistan have great respect and affection for the Iranian people. We have always emphasized dialogue and cooperation in confronting common challenges including the menace of terrorism and will continue to

endevaour to find joint solutions,” the statement added.

PAKISTAN RECALLS AMBASSADOR A day earlier, following Iran’s violation of Pakistani airspace, the Foreign Office (FO) said Islamabad has announced to recall its ambassador from Tehran and expel Iranian ambassador. “Pakistan reserves the right to respond to this illegal act and the responsibility for the consequences will lie squarely with Iran,” FO spokesperson Mumtaz Zahrah Baloch said in a post.

“Pakistan has decided to recall its ambassador from Iran and that the Iranian Ambassador to Pakistan who is currently visiting Iran may not return for the time being. “Last night’s unprovoked and blatant breach of Pakistan’s sovereignty by Iran is a violation of international law and the purposes and principles of the Charter of the United Nations.

“We have conveyed this message to the Iranian Government. We have also informed them that. We have also decided to suspend all high level visits which were ongoing or were planned between Pakistan and Iran in coming days,” the spokesperson said in a statement.

According to a statement released by the Foreign Office (FO) after midnight, strikes in Pakistani territory resulted in “deaths of two innocent children while injuring of three girls”.

“This violation of Pakistan’s sovereignty is completely unacceptable and can have serious consequences.”

PM, FM SHORTEN FOREIGN VISITS Separately, in a press briefing, FO spokesperson Mumtaz Zahra Baloch said Prime Minister Anwaarul Haq Kakar, who is currently in Switzerland for the 54th annual meeting of the World Economic Forum (WEF), had decided to cut short his visit “in light of the developments”.

Similarly, Foreign Minister Jalil Abbas Jilani, who is in Uganda to attend a ministerial meeting of the non-aligned movement, had also decided to return to the country.

In response to a question, Baloch asserted

that Pakistan desired peaceful relations with all countries, including Iran. “But we have also said that Pakis…

While it not been declared either by the petroleum division or the Oil Companies Advisory Committee (OCAC) but there was a general consensus among all players in the industry that between 40- 50 percent of petrol and diesel was being smuggled in the country from Iran.

“The average monthly consumption of both the key fuels in country was around 800,000 tonnes,” said a senior executive of an oil marketing company (OMC).

“Various sources have confirmed that around 10,000 tonne HSD was being smuggled into Pakistan on daily basis, while the demand for Iranian petrol was less due to slightly lower quality of petrol produced in Iran,” the executive added.

The consumption of HSD varies in the country based on the frequency of the transport sector which is high during the holidays in education sector, and the other key consumption era for diesel was wheat harvesting time. Diesel was also consumed in heavy generators and it increases during the electricity load shedding days. Industry sources said that the smuggled Iranian petrol was used in bikes, small loading vehicles and old cars in the whole southern region from D.I Khan, South Punjab, most of Sindh up to mane areas of Karachi.

Whereas the diesel was consumed at a larger area in the country, as the truckers have a nationwide movement IMPACT ON BORDER COMMUNITIES Despite the tensions, the tradition of bartering goods between Baloch communities on both sides of the border remains intact.

Pakistan exports rice and other products to Iran, while Balochistan’s border residents continue to save money by purchasing Iranian goods. Balochistan, being Pakistan’s leastdeveloped province, heavily relies on Iran for essential commodities.

Minister ‘in awe’ at UoG progress, calls for austerity GUJRAT

staff report

Provincial Minister for Higher Education Punjab Mansoor Qadir has lauded the progress made by the University of Gujrat (UoG), saying the varsity’s stateof-the-art infrastructure, its achievements in the field of research and innovation are exemplary. “If only I had time and opportunity, I would have paid off what I owe to my country by devoting all my efforts to the development of the University of Gujrat,” Mansoor Qadir said. Earlier, Vice Chancellor Prof Dr Muhammad Mushahid Anwar along with his team of senior academics and administration officials welcomed the provincial minister upon his arrival at the campus. In a meeting of senior faculty and staff that the minister chaired, Dr Muhammad Mushahid Anwar gave a detailed introduction of the varsity, throwing ample light on the role and achievements of the university. Mansoor Qadir said that the development of educational institutions is our shared national responsibility.

“Pakistan is a developing country. Each one of us in our individual capacity must sincerely contribute towards its progress and development,” Mansoor Qadir said.

Groundbreaking Collaboration to reduce burden of diabetes in Pakistan through Dream Diabetes and SMILE LAHORE

staff report

Considering the current economic challenges and to ensure access to healthcare, Getz Pharma and M.E.D Consultants signed an MOU for the project Dream Diabetes: SMILE (Simplifying the Life of People with Type 1 Diabetes Mellitus). This initiative is designed to simplify the lives of underprivileged individuals living with Type 1 Diabetes Mellitus (T1DM) through free consultations, diagnostic tests, and Getz Pharma’s new insulin pen. This project will also provide comprehensive support, including peer assistance, educational activities and medical support, regardless of their financial, educational or socioeconomic backgrounds. “With this collaboration, Getz Pharma and M.E.D Consultants aim to make a significant impact on the lives of those affected by T1DM, fostering a community of support and knowledge for improved diabetes management. With the launch of our insulin pens, we aim to decrease the burden of diabetes and ensure that legacy meets convenience for people living with diabetes,” shared Dr. Jahanzeb Kamal, Senior Director Medical Affairs - Getz Pharma. “Living with T1DM is an ongoing challenge for both children and adults, requiring daily management through insulin injections and blood sugar monitoring. In low-resource countries, such as Pakistan, the complexities of managing T1DM often surpass the means of the average family”, said Dr. Syed Abbas Raza, CEO - M.E.D Consultants, during the ceremony.

PPP members resign amid dispute over election tickets QUETTA

staff report

Two politicians affiliated with the Pakistan Peoples’ Party (PPP) announced their resignation over a ticket distribution dispute for the general election 2024.

Differences emerged between PPP politicians over the distribution of tickets, leading to the departure of two members from the party, while eight others turned coats. According to the details, Nawab Muhammad Khan Shahwani resigned from PPP – Mastung district, while, Tahir Mehmood Khan has announced to contest as an independent candidate after not getting a party ticket from PPP. Meanwhile, five other candidates from the constituency PB-44 of PPP announced to contest the election as independent

candidates after the party issued the ticket to Mir Obaid from the same constituency.

Earlier today, the Election Commission of Pakistan (ECP) released the details of candidates participating in the general elections 2024. According to ECP, a staggering 17,816 candidates including 5,121 candidates for National Assembly seats, while 12,695 candidates will compete in Provincial Assemblies elections.

Notably, 11,785 independent candidates, along with 3,748 candidates from 1,873 political parties will contest for NA seats whereas 8,537 candidates from 4,158 political parties for Provincial Assembly seats. Moreover, 882 women, comprising 312 for National Assembly seats and 570 for Provincial Assembly seats, are set to participate in the elections in 2024.

PTI issues final list of MnA candidates from Lahore LAHORE

staff report

Pakistan Tehreek-e-Insaf has issued its final list of the party’s MNA candidates from Lahore. The PTI has announced to support Ali Ijaz Buttar from Lahore’s NA-117 constituency, Alia Hamza from NA-118 and Shahzad Farooq from NA-119. The party will back Usman Hamza in NA-120 and Waseem Qadir in NA-121. Barrister Latif Khosa will be PTI-backed candidate in NA-122 and Afzal Karim in NA-123 constituency.

The party will back Zameer Jhedo Advocate in NA-124 and Rana Javed Umar

in the National Assembly constituency NA125. The PTI’s other NA candidates from Lahore will be Malik Tauqeer Khokhar from NA-126, Zaheer Khokhar from NA127, Salman Akram Raja from NA-128, Mian Muhammad Azhar from NA-129 and Dr. Yasmeen Rashid from NA-130.

It is to be mentioned here that several PML-N top leaders including Mian Nawaz Sharif also contesting on National Assembly seats from Lahore. Former PM Nawaz Sharif has filed nomination papers for NA-130, while People’s Party chairman Bilawal Bhutto Zardari competing from Lahore’s NA-127 constituency.

04 COMMENT

More than a storm in a teacup

Ambassador recalled

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Pakistan’s reaction to Tuesday’s missile strike shows it is not taking it lightly

The crisis came just when the Supreme Court had to decide about the PTI’s bat

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AKISTAN’S recall of its own ambassador to Tehran and expulsion of Iran’s to Islamabad indicates how seriously it is taking the matter of Tuesday’s Iranian missile strike on an alleged separatist base in Balochistan. More than Pakistan’s reaction, the seriousness of the matter can be seen from China’s getting involved, which it does not do lightly between states. However, apart from being neighbours, Pakistan and Iran are also members of the international community. Both are friends of China, albeit for different reasons. Iran has innumerable differences with the USA, which is engaged in a worldwide clash with China, and thus the two countries see a commonality of interests.

China and Pakistan both have a common enemy, India, and the result is a friendship cemented by the ChinaPakistan Economic Corridor. It should be noted that Balochistan has Gwadar port, which is important to both China and Iran. China’s call for both countries to show restraint thus is logical for it.

However, that might be easy enough for China to say, but Pakistan has to deal with the attack on its sovereignty.

That must not be so easily overlooked. It is also not the simple police action Iran wished to palm it off as. There are too many holes in the Iranian narrative, including why it accidentally let loose missiles across the border meant to attack a Jaishul Adl camp in Sistan. That is just one indicator that Iran’s security agencies are not on the same page as the government, leading to the latter facing serious diplomatic difficulties, including what amounts almost to a breaking of diplomatic ties. All that is left is to close embassies.

China is showing a certain disingenuousness, for Pakistan’s anger is not because of a single incident, massive though it is. Last January in Panjgur, and in April in Kech, separatist terrorists operating out of Iran engaged in hostilities against Pakistan’s law enforcement agencies. RAW operative Kulbhushan Yadav crossed into Pakistan from Iran; he must have been facilitated by someone. Baloch Liberation Army and Baloch Liberation Front camps operate on Iranian soil; is the Iranian government unaware? All of this can no longer be ignored by Pakistan. The two countries share a myriad of common bonds, but while that may act to tide over the difficult period the relationship has entered, it should not be used as an excuse for bad behaviour.

At Penpoint M A NIAZI

HE resignation of two judges from the Supreme Court may be considered to have precipitated a judicial crisis, and that too at a time when the judiciary is under as much pressure as ever before in its history, from the high-profile political cases before it.

Even as the crisis was brewing, the Supreme Court decided on the PTI’s symbol, which had been withdrawn from the PTI. As a result, though its putative chairman, Barrister Gohar Rehman, said that the PTI would contest, its candidates will be independents.

The PTI is attempting something very difficult.

While the PTI has named its candidates, they will not receive the party symbol. Instead, they will contest as independents. If they win, they will not form a separate group in the House to which they are elected.

While they can form a separate group, as well as have a separate leader, they will not be bound by the disqualification clause of the Constitution, Article 63A. They will only be so bound if they join one of the parties recognised by the Election Commission of Pakistan.

The judiciary does not have to deal with the consequences of that decision immediately, though it seems likely that after the elections, the fate of any PTI independents will form the subject of at least some litigation, and thus the judiciary will be free to deal with the crisis within its own ranks.

That crisis has flowed from the judiciary having made two claims which have been subjected to severe test in the recent past. First, that the judiciary is as neutral as the Constitution wants it to be. This has been subjected to stress by the Bandial Supreme Court, when the human rights jurisdiction of the Supreme Court was used to bring every matter it wanted before it. This might be seen as a continuation of the Iftikhar Chaudhry Supreme Court, but what distinguished it was the perception that such jurisdiction was being exercised to favour the PTI. The second claim was that the judiciary had its own accountability mechanism, and thus was above other accountability mechanisms.

This is a claim the judiciary shares with the military, but perhaps because its mechanism is constitutionally prescribed in the shape of the Supreme Judicial Council, it is not the same as that of the armed forces. The SJC consists of members of the judiciary, and military mechanisms, which consist of courts martial of the individual services, are also manned by members of

the military. Politicians, on the other hand, were subject to NAB scrutiny, and thus were made subject to members of the permanent bureaucracy, not their peers.

This claim did not sit well with PTI opponents, especially when they saw that judges were protected from accountability for their judgements, which were pro-PTI. Mr Justice Naqvi’s case would have struck both chords, for he was considered one of the proPTI judges, and was also the subject of a complaint relating to possession of property beyond his means before the SJC. First, Mr Justice Naqvi refused the first show cause notice, which led to the issue of a second. Then he resigned, apparently to replicate Richard Nixon’s position. Nixon was US President, but had had articles of impeachment moved against him by the House of Representatives over the Watergate scandal. The Senate then had a Democrat majority, and his impeachment was virtually a certainty.

Nixon resigned in 1974, thereby avoiding impeachment, and thus retaining the pension and facilities allowed to an ex-President.

However, Chief Justice Isa said that the SJC proceedings against Mr Justice Naqvi would not abate, because the show cause notice had been served. A complaint has also been moved against Mr Justice Ijaz, but it does not involve monetary corruption, but involves an allegation that he has violated the Judicial Code of Conduct by his decision in certain cases.

This involves a nice point, for it is obviously against the Code of Conduct for a judge to let himself be influenced by external factors, but at the same time, it would be manifestly wrong to claim that judges be answerable for their decisions. But what if the decision was based on political loyalty rather than the law? Can such a decision be dealt with by the SJC? The SJC mechanism is criticized on the ground that it not only involves judges judging other judges, but the accused remain on the bench.

In other trials, including court martials, the accused are sequestered during trial from their duties, being placed under arrest.

It should be noted that it has been substituted for the British and American procedure of impeachment, which is done by the legislature, not by any judicial body. Impeachment means the drawing up of charges, the following of a trial procedure, complete with prosecution and defence and production of witnesses. While none of the four Presidents impeached have been removed from office, eight of 15 judges have. The only judicial intervention is that the Chief Justice of the United States presides over the Senate while it is hearing the case, with the Senators sitting as jurors, two-thirds of whom must vote for

One way of seeing the matter is to see it as one between pro– and anti-PTI judges.

Another is to see it as one between the old order and the new. But does the judiciary increase its credibility by all this? It seems that the process will be a long one indeed

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

Yousaf Nizami Editor Umar Aziz M. A. Niazi

India’s journey from secularism to Shaktism Executive Editor

Joint Editor

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Indian strategy is based on Hindu scriptures ABID LATIF SINDHU

ECULARISM is a complex idea in a sense that how and when it converts into something else is both difficult to define and predict. It treads the road of religion and politics with bare minimum cognitive symmetry in the lexicon of social sensibility. To be socially correct is the key to remaining secular. Separatism of state and church, disestablishmentarianism and accomodationism are the types which revolve around the balance of religion and the state.

State-sponsored atheism is another extreme of the same spectrum. A country with 28 states, eight union territories,400 cities and 600,000 villages is slowly, sloppily but not sluggishly immersing itself in the potion-filled goblet of Hindutva 2.0 .

The first Hindutva state was a historical construct in the times of Bharata, that is, Bharatvarsh,or the state under Chandragupta Maurya and Chankiya, but that did not have the fanaticism of present-day order. India is changing, the political parties of the right, the people and the growing middle class are very off-beat about this. The shock doctrine of capitalism under the ideological umbrella of a new narrative based on the rewriting of history is at the centrestage of Hindutva.

The concept of a Hindu race, like that of Aryans, is probably inspired by Hitler’s racial superiority ideas, which led to fascism and fanaticism resulting in World War Two, unfortunately to which Germany became the victim itself.

Interestingly in India, Hinduism and Dravidianism are at a tangent to each other. Dravidian nationalism based on the ideologies of dismantling Brahmin hegemony, and promoting the Telugu, Malayalam and Tamil languages are challenging the caste- and creed-based Hinduism of central and northern India. India south of the line Surat- NagpurRaipur is different from the Hindu north.

Despite contesting India in every sphere, the strategic elite and Islamabad-based academia of Pakistan lacked Indian experts in their ranks.

How a Hindu mind thinks, radiated from Vedic and post-Vedic influences, is an area which requires a lot of exploration.

But why? The concept of new India is based on the revival of civilizational realizations.

These civilizational aspirations are derived from Hindu epics of the Mahabharata and Ramayana along with slokas and mantras which every Hindu chants in the morning. But now the morning mantras are more from epics (Mahab-

harata and Ramayana) reinforcing the Hindu nationalism and war heroes as a daily ritual.

A very interesting book The Hindus: An Alternative History by Wendy Doniger was published a decade ago, but all copies were immediately pulped and the book was banned in India. That actually defined Hinduism as a religion, mythology and a system of thinking along the civilizational truths shrouded in history.

Recently in an interesting move, India has become Baharat. India was a derivative of Indus, the etymology further takes the usage of Arabic use of Hind and the word Sindhu.

Changing the name to Bharat is an attempt to create a historicism based on the foremost Hindu epic of the ten kings war of Dasarajna, fought by Sudas the great- great-grandson of Bharat (son of queen Shakuntala and ancestor of the Pandavas of Mahabharata), the first Vedic king who ruled complete India, including almost all the present day contemporary neighbors.

Now all the three Hindu epics considered as

Hindu civilizational power. The inauguration of Ram temple at the site of Babri mosque in Ayodha is a requiem to secular India. The Hindu right led by Modi are over the skies not only in celebrations but also the revival of a new postVedic Bharat.

The Shaktism based on female deities of Durga, Saraswati, Parvati and Kali will be unfolded with a new verve after this fateful inauguration. This Hindu revival is based on the concept of blending the strategy of complete dominance by using the language, history, archeology and genetics as the tools of Arjun’s Gandiva (bow and arrow). They are changing the names of places, using Aryan invasion theory, Harrapan archeological mastheads and historical evidence.

The Deccan College of Archaeology led by Vasant Shinde, Banaras Hindu university, Jawaharlal Nehru University New Delhi, and a host of others are busy weaving this narrative. It is believed that two white rock pigeons appear at the Amarnath cave temple at an altitude of 13000 feet to commemorate the centuries-old union of Vishnu and Satti .As the narration goes, after the sudden death of Satti, her body parts were spread all over India by the Hindu god Vishnu , and the places are called peethas, and all these places are very sacred according to the Hindu religion; seven such peethas are in Bangladesh, three in Pakistan, three in Nepal, and one each in Sri Lanka, Tibet and Bhutan.

Therefore, the historical concept of greater India is yearly reiterated at Nagpur through the RSS, the BJP and the Sangh Parivar congregation. Indian strategic thought is immersed deeply in the vedic traditions and the Hindu religious thoughts based on three war epics.

Modi has proved himself to be an astute leader taking India ahead in spheres of strategic ascent. India is changing, India is transforming and India is projecting power in every competition of sub-regional, regional and trans-regional proportions.

There is a dire need that Pakistan's strategic elite and policy sages should take into account these developments and steer Pakistan towards economic stability through long drawn moves on the chess board spread from the Himalayas to the Arabian Sea. Perhaps, it is the time that the competition with India is redefined, basing it on aspiring strategic alignments. The goals and objectives should not lead, rather the systems and environment should dictate.

There is a dire need that Pakistan's strategic elite and policy sages should take into account these developments and steer Pakistan towards economic stability through long drawn moves on the chess board spread from the Himalayas to the Arabian Sea. Perhaps, it is the time that the competition with India is redefined, basing it on aspiring strategic alignments. The goals and objectives should not lead, rather the systems and environment should dictate

the strategic text for statecraft and governance are war-based, imbued with the constant preparation and execution of Yudh (battle). And the Indian state has actually declared yudh (battle) against everything non-Hindu. This new historicism is based on creating pivots of Hindu religiosity, and is a strategic concept covering all aspects of war and peace.

“In the last five years India has changed more than anything in the world,” says Indian external affairs minister S. Jaishankar, who ardently believes that diplomacy has to have a direct cue from the Mahabharata (the war epic).

Converting Lakshadweep into a new worldclass destination of 36 islands off Kerala to counter both the strategic and economic ventures of Maldives and China is a very smart move, with Modi snorkeling in white sand beaches and greenish blue waters, S. Jaishankar’s master stroke from Mahabharata.

After January 22, India is to change forever, and in its own right India will appear as the

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Friday, 19 January, 2024

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removal. The UK procedure of impeachment was last exercised in 1806, and is now considered obsolete. It involved trial by both Houses of Parliament.

It should be noted that politicians complain about accountability being directed at them. However, it seems what they mean is an absence of accountability.

When Imran Khan was removed by a no-confidence motion, it was not because he was corrupt, but just because a majority of members did not want him to continue in office. There is no concept for politicians of what is enjoyed by judges and government servants: continuing in office during good behaviour, up to the age of retirement. The judiciary also has the concept of ‘legitimate expectancy’, which means that a judge selected for a high court is considered automatically fit to be Chief Justice of Pakistan, because if the dates are right, he will be elevated to the Supreme Court, become most senior, and thus Chief Justice.

Mr Justice Ejaz has thus foregone appointment as Chief Justice. There has been no upsetting of the applecart, for the judge who will take office in his stead, Mr Justice Mansoor Ali Shah, would have succeeded to the office anyhow. There are complications for the Lahore High Court, however. The previous Chief Justice of Pakistan, Mr Justice Umar Ata Bandial, created a vacancy by retiring, and now Mr Justice Ejaz and Mr Justice Naqvi, have also created vacancies.

All three were elevated from the Lahore High Court, thus that high court should provide three judges. The Chief Justice of the LHC, Mr Justice Ameer Bhatti, has a legitimate expectancy of elevation, but will lose that if allowed to retire on March 7.

As he has had his repute somewhat under a cloud, it is now a countdown, because Mr Justice Isa controls the timing of elevations.. It should not be forgotten that Mr Justice Bhatti was a member of the SJC which heard Mr Justice Naqvi’s case, and was one of the two members, along with Mr Justice Ijaz, he did not ask to recuse themselves because of ‘extreme prejudice.’

One way of seeing the matter is to see it as one between pro– and anti-PTI judges. Another is to see it as one between the old order and the new. But does the judiciary increase its credibility by all this? It seems that the process will be a long one indeed.

The writer is a member of staff

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Turbat cares

CIVIL Hospital Turbat, the only governmental hospital in the city, plays a vital role in providing healthcare services to the residents of Turbat, the second-largest city in Balochistan. However, recent reports shed light on several concerning issues plaguing the hospital, hindering its ability to deliver quality care. One pressing issue that the hospital faces is the scarcity of ambulances. In emergency situations, the availability of a well-equipped ambulance can mean the difference between life and death. The limited number of ambulances in Turbat poses a significant challenge, potentially delaying critical medical care for patients in need. Addressing this shortage should be a priority to enhance the hospital’s emergency response capabilities.

Another concerning problem is the frequent absence of doctors at Civil Hospital Turbat. Access to qualified medical professionals is crucial for effective healthcare delivery. When doctors are absent, patients may face delays in receiving timely treatment or consultations. This issue not only affects the overall quality of care but also erodes trust in the hospital. Measures should be taken to ensure a consistent presence of doctors, improving the accessibility and reliability of medical services.

The subpar condition of facilities at Civil Hospital Turbat is an alarming concern. Patients deserve a comfortable and safe environment during their stay at the hospital. Insufficient beds and chairs not only affect patient comfort but can also hinder the hospital’s capacity to accommodate those in need. It is imperative to invest in upgrading the infrastructure and amenities of the hospital to create a conducive healing environment for patients. To address these challenges, it is crucial for the local government and relevant authorities to take immediate action. Increasing the number of ambulances, implementing strategies to ensure doctors’ presence, and improving facilities should be key priorities. Additionally, transparency and accountability in the management of the hospital are essential to ensure efficient and effective operations. In raising awareness about the issues faced by Civil Hospital Turbat, community involvement plays a vital role. By sharing personal experiences, concerns, and suggestions, individuals can contribute to the dialogue surrounding healthcare improvements. Engaging with local authorities, organising awareness campaigns, and seeking collaboration can foster positive change. The challenges at Civil Hospital Turbat are undeniable, but not insurmountable. By raising our voices, pushing for increased funding, and advocating for streamlined processes, we can make a real difference.

SASSI NASIR ALI TURBAT

Psych wellness

THE event, recently held at the Psychology Department of Bahria University, was a testament to the department’s commitment to fostering a culture of mental well-being among students. The main objective was to raise awareness about mental health, and it successfully achieved this goal by engaging students from various disciplines across the university.

One notable aspect of the event was the inclusion of different stalls, each dedicated to shedding light on various facets of positive psychology and play therapy. Final-year students played a pivotal role in orchestrating these stalls, offering valuable insights and practical information to their peers. It was heartening to witness students from all corners of the university actively participating in the event. The diverse turnout underscores the universal relevance and importance of mental health issues, transcending academic boundaries. In an era where mental health is increasingly recognized as a vital component of overall well-being, initiatives like these play a pivotal role in breaking down stigmas and fostering open conversations. The Karachi Campus deserves commendation for taking proactive steps in this direction. I believe that highlighting such positive initiatives in your esteemed publication will not only acknowledge the efforts of the Psychology Department but also contribute to a broader dialogue on mental health in our community.

MUHAMMAD ABUBAKAR LAHORE

Web: www.pakistantoday.com.pk

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Email: editorial@pakistantoday.com.pk

Where is secular India headed?

COMMENT 05

Friday, 19 January, 2024

Being the biggest minority, Muslims bear the brunt

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AMJeD JAAveD

HE Ram temple consecration ceremony is due on January 22. The temple is being built on the site of the Babri mosque demolished by a mob, led by BJP leader L.K. Advani (all culprits acquitted). The Bharatiya Janata Party and its mentor, the Rashtriya Swayamsevak Sangh, are determined to take maximum advantage from the event.

They have their eyes on elections to 11 Lok Sabha seats.

The Congress initially condemned Modi’s effort to politicize the consecration ceremony, a religious ritual. But, later, a group of senior Congress leaders visited the incomplete temple to show solidarity with fanatical Hindus. The RSS has warned Muslims too to chant “Jai Shri Ram” (Long Live Lord Ram) on January 22 .

Modi proceeded on an 11-day fast and performed worship at an Andhra Pradesh temple related to the Ram-Ravan-Sita story.

He wants to convince the electorate that he is a devout defender of the Hindu Rashtra.

Construction of the Ram temple is enshrined in the BJP’s manifesto.

The Ram temple frenzy caricatures “secular” provisions in the Indian Constitution.

All minorities are persecuted in diverse ways. During riots in the North East, churches were desecrated. Christian missionaries are hounded out of India. The dalits (downtrodden; Sudras) are meted out inhuman treatment.

The Muslim remains the most persecuted minority. India’s Supreme Court held a mosque was inessential to the Muslim

manner of worship. Even those offering prayer in open space were lynched. Loudspeaker can’t be used to say azan.

The cow is worshipped. Beef eaters are lynched. India’s National Crime Records Bureau withheld collected data on murders; burning Muslims alive, cow-related lynching and offences committed for religious reasons.

Yogi Adityanath, saffron chief minister of India’s most populous state, Uttar Pradesh, equated cows with human beings. The Uttarakhand Legislative Assembly passed a resolution for “declaration of the cow as Rashtra mata, national mother.”

Muslims and dalits run cow slaughter and smallscale beef trade. To deprive the beef-eating minority of a cheap source of food, Uttar Pradesh Hindu-monk chief minister Adityanath launches a crackdown on them from time to time.. He directed his administration to book the “offenders” under India’s National Security Act. Simultaneously, he approved an ordinance to increase the penalty for cow slaughter up to 10 years imprisonment and a fine up to Rs 500,000.

Justice Mahesh Chandra Sharma of Rajasthan High Court urged the Centre to declare the cow India’s national animal and recommended life imprisonment for cow slaughter.

A “Hindu religious assembly” exhorted people to arm themselves with the latest weapons to carry out Muslim genocide.

There is a hue and cry in India that the Muslim population may outnumber the current Hindu majority before long. The fanatic Hindus point out that Islam, unlike Hinduism, allows polygamy. As such, a Muslim household is likely to have more siblings

than a Hindu. The BJP wants to enforce a uniform Civil Code that outlaws polygamy.

Not all the projections about the phenomenal growth of the Muslim population may be correct. Above all, the Muslim population in India has always been under-represented in the Lok Sabha. Pew Research Center estimated that there were 195 million Muslims in 2015. By 2060, Pew estimates, there will be more Muslims in India than anywhere else in the world (outnumbering even Indonesia), and they will constitute 19 percent of Indians.

The socio-economic condition of the Indian Muslim, like that of the dalit, has worsened over the years. The golden words of the Indian Constitution about fundamental rights, justice liberty, equality and fraternity (Articles 25 to 30 in Part III of the Indian Constitution) remain unfulfilled. Preventing cow slaughter or the eating of beef has neither economic nor constitutional backing. Dr Subramanian Swamy, a member of the Rajya Sabha (Upper House of Indian Parliament) has filed a writ petition to get the words “secularism” deleted from the Preamble to the Indian Constitution Riaz Hassan, in his study Indian Muslim: Sociology of a religious Minority infers: The largest and most consequential change [in population] however will be in India. Its Hindu population will increase by 35 percent from 1.03 billion in 2010 to 1.38 billion in 2050, but Indian Muslim population will increase by 76 cent from 176 million to 310 million in the same period. This means that the largest increase in the Muslim population of South Asia will occur in India.

“India will acquire a new global status

Can the decadent Davos elites really solve the world's problems at their sin-filled gathering?

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For many, the gathering represents everything that is wrong with the world and has become the object of all manner of disaffection RT

HeNry JoHNSToN

N Thomas Mann’s seminal novel ‘The Magic Mountain’, a tuberculosis sanatorium nestled high in the Swiss Alps comes to represent Europe’s bourgeois society on the eve of the violent upheavals of World War I. This week, in the very same town of Davos that inspired Mann’s epic work, the annual World Economic Forum is taking place.

I am not the first to make the connection. In fact, the decision by founder Klaus Schwab to host the event in Davos was made with an awareness of the symbolic connection to Mann’s novel that the venue would provide. A 1981 article by Time magazine titled ‘Magic Meeting Place’ trumpeted the location’s ability to get business and political leaders to relax and speak candidly.

By all appearances, Schwab was after just such liberating effects for the substantive and lively discussions he envisioned.

These days, a reference to the novel is as appropriate as ever, but hardly in the glowing terms of the 1981 Time article. If Mann’s novel offers a snapshot of Europe as it careens toward a disastrous war, what Davos now represents is a similarly allegorical portrait of a moribund society.

Every bit as cloistered as Mann’s Berghof Sanatorium and exhibiting more than a touch of fin-de-siecle excess – not to mention an insufferable messianic flair – the contemporary Davos gathering is where an out-of-touch global elite doubles down on the exact same set of behaviors and policies that have given rise among the masses to the pejorative term Davos Man. The hypocrisy of the world’s movers and shakers arriving in Davos by private jet to opine about the need to reduce emissions has elicited plenty of sardonic wit. So have the fully booked escort services and cocaine-infused ‘bunga bunga’ parties. For many, Davos represents everything that is wrong with the world and it has become something of a punching bag for all manner of angst. But what Davos signifies runs much deeper.

The historian Arnold Toynbee, a giant in the field of the philosophy of history in the 20th century, developed as one of his central theses the idea that what kills a civilization is a split between its leadership – encompassing not just the rulers but the entire elite class – and everybody else. In a rising civilization, the leaders form what he calls a “creative minority” (referring to a small cohort, not a racial minority) that earns the respect of the people it leads by responding to problems and implementing solutions that actually work.

However, trouble comes when a civilization’s vital energies are exhausted as this class of people ceases to innovate and no longer offers creative responses to real problems. Instead, they turn into a despotic minority, merely insisting over and over and ever more stridently that their preferred solutions be applied even as it becomes increasingly apparent that they aren’t working. “A creative minority degenerates into a dominant minority which attempts to retain by force a position which it has ceased to merit,” Toynbee wrote.

One must be careful about applying such a broad generalization of history too literally and, of course, Toynbee was surveying a horizon

in terms of the religious composition of its population. Not only will it be the largest Hindu nation but also with a population of 310 Muslims, India will become the largest Muslim nation in the world. While Hindus will remain the majority population at 77 percent, the proportion of Muslims will increase from 14 percent of the population in 2011 to 18 percent in 2050. This means that nearly one out of every five Indians will be a Muslim.”

Unlike the Christians who have their chief minister in a Christian-majority Indian state, The Indian Muslims have no chief minister. Even the Indian-held Kashmir state has been illegally converted into a centrally controlled Union territory.

But, dispersal of Indian Muslim population is disadvantageous.

Indian Muslims live in all parts of the country, but more than half of them live in Uttar Pradesh, Bihar, Assam, West Bengal, and Kashmir.

Muslims have always been underrepresented in the Lok Sabha.

In the 1980 election, almost 10 percent of those elected were Muslim. In 2014, it was less than four percent.

As the result of poor representation in the Lok Sabha, critical questions about the plight of the Muslim in India are never asked. Most questions about Islam are usually asked by the Hindu legislators. These questions revolve around rituals like hajj. Few questions are asked about the plight of the Indian Muslim women, for instance harassment of hijab-wearing women at public places. The number of Muslim women is less than one percent of the Lok Sabha.

The majoritarian policies of the BJP are likely to further reduce Muslim representation. Many Hindu nationalists express the idea that Muslims can never be truly Indians because, unlike Hindus, their holy sites are not in India. The BJP’s growth was catalyzed by the demolition of the Babri Masjid in 1992. In the 2002 riots, over 1000 people,

much larger than the evolution of the WEF. However, there is no question that, in observing the contemporary Western elite – especially in its most concentrated form at Davos – Toynbee’s analysis strikes a chord.

The evolution of the WEF does seem to almost mimic Toynbee’s sweeping portrayal of cultural decline. Initially held under the decidedly unpretentious title ‘European Management Symposium’ in 1971, the gathering began as a serious and sober affair that sought to bring together actual business leaders to search for creative solutions to various issues. It eventually outgrew its first format and in 1987 was renamed the World Economic Forum. But the revamped forum actually enjoyed a string of early substantive successes: diplomatic talks between Türkiye and Greece in 1988 and a meeting between South African Apartheid-era leader F.W. de Klerk and activist Nelson Mandela in 1992.

Nowadays, however, nuanced and creative solutions are really not heard at Davos anymore.

Real diplomacy is non-existent. Rather, what emanates is a predictable drumbeat of cliche talking points that cover roughly the same ground each year: some combination of economic integration, decarbonization, gender equality, fighting poverty, and technological development. If recent years have featured something of a counterweight in the form of an emphasis on “rebuilding trust,” it is only because the discontent of the masses has, however faintly, penetrated the glittering cocktail bars of Davos.

As Vanity Fair pointed out in a trenchant article last year, Schwab “has developed the Forum from an earnest meeting of policy wonks into a glittering assembly of the world’s richest people.”

The article continues, noting that “the core activities of the Forum – the sober speeches and panel discussions – have long been eclipsed by the extracurricular events that dominate Davos outside its official auspices: cocktail parties and banquets hosted by global banks and technology companies.”

Participants at the event “boast about having attended zero panels and never setting foot inside the main assembly hall – a cynical mark of sophistication – while celebrating their invites to notorious soirees full of privileged debauchery.”

The gradual transformation of the forum into a see-and-be-seen event has coincided quite closely with a deepening lack of trust in the global elite, and the burgeoning view that this very same elite is making a mess of running the affairs of the world.

‘The Magic Mountain’ concludes as World War I is just starting. When the novel’s protagonist finally returns to the world below after seven years at Berghof, he is thrust right into the war – and thus into a world he had been avoiding during his long sojourn. It is a haunting image.

If there is a new Thomas Mann in our midst, future generations may be treated to a cutting portrait of a sclerotic and out-of-touch ruling elite breathing the same rarified air and gazing out upon the same imposing Alps as the German novelist described 100 years ago before descending to the chaos below that they themselves had such a hand in creating.

Henry Johnston is an RT editor. He worked for over a decade in finance and is a FINRA Series 7 and Series 24 license holder.

most of whom were Muslims, were killed in the state of Gujarat (Modi was then the state’s chief minister).

The Sachar Committee highlighted the social marginalisation of the downtrodden Muslims.

The Committee observed: “Their [Muslims’] conditions are only slightly better than those of Hindu Scheduled Castes/scheduled Tribes and worse than those of Hindus belonging to other backward castes [read Mandal Report also]”.

Sachar Committee found that their identity marks such as addresses and names often lead to suspicion and discrimination by people and institutions. Discriminations are persuasive in employment, housing and schooling. Muslim women who wear religious head and face covering can experience particularly acute discrimination. At the same time, most of the fellow non-Muslim fellow citizens regard the socio-cultural characteristics of the Muslim community as the cause of its “backwardness”.

The socio-economic condition of the Indian Muslim, like that of the dalit, has worsened over the years. The golden words of the Indian Constitution about fundamental rights, justice liberty, equality and fraternity (Articles 25 to 30 in Part III of the Indian Constitution) remain unfulfilled. Preventing cow slaughter or the eating of beef has neither economic nor constitutional backing. Dr Subramanian Swamy, a member of the Rajya Sabha (Upper House of Indian Parliament) has filed a writ petition to get the words “secularism” deleted from the Preamble to the Indian Constitution.

Where is secular India headed?

The writer is a freelance journalist, has served in the Pakistan government for 39 years and holds degrees in economics, business administration, and law. He can be reached at amjedjaaved@gmail.com

Cancelling a journalist was a cowardly act by the Australian Broadcasting Corporation What proves acceptable… is never to say that Israel massacres, commits war crimes and brings about conditions approximating to genocide

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MIDDLE EAST MONITOR. Dr BINoy KAMPMArK

HAT a cowardly act it was. The Australian Broadcasting Corporation (ABC), a national broadcaster supposedly dedicated to fearless reporting, was cowed by the intemperate bellyaching of a lobby group concerned about coverage of the Israel-Gaza war. An investigation by The Age newspaper demonstrated that the dismissal of broadcaster Antoinette Lattouf last month was the nasty fruit of a campaign waged against the corporation’s management, including its chair, Ita Buttrose, and managing director David Anderson.

The official reason for Lattouf’s dismissal was disturbingly ordinary.

She had not, for instance, decided to become a flag-swathed bomb thrower for the Palestinian cause; she had engaged in no hostage-taking campaign; nor had she intimidated any Israeli figure. The sacking had purportedly been made over sharing a post on social media by Human Rights Watch about Israel that mentioned “using starvation of civilians as a weapon of war in Gaza”, calling it “a war crime”. It also noted the express intention by Israeli officials to pursue this strategy. Actions are also documented: the deliberate blocking of the delivery of food, water and fuel “while wilfully obstructing the entry of aid.” The sharing of this on social media by Lattouf followed an ABC directive not to post “matters of controversy”.

Human Rights Watch might be accused of many things: the corporate face of human rights activism; the activist transformed into fundraising agent and boardroom gaming strategist, for example. But to share material from the organisation on alleged abuses is hardly dangerous radicalism.

Prior to the revelations in The Age, much had been made of Lattouf’s fill-in role as a radio presenter, a stint that was to last for five shows.

True to form, The Australian had its own issue with Lattouf’s statements made on various online platforms. In December, the newspaper found it strange that she was appointed “despite her very public anti-Israel stance.” She was also accused of denying the lurid interpretations put

upon footage of protests outside Sydney Opera House, some of which called for gassing Jews. And she dared to accuse the Israeli occupation forces of rape.

It was also considered odd that she discussed such matters as food and water shortages in Gaza and “an advertising campaign showing corpses reminiscent of being wrapped in Muslim burial cloths” which “left ‘a lot of people really upset’.” If war is hell, then Lattouf was evidently not allowed to go into quite so much detail about it, at least when the fate of Palestinians at the hands of the Israeli war machine is concerned.

What also transpires is that the ABC managers were not merely targeting Lattouf on their own, sadistic initiative. Some degree of pressure had been applied from outside the corporation. According to The Age, WhatsApp messages had been sent to the ABC as part of a coordinated campaign by a group called Lawyers for Israel.

The day that Lattouf was sacked, Sydney property lawyer Nicky Stein began proceedings by telling members of the group to contact the federal minister for communication asking “how Antoinette is hosting the morning ABC Sydney show.” Employing Lattouf, it was claimed, breached Clause 4 of the ABC code of practice on impartiality.

Stein cockily went on to insist that, “It’s important ABC hears from not just individuals in the community but specifically from lawyers so they feel there is an actual legal threat.” She went on to say that a “proper” rather than “generic” response was expected from the broadcaster “by COB [close of business] today or I would look to engage senior counsel.”

Did such windy threats have any basis? No, according to Stein in leaked WhatsApp messages. “I know there is probably no actionable offence against the ABC but I didn’t say I would be taking one – just investigating one. I have said that they should be terminating her employment immediately.” Utterly charming, and sufficiently so to attract attention from the ABC chairperson herself, who asked for further venting of concerns.

Indeed, another member of the haranguing clique, Robert Goot, also deputy president of the Executive Council of Australian Jewry, could boast of information he had received that Lattouf would be “gone from morning radio from Friday” because of her anti-Israel stance.

There has been something of a journalistic exodus from the ABC of late. Nour Haydar, an Australian journalist also of Lebanese descent, resigned after expressing her concerns about the coverage of the Israel-Gaza

conflict at the broadcaster. There had been, for instance, the creation of a “Gaza advisory panel” at the behest of ABC News director Justin Stevens, ostensibly to improve the coverage of the conflict. “Accuracy and impartiality are core to the service we offer audiences,” Stevens explained to staff.

“We must stay independent and not ‘take sides’.”

This pointless assertion can only ever be a threat because it acts as an injunction on staff and a judgment against sources that do not favour the official line, however credible they might be. What proves acceptable, a condition that seems to have paralysed the ABC, is never to say that Israel massacres, commits war crimes and brings about conditions approximating to genocide. Little wonder that coverage of South Africa’s genocide case against Israel in the International Court of Justice does not get top billing on ABC news headlines.

Palestinians and Palestinian militias, on the other hand, can always be written about as brute savages, rapists and baby slayers. Throw in fanaticism and Islam, and you have the complete package ready for transmission. Coverage of Israel-Palestine in the mainstream media in most Western liberal democracies, as the late Robert Fisk pointed out, repeatedly asserts these divisions.

After her resignation, Haydar told the Sydney Morning Herald that, “Commitment to diversity in the media cannot be skin deep. Culturally diverse staff should be respected and supported even when they challenge the status quo.”

Haydar’s argument about cultural diversity, though, should not obscure the broader problem facing the ABC: policing the way opinions and material on war and any other divisive topic is shared.

The issue goes less to cultural diversity than permitted intellectual breadth, which is narrowing at the national broadcaster.

Lattouf, for her part, is pursuing remedies through the Fair Work Commission, and seeking funding through a GoFundMe page, steered by Lauren Dubois: “We stand with Antoinette and support the rights of workers to be able to share news that expresses an opinion or reinforces a fact, without fear of retribution.”

Kenneth Roth, former head of Human Rights Watch, expressed his displeasure at the treatment of Lattouf for sharing HRW material, suggesting that the ABC had erred. ABC’s senior management, in a statement from managing director David Anderson, preferred the route of craven denial, rejecting “any claim that it has been influenced by any external pressure, whether it be an advocacy group or lobby group, a political party, or commercial entity.” Well, he would say that, wouldn’t he?

06 NEWS

CHINA, IRELAND STEP UP COOPERATION DURING LI’S VISIT

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DUBLIN

AGENCIES

HINESE Premier Li Qiang met separately with Irish President Michael D. Higgins and Irish Prime Minister Leo Varadkar on Wednesday in Dublin, where the two countries pledged to strengthen bilateral cooperation in a wide range of areas, including trade, investment, climate change and people-topeople exchanges. Notably, China waived visa requirements for Irish nationals traveling to the country.

The Chinese premier arrived in Ireland on Tuesday, the last leg of his fourday trip to Europe that included an official visit to Switzerland. He also attended the World Economic Forum (WEF) annual meeting in the Swiss resort town of Davos, where he met with EU officials.

This is Li’s second trip to Europe in less

than a year, underscoring the importance China attaches to China-Europe ties.

Experts said that China and Ireland have maintained sound bilateral ties and economic and trade cooperation thanks to the EU country’s neutral political stance, compared to the hostile sentiment of some other EU members. While China-EU ties have encountered some difficulties, there is still common ground and great potential for both sides to manage differences and advance cooperation, and countries like Ireland can play a positive role in that, experts noted.

During the meeting, Li spoke of the great potential for China-Ireland cooperation and China stands ready to deepen cooperation with Ireland in the fields of economy, trade, investment, green development and scientific and technological innovation, according to the Chinese Foreign Ministry on Wednesday.

China will also strengthen educa-

tional, cultural and other people-to-people and cultural exchanges to further facilitate personnel exchanges between the two countries and the two countries should jointly safeguard a free and open international trading system, Li said.

For his part, Higgins said Ireland stands ready to strengthen friendly exchanges with China to deepen mutually beneficial cooperation and jointly meet climate change, food security, sustainable development and other global challenges.

Li also met with Varadkar on Wednesday, and said that China and Ireland should adhere to mutual benefit, and always regard each other as key cooperative partners. Li announced that China will apply a unilateral visa-free policy to Ireland to facilitate personnel exchanges between the two countries, according to Xinhua.

Varadkar said that Ireland stands ready to expand two-way investment with China, strengthen cooperation in

agriculture, food, innovation, green development and other fields, and deepen people-to-people exchanges in education, culture and other areas. He also said that Ireland always abides by the oneChina principle, and hopes that China will achieve peaceful reunification at an early date, Xinhua reported.

The Chinese premier’s trip to Ireland has boosted expectations for greater cooperation among businesses in both countries. “Premier Li’s Europe trip, the first of his overseas visits in 2024, is a great start. I think both Irish and Chinese business communities have high expectations that this will lay a very good and solid foundation for economic and trade development between the two countries,” Zhang Zhewei, director of the China Investment and Development Agency of Ireland, told the Global Times.

China and Ireland have maintained close economic and trade ties.

China’s ageing population threatens switch to new economic growth model PROFIT

REUTERS

China’s ageing population threatens key Beijing policy goals for the coming decade of boosting domestic consumption and reining in ballooning debt, posing a severe challenge to the economy’s long-term growth prospects.

A record low birth rate in 2023 and a wave of COVID-19 deaths resulted in a second consecutive year of population decline, accelerating concerns about China’s demographic downturn.

Large groups of the 1.4 billion people living in the world’s second-largest economy will exit the labour pool and age past a prime period of their lives for consumption, exacerbating structural imbalances that policymakers have vowed to address.

Household consumption’s share of economic output in China is already one of the lowest in the world, while many provincial governments – responsible for pensions and elderly care – are deep in debt as a result of decades of credit-fuelled investment-driven growth.

“China’s age structure change will slow down economic growth,” said Xiujian Peng, senior research fellow at the Centre of Policy Studies (CoPS) at Victoria University in Melbourne.

In the next 10 years, about 300 million people currently aged 50 to 60 – China’s largest demographic group, equivalent to almost the entire U.S. population – are set to leave the workforce at a time when pension budgets are already stretched.

The state-run Chinese Academy of Sciences sees the pension system running out of money by 2035, with about a third of the country’s provincial-level jurisdictions running pension budget deficits,

according to finance ministry data.

LOW RETIREMENT AGE China, which accepts few and only highly-skilled foreign workers, has one of the world’s lowest retirement ages, at 60 for men, 55 for white-collar women and 50 for women who work in factories. A record 28 million people are scheduled to retire this year.

Employees at state-owned companies are typically mandated to retire when of age, while private employers rarely keep workers longer, whereas in some Western countries the retirement age is more flexible.

Unemployed Li Zhulin, 50, from the northwestern Shaanxi province frets about relying solely on her husband’s pension of about 5,000 to 7,000 yuan ($697 to $975) per month when he retires in 2027 after a career at a state-owned company.

Li has been cutting back on expenses and scouring the internet for financial planning tips to try to be “less of a burden” for her only daughter.

BJP, RSS attacking different cultures in India: Rahul Gandhi NAGALAND

AGENCIES

Congress leader Rahul Gandhi has said that the Bharatiya Janata Party (BJP) and Rashtriya Swayamsevak Sangh (RSS) are attacking different cultures in India. Rahul Gandhi addressing a public gathering in Mokokchung, Nagaland, said, “Nobody has a right to decide about your tradition and what you eat and what you wear. Every culture and religion must be respected.” He said any decision on having a joint manifesto of the INDIA bloc parties will be taken by chiefs of all outfits, even as it launched a website and email ID for seeking people’s suggestions for its own manifesto for the Lok Sabha elections.

“As an Indian, I am ashamed that the Prime Minister did not visit Manipur which has been torn apart into two pieces, I am equally ashamed of the PM for not fulfilling his promises of peace pact made to the people of Nagaland nine years ago,” he said. “Their politics has torn the state (Manipur) apart. They have weaponized and burnt the state, and now they cannot set a foot in it,” he added. Rahul also accused the ruling regime of discrimination with the people of northeastern states, especially Nagaland. “Why are people of Nagaland deprived of good roads, electricity, hospitals and other basic facilities that people in other parts of the country enjoy?

How will a Naga youth sit for a competitive exam by traveling this road? How will he compete with the children of the rest of the country without electricity in his home” the Congress leader said.

In his address, he also criticized the Prime Minister for not fulfilling promises made to Nagaland under the Naga Accord in 2015. “If you don’t have a solution, please don’t lie to people,” he said in a veiled reference to the Prime Minister. “A solution cannot be brought out without taking people in confidence and having discussion with them,” he added.

Friday, 19 January, 2024 | LAHORE

Suzuki Motor decides to repurchase 62.84% stake in Pak Suzuki

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SHARES BUYBACK AT RS609 PER SHARE HELPS QUALIFY FOR DELISTING FROM PSX PROFIT

NEWS DESK

Suzuki Motor Corporation (SMC) on Thursday announced its acceptance to repurchase the ordinary shares of its subsidiary, Pak Suzuki Motor Company Limited (PSMC). According to a notice sent to the Pakistan Stock Exchange (PSX), Suzuki Motor, as the majority shareholder and sponsor of Pak Suzuki, decided to repurchase at least 62.84% of the total ordinary shares outstanding at a buy-back price of Rs 609 per share.

Suzuki Motor stock’s buy decision makes it qualify for the delisting as approved by the Voluntary Delisting Committee of the exchange.

In October 2023, the SMC announced its proposal of acquiring all its ordinary shares held by minority shareholders to delist from the PSX. Pak Suzuki’s financial health has been another challenge in recent years.

Pak Suzuki reported continuous fluctuations in profits in the last few years. Its sales improved from Rs 76.72 billion in 2020 to Rs 202.47 billion in 2022.

However, the company reported a net loss of Rs 6.34 billion in 2022.

The loss per share in 2022 was a discouraging sign for shareholders because it must have increased concerns regarding the potential returns in the form of dividends.

Friday, 19 January, 2024 | LAHORE

CORPORATE CORNER NCHR and Bank AL Habib join hands to empower women and girls through Sport-based Human Development

ISLAMABAD: The National Commission for Human Rights (NCHR) and Bank AL Habib have signed a Letter of Interest (LOI) committing to work together and empower women and girls through sport-based human development interventions. Their focus is to mobilize marginalized communitiess. NCHR is currently engaged in a project around this theme through the Canada Fund for Local Initiatives (CFLI), supported by the High Commission of Canada in Pakistan. However, NCHR has identified the need to support the most vulnerable and marginalized group within this project - the Women United Football Academy in Quetta. The LOI serves as a comprehensive framework outlining the terms of the agreement for Bank AL Habib’s sponsorship of the Hazara Women United Football Academy in Quetta. This strategic partnership aims to bolster the academy’s capacity to train and equip more girls, thereby extending the impact of the ongoing CFLI project. Moreover, the sponsorship is designed to ensure the long-term sustainability of the Academy beyond the completion of the CFLI project. PR

Jazz Hosts Pakistan Breakfast in Collaboration with Pathfinder Group at Davos 2024

ISLAMABAD: Jazz, Pakistan's leading digital operator, in partnership with the Pathfinder Group, hosted the "Digital Pakistan Breakfast" at the World Economic Forum Annual Meeting currently taking place in Davos. The event highlighted Pakistan's journey of digital transformation, underscoring its potential and resilience in a rapidly evolving digital world.The breakfast, moderated by Zarrar Sehgal, Chairman of the Pathfinder Group, featured distinguished speakers. These included Dr. Jehanzeb Khan - Special Assistant to the Prime Minister on Government Effectiveness, Claude Dyer - Head of the Edison Alliance, and Muhammad Salman Ali - CEO of VRG (Virtual Remittance Gateway). The keynote address was delivered by Mr. Aamir Ibrahim, CEO of Jazz and Chairman of Mobilink Microfinance Bank.PR

Pakistan Launches Three Groundbreaking Initiatives Through The Efforts of Hisaar Foundation

KARACHI: In the wake of the recently concluded 6th Karachi International Water Conference, organized by Hisaar Foundation (HF) in association with Infra Zamin Pakistan and other partners, Pakistan has taken a significant leap by unveiling three essential initiatives aimed at addressing pressing water and climate challenges. The two-day conference, a testament to Hisaar Foundation's persistent dedication to water-related issues in Pakistan served as a spark for these transformative endeavors, culminating in a Declaration that proposed the launch of these three initiatives, and within a month of the Conference, the proposal has been brought to fruition by HF.PR

Mastercard extends partnership with UBL to drive innovation in Pakistan’s payments ecosystem

KARACHI: Mastercard and UBL have renewed its strategic business partnership focused on the issuance of debit cards in Pakistan. The multi-year collaboration will see the partners tap into opportunities to boost financial inclusion, meet evolving consumer expectations and showcase UBL as a key player in the country’s competitive digital payments landscape.UBL’s customers will enjoy greater convenience in their Mastercard usage with attractive offers, innovative features and seamless services. The extended partnership will also cover digital payment solutions, notably facilitating crossborder and ecommerce payments by debit cards.PR

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PSX LISTS STYLERS INTERNATIONAL, DELISTS AEL TEXTILES NEWS

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SCHEME OF ARRANGEMENT MERGES AEL TEXTILES INTO STYLERS PROFIT

NEWS DESK

AKISTAN Stock Exchange (PSX) on Thursday delisted AEL Textiles Limited amid its scheme of arrangement with Stylers International Limited, sanctioned by the Lahore High Court (LHC).

The PSX also notified the listing of Stylers International, and said that trading of company’s shares will start on January 22, 2024.

The scheme of arrangement merges AEL into Stylers with a swap ratio.

AEL’s shareholders will get 0.60 share

of Stylers against one share. The Market Lot of the company will be 500 shares

at Rs 10 each.

The opening price of Styler’s shares

is Rs 43.87 per share, determined by the company and it has been spread through Pakistan Unified Corporate Action Reporting System (PUCARS). Stylers will be quoted in the Textile Composite sector in the daily quotation of the exchange.

The scheme of arrangement was approved by the Lahore High Court on 21st December 2023. Upon the sanction of the scheme of the arrangement, Stylers International Limited will continue as a going concern under the same name, and AEL Textiles upon the merger/amalgamation shall be dissolved and cease to exist without winding up.

Stylers’ has been reporting profits in the last four years.

Dr Amjad Saqib's vision of ending global poverty through microfinance bags int'l acclaim ISLAMABAD APP

Dr. Amjad Saqib has emerged as a unique symbol of hope and innovation in the realm of combating global poverty. As a pioneering advocate for microfinance, Dr. Saqib and his friends have been at the forefront of a transformative movement that seeks to empower individuals, families, and communities by providing them with the financial tools they need to break the chains of poverty.

Dr. Saqib has been recently appointed as the chairperson of the Benazir Income Support Programme (BISP), which is a 1.5 billion dollars annual federal unconditional and conditional cash transfer poverty reduction programme in Pakistan, the global praise was showered on Dr Saqib in an article published in the Independent UK, a British online

newspaper.

Microfinance, as championed

by Dr. Saqib, is not merely a financial strategy but a powerful tool for social change. It involves providing small loans, which are free of interest or mark up, often to those who are seeking support in operational costs but lacking access to traditional banking services, allowing them to start or expand small businesses, invest in education, and improve their overall quality of life.

The impact of microfinance is not limited to economic upliftment alone. It is a catalyst for positive change that reverberates through entire communities.

Dr. Amjad elucidated," Philanthropy and microfinance are powerful tools in our battle against poverty. We aim to empower people so that they can break the vicious cycle and reinvent their lives.

However, this is done through a

mutual support system."

Dr. Amjad Saqib left a lucrative career in the Pakistan Administrative Services to serve the underprivileged of Pakistan. Dr. Amjad leads by example. He is the founder and Chairman of Akhuwat, the world’s largest interest free microfinance institution. Since its inception in 2001 with a modest $100 seed fund, Akhuwat has disbursed a staggering $1 billion as interest-free loans, transforming the lives of over 6 million families across Pakistan.

At the heart of Dr. Saqib’s and his comrades’ vision is the belief that poverty can be eradicated by enabling individuals to become self-sufficient. Through his groundbreaking work with the Akhuwat Foundation, a non-profit organisation he established in 2001, Dr. Saqib has demonstrated the profound impact of microfinance on the lives of millions.

PIO Dr. Tariq Mehmood highlights Pakistan's role in the evolving landscape of digitization ISLAMABAD APP

Principal Information Officer (PIO) Dr. Tariq Mehmood Thursday highlighted that the Internet revolution has completely transformed the world, leading to a shift from globalization to digitization, which has also significantly influenced Pakistan.

Addressing a seminar titled "Changing Landscape of Pakistani Electorate and the Role of Political Parties in Ensuring Fair Representation," he noted that the dominance of the world is currently in the hands of large IT-based companies.

He expressed that while political parties possess an understanding of the evolving global

landscape, their behavior does not consistently align with this awareness. Emphasizing the need for alignment, he suggested that polit-

Foolproof security arrangements are being ensured in the highsecurity zone

ISLAMABAD: The Islamabad Capital Police is constantly engaged to ensure effective security arrangements and deal with any untoward incidents during the protests of religious and political parties in the High Security Zone.According to the details, following the special directives of Islamabad Capital City Police Officer (ICCPO) Dr. Akbar Nasir Khan, the Islam Capital Police is constantly engaged to maintain the law and order situation in the federal capital, ensuring the safety of lives and property of the citizens.In this regard, the officers and officials of the Islamabad Capital Police are performing their duties effectively to ensure security arrangements and deal with any untoward incidents during the protests of religious and political parties in the high security zone.Senior police officers issued instructions to the officers and personnel posted on duty and said that the protection of all public and private offices and embassies located in the high security zone is of utmost importance.Islamabad Capital Police is using all resources to maintain the law and order situation in the Federal Capital Islamabad.

Citizens are requested to call “Pucar-15" or report via the "ICT-15 App" regarding any suspicious person or activity. Protection of life and property of citizens is among the top priorities of the Islamabad Capital Police. PR

ical parties should adapt themselves to the changing world.

Commending the participants of the seminar, he acknowledged Asghar, the representative of Jamat-e-Islami, for emphasizing the need for proportional representation in the country.

PIO said another participant Dr. Mujeeb expressed the view that there has been a lack of significant movements by farmers and laborers in the past few decades, emphasizing that without their vocal involvement, their destiny cannot be altered.

He praised the PID team for orchestrating an impactful seminar and disseminating information to foster a consensus for guiding the country through its current crisis.

BoK expands its footprint with inauguration of new branch in heart of Mardan at Mardan Medical Complex

Bank of Khyber, one of the leading financial institutions in Pakistan, is proud to announce the grand inauguration of state-of-the-art branch at Mardan Medical Complex. With this latest addition, the bank has expanded its presence in Mardan Division, now boasting a total of 20 branches. This strategic expansion aims to offer customers in the region enhanced accessibility to a wide range of convenient banking services.Mr. Attaullah Khan Toru, Chairman Board of Governors and Mr. Sher Muhammad, Group Head Conventional banking BoK, inaugurated the branch. Hospital Director MMC Mr. Tariq Mehmood, Dean MMC, Mr.Amjid Ali, Director finance MMC, Mr. Muhammad Sheraz, Mr. Zarak Khan, Head Liabilities & Business Development Division, Mr. Muhammad Kashif Area Manager Mardan/Swat, along with other senior executives, also attended the branch inauguration. PR

2nd federal & 4th engineering capstone expo’2024

Pakistan Engineering Council (PEC) is dedicated to promote growth of Engineering Education for which 2nd Federal CAPSTONE EXPO (FYDP- Final Year Design Projects exhibition)and 4th Regional CAPSTONEbeing held on 23rd JAN’2024 from 10am to 4pm, at “PAK – CHINA FRIENDSHIP CENTER”, ISLAMABAD.In this Expo 27 Universities are participating with 252 shortlisted projects for showcasing out of which 72 projects are PEC sponsored.

At this Engineering Universities will showcase their Engineering students’ projects that pertains to market/industry, in which industriesbeing invited to participate and select projects as per their business need.CAPSTONE is the PEC initiative 1st time in Pakistan by PEC Pakistan Development Committee. PR

Mr. Saleem Khan Tanoli Former Senior Vice President GPCCI /CEO FAKT Meeting with Saquib Fayyaz Magoon Senior Vice President Federation of Pakistan Chambers of Commerce & Industry (2024-25) and Congratulating them with flowers at Federation House FPCCI Head Office Karachi with Me Syed Turab Shah,Former Deputy Convener of FPCCI Central Standing Committee on Corporate Relations & Communication. Muddasir Alam and Javed Qurashi and Others friends. PR

Secretary Ministry of Information & Broadcasting, Ms Shahera Shahid addresses a seminar on ‘Changing Landscape of Pakistani Electorate & Role of Political Parties in Fair Representation’ organized

by Press Information Department in Islamabad. PR

Maritime Security Exercise Sea Guard-24 Culminates at Karachi

KARACHI: Pakistan Navy maiden Maritime Security Exercise SEA GUARD-24 concludes with a debrief session at Karachi. Vice Chief of the Naval Staff, Vice Admiral Ovais Ahmed Bilgrami graced the occasion as the Chief Guest. While addressing the session, Vice Chief of the Naval Staff, Vice Admiral Ovais Ahmed Bilgrami appreciated the efforts put in by all stakeholders in making the exercise a success.

He also underscored that this exercise clearly demonstrates PN resolve to address prevailing simmering issues with a tangible way head to ensure security in maritime zones of Pakistan.The aim of exercise was to overview response procedures against maritime security incidents and to identify gaps and propose ways to improve the response mechanism.

Exercise SEA GUARD-24 gave an opportunity to fortify and rejuvenate the bond of diverse maritime stakeholders of Pakistan ranging from shipping, fishing, law enforcement and private entities through a common pedestal of Joint Maritime Information Coordination Centre (JMICC). EX SEA GUARD served as a platform for all stakeholders to engage in tactical exercises, exchange best practices and foster mutual understanding. Senior officials of Federal and provincial stakeholders from MOD, MOMA, Mol, MoF, Ministry of Narcotics Control, Pakistan National Shipping Corporation, Anti- Narcotics Force, Pakistan Maritime Security Agency, GPA, KPT, Port QASIM, BYCO Petroleum, in addition to various prominent figures from private sector and fishing community attended the closing session of the exercise .PR

PTA Hosts Workshop on IPv6 Transition & Routing Security in Collaboration with APNIC, ISOC & PKNOG

ISLAMABAD: In line with its ongoing commitment to enhancing the technical capacity of Pakistan’s telecom industry, Pakistan Telecommunication Authority (PTA) successfully organized a two-day workshop on 'IPv6 Transition' and 'Routing Security' in collaboration with the Asia-Pacific Network Information Centre (APNIC), the Internet Society (ISOC), and the Pakistan Network Operators Group (PKNOG).The workshop featured esteemed foreign speakers and witnessed active participation from professionals in the telecom industry, underscoring the collective commitment to staying abreast of technological advancements.Speaking on the occasion, Chairman PTA, Major General (R) Hafeez Ur Rehman said that PTA is well aware of the importance of capacity building therefore it is working closely with international stakeholders for the capacity building of the telecom industry. The successful execution of this capacity-building workshop signifies a significant step towards achieving PTA's broader goals of fostering innovation, ensuring cybersecurity, and positioning Pakistan's telecom industry as a leader on the global stage.PR

Friday, 19 January, 2024

NAwAz ShArif plEdgES SElf-SufficiENcy pakistan-uAE strengthen partnership multibillion-dollar for pAkiStAN iN mAidEN ElEctioN rAlly with infrastructure deal PRAYER TIMINGS

NEWS

f

ISLAMABAD

STAFF REPORT

ORMER prime minister and supreme leader of the Pakistan Muslim League-Nawaz (PMLN), Nawaz Sharif, addressed a gathering during the party’s rally in Hafizabad, emphasising the progress of the country under his tenure as premier.

Addressing the rally, Nawaz asserted that if he had not been removed as prime minister, the country would have been flourishing, with no unemployment, and every household illuminated with the glow of light.

PML-N supreme leader credited his government for successfully combating terrorism and load-shedding in the country.

The former prime minister lamented that a decision made by five judges removed a representative of 250 million people.

“If our government had continued, there would be no unemployment in the country today. If I were not ousted from the PM office, the country would be prosperous, and there would be no inflation,” said Nawaz Sharif.

He further added that his government

would have ensured a new motorway passing through Hafizabad, similar to the one currently traversing Lahore.

Expressing his vision for the nation, Nawaz stated, “My mission is to stand the country on its own feet. We will construct motorways in Hafizabad, just like we did in Lahore.”

He concluded his address, affirming his commitment to the progress and pros-

ogrA reduces rlNg prices for January 2024

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DECISION IS IN LINE WITH GOVT'S POLICIES, AIMING TO PROVIDE ECONOMIC RELIEF TO CONSUMERS

perity of Pakistan, asserting that the PML-N would continue its efforts to bring economic stability and development to the nation.

Maryam Nawaz, Senior Vice President of PML-N, during her address, emphasised the importance of recognising the historical significance of May 28 — the day Pakistan announced that it had successfully conducted five nuclear tests

in the Chagai district of Balochistan — as opposed to May 9, which she deemed as a day when the country was thrown into flames.

“Nawaz Sharif has explicitly stated that we are May 28 ones, not May 9. Behind both these dates lies a detailed story. These are not ordinary events,” Maryam asserted.

Referring to Nawaz Sharif, she highlighted that the person who enabled Pakistan to become a nuclear power is present among them today. “Those associated with May 28 built the nation, while those linked with May 9 disrupted it. One date is about Pakistan’s progress while the other is about its destruction,” she added.

Maryam Nawaz went on to criticise PTI’s tenure as responsible for the inflation prevailing in the country despite four years of governance. She added that in contrast, the PML-N provided employment opportunities and laptops to the youth, affordable bread, and the development of road networks.

She asked the people of Hafizabad to support PML-N on the election day, urging them to reject the people behind the May 9 events.

Stocks suffer as tension between Pakistan, Iran escalates g

DOWNTURN AFFECTS MAJOR SECTORS SUCH AS CEMENT, CHEMICALS, COMMERCIAL BANKS, OMCS, AND POWER GENERATION PROFIT

NEWS DESK

Escalating tensions between Pakistan and Iran negatively impacted investor confidence at the Pakistan Stock Exchange (PSX), leading to a bearish trend during the intraday trade.

The benchmark KSE-100 index declined by 364.93 points to settle at 63,202.40 points or 0.57% as compared to the previous close.

The index opened the trading session at 63,579.96 but at 10:00

am it plummeted to more than 1000 points to the 62,528.55 level.

Later on, it recovered to some extent but closed in the red zone.

The downturn was widespread, affecting major sectors such as cement, chemicals, commercial banks, fertilizer, oil and gas exploration, oil marketing companies (OMCs), and power generation, all of which traded lower.

Market analysts attribute the selling pressure to escalating tensions between Pakistan and Iran.

This situation was further ex-

acerbated by a statement from the Ministry of Foreign Affairs (MOFA) that Pakistan retaliated against Iran in a series of coordinated precision strikes targeting terrorist hideouts, an operation named ‘Marg Bar Sarmachar’.

The ministry reported that numerous terrorists were eliminated in this intelligence-based operation.

This aggressive move by Pakistan was in retaliation to a prior strike by Iran on Pakistani soil, which, according to Pakistan, resulted in the death of two children and injuries to three girls.

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FAJR SUNRISE

ZUHR

ASR MAGHRIB ISHA

6:20

1:30

4:00

7:00

5:22

7:00

UAE COMMITS $3BN TO PAKISTAN'S RAILWAYS AND ECONOMIC ZONES PROFIT

NEWS DESK

Pakistan and the United Arab Emirates have sealed a major deal, signing an investment agreement worth over $3 billion. This pact focuses on enhancing cooperation in railways, economic zones, and infrastructure development. The agreement was signed during the World Economic Forum in Davos, Switzerland. The deal was formalized through the signing by high-ranking officials from both countries.

Shahid Ashraf Tarar, Pakistan’s Federal Minister for Communication, Railways and Maritime Affairs, represented Pakistan. Sultan Ahmed bin Sulayem, Chairman of Ports, Customs and Free Zone Corporation of Dubai, signed on behalf of the UAE. This was confirmed in a press release from Pakistan’s Ministry of Railways. Minister Tarar highlighted the role of DP World, representing the Dubai Government in Pakistan, underscoring the strong relationship and mutual trust between the two countries. He expressed optimism about future joint projects stemming from this agreement.

Sultan Ahmed bin Sulayem pointed out Pakistan’s importance as a growing market and a key trade link to Central Asia. He praised the UAE’s role in enhancing Pakistan’s trade capacities, notably through the Qasim International Container Terminal, and expressed the UAE’s commitment to further strengthening economic ties with Pakistan.

This agreement marks a significant step in deepening economic relations between Pakistan and the UAE, indicating a commitment to collaborative development in the region.

Steel industry demands Equitable Subsidy Allocation

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PALSP SEEKS PRIME MINISTER'S INTERVENTION TO ADDRESS PRESSING ISSUE AND SAFEGUARD KARACHI'S INDUSTRIES PROFIT

GHULAM ABBAS

PROFIT AHMAD AHMADANI

The Oil and Gas Regulatory Authority (OGRA) has reduced the price of liquefied natural gas (LNG) by up to $1.21 per Million British Thermal Unit (MMBTU) for the month of January 2024.

On Thursday, OGRA) notified a modest decrease in the weighted average sale price of Re-gasified Liquefied Natural Gas (RLNG) up to 7.81 per cent for end consumers with retrospective effect from January 1, 2024.

The decrease in RLNG prices is due to a decrease in DES price, said OGRA. According to the OGRA’s notification, the price for the Sui Southern Gas Company Limited (SSGCL)’s consumers has been reduced by 7.81 per cent as compared with December 2023.

The rate of RLNG has slashed by $1.2074 per mmbtu to $14.2451 per mmbtu from $15.4524 per mmbtu last month. The rate of RLNG for Sui Northern Gas Pipeline Limited (SNGPL) consumers has also reduced by 7.58 per cent or $1.1220 per from $14.8118 to $13.6898 per mmbtu.

The average price has been worked out at 12 RLNG cargoes. Ten cargoes at 13.37 per cent and 10.20 per cent to Brent arrived under long-term agreements and two 12.14 per cent to Brent at spot perchance.

Unaccounted for Gas (UfG) has been incorporated on provisional basis at 0.12 per cent in respect of transmission and 14.36 per cent in respect of transmission and distribution for SSGC and 0.38 per cent and 8.23 per cent in respect of transmission and distribution for SNGPL. The OGRA, in a statement issued on Thursday, said that the Oil and Gas Regulatory Authority (OGRA) in accordance with the Policy Guidelines of the Federal Government has determined the Re-gasified Liquified Natural Gas (RLNG) prices for sui companies with effective from January 1st, 2024.

And, the decrease in RLNG prices is due to decrease in DES (delivery ex-ship) price, said OGRA. It is pertinent to mention that the country is to import 12 cargos during January 2024 compared with 11 cargos in December 2023 and 10 cargos in January 2023.

Govt releases Rs3.1bn for agricultural development projects under PSDP g

RS8.8B ALLOCATED TO COMPLETE 21 PROJECTS IN AGRI SECTOR UNDER PSDP 2023-24 PROFIT

NEWS DESK

The federal government has released Rs3.1 billion for the agriculture sector under the Public Sector Development Program (PSDP) 2023-24 against the total allocation of Rs8.850 billion.

According to an official of the Ministry of National Food Security and Research (NFS&R), the amount was released during the first six months (July-December) of the current financial year for the completion of different ongoing development schemes, besides initiating the new projects of vital importance.

Out of the total released funds, an amount of Rs429.97 million was spent so far on different development schemes during the period under review for achieving sustainable agriculture growth and economic development of the country.

The government has allocated Rs 8.850 billion for NFS&R in PSDP 2023-24 for 21 different projects in the agriculture and livestock sectors. An additional Rs 250 billion was also allocated for three new schemes during the current financial year to achieve sustainable agriculture growth.

The government has allocated Rs2.8 billion for a national program

for the improvement of watercourses phase-II, and Rs 900 million for the national program for enhancing the commend area in Barani areas of Pakistan and Rs 700 million for the promotion of olive cultivation on a commercial scale.

Meanwhile, Rs 500 million was earmarked for locust emergency and food security, Rs 400 million for water conservation in the Barani areas of Khyber Pakhtunkhwa, Rs 300 million for promoting research for productivity enhancement in pulses and Rs 248 million was allocated for the production enhancement of wheat during the current financial year.

In PSDP 2023-24, the federal government has allocated Rs 147 million for better cotton initiative, Rs 100 million for cage culture

cluster development and Rs 240 million for the establishment of consumer sourcing seed authenticity system and strengthening of labs of FSC&RD. An amount of Rs 500 million was also allocated for the national oil seed enhancement program, Rs 130 million for the productivity enhancement of sugarcane Rs 235 million for the productivity enhancement of rice and Rs 440 for pilot shrimp farming cluster development.

Besides, the government has also allocated Rs 100 million for the Pakistan-Korea joint program on certified seed potato production system, Rs 100 million for professional capacity building in agriculture national reforms and Rs 50 million for the horticulture support programme.

The nation’s major steel producers have raised staunch objections regarding the stark discrepancy faced by Karachi-based industries in accessing the Government’s Incremental Units Consumption Subsidy. This subsidy, aimed at alleviating postCOVID economic strains and operational from July 2021 to October 2023, has been utilized by industries across the country. However, Karachi industries continue to grapple with a legal dispute between KElectric and the Power Ministry, thereby depriving them of this vital financial assistance.

The discrepancy in distributing this subsidy raises alarming doubts about the fairness and commitment of state authorities in delivering impartial support.

Despite reassurances from entities such as the National Electric Power Regulatory Authority (NEPRA), the Power Division, and the Minister of Energy, Karachi industries are yet to receive the promised relief. This delay has plunged these businesses into a state of financial uncertainty, exacerbating their existing challenges. While the government has swiftly extended support to the Utility Company of Karachi through long-awaited agreements, a similar urgency is noticeably lacking for industrial units.

The Pakistan Association of Large Steel Producers (PALSP), the representative body of large steel producers, has urgently appealed to the Prime Minister and relevant ministries through a recent letter. PALSP seeks the Prime Minister’s intervention to address this pressing issue and safeguard Karachi’s industries.

The evident bias against Karachi industries in implementing the Incremental Units Consumption Package casts doubts on principles of fairness, equity, and the government’s dedication to fostering nationwide industrial growth. Such discriminatory actions erode business trust and hinder their ability to flourish. The ongoing plight faced by Karachi-based industries, compounded by the non-disbursement of this subsidy, adds to the multifaceted challenges besieging the industry. In an economic environment marked by currency depreciation, soaring borrowing costs, and substantial increases in input expenses, especially energy prices, manufacturers grapple with urgent capital requirements. The uncertain fate of the subsidy, initially perceived as a beacon of hope, now hangs in limbo, making it exceedingly difficult for industries to sustain themselves. Immediate government action is imperative to prevent irreparable closures of these industries.

UAE rolls over $2b debt for Pakistan, IMF engages in key loan discussions g

IMF REVISED ITS PROJECTIONS FOR PAKISTAN'S BUDGET SUPPORT LOANS TO $3 BILLION AND REDUCED PROJECT FINANCING ESTIMATES TO $3.7 BILLION FOR CURRENT FISCAL YEAR PROFIT

NEWS DESK

The United Arab Emirates (UAE) has rolled over a $2b debt, granting Pakistan’s interim government a substantial fiscal respite. This move comes at a pivotal moment as Pakistan engages in discussions with the International Monetary Fund (IMF) for the release of a crucial $1.2 billion loan tranche.

The recent developments are part of broader financial adjustments. The IMF, in its latest report, revised its projections for Pakistan’s budget support loans to $3 billion and reduced project financing estimates to $3.7 billion for the current fiscal year.

This recalibration has led to a reduction

in Pakistan’s overall external financing needs to just under $25 billion, with a slight decrease in current account deficit projections.

The State Bank of Pakistan’s Governor, Jameel Ahmad, confirmed the UAE’s extension of the debt repayment period by another year. He also noted that the IMF had disbursed a second loan installment of $706 million, contributing to a total disbursement of $1.9 billion under a larger $3 billion bailout program.

These financial boosts come at a critical time for Pakistan, whose foreign exchange reserves remain below $9 billion, despite being under the IMF program since July of the previous year.

The UAE’s rollover includes a $1 bil-

lion debt extended for an additional year, and another $1 billion due on January 23.

Last week, Pakistan’s finance ministry sought a further one-year extension from the UAE. The extended $2 billion loan from the UAE initially had an interest rate of 3%, but the most recent $1 billion extension came at a higher rate of 6.5%. The Prime Minister’s Office had requested that the UAE maintain the original terms for the loan extension.

Additionally, Saudi Arabia and China have made significant deposits with the State Bank of Pakistan, amounting to $5 billion and $4 billion, respectively. These deposits, alongside the UAE’s contribution, total $12 billion. However, Pakistan’s official reserves

are still below the $9 billion mark.

The continuation of loan renewals from the UAE, China, and Saudi Arabia hinges on Pakistan’s engagement with the IMF and the approval of its first program.

The finance ministry has urged the IMF to dispatch a new mission to Pakistan for a second review, aiming to secure the final $1.2 billion loan tranche.

The timing of the IMF’s response and the upcoming general elections on February 8 may influence the course of these financial negotiations.

Former Finance Minister Ishaq Dar indicated that the outcome of the elections and the subsequent government’s stance towards the IMF program would be pivotal in

determining Pakistan’s financial strategy.

The IMF’s upcoming mission is vital not only for securing the last tranche but also for initiating talks for a new long-term program.

The IMF’s revised projections suggest a current account deficit of $5.7 billion or 1.6% of GDP for Pakistan, a minor adjustment from its previous estimates. The current account deficit for the first half of this fiscal year stood at $831 million, potentially remaining around 0.5% of GDP or $1.8 billion for the entire year.

Pakistan’s external financing requirements have been adjusted from $28.3 billion to $25 billion, factoring in reduced private and public sector repayments and current account adjustments.

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