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GOVT GREENLIGHTS ARMY'S DEPLOYMENT FOR 'PEACEFUL CONDUCT' OF FEB 8 POLLS
Profit
Wednesday, 24 January, 2024 I 12 Rajab, 1445
CABINET, CHAIRED BY CARETAKER PM, GIVES NOD TO ARMY’S DEPLOYMENT
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ISLAMABAD
SECURITY PERSONNEL TO PERFORM DUTIES AT SENSITIVE CONSTITUENCIES, POLLING STATIONS
STAFF CORRESPONDENT
HE caretaker federal cabinet on Tuesday approved the deployment of the Pakistan Army and civil armed forces for the peaceful holding of the upcoming February 8 general elections. With less than three weeks remaining for the upcoming polls, Pakistan has recently seen an uptick in terrorism. Earlier this month, an independent candidate was killed in a gun attack in Khyber Pakhtunkhwa’s North Waziristan. According to a statement from the Prime Minister’s Office, interim Prime Minister Anwaarul Haq Kakar presided over a federal cabinet meeting on Tuesday here in Islamabad wherein the government “approved the deployment of Pakistan Army and civil armed forces troops for the peaceful conduct of general elections” on the recommendation of the interior ministry. The press release said the security personnel will perform duties at sensitive constituencies and polling stations, as well as act as a rapid response force. The fresh measure came a few days after PM Kakar constituted a sevenmember committee for the smooth conduct of the upcoming elections as well as overseeing their security arrangements. A day earlier, interim Information Minister Murtaza Solangi said threat
alerts had nothing to do with polls and asserted that general elections would be held on Feb 8. “In the past, general elections were successfully conducted despite security issues in the country […] there is no problem in conducting the upcoming February 8 general elections as well,” he had said. Acknowledging the presence of threats in various parts of the country, top government and security officials had assured the ECP last week of their readiness to hold general elections. Reviewing preparations for the Feb 8
Govt challenges top court’s ruling on restricting SJC’s action against former judges ISLAMABAD
STAFF REPORT
The caretaker federal government on Tuesday moved the Supreme Court against its 2023 judgment in Afiya Shehrbano Zia case, which restricted the Supreme Judicial Council (SJC) from taking action against former judges. The move came shortly after the top court reserved a verdict on a petition by Shaukat Aziz Siddiqui, the former Islamabad High Court (IHC) judge, against his dismissal from the post. In the plea filed against the Afiya Sheherbano case ruling under the SC (Practice and Procedure) Act, 2023, the government has nominated the SJC, apex court registrar and others as parties. It moved the apex court to lay down rules on whether the judicial council can continue the action against judges even after they have tendered their resignations. The government demanded the Supreme Court to nullify its ruling in the Afiya Sheherbano case. A three-member bench of the top court on June 27, 2023, ruled that the SJC cannot take or continue action against the jurists if they step down or retire. The judgment held that judges who retire or resign do not fall within the ambit of Article 209 of the Constitution that determines misconduct of superior court judges. Earlier in the day, the top court in short order on Siddiqui’s plea stated: “If deemed necessary, further judicial action can be taken by the Supreme Court.” The court asked: What relief can be given if Shaukat Siddiqui’s appeal is approved?
Rs 15.00 | Vol XIV No 206 I 8 Pages I Islamabad Edition
polls, with a focus on the law and order situation, the meeting chaired by Chief Election Commissioner Sikandar Sultan Raja was given assurances that all arrangements were in place to hold elections and deal with “any kind of situation”. Meanwhile, the Punjab government has imposed Section 144 across the province till Feb 12 after reports on “threats to the law and order situation” during the elections emerged. Section 144 of the Code of Criminal Procedure (CrPC) empowers the district administration to issue orders in the public interest that may place a ban on an ac-
tivity for a specific period of time. In a notification dated Jan 22 — a copy of which is available with Dawn.com — Punjab Home Department Secretary Shakeel Ahmed said it was reported that “there exist threat to law and order situation and public peace” in the province during the Feb 8 polls. “In the wake of these elections, a large number of political gatherings, rallies, corner meetings are likely to be held by the contesting candidates and political parties for 141 and 297 seats of National and provincial assembly, respectively, all over Punjab which may serve as soft targets for any desperate act by terrorists and miscreants,” he stated. Further, he highlighted that considering historical precedents, the likelihood of conflicts between competing candidates and opposing political parties or groups in various regions could not be ruled out. “The ensuing security milieu demands extraordinary vigilance and extensive security Measures to pre-empt any untoward incident, in the larger interest of internal security,” the notification added. Shakeel further stated that under the directions, there would be a ban on displaying weapons including licensed ones, except those by law enforcement agencies. All types of firing and violation of any clause of the Election Commission of Pakistan’s code of conduct would also be prohibited.
ECP freezes development funds of local govt ahead of general elections ISLAMABAD
STAFF REPORT
The Election Commission of Pakistan(ECP) has taken a significant step by freezing the development funds for all local government departments nationwide. This freeze extends until the announcement of the general election results. The Election Commission’s notification explicitly prohibits the initiation of any local development schemes or related activities throughout the country. The directive includes a suspension on tenders and contract awards by local governments and cantonment boards until the conclusion of the general elections. While the day-to-day affairs of sanitation and cleanliness will continue, the announcement or execution of any local development scheme is strictly forbidden. Previously, the Election Commission of Pakistan had implemented a ban on appointments and transfers affecting federal, provincial, and local institutions alike. The Secretary of the Election Commission had communi-
cated this decision to the caretaker governments in all four provinces, including the Federation. Furthermore, the Election Commission ordered the retrieval of official vehicles from former ministers, advisors, and assistants, emphasizing similar actions for assembly members who were instructed to vacate official residences. The Commission also directed the termination of employment for political figures appointed in various institutions, seeking detailed asset disclosures from the caretaker prime minister,
chief ministers, and cabinet members. While the caretaker governments are permitted to manage daily affairs in accordance with the law, implementing ongoing international and bilateral agreements, the Election Commission has set clear restrictions. The Provincial Election Commissioners have communicated these restrictions to the Chief Secretary of Punjab, IG, and all relevant authorities, outlining instructions for the supervisory setup across the four provinces.
Int’l observers and journalists to monitor, cover general elections: Solangi ISLAMABAD
STAFF REPORT
Caretaker Minister for Information and Broadcasting Murtaza Solangi has said that international observers and journalists will visit Pakistan to monitor and cover general elections to be held on the 8th of next month. He was addressing a news conference along with Secretary Information Shahera Shahid, Director General Radio Pakistan Saeed Ahmed Sheikh and Executive Director General External Publicity Wing Ambreen Jan in Islamabad. Sharing details of the applications being processed, the Information Minister said that forty-nine visas have so far issued to the foreign journalists whilst thirty-two are under process. He said Pakistan’s High Commission in India has also received twenty-four applications which are being processed. The Information Minister said that a total of one hundred and seventy-four applications from various foreign media outlets have been received. He mentioned that several international media outlets including CNN, BBC, DW and those of Japan have already presence in Pakistan and they will be covering the elections on National and Provincial Assemblies’ seats. Murtaza Solangi said the applications submitted by the foreign observers are also being processed. He said twenty-five applications have been received from Britain, eight from Russia, thirteen from Japan, five from Canada, two from South Africa and five from Commonwealth. He said that international journalists and observers are being given permission letters for monitoring and coverage of the electoral process in three big cities of Karachi, Lahore and Islamabad. He, however said if a foreign journalist wants to visit any other city, his case will be processed on case- by-case basis. The Information Minister said local journalists are being provided with accreditation cards for coverage of the general elections. He said six thousand and sixty-five accreditation cards have so far been issued to the local journalists across the country. Giving a city wise break- up, Murtaza Solangi said twelve hundred cards have been issued in Lahore, one thousand four hundred seventy in Karachi, one thousand fifty in Peshawar, six hundred in Quetta, three hundred fifty five in Hyderabad, two hundred fifty in Faisalabad and two hundred ninety in Multan. Responding to a question, the Information Minister said it is the responsibility of the state to provide security to its citizens and we will also be providing security to the foreign journalists and observers. Executive Director General EP Wing Ambreen Jan, in her remarks, said we have received requests from fourteen countries for their journalists and observers to be allowed coverage of the elections. She said the Election Commission has also issued a code of conduct for the foreign journalists and observers. The Executive DG EP Wing said a media cell will be established at the office of Press Information Officer where all facilities will be provided to the foreign observers and journalists. She said a cell at EP Wing has also been established for the issuance of accreditation cards to the journalists.
Cabinet rejects plan to hand DISCOs over to army-led committees, claiming they have enough going on
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STATES DISCOS SHOULD FOCUS ON PRIMARY RESPONSIBILITY RATHER THAN SHORT-TERM FIXES PROFIT
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The caretaker cabinet has rejected a proposal of the Power Division that sought to hand over control of the country’s distribution companies (DISCOs) to a mix of bureaucratic and military officials. The cabinet had earlier received the proposal which recommended instituting performance management units (PMUs) for the many DISCOs that operate to distribute electricity to end-consumers all over the country. According to documents seen by Profit’s correspondent, the proposal had suggested that the PMUs would have officers from the Pakistan Administrative Service, Federal Investigative Agency and an Intelligence Agency as members, and would be led by a BPS-20 officer of the Pakistan Army. THE MINISTRY’S PROPOSAL: Plans for what to do with Pakistan’s distribution companies have been rife for the past few months. Many different solutions had been proposed from privatising the institutions to handing them over to the military but no clear consensus seemed to be emerging. The main concern in this situation was ensuring that the DISCOs find a solution to
cut their losses by curbing the theft of electricity — which they claim is the reason behind their massive losses. Late last year, it seemed that a consensus had been reached at an Apex Committee meeting of the Special Investment Facilitation Council (SIFC) on October 14, 2023. The agreement centred on the formation of an Anti-theft Task Force — an assembly of officers from the armed forces, law enforcement agencies, district administration, and intelligence services. This task force would align itself with DISCOs suffering significant losses, specifically the Quetta Electric Supply Company (QESCO), the Peshawar Electric Supply Company (PESCO), the Sukkur Electric Power Company (SEPCO), the Multan Electric Power Company (MEPCO), and the Hyderabad Electric Supply Company (HESCO). The inaugural PMU, according to the Power Division, was slated for launch in HESCO as a pilot project. But before this could get to an implementation stage, the Cabinet instructed the Power Division to submit a holistic plan with specific objectives, accountabilities, and deadlines. It concluded the meeting with the directive to the Power Division that a comprehensive plan, with definitive timelines and
an exit strategy, was indispensable. In response the power division submitted this proposal where it painted a dire picture requiring immediate action. The proposal highlighted the daunting task of appointing an adept Chief Executive Officers (CEOs) for the ten DISCOs operating under the Central Power Purchasing Agency-Guarantee system. The Power Division highlighted how the DISCOs had become the financial albatross that they are due to the leadership of the DISCOs. The Power Division contended that successive governments have been unsuccessful in filling the CEO positions with individuals possessing the necessary acumen and expertise to metamorphose these companies, despite trialling various recruitment strategies in the past. As a result, it argued, the power sector has been plagued by severe inefficiencies. It underscored that the inception of DISCOs was intended to expedite corporatisation and privatisation to usher in improvements, but the entire process of further reforms has been stymied. The PMUs, the Power Division maintained, were a means to sidestep the aforementioned leadership quandaries and steer the DISCOs back on course.
The Power Division also apprised the Cabinet of its ongoing campaign against electricity theft and defaulters to mitigate losses in the power sector. Here again, it spotlighted its trepidations with the leadership of the DISCOs as it expressed its apprehension that the leadership of DISCOs might fall short of achieving the projected outcomes. HESCO, SEPCO, PESCO, and QESCO were singled out for having severe capacity constraints in terms of management and necessitating administrative support, which were likely to wreak havoc on the financial standing of these DISCOs. The Power Division underscored how the incessant failure of the leadership of the DISCOs had precipitated their financial health into the current dire state. It reiterated how the receivables for the DISCOs had escalated to a staggering Rs 1.8 trillion, and that the total accumulation of circular debt in the power sector amounted to Rs 2.3 trillion as of June 2023. Furthermore, the Power Division divulged that during the financial year 2023-24, these DISCOs were projected to incur losses of around Rs 589 billion, comprising ‘under recovery’ and losses exceeding the National Electric Power Regulatory Authority’s acceptable threshold.
The Cabinet’s reservations Based on our sources, the Cabinet deliberated extensively on the proposals put forth by the Power Division. Nevertheless, it challenged their rationale on several grounds. To begin with, the Cabinet disputed the proposal to set up a PMU in each DISCO, comprising officers from the Pakistan Administrative Service, Federal Investigative Agency and an Intelligence Agency, led by a BPS-20 officer of the Pakistan Army. It argued that the proposal had not been agreed upon. The Cabinet maintained that rather than scattering the functional bureaucracy and the armed forces — who were already burdened with more pressing obligations — there was an urgent necessity for the Power Division to mobilise its own teams to supervise the operations of the DISCOs. Moreover, the Cabinet opined that the the heart of the issue lay in the DISCOs executing their fundamental responsibility of mitigating electricity theft and rectifying their internal institutional deficiencies, rather than resorting to precipitous, short-term palliatives. It also observed that obstructing passports, computerised national identity cards, and foreign travel were mere diversions from authentic, enduring solutions.
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PML-N LEADS IN ECONOMIC PERFORMANCE OVER PAST 30 YEARS, BLOOMBERG ANALYSIS SHOWS
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wednesday, 24 January, 2024 | IsLAMABAD
News
Report provides insight into economic performances under different political leaders PROFIT
BlooMBeRg
recent study by Bloomberg Economics has highlighted that the Pakistan Muslim League (PMLN), led by Nawaz Sharif, outperformed its political rivals in economic management over the past thirty years. The report used a ‘misery index’ specifically for Pakistan, combining unemployment and inflation rates, to assess economic performance.
This misery index showed the PML with a score of 14.5%, indicating less economic hardship under their rule compared to Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) at 16.1% and the Pakistan Peoples Party (PPP) led by Bilawal Bhutto Zardari at 17.2%. The scores represent averages during the periods each party has been in power since 1990, where a lower score suggests better economic management. The study comes at a politically tumultuous time for Pakistan. Imran Khan, despite being the most popular leader with
a 57% approval rating, faces legal challenges and his party is currently barred from elections. Meanwhile, Nawaz Sharif’s PML is gaining momentum, with Sharif’s approval rating jumping to 52%, positioning the party favorably for the elections on February 8. Ankur Shukla from Bloomberg Economics said that despite Sharif’s rising popularity, the incoming government faces significant economic challenges. Pakistan is grappling with high inflation and unemployment, and under an International Monetary Fund
(IMF) bailout, the country must implement tough measures like subsidy cuts and tax increases. The IMF predicts only a 2% growth for Pakistan’s economy this year, following a contraction in the previous year. Historically, the PMLN, under Nawaz Sharif and his brother Shehbaz Sharif, has governed Pakistan four times in the last three decades. The PPP has been in power three times, and Imran Khan’s PTI ruled for three years until his removal in April 2022. The Bloomberg report provides a
Govt prioritises small businesses to offset trade deficit g
Focus on small businesses a critical step towards balanced trade scenario PROFIT
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Federal Minister for Commerce, Industry, and Investment Dr Gohar Ejaz has announced a focused governmental initiative to support 20,000 small businesses, a strategy aimed at addressing the nation’s $20 billion trade deficit.
Addressing at the US-Aid Investment Summit, the minister said that if each of these 20,000 small businesses can generate revenue of one million dollars, it would significantly reduce the trade deficit of the country. This goal, according to Ejaz, is achievable within a year. Emphasizing the importance of
Pak-Afghan trade route Torkham reopens, hundreds of trucks allowed to cross PROFIT
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The Torkham border crossing between Pakistan and Afghanistan, a vital conduit for trade, was reopened on Tuesday following successful negotiations between the two countries. The crossing had been closed since January 12, after Pakistan implemented stricter controls requiring drivers to possess visas and passports, a documentation requirement challenging for many Afghans. This border closure was part of Islamabad’s broader efforts to regulate cross-border movements, amidst escalating tensions with the Taliban government in Kabul. Pakistan has accused the Taliban of not effectively tackling militants responsible for attacks within Pakistan, a claim consistently denied by Kabul. A Pakistan border official, speaking anonymously, confirmed to the media the reopening of the border, allowing hundreds of trucks that had been waiting to cross. The official stated that a temporary agreement allows Pakistani and Afghan drivers to cross the border without a visa and passport until March 31. However, starting April 1, these documents will become mandatory. Pakistani officials have indicated that the heightened trade restrictions and intermittent border closures serve as a strategy to pressure the Taliban government into collaborating on security matters. According to a senior provincial government official in Peshawar, continued reluctance by the Taliban to take a firm stance against the TTP could result in further trade disruptions.
IPP to exhibit its election preparations via public gathering in Karachi KARACHI
Staff RepoRt
The Istehkam-e-Pakistan Party (IPP) has announced to exhibit its preparations regarding February 8, 2024 general elections by holding a public gathering in Karachi. In a statement on Tuesday, President IPP Sindh, Mahmood Moulvi said that the party’s patronin-chief Jahangir Khan Tareen and President Aleem Khan will address the gathering to be held at Nishtar Park. He said that the power show will prove IPP’s majority in Karachi. He said, “Win or less does not matter, IPP stands with the people of Karachi.” Mahmood Moulvi said that no party will be able to form the government alone after the 2024 general elections and a coalition government will be formed that will take the country out of crises. He said that the people of Karachi will not be satisfied just with slogans. “We will not let monopoly in Karachi anymore,” the IPP Sindh chief said. Mahmood Moulvi said that independent candidates have approached the IPP and they will join the party after winning in the elections.
Shehbaz declares Nawaz as guarantee to economic revival, development AHMEDPUR EAST Staff RepoRt
President Pakistan Muslim League-Nawaz (PML-N) has declared party supremo Nawaz Sharif as a guarantee to economic revival and development of the country, urging the public to vote three-time premier to power on February 8. While addressing a public gathering in Ahmedpur East in connection with the election campaign of his party on Tuesday, Shehbaz said that three-time prime minister Nawaz Sharif had served South Punjab while being in power and he would continue the journey of bringing prosperity to Pakistan including South Punjab after coming into power.
small and medium-sized enterprises (SMEs) in the national economy, Dr Ejaz revealed that the government is implementing various initiatives to strengthen this sector. These measures are part of a strategic shift to boost the SME sector, which is vital for economic growth. To facilitate this goal, Dr. Ejaz
informed that the Ministry of Commerce has organised international trips for SME owners to countries including Egypt, China, and the GCC states. The purpose of these visits is to explore new markets and expand trade opportunities. These efforts have already started showing positive results in enhancing international trade ties. This new focus on small businesses by the government is a critical step towards achieving a balanced trade scenario and solidifying the country’s economic stability.
No cash dividend by Fauji Foods despite profit of Rs0.61b in 2023 g
Primar y priorities include infrastructure improvement and margin accretive growth strategy
Fauji Foods highlighted that the three strategic pillars; margin accretive growth, cost of goods sold (COGS) reduction, and capability development helped deliver a net revenue of Rs 19.81 billion in FY2023. A potential reason for retaining all profits is to ensure the continuation of infrastructure improvements, growth, and expansion plans. The company has been investing heavily in brands and distribution infrastructure improvements to improve business growth. Fauji Foods is following the margin accretive growth strategy – achieving business growth from internal expansion or through mergers and acquisitions.
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After generating net losses for many years, Fauji Foods Limited (FFL) earned a profit after tax (PAT) of Rs 0.61 billion in FY2023, but the company has announced no cash dividend, bonus, or right shares for its shareholders, according to its financials announced on Tuesday.
A prime example of this internal expansion strategy is the board and shareholders’ authorisations in Q4 2023 to acquire Fauji Cereals and Fauji Infraavest (Pasta). The company’s earnings per share (EPS) also improved to Rs 0.26 in 2023 after remaining in negative values from 2019 to 2022. The company said its Annual General Meeting (AGM) will be held on March 25, 2024.
Jamal Shah shares 2nd ‘CPEC Cultural Caravan 2024’ plan with diplomats ISLAMABAD
Staff RepoRt
Caretaker Federal Minister for National Heritage and Culture, Jamal Shah on Tuesday held a meeting with Ambassadors of Central Asian States to discuss the initial plan of second ‘CPEC Cultural Caravan 2024;’ aimed at strengthening cultural bonds between Pakistan, China, Russia and the Central Asian States. The high level meeting held at Pakistan National Council of the Arts was attended by Ambassador of Russia to Pakistan Albert Khorev, Embassy of China Counselor Bao Zhong, Ambassador of Turkmenistan to Pakistan Mr. Atajan Movlamov, Ambassador of Kazakhstan to Pakistan Yerzhan Kistafin, Ambassador of Kyrgyzstan Totuiaev Ulanbek Asankulovich, Ambassador of Uzbekistan Aybek Arif Usmanov and Ambassador of Azerbaijan to Pakistan Khazar Farhadov. Federal Secretary National Heritage and Culture Humaira
Ahmed, Advisor National Heritage and Culture Muhammad Kashif Irshad, Director General PNCA Ayuob Jamali, Executive Director Lok Virsa Uzair Khan and Chairperson Pakistan Academy of Letters (PAL) Dr Najeeba Arif were also present on the occasion. Addressing the diplomats, Jamal Shah apprised that his ministry plans to organize a second China Pakistan Economic Corridor (CPEC) Cultural Caravan aimed at promoting economic ties and strengthening cultural bonds between Pakistan, China and the Central Asian States. He said that CPEC Cultural Caravan will commence its journey from Xi’an, China, and traverse through Kyrgyzstan, Tajikistan, Uzbekistan, Turkmenistan, Iran, UAE, Gwadar, Karachi, ultimately concluding in Islamabad. “Cultural Caravan to Document Diverse Lives on CPEC, Silk Route,” the Minister National Heritage and Culture added.
This cultural excursion will document the experiences and stories of the people along the China-Pakistan Economic Corridor and the Silk Route, covering Central Asian countries. He said that the Cultural Caravan will be composed of diverse groups of Pakistani, Chinese and Central Asian artists, musicians, photographers, anthropologists, writers and filmmakers. Jamal Shah said that the CPEC Cultural Caravan aims at promoting dialogue, cultural exchange, understanding, trust and respect between the nations, adding that it will also strengthen international relations in terms of protection of cultural heritage, cultural and academic exchange. He said that CPEC Cultural Caravan will also strengthen and support the promotion of arts and creative industries on the caravan route in fields of culture, history, education, and economic and heritage tourism.
crucial insight into the economic performances under different political leaderships, setting the stage for the upcoming elections.
PSX welcomes Stylers International after merger with AEL Textiles PROFIT
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Pakistan Stock Exchange (PSX) on Tuesday conducted a gong ceremony to mark the merger/amalgamation of AEL Textiles Limited with and into Stylers International Limited. Speaking on the occasion, Farrukh H. Khan, MD & CEO PSX, stated, “I am very happy to welcome Stylers International Limited, part of the US Group, to PSX. Listing and becoming part of the public markets is a significant event in the life cycle of a company, enabling the company to be on a path of sustainable and exponential growth. I congratulate Stylers International for this progressive development and for their listing on the PSX, wish them continuing success, and look forward to welcoming their other group companies to the exchange as well.” 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 scheme of arrangement was approved by the Lahore High Court on December 21, 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.
Intense cold weather, fog continues to disrupt routine life in parts of country
ISLAMABAD
Staff RepoRt
Intense cold weather followed by fog in various cities across the country continues to disrupt routine life, traffic and flights. Health experts have asked people to remain vigilant while maintaining a healthy diet and using face masks as in various cities including the capital, people were facing almost freezing temperatures due to dense fog that engulfs in the morning and stays on for hours after daybreak A thick layer of fog has enveloped many cities in Punjab including Lahore, paralyzing routine life and disrupting road traffic. The recent cold wave and foggy conditions have already made living conditions difficult with people already suffering due to power load shedding and low pressure of gas. Under the said circumstances, the number of people complaining of cold-related ailments has also shot up over the last few days. According to the doctors working in various city hospitals, elderly persons and children are found to be the most affected people. Motorway police said that the travelers of the Motorway had been asked to use fog lights and slow the speed due to dense fog in inner Punjab, Khyber Pakhtunkhwa. The Motorway police have also requested the people to stay home and avoid unnecessary travelling. The foggy weather also disrupted flights and train operations.
Govt seeks G2G agreement with Saudi Arabia, UAE for forex repatriation g
Finance Ministry set to brief SIFC Executive Committee about initiative in upcoming meeting on January 24 PROFIT
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The Pakistani government is actively pursuing a government-to-government (G2G) agreement with Saudi Arabia and the United Arab Emirates (UAE) to secure upfront foreign currency repatriation against future workers’ remittances, according to Business Recorder. The Finance Ministry is set to brief the Executive Committee (EC) of the
Special Investment Facilitation Council (SIFC) about this initiative in their upcoming meeting on January 24. Saudi Arabia and the UAE are significant contributors to Pakistan’s foreign exchange through remittances sent by Pakistani workers. The meeting will address several key issues, including the progress of negotiations with the UAE, recommendations for insurance sector reforms, and the proposal of the G2G agreement with Saudi Arabia and the UAE.
The EC will also discuss facilitating the upfront consideration of foreign currency against future workers’ remittances. The Governor of the State Bank of Pakistan (SBP), along with Secretaries of Foreign Affairs and Information and Broadcasting, will brief the EC on various financial matters. Furthermore, discussions will cover settlements in Pakistani Rupees for imports and exports, issues with US company remittances, and banks
involved in unlawful businesses. The Power Division will share recommendations to tackle the energy sector’s circular debt, which has escalated to Rs5.7 trillion. Updates on stakeholder consultations for revised tariff design, hydel projects, and strategies for hydro IPPs will also be discussed. The Petroleum Division is set to update on several fronts, including the stance of Saudi Arabia/SINOPEC, progress on the Iran-Pakistan pipeline, the TAPI project, and the gas supply strategy. Additionally, the division will present studies on gas supply and potential policy for LNG supply to domestic consumers.
Wednesday, 24 January, 2024 | ISLAMABAD
STALEMATE IN PIA DEBT RESTRUCTURING TALKS AS BANKS DEMAND 16.6PC INTEREST PIA currently owes Rs281b to commercial banks and faces an interest rate of around 23.5% on these loans
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OMMERCIAL banks have proposed a fixed annual interest rate of 16.6% for deferring the recoveries of their Rs281 billion loans to Pakistan International Airlines (PIA) over five years.
However, this demand has been rejected by Finance Minister Dr. Shamshad Akhtar, who has countered with a proposal of approximately 10% interest based on the banks’ actual cost of borrowing. The disagreement over these terms has led to a standstill in negotiations, impacting the privatisation process of PIA. Sources from the Ministry of
Privatisation indicated that the banks’ reluctance to issue no-objection certificates for transferring their debt to a new holding company is a major hindrance. This new entity, necessary for PIA’s restructuring, cannot be formed without an agreement with all creditors. The privatisation ministry is reportedly making a final push in the upcoming days
to resolve these issues. On a related note, Finance Minister Akhtar announced plans to transfer the entire PIA debt of Rs825 billion into a holding company. PIA currently owes Rs281 billion to commercial banks and faces an interest rate of around 23.5% on these loans. The banks have requested a 16.6% fixed interest rate, calculated based on five-year Pakistan Investment Bond rates plus a 2.5% charge, in exchange for extending the loan repayments. In response, the finance minister proposed an interest rate equal to the banks’
FBR rejects $50m tax exemption for TAPI gas pipeline amid IMF oversight g
Tax agency also denied exemptions to local refineries for incentives from ESCROW account PROFIT
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The Federal Board of Revenue (FBR) has declined to grant a tax exemption, estimated between $40-50 million, for the Turkmenistan–Afghanistan–Pakistan– India (TAPI) gas pipeline project. This decision aligns with Pakistan’s commitment to the fiscal discipline mandated by the International Monetary Fund (IMF).
Construction of 40 smart police stations to lift police service delivery: IGP LAHORE
Staff RepoRt
Construction of 40 smart police stations in various districts of the province, including Lahore, is underway at brisk pace, which upon completion, will improve the police force service delivery. In a video message issued here on Tuesday, Punjab Inspector General Police Dr Usman Anwar informed that 40 smart police stations in various districts of the province including Lahore, are being constructed in place of the old buildings and police stations. “Caretaker Punjab Chief Minister Mohsin Naqvi visited the old police stations of Lahore and decided to build smart police stations. Smart police stations are being constructed at the locations of Sanda, Shafiqabad, Islampura, Shadman police stations in the provincial capital”, he stated, adding that the solution to the lack of suitable lands to build new police stations in place of old dilapidated buildings was the smart police stations. Dr Usman Anwar pointed out the smart police stations will consist of one or two kanal spaces and will be equipped with all modern facilities. “All-out resources have been approved, construction sites selected and construction work has been kicked off on the project.” The IG Police said that all the police stations of the province had shifted to the Special Initiative Protocol, all work in police stations including FIR registration, were being completed as per the prescribed timelines. “Punjab Police is discharging duty of public service and protection with full dedication even in adverse conditions and with limited resources”, the IGP claimed, adding that Punjab Police was ready to face all kinds of dangers to protect the life and property of the citizens. PACE OF WORK ON DEVELOPMENTAL PROJECTS REVIEWED Meanwhile, Punjab IG Police Dr Usman Anwar is actively monitoring early completion of ongoing police development projects in various districts of the province and in this regard, he visited various projects and offices in Lahore early in Tuesday morning. The IGP reviewed work on developmental projects in Qurban Police Lines, including under construction offices of DIG and SSP Tele-Transport and directed to complete upgradation of Police Mess Qurban Lines as soon as possible. Later, IG Punjab reached the site of under construction Mega Police Khidmat Center in Shadman. Dr Usman Anwar reviewed the construction works of mega police Khidmat Center. While giving instructions to the officers, the IGP said that Police Khidmat Center is a wonderful project of public service delivery and its completion within the stipulated period should be ensured.
The FBR also denied tax exemptions to local refineries for incentives from the ESCROW account, a part of the government’s refinery policy for upgrades. The Petroleum Division circulated a draft summary for the inclusion of the TAPI project under the Foreign Investment Promotion and Protection (FIPPA) Act 2022 on October 3, 2023. The Economic Coordination Committee (ECC), in its meeting on December 28, 2023, reviewed the proposal and directed further
discussion between the Petroleum Division, FBR, and the Finance Division. The FIPPA Act, approved by parliament in 2022, primarily aimed to provide legal coverage for the Reko Diq project, a copper and gold mine in Balochistan developed by a foreign consortium. Turkmenistan requested the inclusion of the TAPI project under FIPPA, believing Pakistan had already assured protection of Turkmen investment through a sovereign guarantee under the Host Government Agreement (HGA). The addition of FIPPA status would offer legislative protection similar to that provided to the Reko Diq project and potentially boost the credibility of Turkmen gas companies for securing loans.
PML-N to unveil manifesto on Jan 27 LAHORE
Staff RepoRt
Pakistan Muslim League-Nawaz (PML-N) has finally officially announced that its party manifesto will be unveiled on January 27. The manifesto committee, led by Senator Irfan Siddique, was established by PML-N in October to formulate the party’s vision. While establishing a web portal, the Nawaz Sharif-led PML-N has sought suggestions from professionals, experts, overseas Pakistanis and citizens for the party’s election manifesto 2024. Party sources said that the PML-N charter focusing on creating jobs and improving life standards has been prepared. The party has focused over health,
education, economy, livestock, agriculture and other sectors of the economy. The PML-N in its manifesto has given special attention to the education sector, party sources said. Party sources said that the PML-N government will emphasize over promotion of the public private partnership and Danish School System. The PML-N has planned to enhance higher education from existing 13 percent to 30 percent, sources said. “The PML-N aimed at policies to unleash an agricultural and industrial revolution in the country,” party sources said. Sources said that one of the key objectives of the PML-N is to transfer 1.2 million tubewells to solar energy. The general elections will held on February 8.
ISLAMABAD
The citizens need to wear masks and boost their immune systems which can reduce their chances of catching the ‘Pneumonia Virus’ as due to weak immune systems several pneumonia cases among children have also witnessed a surge in Punjab during this month. This was stated by Child Specialist Dr Ibrahim Yousaf while talking a private news channel on Tuesday. He emphasized that ‘Pneumonia’ can be prevented by immunization, adequate nutrition, and by addressing environmental factors. The citizens, especially those vulnerable to Pneumonia attacks should be more careful as chronic
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fund costs plus 2.5%, approximately 10.2%. The finance ministry also suggested a floating interest rate option linked to the remaining maturity days. At the proposed 16.6% rate, banks would earn an estimated Rs233 billion in interest over five years, whereas the minister’s offer would result in about Rs143 billion less, saving nearly Rs90 billion. The government anticipates a potential decrease in interest rates with an expected easing of inflation. However, securing another long-term IMF bailout package might limit this possibility. The planned segregation of PIA into core and non-core entities faces delays due to a lack of statutory audited accounts and no-objection certificates from creditors. The Privatisation Commission has approved a transaction structure to sell a minimum of 51% stake in PIA, intending to transfer a major portion of its debt to a new company for a cleaner balance sheet.
PSX’s KSE-100 index rises by 514 points to close at 64,454 level PROFIT
NewS DeSk
Pakistan Stock Exchange (PSX) extended its gains on Tuesday as the benchmark KSE-100 index increased by 514 points or 0.81% to close at 64,454 level. According to the PSX website, a visible peaks and troughs pattern has been witnessed in the KSE-100 performance. At around 9:46 AM, the market reflected a high trough when the KSE-100 index dropped to the 63,549 level. In intra-day trading, companies from major industries on the KSE All Share Index reflected a mixed trend. In the automobile sector, Atlas Honda Limited’s share price increased by 4%, K-Electric share price decreased by 0.11% amid an increase in the timeline in acquisition offer by Shanghai Electric and Merit Packaging’s share price reduced by 0.01% just a day after they announced the agenda of the extraordinary general meeting. Similarly, National Foods share price in the Food and Personal Care Products sector has risen by 2.81% when the company just yesterday announced that 10.91% of voting shares are controlled by Millville Opportunities Master Fund. Additionally, Fauji Foods share price increased by 0.8% on the same day, when the board of directors have proposed no cash dividend for FY2023, despite earning profit of Rs 0.61 billion. However, the company’s earnings per share (EPS) improved to Rs 0.26 in 2023 after remaining in negative values from 2019 to 2022 – as revealed in latest financial data.
Vawda predicts short-lived govt, power play by independents ISLAMABAD
Staff RepoRt
Senior politician Faisal Vawda has raised alarm, stating that running the government without Asif Zardari will pose significant challenges. With only two major parties active in the field, PPP and PML-N, and PTI out of the electoral race, Vawda shared his insights during a private TV interview. Vawda suggested that unless a miracle occurs, the incoming government is expected to last for either two years or, at best, eleven months. He added that if the government continues for eleven months, PDM will not come to power, as PPP and PML-N will not sit together. The decision-making power for the government will lie with the winning independent candidates, with the role of PPP also being crucial. Discussing Zardari’s influence, Vawda noted his adeptness on the political chessboard, with his images adorning the Presidency. While he clarified his nonaffiliation with PPP, he humorously remarked on the
change in the winds for the PTI. Predicting less than 100 seats for PML-N, Vawda labeled Asif Zardari as an expired leader. He encouraged young leaders like Zardari’s son to take the lead, emphasizing the need for fresh faces in the political landscape. He acknowledged the necessity of having experienced figures in the game but lamented the lack of change. Vawda questioned whether bringing in figures like Ishaq Dar would lead to a better situation, given their alleged involvement in corruption cases. He highlighted the corruption files against the judges who resigned, particularly related to the Nisla Tower, calling into question their moral authority. In a metaphorical analogy, Vawda compared the upcoming political scenario to a cattle market where independent candidates, athletes, and big players will all enter the arena. He concluded that the one who plays well and garners support will emerge on the field, ready to take on the challenges ahead.
Kakakhel emphasizes role of KVDA in advancing development for Kalash valleys PESHAWAR
Staff RepoRt
In a recent meeting of the Board of Authority for the Kalash Valleys Development Authority (KVDA), the Caretaker Minister of Information, Culture, and Tourism, Barrister Firoze Jamal Shah Kakakhel, underscored the pivotal role the authority can play in propelling the Kalash Valleys of Chitral towards comprehensive development. During the board meeting held at the Department of Tourism on Tuesday, chaired by Prince Maqsoodul Malik, the Caretaker Minister directed an expedited reinforcement of KVDA’s role to ensure the dual objectives of tourism promotion and
safeguarding the pristine natural environment and culture of the Kalash Valleys. Key deliberations encompassed the examination of KVDA’s financial affairs, the formulation of committees, staff availability, and field formation aspects. Director General KVDA, Minhasuddin, presented a comprehensive overview of the authority’s progress, challenges, and proposed suggestions. The meeting also featured an in-depth presentation on proposed rules and regulations addressing both developmental and non-developmental issues within the Kalash Valleys. Minister Firoze Jamal Shah Kakakhel emphasized concerted efforts to harness existing resources for preserving the natural beauty and ecological equilibrium of the Kalash Valleys.
Citizens need to wear masks, boost immune system to prevent pneumonia Staff RepoRt
NEWS
exposure to air pollutants is associated with severe infections and higher mortality, he added. Dr Ibrahim Yousaf suggested people to take the diets which can boost their immunity to fight seasonal diseases, revert to organic foods and handle such issues with home remedies. Those with serious conditions especially continuous fever must contact the health providers immediately, he advised. He said that pneumonia is lung infection disease and preventive measures need to be taken at every level to prevent the loss of children’s lives. Timely vaccination holds key importance to decrease the increasing number of children’s deaths and our motive is to send this message to the public so that they can take preventive measures such as a healthy diet,
mother’s milk and clean hands which can protect from many diseases. People with weak immune systems and those who otherwise face a heightened risk of severe disease should also consider wearing a mask, he added.
Russia, UAE commit $1b for Pakistan railway sector revitalisation PROFIT
NewS DeSk
Pakistan’s railway sector, long in need of modernisation, is set to receive a significant boost with commitments from Russia and the United Arab Emirates (UAE) totaling up to $1 billion in investments. Negotiations between Pakistan and these nations have focused on rejuvenating the railway sector. Pakistan’s railways, once a key player in goods transport, suffered a decline due to various challenges, including competition from the tanker industry. Russia has pledged an investment between $550 million and $660 million for upgrading the Quetta-Taftan railway line in Balochistan. This commitment was formalised during a recent visit by Pakistan Railway’s minister and secretary to Russia on December 8, 2023, and efforts are underway to finalize a government-togovernment (G2G) framework agreement. Pakistan’s ambassador to Russia has been tasked with monitoring the progress of this investment plan. Additionally, this follows Pakistan’s recent success in importing oil from Russia, a move seen as strengthening economic ties between the two countries. Russia had also previously shown interest in revitalizing Pakistan Steel Mills (PSM) and investing in modernizing Pakistan’s older power plants. Meanwhile, the UAE is considering an investment of $350-400 million for constructing a dedicated freight corridor in Pakistan. This potential investment builds on the UAE’s ongoing economic engagements in Pakistan, including a recent agreement to invest in a port terminal in Karachi. The UAE’s plans include the construction of the dedicated freight corridor (DFC) and a multimodal logistic hub at Pipri.
04 COMMENT
Trumpism will live on
Ram temple inauguration
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The BJP’s Hindutva message peaks in an election year
HE consecration of the Ram Temple at Ayodhya by a ‘Pran Prathistha’ ceremony may have been the climax in the saga of two idols which appeared there back in 1947, but more important to the man speaking at the inauguration, Indian Prime Minister Narendra Modi, was how what was supposed to be a religious ceremony was going to boost his chances of reelection in the poll later this year. The consecration was meant as a symbol of the triumph of Hindutva over Islam, of the end of the path along which the 1992 demolition of the Babri Mosque in Ayodhya was a major event. The mosque had been locked ever since the discovery of idols in the mosque, which Hindus claimed had miraculously appeared, but which Muslims said had been sneaked in by Hindu miscreants. The Hindu claim was that there was a mosque built on top of the Ram Janambhoomi, and that the mosque should be demolished so that a Ram Mandir could be built there, Muslims made no claims for the mosque beyond its being a mosque. The Indian Supreme Court finally decided the case, in favour of the Mandir. The 1992 demolition of the Babri Mosque resulted in no convictions, even though it was a very public event, and unlike the placing of the idols, took place in broad daylight. Even though Muslims around the world are at moment engaged by events in Palestine, they should not be oblivious of what is happening in India. Mr Modi has been in office now for almost a decade, and in this time, has torn off the mask of secularism India had worn. He is not some tinpot dictator, and has been elected twice with his brand of Hindu extremism. It follows that he is acting with the approval of the Hindu majority. Indian Muslims stayed indoors during the ceremonies which received extensive coverage, while Pakistani Muslims should prepare themselves for more mosques to be demolished, more mandirs to be built on their sites. The ‘saffron brigade’ has already prepared a list of the mosques in India which it claims were built on temples. There is the Gyanvapi mosque in Varanasi where a Shivlingam has allegedly appeared, and the Shahi Eidgah in Mathura, while it has been claimed that the Taj Mahal has been built on top of a temple. Already, Muslims are being killed. Is it not just a matter of time before the killing becomes genocidal?
Even if he loses
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Washington Watch Dr JaMes J Zogby
ONALD Trump’s decisive victory in the Iowa caucuses and his commanding lead in upcoming primary contests should put to rest the fantasies of those Republicans who still cling to the hope that their party can be rescued from his clutches. That’s not going to happen precisely because the former president’s foes don’t understand his hold over voters. Frustrated Republicans, known as “Never Trumpers,” and many establishment Democrats continue to operate as if the problem were just the man. They act on their belief that if only he could be beaten or shut down, all would be well, or at least “normal,” in American politics. There is no question that Trump is a problem. He is, in fact, a pathological narcissist, prone to outlandish exaggerations or outright fabrications, a fraud, a misogynist, and an inciter to violence against vulnerable groups. We’ve known all of this for over a decade and yet despite the best efforts of his own party’s leadership and others to discredit or dislodge him, Mr. Trump has only grown in strength. There are two major reasons for this failure. The first is that those seeking to depose him ignore the simple fact that his support base is grounded in the deep discontent that predated his emergence on the national political stage. The second is that because the attacks against Mr Trump emanate from the very institutions and individuals he has targeted, their attacks have only served to reinforce his popularity with his supporters. Mr. Trump isn’t the first demagogue in the contemporary era to lead a right-wing populist movement. There was Governor George Wallace’s segregationist American Independence Party in the 1970s, the Moral Majority/Christian Coalition movements of the late 1980s, Pat Buchanan’s “Pitchfork Brigade” in 1988, and the anti-Obama Tea Party and “Birther” movements. All of these set the stage for Trump’s rise. What spawned these movements was more than a half a century ago when many, mainly white middle/working class Americans, experienced social, political, and cultural dislocations resulting in an unsettling sense of loss of control over their lives and futures. The 1960s and 1970s were especially traumatic
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late) Founding Editor
Yousaf Nizami Editor Umar Aziz M. A. Niazi
for many Americans with the emergence of three transformative movements that shook society, politics, and culture: the Black-led movement for civil rights; the deeply divisive movements both for and against the war in Vietnam; and a cultural revolution that upended accepted social mores. In the wake of these movements, what then-President Richard Nixon called “the silent majority” reacted: incidents of overt racism or fear of racially-motivated violence; displays of hyper-patriotism or a loss of faith in the country, its institutions, and professed values; and finally a sense of being unmoored in the face of the radical social and cultural change. For 50 years Americans played out their traumas in reaction to the stressful changes of those two fateful decades. There were manifestations of raciallymotivated fear of the “others,” whether Blacks, Latinos, or immigrants. Driven by the pain incurred from our defeats in foreign wars, or losses in jobs due to factory and mine closures, or other economic crises, we witnessed either a hyper-patriotism or a romanticization of the USA’s “great past.” And finally, those who felt threatened by the challenges to longaccepted social and cultural values sought certainty, often ending up seeking refuge in the embrace of fundamentalist religious beliefs. The economic collapse of 2008-2009 and the election of Barack Obama brought these threads together, setting the stage for Trump’s emergence. In a matter of weeks, the stock market fell, erasing the pensions of many middle class Americans, unemployment doubled, and one in five homes were in danger of foreclosure. My brother John Zogby noted during this period his polling showed that for the first time two-thirds of the electorate indicated a loss of hope in the American Dream. And with the election of Obama, Republicans pounced on his race and “foreignness”, raising questions about whether or not Obama was even an American. One of the major proponents of this craze was Donald Trump. While all of the preconditions for Donald Trump’s rise were present and had earlier manifested themselves in other forms, Trump was a masterful entertainer who knew how to exploit the fears and insecurities his public felt and how to project the strength and certainty they craved. He assures his supporters that he understands their plight and alone has the power and resolve to save them. He warns of immigrants who bring violence and take jobs, and of once respected institutions, like law enforcement,
Executive Editor
Much effort is needed
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Dr MuhaMMaD akraM Zaheer
HE world is getting hotter because of human activities and it is causing problems like heat waves, floods and droughts. The United Nations says we need to cut the pollution that causes this by half in the next 10 years and completely stop it by around 2050. Many countries, including five in the Gulf Arab region, have promised to do this, but there is still a big gap between what needs to be done and what’s happening now. To reach these goals, we need to use more clean energy, like solar and wind power, and produce things like hydrogen in a cleaner way. It will cost a lot of money, about $2-4 trillion each year, for the next decade to make these changes. The Gulf Arab countries, even though they produce a lot of oil and gas, can help by using their resources for clean energy. Different organizations have made plans to reach these goals, like using more clean energy and reducing the use of fossil fuels. Even though we need to use less oil, gas and coal, these sources will still be part of our energy use but in smaller amounts. The world needs to act quickly and it depends on factors like political support, available resources and technical abilities. The Gulf Arab states have the potential to make a big difference if they overcome challenges and work towards cleaner energy. The Gulf Arab states currently have a lot of oil and gas that can last for 20 to 100 years. Even though we expect to keep using these fuels, we want to reduce the pollution they create. We can do this by using technologies like carbon capture, or turning fuels into hydrogen or ammonia which don’t produce harmful emissions. The Gulf States are trying to invest in cleaner energy, but there is still a big gap between what they’re doing now and what they want to achieve in a pollution-free future. Right now, they have a few facilities that capture carbon dioxide (CO2) but it’s not enough. By 2030, they plan to capture more CO2, produce hydrogen and ammonia and generate cleaner energy. However, they need a lot more renewable energy, about 60 times what they have now, to reach these goals. The Gulf States have started to work on reducing the impact of climate change by launching various initiatives and programmes even before committing to a pollution-free future. Only Oman and the UAE have made plans for
their entire economy to reach net-zero emissions. These plans set goals for each part of their economy to reduce carbon emissions by the middle of the century. However, these plans lack detailed information on how to achieve this in terms of finances, technology and institutions. Other Gulf countries are expected to announce similar plans soon. These plans need to be in line with their economic development and budgets so that economic growth and net-zero goals are not treated as separate issues. This alignment will also help avoid unintended social and economic problems that might come from different climate policies, like carbon pricing. Currently, most climate projects are funded on a case-by-case basis. For example, Saudi Arabia announced a huge investment in cleaner energy and the UAE committed a significant amount of money to achieve its clean energy target. Most of these funds come from selling oil and gas. Except for the UAE, none of the Gulf Cooperation Council states have established a specific framework for climate finance. In 2015, the UAE created the Green Finance and Investment Support Scheme and in 2021, it released the Sustainable Finance Framework (20212031) to encourage private sector involvement in sustainable finance. Financial institutions in the UAE are increasingly supporting sustainable and climate-friendly projects. Oman and the UAE’s national banks have initiated green finance projects, including supporting solar panel installations. Sovereign wealth funds in the region, like Saudi Arabia’s Public Investment Fund, are also actively involved. In 2022, the PIF issued green bonds to raise money for climate and environmental projects. This is part of Saudi Arabia’s efforts to achieve its green goals. As the Gulf countries look towards a future with less reliance on oil, they should start developing and diversifying climate finance instruments to address climate goals. Nature-based solutions are ways of protecting, restoring or managing natural areas like ecosystems, forests and urban spaces. These
methods can help with issues such as food and water security, climate change, disasters and human health. It is believed that by 2050, these nature-based solutions could contribute around 30 percent of the efforts needed to meet the goals of the Paris Agreement and limit global warming. In the Gulf region, efforts are being made to pursue nature-based solutions such as conserving mangrove ecosystems and planting trees. Saudi Arabia, for example, introduced two initiatives in March 2021, the Saudi Arabia Green Initiative and the Middle East Green Initiative. These aim to plant a large number of trees in Saudi Arabia and across the Middle East, with the goal of significantly increasing tree-covered areas and reducing carbon emissions. However, because the Gulf region faces water scarcity issues, planting trees might not be the best solution to offset carbon. The suggestion is to explore other options that align better with the natural environment. One such option is carbon capture and mineralization, a process that permanently stores carbon dioxide in specific rock formations called peridotite. This method is cost-effective and suits the arid environment of the Gulf region, which has abundant peridotite rock formations. Five Gulf Arab states, Bahrain, Kuwait, Oman, Saudi Arabia, and the UAE, have committed to achieving net-zero emissions by midcentury. Despite their efforts, it seems that reaching these goals could be challenging without timely and innovative interventions. Without consistent efforts to bridge the gap between current efforts and what is needed for a net-zero future, the region might struggle to realize its ambitions. Implementing climate policies that support net-zero goals will be crucial for economic diversification and to deal with the potential impacts of global climate policies on the region’s oil wealth.
The writer has a PhD in Political Science and can be reached at akramzaheer86@yahoo.com
Five Gulf Arab states, Bahrain, Kuwait, Oman, Saudi Arabia, and the UAE, have committed to achieving net-zero emissions by mid-century. Despite their efforts, it seems that reaching these goals could be challenging without timely and innovative interventions. Without consistent efforts to bridge the gap between current efforts and what is needed for a net-zero future, the region might struggle to realize its ambitions. Implementing climate policies that support net-zero goals will be crucial for economic diversification and to deal with the potential impacts of global climate policies on the regionÊs oil wealth.
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courts, media. A decade later, his movement has taken control of the Republican Party and may retake the White House. Despite efforts by the Republican establishment and Democrats, he has only grown stronger. One reason is that their efforts to hold him accountable for his deplorable and unlawful behaviour have relied on the very institutions he accuses of conspiring against him. By questioning the integrity of the courts, the FBI, the media, and of course, Democrats, Trump has successfully inoculated himself against their attacks. His winning argument with his supporters has been that he alone understands their pain, fears, and frustrations, and that he alone can defend them. An attack on him is, therefore, an attack on them. They cling to him and the sense of security and certainty he gives them. Thus, neither a rape conviction nor concurrent trials for financial fraud, incitement, mishandling and lying about illegal possession of secret government files will bring him down. Trump may lose this election, but his movement will remain and continue to pose a threat of violence, maybe even greater than that of January 6, 2021. Lawlessness and acts of bigotry cannot be tolerated. While punishment is required, simply defeating Trump and punishing him and his followers isn’t enough. There is no shortcut out of this bind. Instead of demeaning or attacking Trump’s supporters, a concerted effort is needed to address the issues at the root of their insecurities and discontent. Finding constructive progressive solutions that demonstrate respect and concern won’t happen overnight, but if efforts aren’t made in this direction, “Trumpism” will only fester and grow. The writer is president of the Arab American Institute
Instead of demeaning or attacking TrumpÊs supporters, a concerted effort is needed to address the issues at the root of their insecurities and discontent. Finding constructive progressive solutions that demonstrate respect and concern wonÊt happen overnight, but if efforts arenÊt made in this direction, „Trumpism‰ will only fester and grow.
Climate challenges in the Gulf Arab states Joint Editor
Wednesday, 24 January, 2024
Islamabad – Ph: 051-2204545
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Editor’s mail
Send your letters to: Letters to Editor, Pakistan Today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan. E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan Today exclusively
Rise of ChatGPT
WITH the advent of technology and internet access even in remote areas, one had the notion that knowledge would be easily obtained by all. However, the human brain has been rendered dumb. True knowledge has disappeared, and self-declared influencers have taken over, corrupting the minds of the youth with indecent content and ways to sell brand image only, instead of imparting ideas that can come in handy in a society that is already in ruins. It’s unfortunate to see students using ChatGPT or various other AI methods to produce assignments that lack originality, and more astonishing to see teachers supporting this concept. Gone are the days when people dedicated their lives to researching content that built civilizations; Rome was not built with the help of Google, and neither did Aristotle use ChatGPT to construct ideas. The era of scholars, poets, and academic writers is coming to an end, and originality in content is disappearing. Saving time and earning money to waste on luxuries has become a necessity. Indeed, humans have become slaves to the very technology they built to aid us in our lives. IFRAH SHAHBAZ ISLAMABAD
Gas crisis
THE people of Karachi have been facing issues with the supply of natural gas for a long time. Problems like infrastructure limitations, low gas pressure, and loadshedding continue to cause great inconvenience to those residing in the city, especially in Clifton, Korangi, Defence, Nazimabad, Gulistan-i-Jauhar and such other areas. The shortage makes it difficult for the people to cook, heat water, and perform other daily tasks. Moreover, scheduled and unscheduled gas outages and unexpected gas leaks also disrupt normal life, especially during winter months when the demand for natural gas goes up really high. The government and the Sui Southern Gas Company (SSGC) management should work together to resolve the issue. EEMAN ASAD KARACHI
Rural education struggle
THROUGH your esteemed newspaper, I am writing this letter to draw your attention to the difficulties faced by both boys and girls in accessing education in rural areas of Balochistan. However, the situation for girls is particularly concerning, with the literacy rate for women in rural areas of the province standing at less than 2 percent, a surprisingly low figure. Moreover, Pakistan’s allocation to education has decreased to 2.5 percent of the budget, which is 0.5 percent less than in 2000, ranking Pakistan 113th out of 120 countries on the Education Development Index. This has resulted in an overall literacy rate of 63.3 percent, with approximately 60 million people lacking literacy skills. While some districts in Balochistan boast higher literacy rates, such as Kech with 67 percent and Panjgur with 59.4 percent, the majority of districts are still struggling compared to other regions across the country. Makran Division has the highest level of awareness, but Turbat lags behind other provinces in terms of girls’ education. Private schools charge exorbitant fees, and transportation is problematic due to the long distances to schools. Government school conditions are also concerning, with poor infrastructure and often absent teachers due to a lack of attention from management. Additionally, there are religious influences that forbid girls from attending school in some areas. It is crucial for the government to step in and provide incentives and support to parents to send their daughters to school. Every girl has the right to education, and it is the responsibility of the government to ensure that this right is fulfilled. Empowering girls to pursue their dreams will improve their future prospects. Let us come together to ensure that every girl in Balochistan has access to education and the opportunity to create a better future for herself and her community. ZAFAR AHMED BALOCH ISLAMABAD
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COMMENT 05
CPEC and SIFC leading to economic renaissance Wednesday, 24 January, 2024
The link between two game-changers
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QaMar bashir
IKE many other Pakistanis, I have also been pondering why after the China-Pakistan Economic Corridor, touted as a game-changer, harbinger of development and prosperity, has almost completed its first phase and has launched its second phase, the country is in deep financial and economic difficulties, and faced with the worst form of inflation, the investment is almost negligible and GDP growth is even negative, while the hope for growth and development in coming years is minimal. This situation can be interpreted in two ways. One, that Pakistan could have been in an even worse financial and economic situation than we are facing currently as the current dire financial and economic outlook has to do with our own lack of purpose, absence of clear direction, lack of competence and efficiency, The second interpretation is that the CPEC project was not well conceived. It lacked effectiveness and therefore was not helpful in improving the financial and economic standing of the country. It is a known and documented fact that despite its potential, CPEC has encountered several significant hurdles in Pakistan that have hindered its swift, efficient, and result-oriented implementation, subsequently impacting its anticipated contribution to GDP growth. Political instability and governance issues have led to policy inconsistencies, adversely affecting the continuity of CPEC projects. Bureaucratic inefficiencies and red tape have resulted in delays and escalated costs, while security concerns in certain regions pose additional risks to project timelines. Financial constraints due to high debt levels and balance of payment crises have limited the government’s ability to finance these projects, increasing reliance on external borrowing. Furthermore, the lack of a skilled workforce has impeded progress in specialized
areas. Environmental and social challenges, including land acquisition and displacement concerns, have added layers of complexity. Additionally, differing priorities across provinces have led to challenges in coordination and resource allocation, affecting uniform development. Global and regional geopolitical dynamics, especially involving key players like China, the US, and India, have also influenced investment flows and strategic prioritization. While the initial phase of CPEC focused on establishing essential energy and infrastructure foundations, the broader economic impacts are expected to materialize more significantly in Phase II, provided these multifaceted challenges are effectively addressed. Let us now build an argument around the second premise that CPEC was and is an effective project and helped in contributing to GDP growth while keeping the governance factor as constant. In such a scenario where Pakistan exhibits responsible governance, efficient government functioning, a fair judiciary, a motivated parliament, and a favorable business and investment climate, CPEC could significantly impact its GDP growth. With a total investment of over $62 billion in CPEC-I, a number of high value projects were initiated in all critical areas including development of coal, hydro, wind, and solar power plants such as the Sahiwal Coal Power Plant, the Port Qasim Coal-fired Power Plant, the Suki Kinari Hydropower Station, and several wind farms in Sindh province. These projects collectively added thousands of megawatts to Pakistan’s national grid. Substantial investment was made in transport infrastructure to improve connectivity and facilitate trade including Karachi-Lahore Motorway (M9), Upgradation of the Karakoram Highway (KKH) Phase-II(Havelian-Thakot section), Multan-Sukkur Motorway (M-5) and Orange Line Metro Train in Lahore. This phase developed Gwadar Port and related infrastructure, including the Gwadar International Airport, Eastbay Expressway, and the development of a Free Zone to enhance trade activities. It laid fiber optic cable from Rawalpindi to Khunjerab, which enhanced telecommunications in the northern areas of Pakistan. Metro lines, green lines, and a 2000-km fast train to improve urban and inter-city mobil-
Modi in Ayodhya: An alarming new era for India
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The inauguration of the temple erased divisions between politics and religion in a theoretically secular state GUARDIAN eDitorial
ONDAY’S inauguration of the new Ram Mandir in Ayodhya by India’s prime minister, Narendra Modi, was moment decades in the making. Yet it also came too early. Despite the grand spectacle of the ceremony, with celebrities, tycoons and politicians in attendance, the temple is still incomplete. There is an obvious explanation for this rushed endeavour, and it is not religious. India will go to the polls in late spring and while Mr Modi is all but guaranteed to win a third term, he wants a large majority for his Bharatiya Janata party (BJP). Mr Modi rode to power, and has entrenched it, on the back of rightwing Hindu nationalism. On Monday he went beyond the exploitation of ethno-religious sentiment. He did not merely attend the ceremony; he carried out rituals. Religion and authoritarianism have proceeded hand-inhand in recent years. But few strongmen have melded the political and religious to quite this degree. As his biographer, Nilanjan Mukhopadhyay, observed, the event cast him as “the high priest of Hinduism”, disquieting some religious leaders. The constitution still calls India a secular republic. But the facts on the ground suggest otherwise. Mr Modi’s supporters treat the idea of secularism as a foreign imposition on a grand civilisation, and as camouflage for the mistreatment and suppression of Hindus. In reality it is their aggressive chauvinism that has cost Indian society dearly, and it is Muslims who are treated as secondclass citizens. Human Rights Watch warned last year of the government’s “systematic discrimination and stigmatisation of religious and other minorities,
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particularly Muslims” and of increasing violence by BJP supporters against targeted groups. The new temple is not just a symbol of these political struggles, but part of them. It stands on the site of the 16thcentury Babri Masjid mosque, built by the Mughal emperor Babur, and razed in 1992 by a Hindu nationalist mob who believed a temple previously stood there; Ayodhya is said to be the birthplace of the deity Lord Ram. The BJP had inflamed sentiment and BJP politicians stood and watched as thousands tore down the mosque. Its destruction sparked communal violence in which more than 2,000 people died. Then, in 2019, the supreme court ruled that the demolition of the mosque had been illegal – but that nonetheless the site belonged to Hindus, allowing the new building’s construction. Ayodhya’s story was central to the BJP’s rise. But while Congress and other opposition parties boycotted the ceremony, they have failed to mount an effective challenge to Mr Modi’s dangerous majoritarianism and have at times succumbed to its dominance. The message is not simply of Hindu triumph, but of grievance and revenge. “We must not bow down any more. We must not sit down any more,” Mr Modi said on Monday. Despite the lengthy history of the Ayodhya dispute, he described the consecration as “the beginning of a new era”. It is not merely that thousands more mosques are being targeted nor that Muslims in Ayodhaya and beyond feel more vulnerable than ever. Many believe that the prime minister will rewrite the constitution if he gains a sufficient majority, though he has dismissed such speculation. Monday may mark another fateful step towards that moment. It may also indicate that he does not need to change the words on paper when he has reshaped his country so effectively already.
SEATTLE TIMES
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OEING is in the region’s collective DNA. Even though the company decamped for Chicago in 2001 and is now headquartered in a corporate suburb of Washington, D.C., Boeing still has a special place in our consciousness that goes beyond its statewide workforce of about 60,000. Call it pride. Pride that earlier generations put Seattle (more specifically, Renton and Everett) on the map by dint of their engineering prowess and manufacturing excellence. Pride that, in many places in the world, the Puget Sound area is still synonymous with pioneering aerospace. But that swell has soured. A piece of fuselage blew off Alaska Airlines Flight 1282 at 16,000 feet on Jan. 5, terrifying passengers and forcing the aircraft to land. It was the latest in a seemingly never-ending string of problems. Once again, Boeing let this community down, let its workers down, let its airline customers down. The impact
ity, making cities more business-friendly and enhancing trade efficiencies making Pakistan into a regional trade hub, further boosting logistics, manufacturing, and service sectors. The completion of Phase II is expected to foster industrialization and socio-economic development. This includes the growth of Special Economic Zones (SEZs) to attract foreign direct investment and boost exports. Focusing on mining, industry, green and low-carbon development, health, space cooperation, digital economy, and development cooperation. There is also to be a transition towards clean and renewable energy sources anticipated to reduce Pakistan’s dependence on imported fossil fuels, thereby helping to decrease the depletion of foreign exchange reserves. There has been an increase in academic and cultural cooperation between Pakistan and China, with many Pakistani students studying in China. This interaction is expected to strengthen the bond between the two nations and contribute to Pakistan’s educational growth. It emphasizes agricultural cooperation, including crop breeding, pest control, and the expansion of crop cultivation and plans to increase sesame cultivation and exports to China, aiming to bolster the agricultural sector. Green and low-carbon development, health, space cooperation, digital economy, and development cooperation and export of agricultural products to China. Both CPEC-I and 2.0 will only achieve their full potential only if Pakistan removes all hurdles hampering their speed and effectiveness. This was perhaps the realization at the apex policy making institutions of Pakistan which resulted in the constitution of the
Special Investment Facilitation Council (SIFC). Having been established with high ambitions to transform the country’s economy by attracting significant foreign direct investment, SIFC, involving key figures from both the government and the armed forces, focuses on sectors like defense production, agriculture, mines and minerals, energy, and IT. Its primary goal is to draw $100 billion in FDI and achieve a nominal GDP of $1 trillion by 2035. This initiative is seen as a potential game-changer for the economy, particularly by addressing bureaucratic hurdles and providing a streamlined process for investors and business groups. Moreover, the SIFC’s strategy includes addressing issues like political instability, inconsistent economic policies, and bureaucratic hurdles, which have previously deterred foreign investment in Pakistan. It aims to foster an investment-friendly environment, enhance investor confidence, and improve the ease of doing business. The council’s multifaceted approach also emphasizes the importance of export-oriented investments, policy reforms, investor protection, public-private partnerships, and skilled workforce development. The SIFC can be instrumental in harnessing the full potential of CPEC through several strategic initiatives. Firstly, SIFC’s role in streamlining investment processes is crucial. By simplifying and expediting the investment procedures, SIFC can significantly attract both domestic and foreign investments into CPEC projects. This involves reducing bureaucratic hurdles, offering a one-window operation for all clearances and approvals, and ensuring that the investment process is smooth and investor-friendly. Moreover, SIFC’s ability to enhance coordination among various government departments, provincial governments, and
In essence, SIFCÊs comprehensive approach encompassing streamlined investment processes, policy advocacy, security enhancement, transparency, equitable development, private sector engagement, and international collaboration is key to unlocking the full potential of CPEC.
CPEC stakeholders ensures better alignment of projects with national and regional development goals, leading to more efficient and effective project implementation. Also, SIFC’s potential to drive policy reforms and address security concerns is pivotal for CPEC’s success. By advocating and facilitating necessary policy reforms, SIFC can create an enabling environment for CPEC projects, encompassing areas such as land acquisition, labour laws, tax incentives, and regulations for special economic zones. Additionally, collaborating with security agencies to ensure the safety of CPEC projects is critical, as it instils confidence in investors and contractors. Furthermore, promoting transparency and accountability in the execution of CPEC projects will build trust among all stakeholders, including local communities and international investors, thus ensuring the smooth execution and completion of projects. SIFC can contribute significantly to inclusive economic growth and sustainable development through CPEC. This involves ensuring that the benefits of CPEC are evenly distributed across different regions of Pakistan, addressing regional disparities, and fostering inclusive growth. Encouraging private sector participation is also essential, as it can lead to more innovation, efficiency, and public-private partnerships, which are vital for the corridor’s success. Additionally, aligning CPEC projects with workforce development, skill enhancement, and job creation will ensure the longterm sustainability of these projects. By leveraging Pakistan’s diplomatic relations to attract international investors and partners, SIFC can broaden the scope and impact of CPEC, turning it into a catalyst for Pakistan’s economic transformation. In essence, SIFC’s comprehensive approach encompassing streamlined investment processes, policy advocacy, security enhancement, transparency, equitable development, private sector engagement, and international collaboration is key to unlocking the full potential of CPEC. This multifaceted strategy is crucial for transforming CPEC into a driving force for Pakistan’s economic growth and development.
The writer retired as Press Secretary to the President, and is former Press Minister at Embassy of Pakistan to France and former MD, Shalimar Recording & Broadcasting Company Limited
The slow death of India’s brief secular democracy
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PROJECT SYNDICATE ashoka MoDy
N Monday, Indian Prime Minister Narendra Modi presided over the consecration of the Ram temple in Ayodhya, in the Indian state of Uttar Pradesh. Executive power symbolically fused with Hindu religion — harking back to myths of Indian rulers as incarnations of Supreme Lord Vishnu — at the former site of the Babri Masjid mosque, demolished by self-styled “angry Hindus” in 1992. Indian children celebrated the mythological Lord Ram. State-owned railways promised to transport more than 1,000 trainloads of pilgrims to Ayodhya, boosting tourism-related stock prices. Possibly a hundred private jets flew in tycoons and notables. This ecstatic moment capped an unyielding centurylong journey to a vision forged by the anarchist ideologue Vinayak Damodar (Veer) Savarkar. In his 1923 booklet “Hindutva” — meaning “Hindu-ness” — Savarkar presented an audacious Hindu-centric Indian nationalism. Breaking from the Hindu religion’s message of transcendental equality, he divided the world into friends — those rooted in India through ancestry and devotion to the fatherland — and all others, who were deemed enemies. (A decade later, the German jurist and prominent Nazi Party member Carl Schmitt advocated the same friend-versus-enemy conception of politics.) In 1925, the Savarkar-inspired Rashtriya Swayamsevak Sangh became Hindutva’s military wing. Recruiting youth and training them in martial disciplines and the glories of the Indian past, it promoted political violence and intolerance inherent in the friend-enemy distinction. Perhaps the most famous RSS graduate is Modi. Initially, the Indian National Congress party, led by Mahatma Gandhi, countered Hindutva’s appeal to India’s Hindu majority with a unifying secular ideology anchored in freedom from British colonial rule. But Hin-
dutva forces saw Gandhi’s call for religious harmony as pandering to Muslims and, in 1948, a Savarkar-inspired ideologue assassinated him. Jawaharlal Nehru, independent India’s first prime minister, promoted a progressive secular ideal precariously held together by the hope for material and social progress. But after Nehru’s death in 1964, communal forces within and outside the Congress party gained momentum. Secular ideals suffered a major blow on April 19, 1976, when the younger son of Prime Minister Indira Gandhi used the dictatorial powers of emergency rule to brutalize Muslims. The day began with humiliating forced sterilizations near Delhi’s Jama Masjid and culminated in a massacre of slum dwellers resisting eviction in the neighboring Turkman gate. As Muslim electoral support for the Congress party waned, Gandhi shifted her focus to the Hindu vote, thus opening the door wider for hard-line Hindutva forces. She established back-channel communications with the RSS and increased her use of Hindu symbols as Hindu-Muslim riots became more frequent in the early 1980s. Gandhi’s pandering to Hindus in elections in the Indian Occupied Jammu and Kashmir territory, and her support for the Sikh militant Sant Jarnail Singh Bhindranwale in Punjab state further stoked Hindu identity politics. After Gandhi’s assassination by her Sikh bodyguards, anti-Sikh violence orchestrated by Congress leaders catalyzed mobs of unemployed — even unemployable — men as Hindu nationalism’s foot soldiers. Two key developments in the 1980s gave vivid reality to Savarkar’s vision of an India united by politicized Hinduism. In 1983, emboldened hard-line Hindutva forces launched the Ekatmata Yatra, loosely defined as a “march to celebrate India’s one soul.” Organized by the Sangh Parivar (the umbrella term for Hindutva groups), multiple processions crisscrossed the country with Hindu emblems. In 1987 and 1988, instructed by Prime Minister Rajiv Gandhi — Indira Gandhi’s older son — state-owned television Doordarshan serialized the much-loved Ramayana epic, which spawned a Rambo-like iconography of Lord Ram as Hindutva’s avenger. Rajiv Gandhi also reignited the HinduMuslim contest for the site on which the 16th century Babri Masjid stood. With Hindu zealots claiming that it was Lord Ram’s birthplace, Gandhi declared himself a champion of Hindu ideals and opened its gates, which had been sealed since 1949 to contain communal passions. Then, in December 1992, Prime Minister
Congress must force Boeing to be better
on the flying public is even more profound. Investigators may determine a few missing bolts transformed the Boeing 737 MAX 9 from a technological marvel into a potential death trap. There are many hands on the controls of this company’s flight path: Boeing’s corporate leaders, its board of directors, Congress, the Federal Aviation Administration. But given the history and stakes, it will take government regulators — and more importantly their congressional overseers — to hammer Boeing into shape, to make it what it ought to be. It is unlikely yet another change in Boeing leadership could reform practices, rebuild corporate culture and restore confidence. The invisible hand of the free market pushed Boeing to seek ever-greater profit margins, quality be damned. That terrible dynamic won’t change with another C-suite restructuring. After all, it was only about five years ago that Boeing executives touted a plan to cut about 900 quality inspec-
tors. It didn’t happen, but the fact the idea was ever floated seems incredible given the latest mishaps. The difficulty in enforcing accountability is even more troubling considering Boeing isn’t really Boeing. It’s a collection of outsourced suppliers. Wichita-based Spirit AeroSystems builds the fuselage for Boeing’s 737 MAX and substantial sections of aircraft bodies in other Boeing models. Last October, Spirit, beset by parts defects, replaced its fired CEO with a former Boeing senior vice president. The move didn’t seem to have the desired effect on quality. After the Jan. 5 calamity, the FAA grounded 171 Boeing 737 MAX 9 airplanes and is now “investigating Boeing’s manufacturing practices and production lines, including those involving subcontractor Spirit AeroSystems, bolstering its oversight of Boeing, and examining potential system change,” according to a Jan. 17 update. Kudos go to Sen. Maria Cantwell, D-Wash., for her diligence. She sent a letter to the FAA on Jan. 11 de-
P.V. Narasimha Rao’s Congress-led government dithered as frenzied Hindu mobs demolished Babri, triggering bloody riots and further bolstering the Hindutva cause. Only 16 years separated the Turkman gate massacre of Muslims in 1976 from their humiliation with the Babri Masjid demolition and its gruesome aftermath. Indian secularism was a receding shadow. The Hindutva juggernaut was marching ahead, triumphing in May 2014, when the Bharatiya Janata Party — the political face of Hindutva — gained a large parliamentary majority under Modi’s leadership. With the hard-liners in power, Hindu mobs have gained license to lynch Muslims and assassinate anti-Hindutva opponents. Matters could worsen. Hindu symbols and sentiments have infused state conduct ominously. Modi has helped establish Savarkar as a demigod. Promoting a Hindu theocratic state, he inaugurated the new parliament building in a ceremony overshadowed by Hindu ritualism. In November 2019, the Supreme Court — despite the absence of historical evidence of Lord Ram’s birth on the Babri Masjid site — authorized the Ram temple’s construction in deference to Hindu “faith and belief.” Similarly, the chief justice recently presented himself as a modern Savarkar, remarking that flags flying atop Hindu temples represent the Constitution of India’s unifying force. Meanwhile, hate-filled H-pop and cinema are normalizing Hindutva’s hard edge, as are Congress’ “soft Hindutva tactics.” Although Hindutva’s rise over the past century has occasionally been paused, it has never been reversed. Indeed, it has accelerated at critical moments when putatively secular politicians used religion to gain electoral advantage. They gave oxygen to Hindutva’s potent friend-versus-enemy narrative, which gradually overwhelmed the secular interlude of early post-independence India. Today, violent Hindutva, far removed from the peaceful tenets of Hinduism, has infiltrated politics and culture, with elite acquiescence. As Modi assumed the persona of a priest-like ruler on Monday, the idea of a theocratic India appears impervious to secular opposition, regardless of the outcome of the general elections set for April and May. Ashoka Mody, a visiting professor of international economic policy at Princeton University, is the author of “India is Broken: A People Betrayed, Independence to Today” (Stanford University Press, 2023).
manding more information about the agency’s oversight of Boeing, asking to see the last 24 months of notices of FAA quality-systems audits related to Boeing and Spirit. Last January — about a year before Flight 1282 — Cantwell asked the FAA to initiate a new audit of Boeing’s production systems. The agency responded that no such audit was needed. In her Jan. 11 letter to the FAA, Cantwell noted: “In short, it appears that FAA’s oversight processes have not been effective in ensuring that Boeing produces airplanes that are in condition for safe operation, as required by law and by FAA regulations.” Let’s consider that notion again: According to the chair of the U.S. Senate Commerce Committee, the federal agency in charge of aviation safety cannot guarantee that Boeing produces airplanes that are safe to fly. Boeing’s glory days are long past. It is too big to fail but too dysfunctional and profit-driven to stop cutting corners on its own. It will take nothing less than the collective will of the people as expressed through their elected representatives in Congress to push Boeing to improve — meaningfully and permanently.
06 NEWS
PRIVATE SECTOR’S BORROWING PLUNGES BY 86% TO RS57B IN 1H FY2023
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ISLAMIC BANKS EMERGED AS SOLE LENDERS IN PRIVATE SECTOR DURING FIRST HALF OF CURRENT FISCAL YEAR PROFIT
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AKISTAN’S private sector borrowing has plunged by 86.3% to Rs57.4 billion in the first half of the current FY2023, compared to Rs419 billion during the same period last year, according to the latest data released by the State Bank of Pakistan (SBP). Islamic banks emerged as the sole lenders to the private sector during this period, indicating a downturn in both private sector activity and lending by major conventional banks.
The conventional banks’ balance sheets show a net debt retirement of Rs34.7 billion, contrasting with the net lending of Rs452.5 billion during the same period of the previous fiscal year. The economic backdrop features a stress of low growth, with trade and industry showing reluctance to borrow from banks. This trend has left banks with the opportunity to invest in government papers, offering them risk-free returns. The decline in private sector lending has been setting new lows, especially notable when comparing the second half of the previous fiscal year.
At the end of FY23, total lending to the private sector stood at just Rs208.3 billion, a steep fall from the first half’s Rs419 billion. The trend of reduced lending continued into the first half of FY24, but Islamic banks marked a shift from net debt retirement to Rs62.6 billion in loans from July to January 5, FY24. This performance is a significant deviation from their lending of Rs426 billion in the same period of the last fiscal year. Conventional banks offering Islamic banking services also showed a marginal improvement. Their net lending to the private sector in the first half of FY24 was Rs29.5 billion, compared to a net debt retirement of Rs459 billion in the same period of the previous fiscal year. Economic experts attribute the private sector’s reduced borrowing activity to the
high-interest rate of 22% coupled with a 29% inflation rate. These factors have made borrowing
Russia, UAE commit $1b for Pakistan railway sector revitalisation RUSSIA PLANS TO INVEST $550-660M IN UPGRADING QUETTA-TAFTAN RAILWAY LINE, WHILE UAE CONSIDERING A $350-400M INVESTMENT IN CONSTRUCTION OF A FREIGHT CORRIDOR PROFIT
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Pakistan’s railway sector, long in need of modernisation, is set to receive a significant boost with commitments from Russia and the United Arab Emirates (UAE) totaling up to $1 billion in investments. Negotiations between Pakistan and these nations have focused on rejuvenat-
ing the railway sector. Pakistan’s railways, once a key player in goods transport, suffered a decline due to various challenges, including competition from the tanker industry. Russia has pledged an investment between $550 million and $660 million for upgrading the Quetta-Taftan railway line in Balochistan. This commitment was formalised during a recent visit by Pakistan
Railway’s minister and secretary to Russia on December 8, 2023, and efforts are underway to finalize a government-to-government (G2G) framework agreement. Pakistan’s ambassador to Russia has been tasked with monitoring the progress of this investment plan. Additionally, this follows Pakistan’s recent success in importing oil from Russia, a move seen as strengthening eco-
nomic ties between the two countries. Russia had also previously shown interest in revitalizing Pakistan Steel Mills (PSM) and investing in modernizing Pakistan’s older power plants. Meanwhile, the UAE is considering an investment of $350-400 million for constructing a dedicated freight corridor in Pakistan. This potential investment builds on the UAE’s ongoing economic engagements in Pakistan, including a recent agreement to invest in a port terminal in Karachi. The UAE’s plans include the construction of the dedicated freight corridor (DFC) and a multimodal logistic hub at Pipri.
China, Uzbekistan expected to lift ties to new level as Uzbek president starts China visit BEIJING
Staff CorreSpondent
President of Uzbekistan Shavkat Mirziyoyev started his three-day China visit on Tuesday, expected to be a reunion of good old friends that will mark the opening chapter of China-Central Asia exchanges to come in 2024. As China-Uzbekistan bilateral relations have developed quickly in the past years, analysts expect Mirziyoyev’s visit will lead to extensive cooperation in various fields, bring the bilateral relationship to a new level and inject vitality into China-Central Asia cooperation. Ahead of his visit, Mirziyoyev published a signed article in the Global Times on Monday with the title “Uzbekistan and China: millennia-long friendship and cooperation,” where he wrote “The development of multifaceted relations with China has been, and remains, one of the main priorities of Uzbekistan’s foreign policy.” Recounting the historical interactions between the two civilizations, Mirziyoyev listed the latest cooperation in chemistry, mechanical engineering, metallurgy, electrical engineering and infrastructure modernization. China became Uzbekistan’s largest trading partner in 2023, with bilateral trade in the year reaching $14 billion, up by more than 40 percent on 2022, according to official data. Despite the instability and turbulence
in world politics, we are looking into the future with confidence and building joint creative plans. That is what we will be talking about in our upcoming meeting with President Xi Jinping, Mirziyoyev wrote. Chinese Foreign Ministry spokesperson Mao Ning said on Friday that China and Uzbekistan will take this opportunity to elevate bilateral relations and add new dimensions to the China-Uzbekistan community with a shared future. During this visit, the two countries will hold events on culture, education and sub-national cooperation, deepen cooperation across the board and bring more benefits to the two countries and the two peoples. Zhu Yongbiao, executive director of the Research Center for the Belt and Road at Lanzhou University, told the Global Times that China and Uzbekistan share high-level mutual trust, citing Uzbekistan’s role in the Shanghai Cooperation Organization (SCO) mechanism, its support for China-proposed initiatives, and joint stance on countering terrorism. Zhao Huirong, an Eastern European studies expert from the Chinese Academy of Social Sciences, told the Global Times on Tuesday that Uzbekistan and China share ideals and views on topics including regional affairs and that their strategic visions are well connected. Mirziyoyev’s political agenda focuses on matters related to people’s livelihood and the country hopes to cooperate with or learn experience from China on poverty reduction, agricultural modernization, new energy and the digital economy, Zhao
said. Therefore, under the framework of the China-proposed Belt and Road Initiative (BRI), Uzbekistan seeks to transfer its landlocked position into the advantage of a transportation hub in Central Asia, Zhao noted. With improved connectivity, Uzbekistan will be better integrated into regional economic growth and become a “bridge” connecting China with Europe, Middle East and South Asia, Zhao added. Mirziyoyev wrote in the article that the BRI is not just an infrastructure project. Through the joint implementation of the initiative, the region is becoming an important link in global connectivity, overcoming transport remoteness. Analysts expressed the hope that the China-Kyrgyzstan-Uzbekistan transport corridor, a flagship project of regional co-
operation, will accelerate its pace in 2024. The two countries are also expected to enhance cooperation on tourism, cultural and people-to-people exchanges. Uzbekistan Culture Days are being held alongside the presidential visit. A performance of the Uzbek national dance Lazgi was presented on Monday in Beijing with more concerts and exhibitions to come, according to media reports. Similar Chinese Culture Days events were held in October 2023 when a Chinese Ministry of Culture and Tourism delegation visited Uzbekistan. The two sides reached agreements on tourism cooperation, establishing cultural centers, mutual visits by art groups and restoration of cultural relics, among other fields. Bilateral cooperation is also taking the region-to-region format. On Monday, a China-Uzbekistan region-region cooperation forum was held in Urumqi, Northwest China’s Xinjiang Uygur Autonomous Region. The event, aiming to connect firms from the two countries, attracted representatives from more than 1,200 corporate representatives to seek business opportunities, according to media reports. As Uzbekistan has the largest population among Central Asian countries and its distribution is very young, analysts underscored the potential to tap the demographic dividend for economic growth. According to Mirziyoyev, Uzbek people are more and more interested in learning the Chinese language, as well as culture and history. Several thousands of our young women
China protects human rights even in counter-terrorism practice: white paper BEIJING
Staff CorreSpondent
China on Tuesday released a white paper on its legal framework and measures for counter-terrorism, which sums up the characteristics of its counter-terrorism efforts over the past decades and exploration of the path of law-based counter-terrorism work. This white paper released on Tuesday is China’s first systematic exposition of the legal system and practice of its counter-terrorism work, which will help the outside world gain a comprehensive understanding of the country’s counter-terrorism legislation and practices. It will also help dispel disinformation and refute rumors, especially on China’s counter-terrorism efforts in its Xinjiang Uygur Autonomous Region, analysts said. The seven-part white paper, which was released by the State Council Information Office on Tuesday, is titled “China’s Legal Framework and Measures for Counterterrorism.” In the preface, it expounds on the necessity of counterterrorism legal governance and outlines the framework for implementing counter-terrorism legal governance construction. In the main body, the white
paper reviews the improvement of the legal framework concerning efforts in counter-terrorism in China, expounds on the clear provisions for determination and punishment of terrorist activities, shows how individuals’ human rights have been protected in accordance with laws during the counter-terrorism work, and displays the achievements of China’s efforts in fighting terrorism. The white paper also presents cases to enhance readability. As China’s first white paper to systematically elaborate on China’s legal framework and practices for counterterrorism, it details the substantive legal basis, operation and supervision mechanisms, rights protection mechanisms in handling terrorist activities, as well as the achievements China has made in conducting counter-terrorism work in accordance with the law, Li Changlin, a professor from the Human Rights Institute School of Southwest University of Political Science and Law, told the Global Times. The release of the white paper will also help further clarify misunderstandings on China’s counter-terrorism efforts, exposing the malicious intentions of those who distort the truth, Li said.
Besides the preface and conclusion, the white paper consists of five parts – “An Improving Legal Framework for Counter-terrorism,” “Clear Provisions for the Determination and Punishment of Terrorist Activities,” “Standardized Exercise of Power in Fighting Terrorism,” “Protection of Human Rights in Counterterrorism Practices” and “Effective Protection of People’s Safety and National Security.” While introducing the legal framework for counter-terrorism, the white paper noted that “Relying on more than 40 years of experience, China has gradually formed a counterterrorism legal framework based on the Constitution. With the Counterterrorism Law as the center-piece and the criminal laws and National Security Law playing major roles and other laws as supplements, it also covers administrative regulations, judicial interpretations, local regulations, and departmental and local government rules.” As a victim of terrorism, China has continuously attached great importance to law-based counterterrorism efforts and after a long exploration, it has gradually formed a comprehensive anti-terrorism legal framework.
Wendesday, 24 January, 2024 | ISLAMABAD
prohibitively expensive for trade and industry, further exacerbating the economic challenges.
Israel says 24 soldiers killed in deadliest day of ground war GAZA
agenCieS
The Israeli army said Tuesday that 24 soldiers had been killed in Gaza the day before, the biggest single-day toll since the start of its ground operation on October 27. Twenty-one soldiers were killed when rocket-propelled grenade (RPG) fire hit a tank near two buildings where they were carrying out an operation, military spokesman Daniel Hagari said in a televised statement. He said the attack occurred at around 4 pm (1400 GMT) on Monday and all those killed were reservists. The RPG was fired at a tank that was protecting the troops when an explosion erupted in two nearby two-storey buildings, Hagari said. “The buildings collapsed as a result of this explosion, while most of the force was inside and near it,” he said. The buildings exploded as troops had planted explosives in them after the two structures had been identified as “terrorist infrastructure” in the area, Hagari said. A medical evacuation team was deployed but it was a “complicated operation, which took place until the last hours,” Hagari said, indicating the difficulty in extracting bodies buried under the rubble. The army had previously announced the deaths of three other soldiers on Monday, taking the day’s overall toll to 24 — the deadliest since the ground offensive started in Gaza. Israel began an offensive against Hamas fighters in Gaza after the Palestinian group attacked southern Israel on October 7. That attack resulted in the deaths of around 1,140 people. Israel’s blistering retaliatory offensive against Hamas in Gaza has killed 25,295 people, most of them women, children and adolescents, according to the health ministry of the Hamas-run territory.
Why is Canada capping foreign students and who will be affected? TORONTO agenCieS
Canada on Monday announced a two-year cap on the intake of foreign students after explosive growth in recent years aggravated the country’s housing shortage. Last year Canada issued nearly 1 million study permits, about three times that of a decade ago, according to government data. The new proposal will cut the intake by nearly a third. Here is how the new plans will work and what is at stake. WHAT ARE THE DETAILS? Canada’s immigration minister, Marc Miller, said the Liberal government will introduce a temporary, two-year cap on student visas, which will result in the issue of about 364,000 visas in 2024.The new proposals will also set limits on post-graduate work permits issued to foreign students, which will likely encourage them to return to their home countries. The permits were previously seen as an easy path to securing permanent residency. People pursuing master’s or post-doctorate programs will be eligible for a three-year work permit. Spouses of international students enrolled in other levels of study, including undergraduate and college programs, will no longer be eligible, Miller said. The acceptance of new study permit applications in 2025 will be subject to reassessment at the end of the current year, he said. WHY IS GOVERNMENT CRACKING DOWN? Canada has emerged as a popular destination for international students since it is relatively easy to obtain work permits after finishing courses. But the surge in international students led to an acute shortage in rental apartments, which pushed up rents. In December, rents nationwide rose 7.7% from a year earlier, according to Statscan. Prime Minister Justin Trudeau’s popularity has been dented mainly due to the affordability crisis, and opposition Conservative Party leader Pierre Poilievre has taken a commanding lead over Trudeau in opinion polls ahead of an election next year. Apart from the rental crisis, the government has also been concerned about the quality of education provided by some of the institutions. WHOM WILL THIS IMPACT? International students contribute about C$22 billion ($16.4 billion) annually to the Canadian economy. The move will hurt many educational institutions that had expanded their campuses in the hope of a continued inflow of students. Ontario, the most populous province, received the biggest share of international students. Some businesses, including restaurants and retail sectors, have warned that a cap on foreign students will create a shortage of temporary workers. Restaurants across Canada are grappling with labour shortages with nearly 100,000 vacancies, and international students made up 4.6% of 1.1 million workers in the food service industry in 2023, a lobby group told Reuters last week.
Wednesday, 24 January, 2024 | ISLAMABAD
CORPORATE CORNER TikTok shares election integrity measures on platform ahead of elections
TikTok today shared its approach to uphold and protect election integrity on its platform ahead of the Pakistan parliamentary elections slated for February 2024. The initiative underscores TikTok's commitment to being a responsible and reliable source of information, especially during critical civic events.TikTok has robust measures in place to combat misinformation, violence, and hate speech in line with its Community Guidelines, available both in English and Urdu. The platform is dedicated to removing misleading information about civic processes, including voter registration, candidate eligibility, ballot counting, and election results. TikTok's policies strictly prohibit content that intimidates voters, suppresses voting, or incites violence. Over 40,000 personnel globally, in conjunction with advanced technology, are deployed to ensure user safety on the platform, complemented by collaborations with intelligence firms, industry partners, and civil society organizations. PR
Awareness helps in treatment of over 100 kids with Autism: Founder Autism Society of Pakistan
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STRATEGIC MOU SIGNIFIES MORE THAN A BUSINESS ALLIANCE, REPRESENTS A MOVE TOWARDS ENVIRONMENTALLY-FRIENDLY ENERGY SOLUTIONS PROFIT
NEWS DESK
HE Hub Power Company Limited (HUBC), has joined forces with K-Electric (KE) to evaluate the conversion of its Residual Fuel Oil (RFO)-based Hub Power Plant to utilize Thar coal. This initiative, communicated through HUBC’s official channels, is in line with the company’s commitment to secure a sustainable and cost-effective energy supply for Pakistan. The Memorandum of Understanding (MOU), recently signed between the two energy giants, is a testament to their shared vision of harnessing indigenous resources for energy production. This agreement, as highlighted in HUBC’s social media announcements, marks a significant step in their journey towards innova-
tive and eco-friendly energy solutions. This collaboration comes after HUBC’s Board of Directors authorized the exploration of potential investments in the Sindh Engro Coal Mining Company Limited, further solidifying the
company’s stance on diversifying its energy portfolio. HUBC stands as Pakistan’s inaugural Independent Power Producer (IPP), with a robust presence in the energy sector. It operates and owns various power plants, with a col-
Arrival of Holy Prophet ﷺwas end of ancient era and begining of modern era: Aneeq BAHAWALPURE PR
Major General (R) Dr. Suhaib Ahmed, HI(M) has said as a chief guest in a regular meeting of Rotary Club Islamabad Metropolitan held here in Islamabad. During his detailed and comprehensive presentation on Autism and subsequently address to the audience, Major General (R) Dr. Suhaib Ahmed shared personal insights, emphasizing the need for increased awareness for those living with Autism. He highlighted that as a community, it is our collective responsibility to create an environment where individuals with Autism feel understood, accepted, and supported. By raising awareness and fostering inclusivity, we can make a real difference in the lives of those affected by Autism, he added. Major General (R) Dr. Suhaib Ahmed, HI(M) has brought to light that in era of 90s there was no medical facility specially in public sector hospitals of Pakistan to address Autism and provide facilities to individuals with Autism. PR
OGDCL announces crude oil discovery at Sono-9 Well in Hyderabad
ISLAMABAD: Oil & Gas Development Company Limited (OGDCL) is actively pursuing its production enhancement roadmap. We are pleased to share that the development well Sono-9 in Sono Development & Production Lease (D&P.L) has been successfully tested, completed, and brought into the production stream using OGDCL’s inhouse expertise. The well was drilled to a depth of 2350 meters, targeting the hydrocarbon potential in the Upper Sand (1B) of the Lower Goru formation. OGDCL holds a 100% stake as the operator in Sono D&P.L. Sono-9 well is located in district Hyderabad, Sindh. It is pertinent to mention that Sono-9 is the first well to be directly completed with Electrical Submersible Pump (ESP) after due diligence through well logging and pressure testing. During testing, the well produced 1850 BPD Oil. OGDCL is implementing cutting-edge artificial lifting technology of ESP, and seven wells have been equipped with the ESP technology, resulting in a noteworthy improvement in production levels. PR
Pakistan achieves unprecedented growth in sesame production: MoNFS&R
The Ministry of National Food Security and Research(MoNFS&R) proudly announces an extraordinary leap in Pakistan's agricultural sector, marking a significant milestone in sesame cultivation owing to the resounding success of the National Oilseeds Enhancement Program (NOEP). Through a collaborative effort with provincial governments, this initiative has redefined the nation's sesame production landscape, paving the way for unparalleled growth and export potential. From its historical status as a minor crop relegated to marginal lands, sesame has emerged as a pivotal cash crop within Pakistan's agricultural portfolio. Despite historical neglect, recent years have witnessed a monumental transformation in sesame production. Starting at a modest $89.320 million in 2020, the nation's sesame exports surged exponentially, reaching an astounding $407 million in 2023. This unprecedented growth catapulted Pakistan to the 5th position among major sesame exporting nations, with over 80% of exports being absorbed by China. The pivotal role played by the M/O National Food Security and Research through PSDP funded project “NOEP” in this monumental transformation is evident, significantly augmenting sesame production and exports in just four years. Collaborating with provincial Agriculture departments in Punjab, Khyber Pakhtunkhwa, and Balochistan has been instrumental. Sesame cultivation, once confined to limited districts across these provinces, expanded from 18,000 to 135,600 hectares between 1948 and 2019. PR
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Hub Power ComPany, K-eleCtriC forge allianCe for Clean energy sHift NEWS
Religion gives perfect and permanent values to humanity: Federal Minister of Religious Affairs Aneeq Ahmed said this today while addressing the Sirat-ul-Nabi conference held at Islamia University Bahawalpur. In the conference organized under the title "Life of the Prophet and Human Values and Their Effects on Society", University Vice Chancellor Dr. Naveed Akhtar, former Vice Chancellor Dr. Saleem Tariq, Dr. Ahmed Muhammad Al-Sharqawi from Al-Azhar University, Dr. Saad Siddiqui, Dr. Hafiz Shafiq and Dr. Sheikh Shafiq gave speeches. Minister of Religious Affairs Aneeq Ahmed said that all the high morals practiced in modern times started from Madinah Tayyaba. Prophet Muhammad (peace be upon him) was sent to convey morals to its ever highest standards. We have to implement the morals of the Prophet ﷺin our lives.
There should be harmony in our speech and character. The standards of human values have been determined by Allah and His Messenger. Vice Chancellor of Bahawalpur University Dr. Naveed Akhtar said that the holding of the Seerat-ulNabi conference is a source of happiness for all of us. Bahawalpur University will continue to promote the Prophet's (PBUH) biography in the society. Dr. Salim Tariq said that we should avoid the immoral behavior of the societies that are suffering from disaster. Prophet Muhammad (peace be upon him) gave a positive direction to the good values of the Arabs and eradicated the bad values. Courage, honesty and justice are prerequisites to prevail in the world. Dr. Saad Siddiqui said that the
words of a person whose silence is the law will be a great proof. There was no concept of change in human values until the Jahili period. Dr. Muhammad Ahmad Al-Shaqawi said that in Surah Hashar guidance is given to the practical form of Islamic values. Sacrifice and selfsacrifice for others for the sake of Allah's pleasure and help is included in Islamic values. Dr. Hafiz Shafiq said that acquiring useful knowledge is the distinction of this Ummah. Dr. Sheikh Shafiq said that due to distance from Islamic values, there is chaos and anxiety in our lives. Prophet Muhammad (peace be upon him) presented his morals before the invitation to truth, today moral degradation has increased in the society.
Mushaal lambasts Modi for inaugurating Ram temple at site of Babri Masjid ISLAMABAD PR
Special Assistant to Prime Minister (SAPM) for Human Rights and Women Empowerment Mushaal Hussein Mullick lashed out at the supremacist and RSS-inspired Indian Prime Minister Narendra Modi for inaugurating Ram temple at the site of demolished five centuries old Babri Masjid at Ayodhya, calling upon the muslim world to announce diplomatic boycott against India for wiping out all traces of Muslim or Islamic civilization from India. The SAMP for Human Rights and Women Empowerment in her strong reaction stated that the notorious Modi was using the inaugurate of ‘Ram temple’ event as a political gimmick because his popularity graph witnessed alarming decline due to his anti-minority policies and state operation. She said that Hindus and Muslims had lived in Ayodhya town in peace for centuries, but since this notorious bloodsucker usurped powers in India, the Muslim community has been facing all hardship as they have suffered loss of life, property and religious places.
On December 6, 1992, a Hindu mob had razed the 16th century Babri Masjid in Ayodhya on the bogus claim that Muslims had built it over the place of an ancient temple. The mosque destruction is celebrated as a day victory by Hindutva supporters, while for Muslims, it was a day of terror. Mushaal pointed out that India and Israel were two biggest terrorist countries in the world at present, which were involved in carrying out worst terrorist activities against Islam. She stated that Israel destroyed hundreds of mosques in Gaza while RSS-inspired BJP government had been busy in wiping out all traces of Muslim or Islamic civilization from India since 2014. The SAPM said that the muslim countries should not look the simmering situation at silent spectators but they should muster courage and should take collective and tangible actions against this notorious person who was hell-bent of eradicating of minority especially the muslim community from India. Mushaal urged that the world community should also take notice of supremacist Indian government’s coercive and genocidal policies and actions before it was too late.
What investors are saying about China’s market meltdown? PROFIT
REUTERS
Stock markets in China and Hong Kong have slumped to multi-year lows this week as confidence in the world’s second-biggest economy has evaporated and foreign money has fled, while data showed sputtering growth and deepening real estate malaise. Here is what investors and market strategists have said about the selloff: DERRICK IRWIN, EMERGING MARKETS PORTFOLIO MANAGER, ALLSPRING: “Investors looking out into 2024 and anyone who would hope that the Chinese government would come riding to the rescue is re-evaluating that right now. “Until there is a bigger crisis, the Chinese government may just continue to kind of throw cups of water on the fire instead of something big that they probably need to do. “There is a degree of capitulation … at this stage, markets are not being driven necessarily by spreadsheets and calculations, but more on emotion and maybe technical issues.” MARKO PAPIC, CHIEF STRATEGIST, CLOCKTOWER GROUP:
“Our argument is that at the financial work conference, which happened last week, policymakers came away with a renewed focus on financial sector regulation and the ongoing anti-corruption campaign, refocusing it towards the financial sector. “From a Chinese investor’s perspective, the reason that this matters is twofold: First of all, it’s another major sector that’s going to be inspected with a heavyhanded regulatory approach. And the second issue is that you need the financial sector when the private sector is de-leveraging. You need banks to want to lend … more so than any other time. “As a Chinese investor you (also) sit there and you’re like, wait a minute, if (the central bank is) not willing to cut 25 basis points we’re really far from any sort of a bazooka … they’re not even willing to fire a water pistol.” PIERRE HOEBRECHTS, HEAD OF MACRO RESEARCH, EAST EAGLE ASSET MANAGEMENT: “We have been conservatively positioned since last March on the premise that the Chinese household would be reluctant to invest … in light of their high savings rate and the real estate market adjustment.
“As fundamental news has not been strong enough and the market is finally waking up to the fact that the government will manage the economy for the long term as stated by Premier Li Qiang at Davos and not focus on short-term market movements, investors’ interest has disappeared.” TONY ROTH, CHIEF INVESTMENT OFFICER, WILMINGTON TRUST INVESTMENT ADVISORS: “We’re picking managers that, in their own self-interest and desire to outperform, have more constructive views on other (emerging market) countries than China. “It’s a gradual process, we’re not the trigger puller on the underlying allocations, they are done by our managers. If one of them is too heavily allocated to China, we might decide to allocate less into that manager.” NORMAN VILLAMIN, GROUP CHIEF STRATEGIST, UBP: “We sold China in October. We had hoped that there was going to be more cyclical stimulus coming through. When it became clear that wasn’t going to happen, the conclusion was that China was ready to embark on the restructuring of its property sector which meant that it would be kind of a fairly prolonged process.
lective installed capacity of 3,581MW. Its notable assets include the 1292MW RFO-fired Hub Plant in Balochistan and Narowal Energy Limited, a 225MW RFO-fired power station in Punjab. Additionally, HUBC holds a significant stake in Laraib Energy Limited, Pakistan’s first hydropower IPP, contributing 345 GWh of clean energy to the national grid in FY23, thereby saving around $29 million in fuel costs. This strategic MOU signifies more than a business alliance; it represents a move towards environmentally friendly energy solutions. The transition of the Hub Power Plant from RFO to Thar coal could dramatically change Pakistan’s energy dynamics, reducing reliance on imported fuels and emphasizing local coal resources. This shift is not only economically beneficial but also aligns with global trends towards sustainable energy practices.
IESCO chief to listen to complaints, suggestions of customers via facebook live, telephone on Thursday
ISLAMABAD: Chief Executive IESCO Dr. Muhammad Amjad Khan will conduct facebook live E Kachary on Thursday 25th January, 2024 from 10:00 AM to 12:00 Noon. Consumers can contact Chief Executive IESCO via Facebook ID CEO-IESCO E-Kachery or call at Tel No. 0519253105 according to above given scheduled to register and resolve their electricity-related issues. While registering complaints, customers are required to provide their name, bill reference number, and contact number. PR
Key agreements with Qatar to enhance opportunities for Pakistani workforce: SAPM
DOHA: In a landmark move to bolster job opportunities for Pakistanis, the Special Assistant to the Prime Minister on Overseas Pakistanis and Human Resource Development (SAPM OP&HRD), Jawad Sohrab Malik, led a successful official visit to Qatar, culminating in the signing of several Agreements & Letter’s of Intent(LOIs) with top Qatari companies. This initiative is set to significantly enhance employment opportunities for the Pakistani workforce in Qatar. The signing of these Agreements with renowned Qatari firms, including Qatari Diyar-Saudi Bin Laden Group Construction (QD-SBG), Hamad Bin Khaled Contracting Company W.L.L (HBK), Ali Bin Ali Holding W.L.L, Sheikh Jabor Bin Mansour Bin Jabor Bin Jassim Al Thani (JMJ) Holding, Tabeeb Care Medical Services, and Al Rawnaq International Commercial Projects, marks a crucial step in strengthening bilateral relations between Pakistan and Qatar in the field of human resource development. In addition to these agreements, the Special Assistant to the Prime Minister,, Jawad Sohrab Malik held a significant meeting with Mr. Hamad Saleh Al Qamra, Chairman of Al Qamra Holding, focusing on the recruitment of Pakistani manpower for various company projects. The visit also included a tour of the View Hospital, a part of Elegancia Health Care, where the recruitment of Pakistani health professionals is underway following a recent MoU between Elegancia Health Care and the Overseas Employment Corporation (OEC) of Pakistan. PR
CCP supports code for advertisors to curb deceptive marketing
ISLAMABAD: The Competition Commission of Pakistan (CCP) extends its support to Pakistan Advertisers Society (PAS) encouraging a selfregulatory mechanism that ensures compliance to the Competition Law by the PAS member organizations in their marketing practices. PAS membership comprises of various leading local and international brands, representing various sectors of the economy including FMCG, Banks, Insurance, Telecommunication, Oil marketing, electrical goods. This forum brings together marketing and advertising professionals with the objective of promoting good industry practices towards responsible marketing and advertising. As part of CCP’s advocacy strategy, in the latest engagement, the Commission reiterated its commitment to foster competition in all spheres of economic and commercial activities in Pakistan. The major development of this engagement was CCP’s support extended to the PAS’s Code of Advertising Practice (COAP). This is a significant step toward promoting a self-regulatory mechanism in ensuring responsible marketing and advertising activities with least intervention needed from the Regulator. The CCP Officials highlighted that true and fair advertising is an important responsibility towards the consumers and the society at large. PR
Wednesday, 24 January, 2024
Cypher didn’t mention any ‘threat’ or ‘ConspiraCy,’ ex-ambassador testifies in Court NEWS
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ISLAMABAD
STAFF REPORT
ORMER Pakistan ambassador to the United States Asad Majeed on Tuesday recorded his statement in Cypher Case in the special court, testifying that there was no mention of any “threat” or “conspiracy” in the secret cypher telegram. Special Judge Abual Hasnat Muhammad Zulqarnain presided over the proceedings inside the Rawalpindi’s Adiala Jail against former prime minister Imran Khan and PTI Vice Chairman Shah Mahmood Qureshi. They are accused of ma-
nipulating the cypher for political gains in March 2022, ahead of a no-confidence motion that toppled Imran Khan-led PTI government in the centre. The court recorded testimonies of six more prosecution witnesses including Majeed in the cypher case. In his testimony, Majeed recalled that on March 7, 2022, US diplomat Donald Lu was invited to a luncheon hosted at the Pakistan House in Washington. He said that both sides were aware that the minutes of the meeting were being recorded, adding that he reported the conversation in cypher telegram to Islamabad. However, he added that there was no men-
eCp prohibits erecting hoarding, banners on govt buildings, electric poles ISLAMABAD
STAFF REPORT
The Election Commission of Pakistan (ECP) has directed the political parties and candidates to avoid erecting hoarding hoardings and banners on government buildings, on electricity poles and abide by code of ethics. In a statement posted on social media platform X on Tuesday, the ECP spokesperson said that have fines will be imposed for any violations. He said the Election Commission was determined to ensure adherence to the code of conduct with uniform enforcement across the board. DMO Karachi and his teams have removed unauthorized hoardings and flags placed on electricity poles across different regions of Sindh, spanning from the areas of two sworn to Clifton. Monitoring teams, during their visit to Quetta-Kharan Road in Balochistan, removed banners and flags of various political parties, penalizing those who violated the code of conduct. They also cleared illegal flags, banners, and pamphlets from the Quetta road in Kharan.
most hesitates to investigate alleged illegal appointments in psQCa ISLAMABAD
STAFF REPORT
Despite a clear directive from the Senate Standing Committee on Science and Technology, the Ministry of Science and Technology (MoST) is displaying reluctance to probe into the alleged illegal appointments of two officials within its attached department, the Pakistan Standards and Quality Control Authority (PSQCA). Reliable sources indicate that the Ministry has yet to form a committee and initiate an inquiry into the alleged illegal appointments of Ali Bux Soomro and Mr. Bablani, both holding crucial positions in PSQCA. This reluctance may potentially upset the Standing Committee of the upper house. As outlined in the minutes of the committee meeting, discussions revolved around the inquiry into the illegal appointments of Ali Bux Soomro and Khalid Ahmad Bulbani in PSQCA. According to PSQCA records, no formal inquiry has been conducted against these individuals. In response, the Committee’s Chair presented an inquiry letter, prompting the Ministry to conduct a detailed investigation and provide concrete responses on two crucial points: (a) reasons for misleading facts in the subject inquiry, and (b) the need for an impartial, transparent inquiry on an urgent basis. The Committee suggested considering the officers in question as Officers on Special Duty (OSD) until the inquiry’s completion. The Ministry was urged to submit the inquiry report within 15 days after the issuance of Standing Committee minutes. As per documents, a meeting of the Senate is also scheduled on January 26, 2024, which will evaluate the implementation on the committee’s earlier direction which included probe into the illegal appointment of the two officials. In the last meeting presided over by Senator Sardar Muhammad Shafiq Tarar on November 28, 2023, the Senate Standing Committee on Science and Technology delved into legislative advancements and ministerial concerns, with an emphasis on transparency and compliance. Key discussions encompassed critical matters within MoST, with special attention given to departments operating without permanent heads, a concern raised by Senator Mushtaq Ahmed. The Committee underscored the urgency of resolving administrative challenges stemming from this situation. The meeting rigorously reviewed recommendations from prior sessions, emphasizing swift implementation and adherence, particularly in the context of pending Departmental Promotion Committees (DPCs) and recruitment procedures, notably in PSQCA.
tion of any “threat” or “conspiracy.” Majeed mentioned being summoned to the National Security Committee (NSC) meeting, where a decision to issue demarche to the United States was made after his proposal. He also said the cypher issue was a “setback” for Pakistan-US relations. A day earlier, former foreign secretary Sohail Mahmood also recorded his statement, saying that he retired as the foreign secretary in September 2022. Till that time, the Prime Minister’s Office had not returned the cypher copy to the Ministry of Foreign Affairs, he said. Earlier, Azam Khan, the former prin-
cipal secretary of the ex-PM had also told the court that the copy of the cypher had been misplaced by Imran. In his testimony given in the court on January 18, Azam Khan had claimed that Imran Khan directed his military secretary and personal staff “a number of times” to search for the cypher, but then he waved a piece of paper in the public rally on March 27 “implying” that it was the diplomatic cypher. Referring to the incident, the former bureaucrat had, however, clarified that “as he [Imran Khan] did not open or read it [in the rally], therefore, I do not know what the paper was.”
SC reserves verdict on ex-judge Shaukat Aziz’s plea against removal ISLAMABAD
STAFF REPORT
The Supreme Court (SC) on Tuesday reserved its verdict on a petition filed by former Islamabad High Court senior judge Shaukat Aziz Siddiqui against his removal. A five-member bench led by Chief Justice of Pakistan (CJP) Qazi Faez Isa and comprising Justice Aminuddin Khan, Justice Jamal Khan Mandokhail, Justice Hasan Azhar Rizvi, and Justice Irfan Saadat — heard the plea. The proceedings were broadcast live on the apex court’s website. In his petition, the former judge had challenged a decision of the Supreme Judicial Council (SJC) about his dismissal from service and an Oct 11, 2018 notification under which he was removed for a
speech he had delivered at Rawalpindi Bar Association. During the hearing, CJP Isa said the court could not punish anyone without conducting an inquiry. “The SC has to draw a line on the difference between the Supreme Court and the Supreme Judicial Council,” he observed. “If removing a judge is so easy, then this is a threat to the independence of the judiciary,” the top judge further noted, adding that the current matter was public and people had a right to know the truth. During the hearing, Khawaja Haris appeared as Gen Hameed’s and brigadier Ramay’s counsel while Wasim Sajjad was present as Justice Kasi’s lawyer. Hamid Khan appeared as the petitioner’s counsel. At the outset, Haris came to the rostrum and informed the court who he was representing.
Justice Siddiqui’s lawyer urged the court to conduct a “fair inquiry” of the matter, arguing that under Article 209(6) of the Constitution, the SJC could not present a report to the country’s president without conducting an inquiry. CJP Isa asked whether the exjudge “admitted the allegations against him or rejected them”, to which the lawyer replied that his client had denied all allegations levelled against him. The top judge then noted that former SC registrar Arbab had submitted his response as well. “The Supreme Judicial Council is a strong constitutional body,” the chief justice further observed. Referring to Article 210 of the Constitution, Justice Isa added that the SJC had “broad constitutional powers” and every such body had the right to take independent decisions.
Imran moves IHC for bail in Toshakhana, £190 million corruption cases ISLAMABAD
STAFF REPORT
Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan moved the Islamabad High Court (IHC) on Tuesday for bail in the Toshakhana and £190 million corruption cases. The National Accountability Bureau (NAB), the director general of NAB, and the investigating officer have been named respondents in the applications. Separate bail applications for each case were submitted, outlining the request for bail until the completion of the trial and the issuance of a final decision. The application asserts that the charges against him are ‘politically motivated’ and ‘rooted in animosity’. Imran in his petition, recalls the stance of former NAB Chairman Aftab Sultan, who, despite facing pressure, had rejected the notion of creating politically motivated cases. The accountability court, following Imran’s arrest, declined to
grant him bail in both cases. NAB, last year, filed a reference against Imran and Bushra, accusing the couple of misusing the state’s gift repository—Toshakhana. Previously, PTI categorically dismissed the Toshakhana reference filed against the party’s founder. The former ruling party described the case as “devoid of merit” and “a concocted fabrication.” Last week, the lawyer for the PTI founder cross-examined NAB’s principal witness, Imran Masih. The party on January 21 issued a statement claiming that the reference now stands discredited following the witness’s statement in court, deeming it to be without foundation. According to the PTI, Shehbaz Khosa, advocate for Imran , systematically dismantled the entire case during the cross-examination of Masih. The party alleged that NAB relied on images of Toshakhana’s jewellery sent to Masih, constructing the entire case based on the responses obtained
from him. The party asserted that Masih lacks any certification for the assessment of jewelry, including the absence of familiarity with the abbreviation “IGI,” which pertains to the relevant certificate for diamond grading. Furthermore, he does not possess any official documentation for his establishment, and even the proprietor remains oblivious to his identity. PTI emphasised that the witness failed to furnish any written evidence regarding market research and appraisals conducted by jewellery establishments. Moreover, the salesman did not possess any letter from the company, authorising him for price determination and testimony in court. The statement underscored that the gifts scrutinized in NAB’s reference had not undergone machine examination, relying solely on photographic evidence. Notably, Imran Masih, in his report, recorded the weight of diamonds in grams, whereas the standard metric for weighing diamonds is carats.
PRAYER TIMINGS FAJR SUNRISE
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byC calls off sit-in outside islamabad npC; to kick off next phase soon 7:00
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7:15
ISLAMABAD
STAFF REPORT
While announcing the end to the sit-in outside Islamabad’s National Press Club (NPC) on Tuesday, Baloch Yekjehti Committee (BYC) leader Dr Mahrang Baloch said the next phase of the protest movement will be aimed at highlighting the voice against enforced disappearances and extrajudicial killings. Baloch Yekjehti Committee (BYC) called off the month-long sit-in in front National Press Club in the federal capital against “what they called” enforced disappearances and extrajudicial killings in Balochistan. Dr Mahrang Baloch announced the culmination of the protest’s current phase, saying that the next phase of the protest movement will be aimed at highlighting the voice of the BYC movement via social media and other mediums. She also announced a BYC meeting in Quetta on January 27 to discuss the matter of missing Baloch persons. The protesters had been staging a sit-in organized in front of the federal capital’s press club for over a month with a camp established at the site on December 22. The announcement by Mahrang came after the NPC penned a letter to the Islamabad police requesting the removal of the protestors’ camp. However, the NPC’s letter was later withdrawn following severe criticism from all quarters, including journalists. The NPC, in its application to SHO Kohsar Shafqat Faiz, expressed concern over the traffic congestion and difficulties faced by its members and guests due to the ongoing protest.
LhC restores interim bail of imran in seven may 9 cases LAHORE
STAFF REPORT
The Lahore High Court (LHC) on Tuesday restored the interim bail of Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan in seven cases related to May 9 riots. A two-member bench headed by Justice Aalia Neelum announced the verdict reserved on a petition filed by the incarcerated former prime minister, against cancellation of his bail in seven cases related to the May 9 events. Moreover, the high court ordered the trial court to give a verdict on Khan’s interim bail pleas. The verdict comes after an anti-terrorism court (ATC) had rejected the petitions, seeking bail extension in the interim bail of the PTI founder in seven cases, including the May 9 riots and the attack on Jinnah House. On August 11 last year, the trial court’s judge Ijaz Ahmad Butar had rejected the plea after hearing arguments from both sides. The incarcerated politician and the top leadership of his party are facing a plethora of cases ahead of the February 8 general elections. Besides, the Imran-led party has also faced a blow after losing its legal battle to get back its iconic “bat” electoral symbol and the legality of its intra-party elections. A major voter driving force was taken away following the top court’s verdict followed by another setback as the party — PTI-Nazriati — with which it sought an alliance also backtracked from its commitment earlier this month.
eCp announces conclusion of electioneering by midnight on february 6 ISLAMABAD
STAFF REPORT
PTI denounces rumour mill in overdrive about ‘another May 9-like false-flag’ operation during elections ISLAMABAD
STAFF REPORT
Pakistan Tehreek-e-Insaf (PTI) on Tuesday strongly condemned that a rumour mill was in full gear under the state patronage regarding another “May 9 like false flag operation” during general elections, saying that false and propagandabased campaign was running after sensing that the victory of PTI is unavoidable despite using “all state coercions and machinations.” A spokesperson for the PTI, in a statement on Tuesday, vehemently denounced the reprehensible state efforts to rig the elections
under the guise of a shameful government campaign of rumor-mongers and added that due to PTI founding Chairman Imran Khan’s historic popularity, it was absolutely clear that PTI would easily trounce its political rivals in the long-awaited general elections. He pointed out that all the unbiased public opinion surveys reflected that PTI would secure a two-thirds or three-fourths majority in the polls. PTI Spokesperson alarmed that the state machineries flouting the constitution and law in the country were now busy in making plots through closed-room conspiracies and senseless and absurd
shenanigans. He noted that the false flag operation of May 9 was carried out to break PTI and unjustly imprison the country’s most popular leader. Afterwards, PTI Spokesperson stated that a plan was orchestrated to deprive PTI of public mandate through technical means by snatching its electoral symbol but all these machinations did not work to oust PTI from the electoral arena. He made it clear that the government planners left shell-shocked due to the public’s decisive inclination towards PTI candidates after even after taking away from them the iconic “bat” symbol.
As the electioneering for next month’s polls picks up pace, the Election Commission of Pakistan (ECP) has informed the candidates and political parties contesting the general elections 2024 that there will be no poll campaign after February 6 midnight. “According to Section 182 of the Elections Act 2017, no person shall hold or participate in any public meeting, procession, corner meeting or such political activity after 12 midnight on February 6, 2024 and February 7, 2024,” ECP’s spokesperson said. “Therefore, legal action will be taken against any person who violates the above provision of the law,” the spokesperson added. The polling is slated for February 8. Meanwhile, caretaker Federal Minister for Communications Maritime Affairs and Railways Shahid Ashraf Tarar, who is the convener of the committee constituted by the prime minister to oversee the preparations for the general elections 2024, called on Chief Election Commissioner (CEC) Sikandar Sultan Raja at the Election Commission Secretariat in Islamabad to brief him on the preparations of the federal and provincial governments for elections. Last week, the ECP issued its “Code of Conduct for Security Personnel”, warning them against bias while being on election duty.
CCP endorses PAS Code to combat deceptive marketing practices g
PAS CODE REPRESENTS A SELF-REGULATORY MECHANISM DESIGNED TO ENSURE ADHERENCE TO COMPETITION LAW PROFIT
GHULAM ABBAS
The Competition Commission of Pakistan (CCP) has thrown its weight behind the Pakistan Advertisers Society (PAS), endorsing a self-regulatory mechanism designed to ensure adherence to the Competition Law by PAS member organizations in their marketing endeavors. As per details shared by CCP, the PAS membership encompasses a diverse range of leading local and international brands, spanning sectors such as FMCG, Banks, In-
surance, Telecommunication, Oil marketing, and electrical goods. This collaborative forum unites marketing and advertising professionals with the shared goal of championing responsible marketing and advertising practices. In the latest development, as part of CCP’s advocacy strategy, the Commission reaffirmed its commitment to fostering competition across all economic and commercial activities in Pakistan. A pivotal aspect of this commitment is the CCP’s support for the PAS’s Code of Advertising Practice (COAP).
This endorsement marks a significant stride towards cultivating a self-regulatory framework that promotes responsible marketing and advertising activities, requiring minimal intervention from regulatory bodies. CCP officials emphasized the crucial role of truthful and fair advertising in fulfilling responsibilities towards consumers and society at large. The CCP supports the Code due to its emphasis on promoting best professional and ethical practices in advertising. The contents of the code align closely with the provisions of the Competition Law and are
intended to be self-monitored and implemented by the PAS council. The primary focus is on deterring misleading and deceptive marketing, ensuring the implementation of best practices. During this engagement, concerns were raised about false and misleading information on digital platforms, particularly through AI, posing a growing challenge that needs collective attention to protect consumers. PAS officials expressed expectations for further expansion in their membership and welcomed training sessions for member organizations, including
Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited. Ph: 051-2204545. Email: newsroom@pakistantoday.com.pk
sector-specific training. CCP officials commended PAS’s role as a focal point on various aspects, acknowledging its expansion as a testament to its effectiveness. The CCP delegation, led by Mr. Salman Amin (Member) along with two DGs, Mr. Shahzad Hussain, and Mr. Ahmed Qadir, engaged in constructive discussions with PAS representatives, including Mr. Qamar Abbas (Executive Director), Ms. Afsheen Rizavi (GM), Mr. Asif Aziz (Chief Business Officer-Jazz), and Syed Usman Qaiser (Head of Marketing, Jubilee Life Insurance Company Ltd).