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PTI FOUNDER, SPOUSE JAILED FOR 14 YEARS, DISQUALIFIED IN TOSHAKHANA CASE thursday, 1 february, 2024 i 20 Rajab, 1445

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Court also imposes hefty fine of Rs787m on Imran, Bushra Bibi RAWALPINDI

Staff RepoRt

AY after conviction in cypher case, the PTI founding chairman and his wife Bushra Bibi were sentenced to 14 years in prison each and disqualified from holding any public office for 10 years in the Toshakhana reference on Wednesday.

Accountability Court Judge Muhammad Bashir announced the verdict on Toshakhana reference, sentencing the couple to 14 years rigorous imprisonment besides a 10 years disqualification for holding any public office.

The sentencing also entails a hefty fine of Rs787 million in a case that revolves around the illegal acquirement and sale of precious gifts received from the other countries, which are stored in

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the state-run treasury called Toshakhana.

During Wednesday’s hearing, the PTI ex-chairman was presented before the judge who asked him about his statement under Section 342, as he marked his attendance while his wife had not yet reached the court.

In his reply, the ex-premier, already convicted in the cypher case, said it was in his cell as he had been presented only to record his attendance.

“Submit your reply immediate.

Don’t waste the court time,” the accountability court judge ordered after the PTI founder’s response.

However, the former PTI head questioned the reason behind the haste and mentioned that the sentencing in the cypher case too was hurriedly announced.

Imran Khan told the court that his lawyers had not yet turned up and as soon as they reached, he will submit the statement. As

Barrister Ali Zafar announces moving IHC against Toshakhana reference verdict

he left the courtroom for the prison cell, the judge announced the verdict.

Earlier on Tuesday, the PTI founder and his close associate Shah Mehmood Qureshi were sentenced to 10-year rigorous imprisonment in the cipher case, as the special court established under the Official Secrets Act announced its verdict in the keenlyobserved episode.

It was a natural consequence of the saga, triggered by violating the oath taken as a prime minister, which endangered Pakistan’s security, damaged its relations with other nations and got the then opposition leaders labeled as foreign agents only because they had exercised their constitutional right of tabling a no-confidence motion against the PTI government.

‘PTI to move IHC against Toshakhana reference verdict’ PTI founder Imran Khan’s lawyer

State Dept Spokesmen declines to comment on PTI founder’s sentencing WASHINGTON

Staff RepoRt

US State Department spokesperson Matthew Miller on Tuesday declined to comment on PTI founder’s prison sentence saying “We have been following the cases brought against the former prime minister but don’t have any comment on the sentencing.”

In his media briefing in Washington, Matthew Miller said that the prosecution of the former prime minister is a legal matter and added that it is a legal matter ultimately for Pakistan’s courts to decide.

Matthew Miller said that we have stated consistently, we continue to call for the respect of democratic principles, human rights, and the rule of law in Pak-

istan, as we do around the world.

Replying to a question, he said that we want to see a free, fair, and open democratic process, and when it comes to legal matters, those are matters for the Pakistani courts to decide.

“We want to see the democratic process unfold in a way that allows broad participation for all parties and respects democratic principles.

We don’t take a position, as you have heard us say before, about internal Pakistani matters, and we don’t take a position with respect to candidates for office in Pakistan,” he said.

Matthew Miller said that we certainly want to see a free and fair elections in Pakistan, and we will be monitoring how that proceed over the next week to 10 days.

PTI founder challenges rejection of nomination in SC ISLAMABAD

Staff RepoRt

Pakistan Tehreek-e-Insaf (PTI) founder and former prime minister Imran Khan has moved the Supreme Court (SC) against the rejection of his nomination papers ahead of the election 2024. As per details, the former prime minister urged the top court to declare him eligible for the upcoming elections from NA-122 Lahore and NA-89 Mianwali. The petition stated that the disqualification notification is incorrect under Article 63(1). Khan urged the Supreme Court to declare the election tribunal verdict null and void as the conviction in the Toshakhana case was not on a moral basis. Earlier, the Lahore High Court (LHC) upheld the election Appellate Tribunal’s decision that dismissed the appeals of Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan and other party leaders regarding the rejection of nomination papers by the returning officers (ROs) for upcoming general elections. The former prime minister had submitted his nomination papers from NA-122 Lahore and NA-89 Mianwali for the general elections scheduled for Feb 8, both of which were rejected by the respective ROs. Subsequently, he contested these decisions before the election appellate tribunals, where his appeals were also dismissed. It is pertinent to mention here that on Dec 30, the Election Commission of Pakistan (ECP) rejected nomination papers of Pakistan Tehreek-e-Insaf (PTI) founder from two National Assembly constituencies – NA 122 (Lahore) and NA-89 (Mianwali). “The PTI founder has been convicted,” the returning officer (RO) said while rejecting nomination papers of former prime minister.

Rs 20.00 | Vol XIV No 214 I 8 Pages I Karachi Edition

barrister Ali Zafar announced moving the Islamabad High Court (IHC) against the Toshakhana reference case verdict.

He also announced filing a separate application to suspend the decision of the accountability court.

Pakistan Tehreek-e-Insaf (PTI) founder and lawyer Barrister Ali Zafar during a media talk on Wednesday said PTI’s legal wing informed him about approaching the IHC. “PTI founder and his wife Bushra Bibi were not allowed to present their witnesses and lawyers were not even allowed to cross-examine,” Ali added.

After getting a copy of the verdict, PTI moved IHC against the decision that sentenced Imran Khan to 14 years in prison and disqualified him from holding any public office for a decade.

CONTINUED ON PAGE 03

PTI leaders criticize court decision; appeal for calm ISLAMABAD

Staff RepoRt

Following the 10-year prison sentences handed to former Prime Minister Imran Khan and ex-Foreign Minister Shah Mahmood Qureshi on Tuesday, Pakistan Tehreek-e-Insaf (PTI) has urged its supporters to stay composed and shift their attention towards the upcoming February 8 elections.

Several PTI leaders, through statements, video messages, and social media posts, expressed criticism of the cypher trial conducted by a special court within Adiala Jail, labeling it a “mockery of the law.” PTI Chairman Gauhar Khan

asserted that the verdict would not stand in the high court.

The case originated from Imran’s public display of a paper during a rally in Islamabad on March 27, 2022, claiming it as evidence of an “international conspiracy” before a vote of no-confidence that led to his government’s ouster.

PTI founder Imran and senior party leader Qureshi, who was the foreign minister at that time, were charged under sections 5 and 9 of the Official Secrets Act (OSA). On Tuesday, each of the two accused were awarded 10 years imprisonment.

CONTINUED ON PAGE 03

Top military brass vows to prevent violence under garb of political activity

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Forum reiterates unwavering support for Kashmiris’ right to self-determination, Palestinians RAWALPINDI

Staff RepoRt

Pakistan’s military top brass leadership on Wednesday unequivocally pledged to prevent any acts of violence masquerading as political activity, safeguarding the essence of democratic processes ahead of the upcoming free and fair elections slated for February 8.

The decision emerged from the 262nd Corps Commanders’ Conference (CCC) convened at the General Headquarters (GHQ) in Rawalpindi, as per a statement by the Inter-Services Public Relations (ISPR).

Presided over by Chief of Army Staff (COAS) General Syed Asim Munir, the gathering delved into critical discussions regarding the deployment of Pakistan Army to support the Election Commission of Pakistan (ECP) in ensuring the peaceful conduct of the General Elections 2024. The military affirmed its commitment to executing assigned responsibilities within the framework of constitutional mandates and under the directives of the ECP. In a solemn tribute, the forum honoured the supreme sacrifices made by martyrs, including personnel from the armed forces, law enforcement agencies, and civilians, who laid down their lives in the pursuit of peace and stability in the country.

Emphatically denouncing terrorism and its sponsors, the forum underscored its determination to confront ter-

rorists, their facilitators, and instigators acting at the behest of hostile elements aimed at destabilising Pakistan.

COAS Gen Munir underscored the sanctity of Pakistan’s sovereignty and territorial integrity, asserting the nation’s unwavering commitment to peaceful coexistence with all states while reiterating its steadfast stance against any compromise on sovereignty, national honour, or the aspirations of the Pakistani people. The conference also addressed the alarming trend of extraterritorial and extrajudicial killings perpetrated by India, denouncing its state-sponsored terrorism and highlighting the urgent need to expose India’s flagrant violations of international law to the global community.

Additionally, the forum reiterated its unwavering support for Palestine and the people of Gaza, recognising the urgent necessity for a permanent ceasefire and a lasting resolution to the Palestinian issue. Pakistan’s steadfast commitment to advocating for the right of self-determination for the people of Indian Illegally Occupied Jammu and Kashmir (IIOJK) was also reaffirmed, aligning with relevant United Nations Security Council resolutions. Acknowledging the strides taken against various forms of illegal activities and criminal syndicates, the forum underscored the need for sustained efforts to combat smuggling, hoarding, money laundering, power theft, and illegal immigration, recognising their detrimental impact on the economy and the well-being of the populace.

CCoE meets to address Oil Refining Policy implementation issues g

CCoE aims to alleviate industry’s concerns this time PROFIT

ahmaD ahmaDaNi

The Cabinet Committee on Energy (CCoE) is scheduled to hold a meeting on Thursday (1st February, 2024) to discuss and resolve the implementation issues of the Pakistan Oil Refining Policy 2023, which aims to upgrade the existing brownfield refineries to produce Euro V compliant fuel.

BACKGROUND The policy, which was approved by the CCoE in June 2023, offers various incentives to the refineries for upgrading their facilities, such as deemed duty, tax exemption, and output flexibility. The policy also requires the refineries to sign upgrade agreements with OGRA within six months of the policy notification, failing which they would face penalties and restrictions.

However, the refineries raised several

concerns regarding the viability and sustainability of the upgrade projects, which have delayed the signing of the upgrade agreements. The refineries highlighted the financial implications and foreign exchange situation, which pose challenges in arranging debt and equity for the projects. They also pointed out the technical constraints and legal/contractual issues in the upgrade agreement template finalised by OGRA. ENTER THE CONSULTANTS To address these concerns, the Ministry of Energy, in collaboration with OGRA, engaged in multiple meetings with the refineries and hired financial consultant KPMG and legal consultant Ajuris to examine the proposals and provide recommendations.

KPMG’s analysis revealed that the discontinuation of 7.5% deemed duty on HSD and taxation on CAPEX incentives negatively impacted project IRR and NPV for

the majority of the refineries, while the continuation of deemed duty on HSD and taxation significantly improved project economics.

Considering this, KPMG proposed the continuation of 7.5% deemed duty on HSD for the project’s life. Regarding taxation, options were explored, and an alternate proposal was developed, including compensating the shortfall by enhancing the cap limit from 25% to 27.5% and extending the incentive period from six to seven years.

Ajuris provided legal options to address outstanding legal/contractual issues in the upgrade agreement template, such as arbitration, force majeure, and committed output. After discussions with refineries and OGRA, several recommendations were formulated, including adding a force majeure clause to the policy and the upgrade agree-

Govt raises petrol, diesel prices

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Effective immediately, price of petrol will see a surge of Rs13.55 per liter, reaching a new rate of Rs272.89 per liter ISLAMABAD NewS DeSk

The caretaker federal government has announced an increase in petrol prices by Rs. 13.55 per liter to reach Rs. 272.89 per liter. Additionally, the cost of high-speed diesel has been raised by Rs. 2.75 per liter, reaching Rs. 278.96 per liter. This decision follows a previous reduction of Rs. 8 per liter in petrol prices during the last fortnightly review, where the high-speed diesel price remained unchanged.

ECP’s session discusses deteriorating law and order in KP, Balochistan today ISLAMABAD

Staff RepoRt

The Election Commission of Pakistan (ECP) has convened a meeting on Thursday (tomorrow) to contemplate the deteriorating law and order situation in Khyber Pakhtunkhwa and Balochistan. In a notification issued on Wednesday, the electoral watchdog said the caretaker interior minister, interior secretary, chief secretaries of Balochistan and KP, provincial police chiefs and officials of intelligence agencies would attend the meeting.

The development comes hours after a PTI-affiliated candidate was shot dead in KP’s Bajaur. According to the police, Rehan Zeb Khan, an independent candidate, was canvassing in the area when unidentified armed men opened fire on his vehicle. Separately, two terror incidents were reported in Balochistan on Wednesday. In Quetta, five people were injured in a grenade attack on the PPP’s election office. Meanwhile, a worker belonging to the Awami National Party was killed during the party’s election rally in Chaman. A day earlier, four people were killed while six were wounded in a bomb blast at a PTI rally in Balochistan’s Sibbi. No one would be allowed to sabotage elections’ Meanwhile, the 262nd Corps Commanders’ Conference (CCC) held at the General Headquarters (GHQ), asserted that no one would be allowed to “indulge in violence in the name of political activity” and “sabotage” the exercise of free and fair elections. According to a press release issued by the Inter Services Public Relations, the affirmation came during the 262nd Corps Commanders’ Conference (CCC) held at GHQ with Chief of Army Staff (COAS) Gen Asim Munir in the chair. During the high-level moot, the forum discussed the deployment of the Pakistan Army troops to assist the ECP in the peaceful conduct of the upcoming general elections.

ment, and allowing output flexibility for the refineries. The findings of the KPMG as well as Ajuris were also discussed with the refineries and OGRA in a series of meetings. The last meeting was chaired by Minister for Energy on 15th January, 2024 wherein the following recommendations were agreed for considerations of the CCoE: To compensate for the shortfall in incremental/ Capex incentive due to taxation, the cap limit of withdrawal from escrow account may be enhanced from current 25% to 27.5% of the project cost and incremental incentive period may be increased from current six to seven years.

The prevailing 7.5% deemed duty on HSD for sustainability shall continue after the seven years incentive period for 20 years or till deregulation, whichever I earlier.

After the completion of a six year period for upgradation, the waiver shall expire and the refineries producing products below Euro V specification will not be entitled to any deemed duty on MS and HSD. Deemed

duty on HSD shall be reduced from 7.5% to 5% for refineries which do not sign the upgrade agreement (UA) within one month of the date of notification of amendment in the policy. It was felt that there was no forum available to resolve the issues faced by the refineries after signing the upgrade agreement, therefore the following committee shall be constituted which shall address the issues/anomalies faced during implementation of this policy.

Secretary, Petroleum Division (Chairman) Secretary, Finance Division Chairman OGRA The implications of the meeting Sources revealed that any refinery who has already signed the upgrade agreement under the original refining policy for Upgradation of Brownfield Refineries Policy 2023 will have the right to opt the amended provisions/incentives of the policy as a package by executing a supplemental to the upgrade agreement.

It is pertinent to mention that in response to these recommendations, the CCoE is expected to consider and deliberate on various proposals during its upcoming meeting. The decisions made will play a crucial role in shaping the future trajectory of the oil refining sector in Pakistan, which is facing challenges in meeting the growing demand for clean and sustainable energy.

02 NEWS

NEPRA RESERVES DECISION ON DISCOS’ PLEA TO JACK UP TARIFF BY RS 5.62/UNIT UNDER FCA

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Thursday, 1 February, 2024 | KARACHI

INCREASE IN ELECTRICITY PRICE UNDER FCA OF DECEMBER 2023 WILL NOT BE APPLICABLE TO LIFELINE ELECTRICITY CONSUMERS AND CONSUMERS OF K-ELECTRIC total cost of energy was Rs 78,296 million.

During the hearing, Member NEPRA Rafiq Sheikh inquired how much was the burden due to the violation of the merit order and the system constraints. How long will this system last, what is the plan or will we continue to sell electricity like this? Ever since the creation of Pakistan, problems have been going on, how long will these problems be solved?

Member NEPRA Rafiq Shaikh said that do the institutions have any solution, how long will this problem be solved? This month electricity distribution problem reported three times, either tell that there is no solution, the issue of overbilling of electricity companies will be finalized by March.

During the hearing, Member NEPRA Mothar Niaz Rana said that nuclear power was generated less due to refueling of nuclear fuel.

Meanwhile, the Central Power Purchasing Agency (CPPA) sought retroactive adjustments of over Rs 5 billion.

NEPRA officials clarified that the power companies (DISCOs) will replace the faulty

ISLAMABAD

AhmAD AhmADANi

ATIONAL Electric Power Regulatory Authority (NEPRA) has reserved its decision on the request of power distribution companies (DISCOs) to increase the price of electricity by Rs 5.6194 per unit on account of fuel charges adjustment (FCA) for the month of December 2023.

Earlier, Central Power Purchasing Agency (CPPA), on the request of DISCOs, submitted an application with NEPRA to increase the electricity price under FCA of December, 2023. And, NEPRA conducted a public hearing on 31st January 2023 (Wednesday) mainly to consider December’s FCA. The CPPA, in its application, claimed that the reference fuel cost for December 2023 was set at Rs5.403 per unit but the actual fuel cost came in at Rs11.022 per unit.

The CPPA also submitted that the total electricity generated with various fuels in the month of December was recorded a 97,726 GWh, at a price of Rs 10.1341 per unit. The

Foreign investors offload $35mn worth of shares in January: report

meters by February.

The power generation with hydel source was 1,859 GWh (giga watt per hour) constituting 24.06 per cent with zero cost of power generation while power production with coal-fired power plants was 1,694 GWh (local + imported coal: 1,310+ 384 GWh) which was 21.92 per cent and the total power generated at a price of Rs2 million (Rs 29.5832/unit).

Similarly, the power generation from gas-based power plants was 826 GWh, 10.69 per cent of the total generation, totaling Rs14.6035 per unit and the generation from Re-gasified Liquefied Natural Gas (RLNG) was 1,268 GWh, which was 16.41 per cent of total generation, at Rs33.250 per unit.

Likewise, power production from bagasse recorded at 101 GWh, the price of which has been calculated at Rs 5.9822 per unit. The electricity generated from wind was recorded at 150 GWh, 1.95 per cent of total generation and solar at 62 GWh, 0.80 per cent of the total generation in December 2023.

Moreover, electricity generation from nuclear sources was 1,464 GWh which came

out at Rs1.3162 per unit, 18.95 per cent of the total generation, and electricity imported from Iran was 28 GWh that amounted to Rs 33.1274 per unit, 0.37 per cent of the total power generation in the said month.

It is also learnt from the data submitted by the CCPA with NEPRA that net electricity delivered to DISCOs in December 2023 was 7,418GWh (96.02pc) at a rate of Rs 11.0225 per unit, total price of which was Rs 81,767 million. It is pertinent to mention that this is apparently the highest-ever increase in fuel cost adjustment (FCA) demanded by the CPPA. Similarly, the higher proposed FCA is mainly because of higher than refer-

SBP eases payment regulations for importers g

AUTHORISED DEALERS CAN PAY UP TO 100% OF LETTER OF CREDIT OR INVOICE VALUE PROFIT

News Desk

PROFIT

News Desk

Pakistan Stock Exchange (PSX) witnessed the highest net selling by foreign portfolio investors in 12 months, as they offloaded $35 million worth of shares in January 2024, according to Topline Pakistan Research. The outflow came after six months of net buying by foreign corporations, who invested $75 million in PSX from July to December 2023, following the IMF deal and the caretaker government’s reforms that stabilised the Pakistani rupee (PKR) and boosted market confidence. However, the recent sell-off was mainly driven by the liquidation of a New York-based exchange-traded fund (ETF) that had exposure to Pakistan. Global X ETFs announced on January 19, 2024, that it would close 19 of its ETFs, including the Pakistan ETF, as part of its product review process.

The Pakistan ETF had $33.23 million invested in PSX at the end of December 2023, but this amount dropped to $2.3 million by January 30, 2024, indicating that the fund was almost done with its selling spree. Brokerage expects the PSX recovery to resume after this temporary pressure, and projects the benchmark KSE-100 total return index to reach 75,000 points by December 2024, based on low price-to-earnings (PE) multiples and without factoring in any potential re-rating amid debt sustainability risks. The research firm also anticipates a post-election rally in line with historical trends, and identifies the smooth transfer of power to the new government, the new long-term funding program from the IMF, and the expected fall in interest rates as the key drivers of equities in 2024. Pakistan market is currently trading at a PE of 3.7x based on 2024 estimated earnings, which is far lower than the last fiveyear and 10-year average PE of 6x and 8x respectively, and even lower than countries that have defaulted on external debt.

The State Bank of Pakistan (SBP) has allowed authorized dealers the authority to execute import advance payments, without prior approval from the SBP, against irrevocable letters of credit (LCs) or invoices. ccording to a circular by the SBP, these payments can now amount up to 100% of the value of the letter of credit or invoice, marking a notable departure from previous restrictions.

The SBP emphasized that such transactions must be conducted with appropriate due diligence and adherence to the Trade-Based Money Laundering (TBML) framework.

This includes assessing customer profiles, evaluating the nature and quantity of imported goods, and monitoring prevailing pricing trends in international and domestic markets.

To mitigate risks of misuse, authorised dealers are mandated to obtain undertakings from importers, as well as collateral or guarantees, as deemed necessary.

Moreover, they are required to submit consolidated statements regarding advance payments against imports to the SBP’s Foreign Exchange Operations Department, ensuring transparency and accountability.

Penalties are outlined for instances where imported goods are not received within specified timeframes or advance payments are not repatriated. These penalties include daily interim charges and potential adjudication by the Foreign Exchange Adjudication Department.

As per the SBP circular, authorized dealers must recover an interim penalty of 0.1% per day on outstanding advance payments if goods aren’t imported or funds repatriated within 730 days for

plant and machinery, or within 120 days for other cases, and deposit the recovered amount in favour of the SBP. The interim penalty amount accruing on each day will be calculated by using the prevailing market exchange rate starting from the first day after the lapse of 730 days or 120 days, till the date of goods import into Pakistan.

In addition to penalties, the SBP underscores the importance of establishing monitoring mechanisms to prevent misuse of import advance payments.

Authorized dealers are empowered to take punitive actions against delinquent importers, including reporting suspicious transactions and barring future advance payments.

Overall, the SBP’s amendments aim to strike a balance between facilitating trade activities and safeguarding against potential risks associated with import advance payments.

The regulatory changes aim to foster greater transparency and accountability within Pakistan’s import ecosystem by promoting enhanced due diligence and compliance measures.

EFG Hermes approves merger with Intermarket Securities g

PROPOSED MERGER TRANSACTION IS SUBJECT TO OBTAINING ALL REQUISITE APPROVALS FROM SHAREHOLDERS OF BOTH COMPANIES PROFIT

News Desk

EFG Hermes Pakistan on Wednesday granted in-principle approval for a merger transaction with Intermarket Securities Limited (IMS).

The company said in a notice to the Pakistan Stock Exchange (PSX), “The Board of Directors of EFG Hermes Pakistan in their meeting held on January 30, 2024, have approved the merger transaction between EFHPL and Intermarket Securities.”

“However, the proposed transaction is subject to obtaining all requisite approvals, consents, and authorisations from the shareholders of both companies, regulatory authorities, and other concerned parties,” read the notice.

EFG authorised to proceed with discussions, negotiations, and enter into a memorandum of understanding pertaining to the transaction.

The company also said that Saad Iqbal, the existing Director and CEO of EFG Hermes Pakistan, and Murad Ansari, the Director and Chairman,

have resigned from their positions. The board of directors has appointed Syed Raza Haider Jafri as the replacement Director and CEO, and Azeem Bilwani as the Director, subject to fit and proper clearance from the Securities and Exchange Commission of Pakistan (SECP) and PSX. Moreover, the Board has also appointed Freyan Avari as the Chairman of the board of directors.

Earlier, on January 15, EFG received an addendum from IMS due to an error in the Weighted Average Share Price (WASP) amount.

The WASP, as quoted on the PSX during the 28 days preceding the date of public announcement of intention, was Rs 13.20 per share. The addendum further stated that the revised WASP is due to an error in the calculation.

Private sector credit declines for over six months amid high-interest rates g

KARACHI INTERBANK OFFERED RATE, PRIMARY LENDING RATE, ROSE TO OVER 24PC IN SEPT 2023, MAKING BORROWING MORE EXPENSIVE FOR BUSINESSES PROFIT

News Desk

Private-sector credit continuously contracted for more than six months during the current fiscal year, according to data released by the State Bank of Pakistan (SBP) on Tuesday.

The private sector repaid Rs15.313 billion to banks from July 1, 2023, to Jan. 19, 2024, compared to borrowing Rs393.2 billion during the same period the previous year.

The decline in private-sector borrowing is attributed to the impact of aggressive interest rate hikes by the central bank.

The benchmark rate was raised by 15 percentage points to a record 22 percent since September 2021 to curb inflation.

Despite remaining unchanged at 22 percent since June 2023, the high borrowing costs have influenced the repayment trend.

The Karachi interbank offered rate, the primary lending rate, reached over 24 percent in September 2023, making borrowing more expensive for businesses. This weak

economic activity led to private businesses struggling to secure financing. Banks, concerned about defaults, became cautious about lending to riskier borrowers.

High public-sector borrowing further limited the availability of bank funding for the private sector. Pakistani banks, holding substantial liquidity, opted for risk-free government securities, contributing to a drop in lending to private businesses.

Government borrowing from banks increased significantly, reaching Rs4 trillion during July-January FY24 to fund the budget deficit, compared to Rs1.4 trillion in the previous year. The IMF’s country report highlighted that banks’ sovereign exposure increased from 48 percent of assets at the end of FY21 to 55.3 percent by the end of September 2023.

Economic growth saw a sharp decline from 6 percent in FY22 to 0.3 percent in FY23, reflecting the private sector’s dwindling economic confidence. The SBP, in its monetary policy statement, mentioned a slight decline in large-scale manufactur-

ing in the first five months of FY24, with a moderate increase noted in November.

Despite broad money (M2) growth hovering around 14 percent in FY24, reaching 17.8 percent year-on-year by the end of December 2023, the SBP anticipates this acceleration to be transitory, expecting a reversal in the coming months.

The Monetary Policy Committee noted a decline in M2 on a week-on-week basis to Rs31.9 trillion as of January 19, driven by a drop in bank deposits and a decline in currency in circulation.

Analysts suggest that the expected economic recovery and impending monetary easing, set to begin in March, could spur the expansion of private-sector credit.

The government projects a rebound in Pakistan’s economy in fiscal year 2024, with growth expected to be between 2-2.5 percent, driven by improved agricultural performance.

SBP’s GDP growth projections remain in the range of 2-3 percent, with positive signs of increased capacity utilization in the manufacturing sector, as per survey results.

ence fuel cost and lower hydropower availability in December 2023. Likewise, if NEPRA approves Rs 5.62/unit hike in power tariff under FCA of December, then power consumers will pay the additional bill in the month of February, 2024.

So far, NEPRA has reserved the decision to increase the price of electricity by Rs 5.62 per unit under FCA of December, which will be issued after necessary scrutiny of the data. According to NEPRA, the increase in electricity price under FCA of December 2023 will not be applicable to the lifeline electricity consumers and the consumers of K-Electric.

Imran Khan tops poll as preferred leader for economic revival, Bloomberg survey PROFIT

moNitoriNg Desk

According to a recent Bloomberg survey, Pakistan’s leading economists and analysts favor former Prime Minister Imran Khan to spearhead reforms for the country’s struggling economy. Despite Khan’s disqualification due to convictions, his enduring popularity makes him the top choice among finance professionals. Nawaz Sharif, three-time former premier of the Pakistan Muslim League-Nawaz (PML-N), secured the second spot, credited for his government experience. In third place was Bilawal Bhutto Zardari, with some respondents expressing concerns about dynastic politics. Growing disillusionment with the electoral system is noted, especially as Imran Khan faces disqualification. Recent developments saw Khan and his spouse sentenced to 14 years in jail, adding to his political challenges.

Simultaneously, Nawaz Sharif’s PML-N is gaining voter support since his return from exile, as per a Gallup survey. Bloomberg Economics’ analysis of the misery index favors Nawaz’s party in managing the economy over the past three decades compared to rivals, including Khan. The upcoming elections aim to end political volatility since Khan’s ouster, with the winning leader tasked with addressing an economy grappling with low reserves and high inflation.

PSX’s KSE-100 index shows mere recovery PROFIT

News Desk

The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) recovered by a mere 137 points or 0.22% on Wednesday after a loss of 932 points the previous day. According to the PSX website, the KSE-100 index closed at the 61,979.18 level. Clear crests and troughs were visible in the index during intraday trade.

“Selling pressure from FIIs and delay in gas circular debt resolution plan have kept investors at bay. We expect the market to remain jittery ahead of general elections where political anxiety is likely to dent investor sentiment based on the news where former prime minister Imran Khan and ex-foreign minister Qureshi have been sentenced to 10 years of imprisonment in the cipher case. We recommend investors to accumulate on dips as we expect the market to rally after the general elections,” said Intermarket Securities Limited. More green was visible compared to red in the commercial banks sector during the intraday trade, likely due to projections suggesting an increase in banks’ Net Interest Income (NII). “The NII of the banks in its portfolio is likely to increase by 61% YoY to Rs 324 billion in 4Q2023 on the back of a rise in asset yields. 6M Kibor/T-Bill/PIB rates have increased to 21.88%/21.68%/17.26% respectively (up around 300-550bps on a YoY basis) in 4Q2023,” said Topline Securities.

However, despite recently declaring its highest-ever profitability, the share price of Bank AL Habib Limited (BAHL) reduced

by Rs 0.65. In terms of volume, K-Electric was the clear leader with 36,273,372 shares traded. Unilever Foods’ share price increased by Rs 1551, making it the highest gainer. However, appreciation in Unilever’s stock is easy to predict, especially considering the company’s announcement of an interim cash dividend of Rs 179 per share in last November for FY23, a return on equity of 1790% attracts equity investment.

NEWS 03

RED SEA CRISIS SPURS 150PC SURGE IN FREIGHT CHARGES, POSING THREAT TO KEY EXPORTS

Thursday, 1 February, 2024 | KARACHI

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REPORTEDLY, EXCEEDING EXPORT PRICE HAS PUT EXPORT OF RICE, TEXTILES, FRUITS, AND VEGETABLES UNDER THREAT

closed that average freight charges per container have risen from $1,500 to $2,500 due to the maritime trade crisis on the East-West route, as reported by Express Tribune.

The crisis emerged following attacks by Houthi rebels in Yemen on cargo vessels in response to Israeli actions in Gaza.

Before the crisis, freight charges were approximately $1,000 per container. The longer travel routes via Africa adopted by vessels to bypass the Red Sea crisis have resulted in increased delivery times, a shortage

PROFIT

MoNitoriNg Desk

REIGHT charges in Pakistan have witnessed a substantial 150% increase in the aftermath of the Red Sea trade crisis, presenting a significant challenge to the export of crucial commodities such as textiles, rice, fruits, and vegetables.

Chairman of the All Pakistan Shipping Association (APSA), Aasim A Siddiqui, dis-

OGRA notifies Rs 1 per kg hike in LPG price for February

including mandarin (kinnow), is also under threat. The APSA chairman highlighted that all stakeholders, including seaports, terminal handlers, and shipping companies, are charging demurrage due to delays in containerized cargo clearance.

He noted that the rates vary among companies, creating healthy competition. Siddiqui emphasized that companies charging unjustified fees would eventually lose clients.

Around 18 to 20 foreign shipping companies operate in Pakistan, facilitating trade cargo for local importers and exporters worth over $70 billion annually.

Siddiqui stressed the need for reforms in maritime trade policy to address challenges effectively.

Pakistan foresees surge in rice exports amidst India’s trade restrictions g

ISLAMABAD

AhMAD AhMADANi

of empty containers, and demurrages in various countries, including Pakistan.

Siddiqui clarified that the surge in freight charges is directly linked to tensions in the Red Sea, refuting claims by local businessmen and trade bodies that shipping companies were solely responsible for the significant hike in charges.

The extended travel time via Africa, taking three weeks compared to one week through the Red Sea has led to a shortage of containers, contributing to the rise in freight charges. Freight charges have reportedly exceeded the export price of rice, putting Pakistan’s second-largest export at risk.

Similarly, the export of textiles, the single largest sector, and fruits and vegetables,

The Oil and Gas Regulatory Authority (OGRA) has increased the price of liquefied petroleum gas (LPG) by Rs 1 per kilogram for the month of February 2024 and issued a notification to this effect. According to OGRA’s notification, the price of LPG has been increased by Rs.1 per kg after which domestic cylinder price increased by Rs.14 and commercial cylinder by Rs.53 for the month of February 2024. Similarly, now LPG will be sold at Rs 257 per kg instead of Rs 256 per kg and domestic cylinder Rs.3026 instead of Rs.3040, while the commercial cylinder will be available at Rs 11695 instead of Rs 11642 in the open market of the country. According to OGRA, the LPG producer price is linked with Saudi Aramco-CP and US$ dollar exchange rate.

As compared to previous month Saudi Aramco-CP has increased by 1.6%. The average dollar exchange rate has however gone down by 1% resulting to increase in LPG consumer price by Rs.13.76/11.8 kg cylinder (0.45%). The per Kg increase in LPG consumer price is Rs.1.16. Chairman of LPG Distributors Association Irfan Khokhar said that LPG is not available anywhere in the country including Lahore at the official price. He said that the looting of billions of rupees has been going on for three months, and all other government institutions, including Ogra, have become silent spectators. He said high LPG costs affect both hilly and remote areas and now also in the plains, it has become difficult for the people to cook food due to the high cost of LPG. Although OGRA has fixed the LPG price at Rs 257/KG, however, it is being sold at Rs 282/KG across the country, including Lahore, said Irfan Khokhar. LPG mafia and LPG marketing companies are fleecing the inflation hit masses by selling LPG at their own price, he added.

RICE EXPORTS ARE EXPECTED TO REACH 5 MILLION METRIC TONS IN FY2023-24, UP FROM 3.7 MILLION TONS PREVIOUS YEAR PROFIT

News Desk

Pakistan is anticipated to achieve a record high in rice exports by June, driven by India’s decision to limit its own shipments.

The move has redirected buyers to source more rice from Islamabad, where prices are at their highest point in almost 16 years. The record-breaking exports are helping to alleviate global rice supply constraints after India, the world’s largest exporter, imposed restrictions last year. These increased exports will also contribute to bolstering Pakistan’s foreign exchange reserves, crucial for financing imports.

Chela Ram Kewlani, Chairman of the Rice Exporters Association of Pak-

istan (REAP), highlighted the solid demand for rice in recent months, primarily due to India’s suspension of exports.

Pakistan’s rice exports are expected to reach 5 million metric tons in the 2023/24 financial year, up from 3.7 million tons the previous year. Some industry officials are even more optimistic, suggesting that exports could reach 5.2 million tons, given the significant improvement in production this year.

Pakistan is projected to produce 9 to 9.5 million tons of rice in 2023/24, rebounding from the previous year’s 5.5 million tons, which was impacted by floods.

In December alone, Pakistan exported approximately 700,000 tons of rice, with higher production and elevated global prices enabling rapid exports.

Basmati rice exports are expected

to increase by 60% to 950,000 tons, while non-basmati exports could surge by 36% to 4.25 million tons.

Traditionally, India offered nonbasmati rice at a lower price than Pakistan. However, with India withdrawing from the market, buyers are turning to Pakistan. Local prices are gradually rising despite higher production, with 5% broken white rice priced at around $640 per ton and parboiled rice at around $680 per ton, up from $465 and $486 respectively a year ago.

Pakistan’s current export destinations for non-basmati rice include Indonesia, Senegal, Mali, Ivory Coast, and Kenya, while premium basmati rice is exported to the European Union, Qatar, and Saudi Arabia, as reported by industry dealers.

Engro appoints Ahsan Zafar Syed as president, CEO designate PROFIT

News Desk

Engro Corporation, Pakistan’s premier business conglomerate, has announced the appointment of Ahsan Zafar Syed as President and Chief Executive Officer (CEO) Designate, the company informed the Pakistan Stock Exchange (PSX) in a notice on Wednesday.

Meanwhile, Ghias Khan will continue to serve as President and CEO of Engro Corporation until the end of his term in April 2024.

“The board has also expressed its deepest gratitude towards the existing President & CEO, Mr. Ghias Khan, whose leadership and dedication has helped in the substantial growth of the

Company,” read the notice.

Ahsan, currently CEO of Engro Fertilizers, began his career with Engro (then Exxon Chemical Pakistan Limited) over 30 years ago. He played a pivotal engineering role in the construction of the EnVen plant for Engro Fertilizers, which is the second-largest single-train urea plant in the world.

Serving as the CEO of Engro Energy, he oversaw power and mining projects collectively amounting to USD 1.9 billion, leading the successful exploration of Pakistan’s largest coal reserves in Thar.

Engro Corporation, under Ghias Khan’s leadership over the past seven years, achieved significant milestones.

Engro Fertilizers, its flagship busi-

ness, became the most valuable fertilizer company on the PSX. Major projects, including the Thar project and the partnership with VOPAK for the LNG Terminal, were successfully completed.

Engro also diversified its portfolio by venturing into a telecommunication infrastructure vertical through Engro Enfrashare and established Engro FZE in Dubai for regional trade.

Ghias Khan implemented the current operating model for Engro Corporation, earning several awards and recognition. Recently, four Group companies secured top positions in the PSX awards for 2023, with Engro being acknowledged as a leading employer of choice.

PTI founder, spouse jailed for 14 years, disqualified in Toshakhana case CONTINUED FROM PAGE 01

Ali Zafar said that he will also file a separate request to suspend the decision of the Accountability Court. Furthermore, he claimed that constitutional and legal points were neglected in the decision.

“Which trial in the history of Pakistan has been completed in 28 days as trials have been pending here for five or six years, but the judgment of this particular case was pronounced hastily,” he claimed.

BUSHRA BIBI SURRENDERS IN TOSHAKHANA CASE: Bushra Bibi, wife of Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan surrendered after 14 years imprisonment awarded by Accountability Court (AC) in Toshakhana case.

The development came after an Accountability Court (AC) awarded the imprisonment and a fine of Rs787 million to PTI founder Imran Khan and his wife Bushra Bibi in Toshakhana case.

Later, Bushra Bibi arrived at Adiala jail and surrendered before the National Accountability Bureau (NAB) officials who were already there to arrest her after the conviction. In today’s hearing, the Pakistan Tehreek-e-Insaf (PTI) founder was brought to court, however, Bushra Bibi did not appear. After being asked about his statement of 342, the former prime minister replied: “The statement is in the room, I was only called to appear before the court.”

The judge directed Imran Khan to submit his statement immediately and remarked: “Don’t waste court time.” “The lawyers have not come yet, I will submit the statement after showing them,” the PTI founder and then left the courtroom.

PTI TERMS VERDICT ‘COMPLETE DESTRUCTION OF LAW’ Reacting to the conviction, the PTI said, “Complete destruction of every existing law in Pakistan in two days.”

In a post on X, the party said Imran and his spouse had faced “yet another kangaroo trial in which no right to defence was given to both”. “Like cypher, this case has no basis to stand in any higher court. It’s shameful how a complete disregard and mockery of the law is in place,” the PTI added.

In another post, it said, “Big question marks arise on our judicial system now.

How the cipher and Toshakhana cases were conducted exposed a complete disregard of law by trial court.”

Imran’s sister Aleema Khan said that the “judicial system has buried itself” today. PTI leader Barrister Gohar Ali Khan said that the conviction was “not only injustice but cruelty”. In an apparent reference to the PML-N, he said the NAB was “withdrawing cases filed against a certain party” but at the same time was handing over “severe punishments just to make one leader happy”. Speaking to Geo News, he said, “We were not given time, were not given permission for cross-examination, despite there being a lawyer present.”

He claimed that Bushra had “no relation” to the Toshakhana case nor was there any case gift registered in her name. “This is only to bring Khan sahib under pressure,” he said, advising PTI supporters to remain calm and focus on the upcoming polls. Hamid Khan, a senior lawyer and PTI leader, said that two convictions in two days showed how all the laws and procedures of a fair trial were exploited.

“No legal requirements were fulfilled, […] the permission to present witnesses was not provided. The statements under Section 342 were not even recorded properly,” he said while speaking to Geo News.

Hamid said the party would appeal both the cipher and Toshakhana convictions in higher courts, while PTI Secretary General Omar Ayub Khan announced the same.

“We should harness and channel these energies for the polling day on February 8, 2024 by ensuring a massive voter turnout,” Ayub asserted. “Why does this system want to expose itself so badly? asked PTI’s Taimur Saleem Khan Jhagra, while party leader Shahbaz Gill said the PTI was “hurt” by what was happening but was proud of Imran’s “bravery”.

PTI Senator and lawyer Ali Zafar said the verdict was rushed, adding that if crossexamination was not allowed then the conviction would be regarded as a mistrial.

Speaking to Geo News, he said: “People are not worried by such trials.” Speaking to the media outside the Islamabad High Court, Zafar said that reports of changing Imran’s counsel were “not correct”. He said that Shahbaz Khosa had remained the lawyer from the beginning of the Toshakhana trial. He emphasised that there was a team of additional lawyers who were “not replacements” for the main counsel. Zafar highlighted that Imran and Bushra’s counsels were neither allowed to

cross-examine the prosecution witnesses nor were permitted to present their witnesses. The PTI senator said the party was filing an application to obtain a copy of the court order. PTI lawyer Intazar Hussain Panjutha claimed that there were no witnesses in the cases against Imran, yet he was still given punishment.

‘CERTIFIED TOSHAKHANA THIEF’ Meanwhile, the PML-N’s official X account said that “fake sadiq and ameen” had been proven to be a “certified Toshakhana thief in front of the world today”. PML-N leader Attaullah Tarar alleged that Imran had a “team that used to sell the items on the black market”, referring to Toshakhana gifts. Addressing a press conference in Lahore, he claimed that the PTI founder undervalued Toshakhana gifts through local markets and then paid the required 50 per cent tax on that amount. “The items were subsequently sold in the black market for a much higher price for profit. Farah Gogi, who’s an absconder in the case, played a key role in it,” the PML-N leader said.

Similarly, PML-N leader Marriyum Aurangzeb alleged that government officials collaborated in the assessment to undervalue the gifts in the Toshakhana reference. “It was a misuse of authority and they blamed everyone else for it,” she said in a separate press conference.

‘SCALES HAVE BEEN BALANCED’ Reacting to today’s verdict, senior journalist Mazhar Abbas said that the timing of the conviction would be discussed in political circles. At the same time, he said he did not expect PTI workers or leaders to react to the conviction. “The reaction to all of this would be important on February 8. Would they be demoralised and stay in their homes or would they come out politically charged?” he said while speaking to Geo News.

Commenting on the conduct of the PTI’s legal team, Abbas said that there appeared to be a “problem”. He highlighted how several PTI lawyers had come and go, but added that this could also be due to professional differences. It should be noted that in a recent hearing, Imran had said his lawyers could not appear before the court as they were contesting the upcoming general elections.

TOSHAKHANA REFERENCE: On Dec 19, the NAB filed the Toshakhana reference against Imran and his wife in an accountability court for retaining a jewellery set received from the Saudi crown prince

against an undervalued assessment. It alleged that during his term as premier, the PTI founder and Bushra Bibi had received a total of 108 gifts from different heads of state and foreign dignitaries.

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

The instant reference pertains only to the Graff jewellery set received from Crown Prince of Saudi Arabia Mohammed bin Salman and retained against a highly undervalued assessment by the above-mentioned accused persons. It said the NAB chairman delegated the powers to authorise an inquiry on the subject matter to director general NAB, Rawalpindi, on Aug 1, 2022. The DG authorised an inquiry on Aug 5, 2022. Subsequently, the inquiry was upgraded into the investigation on July 14, 2023.

During the course of inquiry, it transpired that during his tenure as PM, Imran Khan and his wife received 108 gifts. It emerged during the course of investigation that accused Bushra Imran, being wife of accused, received a Graff jewellery set from the crown prince of Saudi Arabia during an official visit. The gift was reported to Toshakhana of the cabinet division by deputy military secretary vide letter dated 24.09.2020 but the same was not deposited in accordance with Procedure for the Acceptance and Disposal of Gifts 2018 for true and transparent assessment. “As per evidence collected so far, Bushra Bibi, in connivance with Imran Khan, violated the clause-1 of the procedure by not depositing the gift at Toshakhana prior to its retention. The accused in connivance with each other, unlawfully exerted pressure and undue influence on Sohaib Abbasi, private appraiser (approver) through Syed Inam Ullah Shah (former PS/comptroller to Imran Khan /PM Office) in order to have illegally undervalued assessment of Graff jewellery set of their own choice and illegally retained the same against payment of meager amount of Rs9.031 million (approx.) on the basis of undervalued price assessment of Rs18,092,000,” the reference said.

He advocated for addressing issues in Afghan transit trade rather than suspending the entire trade to Kabul to control smuggling. Siddiqui called for a crackdown on illegal activities while stating that shipping companies associated with Afghan trade operate in compliance with the law.

Despite recent amendments to the maritime trade policy, Siddiqui highlighted that the APSA was not consulted.

He appealed to the government to release the 10,000 containers stuck at the port due to issues pending since the Covid-19 pandemic, causing financial losses.

Additionally, 1,000 containers in suspended Afghan transit trade are adding to the challenges faced by the industry.

Pakistan’s gross national income rises 46% in H1 FY2023-24 PROFIT

News Desk

Pakistan’s gross national income has surged by 46% during the first half (July to December) of the current FY2023-24, showcasing an increase compared to the same period last year. The Ministry of Finance’s data reveals that total national revenue for the first half of the fiscal year reached Rs 6.854 trillion. Breaking it down further, the second quarter alone witnessed total revenues amounting to Rs 4.168 trillion, marking an uptick from Rs 2.682 trillion recorded in the same period of the preceding fiscal year. A key driver of this economic upswing is the performance of the Federal Board of Revenue (FBR), which recorded a total revenue of Rs 4.469 trillion. This figure indicates a 30% growth compared to the same period in the previous fiscal year.

PTI leaders criticize court decision; appeal for calm CONTINUED FROM PAGE 01

“A complete disgusting mockery of law in this absolutely ridiculous trial,” the PTI said on its X account, following the announcement of the verdict. “Such sham trials have their future written in dustbin,” it added it a tweet on the social media platform. Speaking after the verdict, Imran’s sister Aleema Khan told reporters that justice had been trampled upon by this verdict. “They were trying to make a mockery of a former premier and a former foreign minister, but they have been made a mockery of themselves.” The PTI leader asked voters to “concentrate on coming out in large numbers on 8th February, 2024 to ensure a high voter turnout and vote for PM Imran Khan sahib’s nominated candidates whose names have been posted on PTIs website and social media channels”. She said that she had feared the death penalty in the case as prosecutor Rizwan Abbasi had asked for it.

Her comments were echoed by PTI Chairman Gauhar Khan. He said that he was also ready for the announcement of the capital punishment. “Our workers are peaceful,” Khan said, speaking to the media outside the Islamabad High Court (IHC). The entire nation is requested to have patience and tolerance. If there was a death sentence, the high court will abolish it. He announced that the decision would be challenged in the IHC. “The judge conducted the cipher case outside the Constitution and the law. Workers should have patience, pay attention to the election, have faith in the judiciary and you will get relief,” he said, adding a peaceful protest would be held against the verdict. In a video message, PTI Secretary General Omar Ayub Khan asked, “All PTI members and the Pakistanis to remain calm and peaceful following the decision” against Imran and Qureishi. The emphasised that the PTI had always followed the principle of rule of law.

PTI Khyber Pakhtunkhwa President Ali Amin Gandapur said that Imran and Qureshi had been treated unfairly through an illegal decision. The PTI and the entire nation “strongly reject” this decision.

04 COMMENT

Agent of change or agent of chaos?

Thursday, 1 February, 2024

Imran-less elections

J

UST over a week before the February 8 polls, PTI chief Imran Khan was hit with a double whammy, being sentenced to 14 years in jail in the cipher case, and 10 years in the Toshakhana case. Though the sentences will run concurrently, and while time already served after arrest will be counted, there is so little time before the polls that he can be counted out of the current poll, even if the appeals promised by his lawyers are filed and accepted, first by the Islamabad High Court, and then by the Supreme Court. Any reversal of these decisions will have to await the election results.

However, that is probably not all that will have to wait. PIA privatisation seems to have gone on hold, as has FBR reform. While PIA seems stuck after the Financial Adviser made its report, FBR reform came unstuck at a late stage, after the caretaker Cabinet had approved the division of the CBR into three, with separate boards for Internal Revenue, Customs and Policy. The Election Commission of Pakistan, on an appeal by a CBR official, wrote to the caretaker Cabinet telling it was going beyond its purview. It would seem selfevident that a decision which would affect tax collection for years, and perhaps decades, to come, should be made by an elected government rather than caretakers. This attempted over-reach may have also helped the ECP itself define the limits a caretaker government could go to. The recent missile exchange with Iran was an illustration of why a government is needed when elections are to be held. At the same time, the objections to the outgoing government holding office for elections are based on fears of rigging, and the fear that election results will not be accepted.

This then raises the question of whether the coming elections will yield results that will be accepted. With the PTI’s candidate for PM out of the equation for the next 13 years (about eight years prison time, and five years more after release), the acceptability of the results is problematic. The PTI has already indicated it will not accept the results, plainly seeing that Mr Khan’s disqualification, and the ECP’s refusal to accept its election symbol, mean that the results are going in a particular direction. It might seem that the elections are not going to yield what they were supposed to; political stability, even though that is necessary as a basis for tackling the very real problems the country faces, especially on the economic front.

Looking at Imran Khan from a management standpoint

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azhar dogar

N the arena of business and politics, two distinct archetypes can emerge: the agent of change and the agent of chaos. While both appear to disrupt the status quo, their intentions, methods, and impacts may diverge significantly. Understanding this disparity is crucial, especially in the context of Pakistan’s political landscape, where Imran Khan stands as a prominent figure embodying the essence of transformative leadership regardless of which side of the political divide you are on.

The agent of change is characterized by a clear vision for progress, driven by a desire to improve the existing system for the benefit of society. This individual seeks to implement constructive reforms, address systemic injustices, and foster positive development. Their actions are guided by principles of inclusivity, transparency, and accountability, aiming to empower communities and uphold rule of law and democratic values. Crucially, the agent of change operates within the bounds of legality and constitutional norms, leveraging peaceful public action to enact meaningful transformation.

Though at times this is dependent upon the nature and type of force and resistance used by the established order.

Conversely, the agent of chaos thrives on disruption for its own sake, often exploiting grievances and instigating turmoil without offering viable solutions. Their modus operandi revolves around inciting division, undermining institutions, and sowing seeds of discord. While appearing as a catalyst for change, their actions typically lead to instability, eroding trust in governance and impeding societal progress. Unlike the agent of change, the agent of chaos disregards established norms and institutions, opting for populist rhetoric and authoritarian tendencies to consolidate power.

Often it may become difficult to distinguish between the two. At times, efforts for change can lead to chaos and on other occasions chaos may effect real change. It is essential to pay attention to their stated vision, mission and agenda or manifesto to differentiate if someone is an agent of change or agent of chaos. Established order, forces of status quo, vested interests or the elite feel greatly threatened by both of these agents. The greater the chal-

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

lenge posed by change, the stronger is the force applied by the established order.

Khan, to give him the benefit of doubt, epitomizes the archetype of the agent of change despite what his opponents may proclaim. Throughout his political career, Khan has championed reformist agendas aimed at tackling corruption, poverty, and inequality with a focus on rule of law. His vision for a “Naya Pakistan” resonated with millions, promising an overhaul of governance structures to prioritize the welfare of ordinary citizens. This is regardless of the fact whether he delivered or failed to deliver during his less than four years in office, often he is compared with his predecessors who themselves were complete failures. Since 1947, most governments including military, hybrid or otherwise have failed to deliver on various measures of performance from an ordinary citizen’s perspective.

Central to Khan’s approach is his unwavering adherence to the rule of law, constitution and democratic principles. Even after incarceration, his key demand continues to be free and fair elections. Unlike previous leaders tainted by allegations of corruption and authoritarianism and notwithstanding some 200-odd court cases lodged against him, Khan has consistently emphasized the importance of accountability and transparency in governance.

Khan’s emphasis on public awareness and civic engagement underscores his role as a catalyst for societal change and in particular highlighting the paramountcy of rule of law. Through mobilization and advocacy campaigns, his party PTI has empowered citizens to actively participate in decision-making processes. Since his ouster in April 2022, by nurturing a politically conscious populace, Khan seems to be trying to lay a foundation for a robust democracy resilient to authoritarian backsliding. In Pakistan’s 75 years of direct and indirect military rule, no one has come close to seriously challenging the established status quo as he has. The nature and number of court cases is a testimony to how threatened the system feels by the challenge posed by his awareness campaigns and his popularity amongst the common population.

Regardless of his motivations, Khan’s ascent as an agent of change has not been without challenges, particularly from entrenched interests resistant to

Babar Nizami Editor Profit

Editor’s mail

The missile attack should not become a pretext for putting off elections

T

Sarmad Sattar

HE recent bombing incident that occurred between Pakistan and Iran has reverberated throughout the entire region, leaving an indelible mark not only on diplomatic relations but also on the intricate political landscape of Pakistan.

As the nation diligently prepares for its upcoming elections, this tragic event unexpectedly threatens to cause a delay that may potentially lead to far-reaching consequences.

A profoundly devastating bombing incident unfolded along the border shared by Pakistan and Iran, forcefully shaking the very foundations of regional stability. The sinister individuals responsible for perpetrating this abominable act remain shrouded in anonymity, further adding an unsettling air of uncertainty to an already tense situation. This audacious attack specifically targeted the Revolutionary Guards stationed within Iran’s Sistan and Baluchestan province, igniting genuine concerns regarding the prevailing security conditions in this particular area.

Subsequently, this egregious act has effectively raised serious apprehensions surrounding cross-border security matters while simultaneously casting a foreboding shadow over Pakistan’s intricate political landscape as it embarks upon its electoral journey. With election campaigns fervently underway and various political parties fiercely competing for votes, this sudden setback presents formidable challenges for aspiring candidates who must now urgently address pressing national security issues alongside their respective policy agendas.

Moreover, the timing of this unfortunate incident could not have been more unfavourable, occurring precisely at a pivotal moment when Pakistan was poised to execute a democratic transition of power. Elections serve as one of democracy’s fundamental pillars by empowering citizens with the freedom and fairness to choose their rightful leaders. However, amidst heightened security concerns stemming from the aforementioned bombing incident, legitimate doubts arise regarding whether conducting timely elections is at all feasible or practical.

It has unleashed profound shockwaves across the entire region. Its impact extends beyond diplomatic relations to significantly alter Pakistan’s intricate political landscape. As preparations for upcoming elections intensify, this tragic event unexpectedly poses an unfore-

seen obstacle that carries significant implications for all stakeholders involved.

The bombing has indeed caused profound effects on Pakistan’s political landscape as it deals with its aftermath. Moreover, this event brings up concerns about voter turnout and participation during these times of heightened security measures where people may be apprehensive to cast their votes at polling stations or engage fully in electoral activities. Such incidents can impede not only political campaigns but also disrupt democratic processes that depend on timely elections leading to uncertainty for voters seeking continuity based upon preferred candidates’ agendas while delaying opportunities for change-seeking citizens.

The attack is a stark reminder of how terrorism and politics are intricately connected. It is imperative for Pakistan to confront this problem head-on if it wants to be recognized as an enduring democracy. Delaying the elections would have serious consequences on multiple fronts, such as damaging the sanctity of democratic processes, eroding public faith in their ability to make choices freely during fair elections, creating uncertainty and instability among citizens eagerly awaiting formation of a new government. Furthermore, postponement may lead to political vacuum which could impede progress on key issues like economic reforms or security measures while enabling those currently holding power remain unaccountable for prolonged periods.

The impact of the delay is heavily dependent on the response of the government, as it holds the key to mitigating any negative consequences.

In order to restore trust in Pakistan’s electoral process, it is imperative for the Electoral Commission to establish transparent mechanisms that will ensure transparency and fairness.

This hiccup in the electoral process highlights a significant challenge faced by democracy, emphasizing how external events can hinder political processes and weaken institu-

During times such as these, when sentiments are heightened, it assumes paramount significance for all factions involved – regardless of whether they align or diverge in opinion – to Flex the ÂNo-thanks ÂMuscle and participate in constructive dialogue.

Lahore – Ph: 042-36300938, 042-36375965

I

Karachi – Ph: 021-32640318 I

The author is a senior international banker, with degrees in economics and political science from University of Pennsylvania and Brown University

Ultimately, Khan or no Khan, it is really up to the people of Pakistan to become change agents and change their destiny rather than waiting for saviors to save them. Only time will tell if Pakistan will rise through the ashes just like the mythical bird Phoenix or will it be more of the same this time around as well till the paradise is lost for all

Flexing your ‘no thanks’ muscle M. A. Niazi

Editor Pakistan Today

reform or rearrangement of the power structure.

The established order, comprising establishment, political elites, vested economic interests, and bureaucratic cliques, perceives Khan’s agenda as a threat to their hegemony. Accustomed to operating with impunity, these power brokers view Khan’s call for rule of law as existential threat to their power and privileges. Consequently, they have employed various tactics, from smear campaigns, assassination attempts to legal cases, to undermine Khan’s popular appeal and legitimacy amongst the common people.

Despite facing formidable opposition, Khan remains steadfast in his commitment to effecting change. His resilience in the face of adversity embodies the spirit of transformative leadership, inspiring hope among ordinary Pakistanis disappointed and disillusioned by decades of stagnation and mismanagement together with absence of rule of law. Khan’s ability to mobilize popular support, coupled with his strategic vision for a reformed Pakistan, poses a formidable challenge to the entrenched status quo. As he continues to navigate the complexities of Pakistan’s political and legal landscape, he has become a symbol of resistance against all what is wrong with the state of Pakistan.

The dichotomy between the agent of change and the agent of chaos delineates the contrasting paths that leaders may tread in pursuit of political transformation. Imran Khan’s leadership exemplifies the former, characterized by a resolute commitment to democratic principles, rule of law, and societal empowerment. As Pakistan grapples with myriad challenges, for all those who are discontent and disillusioned with the existing system and status quo. Khan’s vision offers a beacon of hope, illuminating a path towards a more just, inclusive, and democratic future.

Ultimately, Khan or no Khan, it is really up to the people of Pakistan to become change agents and change their destiny rather than waiting for saviors to save them. Only time will tell if Pakistan will rise through the ashes just like the mythical bird Phoenix or will it be more of the same this time around as well till the paradise is lost for all.

tions if not effectively addressed by competent leadership within society. Therefore, it is of utmost importance for Pakistani leaders to uphold democratic principles while navigating through these challenges, as it ultimately determines the true resilience of their democracy.

The stability of governance within nations largely depends on timely elections conducted with utmost transparency and fairness. Restoring citizens’ faith in the electoral system becomes vital during such trying times, as it serves as a foundation towards Pakistan’s future prosperity and stability. Consequently, amendments to electoral laws and regulations may be necessary due to this delay. The Election Commission will need to seek legal advice and make essential modifications in order to adjust to the new timeline and resolve any procedural issues that led to the postponement. Preserving the integrity of electoral processes is crucial in ensuring that all stakeholders’ rights are protected.

The postponement of Pakistan’s elections carries significant legal implications for several reasons. Firstly, its constitutionality has been called into question since free and fair elections are guaranteed by the Constitution of Pakistan.

Any delays must be justified within a legal framework, providing valid reasoning for such actions. Failure to meet these requirements raises concerns regarding adherence to constitutional provisions. Additionally, protecting citizens’ right to participate in democratic processes is of fundamental importance; thus, any deviation from this principle necessitates careful examination of legal obligations. Hence, addressing these concerns requires meticulous attention from both governmental authorities and societal leaders. By upholding democratic values and proactively addressing challenges faced during this period of delay, Pakistan can pave its way towards a prosperous and stable future.

In the present moment, a notable increase in disillusionment can be observed amongst citizens who are feeling betrayed and disappointed by their chosen representatives’ glaring inability to offer sufficient security measures for their protection. As conversations unfold across various platforms, encompassing diverse avenues of discussion on how to confront terrorism and thwart future attacks, it becomes undeniably clear that discovering common ground is an imperative component for efficacious governance as we forge ahead into the future. It is only through fostering collaboration amongst all relevant parties that Pakistan can aspire to surmount the challenges it faces in maintaining tranquility and steadiness.

During times such as these, when sentiments are heightened, it assumes paramount significance for all factions involved – regardless of whether they align or diverge in opinion – to Flex the ‘No-thanks ‘Muscle and participate in constructive dialogue with the shared aim of identifying viable solutions instead of perpetuating further divisions.

The writer is a lawyer based in Lahore

Islamabad – Ph: 051-2204545

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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

Crackdown on underage drivers in housing societies

I am writing as a concerned citizen who greatly appreciates the commendable efforts of IG Punjab in launching a crackdown against underage drivers in Punjab.

While the Punjab Police’s endeavors have significantly improved the situation on public roads, there remains a pressing issue that demands attention—the unchecked presence of underage drivers within housing societies, particularly in Lahore. In large housing societies, especially Bahria Town, young individuals drive without the fear of repercussions due to the absence of regular checks and balances.

Parents, too, seem to be under the impression that the enforcement of driving regulations is lax within these gated communities. It is crucial to address this issue promptly to prevent potential accidents, injuries, and loss of life.

I would like to propose the development of a robust mechanism to launch a targeted crackdown against underage drivers within housing societies. The plan could involve collaboration with housing society management to conduct routine age and license verifications at entry points. Additionally, mobile checkpoints within these communities could deter underage individuals from driving, promoting compliance with legal age requirements for obtaining a driver’s license.

I am hopeful that the IG Punjab will consider this request earnestly and take necessary steps to implement measures that will effectively curb underage driving within housing societies.

MANAL JAFFERY LAHORE

Illegal parking fee

CHARGING illegal parking fee in public spaces is a pervasive practice which complicates the daily routine of people, and raises legal and safety concerns. In many areas, on-street parking remains largely unmanaged.

While technically illegal, it is common to see vehicles parked along roadsides, often with individuals collecting informal fee for ‘watching’ the cars. The parking mafia operates without any official permit or licence, exploiting loopholes in regulations and preying on the lack of designated parking infrastructure.

The modus operandi of the mafia is that it ‘helps’ drivers park cars and then ‘watch’ them under the guise of private parking, and it is often accompanied by threats and intimidation to coerce the drivers into paying.

This not only deprives the city of its rightful revenue, but also adds to the burden of corruption, and creates a climate of fear. People earn millions through these illegal money-making parking practices. Multiple cases have been filed against this mafia, and several complaints have been registered under the system of public interest litigation (PIL).

However, the authorities have continued to struggle to effectively launch a crackdown on illegal parking, leading to frustration among the people, and a sense of impunity among the violators.

EEMAN ASAD KARACHI

Bribery culture

THE retired government employees in Sindh are not able to get their endof-service dues, such as pension, commutation and provident fund, unless they pay huge amounts in bribes. The provincial accountant-general should investigate the issue of corruption in offices across Sindh, and take action against the culprits to end this bribery culture.

G.K. MASHORI KARACHI

Web: www.pakistantoday.com.pk

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Email: editorial@pakistantoday.com.pk

COMMENT 05

RAW’s hit men around Thursday, 1 February, 2024

India’s stumble-and-fumble kill-Khalistani operations

T

amJEd JaavEd

O India’s chagrin, the Czech Supreme Court has ordered extradition to the USA of a US-educated engineer, Nikhil Gupta. He was suspected of international trafficking in narcotics. He was arrested at a Czech airport on 30 June 2023. He could not convince the Czech authorities of his credentials (a touring businessman).

The FBI had already briefed Czechoslovakia about Gupta’s antecedents. During captivity, Gupta admitted that he was booked for narcotics smuggling in Gujarat state (cases actually washed off). He was assured of impunity from drug cases in case he helped hit Khalistani activists. The audio-video evidence indicated that Gupta tried to hire a US national (actually the FBI’s under-cover agent) to kill Gurpatwant Singh Pannun.

As a counterweight to rising China, India is hobnobbing with the USA. To scuttle the BRI/CPEC, the UAE and India have agreed to build an interconnecting submarine tunnel. The USA has agreed to share commercial nuclear-reactor technology with India. Despite burgeoning multifaceted strategic and trade cooperation, the USA rejected India’s request to hush up the case.

Notwithstanding the US efforts to woo India, it warned it that:”It was treating an alleged plot to assassinate a Sikh separatist in the United States with ‘utmost seriousness (AFP/Reuter, December 20). India intended to appeal to the Czech Constitutional Court against Gupta’s indictment. However, Gupta has already been reportedly extradited to the USA. The US Department of Justice has made public the damning evidence against Gupta. He has been charged with murder-for-hire.

According to the indictment, the murder

plot was foiled by US officials who set up a sting just days after the killing of Canadian citizen Hardeep Singh Nijjar. Gupta wanted to kill a number of other separatist Sikhs in the USA and Canada. In retaliation, Canada has stopped its official visit to India for trade negotiations.

In line with Ajit Doval “offensive-defensive policy”, India has embarked upon Chanakya’s koota yuddha (no-holds-barred war) or maya yuddha (war by stratagems) policy. Attacks on Naga insurgents, so-called surgical strikes on Pakistan, abolition of Kashmir statehood, and annexation of Nepalese territory (Kalapani) are manifestations of the new policy. Cornerstones of the new policy are deceit, deception, and decimation (violence).

The metamorphosis in India’s “soft’ policy remained unnoticed by the world community. It appears that India told world leaders “You better stay mum like you stayed at Mossad or CIA assassinations or renditions”. India’s argument is that if the USA and Israel could act as judge, jury and executioner, “why can’t I?” Like Mossad and the CIA, India, too, gets its targets vetted by a conglomerate of hit men, psychologists, and other technical experts. India collected a wealth of information from the CIA’s and Mossad’s modus operandi and tactics.

It baffles one’s imagination how India managed to plant bombs in seminaries in Pakistan, or kill “targets” in congested Pakistani cities. Like Mossad, India also has specialized in use of drugs and poisons to “eliminate” targets. Those killed in India’s covert operations include: (a) Hardeep Singh Nijjar. He was killed near a gurudwara in Surrey, Canada, by two unknown assailants in June 2023. (b) Rayaz Ahmed alias Abu Qasim. Shot dead in a mosque in Azad Kashmir in September 2023. (c) Bashir Ahmed Peer of Hizbul Mujahideen. Shot dead at point-blank range in Rawalpindi in February 2023. (d) Al Badr commander Syed Khalid Raza.

Killed by a single shot in the head in Karachi in February 2023. (e) Khalistani extremist Avtar Singh Khanda. He was poisoned and died from “unknown causes” at a Birming-

Ending the cycles of violence in the Middle East

A

ham hospital in June 2023. (f) Aijaz Ahmad Ahangar. Killed in Afghanistan’s Kunar province in February 2023. (g) Jaish-e-Mohammed’s Mistry Zahoor Ibrahim (one of the IC-814 hijackers).

Shot dead in Karachi in March 2022. (h) Khalistan Commando Force’s Paramjit Singh Panjwar. Shot dead in Lahore by two gunmen in May 2023. (i) Lal Mohammed. India portrayed him as an ISI operative who pushed fake currency into India. He was chased and shot dead on the outskirts of Kathmandu (Nepal) last year. (j) Khalistani activist Harwinder Rinda. He too mysteriously died in a Lahore hospital in November 2022. (k) A day later, Khalistani activist and

The „peaceful‰ face of India has been unmasked by its koota yuddha and maya yuddha policy in international arena. The real terrorist is India, not Kashmiris or Khalistanis

Editorial Board

FTER more than three months of Israel’s devastating Gaza war, Arab states are developing a plan they hope will bring an end to the conflict and lay the foundations for a sustainable peace. At the core of the US-backed initiative is to offer Israel a prize it has long sought: the normalisation of relations with Arab and Muslim states, including the grand prize of Saudi Arabia. In return, Israel would have to commit to “irreversible” steps towards the establishment of a viable Palestinian state.

The premise of the plan, which is expected to be unveiled within weeks, is simple. There can only be a durable peace in the Middle East if the protracted Israeli-Palestinian conflict, which has fuelled instability in the region for 75 years, is resolved in a manner that delivers Palestinians the dignity, freedom and homeland they have long sought. But the challenge of securing any such agreement — something that has eluded some of the world’s sharpest diplomatic minds over the years — is anything but.

For a start, there needs to be an end to Israel’s assault against Hamas in Gaza which has killed more than 25,000 people, according to Palestinian officials. The militant group must also release the remaining hostages held in the strip.

That appears remote, however. Hamas is still fighting. And Israeli premier Benjamin Netanyahu repeatedly rules out a permanent ceasefire deal with Hamas, even one that would secure the hostages’ freedom. He insists only the destruction of the militants can bring back the hostages and guarantee Israel’s security.

Netanyahu also rejects any discussion on a two-state solution, even as the US and Israel’s other allies push for it as part of a longer-term political vision for the region. Indeed, he boasts of preventing the establishment of a Palestinian state during the 15 years he has towered over Israeli politics and overseen the creeping annexation of the occupied West Bank. On Sunday, he said he would not “compromise on full Israeli security control of all territory west of the Jordan River”, an area that includes the West Bank and Gaza.

Netanyahu is not the only obstacle to progress. In a nation traumatised and enraged by Hamas’s horrific October 7 attack, it is unlikely that any mainstream Israeli leader is ready to advocate working towards a Palestinian state.

There would also need to be a wholesale revamp of the failed Palestinian leadership, to produce one with the legitimacy to engage credibly with Israel and work to guarantee both Palestinians’ and Israelis’ security. Moreover, Hamas’s military capabilities have been severely degraded in Gaza but it will continue to work against a two-state solution.

Still, for all the hurdles and pitfalls, it is vital to shift the Israeli narrative towards a sustainable resolution to the conflict. The prospect of Saudi Arabia, and other states, normalising ties with the Jewish state is one of the few incentives that could shift the mood. It will require a sustained and determined US diplomatic effort, as well as responsible leadership from both Israelis and Palestinians — all before the US presidential elections in November. As well as offering carrots, the US and European governments must also be willing to use their sticks to convince Israeli leaders that a Palestinian state ultimately serves their own interests.

As challenging as it is, the only way to counter Hamas and the violent extremism it champions is if Palestinians have reason to hope for their future. Israel has dealt Hamas a severe blow but it cannot get rid of it as a movement or ideology. Only Palestinians can. If Israel’s leaders choose to ignore that reality, they are condemning their nation, and future generations of Israelis and Palestinians, to endless cycles of violence.

Alongside assassinations, India continued its hybrid warfare or fifth-generation propaganda warfare. This muffled warfare was well exposed by EU-based EU DisinfoLab. It revealed an India-sponsored dis-informational network of 265 fake media outlets in 65 countries, including the US, Canada, Brussels, and Geneva. The network was being run by the Srivastava Group of India.

Srivastava ran a think tank called International Institute for Non-Aligned Studies.

The European Union delegation’s visit to Kashmir has catapulted an unknown and rather inconspicuous name to the limelight: Madi Sharma. It was Madi Sharma’s NGO Women’s Economic and Social Think-Tank or WESTT which orchestrated this visit and Sharma had sent out invitations to these MEPs promising “a prestigious VIP meeting with the Prime Minister of India’’.

The Institute paid for the travel and accommodation of an unofficial far-right delegation of 23 European Union

parliamentarians to Srinagar on 30 October 2013. The trip was arranged by Indian intelligence surrogate Madi Sharma who posed as a self-styled “international business broker”.

In an interview with Europe-based The Parliament magazine she admitted that ‘The only qualification I have is a Certificate of Professional Competence which means I can run a fleet of lorries’. To Madi, “the most inspirational and influential book she has ever read is Napoleon Hill’s Think and Grow Rich. The delegation’s shikara (boat) ride in Kashmir Lake (Dal) pictured Kashmir as heaven in serene peace. However an MP who slipped away termed the Kashmir visit as a “PR stunt”.

Digital Rights Monitor found More than 84,000 fake tweets were generated with false hash tags, with 6688 tweets/hour being made at the peak of the trend. Macdonald-Laurier Institute, a registered Canadian charity, published a Pakistan-bashing report Khalistan— A project of Pakistan which found mention in almost all leading Indian newspapers. Another pro-India “think-tank” is the “International Terrorism Observatory” chaired by Roland Jacquard.

The “peaceful” face of India has been unmasked by its koota yuddha and maya yuddha policy in international arena. The real terrorist is India, not Kashmiris or Khalistani.

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

Spycraft and statecraft (Part II)

We’ve streamlined our recruiting process for new officers. It now takes a quarter of the time it took two years ago to move from application to final offer and security clearance

Only the promise of Palestinian statehood can offer the chance of a resolution FINANCIAL TIMES

Rinda’s aide, Happy Sanghera, was killed in Italy. (l) Khalistani activist Kulwinderjit Singh Khanpuria. He was abducted from Bangkok, but his arrest was shown to have been made in Delhi (rendition). (m) In June 2021, a powerful blast rocks Hafiz Saeed’s abode. Earlier, his companion Talha Saeed was injured in a blast in Lahore. Maulana Masood Azhar.

In 2019, India managed to plant a bomb at his seminary at Peshawar. It is speculated that he happened to escape unhurt.

G

FOREIGN AFFAIRS William J. Burns

EOPOLITICAL competition and uncertainty—not to mention shared challenges such as climate change and unprecedented technological advances such as artificial intelligence—make for a fiendishly complicated international landscape. The imperative for the CIA is to transform its approach to intelligence to keep pace with this rapidly transforming world. The CIA and the rest of the U.S. intelligence community—led by Avril Haines, the director of national intelligence—are working hard to meet this moment with the urgency and creativity it requires.

This new landscape presents particular challenges for an organization focused on human intelligence. In a world in which the United States’ principal rivals— China and Russia—are led by personalistic autocrats operating within small and insular circles of advisers, gaining insight into leaders’ intentions is both more important and more difficult than ever.

Just as 9/11 ushered in a new era for the CIA, so did Russia’s invasion of Ukraine. I’m deeply proud of the work that the CIA and our intelligence partners have done to assist the president and senior U.S. policymakers—and especially the Ukrainians themselves—to thwart Putin. Together, we provided early and accurate warning of the coming invasion. That knowledge also enabled the president to decide to send me to Moscow to warn Putin and his advisers in November 2021 about the consequences of the attack we knew they were planning. Convinced that their window for dominating Ukraine was closing and that the upcoming winter offered a favorable opportunity, they were unmoved and unapologetic—badly overestimating their own position and underestimating Ukrainian resistance and Western resolve.

Good intelligence has since helped the president mobilize and sustain a strong coalition of countries in support of Ukraine. It has also helped Ukraine defend itself with remarkable bravery and perseverance. The president has also made creative use of strategic declassification. Before the invasion, the administration, along with the British government, exposed Russian plans for “false flag” operations that were designed to pin blame on Ukrainians and provide a pretext for Russian military action. These and subsequent disclosures have denied Putin the false narratives that I have watched him so often weaponize in the past. They have put him in the uncomfortable and unaccustomed position of being on the back foot. And they have bolstered both Ukraine and the coalition supporting it.

Meanwhile, disaffection with the war is continuing to gnaw away at the Russian leadership and the Russian people, beneath the thick surface of state propaganda and repression. That undercurrent of disaffection is creating a once-in-a-generation recruiting opportunity for the CIA. We’re not letting it go to waste.

While Russia may pose the most immediate challenge, China is the bigger long-term threat, and over the past two years, the CIA has been reorganizing itself to reflect that priority. We have started by acknowledg-

ing an organizational fact I learned long ago: priorities aren’t real unless budgets reflect them. Accordingly, the CIA has committed substantially more resources toward China-related intelligence collection, operations, and analysis around the world—more than doubling the percentage of our overall budget focused on China over just the last two years. We’re hiring and training more Mandarin speakers while stepping up efforts across the world to compete with China, from Latin America to Africa to the Indo-Pacific.

The CIA has a dozen or so “mission centers,” issue-specific groups that bring together officers from across the agencies’ various directorates. In 2021, we set up a new mission center focused exclusively on China. The only single-country mission center, it provides a central mechanism for coordinating work on China, a job that extends today to every corner of the CIA. And we’re also quietly strengthening intelligence channels to our counterparts in Beijing, an important means of helping policymakers avoid unnecessary misunderstandings and inadvertent collisions between the United States and China.

Even as China and Russia consume much of the CIA’s attention, the agency can’t afford to neglect other challenges, from counterterrorism to regional instability. The successful U.S. strike in Afghanistan in July 2022 against Ayman al-Zawahiri, the co-founder and former leader of al Qaeda, demonstrated that the CIA remains sharply focused on—and retains significant capabilities to combat—terrorist threats. The CIA is also devoting substantial resources to help fight the invasion of fentanyl, the synthetic opioid that kills tens of thousands of Americans every year. And familiar regional challenges loom, not just in places long considered strategically important, such as North Korea and the South China Sea, but also in parts of the world whose geopolitical significance will only grow in the years ahead, such as Latin America and Africa.

SMARTER SPIES: Meanwhile, we’re transforming our approach to emerging technology. The CIA has been working to blend high-tech tools with age-old techniques for collecting intelligence from individuals—human intelligence, or HUMINT. Technology is, of course, making many aspects of spycraft harder than ever. In an era of smart cities, with video cameras on every street and facial recognition technology increasingly ubiquitous, spying has become much harder. For a CIA officer working overseas in a hostile country, meeting sources who are risking their own safety to offer valuable information, constant surveillance poses an acute threat. But the same technology that sometimes works against the CIA— whether it’s the mining of big data to expose patterns in the agency’s activities or massive camera networks that can track an operative’s every move—can also be made to work for it and against others. The CIA is racing against its rivals to put emerging technologies to use. The agency has appointed its first chief technology officer. And it has established another new mission center focused on building better partnerships with the private sector, where American innovation offers a significant competitive advantage.

The CIA’s in-house scientific and technological talent remains superb. The agency has developed warehouses’ worth of spy gadgetry over the years, my favorite being the Cold War camera designed to look and hover like a dragonfly. The revolution in artificial intelligence, and the avalanche of open-source information alongside what we collect clandestinely, creates historic new opportunities for the CIA’s analysts. We’re developing new AI tools to help digest all that material faster and more efficiently, freeing officers to focus on what they do best: providing reasoned judgments and insights on what matters most

to policymakers and what means most for American interests. AI won’t replace human analysts, but it is already empowering them.

Another priority in this new era is to deepen the CIA’s unmatched network of intelligence partnerships around the world, an asset the United States’ lonelier rivals currently lack. The CIA’s ability to benefit from its partners—from their collection, their expertise, their perspectives, and their capacity to operate more easily in many places than the agency can—is critical to its success. Just as diplomacy depends on revitalizing these old and new partnerships, so does intelligence. At its core, the intelligence profession is about human interactions, and there is no substitute for direct contact to strengthen ties with our closest allies, communicate with our fiercest adversaries, and cultivate everyone in between. In more than 50 overseas trips in nearly three years as director, I’ve run the gamut of those relationships.

Sometimes, it’s more convenient for intelligence officers to deal with historic enemies in situations in which diplomatic contact might connote formal recognition. That’s why the president sent me to Kabul in late August of 2021 to engage with the Taliban leadership just before the final withdrawal of U.S. troops. Sometimes, the CIA’s relationships in complicated parts of the world can offer practical possibilities, as in the ongoing negotiations with Egypt, Israel, Qatar, and Hamas over a humanitarian cease-fire and the release of hostages from Gaza. Sometimes, such ties can provide discreet ballast in relationships full of political ups and downs. And sometimes, intelligence diplomacy can encourage a convergence of interests and quietly support the efforts of U.S. diplomats and policymakers.

IN THE SHADOWS: Every day, as I read through cables from stations around the world, travel to foreign capitals, or speak with colleagues at headquarters, I’m reminded of the skill and courage of CIA officers, as well as the unrelenting challenges they face. They are doing hard jobs in hard places. Especially since 9/11, they have been operating at an incredibly fast tempo. Indeed, taking care of the CIA’s mission in this new and daunting era depends on taking care of our people. That’s why the CIA has strengthened its medical resources at headquarters and in the field; improved programs for families, remote workers, and two-career couples; and explored more flexible career paths, especially for technologists, so that officers can move into the private sector and later return to the agency.

We’ve streamlined our recruiting process for new officers. It now takes a quarter of the time it took two years ago to move from application to final offer and security clearance. These improvements have contributed to a surge of interest in the CIA. In 2023, we had more applicants than in any year since the immediate aftermath of 9/11. We’re also working hard to diversify our workforce, reaching historic highs in 2023 in terms of the number of women and minority officers hired, as well as the number promoted into the agency’s most senior ranks.

By necessity, CIA officers operate in the shadows, usually out of sight and out of mind; the risks they take and the sacrifices they make are rarely well understood. At a moment when trust in the United States’ public institutions is often in short supply, the CIA remains a resolutely apolitical institution, bound by the oath I and everyone else at the agency have taken to defend the Constitution and by our obligations under the law.

WILLIAM J. BURNS is Director of the Central Intelligence Agency.

(Concluded)

06 NEWS

SAUDI ARABIA ABANDONS PLAN TO EXPAND OIL PRODUCTION CAPACITY

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Saudi Arabia has consistently reduced its output in last 18 months as part of OPEC's efforts to stabilize prices PROFIT

news Desk

N a surprising turn of events, Saudi Arabia has reversed its decision to increase its daily oil production capacity, as announced by state-run Saudi Aramco on Tuesday.

The initial plan aimed to raise the kingdom’s maximum sustainable production capacity from 12 million barrels per day (b/d) to 13 million b/d by 2027, differentiating the company from industry trends of reduced spending on oil production due to climate concerns and future demand uncertainties.

The multibillion-dollar investment program, spearheaded by Saudi Aramco Chief Executive Amin Nasser over the past two years, was abruptly halted following a directive from the Ministry of Energy.

The decision, not attributed to any technical or operational issues at the company, is deemed reversible, and Saudi Aramco re-

mains poised to resume the investment program if requested.

Despite Nasser’s advocacy for increased

oil production investment, Saudi Arabia has consistently reduced its output in the last 18 months as part of OPEC’s efforts to stabilize prices amidst slowing demand growth and heightened output from other global producers, notably the United States.

Presently, Saudi Aramco is producing approximately 9 million b/d, down from an average of 10.2 million b/d in the first quarter of 2022, leaving 3 million b/d of spare capacity.

The Ministry of Energy has not provided an official statement or explanation for the policy shift.

However, insiders suggest that the existing spare capacity renders an immediate need for further production increase unnecessary. Additionally, Saudi Arabia anticipates freeing up an additional 1 million b/d of oil for export by transitioning from liquid fuels to gas for power generation within the kingdom.

Analysts interpret the decision as a response to the current spare capacity rather than a shift in Saudi Arabia’s long-term con-

Thursday, 1 February, 2024 | KARACHI

fidence in oil demand.

The International Energy Agency’s recent forecast of a substantial surplus in global oil production in 2024 further contextualizes the decision.

Supply chain inflation and high costs associated with the investment program have also been cited as factors influencing the suspension, with the possibility of revisiting the expansion plan at a later date.

The geopolitical landscape, tensions in the Middle East, and the ongoing conflict in Ukraine have not significantly impacted crude oil prices, which were trading at around $80 a barrel on Tuesday, similar to January 2022 levels before Russia’s invasion of Ukraine.

Analysts consider the decision a significant reevaluation of strategy with potential ramifications for Aramco capital spending, the Gulf supply chain, and OPEC+ oil policy. Meanwhile, oil prices experienced a 3% decline on Monday due to Saudi Arabia’s price cuts and increased OPEC output, offsetting concerns related to geopolitical tensions in the Middle East.

Brent crude settled at $76.12 a barrel, while U.S. West Texas Intermediate crude futures lost $3.04, ending at $70.77 a barrel.

The decision by Saudi Arabia is expected to have broad implications, prompting analysts to highlight the challenges faced by OPEC and its allies in balancing production cuts with market share retention.

China unveils new property support measures amid concerns about Evergrande fallout PROFIT

ReuteRs

US blocks $3b drone sale to India until ‘meaningful investigation’ into plot to kill Sikh leader NEW DELHI Agencies

The US government has held back delivery of 31 MQ-9A Sea Guardian and Sky Guardian drones to India until New Delhi carries out a “meaningful investigation” into the conspiracy to assassinate Sikh leader, Gurpatwant Singh Pannun.

Gurpatwant Singh Pannun, who hold dual US and Canadian citizenship, is a New York-based activist of Khalistan movement – the struggle for independent homeland for Sikhs by separating Punjab from India. The Wire reported that the proposed $3 billion purchase includes 15 Sea Guardian drones for the Indian Navy, while the Indian Air Force and Army are supposed to get eight Sky Guardian drones each. The report said that Washington has also held back smaller Indian acquisitions, including a proposal to buy six Boeing P-8I long-range maritime patrol aircraft.

These are to supplement 12 P-8I Poseidon aircraft that the Indian Navy already operates. Ironically, the Indian Ministry of Defence’s internal approval for the now-stalled drone procurement came in June 2023, a week before Prime Minister Narendra Modi’s state visit to Washington. This was also the time when the conspiracy to kill Pannun – set in motion by an Indian security official named CC1, according to a federal indictment made public last November – shifted to high gear. Today, “the purchase is stuck in the US Congress because of anger over the brazen attempt to assassinate Pannun. US representatives have frozen the legislative movement needed for proceeding with the sale,” the Wire quoted a highly-placed source in Washington as having said. Explaining the delay in delivering these lethal, long-range weapons to India, the Washington-based source says that Indian-American lawmakers in particular are deeply concerned about the fallout from the indictment of an Indian named Nikhil Gupta. He has been formally charged with conspiring to kill Pannun, and is currently in detention in the Czech Republic pending his deportation to the US. The US federal prosecutors maintain that Gupta had promised $100,000 to an FBI agent posing as a hitman to kill Pannun in New York. Gupta was arrested in the Czech Republic on June 30 at America’s request. On November 29, the US federal prosecutors charged Gupta with murder-for-hire, which carries up to 10 years in prison; and conspiracy to commit murder-for-hire, which has a maximum sentence of a 10-year jail term.

A state-backed property project in China has received the first development loan under a so-called whitelist mechanism and two more major cities have eased homebuying curbs, state media reported, as concerns mount about the liquidation of Evergrande.

The latest measures add to a string of policies deployed by the world’s secondlargest economy over the past year to help revive the property sector, which accounts for a quarter of China’s GDP and has been hit by an unprecedented debt crisis after a regulatory crackdown on the sector’s high leverage.

Despite those measures, the property market ended last year with the worst declines in new home prices in nearly nine years, casting a shadow over hopes of broader economic recovery and renewing investor demands for stronger policy initiatives.

Analysts say a Hong Kong court placing property giant China Evergrande Group (3333.HK), opens new tab into liquidation could worsen the demand outlook as homebuyers take a cautious approach given uncertainty about the health of other

private developers.

Two of China’s major cities, Suzhou and Shanghai, followed Guangzhou in easing home-buying restrictions, official media reported on Tuesday, in an effort to boost demand from homebuyers.

Investors were not excited by the new support, however, with Hong Kong’s Hang Seng Mainland Properties Index (.HSMPI), opens new tab and China’s CSI 300 Real Estate Index (.CSI000952), opens new tab falling 2.1% and 2.5%, respectively, on Wednesday.

In another support measure, a loan worth 330 million yuan ($46 million) to a state-backed development was approved just a few working days after the government announced the “project whitelist” mechanism, the official Securities Times reported on Wednesday.

Under the mechanism, city governments should provide a list of local property projects suitable for financing support, and coordinate with local financial institutions to meet the financing needs of these projects.

Securities Times said Nanning city in Guangxi region had provided its first “project whitelist” to local financial firms containing 107 developments. A project by state-backed Guangxi Beitou Industry &

$300 billion in liabilities.

“We think that home-buyer concerns about purchasing pre-sold units from financially troubled developers that might not deliver the project in a timely fashion – that is a major reason that home sales are still sluggish,” said Christopher Beddor, deputy China research director at Gavekal Economics.

“If nothing else, the headlines of the ordered liquidation in Hong Kong, that’s not going to have a great impact on homebuyer sentiment.”

The unfinished homes promised to buyers by Evergrande are, however, likely to be delivered because the government was making this a top priority for all developers, said Jonathan Krane at Krane Shares in New York.

“The long-term impact is that real estate will account for a smaller portion of China’s economy, to be replaced by other industries such as technology and consumer products and services,” Krane said.

Besides the impact on home sales, S&P Global Ratings said in a report published on Wednesday Evergrande’s offshore creditors stand to receive a potentially tiny payout in a complicated liquidation process that could take years to play out.

China urges US to stop suppressing, restricting Chinese students BEIJING

stAff RepoRt

The Chinese Foreign Ministry on Wednesday urged the United States to stop using so-called national security as an excuse to suppress and restrict Chinese students and effectively protect the security, legitimate rights and interests of Chinese students and scholars in the U.S. According to reports, Chinese students were interrogated when entering the U.S. through Washington Dulles International Airport. U.S. authorities asked them about their political background and scientific research status and required them to provide internal information about the Chinese government in exchange for their release, canceling their visas and deporting them after the request was denied.

In response, Chinese Foreign Ministry spokesperson Wang Wenbin said the U.S. has frequently harassed, interrogated and deported Chinese students for political purposes for some time. At Washington Dulles Airport alone, at least eight Chinese students holding legal and valid documents have been deported by the U.S. after unwarranted harassment and interrogation since the end of November 2023.

“Such acts have seriously violated the legitimate rights and interests of Chinese students and interfered with bilateral cultural personnel exchanges,” Wang said, adding that China has lodged stern representations with the U.S. over the issue.

He said the U.S. politicizes and weaponizes academic

research and suppresses Chinese students in the name of national security, creating a “chilling effect” and poisoning the atmosphere of cultural and people-to-people exchanges between the two countries.

In recent cases, U.S. law enforcement officials directly threatened China’s national security, which carries strong ideological bias and has no bottom line, he noted.

“We urge the U.S. side to implement the consensus reached by the two heads of state during the San Francisco meeting and eliminate obstacles for cultural and peopleto-people exchanges between China and the U.S.,” said Wang, adding that China will take resolute measures to safeguard national security and the legitimate rights and interests of Chinese people.

Xi chairs CPC leadership meeting to review reports, regulations BEIJING

MiAn AbRAR

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Wednesday chaired a meeting of the Political Bureau of the CPC Central Committee.

The meeting reviewed a report from the Standing Committee of the Political Bureau of the CPC Central Committee after it heard and discussed the work reports of the leading Party members groups of the Standing Committee of the National People’s Congress (NPC), the State Council, the National Committee of the Chinese People’s Political Consultative Conference (CPPCC), the Supreme People’s Court (SPC) and the Supreme People’s Procuratorate (SPP), as well as the work report of the Secretariat of the CPC Central Committee.

City Investment Group was granted a development loan from China Mingsheng Banking Corp (600016.SS), opens new tab.

The southwestern city of Chongqing also has come up with a whitelist of 314 projects, with a total of 83 billion yuan in financing required, according to the official Wechat account of the city’s housing authorities.

The first batch of projects on that whitelist include those by private developers Longfor Group (0960.HK), opens new tab and Huayu Group, as well as statebacked Cina Vanke (000002.SZ), opens new tab, the authorities added. The three property firms are deemed by the market as financial healthy.

The rollout of funding support under this mechanism is being closely watched by a market reeling from a debt crisis since mid-2021 which resulted in unfinished homes and defaults, especially among privately owned developers. Many analysts expect it will take a long time for the property market to stabilise.

HOMEBUYER SENTIMENT The new measures come as analysts weigh the impact of the court’s order to put Evergrande, once China’s top-selling developer into liquidation with more than

Also reviewed at the meeting were a summary report about the Party’s theoretical study program concerning Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, a guideline for building on the gains in the theoretical study program and CPC

regulations on disciplinary inspection.

Meeting attendees fully recognized the work of the leading Party members groups of the NPC Standing Committee, the State Council, the CPPCC National Committee, the SPC, the SPP, and the work of the Secretariat of the CPC Central Committee and approved their work plans for 2024.

The meeting urged continuous efforts to ensure the implementation of the strategic decisions made at the 20th CPC National Congress while centering on advancing Chinese modernization.

Stressing the focus on high-quality development as a primary task in 2024, the meeting called for efforts to realize substantial improvement in quality and desirable gains in quantity in terms of economic development. It also underscored improving people’s lives and safeguarding social fairness and justice.

India court allows Hindus to pray inside disputed mosque in Varanasi VARANASI Agencies

The attendees agreed at the meeting that the ongoing Party-wide education campaign has achieved its expected goal and has seen remarkable results.

It is a major political task for Party committees and leading Party members groups at all levels to consolidate and expand the results of the education campaign. They should shoulder the responsibility and take concrete actions to complete the task, as noted at the meeting.

The CPC has revised its regulations on disciplinary action three times since the 18th CPC National Congress in 2012, continuously improving the system of rules and regulations concerning its selfreform, according to the meeting.

Political supervision should be specific, targeted and regular, and effective efforts need to be made to strengthen the Party’s inspection action and the rectification of its problems, according to the meeting. A fine network for supervision should be established, with inspections conducted by higher- and lower-level Party committees coordinating with each other, as noted at the meeting.

An Indian court weighed in on one of the country’s most sensitive religious disputes on Wednesday by permitting Hindu worshippers to pray inside a mosque in the city of Varanasi. The Gyanvapi mosque is one of several Islamic houses of worship that Hindu activists, backed by Prime Minister Narendra Modi’s party, have sought for decades to reclaim for their religion. It was built in the 17th century by the Mughal Empire in a city where Hindu faithful from across the country cremate their loved ones by the Ganges river.

The court in Varanasi ruled that Hindu worshippers — who believe the mosque replaced a destroyed temple to the deity Shiva — could pray in the building’s basement. Its verdict ordered district authorities to “make proper arrangements within the next seven days” to facilitate worshippers. The decision is the latest in a long-running legal saga over Gyanvapi’s future. This month, India’s official archaeological agency said a survey of the site appeared to corroborate the belief that it was originally home to a temple, according to local news reports. Emboldened rightwing Hindu groups have laid claim to several Muslim sites of worship they say were built atop ancient temples during Mughal rule. Last week, Modi presided over a grand inauguration ceremony in the nearby city of Ayodhya for a Hindu temple built on grounds once home to the centuries-old Babri mosque. Hindu zealots had torn down that mosque in 1992 in a campaign spearheaded by members of Modi’s party, sparking sectarian riots that killed 2,000 people nationwide, most of them Muslims. The decades-long court battle that ensued over the future of the Babri site ended in 2019 when India’s top court permitted the construction of a temple to the deity Ram, who according to Hindu scripture was born in the city. Members of Modi’s party routinely refer to India’s history of Muslim rule under the Mughal emperors as a time of “slavery”. The prime minister described last week’s opening of the temple as “the advent of a new era”.

Calls for India to enshrine Hindu supremacy have rapidly grown louder since Modi took office in 2014, making its roughly 210-million-strong Muslim minority increasingly anxious about their future.

Thursday, 1 February, 2024 | KARACHI

CORPORATE CORNER

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EJAZ SEEKS BUSINESSMEN’S HELP IN ACHIEVING $100B EXPORT TARGET NEWS

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ICCI'S LEADERSHIP URGES GOVT TO PROVIDE A SPECIAL BUDGET PACKAGE FOR SMES AND INDUSTRY

An MoU signing ceremony was held between FGEHA and MS Hammer Property in Islamabad Presided over by Director General FGEHA Capt (retd) Zafar Iqbal. The chief executive officer of MS Hammer Property and all directors of FGEHA attended the event.

Engro Corporation announces transition in leadership KARACHI

PROFIT

News Desk

ARETAKER Minister for Commerce Dr Gohar Ejaz urged the business community to play their crucial role in achieving the government’s goal of $100 billion in annual exports from Pakistan.

During a meeting with the representatives of the Islamabad Chamber of Commerce and Industry (ICCI), Ejaz emphasized the need to diversify exports for economic improvement.

The interim minister called for a

strong partnership between the government and the private sector, encouraging active involvement in corporate social responsibility.

ICCI President Ahsan Zafar Bakhtawari highlighted efforts to establish an expo centre and a new industrial estate, seeking government support. He proposed ICCI’s inclusion in the Export Development Fund and suggested a passport office facilitation desk at ICCI, along with a dedicated immigration counter at airports for taxpayers.

ICCI’s leadership, including Faad Waheed and Engr. Azhar ul

Islam Zafar, urged the government to provide a special budget package for SMEs and the industry. They also emphasized reinforcing Islamabad Police for enhanced security.

The ICCI delegation, including Khalid Iqbal Malik, Zafar Bakhtawari, Abdul Rauf Alam, Khalid Javed, Mian Akram Farid, Tariq Sadiq, Muhammad Ejaz Abbasi, Mian Shaukat Masud, Sardar Yasir Ilyas Khan, Ch. Waheed ud Din, Muhammad Naveed Malik, and others, expressed commitment to advancing the country’s economic interests.

staff report

Engro Corporation, Pakistan's premier business conglomerate, has announced the appointment of Ahsan Zafar Syed as President & CEO Designate. Ghias Khan will continue to serve as President & CEO of Engro Corporation until the end of his term in April 2024. Ahsan, currently CEO of Engro Fertilizers, began his professional career with Engro (then Exxon Chemical Pakistan Limited) over 30 years ago. Ahsan played a pivotal engineering role in the construction of the EnVen plant for Engro Fertilizers, which is the secondlargest single train urea plant in the world. To date, the EnVen plant has been Engro’s largest project and investment, amounting to USD 1.1 billion at the time. As the CEO of Engro Energy, power and mining projects collectively amounting to USD 1.9 billion were established under Ahsan’s leadership, enabling Engro’s energy vertical to successfully unearth the country’s largest coal reserves in Thar.

CBD Punjab and genesis properties announce soft launch festival for Lahore global village LAHORE

staff report

The Punjab Central Business Development Authority, known as CBD Punjab, proudly declares the commencement of commercial activities at Lahore Global Village. In collaboration with Genesis Properties, a soft launch festival is scheduled from February 2 to 4, marking a significant milestone in the revival of the project. Formerly known as LDA Walk-and-Shop Arena, this dormant space has been revitalized after nine years of strategic efforts

by CBD Punjab, acting on the directives of Chief Minister Punjab, Mohsin Naqvi.Genesis Properties secured the bid for Lahore Global Village with the highest price. Expressing his enthusiasm, CBD Punjab CEO, Imran Amin, stated, "This initiative will give a new direction to the convergence of commerce and culture in Lahore. The active support and guidance of Chief Minister Syed Mohsin Raza Naqvi have been instrumental in kickstarting commercial activities." To celebrate this achievement and raise awareness among the people of Lahore, Genesis Properties and CBD Punjab are jointly organizing a festival during the soft launch from February 2 to February 4.

Khushhali Microfinance Bank, Waada enter partnership

Mr. Aameer Karachiwalla President & CEO of Khushhali Microfinance Bank signed an agreement with Mr. Ishaq Kothawala (CEO, Waada), to provide new affordable health products to Khushhali customers. Present at the signing ceremony were Nouman Zahoor from Waada, Khushhali Bank's Group Head Finance & CFO KMBL Saleem Akhtar Bhatti, Chief Business Officer Muhammad Aftab Alam, Head Liability & ADC Sales Kashif Ahmed Khan, and Head MSME & Housing Adnan Sattar.

KU VC, Austrian ambassador discuss academic collaboration, joint research proposals KARACHI

staff report

A delegation led by the Austrian ambassador to Pakistan Andrea Wicke met the Vice Chancellor of the University of Karachi Professor Dr Khalid Mahmood Iraqi at the VC Secretariat on Wednesday. They discussed various proposals regarding academic collaboration and joint research between the University of Karachi and the Austrian varsities. Andrea Wicke was briefed about the ongoing academic and research activities and recently launched new degree programs in different departments. She appreciated the presence of a large number of female faculty and students on the campus and hoped that they would bring positive changes in society. “It is good to see many females on the campus. I hope they will become a major factor in the workforce of Pakistan.” Later, they visited Dr. A. Q. Institute of Biotechnology and Genetic Engineering, the Department of Food Science and Technology, and the Area Study Center for Europe.

HBL sets industry benchmark with over Rs2b worth of financing for solar-powered tubewells KARACHI

staff report

HBL, the Best Bank in Agriculture Financing leads with over Rs 2 billion in financing for solar-powered tubewells, thus, empowering farmers and fostering sustainability. This achievement is a testament to HBL’s commitment towards enabling farmers’ dreams of growth and prosperity through access to finance.

This milestone financing enables more than 850 farmers across Pakistan to irrigate their crops and orchards at the right time using environmentally friendly energy.

This approach helps the farmers increase crop yields and farm productivity with the right quantity of water.

Commenting on this achievement, Ahmed Naazer Minhaj, Head Agriculture Banking - HBL stated, “Farmers have been facing challenges of water shortages, increased electricity tariff and

FFC holds first corporate briefing for year 2024 diesel prices, which will be addressed largely by converting the tubewells to solar energy. This milestone corresponds to HBL’s commitment to transition to clean energy in agriculture, fostering reduction in carbon emissions and prospering farmers through the adoption of innovative technologies conveniently and cost-effectively”.

FFC fertilizer companies, dealers from all over country attended convention KARACHI

staff repoert

Pakistan Fertilizer Industry including Fauji Fertilizer Company Limited (FFC), Fauji Fertilizer Bin-Qasim Limited (FFBL), Engro Fertilizers Limited, Fatima Fertilizer Company Limited and Agritech Limited organized a dealers’ convention on 29th January, 2024 at Flatties Hotel, Lahore.

The management of fertilizer companies and fertilizer dealers from all over the country attended the convention. The convention was arranged to apprise the dealers about availability of fertilizers, imports of Urea by Government of Pakistan and to devise a strategy to ensure availability of Urea and all

fertilizers as per suggested price of the Company. The Following top management of the fertilizer industry participated in the convention: Mr. Ather Javed: Group • General Manager Marketing, Fauji Fertilizer Company Ltd • Mr. Atif Muhammad Ali: Vice President Marketing, Engro Fertilizers Limited • Ms. Rabel Saduzai: Director Marketing & Sales, Fatima Fertilizer Company Limited Mr. Tanveer Raza: Head • of Marketing, Agritech Limited • Mr. Shakeel Ahmad: Advisor Marketing, Fauji Fertilizer Bin-Qasim Limited The other senior management from fertilizer industry also participated in the Dealers’ Convention

and shared valuable thoughts to devise the future strategy.

The Management of fertilizer companies informed the dealers that companies are making all out efforts to produce fertilizers as per the capacity of manufacturing plants. In the meantime, Government is also very serious and active for ensuring availability and supply of fertilizers to the farmers all over the country on control rates. The government has taken the initiative of importing Urea to make up the shortage for smooth availability of the fertilizers to the farmers. The Management of Fertilizer Industry apprised the participants about current status of fertilizers situation, distribution and supply system.

PTA intensifies crackdown on illegal issuance of SIMs ISLAMABAD

staff report

Pakistan Telecommunication Authority (PTA) Zonal Office in Lahore, in close collaboration with the Federal Investigation Agency (FIA) Cyber Crime Circle, conducted successful raid against BISP Outlet located at Sharqpur. This BISP Outlet was found to be involved in activation of SIMs illegally.

During the raid, 28 Active SIMs were discovered.

The FIA team confiscated these active SIMs along

with 01 HBL Konnect device as evidence. 01 person was also apprehended on the premises by the FIA team. FIA is currently investigating the matter further.

PTA had filed complaint with FIA earlier based on information regarding illegal issuance of SIMs by the sale channel.

The raids are part of PTA's ongoing efforts to prevent the circumvention of the Multi-Finger Biometric Verification System (MBVS). This unwavering commitment underscores the Authority's dedication to eradicating the illegal issuance of SIMs.

KE undertakes maintenance work at Gadap, Jail Road, Old Town grids today KARACHI

staff report

KE will be undertaking a critical maintenance activity at Gadap, Jail Road and Old Town Grids on Thursday, February 1, 2024, to ensure the stability and reliability of power supply to consumers residing in these areas.

The activity requires a shutdown from 09:00 AM to 05:00 PM for Gadap and Jail Road Grids, and from 09:00 AM to 06:00 PM for

Old Town Grid during which there may be temporary interruption of supply in areas connected to the above-mentioned Grid. Interruptions in power supply due to maintenance and technical faults should not be equated with loadshedding.

For further guidance, customers may also reach out to KE’s social media platforms or via call center 118.

Areas of Gadap Grid that may experience power shutdown during the maintenance activity are Bahria

Town Karachi M-9 Deh Langheji, Rao Gohram Goth, Hub Dam, AO Farm, Haji Faqeer Mohammed Goth, Sain Rakhio Goth, Haji Mangio Goth, Ishaq Baloch Goth, Radha Goth, Sagar Farm, Mulla Arzi Goth, Ghulam Muhammad goth, Tamachi Goth, Pub Mali, Chota Gate, Adam Gabol Goth, Abdul Kareem Gabol Goth, Baqai College, Sehre Madina, Poultry State, Faiz Mohammad Gabol Goth, Doda Gabol Goth, Gohar Nayab, and Wahid Gabol Goth.

Philip Morris International earns prestigious inclusion in Dow Jones sustainability™ World Index KARACHI

staff report

Philip Morris International (PMI/ the Company) proudly announces its inaugural entry into the Dow Jones Sustainability™ World Index (DJSW Index), alongside its fourth consecutive year on the Dow Jones Sustainability™ North America Composite Index.

The DJSW Index is the most reputable benchmark for assessing the sustainability performance of companies worldwide and includes the top 10% of the largest 2,500 companies in the S&P Global Broad Market Index based on economic, environmental, and social criteria.

PMI achieved an impressive

score of 85 out of 100 in the 2023 S&P Global Corporate Sustainability Assessment (CSA), marking a significant 21-point increase since it first began engaging with the DJSW Index in 2018. This year, PMI secured the highest CSA score among the 13 companies assessed in the tobacco industry by S&P. PMI has been classified as “Prime” a status which is awarded to companies with an ESG performance above a sector-specific threshold which means that they fulfil ambitious absolute performance requirements. PMI stands as the sole entity from the tobacco industry to receive this distinguished qualification, positioning the company for responsible investment

recognition.

Roman Yazbeck Managing Director Philip Morris Pakistan Limited (an affiliate of PMI) commented on the company’s notable achievement, "PMI's recognition in the Dow Jones Sustainability™ World Index, emphasizes our commitment to sustainability. It reflects our dedication to innovation, growth, and creating a purpose-led, impactdriven, long-term value creation.

PMI is proud to be the first company in the tobacco sector to be included in the prestigious Dow Jones Sustainability™ World Index, and hope to set the tone for the future of corporate sustainability efforts around the world.”

KARACHI

staff report

Fauji Fertilizer Company (FFC) held its First Corporate Briefing for the year 2024 as part of its best corporate governance practices. FFC has been recognized by Pakistan Stock Exchange (PSX) as first amongst Top 25 Companies consecutively for 13 years attributed to its Compliance of Code of Corporate Governance, Company Performance and Efficient Management. In the same backdrop the subject briefing for the year ended 31st December 2023 was held at FFC’s corporate Head Office, Rawalpindi.

Virtual access was also provided to all desirous stakeholders. Prominent capital market analysts and dignitary from Pakistan Stock Exchange attended the event. Manager Corporate Affairs & Shares, Syed Imran Rizvi opened the briefing and apprised the house about significance of the event.

RUDA successfully conducts plot allotment balloting for ChaharBagh Enclave LAHORE

staff report

Ravi Urban Development Authority (RUDA) has conducted a successful balloting of residential plots in the much-anticipated ChaharBagh Enclave project. RUDA, the visionary behind ChaharBagh, proudly unveiled its latest masterpiece, ChaharBagh Enclave. Spanning across a sprawling 186 acres, this residential haven seamlessly connects to its thriving predecessor, Chahar Bagh, via a majestic 220-foot-wide road. The enclave boasts a harmonious blend of thoughtfully curated plots, offering a diverse range of residential aspirations, from the compact comforts of 3 Marla, 5 Marla, 7 Marla, 10 Marla to the spacious grandeur of 1 Kanal plots. During the ceremony the CEO RUDA said, "ChaharBagh Enclave signifies a new chapter in modern living, offering a diverse range of residential plots that cater to the varied aspirations of our community.

BISP chairperson Dr Muhammad Amjad Saqib visits BISP Call Center ISLAMABAD

staff report

Chairperson Benazir Income Support Programme (BISP), Dr. Muhammad Amjad Saqib, visited the newly established BISP call center at the National Telecommunication Corporation (NTC) today, underscoring the crucial role of call agents as ambassadors of empathy and support for the poorest and most deprived citizens of Pakistan. The BISP call center, has recently been established with the help of NTC to inform and address the grievances of general public related with BISP. DG NTC Mr. Faisal Bashir Ch briefed Dr. Amjad Saqib that this center is operational with more than 25 call agents and is set to expand its capacity in the future to further assist the vulnerable segments of society.

Minister Aneeq advocates Seerat understanding for Quranic comprehension

ISLAMABAD: Minister for Religious Affairs and Interfaith Harmony, Aneeq Ahmed, on Wednesday stressed the necessity of understanding the life of Prophet Muhammad (Peace Be Upon Him) to comprehend the Holy Quran. Addressing an inaugural ceremony of the Seerat Chair at Federal Urdu University, he highlighted the importance of Seerat principles, stating that recognizing the truth, proclaiming it, and implementing it were fundamental principles of Seerat. Minister Aneeq hailed the establishment of the Seerat Chair at the Urdu University as a commendable initiative for guiding the new generation. staff repoert

Thursday, 1 February, 2024

IHC DISPOSES PLEA SEEKING DISMISSAL OF ‘UN-ISLAMIC’ MARRIAGE TRIAL AGAINST IMRAN AND BUSHRA BIBI pRayeR timiNGS

NEWS

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ISLAMABAD

Staff RepoRt

HE Islamabad High Court (IHC) on Wednesday rejected a petition that contested the trial in the ‘un-Islamic’ marriage case involving Imran Khan, the founder of Pakistan Tehreek-e-Insaf (PTI), and former first lady Bushra Bibi.

The court cited the suspects’ indictment as a reason for not interfering in the trial hearing. IHC Chief Justice Aamer Farooq presided over the hearing and announced the verdict, stating that the high court cannot intervene in the trial process once the suspects have been indicted.

The decision was delivered after the court had reserved its judgement earlier in the day.

In the wake of the court’s decision, the previously issued stay order halting the trial in the case has lapsed, allowing the trial court to resume proceedings.

The case is scheduled to be heard by Judge Qudratullah at Adiala Jail on Thursday. Notably, both Imran Khan and Bushra Bibi have already been indicted by the trial court. The process of recording witness statements will recommence tomorrow, with the PTI founder and his wife slated to appear before the court.

During today’s hearing at IHC, PTI lawyer Salman Akram Raja argued that the case was designed to humiliate the petitioners and emphasised the timing of the complaint. He pointed out that the complaint against Khan’s marriage to Bushra Bibi was filed nearly six years after the nikkah ceremony took place in November 2017.

Rizwan Abbasi, the counsel for Bushra Bibi’s ex-husband Khawar Maneka, informed the court that witnesses in the trial court testified that Bushra was already married to Khan at the time of her marriage ceremony. Additionally, he disclosed that Maneka had verbally divorced Bushra in April 2017.

The case had taken a dramatic turn on December 5 when Muhammad Latif, the housekeeper of Khawar Maneka, claimed that Khan had visited Bushra’s house and maintained an “illicit relationship” with her.

Khan vehemently denied the allegations, taking an oath on the Holy Quran that he only saw Bushra’s face on the day of their nikkah.

After a series of court proceedings, the trial court indicted both Khan and Bushra on January 16.

Sri Lanka wants quality breed for its artificial insemination program; looks for exception in Pakistan’s livestock export ban ISLAMABAD

Ghulam abbaS

Pakistan is currently contemplating the export of Sahiwal bulls to Sri Lanka, relaxing the ban on livestock export, as the island nation seeks to enhance its National Artificial Insemination (NAI) program.

According to an official source, the Sri Lankan government has already placed an import order, specifically requesting a dozen Sahiwal Bulls to kickstart its NAI initiative. This move comes as part of Sri Lanka’s efforts to improve the genetic composition of its cattle population.

The Ministry of Commerce (MoC) in Pakistan, acknowledging the ban on livestock export, has forwarded a summary to the Economic Coordination Committee (ECC) for consideration and approval. The ECC is scheduled to convene on Thursday to discuss the proposal, and if approved, it will be further presented to the cabinet for the final nod.

Artificial Insemination in Sri Lanka: As per details artificial insemination has been recognized as a crucial tool in genetic upgrading programs for cattle all over the world. In Sri Lanka this method is used to increase biodiversity amongst cattle.

Several studies have been conducted to evaluate the coverage and performance of Artificial Insemination (AI) at different levels, revealing that the national AI service reached less than 15% of breedable cattle, covering only 6% of estimated annual calvings. The coverage was significantly higher in the wet zones compared to the intermediate and dry zone areas.

Studies also highlighted the challenges in the efficiency of AI services, with factors such as the calving to first service interval (CFSI) and calving to conception interval (CCI) impacting the success rate. The studies emphasized the need for remedial measures to address these challenges and improve the overall efficiency of AI services in the country owing

ECP contemplates delay in some constituencies amidst ballot paper shortage ISLAMABAD

Staff RepoRt

The prospect of delayed elections looms in certain constituencies due to a shortage of ballot paper, as revealed in a statement issued by the spokesperson of the Election Commission. Following a crucial emergency meeting, the Election Commission has decided to address the issue of reprinting ballot papers in specific constituencies facing shortages. The commission acknowledged that the reprinting process would commence once the ballot papers for other constituencies across the country were fully printed. However, this timeline is contingent upon the availability of special security paper and the capacities of printing presses. If the necessary security paper is insufficient, the commission might be compelled to postpone elections in the affected constituencies. The meeting highlighted the challenge posed by the need to reprint ballot papers in constituencies requiring special security paper, a crucial component in the printing process. The timely availability of this paper has emerged as a significant hurdle. The commission informed that, while 800 tons of special security paper sufficed for the 2018 general elections, the 2024 elections, with a higher number of candidates, necessitate around 2400 tons. To address the severity of the situation, the commission opted to reduce the ballot paper size, minimizing the special security paper requirement to 2170 tonnes, a quantity barely adequate for a single print run. The spokesperson emphasized that the challenge lies in the increased reprinting of ballot papers in specific constituencies and ensuring the timely availability and printing of the required special security paper.

to poor cattle management numbers.

SAHIWAL CATTLE: The Sahiwal cattle, renowned as one of the best dairy breeds in India and Pakistan, is now expected to play a crucial role in Sri Lanka’s AI program. Known for their heat tolerance, high milk production, and resistance to parasites, Sahiwal Bulls are expected to contribute significantly to enhancing the genetic qualities of Sri Lanka’s cattle population, provided the ban is lifted.

The Sahiwal is not only a prolific milker, with cows averaging 2270 kg of milk during lactation, but also demonstrates the ability to sire small, fastgrowing calves. Their docile nature and resistance to unfavorable climatic conditions make them an ideal choice for Sri Lanka’s AI program.

WHY BAN THE EXPORT OF LIVESTOCK? The export of livestock was banned in 2013 in Pakistan. The ban on the export of live animals in Pakistan stems from a proposal presented by the Min-

istry of Food and Security to the Economic Coordination Committee. The rationale behind this decision revolves around the comparison of revenue generated from exporting live animals versus processed meat.

The ministry emphasized that the revenue obtained from processing and exporting meat is significantly higher than that from exporting live animals.

There exists a substantial gap in revenue, making it more advantageous to focus on meat processing. They argued that by processing the meat before export, not only does it fetch a favorable price in the international market, but it also opens avenues for the export of valuable by-products such as hides, bones, blood, and fat.

In essence, exporting processed meat provides a dual benefit compared to the direct sale of live animals. These considerations led to the imposition of a ban on the export of live animals in Pakistan. Since the Sri Lankan NAI program is not looking to import the bulls for dietary consumption, the question of exporting the Sahiwal bulls stands on their value of export, more than anything else.

US, Pakistan working together for climate-smart agricultural practices: Ambassador ISLAMABAD

Staff RepoRt

Ambassador of the United States to Pakistan, Donald Blome said on Wednesday that the US and Pakistan were collaboratively striving to provide farmers, ranchers and foresters with innovative revenue streams.

“Joint efforts aim to assist farmers in adopting climate-smart agricultural practices while expanding market options and ensuring fairer prices for their produce,” he said while addressing an event organized to celebrate the Pakistan Agricultural Development project, a 20.9 million dollar US Department of Agriculturefunded initiative with a wide array of impressive accomplishments.

“Together, we provided 63,000 farmers with training on using Good Agriculture Practices. We introduce new production techniques and improved post-harvest storage and processing,” he added.

He said, “We established model plots with select farmers and private sector service providers to demonstrate the benefits of these practices.

Jobs have been created for 600 women in Khairpur and Sindh through the establishment of three date-pitting centers,” he added.

Pakistan Agricultural Development grants enabled farmers to build

high-efficiency drip irrigation systems, tomato processing unit, cold storage facilities, and banana packing houses. And through marketing and credit programs, the project strengthened commercial linkages with both upstream and downstream businesses.

“These accomplishments align perfectly with the objectives of the U.S.-Pakistan “Green Alliance” framework. Through the “Green Alliance,” our countries are working together to increase agricultural productivity and farmers’ incomes, while also preserving soil and water resources,” he added.

The ambassador said that Agriculture is a cornerstone of Pakistan’s economy, and the United States and Pakistan have and will continue to broaden and deepen cooperation and collaboration across this important sector.

In addition to the Pakistan Agricultural Development program, “we celebrate today, scientists from USDA and the Ministry of National Food Security and Research joined forces to develop biopesticides specifically for Pakistan’s growing conditions.”

The ambassador said, “Together, we are finalizing a regulatory framework to allow the marketing of ecofriendly crop protection products.

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Hammad Azhar takes back appeal against nomination rejection from SC

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And we are providing farmers with tools to use fertilizers more efficiently.”

With KP’s Sustainable Development Unit, the US is training women farmers, building irrigation schemes, and partnering with the Food and Agriculture Organization to sustain alternative livelihood opportunities in the Newly Merged Districts of KP. USDA endowments established more than 20 years ago at five Pakistani institutions continue to fund research and training in agriculture.

“We will continue to explore additional opportunities to promote sustainable agricultural practices, improve productivity, and reduce the environmental footprint of the agricultural sector – including effective water management, efficient fertilizer, smart irrigation, methane abatement, and other 21st Century tools, techniques, and technology,” the ambassador said.

These innovations create jobs, lower costs, reduce pollution, and strengthen Pakistan’s climate resilience. “As Americans, we know the critically important role that farmers play in our societies. President Biden likes to say, farmers are the backbone of our country, and it’s not hyperbole — you feed your communities, your country, and the world,” he added.

ISLAMABAD

Staff RepoRt

PTI leader Hammad Azhar on Wednesday withdrew his appeal from the Supreme Court against rejection of his nomination papers from NA-129 Lahore. The election appellate tribunal had rejected Hammad Azhar’s appeal against rejection of nomination papers by the returning officer (RO) and the Lahore High Court had upheld the tribunal decision. Advocate Aftab Yasir, one of the counsels of the PTI leader Hammad Azhar, informed the apex court that his client did not want to pursue his appeal against nomination papers rejection. On the occasion, Justice Mansoor Ali Shah question, why the high court had given reference to Article 62 (i)-F in its decision. “The verdict has been clear that Article 62 (i)-F is not applicable by itself,” Justice Shah remarked. To which, advocate Yasir said that the court’s decision has also come about the eligibility of a proclaimed offender.

“The court decision will not benefit to Hammad Azhar due to withdrawal of his appeal,” Justice Shah said.

“It seems Hammad Azhar doesn’t want to surrender,” Justice Jamal Mandokhel remarked. “It seems no harm in surrender,” the counsel said.

Twelve more terrorists neutralised in Mach clearance operation RAWALPINDI

Staff RepoRt

A day following security forces’ successful repulsion of terrorist attacks in Balochistan’s Mach and Kolpur areas, an additional 12 terrorists were eliminated during the subsequent clearance operation, as revealed on Wednesday. The total casualty count in the operation now stands at 21 terrorists. On Thursday, the InterServices Public Relations (ISPR), the military’s media wing, reported that multiple terrorists, including suicide bombers, launched attacks on Mach and Kolpur complexes in Balochistan. Law enforcement agencies responded effectively, resulting in the neutralisation of at least nine terrorists. However, four courageous members of the security forces, engaged in fierce combat, sacrificed their lives, along with two innocent civilians, in the intense exchange of fire. Detailed insights into the security forces’ efforts in the Mach area of Balochistan have now emerged. Official sources affirm that the ongoing clearance operation aims to eliminate the remaining terrorists in the area, ensuring the safety of the local populace. The swift actions of the security forces thwarted the attacks, compelling the terrorists to flee. “The courage of the brave soldiers of the Pakistan Army further strengthens our determination in the war against terrorism.” Interim Balochistan Information Minister Jan Achakzai identified the terrorists as members of the Balochistan Liberation Army (BLA), with two individuals named Doda Baloch and Pardan Baloch. He underscored that despite the terrorists’ reliance on advice and propaganda support from India through social and electronic media, their malicious plans yielded no favourable results. “In a desperate bid to salvage their mission, the RAW handlers advised the terrorists to retreat. Yet, our forces relentlessly pursued them, resulting in their failure to escape,” Achakzai added.

Sources indicated that security forces had prior intelligence about the impending terrorist attack. When the attack occurred, forces ambushed the terrorists, delivering a swift and effective response, ultimately leading to the elimination of the assailants.

Cabinet approves simplified tax scheme targeting traders for additional revenue g

As per approved scheme, indicative incomes will be estimated based on location, value, and rent of shops PROFIT

NewS DeSk

In a federal cabinet meeting chaired by Caretaker Prime Minister Anwaarul Haq, the federal cabinet has given the green light to a simplified tax scheme aimed at taxing the indicative incomes of traders, retailers, and specified individuals.

The proposal, part of the Federal Board of Revenue’s (FBR) restructuring plan, is expected to generate an additional revenue of Rs400 billion to Rs500 billion.

As per the approved scheme, indicative incomes will be estimated based on factors such as the location, value, and rent of shops.

A specialized mobile application named ‘Tajir Dost’ has already been developed to streamline the income calculation process, providing authorities with a tool to facilitate tax calculations.

The scheme, once implemented, will include online sales, with the FBR planning further amendments to encompass online

retail businesses.

The indicative income for tax purposes will be set at three times the rental value, with taxes payable in 12 monthly installments. Proactive individuals filing tax returns before the first monthly installment can avail a 50% discount.

A tax official stated that the FBR would determine the rollout date of the new scheme and emphasized the inclusion of online retail businesses.

Currently, only 300,000 out of an estimated 3.5 million retail-

ers actively file tax returns.

The newly proposed scheme aims to bring the remaining 3.2 million retailers, primarily in major cities, into the tax net, representing a significant step toward expanding the tax base and enhancing revenue collection.

In a parallel development, the cabinet has approved the FBR’s proposal to digitize withholding tax collection through the Synchronised Withholding Administration and Payment System (SWAPS).

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