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PTI baCked MNas-eLeCT To joIN HaMId Raza’s suNNI ITTeHad CouNCIL

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Tuesday, 20 February, 2024 I 9 Shaban, 1445

MOVE AIMS AT HELPING PTI GET ITS DUE g PTI-BACKED ELECTED LAWMAKERS SUBMIT SHARE OF RESERVE SEATS IN NA, PAS AFFIDAVITS WITH PARTY CHIEF TO JOIN SIC

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Rs 20.00 | Vol XIV No 233 I 8 Pages I Islamabad Edition

ISLAMABAD

MIAN ABRAR

AKISTAN Tehreek-e-Insaf (PTI) leader Barrister Gohar Ali Khan on Monday announced that party-backed independent candidates — who emerged victorious in the Centre, Punjab and Khyber Pakhtunkhwa during the 2024 general elections — would join PTI’s allied party, Sunni Ittehad Council (SIC), as part of their parliamentary strategy.

The announcement was made while addressing a press conference here on Monday. Gohar was flanked by party leaders Raoof Hasan, PTI PM candidate Omar Ayub Khan, SIC Chairman Sahibzada Hamid Raza and Majlis Wahadat-i-Muslimeen (MWM) Secretary General Allama Raja Nasir Abbas.

Sources in the PTI told Pakistan Today that all the PTI-backed elected lawmakers have already submitted their respective affidavits with the party chief, announcing to join the SIC. “Our candidates have submitted their affidavits with us and with their consent today we are announcing that PTI-supported independents are joining the Sunni Ittehad Council,” Barrister Gohar said.

He made it clear that the party reached a “formal agreement” with the SIC, and it would be submitted to the Election Commission of Pakistan today.

“There are 70 reserved seats in the

National Assembly and there are 227 reserved seats in the entire country,” he said. “These seats are only provided to political parties.

“Therefore, to protect our reserved seats and provide the cover to our members, we have reached a formal agreement under which all our candidates have joined the party and we will present this documentation before the ECP,” he said.

Gohar said a request would also be filed in the ECP regarding the allocation of reserved seats as per the party strength and law.

“We claim that the PTI has won 180 National Assembly seats,” he said, adding that all the independent candi-

dates contested the polls on PTI tickets and were supported by the party.

“Thankfully, they have won in a big number in all provinces […] of these only three have been notified yet,” Barrister Gohar said.

Meanwhile, Ayub said his party wanted unity in the country and therefore party-backed candidates decided to join the SIC in the Centre and all provinces.

“This is because the quota of reserved seats lies with political parties. Coming together with the Sunni Ittehad Council would increase the PTI’s strength in the National Assembly,” he said.

In the light of the explosive rigging allegations of former Rawalpindi com-

missioner Liaquat Ali Chatha, Ayub said the PTI had demanded that party-supported candidates should be declared “returned candidates”.

“We had also said that the MQM-P stole PTI’s mandate in Karachi and Hyderabad,” he said, adding that a similar case also persisted in Peshawar.

Ayub added that after joining the SIC, the PTI would form governments.

“Our first job would be to set free Imran Khan, Bushra Bibi, Shah Mahmood Qureshi, Parvez Elahi and all our senior leadership,” he vowed. He also lauded and thanked the MWM for the support it provided to the Imran Khan-led party.

Meanwhile, SIC’s Hafiz Raza said his party’s alliance with the PTI dates back nearly eight years.

“But the way PTI’s ‘bat’ was taken just a few days before elections […] I want to clarify that this is not a ‘singlehanded’ decision. It includes the approval of PTI leadership and Imran Khan,” he said.

Raza added that SIC and MWM were two parties that had always opposed sectarian violence and did not believe in militancy. “We have a clear stance on banned outfits,” he stated.

“I want to clarify one more thing that our support of Imran Khan and the PTI is unconditional and without any demand,” the SIC leader said. “I want to make it clear, in black and white, that the policy will be of the PTI and Imran Khan sahib.”

CJP unhappy over absence of petitioner seeking annulment of Feb 8 polls

IHC suspends success notification of all Islamabad constituencies

ISLAMABAD: Islamabad High Court (IHC) divisional bench comprising Justice Mian Gul Hassan and Justice Arbab Muhammad Tahir on Monday suspended the notification of winning candidates from Islamabad’s constituencies NA-46, 47 and 48 and ordered the Election Commission of Pakistan (ECP) to decide petitions of losing PTI candidates.

Shoaib Shaheen from NA 47 lost to Tariq Fazal of PML-N, Ali Bukhari from NA 48 lost to Khurram Nawaz, PML-N backed IPP candidate and Amir Mughal from NA 46 lost to Anjum Aqeel Khan of PML-N. PTI candidates filed the petitions at ECP but notifications were issued for the winning candidates.

Shoaib Shaheen argued before the court that he collected Form 45 of 380 polling stations out of 387 polling stations. According to Form 45, I’ve collected I was winning from more than 50000 margin. I was denied allowed to enter on RO office but was later kicked out and results were changed.

Ali Bukhari argued before ethe court that I wasn’t allowed by the rangers to enter inside RO office. My lead was also changed in provisional form 47 which was alter issued by the RO. Similarly, Counsel of Amir Mughal told the court that our results were changed by the RO and our lead was changed into deficit. After listening the arguments court ordered to suspend the notification and directed ECP to hear petitions of candidates. STAFF REPORT

ISLAMABAD

STAFF REPORT

The Supreme Court expressed its displeasure on Monday after a petitioner, Brig (retd) Ali Khan, failed to show up for the hearing after moving the apex court for annulment of the February 8 elections.

A three-member bench, led by Chief Justice of Pakistan Qazi Faez Isa and comprising Justice Muhammad Ali Mazhar and Justice Musarrat Hilali, heard the petition.

“Is this a joke? File a petition and then do not appear,” said Justice Isa following the petitioner’s no-show and directed the concerned area police official to inform the Khan.

The court also directed the SC Office and the Registrar’s Office to contact the petitioner via telephone and inform him. However, the apex court staff informed the CJP that the order can not be complied with as Khan’s cell phone was switched off.

“Are these petitions filed for fame, reveal the petition before the media and then disappear? But, we will hear the case and produce the petitioner. The case will be heard.”

Justice Muhammad Ali Mazhar then stated that the Registrar’s Office had raised objections.

“Applications are filed all over the world, call the petitioner and talk to the concerned SHO, what is the case then? It is not a joke.”

The court staff again informed the bench that court officials even

PPP, PML-N teams fail to make breakthrough in 5th consecutive sitting ISLAMABAD

STAFF REPORT

The fifth round of talks between the consultative committees of Pakistan Muslim League-Nawaz (PMLN) and Pakistan People’s Party (PPP) remained inconclusive on Monday as both the parties stuck to their respective positions.

Both the committees met on Monday and held first round of talks. Informed sources have told Pakistan Today that the PPP is insisting on not being a part of the federal cabinet but the PML-N has floated a new proposal and the PPP has promised to discuss it with its leadership.

“During the first round of talks, the PML-N committee floated some new proposals and the PPP committee went back for discussions. However, the PPP team did not return for the second round of talks. Now the second round of talks has been postponed for Tuesday.

We hope that there would be some breakthrough today (Tuesday),” the sources said.

The sources expressed hope that both the parties would agree to a power sharing formula today (Tuesday). The sources said that the pressure was now building on the PPP leadership to cut a deal as failure may eventually lead to any hazard to democratic process.

PML-N leader PML-N Azam Nazir Tarar, in an informal conversation with journalists, said the talks are moving forward in a positive direction.

“Some things have already been decided on the matter of PPP’s inclusion in the cabinet,” Tarar added.

Meanwhile, a delegation of the Muttahidda Qoumi Movement-Pakistan (MQM-P) met with the PML-N team and discussed the future alliance between the two parties. The development comes after two parties held a meeting to discuss the formation of government in the Centre.

Sindh Governor Kamran Tessori, Mustafa Kamal and Farooq Sattar were present in the meeting, while Ishaq Dar, Ayaz Sadiq and Malik Muhammad Ahmad Khan were part of the PML-N delegation.

Sources said the MQM-Pakistan has sought PML-N’s support for three constitutional amendments in return for joining the coalition government in the Centre, a party spokesperson said on Monday. The sources said giving constitutional cover to the devolution of power and resources was their responsibility.

China calls for ‘political unity, social stability’ in Pakistan ISLAMABAD

went to the petitioner’s residence, but did not get any response.

The court then issued a written order, stating that the application was filed on February 12, while it appeared in electronic and print media before filing. It added that the Registrar’s Office also raised objections to the application, but considering the importance of the case, the application was fixed for hearing with objections.

“The petitioner after gaining maximum fame by filing the petition filed another application to withdraw the petition. A notice was sent to the residential address mentioned in the petition but was not received, no one replied to our phone calls and no one appeared during the court proceedings today,” the order said.

It further stated that although the petitioner has the right to with-

draw the petition, the petitioner, however, exploited the situation for his benefit by filing the withdrawal application. The court cannot allow such tactics, and therefore gives another chance to the petitioner, it added.

The court observing the petitioner as an ex-brigadier, ordered the concerned SHO and the Ministry of Defence to issue the notice.

The hearing of the case was then adjourned till Wednesday, February 21.

Brig (retd) Khan sought a declaration that the February 8 elections were rigged, urging for a fresh round of general elections.

He lodged a three-page constitution petition under Article 184 (3) of the Constitution, while the SC Registrar’s office raised objections regarding the petition’s maintainability.

STAFF CORRESPONDENT

As several political parties are scrambling to form a coalition government after February 8 elections, China on Monday called for maintaining political unity and social stability in the South Asian nation. “As a close and friendly neighbour, China fully respects the choice made by the Pakistani people,” said Mao Ning, spokeswoman for the Foreign Ministry.

Beijing “sincerely hopes that all relevant parties in Pakistan will work together to maintain political unity and social stability after the elections and jointly create a future for national development,” said Mao. No single political party was able to gain the required numbers to form a federal government on its own after elections were held in Pakistan on February 8.

Most of the seats in the 264-seat National Assembly, were won by independent candidates linked to incarcerated former Prime Minister Imran Khan, the founder of the Pakistan Tehreek-e-Insaf (PTI) party which is barred from participating in the polls.

The Pakistan Muslim League Nawaz (PML-N) of former Prime Minister Nawaz Sharif won 75, followed by the Pakistan Peoples Party of Bilawal BhuttoZardari which won 54.

CONTINUED ON PAGE 03

State to ensure ‘exemplary punishment’ to trolls targeting civil servants: PM ISLAMABAD

STAFF REPORT

Caretaker Prime Minister Anwaarul Haq Kakar said on Monday that the state of Pakistan shall defend the civil servants in discharging their constitutional duties, act against the “violent trolls” and ensure “exemplary punishment” to them.

The statement came days after the Rawalpindi Commissioner, confessed to his “involvement in rigging election results in the city”, and resigned from his post demanding to be “hanged for doing injustice” to the Rawalpindi Division.

Chattha, in a press conference at the Rawalpindi Cricket Stadium, claimed that 13 candidates from Pindi were forcefully declared winners, adding that “we gave the losing candidates leads of 50,000 votes”.

“I have done injustice to the Rawalpindi Division,” he said. “I tried to commit suicide today after Fajr prayer. But then I thought, why should I die a forbidden death? Why not put everything in front of the people?” he said.

“I accept the responsibility of election

rigging in Rawalpindi Division and surrender myself to the police,” he said.

However, Chattha’s allegations have been denied by the Election Commission of Pakistan (ECP) and the new newly-appointed Rawalpindi Commissioner.

“There should be no doubt about our commitment to these noble civil servants serving the state and the people of Pakistan,” the premier said in a statement issued by his office today.

PM Kakar said that the people of Pakistan have spoken with a clear voice on February 8 and have given a split mandate.

“Some elements with a proven track record of violent behaviour and vigilantism are now using different tricks including weaponisation of social media in blackmailing and pressurising civil servants to switch their loyalties from the State of Pakistan to the violent gang,” he added.

The premier said that the actions of these elements were in clear violation of Article 5 and other articles of the Constitution and the laws of the land.

“The state of Pakistan shall defend the civil

servants in discharging their constitutional duties, act against these violent trolls and ensure exemplary punishment to them. There should be no doubt about our commitment to these noble civil servants serving the State and the people of Pakistan,” he concluded.

Popular microblogging site ‘X’, formerly known as Twitter, also had its services disrupted in Pakistan on Monday for the third consecutive day.

Users nationwide have grappled with prolonged inaccessibility to the platform, marking yet another glitch in internet instability in the weeks leading up to, during, and after the hotly-contested February 8 national elections.

According to Downdetector, X services were disrupted at around 1pm.

A day earlier, Maryam Nawaz, the PMLN’s chief organiser and nominee for the Punjab chief minister’s slot, echoing similar sentiments, warned that legal action would be taken against those who were inciting the bureaucracy to break the law – indirectly referring to the PTI. Maryam wrote on social media platform

X that threatening the bureaucracy meant creating chaos in the state system, and an open indulgence in this practice was an invitation to disaster.

Addressing the bureaucracy, Maryam said officers should not be intimidated by

threats and perform their duties according to the law.

The PML-N leader continued that those who threatened the security of the officers would be dealt with “iron hands”. She vowed to ensure the security of the officers.

02 NEWS

STOCKS SHOW RESILIENCE AS KSE-100 POSTS OVER 500 POINTS

T g

INVESTORS ARE CAUTIOUS OVER ONGOING POLITICAL ANXIETY, SAYS IMS PROFIT

news Desk

HE Pakistan Stock Exchange (PSX) opened the week with volatility but the benchmark KSE-100 index recovered in intraday trading and posted an increase of over 500 points.

As per data on the PSX website, the

IMF urges transparency in Pakistan’s development projects

market opened with a dip of over 600 points, continuing the previous week’s downward trend. But, stocks showed resilience later during the intraday trading and the KSE-100 index closed at 60,459.74 level, up by 586.78 points or 0.98%.

As the the country faces political instability, and the formation of a coalition government is underway, the uncertainty in political affairs is adversely affecting

PROFIT

Monitoring Desk

The International Monetary Fund (IMF) has called for greater transparency from Pakistan regarding its Public Sector Development Programme (PSDP), citing concerns over the lack of detailed investment information.

The IMF’s request emphasizes the need for Pakistan’s budget documents to detail the locations and formats of PSDP projects, aiming to enhance the effectiveness of these development initiatives. In response, Pakistan’s Planning Commission officials have indicated that the finance and planning ministries are working to align documentation with IMF guidelines. This effort aligns with discussions about a new financial agreement between Pakistan and the IMF, as the current one concludes.

Pakistan is expected to negotiate a new three-year Extended Fund Facility with the IMF, contingent on Islamabad’s commitment to fiscal reforms, including budget proposals for FY 2024-25, increasing utility prices, and reducing subsidies. This move is part of broader efforts to stabilize Pakistan’s economy and ensure strategic development planning.

Nasir Javed appointed judge of Accountability Court Islamabad ISLAMABAD

staff report

Sessions Judge Nasir Javed Rana Monday appointed as the judge of Accountability Court Islamabad. The Ministry of Law has issued a notification for the appointment of a new judge of the Accountability Court. Grade 21 Judge Nasir Javed Rana has been appointed on deputation for three years and will continue to serve as Judge Accountability Court No. 1 till January 23, 2027. Nasir Javed has been appointed due to the leave of Judge Muhammad Bashir till his retirement on March 14, 2024. It is pertinent to note that Judge Nasir Javed Rana had recently delivered the verdict in the Sara Inam murder case.

PML-N’s Saad Rafique calls for NA session ‘as soon as possible’ LAHORE

staff report

PML-N leader Khawaja Saad Rafique has said that a session of the National Assembly, which would be the first of the upcoming government, should be convened “as soon as possible”. In a post on X, he said, “Conducting the grand national dialogue is the prime responsibility of this assembly.” Rafique further said that state institutions should also be involved in the dialogue to “give way to each other so that Pakistan gets way”.

the equity market.

As per market analysts, investors might find opportunities in the market’s current dips to develop their long-term investment strategies. However, the prevailing bearish trend in the PSX may not align with the strategies of short-term investors.

“Investors are cautious over ongoing political anxiety post general elections where the KSE-100 Index has lost 4,395 points (down 7%) since the elections. We think confidence would regain once government would be formed in the center led

by PMLN-led coalition”, said Intermarket Securities Limited.

Additionally, Fitch Ratings said that the close outcome of Pakistan’s election and resulting near-term political uncertainty may complicate the country’s efforts to secure a financing agreement with the IMF. “A new deal is key to the country’s credit profile, and we assume one will be achieved within a few months, but an extended negotiation or failure to secure it would increase external liquidity stress and raise the probability of default.”

Pakistan’s sovereign dollar bonds also experienced a decline of up to 1.25 cents on Monday, amid inconclusive polls and political uncertainty.

Pakistan’s IT exports increase by 39% YoY in January 2024 g

EXPORTS RISE 13% TO $1.7 BILLION IN FIRST SEVEN MONTHS OF FY 2023-24 PROFIT

news Desk

Pakistan’s IT exports increased by 39% to $265 million in January 2024 as compared to the same month last year, though there was a 13% month-onmonth (MoM) decrease from December 2023.

IT exports in January 2024 were also higher than last 12-month average of $227 million.

The growth in year-over-year (YoY) IT exports is attributed to two key factors: the State Bank of Pakistan (SBP) increased the permissible retention limit for Exporters’ Specialized Foreign Currency Accounts from 35% to 50%, and the stabilization of the Pakistani rupee (PKR) encouraged IT companies to

repatriate their foreign income.

Despite this growth, IT companies have retained an estimated $1-2 billion outside of Pakistan, as per the IT minister’s statement.

IT exports recorded at $1.7 billion during the first seven months (July to January) of the ongoing fiscal year FY 2023-24, a 13% increase from $1.5 billion during the same period in the previous year.

Net IT exports in January 2024 were $240 million, up 35% YoY but down 9% month-over-month (MoM).

The net IT exports in January 2024 also exceeded the last 12-month average of $199 million. In 7MFY24, net IT exports grew by 11% YoY to $1.5 billion.

Minister for IT, Dr Umar Saif, said that the caretaker government

achieved 13 out of 15 goals for promoting the IT sector and increasing exports. Key achievements include the retention limit increase, establishment of specialized tribunals, enabling PayPal Remittances, ensuring 5G Spectrum availability, and establishing a Startup Fund.

While there has been an increase in gross IT exports during 7MFY24, the government’s target of $5 billion appears challenging. It is anticipated that gross IT exports for FY24 will likely be between $3-4 billion, as opposed to $2.6 billion last year.

Within the IT sector, Systems Limited (SYS) is highlighted for investment, with its shares trading at an estimated P/E ratio of 12.0x for 2023 and 9.3x for 2024.

Inconclusive polls push down Pakistan’s dollar bonds g

APRIL 2024 BOND SUFFERING MOST, TRADING AT 95.88 CENTS TO DOLLAR, TRADEWEB DATA PROFIT

news Desk

Pakistan’s sovereign dollar bonds experienced a decline of up to 1.25 cents on Monday, amid inconclusive polls and political uncertainty.

According to the Tradeweb data, all bonds witnessed a drop, with the April 2024 bond suffering the most, trading at 95.88 cents to the dollar.

The two political parties, PMLN and PPP are scheduled to convene on Monday in a bid to resolve their differ-

ences and facilitate the formation of a coalition government.

The ongoing political uncertainty has the potential to further destabilise the economy, necessitating decisive action from Pakistan’s leaders to navigate the country out of its economic troubles.

Just a few days back, Bloomberg reported that the South Asian nation’s dollar bonds delivered some of the best returns in emerging markets last year, gaining over 90%.

They carried much of that momen-

tum through January as the IMF made its final disbursal under a program that also facilitated bilateral finance from friendly countries, bringing Pakistan back from the brink of default.

Additionally, Bloomberg quoted Goldman Sachs saying that Pakistan’s dollar bonds will rebound, overcoming a fractured election mandate, as the leaders of the emerging coalition understand the gravity of the economic crisis and will work together to secure IMF aid.

On the flip side, Fitch Ratings said that the close outcome of Pakistan’s election and resulting near-term political uncertainty may complicate the country’s efforts to secure a financing agreement with the IMF.

Unprecedented year for Tata, market valuation hits $365b milestone g

INCREASE IN MARKET VALUE FOR TATA GROUP IS LARGELY DUE TO IMPRESSIVE PERFORMANCES BY COMPANIES SUCH AS TATA MOTORS AND TRENT

Analysis from ACE Equity shows that among the 25 Tata companies listed on stock exchanges, only Tata Chemicals experienced a decline in wealth over the last 12 months, demonstrating the conglomerate’s overall resilience and robust performance.

PROFIT

Monitoring Desk

The Tata Group, India’s largest business conglomerate, has witnessed its companies’ market value surge over the past year, achieving a remarkable market capitalization of $365 billion (approximately ₹30.3 lakh crore).

This growth has been fueled by exceptional returns across several Tata companies, highlighting the group’s economic influence and market dominance.

Tata Consultancy Services (TCS), with a valuation of around $170 billion (approximately 15 lakh crore), leads the conglomerate’s success, standing as India’s second-largest company. This growth underscores the significant economic prowess of the Tata Group within the global marketplace.

A YEAR OF UNPRECEDENTED

GROWTH The increase in market value for the Tata Group is largely due to impressive performances by companies such as Tata Motors and Trent, along with significant gains in Titan, TCS, and Tata Power. Notably, eight Tata companies, including the recently listed Tata Technologies, have doubled their wealth over the past year. This group also includes TRF, Trent, Benaras Hotels, Tata Investment Corporation, Tata Motors, Automobile Corporation of Goa, and Artson Engineering.

POTENTIAL FOR FURTHER GROWTH The strength of the Tata Group is expected to grow even further when considering the potential market value of its unlisted entities. These include Tata Sons, Tata Capital, Tata Play, Tata Advanced Systems, and their aviation ventures, Air India and Vistara. Estimates suggest that these could significantly increase the conglomerate’s market valuation by an additional $160-170 billion or more, solidifying the Tata Group’s position as a key player in the global economic landscape.

Tuesday, 20 February, 2024 | ISLAMABAD

Pakistan’s rice exports see major uptick in FY 2023-24 PROFIT

Monitoring Desk

Pakistan’s agricultural sector has achieved a significant milestone in the current financial year 2023-24, with rice exports soaring by 95.26% in the first seven months, as reported by the Pakistan Bureau of Statistics. The country exported over 3.323 million metric tons of rice, valued at $2.115 billion, compared to 1.982 million tons worth $1.083 billion in the same period last year. Notably, Basmati rice exports increased by 35.59%, with 398,764 metric tons worth $456.950 million shipped, up from last year’s 320,751 metric tons at $337.008 million. Non-Basmati rice exports also saw a significant rise, with over 2.924 million metric tons valued at $1.658 billion exported, compared to 1.661 million metric tons worth $746.434 million last year. The overall food group exports from Pakistan grew by 57.66%, reaching $4.267 billion, while food imports decreased by 21.09%, falling to $4.721 billion. The reduction in imports includes key commodities like wheat, soya bean oil, palm oil, and sugar.

Pakistan’s total exports increased by 7.89% to $17.782 billion, and imports declined by 14.11%, leading to a trade deficit of $13.167 billion, a 32.66% improvement from last year.

These figures highlight a robust performance in Pakistan’s agricultural sector, contributing to the country’s economic stability and reduced dependency on imports.

Current account posts deficit of $269m in Jan 2024 PROFIT

Monitoring Desk

Pakistan’s current account recorded a deficit of $269 million in January 2024, as compared to a $404 million month-on-month (MoM) surplus in December 2023, according to the latest data released by the State Bank of Pakistan (SBP) on Monday. The deficit emerged due to a slight decline in exports by over 4% to $3.37 billion from December’s $3.526 billion, and an increase in imports by 11% to $5.51 billion, compared to the same period last year. Despite the dip in exports, remittances in January saw a marginal increase to $2.397 billion from $2.382 billion in December. On the flip side, the country’s current account position, with a deficit reduction to $1.093 billion in the first seven months (July-January) of FY24, is down by 71% from the same period of the previous fiscal year. This improvement aligns with the central bank’s positive outlook on the external account, highlighted by SBP Governor Jameel Ahmad, noting the narrowing deficit and stabilized foreign exchange reserves despite substantial payments. This financial trend indicates critical insights into Pakistan’s economic health, particularly its dependence on imports and the impact on its exchange rate and foreign exchange reserves.

Pakistan sees decline in foreign investment in Jan PROFIT

Monitoring Desk

Pakistan experienced a significant downturn in foreign direct investment (FDI), recording a disinvestment of $173.2 million in January 2024, a noticeable drop from the $211.1 million direct investment in December 2023, as per the SBP. This represents the highest negative FDI since October 2018. Year-onyear comparison reveals a decrease from $236.7 million in the same period last year.

The cumulative FDI for the first seven months of FY24 fell to $689.5 million from $876.8 million in the prior year. The detailed analysis shows a 33.63% decrease in FDI inflow to $184.7m and an outflow surge to $357.9m.

Portfolio investment outflows also increased, with $33.8m leaving through equity securities, compared to a $1.1m outflow in January 2023.

Foreign private divestment, including direct and portfolio investments, totaled $207m in January 2024, down from an inflow of $235.7m the previous year. However, foreign public investment improved, recording $59.3m, up from $8.9m last year. Overall, January 2024 saw a total foreign divestment of $147.7m, a significant shift from the $244.5m investment in the same period last year, indicating a critical need for measures to improve Pakistan’s investment climate.

Pakistan’s election outcome, political uncertainty may complicate new IMF deal: Fitch g

FAILURE TO SECURE A NEW DEAL WILL INCREASE EXTERNAL LIQUIDITY STRESS AND RAISE THE PROBABILITY OF DEFAULT, SAYS RATING AGENCY PROFIT

Monitoring Desk

Fitch Ratings said on Monday that the close outcome of Pakistan’s election and resulting near-term political uncertainty may complicate the country’s efforts to secure a financing agreement with the IMF. “A new deal is key to the country’s credit profile, and we assume one will be achieved within a few months, but an extended negotiation or failure to secure it would increase external liquidity stress and raise the probability of default, the global rating agency said.

Pakistan’s external position has im-

proved in recent months, with the State Bank of Pakistan (SBP) reporting net foreign reserves of $8 billion as of 9 February 2024, up from a low of $2.9 billion on 3 February 2023.

“Nevertheless, this is low relative to projected external funding needs, which we expect will continue to exceed reserves for at least the next few years. We estimate Pakistan met less than half of its $18 billion funding plan in the first two quarters of the fiscal year ending June 2024 (FY24), excluding routine rollovers of bilateral debt,” said Fitch.

The rating agency said that the sovereign’s vulnerable external position means that securing financing from multilateral and

bilateral partners will be one of the most urgent issues on the agenda for the next government. This looks set to be a coalition of the Pakistan Muslim League-Nawaz party and Pakistan People’s Party, despite the strong performance by candidates associated with Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) party in the election. Currency StandBy Arrangement (SBA) will expire in March 2024. Negotiating a successor deal to the SBA and adhering to the policy commitments under it will be critical to most other external financing flows, not just from the IMF, and will strongly influence the country’s economic trajectory in the longer term.

“Finalising a new IMF deal is likely to

be challenging. The current SBA is an interim package and we believe any successor arrangement would come with tougher conditions, which may be resisted by entrenched vested interests in Pakistan.

Nonetheless, we assume any resistance will be overcome, given the acute nature of the country’s economic challenges and the limited alternatives,” said Fitch Ratings.

Continued political instability could prolong any discussions with the IMF, delay assistance from other multilateral and bilateral partners, or hamper the implementation of reforms. “We believe a government will assume office and engage with the IMF relatively quickly, but risks to political stability are likely to remain high. Public discontent could rise further if PTI remains sidelined – the election revealed continued strong public support for the party,” it added.

Pakistan’s governments have a poor

record of completing IMF programmes – less than half of its 24 IMF programmes have disbursed more than 75% of the funding available. However, there has been fair progress on targets under the current SBA. “Moreover, we perceive there is stronger consensus within Pakistan on the need for reform, which could facilitate the implementation of a successor arrangement.”

Policy risks could rise again over time if external liquidity pressures ease, either as a result of initial reform successes or developments outside Pakistan, such as a substantial drop in oil prices. This could lead to the renewed build-up of economic and external imbalances. “We believe Pakistan’s external finances will remain structurally weak until and unless it develops a private sector that can generate significantly more export income, attract FDI or reduce import dependence,” the rating firm said.

NEWS 03

AUDIO LEAKS CASE: IHC EXPRESSES DISPLEASURE OVER ABSENCE OF GOVERNMENT OFFICERS Tuesday, 20 February, 2024 | ISLAMABAD

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ISLAMABAD

Staff RepoRt

ENIOR officers of two government institutions did not appear in the audio leaks case before the court on Monday despite the court order. The Islamabad High Court (IHC) has summoned the directors general (DG) of the Intelligence Bureau (IB) and

Winter tightens grip as rain showers sweep across country ISLAMABAD

Staff RepoRt

The chilly embrace of winter tightened its hold on various parts of the country on Monday, as rain showers blanketed regions including Punjab, Khyber Pakhtunkhwa, and Kashmir. In Peshawar, the weather took a sharp turn towards freezing temperatures following a spell of rain, sending shivers down the spines of residents. The downpour, measuring a notable 12 millimeters since the onset of night, has left its mark on the cityscape, with the mercury plummeting to a minimum of 8 degrees Celsius. However, the aftermath of the rain has brought forth its own set of challenges, as rivers swelled to the brink, exacerbating concerns for citizens already grappling with the wintry conditions. Meanwhile, in Lahore, a drizzle descended upon different areas, casting a pall of gloom over bustling streets. Drops of rain were reported around Liberty Chowk, Kalma Chowk, Gulbarg, and Gaddafi Stadium, contributing to a palpable drop in temperatures across the city. The onset of cold winds in Lahore has further intensified the chill, underscoring the winter’s unyielding grasp on the region.

Tipu Truckanwala’s son Balaj shot dead in Lahore LAHORE

Staff RepoRt

Ameer Balaj Tipu, the son of Arif Ameer, also known as Tipu Truckanwala, was shot dead in an alleged targeted killing in the Chuhng area of Lahore on Sunday night.

The police claimed that Balaj, aged in his early 30s, was attending the wedding ceremony of a former DPS’s son in a residential society in Chuhng when an armed man opened fire on him, injuring him critically. Three other men accompanying Balaj were also injured, as per the police.

However, due to retaliatory fire by Balaj’s gunmen, the assailant was also killed. All four injured were shifted to Jinnah Hospital, where Balaj succumbed to his wounds.

Media reports quoted doctors as saying that he received four bullet wounds in his chest and died due to excessive bleeding. After the three were shifted to hospital, a heavy contingent of police, including senior officers, also reached there over fears of any possible clashes, since Balaj and his family had a history of enmities for at least three generations. PML-N’s MNA-elect Attaullah Tarar also rushed to the hospital on receiving the news. According to DIG (Operations) Ali Nasir Rizvi, the incident could be the result of a longstanding enmity, however, which group was behind this would be ascertained once an investigation is completed. Ameer Balaj’s father, Tipu Truckanwala was similarly shot dead in the parking lot of the Allama Iqbal airport in 2010 upon returning from Dubai. Balaj’s grandfather, Billa Truckanwala, had also fallen victim to an enmity. Balaj is said to have recently joined the PML-N after quitting the PTI. He was considered one of the few dons of Lahore’s underworld who had generations of enmity.

Federal Investigation Agency (FIA) in connection with an audio leaks case but they didn’t appear before the court.

Justice Babar Sattar of IHC heard the case of audio leaks. The court has also summoned the Chairman of Pakistan Telecommunication Authority (PTA) and representatives of telecom companies, they also remained absent. DG IB, FIA, chairman PTA, and chairman PEMRA didn’t appear before the court in audio leaks

case for which the court expressed resentment.

Justice Babar Sattar remarked on the absence of officers, arguing how the government officer could decide on his own to remain absent from the case hearing, and also hinted towards issuing arrest warrants against the officers. The government lawyer stated that DG FIA couldn’t appear in the court due to illness while deputy director general has appeared in the court in the ab-

Justice of Pakistan Saqib Nisar’s son Najam Saqib and Bushra Bibi. Alleged audio leaks of Najam Saqib with his accomplice Mian Uzair regarding the trade of PTI ticket had made waves on the social media. In the first audio talk, Mr Najam could be heard talking to Abuzar Chaddar, PTI candidate from PP137, wherein he was instructing Mr Chaddar to call on his father Mr Nisar after getting the ticket.

sence of DG IB. Director Waqaruddin Syed appeared in the court representing the FIA. The court later adjourned the case hearing for two weeks. IHC has also ordered the representatives of PFUJ along with CPNE to present before the court. The unlawfully recorded telephone conversation was disseminated through electronic media and covered in print media. Justice Babar Sattar would also heard the pleas of former Chief

Need to include deprived sections in mainstream economy via digital transformation: President ISLAMABAD

Staff RepoRt

President Dr Arif Alvi has stressed the need of enhancing inclusion of the deprived sections of society, especially women and persons with disabilities, in the mainstream of the economy through the digital transformation of the financial sector for socio-economic development.

These views were expressed by him on Monday while addressing the third edition of Hosting Business Net 2024, a platform to promote financial inclusion and digital transformation and recognize the contributions of companies working in this sector.

Members of the business and diplomatic community attended the event.

Dr Arif Alvi said that Pakistani people were a vibrant nation that had been blessed with abundant natural resources, adding that Pakistan needed to invest in their intellectual development and capacity build-

ing. He also highlighted that Pakistan could not progress without the inclusion of 26.2 million out-of-school children in the education system.

Educating such a large portion of the population would require thousands of new schools and additional resources, he observed, adding “If left unaddressed, Pakistan would export raw labour without any value-addition.”

The president cited the example of China which had lifted millions of its people out of poverty by investing in their education and health.

He said that financial inclusion was not possible without political inclusion of the people. President Alvi opined that technology should be utilized for internet voting (i-voting) and Electronic Voting Machines (EVMs). He also hailed millions of young voters who had expressed their confidence in the democratic system.

The president highlighted the need for

setting priorities for the country, making good decisions and efficiently utilizing its human resources for progress of the country. He said that the low tax-to-GDP ratio was a perennial problem in Pakistan, adding that overcoming this issue would help reduce Pakistan’s reliance on foreign loans.

President Alvi said that banks were offering business loans for women on easy terms and conditions, however, there was a lack of awareness about micro-credit facilities for women.

He urged the banks to enhance their outreach by introducing cashless banking in far-flung areas through customized products and services.

CEO of Transforming Hub Iftikhar Hussain highlighted that BizNet was an ecosystem that had brought together the best minds by promoting increased collaboration, commitment and innovation.

He underlined the pivotal role played by the banking sector in adopting the latest

PTI’s Iman Tahir calls for immediate, transparent probe into Commissioner Pindi’s rigging allegations ISLAMABAD

Staff RepoRt

PTI-backed candidate from NA-50 Ms. Iman Tahir has said that massive rigging in February 8 general elections is a dark chapter in Pakistan’s 76-year political history and an immediate and transparent inquiry must be conducted into the allegations of massive rigging by Commissioner Rawalpindi Mr Liaqat Chattha.

Addressing media conference here, Iman Tahir said that the result for her constituency could only be announced on the third day after the general elections. She alleged that when she arrived in Pindi Ghaib polling station, she was not allowed to enter and she and her mother were baton charged by police on orders of high ranking police officials.

She said that hundreds of tear shells were fired at the women without any reason which injured her mother and other female colleagues. She said that

rather than taking action against the responsible police officials, cases were

registered against her and her mother.

“An FIR was filed against me and my mother under the provisions of terrorism, later we went to the Election Commission for the third time to claim the right of the people of this constituency to vote, which was overwhelmingly in our favor. But no response has reached us till date,” she said.

Referring to the revelations of Rawalpindi Commissioner Mr Liaquat Ali Chatta, Ms Iman Tahir called for an immediate and transparent inquiry in to the rigging allegations as 13 National Assembly seats won by PTI backed candidates had been gifted to the PMLN. “Same is the case of my father, Major Tahir Sadiq, whose lead is 65,000 according to form 45. CEC Sikandar Sultan Raja should immediately hold inquiry into the rigging and the inquiry must be held with all the candidates of Tehreeke-Insaaf to the National Assembly present,” she concluded.

Islamabad Capital Police hosts session on ‘Policing and Journalism’ ISLAMABAD

ejaz aRShad Cheema

The Islamabad Capital Police organized a session focusing on Policing and Journalism at Central Police Office Islamabad, a public relations officer said.

He said that, the Islamabad Capital City Police Officer (ICCPO) Dr. Akbar Nasir Khan, crime reporters from renowned media organizations, and senior police officers were present on the occasion.

During the session, the journalists raised issues, and recommendations for further improvements in measures taken

by Islamabad Capital Police for the convenience of the citizens were presented.

Moreover, different aspects of Is-

lamabad Capital Police’s daily operations and various dimensions of public communication and publicity were also discussed.

Addressing the session, ICCPO Dr Akbar Nasir Khan highlighted the crucial role that the field of journalism plays in societal improvement. He emphasized that Islamabad Capital Police continues its efforts to maintain regular interaction with journalists, aiming to disseminate timely and fact-based news. He stressed the importance of news being based on truth, especially when related to the police, to prevent the spread of baseless and fake news.

ICCPO Dr. Akbar Nasir Khan further stated that the establishment of a Public Relations Branch within Islam-

abad Capital Police whose basic values are timely and factual news aimed to maintain the best coordination with journalists and promptly convey accurate information to the public.

He urged journalists to include the police’s perspective whenever publishing news related to police, ensuring that citizens can avoid baseless and false reports. He further said that we have always disseminated news based on facts and operating within a structured framework. He also acknowledged the vital role journalists play in police operations against criminal elements Addressing the journalists, he said that the Islamabad Capital Police is impossible without your help and support in the Federal Capital.

financial solutions paving the way for userfriendly banking transactions.

Speaking on the occasion, CEO of Airlinks Communication Muzaffar Piracha apprised the audience that digitization of the economy was the first step towards financial inclusion which was not possible without advancements in the mobile industry.

Chief Digital Officer of Jazz Aamir Aijaz said that Pakistan had a large undocumented economy that was undermining the whole financial system as businesses/transactions were not registered.

Financial inclusion through formal banking channels and proper payment mechanisms (gateways) could effectively address such issues and empower people particularly women at the grassroots level, he added. Earlier, the president also gave away shields to companies in recognition of their services for enhancing financial inclusion through technological and digital transformation.’

PTI’s Haleem Adil meets GDA delegation to discuss Sindh protest plan KARACHI

Staff RepoRt

PTI Sindh President Haleem Adil Sheikh has met a delegation of the Grand Democratic Alliance in Sindh to discuss their joint action plan of protests against alleged rigging in the February 8 polls. In a post on Facebook, the PTI also shared a video of the said meeting.

The PTI’s Karachi secretary general Ali Ahmed Palh and MPA-elect Agha Arsalan Khan were also present during the meeting, wherein they discussed the prospects of forming a “strong alliance” to hold protests in the province.

China calls for ‘political unity, social stability’ in Pakistan CONTINUED FROM PAGE 01

The smaller Muttahida Qaumi Movement – Pakistan (MQM-P) party won 17 seats.

MQM-P and the parties of Sharif and Zardari are in talks to form a coalition government, while Khan’s PTI has announced to form an alliance with the Sunni Ittehad Council to gain the reserved seats in the parliament where its 95 candidates won as independents.PTI has alleged mass rigging to “steal” public mandate as the party’s data claims that its candidates won at least 177 seats through direct elections.Both the election commission and the government have denied any wrongdoing.

A party requires 134 seats, without adding reserved seats, to form the government on its own at the federal level in the nation.

PML-N’s Shah Jehan Yousaf retains seat after re-count in PK-40 MANSEHRA

Staff RepoRt

19th ‘Cholistan Jeep Rally’ 2024 set to commence today ISLAMABAD

Staff RepoRt

The annual 19th Cholistan jeep rally will be held from Feb 20 to 25, 2024 at the renowned historical location, Dravidian Fort, in which vehicles from all over the country will participate.

Bahawalpur Deputy Commissioner talking to the ptv news channel said that more than 100 competitors were expected to participate in the jeep rally from all over the country, adding, that a camel race, dances, cultural night, fireworks and exhibition would also be part of the fiveday festivities of the jeep rally.

The 19th International Cholistan Desert Rally is not just a thrilling sporting event but it is a platform to spotlight the culture, civilization, and historical richness of South Punjab.

With the challenging terrain covering 500 km route, the rally features various vehicle categories and drivers eager to take on the desert adventure, he added. Police and other law-enforcement agencies (LEAs) have also been asked to finalize security arrangements for the participants and the visitors, he added.

He said the week-long jeep rally celebrations would include several cultural events to be managed by the government departments concerned.

He expressed the hope that rallies and cultural programmes would attract visitors from all over the country.

This traditional event is expected to not only revive the tourism industry but also create new economic opportunities for the region, he mentioned.

Furthermore, a special gathering for the promotion of

knowledge and literature will also be organized this year, he added. The event will kick off with participant registration, vehicle tagging, technical examinations, and medical checkups for all drivers, he concluded.

Pakistan Muslim League-Nawaz (PML-N) candidate for PK-40, Sardar Shah Jehan Yousaf has been declared successful after a recount of votes by the returning officer of the constituency. According to details, recount of votes of 173 polling stations of PK-40 Mansehra was completed on Monday. As per re-count of votes, Shah Jehan Yousaf has retained the seat by securing 43,014 votes while his runner up PTI-back Shakoor Lughmani got 42,918 votes. The Election Commission officials after recount of votes have also issued Form 47 of PK-40, Mansehra.

KP CM hopeful Gandapur granted transit bail PESHAWAR

Staff RepoRt

The Peshawar High Court (PHC) has granted transit bail to Ali Amin Gandapur, the Pakistan Tehreek-e-Insaf’s (PTI) nominee for the slot of Khyber Pakhtunkhwa chief minister, amid fears of potential arrest. As per details, the PHC approved his plea seeking transit bail against surety bonds worth Rs100,000.

04 COMMENT

Protecting minority shareholders

Tuesday, 20 February, 2024

A mess no one wants to clean up

T

O

HE constitution demands that a session of parliament be called within three weeks of general elections. More than 10 days have already passed since the polls but it is less evident than ever who will form the next government.

The uncertainty is less because of a hung parliament and more because no one seems to want to touch the federal government with a tenfoot pole. On the one hand there is the PML-N. Seemingly in a safe place to have Shehbaz Sharif elected as Prime Minister with the backing of the PPP, the league’s Supremo Mian Nawaz has now expressed that his party should sit in the opposition in the centre.

The proposition makes sense. The League is in a position to form a government in Punjab without any help, and if they get backing from the PPP to have the younger Sharif installed in the PM house they will have to give a share in Punjab to Mr Zardari and the Bhutto heir. But the PML-N is more wary this time. The year and a half they were at the head of the PDM government has taught them that there is little to be gained from coming to government at a time when unpopular decisions are the only option on the table. There is a great political cost to being prime minister just now and the league seems less sure of taking it on.

There is similar dilly-dallying among the PTI. Imran Khan has announced that his crusade for civilian supremacy will be led by the grandson of Field Marshal Ayub Khan, Omar Ayub, as prime minister. Despite this, the PTI has gone back and forth on whether they will try to form a government or sit in the opposition.

The reality is that everyone recognises there is a massive economic mess that needs to be cleaned up. This mess has been made in collaboration by the PPP, the PML-N, the PTI, and the PDM from 2008 to 2024. And while all of them contributed to the mess, no one seems to want to get dirty cleaning it up. But is anyone really surprised?

What we do know is that the longer these parties stall the longer the uncertainty will last, which will only make matters worse.

Laiba Tariq

NE important factor in attracting investment is the protection of the rights of shareholders. While shareholders have a direct interest in the affairs of the company, directors are not accountable to them, instead, they are accountable to the company.

This is because the company has a separate personality and the directors are contractually bound to the company and not the shareholders. Directors may act in a manner that is detrimental to the interest of the shareholders. Hence, an effective mechanism is needed to enforce director duties. “Intra Corporate Dispute (ICD) arbitration” is one such mechanism.

“ICD arbitration” is based on an arbitration clause incorporated in the constitution of a company. This paper will discuss the arbitrability of the derivative claim brought by minority shareholders by looking into the contractual nature of the company’s constitution and the impact of national laws. Then it will highlight the approach taken by the UK on the ICD arbitration concerning minority shareholder protection. Finally, it will anlayse the arbitrability of intracompany disputes in Pakistan.

Before adding the arbitration clause to the constitution of any company it is necessary to ascertain whether the laws of a country allow the incorporation of ICD arbitration clauses. The “ICD arbitration” idea is based on the “nexus of contract theory of corporation”. This theory treats a company’s constitution, which contains an ICD arbitration clause, as a binding contract between the company and shareholders and “amongst shareholders inter se”.

Thus the company and its members are the parties to this contract and oy they can “invoke the ICD arbitration clause”. Interestingly, only shareholders can invoke the arbitration clause and directors cannot.

However, this does not prevent the shareholders bringing a derivative claim (on behalf of the company) in arbitration against directors collectively as

directors are agents of the company who get their authority from the constitution. The idea of the constitution being a contract is significant because it assumes that the company and members have autonomously agreed to the constitution, and this party autonomy, in turn, is central to the concept of arbitrability. The significance of any such “party autonomy-based intra- corporate dispute resolution” is that the arbitration clause can be enforced by any person/ party privy to the contract. The arbitrability of any dispute is also based on whether the subject matter is arbitrable in a particular state. This is determined by the statutes such as the laws governing companies and arbitration in general. Furthermore, arbitrability, especially in the case of “ICD arbitration” is determined by the type of relief which is sought and the power of the arbitrator to grant such a relief; the dispute may not be arbitrable if it impacts the rights of any third party such as creditors. Hence the arbitrability of the disputes brought by minority shareholders in derivative claims is determined through the laws of the jurisdiction where the company is incorporated and the type of relief sought by the party.

Thus the shareholders, especially minority shareholders can enforce director duties through arbitration by bringing the action on behalf of the company in disputes covered by the arbitration clause.

Protection of the rights of minority shareholders is a part of the UK’s “delegalised corporate governance” courts in the UK have held that the disputes arising from the constitution of the company are contractual and are arbitrable as long as they do not engage the rights of creditors or infringe any statutory protection imposed for the benefit of third parties.

The question of whether the arbitration tribunal can adjudicate the shareholder derivative action was answered by the English Court of Appeal in the case Fulham Football Club Ltd v Richards. The court looked at the power of the arbitration tribunal to adjudicate upon a derivative claim brought by a minority shareholder invoking the unfairly prejudicial remedy available under “section 994-5 of the Companies Act 2006 (2006 Act)”. The primary question

Protection of the rights of minority shareholders is a part of the UKÊs „delegalised corporate governance‰ courts in the UK have held that the disputes arising from the constitution of the company are contractual and are arbitrable as long as they do not engage the rights of creditors or infringe any statutory protection imposed for the benefit of third parties. The question of whether the arbitration tribunal can adjudicate the shareholder derivative action was answered by the English Court of Appeal in the case Fulham Football Club Ltd v Richards.

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

Climate financing in Pakistan: Beyond borders and the urgency of loss and damages M. A. Niazi

Babar Nizami

Editor Pakistan Today

Editor Profit

A

arsaLan sohaib

s a Pakistani writer, I find myself compelled to draw attention to a pressing concern that transcends geographic boundaries and impacts every citizen of our interconnected world – climate change. While Pakistan grapples with the devastating effects of a changing climate, the importance of global climate financing and the need for comprehensive mechanisms addressing loss and damages cannot be overstated.

Pakistan, like many developing nations, is disproportionately affected by the consequences of climate change. From erratic weather patterns to intensified natural disasters, our country is on the front lines of a crisis that demands urgent and collective action. The importance of international climate financing in supporting our efforts to mitigate and adapt to these challenges cannot be overstated.

According to the Global Climate Risk Index, Pakistan ranks among the top ten countries most affected by climate change-related events. Floods, droughts, and extreme temperatures have become recurrent threats, disrupting lives and livelihoods across the nation. The economic toll of these disasters is staggering, affecting not only individuals and communities but also hindering our national development.

International climate financing, often channeled through mechanisms like the Green Climate Fund, plays a crucial role in assisting countries like Pakistan in their climate resilience endeavors. However, the current levels of funding fall short of meeting the escalating needs arising from the intensifying impacts of climate change. The international community must recognize the urgency of scaling up financial support to vulnerable nations, acknowledging that climate change is a global challenge that requires a collective response.

Furthermore, while traditional climate financing addresses mitigation and adaptation, the concept of loss and damages remains inadequately addressed. Loss and damages refer to the irreversible harm caused by climate change, where communities face the challenge of recovering from events that go beyond the scope of adaptation measures. For Pakistan, this may manifest in the loss of agricultural productivity due to changing rainfall patterns or the displacement of communities due to rising sea levels.

The global community needs to recognize the importance of establishing a robust mechanism for addressing loss and damages associated with climate change. This mechanism should provide financial support for affected communities and countries, acknowledging the

moral responsibility of nations historically responsible for the majority of greenhouse gas emissions. It is not merely about compensating for the loss but also about fostering resilience and ensuring a sustainable future for those who bear the brunt of climate change.

In my conversations with fellow Pakistanis, the recurring theme is one of resilience and adaptation. Communities are finding innovative ways to cope with the changing climate, but they need more than just resilience – they need genuine support and solidarity. It is time for developed nations to honor their commitments and fulfill their climate finance pledges, recognizing the shared responsibility of safeguarding our planet.

The upcoming COP meetings provide an opportune moment for the global community to reevaluate and strengthen its commitment to climate financing, specifically addressing the

needs of vulnerable nations like Pakistan. The financial support should not be a mere token gesture but a meaningful investment in the future of nations facing the gravest consequences of climate change.

As a Pakistani writer, I call upon world leaders and policymakers to prioritize climate financing that goes beyond borders, addressing the specific challenges faced by developing nations. The urgency of loss and damages should not be underestimated, and it is imperative that the international community comes together to create a comprehensive and equitable framework that ensures a sustainable and resilient future for all. The time for action is now, and the consequences of inaction are ones that no nation, developed or developing, can afford to bear.

The writer is a freelance columnist.

The upcoming COP meetings provide an opportune moment for the global community to reevaluate and strengthen its commitment to climate financing, specifically addressing the needs of vulnerable nations like Pakistan. The financial support should not be a mere token gesture but a meaningful investment in the future of nations facing the gravest consequences of climate change.

Lahore – Ph: 042-36300938, 042-36375965

before the court was “whether the statute or public policy prohibits the reference to arbitration of an unfair prejudice petition”. The court’s decision highlighted the significance of domestic law in determining the arbitrability of the claim. The court looked into the provisions of the “2006 Act and the Arbitration Act 1996” and concluded that neither the 2006 Act nor the 1996 Act contains an “express bar on submitting the unfair prejudice petition to arbitration based on public polic. The court held that the only restriction placed on the arbitrator was concerning the relief claimed by the parties; relief such as winding up, which impacts the rights of the third parties cannot be granted by the tribunal. However, the court held that just because a relief impacts thirdparty rights does not mean the subject matter of the dispute is not arbitrable at all, it may be arbitrable to the extent of the reliefs that do not impact third-party rights. This explains the contractual approach reinforced by the courts of the UK. Third parties, that are not privy to the contract are not involved in the process of “ICD arbitration”. Hence, in the UK courts have recognised the role of the “ICD arbitration” in protecting the rights of minority shareholders.

While the “Companies Act, 2017 (2017 Act)” and the “Arbitration Act, 1940 (1940 Act)” do not contain any express bar against the arbitrability of the claim brought by a minority shareholder, no right of derivative claim is available for the minority shareholders under the section 286 of the 1940 Act. Section 286 provides an equitable remedy to the minority members against the “oppression” of the majority. Under oppression remedy, claims can only be brought in cases where the conduct of the majority shareholders constitutes “oppression”. This narrows the scope of this provision because of the definition of oppression. The protection of the rights of minority shareholders can be better guaranteed by encouraging “ICD arbitration”. However, it is essential to amend section 286 and widen its scope by replacing the oppression remedy with a broader unfairly prejudicial remedy so that tribunal has more expansive remedies available to enforce the rights of minorities. It might be argued that unlike in the UK since no right to bring ring a derivative claim is available under the 2017 Act, it cannot be brought before an arbitration tribunal. Hence, the 2017 Act should allow derivative claims to prevent the arbitration clause allowing the “ICD arbitration” in this regard to be declared null and ineffective. The 2017 Act should also be amended to clarify whether directors will be bound by the” ICD arbitration” clause.

ICD arbitration and the above-mentioned legislative reforms can provide an alternative to minority shareholders to protect their rights. The “ICD arbitration” will provide an effective and expeditious dispute resolution mechanism that will help attract investors. This is because, unlike the court proceedings, confidentiality is maintained in the “ICD arbitration.” This confidentiality ensures there is no drop in the share price. Also, “ICD arbitration: will take away the burden from courts. Hence the promotion of “ICD arbitration” is important in Pakistan.

The writer is a law student.

Editor’s mail

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

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

College buses

THE Government Degree College, Hoshab, in Balochistan provides buses to students living in the western parts of the region, leaving everybody else without such a critical facility. Students from Bidrang, Bal, Tunk, Parkotag, Kolowah and other villages that are significantly farther from the college continue to suffer. They have to walk 15-20km every day. The authorities should arrange buses for these students to ensure the provision of equal opportunities for all.

JAMAL RAHIM HOSHAB

Black magic

MY family recently experienced a troubling incident at the hands of practitioners of black magic. This made me realise the absence of any legal framework in the country to penalise such practices. Nearly four years ago, a legislator had introduced a bill in the assembly to amend both the Pakistan Penal Code (PPC) and the Code of Criminal Procedure (CrPC) with the aim of penalising such practices. The bill was referred to the relevant committee on Feb 6, 2020, but it was rejected after a couple of sittings. I hope the new parliament would enact due legislation in this regard.

ABDUL QADEER CHACHAR PANO AQIL

PEC beyond access

THE Pakistan Engineering Council (PEC), whose responsibility it is to help the country advance in the field of technology and innovation, has become a glaring example of incompetence, mismanagement and carelessness. All the helpline numbers of PEC remain ‘busy’ all the time, and if, by chance, someone does receive a call, the caller is directed to other extensions to talk to. And, of course, no one takes the call on ‘that’ extension. All the numbers available on the official website are either dysfunctional or irresponsive.

Furthermore, PEC’s mobile app is equally problematic and fails to be of any help to millions of engineers. The same is the case with PEC website’s continuing professional development (CPD) portal. The Council’s IT and CPD departments have failed to make the portal fully operational. It crashes every other day. Engineers across the country face numerous problems, but have nowhere to go to register their complaints. The PEC’s administration and elected governing body must take serious action in this regard and make PEC a more cooperative, efficient and innovation-friendly organisation.

ABDUL QAYOOM LAHORE

Wasting food

I

Karachi – Ph: 021-32640318 I

Islamabad – Ph: 051-2204545

I

FOOD wastage is a common yet dange-rous problem of society. Pakistan is an agricultural country that can easily cater to the food requirements of its people. The fertile soil of Punjab and other provinces, complemented by sufficient water resources provided by the Indus and its tributaries, make Pakistan a country perfect for producing food, not only for its own population but also for exporting to other countries to underpin the troubled economy. Yet, we are faced with severe food insecurity.

The problem became formidable after the devastating floods caused by the monsoon rains last year. The challenge of food security is severe in Balochistan where poverty is ruling unhindered for many years now. The wastage of food aggravates this problem. A huge amount of food is wasted at weddings, birthday parties and other social events. If this wastage is curbed, more food can be made available to feed the destitute.

NEMAT ULLAH LAHORE

Web: www.pakistantoday.com.pk

I

Email: editorial@pakistantoday.com.pk

COMMENT 05

Empowering Pakistan: The imperative of financial inclusion for women Tuesday, 20 February, 2024

I

ahmad Khalid

N the bustling world of finance, where numbers often dominate conversations, it’s crucial to remember the faces and stories behind each transaction. As a Pakistani banker, I have had the privilege of witnessing firsthand the transformative power of financial inclusion, especially when it comes to women. Today, I share my insights on the pressing need for enhancing the financial inclusion of women in formal banking channels, drawing from both my professional experiences and the impactful stories of my clients.

Pakistan, like many developing nations, is at a crossroads where economic empowerment and gender equality converge. While strides have been made in various sectors, the financial sector remains a critical arena for fostering inclusive growth. According to the World Bank, only 7.6% of Pakistani women have access to formal banking services, highlighting a significant gender gap that hinders the nation’s economic potential.

In my years as a banker, I have encountered numerous instances that underscore the urgency of addressing this issue. One such poignant story involves a determined young woman named Aisha, who sought a loan to start her own small business. Aisha, like many women in Pakistan, faced societal barriers that discouraged her from venturing into the maledominated business world. However, she had a vision and unwavering determination.

Aisha’s journey mirrored the challenges that countless Pakistani women encounter when trying to access formal financial services. Limited access to credit, a lack of financial literacy, and deeply entrenched gender norms contribute to the financial exclusion of women. Recognizing the potential within these women is not just a matter of economic prosperity but also a step towards dismantling systemic gender inequalities.

According to the State Bank of Pakistan, women-owned businesses contribute only 1% to the country’s GDP. This alarming statistic underscores the untapped eco-

nomic potential that could be unlocked through targeted financial inclusion measures. Empowering women economically not only benefits individual entrepreneurs like Aisha but also has a ripple effect on families and communities.

Financial inclusion is not just about opening bank accounts; it’s about fostering an environment where women can access credit, insurance, and other financial products that are tailored to their unique needs.

Aisha’s case exemplifies the transformative power of a well-structured microfinance program. With a small loan and financial literacy support, she not only started her business but also became a source of inspiration for others in her community.

The benefits of financial inclusion extend beyond individual success stories to broader economic development. McKinsey estimates that closing the gender gap in economic participation could add $13 trillion to global GDP by 2030. For Pakistan, a nation aspiring to strengthen its economic foundations, the inclusion of women in formal banking channels is not just a social imperative but an economic necessity.

As a banker, I have witnessed the positive impact of financial inclusion programs tailored to women. These programs not only provide access to capital but also offer

training and mentorship opportunities, addressing the multifaceted barriers that women face. The Pakistani government, in collaboration with financial institutions, must prioritize and implement such initiatives on a larger scale.

Government and financial institutions need to collaborate to create an ecosystem that encourages women to become financially literate and participate actively in the formal economy. According to a report by the Global Findex Database, 42% of women in Pakistan cite the lack of documentation as a barrier to accessing financial services. Simplifying documentation processes and creating awareness about their importance can significantly enhance women’s access to formal banking channels.

Moreover, the implementation of digital financial services can play a pivotal role in bridging the gender gap. The State Bank of Pakistan reports that mobile banking usage is significantly lower among women compared to men. By promoting digital literacy and ensuring the accessibility of mobile financial services, we can empower women in both urban and rural areas, fostering a more inclusive financial landscape.

In my role as a banker, I have been fortunate to witness the transformative power of financial inclusion for women. Beyond

The benefits of financial inclusion extend beyond individual success stories to broader economic development. McKinsey estimates that closing the gender gap in economic participation could add $13 trillion to global GDP by 2030. For Pakistan, a nation aspiring to strengthen its economic foundations, the inclusion of women in formal banking channels is not just a social imperative but an economic necessity.

statistics and figures, each success story represents a step towards a more equitable and prosperous Pakistan. As we navigate the challenges and opportunities on the road to financial inclusion, let us not forget the faces and stories behind the numbers – the resilient women like Aisha, who, given the chance, can reshape the economic landscape of our nation. It is time for Pakistan to invest in its women, not just as a matter of social justice, but as a strategic imperative for a brighter, more inclusive economic future.

In conclusion, the journey towards financial inclusion for women in Pakistan is both a moral and economic imperative. The stories of women like Aisha underscore the transformative impact that access to formal banking channels can have on individual lives and the broader community. However, achieving widespread financial inclusion requires a concerted effort from policymakers, financial institutions, and society as a whole.

It is heartening to see the global momentum towards recognizing and addressing the gender gap in financial inclusion. International organizations, non-profits, and advocacy groups are playing a crucial role in shaping the narrative and pushing for tangible changes. As a Pakistani banker, I believe our nation has the potential to lead this

charge by implementing comprehensive policies that prioritize women’s economic empowerment.

To bridge the gender gap in financial inclusion, we need to go beyond rhetoric and implement practical strategies. This includes targeted financial education programs, simplified documentation processes, and the promotion of digital financial services. Additionally, fostering a culture of inclusivity within financial institutions is essential, ensuring that women feel welcome and supported as they navigate the formal banking landscape.

As we strive for a more inclusive and equitable financial system, let us remember that the benefits extend far beyond economic indicators. Financially empowered women contribute to healthier, more resilient communities and serve as role models for future generations. By investing in the financial inclusion of women, Pakistan not only unlocks economic potential but also builds a more just and prosperous society for all. It is time to turn the aspirations of financial inclusion into a reality, creating a future where no woman is left behind in the journey towards economic empowerment.

The writer is a former banker.

Are social media platforms How US keeps snubbing India, the encouraging impulse buying? country it’s trying to court First, avoid shopping on social media during vulnerable HALT stages (H=hungry; A=angry; L=lonely; T=Tired), as these psychological states are linked to making impulsive decisions on needless purchases

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DAILY STAR

Fahmida habib Nabila

AVE you ever found yourself purchasing items from social media platforms that you didn’t need? The emergence of social media-based ecommerce has brought about a substantial transformation, turning these platforms into virtual marketplaces. The ease and rapidity of these platforms can foster impulse buying. Users may make swift decisions without thoroughly assessing the products, resulting in regrettable purchases and misuse of financial resources. I believe everyone, including myself, has experienced being an impulse shopper at least once.

The convergence of social media and ecommerce, commonly known as social commerce, offers unparalleled convenience, enabling users to browse and purchase products seamlessly without leaving the platform.

According to GWI research in 2023, the average global user spends two hours and 30 minutes on social media per day. This trend is growing exponentially without a discernible balance, presenting a significant opportunity for companies to strategically position their products and services in front of users, capitalising on the considerable time spent on digital platforms. With a few clicks, consumers can explore a wide array of products, compare prices, and make purchases, all within the familiar interface of their favourite social media apps, where continuous scrolling already keeps them engaged.

According to Insider Intelligence’s eMarketer statistics, US annual social commerce sales is expected to reach $107.17 billion by 2025. These frightening statistics underline the potential of social commerce for businesses, offering an opportunity for intense competition and a race to significantly enhance their financial performances. Companies aggressively advertise and pursue customers with fervour, striving to outdo one another in capturing market share. Furthermore, studies show that the average transaction value on traditional e-commerce is decreasing compared to social commerce platforms, providing an appealing opportunity for marketers looking to maximise their returns on those platforms. Companies that resist integrating social commerce into their marketing strategies run the risk of falling behind and facing potential disintegration.

Social media platforms are predominantly designed for consumers rather than busi-

nesses. Companies struggle with the challenge of maintaining a balance between promotional efforts for their products and ensuring a genuine and high-quality user experience. The spotlight is frequently on extensive advertising at the expense of the intrinsic quality of the product. Consequently, with the increasing number of advertisements, the products’ quality drops. Moreover, personalised promotion offers and advertisements also have a psychological impact on customers. The predictive nature of these advertisements diminishes the likelihood of customers exploring innovative ideas in using a variety of products.

The most alarming fact in the present trend of discussions surrounding social commerce is the lack of attention on guiding consumers to navigate these platforms, contrasting the main focus on describing the strategies for companies to boost their traffic and attract more customers. The disproportionate discussion trends are contributing to the rising number of consumers lacking knowledge of how to behave within the dynamic landscape of social commerce. Consequently, they are becoming victims of frequent cycles of impulse buying, encounter security issues, and end up with a number of low-quality and unnecessary products.

Certainly, full escape from this challenging situation may be impossible, but we should try to minimise the severity of the damage through simple yet effective steps.

First, avoid shopping on social media during vulnerable HALT stages (H=hungry; A=angry; L=lonely; T=Tired), as these psychological states are linked to making impulsive decisions on needless purchases. If restraining becomes challenging, you can always add the products to your waiting list, providing more than 24 hours to reconsider.

Identify and address your weaknesses by cancelling subscriptions and unfollowing the pages, the exposure to which triggers stimuli in your mind. Establishing a budget is also crucial in dealing with impulse buying. It is ideal to start with daily limits and gradually expand to weekly, monthly, and yearly budgets. Strict adherence to these budgets is crucial for ensuring disciplined spending.

Allocate a specific budget for entertainment shopping, allowing enjoyable purchases while maintaining financial mindfulness. Before clicking on a product link, practise critical thinking and observation to encourage a mindful approach.

Consistent adoption of these practices can result in the formation of a good habit of conscious shopping on social media, in a similar pattern as James Clear highlighted in his book Atomic Habits, where he clearly emphasises the importance of repetitive cycles in habit formation. Over time, focusing on the strategies can lead to the cultivation of a habit of conscious buying, leading to more deliberate and thoughtful purchasing decisions with a reduced tendency for impulse buying.

Fahmida Habib Nabila is a PhD fellow in Goto-Kamiya Laboratory, Department of Applied Chemistry, Kyushu University.

I

Indeed, the South Asian nation would be finally getting the most lethal combat drones in the world, deployed during the Afghanistan war and for targeting top ISIS and Al Qaeda leadership

RT

Neeraj rajput

NDIAN Army Chief Gen. Manoj Pande concluded a four-day visit to the US on Friday. During the trip, he held high-level talks with his American counterpart Gen. Randy George and other senior military officials, visited I Corps Headquarters at Joint Base Lewis-McChord (JBLM) and was briefed about the Stryker Unit (Infantry Combat Vehicle) which has been offered by the US for co-manufacturing in India.

But a big question hangs in the air. Many in Indian defense circles are questioning whether New Delhi will be willing to get into another military sale in the wake of a much-touted, and now well-known, MQ-9B Sky Guardian drones deal.

The US announced earlier this month that Congress had been notified of the potential sale of the UAV, a version of the Predator drone, to India, estimated at around $3.99 billion. It cannot be said conclusively if Gen Pande has raised the MQ-9B issue with India’s US partners as the final statement from both sides is yet to be released, however, the announcement of the deal by Pentagon has irked India.

The US Defense Security Cooperation Agency (DSCA) released a statement on February 1 that the State Department had approved a possible deal, which includes the sale to India of 31 MQ-9B Sky Guardian UAVs and other weapons and electronics, spare parts and accessories. The Indian public sphere went into a frenzy. Indeed, the South Asian nation would be finally getting the most lethal combat drones in the world, deployed during the Afghanistan war and for targeting top ISIS and Al Qaeda leadership. According to the Pentagon, “the proposed sale will improve India’s capability to meet current and future threats by enabling unmanned surveillance and reconnaissance patrols in sea lanes of operation.”

However, authorities in the Indian defense and security establishment were rattled by the official statement, according to sources familiar with the situation. This is largely because the statement not only disclosed which missiles, bombs, radars, and other related military equipment are part of the MQ-9B deal but also the exact numbers to be delivered. According to the US statement, the whole MQ-9B RPA deal consists of 31 MQ-9B Sky Guardian aircraft, 170 Hellfire missiles, 310 Laser Small Diameter Bombs, 161 Embedded Global Positioning & Inertial Navigation Systems, and other related equipment. Even the number of training missiles (16) and laser bombs (8) were also mentioned, besides the radars, transponders, IFF (Identification of Friend and Foe), radio sets, and terminals.

While it has been noted that US military sales announcements generally contain such details, this is not the case for every defense deal. The US has a pick-and-choose policy when it comes to disclosing information about weapons and military equipment, depending on its relations with the country involved.

This US ‘double standard’ has kept Uncle Sam away from India for a long time, offering one hand for a strong relationship but snubbing the other hand soon after.

To be sure, it is not the first time India has suffered this snub from the US. Post the 1965 war with Pakistan, the US had stopped all arms supplies to India, which had begun soon after the ‘62 war debacle against China. That was the period when India turned towards the Soviet Union (and now Russia) for its defense needs.

The announcement of the drone deal with Washington coincided with media reports suggesting the US might stall the deal due to ongoing diplomatic issues involving pro-Khalistan

movement activist Gurpatwant Singh Pannun, based in the US. The Pro-Khalistan movement is active in both Canada and the US, as well as in the UK and several other countries with large Sikh populations. New Delhi has on many occasions raised concerns with its partners in the West over the “freedom” given to activists in their countries despite their alleged threats to public figures in India, including to Prime Minister Narendra Modi.

The country’s ties with Canada and the US encountered severe turbulence last year when the Canadian prime minister linked “Indian agents” to the killing in British Columbia last June of prominent Sikh separatist Hardeep Singh Nijjar, sparking a diplomatic rift, in particular between Ottawa and New Delhi. Two months later, a US court indictment alleged that an Indian government official was involved in an assassination attempt against Pannun that had been foiled by the FBI. While New Delhi dismissed the Trudeau government’s allegations as “absurd” and “motivated,” and demanded that Ottawa provide evidence, in the case of Pannun the Indian government formed a high-level committee of investigation.

The sale of 31 MQ-9B RPAs, announced a day after the murder fallout reports appeared, was seen as a gesture to improve US-India relations. It also followed US President Joe Biden’s decision not to attend India’s Republic Day celebrations, despite being invited by Prime Minister Narendra Modi during the G20 leaders summit the previous September.

Biden didn’t show up in Delhi, despite his own diplomats previously announcing he would be at both the celebration and the QUAD group meeting scheduled around the January 26. The strain on relations was partly attributed to concerns over alleged conspiracy charges involving Pannun. While the US cited Biden’s State of the Union address in March as the reason for his absence, the QUAD meeting was postponed at America’s request.

What truly matters is that India is in desperate need of highaltitude long-endurance (HALE) drones, particularly as its archrival and neighbor, China, possesses a strong flotilla of armed drones, which it supplies to African and Gulf countries.

India currently does not have any combat drones deployed.

It does have two-decade-old Israeli drones used for surveillance purposes. Recently, India procured four Heron Mark-2 drones, which can be armed. The indigenous medium-altitude long-endurance (MALE) Tapas drone is yet to be fully ready, and the future of the project hangs in uncertainty. Since 2020, the Indian Navy has been operating two MQ-9 Reaper drones leased from the US manufacturer, General Atomics.

This comes at a time when the Russia-Ukraine conflict and the Middle East crisis arising from the Israel-Hamas war in Gaza have demonstrated that future, or rather present-day, wars will be fought using unconventional weapons and destructive technology.

India is even more concerned about unconventional warfare as another neighboring adversary, Pakistan, has also procured combat drones, specifically the Bayraktar TB2, from its close ally Turkey. Neither Pakistan nor Turkey, however, have disclosed any details of the Bayraktar drone deal in public so far.

While the proposed sale of the MQ-9B to India will, as the US statement claims, support its foreign policy, national security objectives and help “improve the security of a major defense partner,” it could potentially alter the basic military balance in the region.

While India had disclosed its intention to purchase the drones, the discussions in the public space revolved around the Reaper version of the MQ-9B drones that are generally meant for surveillance and reconnaissance. With the details of the combat drones that India is likely to get (the deal is yet to be concluded) in public, the country’s strategic capabilities turn into vulnerabilities.

Neeraj Rajput is New Delhi-based defense journalist and author, editor-in-chief of Hindi digital platform ‘Final Assault’.

06 NEWS

UKRAINE WITHDRAWS FROM AVDIIVKA, PUTIN HAILS ‘IMPORTANT VICTORY’

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MOSCOW

AGENCIES

KRAINIAN troops have withdrawn from the devastated eastern town of Avdiivka, Kyiv’s military chief said on Saturday, and Russian President Vladimir Putin called the capture of the city “an important victory.”

It was Russia’s biggest advance since it took the city of Bakhmut last May, and came as Ukraine faces acute shortages of ammunition with fresh U.S. military aid delayed for months in Congress.

Nearly two years since Russia’s special military operation in Ukraine, it is the clearest sign yet of how the tide has turned in Moscow’s favor after a Ukrainian counteroffensive failed to break through Russian lines last year.

A White House statement on Saturday said U.S. President Joe Biden called Ukrainian President Volodymyr Zelen-

skyy on Saturday to underscore the U.S. commitment to continue supporting Ukraine and reiterated the need for Congress to urgently pass the package to resupply Ukrainian forces.

The White House said the withdrawal had been forced upon Ukraine “by dwindling supplies as a result of congressional inaction,” that had forced Ukrainian soldiers to ration ammunition

and resulted in “Russia’s first notable gains in months.”

During his speech at the Munich Security Conference on Saturday, Zelenskyy said the withdrawal from Avdiivka was the correct decision to safeguard the lives of Ukrainian troops. He also pleaded for more ammunition supplies to make up for an “artificial” shortage.

Putin congratulated military units and their commander after being presented with a report on the capture of the city from Defense Minister Sergei Shoigu, the Kremlin said on its website.

“The head of state congratulated Russian soldiers on this success, an important victory,” it said.

“I express my gratitude to all troops under your direction who took part in battles for Avdiivka,” Russian news agencies quoted Putin as saying in a telegram to the commander of the “center” group of forces in Ukraine, ColonelGeneral Andrei Mordvichev.

Xi stresses enhancing capability of land resources to ensure high-quality development BEIJING STAFF CORRESPONDENT

India’s projects in Maldives gain pace, despite strained security ties NEW DELHI

AGENCIES

India has stepped up development assistance to the Maldives with projects gaining pace last year, even as ties have soured over new Maldivian President Mohamed Muizzu’s demand for Indian troops to leave his country.

As global powers jostle for influence in the IndoPacific region, India and China have wooed the Indian Ocean nation, which has traditionally been close to neighbour India, but recently pivoted towards China under Muizzu.

New Delhi has spent nearly 7.71 billion rupees ($93 million), or almost twice its budgeted 4 billion on projects in the Maldives during this fiscal year, which ends in March, according to an Indian official and government documents.

That comes despite strained ties since Muizzu rode to office in October pledging to end the country’s “India First” policy and ensure it removed nearly 80 Indian troops.

Despite the roadblock, “development co-operation has not changed or stopped,” said an Indian official aware of the matter, who added that New Delhi had a twofold engagement strategy for Male.

Rather, “the pace of the projects is faster,” said the official, who spoke on condition of anonymity, attributing the swifter pace to India’s increased allocations this fiscal year.

Muizzu’s office did not immediately respond to a request for comment.

The efforts include a $500-million project for roads and bridges around Male, and two airports worth nearly $130 million each in the archipelago’s distant islands, supported through a line of credit from India.

Muizzu made a state visit to Beijing last month but has yet to visit India.

The two countries agreed this month to replace the troops by May. India says they provide help with humanitarian aid and medical evacuations using aircraft it has provided.

Indian budget documents presented to parliament on Feb. 1 show that New Delhi spent 1.83 billion rupees in fiscal 2022-23, which went up to 7.71 billion this year, a figure that is second only to neighbouring Bhutan, where India spent 24 billion.

India has set aside 6 billion rupees in initial allocation for the Maldivian projects next year.

But Male’s closer engagement with Beijing saw it recently allow a Chinese research vessel to dock at its port, despite New Delhi’s concerns that information gathered by such ships can be used by China’s military for deployment in India’s backyard.

“The presence of extra-regional powers that impact the security of the Indian Ocean region is a red line for us,” the official said, referring to China.

Chinese President Xi Jinping stressed on Monday that the capability of land resources should be enhanced to ensure the high-quality development of regions which enjoy competitive strengths, and that the grassroots emergency management capacity should be further improved.

Xi, also general secretary of the Communist Party of China (CPC) Central Committee and chairman of the Central Military Commission, made the remarks when presiding over the fourth meeting of the central commission for deepening overall reform of the 20th CPC Central Committee, which he heads.

The meeting reviewed and adopted guidelines regarding land administration system reform, promoting the overall green transition of China’s economic and social development, enhancing grassroots emergency management capacity, and accelerating the formation of fundamental systems that support comprehensive innovation.

It also reviewed and adopted the commission’s work report for the year 2023 as well as the com-

mission’s key tasks in 2024.

During the meeting, Xi called for building a land management system that is more efficiently linked to macroeconomic policies and regional development, to improve the accuracy and efficiency in the allocation and utilization of the land factor.

He added that promoting comprehensive green transformation of economic and social development is the fundamental policy to solve the environmental and ecological issues.

He urged adherence to the comprehensive transformation, and promoting carbon reduction, pollution reduction, as well as putting

the concept of green development throughout the entire process of economic and social development.

Xi also called for further enhancing the grassroots emergency management capacity, effectively prevent and resolve major security risks, handle all types of disasters and accidents timely, and to protect the safety bottom line.

China will accelerate the building of fundamental systems that support comprehensive innovation, with a focus on solving problems such as what to do with innovation, who should organize innovation, and how to support, motivate and protect innovation, he added.

Tuesday, 20 February, 2024 | ISLAMABAD

Saudi index at 18-month high leads Gulf market gains

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DUBAI STOCK MARKET, WHICH HAS REACHED RECORD HIGHS, COULD REMAIN ON AN UPTREND AS BUSINESS ACTIVITY SUPPORTS ROBUST PERFORMANCE EXPECTATIONS PROFIT

REUTERS

Most stock markets in the Gulf rose on Monday, led by the Saudi index closing at its highest since August 2022, despite fading chances of early rate cuts globally. U.S. producer prices increased more than expected in January after strong gains in the cost of services that could stoke inflation.

Most Gulf Cooperation Council countries, including the United Arab Emirates (UAE), peg their currencies to the U.S. dollar and follow the Fed’s policy moves closely.

Saudi Arabia’s benchmark index (.TASI) gained 0.7%, rising for a thirteenth consecutive session, led by a 3.5% rise in ACWA Power (2082.SE) The Saudi Stock Exchange and Saudi regulator the Capital Market Authority are reviewing more than 57 initial public offering (IPO) requests for the exchange and Saudi Parallel Market, Saudi Tadawul Group CEO Khalid Alhussan told Al Arabiya TV on Monday. The Qatari benchmark (.QSI) finished 0.9% higher, with Qatar Islamic Bank (QISB.QA) rising 2.3% and Islamic lender Masraf Al Rayan (MARK.QA) increased 3.8%.

Dubai’s main share index (.DFMGI) added 0.3%, driven by a 1.7% rise in top lender Emirates NBD (ENBD.DU) The Dubai stock market, which has reached record highs, could remain on an uptrend as business activity supports robust performance expectations, Yousef Ayoub, head of sales at NCM, said, while adding traders would monitor ongoing geopolitical risks.

In Abu Dhabi, the index (.FTFADGI) eased 0.2%.

Global oil benchmark Brent crude was little changed, hovering around $83 a barrel as continued conflict in the Middle East and the risk of supply disruption offset doubts about demand.

Outside the Gulf, Egypt’s blue-chip index (.EGX30) advanced 1.1%, with Talaat Mostafa Holding (TMGH.CA) jumping 6.8%.

China, Spain agree to deepen practical cooperation as FMs meet BEIJING STAFF CORRESPONDENT

China and Spain agreed to deepen practical cooperation and promote free trade on Monday when Chinese Foreign Minister Wang Yi met with Spanish Foreign Minister Jose Manuel Albares Bueno during a visit to the European country.

Wang, also a member of the Political Bureau of the Communist Party of China Central Committee, said both sides should strengthen strategic communication, maintain closer high-level exchanges and deepen practical cooperation to push for greater development of ChinaSpain relations in the next 50 years.

China and Spain celebrated the 50th anniversary of the establishment of diplomatic relations in 2023.

Noting Spain is a major country in Europe and a member of the European Union with international and regional influence, Wang said that China is ready to work with Spain to further deepen cooperation and promote bilateral relations with mutual trust and benefit.

China appreciates Spain’s adherence to the one-China principle and supports Spain in safeguarding territorial integrity

and national unity, he said.

China and Spain are comprehensive strategic partners, and both of them support the practice of multilateralism, said Wang.

The two sides should strengthen coordination and work together to address

‘Putin killed my husband,’ says Alexei Navalny’s widow RUSSIA AGENCIES

Alexei Navalny’s widow said on Monday that Russian President Vladimir Putin killed her husband, as she vowed to carry on his work, three days after he died in an Arctic prison. Holding back tears in a video address published today, Yulia Navalnaya said: “Three days ago, Vladimir Putin killed my husband, Alexei Navalny. Prison authorities said Navalny died after losing consciousness following a walk in his prison colony in Kharp, 1,200 kilometres northeast of Moscow inside the Arctic Circle. “Alexei died in a prison colony after three years of torment and torture,” Navalnaya said on Monday. Navalnaya, who was by her husband’s side for more than a decade in his fight against Putin, vowed to continue his work.

global challenges and make new contributions to peace and development of mankind, he said.

China is ready to work with Spain to adhere to openness and support mutually beneficial cooperation between the two countries to build an open world econ-

omy and advance universal and inclusive economic globalization, said Wang.

Albares said Spain has always adhered to the one-China policy and is willing to maintain high-level exchanges with China, activate bilateral cooperation mechanisms, and deepen practical cooperation.

Spain supports open and free trade, and welcomes Chinese investment, and the country will provide equal and favorable business environment for enterprises from all countries, he added.

The two sides agreed to strengthen cooperation in various fields such as telecommunications, healthcare, electric vehicles, and green energy.

Both sides also agreed to continue the positive effects of the China-Spain Year of Culture and Tourism and enhance people-to-people friendship.

Spain expressed its appreciation for China’s implementation of visa exemption for Spanish citizens, thanked China for showing trust and friendliness, and vowed to promote simplified procedures for Chinese tourists.

Both sides also exchanged views on a wide range of international and regional issues.

Tuesday, 20 February, 2024 | ISLAMABAD

CORPORATE CORNER

A group photo was taken on the occasion of the meeting with the delegation of the Association of Karachi Assignment Editors of the Caretaker Provincial Minister for Information and Minority Affairs, President Arts Council Karachi Muhammad Ahmad Shah. PR

Hotel One by PearlContinental Hotels & Resorts Wins Big at Booking.com’s Traveller Review Awards 2024

Hotel One by Pearl-Continental secured 12 accolades at the Traveller Review Awards by Booking.com, with each property garnering a rating of at least 8 out of 10. These award-winning Hotel Ones are situated in Sargodha, Faisalabad, Sahiwal, Multan, Rahim Yar Kham, Islamabad, Murree, Bhurban, Abbottabad, Mansehra, and Swat.Booking.com provides the largest travel marketplaces for established brands and entrepreneurs of all sizes and enables properties worldwide to reach a global audience and grow their businesses. The company also assesses the standards of service at various hospitality facilitators and awards ratings based on a holistic marking system at the Traveller Review Awards. PR

Launch of industry first co-branded/affinity credit card with Lahore Qalandars

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DISCOVERY POTENTIALLY INCREASES HYDROCARBON RESERVES OF OGDCL PROFIT

NEWS DESK

IL and Gas Development Company Limited (OGDCL) announced on Monday a new gas condensate discovery at Kharo-l, a well in the Khewari exploration license area, Sindh Province.

The discovery has the potential to significantly enhance the hydrocarbon reserves of OGDCL and its esteemed joint venture partners, ultimately contributing to the national energy resources.

OGDCL, which operates the Khewari Block with a 95% working interest, partnered with Government Holdings Private Limited (GHPL) holding the re-

maining 5%.

The drilling and testing operations at Kharo-l, conducted using OGDCL’s proprietary expertise, reached a depth of 3,762 meters.

Subsequent testing procedures registered 14.3 million standard cubic feet per day (MMSCFD) of gas, in addition to 93 barrels per day (bbls/d) of condensate.

The results were attained at a 32/64inch choke size, under a wellhead flowing pressure (WHFP) of 2,737 pounds per square inch (psi), emanating from the Massive sand strata of the Lower Goru Formation.

OGDCL was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities.

Fly Jinnah low-cost airline begins international operations ISLAMABAD

STAFF REPORT

Fly Jinnah, Pakistan’s low-cost carrier, launched its first international flight between Islamabad and Sharjah.

The inaugural flight carried onboard Fly Jinnah’s senior leadership along with a group of travel agents, media, and social media personalities among others, said a news release.

The inaugural ceremony at Sharjah International Airport was welcomed with a traditional water cannon salute and followed by a welcome ceremony at Sharjah Air-

port attended by Pakistan’s Ambassador in the UAE, Faisal Niaz Tirmizi, in addition to senior management representing Sharjah International Airport and Air Arabia.

Commenting on the occasion, Fly Jinnah’s spokesperson said: “Yesterday marked a significant milestone for Fly Jinnah as we inaugurated our first international flight after a successful year of domestic operations. Sharjah’s location serves as a perfect gateway to the United Arab Emirates with its proximity to the rest of the country.

This step also reflects our unwavering commitment to providing our

passengers with more travel options as we look forward to expanding our network to more exciting destinations”.

With its modern fleet of five Airbus A320 aircraft, the airline currently connects five major cities in Pakistan, namely Karachi, Lahore, Islamabad, Peshawar, and Quetta, in addition to the newly launched international destination to Sharjah in the UAE. The aircraft is also equipped with “SkyTime”, a free in-flight streaming service that allows passengers to stream a wide selection of entertainment directly to their devices.

Tetra Pak demonstrates packaging circularity at Euro Village 2024 The Bank of Punjab (BOP), one of the leading financial institutions with a network of 800 plus branches across Pakistan, had signed a partnership agreement with PSL franchise Lahore Qalandars in January 2022 where BOP is an exclusive banking partner during the 3 years term of the agreement. As a part of the agreement, new joint products were planned to be launched that will be beneficial for both organizations and the customers.

BOP Lahore Qalandars Credit Card (LQCC) is part of planned launch of products developed under the umbrella of the partnership to complete our Digital Banking menu. A launch event was held at Pearl Continental Lahore on 16th February 2022 where the LQCC was un-veiled by the President & CEO of Bank of Punjab, Mr. Zafar Masud and CEO of Lahore Qalandars, Mr. Atif Rana.

Speaking on the occasion, BOP President and CEO Zafar Masud said, PR

easypaisa empowers users with 'Savings Pocket' for financial independence

KARACHI: easypaisa, Pakistan's leading digital financial services platform, introduces its latest breakthrough offering, the 'Savings Pocket'. This revolutionary feature is not just about saving funds; rather it aims to provide users financial freedom through secure goal-based savings and streamlined financial management, eliminating the need for conventional, cumbersome methods. Commenting on the launch, Farhan Hassan, Head of easypaisa Wallet Business, said, “Our newly launched 'Savings Pocket' embodies our commitment to empowering users to make informed financial decisions. This unique feature is revolutionary in the savings world, enabling users to make flexible goal-based savings aligned with their priorities.”. PR

KU strictly follows zero tolerance policy against harassment: KU VC Professor Dr Khalid Iraqi

The Office of Students’ Advisor of the University of Karachi in collaboration with Ombudsperson for Protection Against Harassment of Women at the Workplace (Fospah) of the government of Pakistan arranged an awareness seminar on protection against harassment (Workplace Harassment Act) at the Chinese Teachers Memorial Auditorium on Monday.

The Federal Ombudsperson for Protection Against Harassment of Women at the Workplace, Government of Pakistan, Fauzia Viqar during her address said that only 21 percent of the total population of females in the country are working, but now as the inflation ratio has increased to more than 35 percent, the proportion of the working women must be increased. Pakistani females should go out for work because it has become very difficult to rely on a single income and almost impossible to meet the expenses. Fauiza Viqar while giving a reference to research conducted in 2018, shared that around 80 percent of college-going girls in Punjab, who use public transport, have admitted to experiencing harassment. She mentioned that this is a huge number, and reflects our social problem. PR

07

OGDCL DISCOVERS GAS CONDENSATE RESERVES IN SINDH NEWS

ISLAMABAD PR

Tetra Pak showcased its commitment to packaging circularity at Euro Village 2024, hosted by the European Union in Islamabad. The event provided an excellent platform for Tetra Pak to demonstrate its ongoing efforts towards creating a sustainable future.

Distinguished dignitaries and guests, including the Ambassador and Head of the Delegation of the European Union to Pakistan, Dr. Riina Kionka visited the Tetra Pak booth and engaged with company representatives. She appreciated Tetra Pak showcasing its innovative approach of repurposing used cartons and promoting the idea of packaging circularity to foster a greener environment in Pakistan.

Tetra Pak Pakistan also highlighted its local partnership with Green Earth Recycling, which has been successfully increasing its recycling targets annually since 2014. They collect and recycle packaging waste, transforming it into sellable products like garden furniture, school desks, roofing solutions, and much more.

During the event, Noor Aftab, the Head of Public Affairs and Government Relations at Tetra Pak Pakistan remarked, "At Tetra Pak Pakistan, we are proud to showcase our initiatives for packaging circularity at Euro Village 2024. Our collaboration with Green Earth Recycling exemplifies our dedication to increasing recycling targets and transforming packaging waste into valuable products. We believe that through such partnerships, we can contribute to a more sustainable and

According to the details, following the special directions of Islamabad Capital City Police Officer (ICCPO) Dr. Akbar Nasir Khan, the Islamabad Capital Police is using all available resources to ensure the peace and tranquility within the federal capital, a public relations officer said. He said that the Islamabad Capital Police ensuring data registration, identification and effective search of citizens entering the high security zone on a regular basis. Moreover, action against 1491 vehicles and 432 motorcyclists over traffic rules violations on various checkpoints of high security zone was also taken. During the last week, the Islamabad Capital Police removed tinted glasses and improper number plates from 1196 vehicles, impounded 100 vehicles without papers.Strict directions have been issued to police officers and officials performing their duties at high security zone checkpoints to exercise their duty with full responsibility and dedication. The protection of important public and private property and embassies located in the high security zone is of paramount importance. The police officials were further directed to ensure the data entry of all citizens entering the high security zone, the documents identification should be thoroughly scrutinized, all suspicious vehicles should be searched and a positive attitude has been taken towards the public. Citizens are also urged to cooperate with the Islamabad Capital Police and to report any suspicious activity on "Pucar-15”. PR

IESCO operations circles incharge to conduct e-kachary via facebook live and telephonically

eco-friendly environment."

Euro Village is an annual cultural celebration that highlights European influence globally. The event features a range of family-centric cultural and entertainment activities, promoting interactions between locals and European representatives. Tetra Pak's participation in this event underscores its commitment to promoting packaging circularity and advancing towards a more eco-friendly future.

PTI, JUI-P to work together for country’s development, political stability ISLAMABAD

STAFF REPORT

Pakistan Tehreek-e-Insaf (PTI) and Jamiat Ulema-e-Islam Pakistan (JUI-P), also known as Sherani group on Monday agreed to ‘work together’ for country’s development and political stability.

The two sides reached the agreement in this regarding after PTI delegations comprising Barrister Gohar Ali Khan, Asad Qaiser, Omar Ayub Khan and others called on JUI-P leaders in Islamabad.

While addressing a press conference after the meeting, JUI-P leader Maulana Gul Naseeb said that he was indebted to PTI for taking his party into confidence in the current scenario and opting for an alliance for the way forward.

He also urged all major stakeholders, including political parties, to join hands for political stability and take country out of crisis.

Taking over the presser, PTI leader Gohar Khan said both the parties had affirmed to continue contacts. “We all agree that this country is ours, democracy should continue moving forward and we will take a step forward to improve the economy,” he added.

Barrister Gohar further said that both the parties agreed to continue the struggle against alleged

Islamabad Capital Police ensuring foolproof security arrangements at High Security Zone

To provide suitable and proper forum to valuable IESCO Customers regarding redrassal of their electricity issues, online E-Kacharies are being held in IESCO region regularly and same are creating friendly relationship among IESCO and Customers. By following same practice facebook E-Kacharies will held on 21st February, 2024 (Wednesday) From 09:30 AM to 11:30 AM in all 06 Operational Circles of IESCO. Operational Circles Incharge will attend customers complaints through Facebook live and telephone calls. Islamabad Circle customers can participates in facebook live E-Kachary by using face book ID SE IESCO Islamabad E-Kachery Phone No. 051-9260194, For Rawalpindi City Circle, SE IESCO Rawalpindi-City E-Kachery Phone No. 051-9292675, For Rawalpindi Cantt Circle, SE IESCO Rawalpindi-Cantt E-Kachery Phone No. 051-9293048, For Attock Circle, SE IESCO Attock E-Kachery Phone No. 0514950343, For Chakwal Circle, SE IESCO Chakwal E-Kachery Phone No. 0543-668500, For Jhelum Circle, SE IESCO Jhelum E-Kachery Phone No. 0544-9270377. Valuable customers are requested to mention their name, bill reference No, Contact No and complete address while launching the compliant. PR

Protection from financial and life accidents possible by following precautionary measures: IESCO Chief

rigging in the Feb 8 general elections.

PTI urges judicial inquiry into Chatha’s allegations Meanwhile, PTI leader Asad Qaiser urged Chief Justice of Pakistan (CJP) Qazi Faez Isa to conduct a judicial investigation into former Rawalpindi commissioner Liaquat Ali Chatha’s allegations regarding alleged rigging in Feb 8 polls.

“Liaquat Chatha’s allegations show how big the scale of rigging was,” he said, calling the Feb polls ‘most controversial’ one. Asad Qaiser expressed hope that the courts will give them their due

rights.

Furthermore, Qaiser said his party is in touch with the Grand Democratic Alliance (GDA) and the Pashtunkhwa Milli Awami Party for alliance.

“We will go to Quetta and Karachi in the coming day,” he said, vowing that they will not allow anyone to take any decisions behind closed doors.

He claimed that his party has won the public’s mandate and is the largest political force in the country. “Any other government that comes will be fake and would not be able to solve Pakistan’s problems,” he added.

IESCO Chief Dr Muhammad Amjad Khan has said that due to the increase in humidity in the system during the rains, the number of electrical accidents increases. They have requested the consumers to keep proper distance from electric poles, wires, transformers and meters and never touch them. Do not touch electrical appliances such as refrigerators, motors, irons and others when the body is wet.

Avoid ironing clothes with bare feet. Do not tether animals near power poles or under transformers at all. Do not keep the power switch on standby, but turn it off completely. If you see a broken electrical wire anywhere, do not go near it and especially teach small children about electrical precautions.

Correct the old electrical wiring to avoid loss of life and property due to short circuit. In case of any emergency, call the concerned Complaint Office numbers, IESCO HELP LINE 118 or Complaint and Monitoring Cell 051-9252933-34. PR

SOLANGI CALLS FOR PATIENCE AS PROBE INTO CHATTHA’S ALLEGATIONS UNDERWAY NEWS

C

ISLAMABAD

STAFF REPORT

ARETAKER Minister for Information and Parliamentary Affairs Murtaza Solangi has said that to investigate the allegations leveled by former Commissioner Rawalpindi Liaquat Ali Chatha regarding rigging in the general election, a high-level investigation committee has been constituted.

While talking to media persons here on Monday after attending the meeting of Senate Standing Committee on Information and Broadcasting, he said that legal process into the Chattha’s rigging allegations was underway and one need to be patient. Murtaza Solangi said that the people should have trust in institutions and the judicial process and added that the Election Commission of Pakistan (ECP) was currently investigating

the allegations of rigging.

Emphasizing the significance of waiting for the results of the ongoing legal proceedings, he said that the caretaker government had fulfilled its re-

PTI raises concerns over threats to Khan, Bushra Bibi’s life in jail ISLAMABAD

STAFF CORRESPONDENT

Pakistan Tehreek-e-Insaf (PTI) Core Committee expressed grave concerns over the serious threats to the life of PTI Founding Chairman Imran Khan especially his wife Bushra Bibi during incarceration.

PTI Core Committee said that Bushra Bibi had been kept at Bani Gala against her will as she had already moved the court to transfer her to the prison.

They expressed apprehension that she was being given substandard, harmful and poisonous food.

The forum demanded that all basic and fundamental rights of all PTI jailed leaders and workers including Imran Khan and his wife should be restored and they should be treated in accordance with the law.

They also strongly denounced the fresh spate of enforced disappearances of PTI successful candidates for National and Provincial Assemblies seats across the country, including Brigadier (Retd) Aslam Ghuman and Ahmar Rashid Bhatti, who were now being coerced to quit PTI. The participants also demanded that Chief Secretaries and IGs of Punjab and Sindh should be removed forthwith, besides seeking their strict accountability.

PTI Core Committee fully supported and endorsed PTI’s agreement for political cooperation with Majlis Wahdat-e-Muslimeen Pakistan (MWM) and Sunni Ittehad Council (SIC).

The forum assured the party’s Balochistan chapter of its full support and demanded immediate release of the results of all National and Provincial Assembly seats as per Form 45.

They also demanded establishment of empowered Judicial Commission to investigate the startling revelations made by Commissioner Rawalpindi, who also leveled serious allegations against the Chief Election Commissioner (CEC) and the Chief Justice of Pakistan (CJP). They made it clear that PTI emerged as the chain of the federation of Pakistan in February 8 elections, and those who pilfered its mandate would become source to weaken the federation and disrupt the much-need national unity.

Social media site still remains restricted in Pakistan ISLAMABAD

STAFF REPORT

Social media platform X, formerly known as Twitter, was still restricted for millions of Pakistani users on Monday, after reports of its restoration following 24 hours as an independent Internet watchdog confirmed the “nationwide” disruption.

Netblocks, a UK-based Internet watchdog, confirmed a “national-scale” disruption of X that began amid protests by former prime minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) and other parties against alleged rigging of the Feb. 8 general elections.

X continued to remain restricted for Pakistanis on Monday morning, over 24 hours after the disruptions began. Access to the platform was temporarily restored on Sunday morning before it was blocked again. While it is not clear what led to the situation, social media shutdowns have mostly been witnessed in the country during periods of political unrest and volatility. Access to the social media platform was finally restored on Monday morning but not fully.

“Update: Metrics show that X/Twitter has now been restricted in #Pakistan for 24 hours,” Netblocks wrote on X on Sunday night. “The latest and longest in a series of nation-scale Internet censorship measures imposed by authorities as reports of election fraud emerge.”

sponsibility for conducting elections in free, fair and peaceful manner.

Responding to a query, the caretaker information minister explained that once the Election Commission released the

final list of successful candidates, the Ministry of Parliamentary Affairs would forward a summary to the concerned for convening the new session of the National Assembly. Subsequently, a request would be made to the President to summon the session of the National Assembly, he added.

In a shocking ‘revelation’, Rawalpindi Commissioner Liaquat Ali Chatha – who stepped down from his post – dropped a bombshell on Saturday, confessing to be involved in rigging the Pakistan general elections 2024, adding another layer of controversy to the already disputed polls.

Taking responsibility for what he termed a “heinous crime,” Chatha implicated not only himself but also accused the Election Commission of Pakistan and Chief Justice Qazi Faez Isa of involvement in the ‘rigging’ — a claim denied by the ECP and the CJP.

PTI scrambling efforts to form broad based alliance against poll rigging ISLAMABAD MIAN ABRAR

Pakistan Tehreek-e-Insaf (PTI) leaders are working behind the scenes to forge a new alliance comprising of smaller political and nationalist political parties.

Sources in the PTI told Pakistan Today that effort is being made to converge all smaller and regional parties on one platform against election rigging and initial contacts have yielded results in this regard.

The sources said that the PTI is in touch with the Grand Democratic Alliance (GDA), Pashtunkhwa Milli Awami Party (PkMAP), Jamiat Ulema-e-Islam Pakistan (JUI-P), JUI-F, Sunni Ittehad Council (SIC), Majlis Wahdat-ul-Muslimeen (MWM) and others for forming a broad-based alliance against poll rigging.

The sources said that talks were making headway and Imran Khan had tasked Asad Qaisar with the responsibility to take the dialogue process ahead.

In this regard, Asad Qaisar met with a delegation of Jamiat Ulemai-Islam Pakistan (JUI-P) who later announced joining hands with the PTI for “political stability” in the country. “I am indebted to PTI for taking JUI-P into confidence in the current scenario and opting for an alliance for the way forward,” a JUIP leader said at a press conference.

PTI’s Gohar Khan said both the parties had affirmed to continue contacts. “We all agree that this country is ours, democracy should continue moving forward […] and we will take a step forward to improve the economy.”

He said that both the parties agreed to continue the struggle

against alleged rigging in the Feb 8 polls.

“God willing we will go to Quetta and Karachi in the coming day […] we will not allow anyone to take any decisions behind closed doors, these decisions need to be taken as per the law and Constitution,” Asad Qaisar said at the press conference alongside JUI-P leaders.

Qaiser claimed that his party has won the public’s mandate and is the largest political force in the country. “Any other government that comes will be fake and would not be able to solve Pakistan’s problems,” he added.

The PTI leader further hoped that his party’s grievances would be heard in courts.

Meanwhile, PTI’s Sindh President Haleem Adil Sheikh has met a delegation of the Grand Democratic Alliance(GDA) in Sindh to discuss their joint action plan of protests against alleged rigging in the February 8 polls. In a post on Facebook, the PTI also shared a video of the said meeting.

The PTI’s Karachi secretary general Ali Ahmed Palh and MPAelect Agha Arsalan Khan were also present during the meeting, wherein they discussed the prospects of forming a “strong alliance” to hold protests in the province.

Meanwhile, Sunni Ittehad Council leader Hafiz Hamid Raza has said his party’s alliance with the PTI dates back nearly eight years.

“But the way PTI’s ‘bat’ was taken just a few days before elections […] I want to clarify that this is not a single-handed decision. It includes the approval of PTI leadership and Imran Khan,” he said.

Raza added that SIC and Majlis

Wahdat-i-Muslimeen were two parties that had always opposed sectarian violence and did not believe in militancy. “We have a clear stance on banned outfits,” he stated.

“I want to clarify one more thing that our support of Imran Khan and the PTI is unconditional and without any demand,” the SIC leader said.

“I want to make it clear, in black and white, that the policy will be of the PTI and Imran Khan sahib,” Raza told PTI-backed independents. He went on to say that the SIC and MMW were two parties that had always opposed sectarian violence and did not believe in militancy.

On the occasion, MWM general secretary Raja Nasir Abbas said that MWM would stand shoulder-to-shoulder with PTI, emphasizing their joint struggle for the nation’s uplift. He strongly denounced the large scale rigging on February 8, stressing the need for electoral transparency and adherence to constitutional norms.

He called for a fair electoral process devoid of manipulation, underscoring the importance of democracy in steering the country towards prosperity. He lauded that PTI workers and leadership made a history by facing all the hardship, coercion and operations with patience and perseverance.

Nasir Abbas went on to say that PTI government was ousted under the conspiracy. He lamented that efforts were afoot once again to impose those who ruined the country and did not have the ability to run the government. “We will ensure release of PTI Founding Chairman in a dignifying manner,” he vowed.

Gandapur warns officials to take corrective measures PESHAWAR

STAFF REPORT

Ali Amin Gandapur, Pakistan Tehreek-e-Insaf (PTI) nominee for the slot of chief minister of Khyber Pakhtunkhwa (KP) on Monday warned the government officials to adopt correct measures or be prepared for punishment.

Gandapur’s comments came in light of the poloce crackdown against his party across the country, especially in Khyber Pakhtunkhwa (KP) province, with several PTI workers and supporters being apprehended by law enforcement agencies.

“I warn all those who are acting like ‘more loyal than the king’ to take corrective measures or be

ready for punishment,” said Gandapur who has been named for coveted slot of Chief Minister.

“Fake FIRs were lodged against us all over the country,” the politician said while speaking with journalists in Peshawar and hinting at the active role of police and bureaucracy in the crackdown against his party. The PTI leader, who won PK-113 and NA-44 from his hometown Dera Ismail Khan in the recently held general elections, said that those involved in lawlessness must be punished if traditions are to be changed.

Commenting on the party’s possible alliance to form governments, Gandapur said that PTI’s legal team and committee are working towards it. He added that

PTI won’t necessarily join hands with a major party.

However, he maintained, that the party would accept any decision made by founder Imran Khan.

On forming a government in KP, Gandapur said that the names of ministers for the cabinet have been shortlisted, but the decision for that, too, will made by Khan.

“Affiliation with a political party will only be looked into as per the election rules,” he said, disregarding the party’s collaboration with members of PTI-Parliamentarians who strayed away from the party during its difficult times.

“There is no place for those who ran away from suffering. We found out who has coped under the tough conditions,” he added.

Tuesday, 20 February, 2024

PRAYER TIMINGS FAJR SUNRISE

ZUHR

ASR MAGHRIB ISHA

6:00

1:30

4:30

Senate rejects bill proposing public hanging for rape accused 6:40

5:55

7:30

ISLAMABAD

STAFF REPORT

In a significant development on Monday, the Senate, the upper house of the Pakistani parliament, voted against the Criminal Laws (Amendment) Bill 2023, aimed at amending the Pakistan Penal Code, 1860, and Code of Criminal Procedure, 1898. The bill, which proposed public hanging as a punishment for rape accused, faced rejection with a majority vote in the house. Chairman Muhammad Sadiq Sanjrani presided over the session when Senator Mushtaq Ahmed of Jamaat-e-Islami (JI) presented a motion for the consideration and passage of the bill. However, the motion was met with resistance, ultimately leading to the rejection of the proposed amendments.

The voting results revealed a divided sentiment among the senators. Out of the 38 lawmakers present, 24 voted against the legislation, while 14 senators expressed support for the bill.

The bill faced opposition primarily from the Pakistan Peoples Party (PPP), Pakistan Muslim League-Nawaz (PML-N), and National Party. On the other hand, most members of Jamaat-e-Islami, PML-Q, JUI-F, and some from the Pakistan Tehreek-e-Insaf (PTI) supported the bill.

PPP Senator Sherry Rehman articulated concerns, stating that public hangings would only propagate brutality in the country. She emphasised that the PPP had consistently opposed the death penalty for rape and urged a focus on improving policing rather than relying on harsh punishment.

Rehman highlighted that Pakistan currently ranks fifth in the world in terms of the death penalty, asserting that public hanging is incompatible with the values of a 21st-century society. She argued that such a method would not effectively deter crime. PML-N Senator Irfan Siddiqui echoed similar sentiments, advocating for maintaining the existing method of hanging within the confines of the gallows. Leader of the House Ishaq Dar opposed public hanging, citing the existence of the death penalty in the law.

While the PTI overall opposed public hanging, Barrister Ali Zafar expressed support for the death penalty but rejected the idea of public executions. Zafar emphasised the need for improving the justice system rather than resorting to public and street punishments.

However, PML-Q Senator Kamil Ali Agha, a supporter of the bill, argued that adherence to Islamic principles should guide the decision-making process.

He referenced practices in other countries, such as the release of execution videos in the United States and public beheadings in Saudi Arabia, asserting the importance of aligning with Islamic values.

PTI Senator Muhammad Hamayun Mohmand stood in favour of public execution, drawing parallels between countries with public punishments and lower crime rates. He argued that such measures could act as deterrents, citing examples where public amputations for theft have reportedly led to reduced incidents.

PTI moves PHC seeking its share of reserve seats PESHAWAR

STAFF REPORT

The PTI filed a petition in the Peshawar High Court (PHC) on Monday seeking to be allotted reserve seats in the national and provincial assemblies.

The ECP was made a respondent in the petition, demanding candidates who submitted their nomination papers for reserve seats and were scrutinized to be adjusted on those seats. According to the party’s plea, the PTI was a listed party and had the right to reserve seats.

The petition stated that the candidates who sought tickets on reserve seats were PTI members; all of them also submitted an affidavit in this regard. The ECP cannot delist any party, only the Supreme Court has the power to do so, the petition stated.

The PTI also requested the court to fix the petition for a hearing on Monday.

With the February 8 general election results finally announced, the process of government formation and allocation of specific seats in the provincial assemblies has commenced. The electoral watchdog has also outlined the procedure for distributing reserved seats among successful political parties, as well as for government formation. Successful political parties in the provincial assemblies will obtain reserved seats for women and minorities according to the outlined procedure. In the Punjab Assembly, a party will be allocated one seat for women at a rate of 4.5%, equating to one reserved seat for every nine general seats. One seat will be allotted to a minority member of a party at a rate of 37.12%.

In the Sindh Assembly, out of the 130 general seats, 29 seats will be reserved for women and nine seats for minorities. According to the prescribed ratio for the allocation of reserved seats, one seat will be allocated for women at a rate of 4.48%, and one minority seat at a rate of 14.44%. In the Khyber-Pakhtunkhwa (K-P) Assembly, out of the total 145 seats, 115 are general seats and a political party securing 73 seats can form its government.

PM Kakar skips IHC hearing again in Baloch missing students case ISLAMABAD

STAFF REPORT

Caretaker Prime Minister Anwaarul Haq Kakar on Monday again failed to appear before the Islamabad High Court (IHC) in a case pertaining to missing Baloch students.

As Justice Mohsin Akhtar Kayani resumed hearing a petition regarding the implementation of the recommendations of the Commission of Inquiry on Enforced Disappearances, he observed, “The purpose of summoning the prime minister was to inquire why the state’s premier is failing in his duties”.

The commission was established in 2011 to trace missing persons and fix responsibility on the individuals or organisations responsible for it.

The IHC had previously summoned PM Kakar on Nov 29 but as he did not appear

before the court, it had warned that a case could be registered against the interim premier and others if they failed to reunite the missing Baloch students with their families.

During the Nov 29 hearing, Attorney General for Pakistan (AGP) Mansoor Usman Awan had informed the court that out of 50 missing persons, 22 had been recovered, while the whereabouts of 28 others were still unknown.

On January 10, Justice Kayani had remarked that a day would come when intelligence officials would also be held accountable and face prosecution for cases.

In a subsequent hearing, he had summoned PM Kakar for a second time, observing: “The punishment of enforced disappearances should be the death penalty.”

During Monday’s hearing, the IHC summoned Kakar for a third time, adjourning the hearing till February 28. PTI leader Sher

Afzal Marwat also appeared before the court, detailing an alleged raid on his house by the Islamabad police.

At the outset of the hearing, AGP Awan appeared before the IHC and was asked about PM Kakar’s whereabouts. The AGP replied that the premier was in Karachi.

When asked about the whereabouts of the defence and interior ministers, Awan said that the two were also busy. The interior ministry’s secretary then appeared before the court, at which Justice Kayani asked why the defence ministry’s secretary was not present.

The judge highlighted that it was the 24th hearing in the case. “The petition was filed in 2022 and a commission had been formed. It took us two years to recover our citizens who did not even have any criminal case registered against them.

“There was no case against them — in-

cluding any drug, murder, or theft case — let alone a terror case,” Justice Kayani noted.

He observed that “no documents or information” was shared with the court in the past two years.

Addressing AGP Awan, he said, “You had submitted an affidavit that no person would go missing after today. [Yet] a person is missing from Islamabad’s F-6 without a first information report against him”.

“The purpose of summoning the prime minister was to inquire why the state’s premier is failing in his duties,” the IHC judge said.

“We have charges against our institutions regarding enforced disappearances. If the prime minister, defence minister and secretary, and the interior minister and secretary cannot perform their duties then they should leave their posts.”

AGP Awan requested that the incoming

Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited. Ph: 051-2204545. Email: newsroom@pakistantoday.com.pk

government review the matter instead of the caretaker setup. “When the elected government will come, it will look at the matter afresh,” he said.

At this, the judge noted: “There was one government for three-and-a-half years, then another for 16 months, and then the caretakers but nothing came out of it. There are direct allegations against institutions here.”

At one point, Justice Kayani said, “I will constitute a committee comprising the heads of the ISI (Inter-Services Intelligence), MI (Military Intelligence) and the IB (Intelligence Bureau).

“Why summon the prime minister or the ministers? Let’s make a committee comprising those on whom there are allegations,” he remarked. At this, the AGP once again urged the court to adjourn the matter till the elected government assumed its responsibilities.