Fg Pa k i s t a n u t i l i s e d a $ 4 . 5 b i l l i o n C h i n e s e t r a d e f i n a n c e f a c i l i t y f o r d e b t p u r p o s e s
Balochistan assemblies swor n in
Kh Asif claims Bajwa, Faiz wielded influence over legislative processes
leader Khawaja Asif on Wednesday claimed that former army chief Gen (r) Qamar Javed Bajwa and ex-spymaster Lt Gen (r) Faiz Hameed wielded influence over legislative processes in the previous government of PTI Talking to the media after the PML-N s parliamentary party meeting Asif stressed the necessity of involving not only politicians but also other stakeholders for political stability All elements must collaborate for stability,” he insisted The PML-N leader disclosed that Qamar Bajwa and Faiz Hameed played instrumental roles in shaping legislation related to the Financial Action Task Force (FATF) Asif admitted During that period we used to consult them at their messes for legislation He said that the legislations were steered into law due to military interference and lamented that the nation continues to suffer the ongoing repercussions as a result “We are still grappling with the damages incurred during that time Asif lamented while highlighting the shared responsibility of all stakeholders to prioritise national interests and work collaboratively for the nation s improvement Moreover, the former federal minister criticised President Dr Arif Alvi alleging constitutional violations for failing to convene the inaugural session of the National Assembly within the constitutionally mandated deadline Asif went further suggesting that President Alvi should face treason charges under Article 6 Commenting on the May 9 riots, Asif urged accountability for those who challenged the state on that day, stressing the need for justice and responsibility in the face of such challenges
ISLAMABAD S a l e e M J a D o o n
OLLOWING high drama, President Arif Alvi late Wednesday night convened a National Assembly session hours before the lower house of parliament is set to meet for the oathtaking of newly-elected MNAs According to a communique issued by the presidency, the president has summoned the NA session at 10am today “President has convened the National Assembly session expecting that the reserved seats would be allocated to the Sunni Ittehad Council (SIC) according to their strength in the House a statement issued by the presidency said The statement said that President of Pakistan is head of the state and is a symbol of federation according to the Article 41 of the Constitution As head of state the president has reservations over the response submitted by caretaker prime minister President is not addressed the way it was done in the summary sent by the PM Office, the statement reads Earlier despite objection by President Dr Arif Alvi the National Assembly Secretariat on Wednesday convened the inaugural session of the lower house of Parliament In a notification issued by NA Secretary Tahir Hussain it was disclosed that Caretaker Prime Minister Anwaarul Haq Kakar has approved the session under Article 91(2) of the Constitution The decision follows consultations with the Ministry of Parliamentary Affairs and the Ministry of Law On Monday President Dr Arif Alvi returned a caretaker government’s summary for convening the inaugural session of the National Assembly, prompting Speaker Raja Pervaiz Ashraf to call the maiden sitting of the lower house of parliament on February 29 Alvi whose presidency is coming to a conclusion within a few weeks emphasised that he would only approve the summary if the issue of reserved seats for women and minorities was resolved and distributed among the parties, as per law His delay tactics drew criticism from political parties including the PML-N and PPP urging him not to misuse his powers as the head of state R s 2 0 0 0 | Vo l X I V N o 2 4 2 I 8 Pa g e s I La h o r e E d i t i o n In par tnership with Profit t h u rs d ay 2 9 feb ru a r y 2 0 2 4 i 1 8 S h a ' b a n 1 4 4 5 g P r e s i d e n t c o n v e n e s s e s s i o n e x p e c t i n g a l l o c a t i o n o f r e s e r v e d s e a t s t o S I C C O N T I N U E D O N PA G E 03 PR OFIT n e w S D e S k China has consented to extend the repayment period of a $2 billion loan that was set to mature on March 23, 2024 This development comes after initial requests by China to raise the interest rates on this debt Currently Pakistan is subject to a 7 1% interest rate determined by the six-month Secured Overnight Finance Rate (SOFR) plus an additional 1 715% The agreement to maintain the existing loan terms was informally communicated by China with Pakistan s Ministry of Finance awaiting formal confirmation The move followed a request from Pakistan’s Interim Prime Minister Anwaarul Haq Kakar to the Chinese government last month seeking the rollover of the maturing loans Pakistan s strategy to bolster foreign exchange reserves through deposits from China, Saudi Arabia, and the United Arab Emirates has seen interest costs surge by 118% last fiscal year, partly due to significant currency devaluation The total interest paid to these three nations on $9 billion deposits was Rs26 6 billion a substantial increase from Rs12 2 billion the previous year The gross official foreign exchange reserves of Pakistan’s central bank stand at $8 billion reflecting a decade-long policy of borrowing from regional countries during economic downturns However, this has not led to an improvement in repayment capacity often resulting in loan extensions at maturity Following an agreement with the International Monetary Fund (IMF) Saudi Arabia and the UAE increased their financial exposure to Pakistan, bringing the total deposits from these three countries to $12 billion This increase is expected to raise the interest cost substantially for the current fiscal year Additionally, Pakistan utilised a $4 5 billion Chinese trade finance facility for debt purposes, paying Rs42 1 billion in interest last fiscal year This facility part of the $8 billion in gross official foreign exchange reserves, highlights the continued reliance on foreign loans amid political instability and stagnant foreign direct investment As Pakistan s current IMF programme nears expiration securing the last tranche of $1 2 billion remains a priority ISLAMABAD S ta f f R e p o R t Pakistan Muslim League-Nawaz (PMLN) supremo Nawaz Sharif on Wednesday warned the upcoming government will need to make difficult decisions in next two years, insisting that his younger brother Shehbaz is the best choice for the premiership Addressing the party’s parliamentary session in Islamabad the three-time prime minister lauded Shehbaz Sharif s performance as the prime minister during the tenure of the Pakistan Democratic Movement (PDM) “The way he [Shehbaz] stopped the country from defaulting is unprecedented Nawaz Sharif said hoping that Pakistan would emerge out of the current crises in the next one or two years Pakistan is badly wounded at this time,” he said, noting that the upcoming government will have to make difficult decisions in the next two years He pointed out that inflation was the biggest problems in such difficult circumstances We have to give ease to the public, we have to fix the prices of electricity and gas, we have to make Pakistan stand on its feet ” he stressed In the current circumstances Shehbaz Sharif is the best choice he said while officially declaring him the candidate for the prime minister s slot He further expressed hope that Pakistan would emerge out of the current crises in the next one or two years “Pakistan is very injured at this time and we will have to fill its wounds ” Nawaz said We will have to take the country out of these difficulties and I believe that we will have to make difficult decisions in the next two years [ ] but if your intention is pure then God will surely help you The former premier further said that party leader Sardar Ayaz Sadiq will contest the election for the National Assembly speaker Nawaz Sharif emphasised that all political parties should work on a special agenda to take country out of crisis Do your own politics, opposition is also a part of politics, but don’t endanger Pakistan and the system ” he highlighted We have to give ease to the public we have to fix the prices of electricity and gas we have to make Pakistan stand on its feet and if you move forward with a well-thought agenda then this journey will become easy,” Nawaz said He pointed out that despite dharnas by the PTI during his previous tenure the PML-N led federal government continued to work for the country and fulfilled all its commitments to the public PR OFIT M o n i to R i n g D e S k The Pakistan Tehreek-e-Insaf (PTI) party, has approached the International Monetary Fund (IMF) to incorporate considerations of Pakistan’s political stability into its ongoing financial aid discussions This request was articulated in a letter from PTI to the IMF as confirmed by senior party sources The specifics of the letter are yet to be disclosed, but the party promises to release more information soon The IMF has acknowledged that it has not yet received the letter This development follows the IMF s decision to not comment on Pakistan s political situation, especially after calls for an audit of the disputed February 8 elections before continuing talks with Islamabad Financial analysts such as Sohail Ahmed from Topline Securities believe this move by PTI will not significantly impact the market as the IMF conducts its own assessments This request comes at a time when Pakistan s economy faces severe challenges, including high inflation and dwindling foreign reserves despite a $3 billion bailout from the IMF last summer Additionally China has extended a $2 billion loan to Pakistan for another year to help ease financial strains Wi t h t h e e x p e c t e d f o r m a t i o n o f a n e w g o v e r n m e n t b y K h a n ’s o p p o n e n t s a n a l y s t s s u g g e s t f u rt h e r I M F s u p p o r t w i l l b e n e c e ssary after the current bailout ends i n A p r i l K h a n h a s b e e n a c c u s e d by the opposition of endangering a previous $6 billion IMF deal, a charge he denies The IMF has stated its readiness to support Pakistan with a new arrangement post-election to address ongoing economic issues, contingent on a request from the new government
agrees to roll over $2bn loan for Pakistan
‘best choice’ to lead countr y in prevailing circumstances: Nawaz Sharif PTI requests IMF to consider political stability in financial aid discussions g T h e I M F h a s a c k n o w l e d g e d t h a t i t h a s n o t y e t r e c e i v e d t h e l e t t e r ISLAMABAD S ta f f R e p o R t C a r e t a k e r P r i m e M i n i s t e r A nwaarul Haq Kakar on Wednesday e x p r e s s e d h i s d i s a p p r o v a l o f P a k i s t a n Te h r e e k - e - I n s a f l e a d e rs h i p s l a t e s t p o l i t i c a l s a l v o o f w r i t i n g a l e t t e r t o t h e I n t e r n at i o n a l M o n e t a r y F u n d ( I M F ) , t e r m e d i t ‘ h i g h l y i r r e s p o n s i b l e ’ Appearing in a talk show of a private TV channel the prime minister said the letter was sent at time when the caretaker government had worked significantly for the economic revival with the relevant indicators showing positive trends, it achieved different financial targets The negotiations with the IMF were in the process for 6 billion dollars agreement which was important for the economic health of the country, he said, adding moreover, different multilateral agreements were also dependent on it He said that there were appropriate forums for the electoral disputes and the PTI s gesture of writing a letter to the IMF was unjustified and highly irresponsible However, he maintained that in the tangible terms the letter would have no effects but it would have political costs for the PTI that had a narrative in that regard PM Kakar disapproves of PTI’s move to write letter to IMF C O N T I N U E D O N PA G E 03 g D a r a c c u s e s Pr e s i d e n t A l v i o f a t t e m p t i n g t o o n c e a g a i n v i o l a t e c o n s t i t u t i o n AFTER HIGH DRAMA , PRESIDENT ALVI FINALLY CONVENES NA SESSION TODAY PESHAWAR/QUETTA a z z B u n e R i The newly-elected members of the Khyber Pakhtunkhwa and Balochistan assemblies were sworn in on Wednesday while the election for Speaker and Deputy Speaker will be held on Thursday (tomorrow) In Peshawar the maiden session of Khyber Pakhtunkhwa Assembly was marred by chaos by workers and leaders of the Pakistan Tehreek-e-Insaf Scheduled for an 11 AM start, the session quickly descended into disarray due to the sheer number of guests accompanying the members With over 800 passes issued for a limited-capacity hall pandemonium erupted even before proceedings began Members struggled to enter, encountering obstructions from the large crowd, resulting in a temporary holdup at the entrance Eventually they gained access with the help of their party workers Adding to the prevailing chaos a Muslim League-Nawaz worker Sobia Shahid arrived brandishing a clock sparking a retaliatory response from PTI supporters who threw water bottles, shoes, and even a lota (metal jug) at her Amidst this commotion, Shahid continued to display the clock defiantly In KP, around 115 newly elected representatives took oath in a session marred by ruckus Newly-elected members of KP,
C O N T I N U E D O N PA G E 03
China
Shehbaz
S ta f f R e p o R t PML-N
ISLAMABAD
Reliance,
The
for SNGP and SSGC has escalated from Rs580/mmbtu to Rs1 597/mmbtu In contrast rates for fertiliser companies relying on gas from the Mari network remain unchanged at Rs580/mmbtu
Notably affected companies include
Engro Fertilizers (EFERT), Fauji Fertilizer Bin Qasim, and Agritech, which operate within the SNGP and SSGC networks
Meanwhile Fauji Fertilizer Company (FFC) and Fatima Fertilizer which use the Mari network are not subject to the price increase
Following the
Thursday 22 February 2024 LAHORE 02 NEWS
KSE-100 index surges by 0.7 7% PR OFIT N e w s D e s k The Pakistan Stock Exchange (PSX) experienced a bullish trend on Wednesday as the benchmark KSE-100 index increased by 484 35 points or 0 77%, closing at a level of 63,703 44 points However, the trend observed over the last few days was also notable during today’s stock trading –the equity market demonstrates an upward trajectory in the opening hours followed by a shift towards a downward trend in the afternoon trading sessions This week is characterised by political clarity As a result, market analysts anticipate a gradual recovery contingent upon the full disclosure of political developments Notable gains were observed in the sectors of cement fertilizer power generation & distribution, and refinery In the refinery sector, particularly, share prices saw increases: Attock Refinery by Rs 10 65, Cnergyico by Rs 0 34, National Refinery by Rs 2 08 and Pak Refinery by Rs 0 7 The optimism in the oil refinery sector is driven by expectations of significant investments Collectively Pakistan s five refineries aim to invest between $5 billion and $6 billion in upgrades These enhancements could potentially double the country’s petrol production increase diesel output by 47% and decrease furnace oil production by 78% Cnergyico Pk Limited a leading refiner in Pakistan plans to invest over $1 billion following a new government policy aimed at revitalizing the sector Pakistan Refinery Limited (PRL) is also looking to double its processing capacity to 100 000 barrels per day with a $1 7 billion investment targeting completion by the end of 2028
PSX’s
$8.5b powerhouse PR OFIT R e u t e R s India s top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets creating an $8 5 billion entertainment juggernaut far ahead of rivals in the world s most populous nation Reliance, led by Asia s richest man Mukesh Ambani, will infuse $1 4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake Disney will hold about 37% the companies said in a joint statement For Disney the merger follows its long-drawn struggle to arrest a user exodus from its bleeding India streaming business and financial strain caused by billions of dollars in Indian cricket rights payments The merger valued the India business of the Burbank-based entertainment giant at just around a quarter of the $15 billion it was valued at when Disney acquired it as part of its Fox deal in 2019, sources have said Reliance said Nita Ambani, wife of Reliance boss Mukesh Ambani, would chair the board of the combined entity and former top Disney executive Uday Shankar would serve as vice chair Together the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms, helping Ambani emerge as a bigger, formidable force against rivals such as Japan’s Sony, India’s Zee Entertainment and Netflix in the $28 billion media and entertainment sector The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment,” the companies said in a joint statement PR OFIT N e w s D e s k A recent hike in gas prices for the fertiliser manufacturers using gas from the Sui Northern Gas Pipelines Limited (SNGP) and Sui Southern Gas Company (SSGC) networks has impacted 60% of the industry s production capacity This decision was aligned with the International Monetary Fund s (IMF) demands to address the rising gas circular debt and remove subsidies, however, it created an anomaly in the fertiliser sector As per the Pakistan Institute of Development Economics
the federal government spends approximately Rs 200 billion annually on fertiliser subsidies to maintain lower prices
Disney to merge India media assets to create
(PIDE),
new feed gas rate
nificant
reveal its new urea prices shortly, as the new gas price becomes effective from March 1st Urea prices for both Engro Fertilizers and Fauji Fertilizer are currently at Rs3 767 per bag 30% lower than Fauji Fertilizer Bin Qasim price
in the
Urea is
around
per bag, which is higher than the prices of EFERT and FFC According to a note by Topline Pakistan Research the market has observed a discrepancy in urea pricing with dealers and middlemen reportedly pocketing significant margins over the listed prices of companies like Engro Fertilizers and Fauji Fertilizer Company The price disparity benefits companies on the Mari network, potentially leading to an incremental annual profit for Fauji Fertilizer Company if the current situation persists However equalizing gas rates across the industry could eliminate this distortion aligning the margins of companies like Engro Fertilizers with those on the Mari network and stabilising urea prices for farmers while generating additional government revenues The government faces a critical decision to address this industry anomaly and adhere to IMF recommendations for subsidy elimination which could have farreaching effects on the fertiliser sector and agricultural pricing G A S P R I C E H I K E I M PA C T S 6 0 % P R O D U C T I O N C A PA C I T Y O F F E R T I L I S E R S E C T O R PR OFIT M o N i to R i N g D e s k Cnergyico Pk Limited Pakistan s premier refiner is set to invest over $1 billion following a new government policy designed to boost the sector This investment will enable Cnergyico to increase its production of Euro-V compliant gasoline and diesel while reducing its production of furnace oil due to its fluctuating demand Moreover, Pakistan Refinery Limited (PRL) plans to double its processing capacity to 100 000 barrels per day with a $1 7 billion investment with completion targeted by the end of 2028 Collectively, Pakistan s five refineries are looking to invest between $5 billion and $6 billion in upgrades, which could potentially double the country s petrol production increase diesel output by 47% and reduce furnace oil production by 78% These developments could lead to self-sufficiency in diesel production, reducing the need for costly imports Pakistan has been grappling with economic hurdles such as political unrest rising inflation a faltering currency and dwindling foreign reserves which have dampened investor confidence and deterred investment in significant projects To reverse this trend, the government introduced the Brownfield Oil Refinery Policy aimed at encouraging investment in existing projects complementing the earlier Greenfield Refinery Policy which aimed to attract foreign investment Although foreign investors have remained cautious about initiating new projects the Brownfield policy has sparked interest among Pakistan s top five refiners including Cnergyico which is planning a major investment to modernize and expand its refining capabilities The company’s refining complex, with a capacity to process up to 156 000 barrels of crude oil daily accounts for 37% of the nation s total refining capacity Cn e rg y i co p l a n s to i nve s t $ 1 b n i n Pa ki s t a n’s o i l re fi n i n g s e c to r g P r l s t r at e g i s e s $ 1 7 b n u P g r a d at i o n t o d o u b l e c a Pa c i t y b y 2 0 2 8 g m a r k e t o b s e r v e s d i s c r e Pa n c y i n u r e a P r i c e s , d e a l e r s a n d m i d d l e m e n P o c k e t i n g h i g h m a r g i n s PR OFIT N e w s D e s k Pakistan has witnessed a 7 54% decrease in its exports to European countries during the first seven months (July-Jan) of the current fiscal year FY 2023-24 as per data released by the State Bank of Pakistan The export figures, which stood at $4 866 billion from July to January in FY24, saw a decline from the $5 263 billion recorded in the same period the previous year This downturn reflects the reduced demand for Pakistani goods across various regions in Europe including the western, southern, and northern parts Despite enjoying the Generalised System of Preferences Plus (GSP+) status which grants preferential access to the markets of 27 European Union (EU) member states, Pakistani exporters have faced challenges This status extended by the European Parliament until 2027 aims to support developing countries by allowing duty-free or minimal-duty exports to the EU market However, the anticipated boost in trade has not materialized in the face of economic uncertainties affecting demand The most significant decrease was observed in Western Europe comprising key trade partners like Germany the Netherlands, France, Italy, and Belgium, where exports plunged by 13 85% to $2 393 billion in the reported period down from $2 778 billion the previous year Conversely a slightly positive development was noted in exports to Eastern Europe, particularly Spain, which saw a 5 67% increase to $856 423 million Nonetheless, exports to Southern and Northern Europe depicted marginal declines and challenges respectively Pa k i s t a n ’s ex p o r t s t o E u r o p e d i p 8 % d e s p i t e t r a d e p r i v i l e g e s Apple ‘cancels’ decade-long electric car project, source says PR OFIT R e u t e R s Apple (AAPL O) has canceled work on its electric car a source familiar with the matter told Reuters on Tuesday, a decade after the iPhone maker kicked off the project The move draws the curtain on a plan that would have helped Apple break out into a new industry and potentially replicate the success of the iPhone The project has seen uneven progress throughout its life and its end comes as global automakers cut back their investments in electric vehicles, whose demand has dropped significantly Several employees working on the project will be shifted to the company’s artificial intelligence (AI) division according to Bloomberg News which first reported the development APPLE DECLINED TO COMMENT: “If it is true Apple will put more focus on GenAI and that should give investors more optimism about the company s efforts and ability to compete at a platform level on AI, said Ben Bajarin, CEO of consulting firm Creative Strategies Apple has so far held back from any big moves in AI in stark contrast to tech giants such as Alphabet (GOOGL O) and Microsoft (MSFT O) which have firstmover advantage in incorporating the breakthrough technology It’s quiet approach has sparked worries the iPhone-maker could be behind in integrating the technology into its products That was reflected in Apple s share gain last year which at nearly 50% was the smallest among the so-called Magnificent Seven stocks Last month, Microsoft overtook Apple as the world’s most valuable company as the iPhone maker grappled with weakness in demand for its key products especially in major market China Meanwhile high interest rates have l e d t o a s l o w d o w n i n d e m a n d f o r u s ually pricier electric vehicles, prompting t h e i n d u s t r y t o c u t j o b s a n d r e d u c e p r od u c t i o n Several major automakers, including EV market leader Tesla (TSLA O) have decided to pull back on investments with some shifting plans to focus on hybrids instead of fully battery-powered cars Tesla CEO Elon Musk cheered Apple’s move on X social media with a post of a saluting emoji and a cigarette Apple kicked off Project Titan as its car effort was known internally a decade ago as a wave of interest in self-driving vehicles swept through Silicon Valley Reuters reported in 2020 that Apple was considering releasing its proposed car as soon as 2024 or 2025 But progress had been bumpy even before the COVID-19 pandemic disrupted the global automotive industry Apple had laid off 190 workers from the group in 2019 after revamping its software approach The design of the concept car also changed from a radical, steering-wheelfree autonomous vehicle that would have been a departure from traditional automotive design to a more conventional car with advanced driver-assistance features News of the project had initially raised hopes that Apple may replicate the success of the iPhone, whose fresh design and clean interface helped alter the handheld phone market But even iPhone sales the main source of the company s revenue has started seeing a growth slowdown as rivals launch handsets with matching specs and competitive prices Sales of iPad and Mac computers have also fallen amid a broader slump in demand for expensive gadgets g downturn reflects reduced demand for Pakistani goods across various regions in euroPe Moody’s keeps Pakistan’s ratings unchanged at ‘Caa3’ PR OFIT N e w s D e s k Moody s Investors Service announced on Tuesday that Pakistan s credit rating remains at Caa3 with a stable outlook despite facing political and economic hurdles The international rating agency completed a review of Pakistan’s credit status, confirming no change in the country’s rating This decision follows the downgrade from Caa1 to Caa3 in February of the previous year attributed to challenges with the International Monetary Fund (IMF) program and decreasing foreign exchange reserves The agency cited the aftermath of the controversial general elections held on February 8 2024 which has led to heightened political risks A coalition government expected to be formed by the PML-N and PPP parties faces uncertainty in its ability to negotiate a new IMF program as the current one expires in April This uncertainty is compounded by doubts regarding the government’s commitment to implementing the necessary reforms Moody s expressed concerns over Pakistan s liquidity and external vulnerability noting the country s foreign exchange reserves are insufficient to meet its external financing needs in the near to medium term The report also highlighted Pakistan’s fiscal challenges including a significant debt burden and governance issues that impact the effectiveness of monetary and fiscal policies Despite these challenges the ratings agency acknowledged Pakistan s economic strengths, including its large economy and potential for moderate growth The caretaker government’s efforts to maintain economic stability and secure financing from the IMF and other sources have been recognized as positive steps However Moody s emphasized the limited visibility on Pakistan s financing sources post the current IMF arrangement, which concludes in April The country’s economic outlook is tempered by its vulnerability to environmental challenges such as heatwaves and floods which pose additional risks The stable outlook reflects Moody s view that the current pressures align with the Caa3 rating, assuming risks remain balanced The agency highlighted the importance of continued IMF engagement to secure further financing which could mitigate default risks and alleviate social pressures NEPRA , OGRA given autonomy in electricit y, gas tariff decisions PR OFIT N e w s D e s k The interim federal cabinet has consented to give independence to the Oil and Gas Regulatory Authority (OGRA) and the National Electric Power Regulatory Authority (NEPRA) in making important decisions regarding electricity and gas tariffs This crucial decision is aimed at streamlining the process and minimizing government intervention in the regulatory affairs of both regulators Media reports said that the interim cabinet whose term is going to expire soon has approved amendments to the NEPRA and OGRA Acts, paving the way to remove the government’s role in the notification of electricity and gas tariffs With these amendments NEPRA and OGRA will now have the autonomy to issue tariff notifications independently and do not require any approval from the government This decision marks a significant step towards enhancing efficiency and transparency in the determination of electricity and gas tariffs ushering in a new era of regulatory independence in the energy sector PR OFIT N e w s D e s k K-Electric Limited said on Wednesday that the absence of an approved Multi-Year Tariff (MYT) hindered the company to finalise its financial statements for the half-year ending on December 31, 2023, within the designated time frame “K-Electric, being a listed company is required to comply with the requirements of Section 237 of the Companies Act 2017 for approval circulation and filing of financial statements The financial statements of the company are based on the Multi-Year Tariff (MYT) as approved by the National Electric Power Regulatory Authority (NEPRA), the power utility said in a notice to the Pakistan Stock Exchange (PSX) K-Electric has informed both NEPRA and the Securities and Exchange Commission of Pakistan (SECP) about these challenges Currently K-Electric is actively seeking NEPRA’s timely approval for the MYT for the period following June 2023 K-Electric said it was making every effort within its power to fulfill these obligations as efficiently as possible Moreover, the company continues to work closely with NEPRA to expedite the MYT s approval process It also underscores the importance of a collaborative approach between regulatory bodies and utility companies to ensure timely and transparent financial and operational reporting crucial for maintaining investor trust and the economic well-being of the sector K- E l e c t r i c f a c e s r e g u l ato r y d e l ay s, u n a b l e to m e e t f i n a n c i a l r e p o r t i n g d e a d l i n e
gas price adjustment, Fauji Fertilizer Bin Qasim announced a sig-
urea price increase to Rs5,331 per bag Engro Fertilizers is anticipated to
However
market
being sold at
Rs5,000
CPESHAWAR s
O R P S Commander Peshawar, Lieutenant General Sardar Hassan Azhar Hayat on Wednesday reiterated the Pakistan Army’s steadfast commitment to the welfare of tribal communities affirming that the army is diligently utilising all available resources to uplift the tribal areas to foster development and prosperity Lt-Gen Sardar Hassan Azhar Hayat was addressing a meeting of Utmanzai tribal elders from North Waziristan here Addressing the concerns of local youth empowerment, he highlighted collaborative efforts between the Pakistan Army and the Khyber-Pakhtunkhwa government Concrete measures are being taken to facilitate increased representation of youth in various sectors
particularly in mineral exploitation and education provision he added
On the occasion Utmanzai tribal elders expressed profound appreciation for the unwavering dedication of the Pakistan Army in combating terrorism The tribal elders lauded the sacrifices rendered by the Pakistan Army in the relentless battle against terrorism
They emphasised the significant value the tribal populace places on these sacrifices, underscoring the pivotal role of the military in ensuring regional security Expressing gratitude for the unwavering support of the tribal populace Lt Gen Hayat commended their resilience and solidarity in standing alongside the Pakistan Army throughout the anti-terrorism campaign I n r e s p o n s e , tribal elders reaffirmed their steadfast commitment to supporting the Pakistan Army and other law enforcement agencies in safeguarding the nation’s integrity
Yousaf Ahmad AMONG others
PESHAWAR a z z B u N e R i
The president of the Sarhad Chamber of Commerce and Industry Fuad Ishaq welcomed BVMW –Germany for extending an interest-free loan facility to Khyber Pakhtunkhwa Fuad Ishaq said that the move would boost business and industrialization and create employment opportunities in the province which will start a new era of economic prosperity and progress He made these remarks while talking to a delegation of German investors which was led by country representative of BVMW Mathew D Shaw at the chamber house on
Wednesday The delegation consisted of the chairman of Max holdings Max Shaw, the senior advisor to SCCI Riffat Pervez, Business Consultant Amin Ahmad and Executive Assistant Areej
The SCCI senior vice president Sanaullah Khan, vice president Ijaz Khan Afridi, former president Zulfiqar Ali Khan secretary general Sajjad Aziz and other staff members were also present during the meeting Mathew Shaw the country representative of the BVMW briefed the meeting about interest-free facility of 10
Six terrorists eliminated in North Waziristan operation: ISPR
ECP dismisses Nawaz S harif ’s plea against elec tion of NA-15 M ansehra
ISLAMABAD s ta f f R e p o R t
The Election Commission of Pakistan (ECP) on Wednesday rejected the application of Nawaz Sharif challenging the election of NA-15 Mansehra while announcing its verdict reserved yesterday upon completion of the hearing
The ECP concluded that the petitioner may approach the Election Tribunal and The ECP ordered the Returning Officer (RO) to complete the results in three days The ECP Sindh member Nisar Durrani authored the decision Nawaz Sharif s lawyer termed the election unconstitutional, illegal, and against election rules PTI-backed independent candidate Shahzada Gustasap Khan won the seat by securing 105 249 votes while Nawaz Sharif had obtained 80 382 votes
Earlier on Tuesday the ECP reserved its judgment on PML-N supremo Nawaz Sharif s plea challenging the election victory of PTI-backed candidate from NA-15 Mansehra
The PML-N leader ’s counsel Javed Jadoon as well as PTI-backed candidate Shahzada Gustashap Khan s counsel Babar Awan, completed their arguments on the case A two-member bench of the ECP, headed by Sindh member Nisar
Durrani conducted the hearing
During the hearing Nawaz s counsel argued that they received a copy of the returning officer s (RO) response on Monday evening, claiming that they did not receive Form-45 of 123 polling stations The ECP Sindh member asked Jadoon if there was a stay on the release of final election results Yes the counsel replied
The counsel stated The ballot boxes were not sealed This constituency witnessed greater rigging and vote-tampering than in Daska ”
The RO was booked in the case but he fell sick and vanished after being shifted to the hospital he alleged adding that the counting of votes continued till 4am the next morning
PTI candidate s counsel Awan argued, “If the seals of the bags were broken then the matter should be sent to the tribunal for investigation The FIR registered against the RO is not enough evidence The ECP is neither a court nor a tribunal, it cannot record testimonies Awan added, There were no major complaints regarding the election till 1am on February 8 ” He said Nawaz lost the seat as per the results of Feb 8
The ECP has formed tribunals the matter regarding NA-15 should be sent to a tribunal Babar said The electoral
watchdog reserved its verdict on the matter following the completion of arguments from both parties
On Monday, the ECP observed that it would issue an interim order regarding the stay on releasing the final results for NA-15 Mansehra
The hearing was chaired by Chief Election Commissioner Sikandar Sultan Raja The CEC observed that the ECP could not continue the stay for an indefinite period Earlier, PTI-backed candidate s counsel Babar Awan argued, We won with a margin of 25,000 votes ”
He maintained that as per the law a recounting of votes cannot be ordered on such a huge margin Addressing Nawaz s lawyer the CEC said the watchdog will lift the stay, asking the former to present arguments on the case after receiving the RO’s report Last week the ECP dismissed Nawaz’s application to stop the notification of the results of NA-15 Mansehra with orders to refile it A two-member bench, headed by CEC Raja, heard the complaints of candidates who had challenged the election results Nawaz’s lawyer did not appear before the bench and the NA-15 Mansehra RO while submitting his report to the commission said the constituency s result had been compiled as per Form-45
PM Kakar disapproves of PTI’s move to write letter to IMF
with eager spectators, some forced their way in, with others gaining unauthorized entry Heated arguments and physical altercations erupted amongst the crowd, with those finding an opportunity escaping back to their seats Police intervened to restore order ultimately closing the assembly gate due to the escalating disorder However determined party workers managed to bypass these measures, entering the premises through alternate routes Even media representatives faced difficulties gaining access while many newly elected members encountered parking problems Despite the disturbances the swearing-in ceremony proceeded led by Speaker Mushtaq Ghani, who began with prayers for the deceased PTI workers He then administered the oath to the 115 newly elected members Following the ceremony Ghani announced that nominations for the Speaker and Deputy Speaker positions would be accepted until 5 PM with a deadline for withdrawals set for midnight The election for these positions is scheduled for February 29th at 10 AM
BALOCHISTAN ASSEMBLY: The session of the Balochistan Assembly, summoned by Governor Malik Abdul Wali Khan Kakar commenced at 3pm Ahead of the meeting special security arrangements in and around the assembly building were made The session was chaired by a senior member of the assembly, Zamrak Khan Achakzai, after outgoing speaker Mir Jan Muhammad Khan Jamali excused himself over health concerns and other engagements Around 57 newly elected lawmakers of the Balochistan Assembly were sworn in Meanwhile former federal minister Sarfraz Bugti, ex-Balochistan chief minister Jam Kamal Khan and Senate Chairman Sadiq Sanjrani remained absent from the session as they were not in Quetta Following the oath Achakzai announced that the election of the Balochistan Assembly speaker and deputy speaker will be held tomorrow at 3pm through a secret ballot He added that nomination papers for the slot can be filed by Thursday noon The PPP has nominated MPA Ghazala Gola as the Balochistan Assembly deputy speaker Ahead of the meeting of the provincial legislature today supporters of the four-party alliance comprising Pashtunkhwa Milli Awami Party Balochistan National Party-Mengal, National Party and Hazara Democratic Party gathered in front of the Quetta Metropolitan Corporation against alleged rigging in the February 8 elections The protesters later marched towards the Balochistan Assembly but were stopped after the police cordoned off the GPO Chowk with containers
Thursday 22 February 2024 LAHORE NEWS 03
ta f f R e p o R t
million euro to the business community of Khyber Pakhtunkhwa under which the provision of technical assistance skill training programs equipment and machinery will also be ensured Mr Faud Ishaq stressed the utilization of the €10 million loan for on-job training in the province The president emphasized the need for taking Pakistan’s products to an international level which will improve the demand of Pakistani products in the European market and would also increase Pakistan s exports He also suggested that a forward exchange rate should be fixed as some companies were facing difficulties due to the high exchange rate Fuad Ishaq said that KP is the golden gate to Afghanistan and Central Asian Republic countries wherein foreign investors would get access to the Central Asian markets through collaboration with KP companies and businessmen and can play a role in enhancing mutual trade volume between the two countries The SCCI chief invited German investors to make investments in oil gas hydel power generation mine and mineral, marble tourism, gems and other important sectors through joint ventures Later, the chamber office bearers and former president Zufiqar Ali Khan also spoke on the occasion and gave several proposals regarding improving bilateral trade between Pakistan and Germany SCCI welcomes BVMW- Germany ’s interest-free loan facilit y for KP A f t e r h i g h d r a m a , P r e s i d e n t A l v i f i n a l l y c o n v e n e s N A s e s s i o n t o d a y CONTINUED FROM PAGE 01 Observers speculate that the president aims to postpone the session until the Election Commission of Pakistan issues a notification regarding the reserved seats of the Sunni Ittehad Council (SIC) a group that most PTIbacked lawmakers have recently joined On Tuesday, PM Kakar once again advised the president to convene the session, while granting authority to the NA secretariat to call the session after the constitutional deadline In the summary Kakar emphasised that calling a sitting within 21 days of the elections was a constitutional obligation ‘A LV I V I O L AT I N G C O N S T I T U T I O N’: Meanwhile, Pakistan Muslim League-Nawaz (PML-N) stalwart and Senator Ishaq Dar levelled serious allegations against President Alvi accusing him of attempting to once again violate the constitution Speaking to the media in Islamabad Dar expressing concerns over the obstruction of the upcoming National Assembly meeting scheduled for February 29, urged fellow members not to sign any documents supporting the alleged unconstitutional actions He highlighted instances where members were unable to take their oaths during previous sessions stressing the importance of upholding constitutional procedures Dar stressed that the failure by the president to sign the necessary documents for the assembly meeting indicated a deliberate attempt to disrupt proceedings suggesting a disregard for constitutional principles
RAWALPINDI s ta f f R e p o R t Swinging into action for wiping out terrorism, security forces neutralised six terrorists in an intelligence-based operation (IBO) in Khyber Pakhtunkhwa s North Waziristan district the Inter-Services Public Relations (ISPR) said Wednesday On the reported presence of terrorists, the security forces came into action immediately and conducted an operation in the tribal district today During the conduct of operation intense fire exchange took place between the troops and the terrorists as a result of which six terrorists were killed whereas one soldier also sustained injuries, the military s media said in an official statement “Weapons, ammunition and explosives were also recovered from the killed terrorists who remained actively involved in numerous terrorist activities including target killing as well as extortion and abduction of innocent civilians, it added The forces were conducting a sanitisation operation to eliminate any other terrorists found in the area, the ISPR said, adding that locals of the area appreciated the operation and expressed their full support to eliminate the menace of terrorism Earlier in the month a soldier embraced martyrdom and nine terrorists were killed by security forces in two separate operations in the province An intelligencebased operation had been conducted by the security forces in Tank District according to the ISPR During the IBO two terrorists including a high-value target (HVT) Rehmat Ullah alias Badar Mansur were killed In another operation conducted in South Waziristan District, after intense fire exchange, seven terrorists were sent to hell ” However during the operation Sepoy Shahzeb Aslam 29 having fought gallantly embraced martyrdom
g b v m w h a s e x t e n d e d a €10 m i l l i o n lo a n fac i l i t y to k P b a s e d b u s i n e s s e s C O R P S C O M M A N D E R R E I T E R AT E S A R M Y ’ S C O M M I T M E N T
O W E L FA R E O F T R I B A L C O M M U N I T I E S Newly-elected members of KP, Balochistan assemblies sworn in CONTINUED FROM PAGE 01 The meeting of the provincial legislature was summoned by KP Governor Ghulam Ali last week following advice from the caretaker Chief Minister Syed Arshad Hussain Shah The speaker administered the oath to the MPAs-elect in Urdu and congratulated them The members who were sworn in included 87 PTI-backed SIC lawmakers nine members from JUI-F eight from PML-N five from PPP two from PTIParliamentarians and four independents As the assembly hall overflowed
T
CONTINUED FROM PAGE 01 To a question the caretaker prime minister said that he had appeared before the Islamabad High Court (IHC) in the Baloch missing persons case to show that the interim set-up was functioning under a constitutional order The court s orders should be respected and he appeared before it to reiterate the same stance and set a precedent, he added R I G H T S B O D I E S FA I L E D TO C O N D E M N ‘N O N-S TAT E A C TO R S’ I N B A L O C H I S TA N: Earlier in the day, Caretaker Prime Minister Anwarul Haq Kakar said that non-state actors in Balochistan were involved in human rights violations but rights bodies had failed to condemn them The Islamabad High Court on Wednesday took up the issue of enforced disappearances and summoned the caretaker prime minister Kakar duly appeared before the court and said that only an idiot and stupid person would support enforced disappearances Who would be idiot and stupid to do advocacy of enforced disappearances ” Kakar underscored that common people in Balochistan were subjected to attacks by non-state actors saying that three months ago people were burnt alive on the Coastal Highway He said rights bodies should criticise non-state actors People are being killed on ethnic lines but everyone is silent, he said Kakar said there was armed insurgency in Balochistan A former chief justice was assassinated after his retirement he said adding that no country would allow armed groups to exist within its border Justice Mohsin Akhtar Kiyani heard the case When the hearing formally began, Attorney General Mansoor Usman began his argument The court interrupted him to ask if more people had gone missing since the earlier list was submitted The attorney general told the court that there were 12 people on the original list and three were still missing Nine were found in the CTD custody he said The attorney general said from another list of 26 people at least two were found in Afghanistan
T h e P T I ’ s l e g a l w o e s
Th e re s e r ve d s e at s a re o n l y o n e o f t h e l e g a l p ro b l e m s t h e P T I f a c e s
tH E elections have not brought an end to the Pti’’s legal woes the Pti-backed independents’ joining the sunni ittehad Council has not translated into the gaining of the reserved women s and minorities seats it was supposed to, because the Election Commission of Pakistan is hearing petitions against the ECP allocating these seats the debate seems to centre on the fact that the siC did not contest the February 8 election, even though registered with the ECP, and thus did not submit a list of candidates for the reserved seats Even as the Pti argued that the national assembly could not meet without that allocation, there continued preparations of the national assembly to meet on thursday (today) for members to take oath and elect a speaker at the same time, on tuesday, Pti Chairman imran khan was indicted, along with his wife, in the al-Qadir University reference, in which the beleaguered couple are accused of having taken the land for the University in exchange for real-estate tycoon Malik Riaz applying £190 million received back from the Uk s national Crime agency to discharging a fine levied upon him by the supreme Court this indictment means that the case against Mr khan can proceed He has already been convicted in three other cases, in all of which he has moved the islamabad High Court for the sentence to be ended the Damocles’ sword of the May 9 cases against him remains, though he has obtained bail in many of them the party nominees for Chief Minister are not so lucky with Punjab CM hopeful Mian aslam iqbal having failed to take oath as an MPa, and thus having to let Rana aftab take on the burden of contesting an election he was bound to lose kP CM nominee ali amin Gandapur has had to obtain a blanket bail from the Peshawar High Court Mr Gandapur is a shoo-in for the job, and cannot afford to be arrested now bailed until March 19, he will probably assume office by then and hope to obtain some relief after that the party s nominee for PM, Gohar ayub khan, also is avoiding arrest, though now an Mna-elect Before aspiring to any office the Pti has to face the harsh reality that its leaders are enmeshed in legal difficulties of monumental proportions as other politicians experience shows, getting out of the mesh requires patience with establishment goodwill a separate issue the Pti should not expect these cases to disappear like magic, but to haunt its leaders for some time
Dedicated to the legac y of late Hameed Nizami
Arif Nizami (Late) Founding Editor
M A Niazi Editor Pakistan Today Babar Nizami Editor Profit
F a c i n g c r i s i s u p o n c r i s i s
Economic fallout of political mess
Cr
u c i a l f o r b o t h U S a n d R u s s i a n e l e c t i o n s
P
Dr ZAfAr KHAn sAfDAr
Understanding this historical context is crucial to address the root causes of the political crisis the current political landscape in Pakistan is marred by a series of challenges Weak governance, political polarization, and electoral issues have eroded public trust and hindered effective governance Poverty and income inequality remain pervasive issues in Pakistan a significant portion of the population lives below the poverty line hindering social and economic progress Focused policies on poverty alleviation and bridging income disparities are vital for inclusive growthCorruption remains a pervasive issue in Pakistan deeply intertwined with the political crisis High-profile corruption scandals and a culture of impunity have further exacerbated the problem the nexus between corruption and political instability must be recognized to develop effective solutions Corruption not only erodes public trust in institutions but also diverts essential resources away from critical public services and development projects One of the many pressing economic challenges in Pakistan is the energy crisis Frequent power outages and energy shortages have stifled industrialization and economic growth the energy sector requires substantial reforms to ensure uninterrupted supply and efficiency attracting foreign investment is crucial for economic growth and Pakistan still faces challenges in providing a conducive environment for investors
Overcoming economic crises in Pakistan is a complex task that requires a combination of shortterm and long-term strategies to achieve this, Pakistan can implement macroeconomic stability through fiscal discipline monetary policy structural reforms infrastructure development diversification investment in human capital export promotion social safety nets foreign aid and investment debt management, energy sector reforms, agricultural modernization, support for small and medium-sized enterprises (sMEs), collaboration and consensus, long-term planning innovation and technology and environmental sustainability
Fiscal discipline involves implementing prudent fiscal policies to reduce budget deficits and control government debt Monetary policy ensures stable inflation and exchange rates by maintaining an independent central bank infrastructure development involves investing in infrastructure projects to facilitate economic growth Diversification promotes different industries such as technology manufacturing and services reducing reliance on a single sector investment in human capital education healthcare, and export promotion can improve workforce skills and productivity Collaboration and consensus on economic policies are essential for effective implementation and withstand political changes Longterm planning involves developing a comprehensive economic development plan investing in research and development and considering sustainability in economic development plans Building strong democratic institutions, including the parliament, judiciary, and election commission, is essential these institutions must be empowered to
E c o n o m i c r e fo r m s s h o u l d b e i m p l e m e n t e d t o s t i mu l a t e g ro w t h a n d r e d u c e p ov e r t y. I nv e s t i n g i n e d u c a t i o n a n d h e a l t h c a r e c a n i m p rov e q u a l i t y o f l i f e a n d r e d u c e s o c i o - e c o n o m i c d i s p a r i t i e s .
Pa k i s t a n o f f e r s t h e b e s t d e m o g r a p h i c p ro s p e c t s fo r g ro w t h a s a n i n c r e a s i n g n u m b e r o f i t s yo u t h a r e r e a c h i n g a d u l t h o o d .
from avdiivka W h a t U k r a i n e ’ s r e t r e a t f r o m A v d i i v k a i m p l i e s f o r t h e R u s s i a - U k r a i n e w a r
act independently and impartially Pakistan s political and economic crises are multifaceted challenges that demand a comprehensive strategy for resolution By addressing political instability, corruption, and economic vulnerabilities while strengthening institutions and fostering international cooperation Pakistan can chart a course toward stability and prosperity the passion and potential within Pakistan s society combined with strategic reforms can pave the way for a brighter future an independent judiciary is the cornerstone of upholding the rule of law Ensuring the judiciary’s autonomy and effectiveness is vital for addressing corruption and ensuring justice Challenges within the civil service system including bureaucracy and inefficiency need to be addressed through modernization and capacity-building measures a more responsive and efficient civil service can facilitate effective governance Engaging with the international community and leveraging international partnerships for economic growth is critical Collaborating with global organizations and donors on development projects can provide much-needed resources and expertise
Political crises can be addressed by adopting strategies include promoting dialogue and reconciliation, strengthening democratic institutions, fighting corruption, implementing economic reforms, investing in education and healthcare, strengthening the rule of law and security promoting media freedom and freedom of expression engaging in regional and international cooperation involving the public in decision-making processes and considering political reforms it is crucial to ensure the independence and effectiveness of key democratic institutions, promote transparent elections, and fight corruption through robust anti-corruption measures Economic reforms should be implemented to stimulate growth and reduce poverty investing in education and healthcare can improve quality of life and reduce socio-economic disparities Pakistan offers the best demographic prospects for growth as an increasing number of its youth are reaching adulthood achieving sustained economic growth will be aided by the growing share of Pakistan’s youth bulge with a variety of skills strengthening the rule of law and security promoting media freedom and promoting international cooperation can also help Public engagement and political reforms should be considered to ensure broader political participation and representation
The writer is Ph D in Political Science and visiting faculty at QAU Islamabad His area of specialization is political development and social change He can be reached at zafarkhansafdar@yahoo com and tweet@zafarkhansafdar
Charit y organizations
TM A HossAin
comes amidst challenges for Ukraine including a shortage of ammunition supply Moreover the Biden administration is struggling to pass the foreign aid budget of $60 billion in the Republican-controlled House of Representatives the Pentagon spokesman, Patrick Ryder, stated a few months back that Washington would have to choose between its
readiness and the provision of weapons to Ukraine due to a shortage of financial resources additionally at a summit in Brussels last year EU leaders failed to agree on a four-year plan of €60 billion for Ukraine Definitely, this uncertainty in Western support has weakened kyiv’s confidence and lowered the morale of servicemen as the conflict passed its two-year mark Western leaders have become a bit reluctant to provide long-term and unconditional support for Ukraine Moreover the Hamas-israel conflict has distracted and deprioritized the Ukraine issue for Western leaders after april, the Biden administration will have to be more calculated regarding the Ukraine issue if Donald trump wins the upcoming presidential election it could lead to a significant change in the course of the Russia-Ukraine war a Republican president would likely reduce assistance to Ukraine and engage in diplomatic talks to end the conflict in a previous article, “Zelenskyy’s Fate Hangs in Delusion and illusion ” i predicted Russia s extensive offensive operations with the ambition to seize new territories which would play a crucial role in shaping the narrative that could fuel Mr Putin s election campaign Consequentially, this new battlefield victory in avdiivka will enhance Mr Putin’s popularity and legitimacy among the Russian people in the upcoming presidential election no doubt the avdiivka issue will present Mr Putin as a strong leader and defender of Ruissian national interests and sovereignty against foreign interference the Western media also provided meticu-
Until the presidential election concludes in the USA, maintaining the Âstatus quoÊ is the most favorable scenario for both countries Undoubtedly, Mr Putin will be in a cheerful mood, regardless of future developments
it is often said that we are living in a global village but unfortunately people these days hardly know who live next door and what they happen to be going through and for how long that leaves a lot of people dependent on various charity organisations to sustain themselves i have no hard feeling against such organisations as they are feeding thousands of people in their soup kitchens without any discrimination, but what about those belonging to the middle class who shy away from standing in a queue for food to avoid hunger?
MALIK UL QUDDOOS KARACHI
Senior citizens
a M i D various promises made by the political parties in the run-up to the elections i found nothing good for the senior citizens whose total number is about 11-12 per cent of the total electorate it is apparent that they do not feature on the priority list of the politicians even though most of them happen to be seniors themselves the difference is that such politicians are well-off and unaware of the miseries faced by the elderly belonging to the middle and lower-middle classes they should revisit their promises
Electronic voting
04 Thursday 29 February 2024 COMMENT Lahore – Ph: 042-36300938, 042-36375965 I K arachi – Ph: 021-32640318 I Islamabad – Ph: 051-2204545 I Web: www pakistantoday com pk I Email: editorial@pakistantoday com pk
QUDDOOS KARACHI
MALIK UL
i t is truly embarrassing that in today s digital age Pakistan had a general election based on an outdated, inefficient and problematic manual process that was vulnerable to rigging the best solution is to shift the existing traditional manual ballot system to an online/electronic voting process by utilising the relevant technology Online voting will save time of the voters and of the administration alike as there will be no need of counting the ballot papers manually the problem of delayed results will also be solved However it should be done with a consensus among all political parties in the interest of the people of Pakistan and democracy SYED AQEEL HAIDER CHUNIAN
E v E Ry new government comes to power in Pakistan making two sets of promises; general and specific the general promises are made to the people of Pakistan about higher living standards more jobs better education and improved health services the specific promises are made to smaller parties and politicians who are offered favours in return for their political support However, the government prefers to fulfil the specific promises made to its political allies, and forgets about the promises made to the public MUDASSAR FARID QURESHI ISLAMABAD A star lost t H E sudden death of young Pakistani tennis player Zainab ali naqvi is heart-breaking i wonder why we do not have proper emergency services for our athletes in the country Was an autopsy done to determine the real cause of the death? no in case of a shocking tragedy like this things need to be properly investigated Our youth, especially the sportsmen, are a national asset they deserve a better deal, and should be treated as a valuable asset DURRE FATIMA LAHORE E d i t o r ’ s m a i l 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
Specific promises
H E fall of avdiivka is the first major gain for Russian forces since last May the recent decision by Ukrainian Commander-in-Chief Col Gen Oleksandr syrskyi to withdraw units from avdiivka in the Donetsk region has changed the dynamics of the Russia-Ukraine conflict and bears a significant impact on the geopolitical landscape avdiivka is considered a strategic transportation hub for Russian forces since it captured the nearby city of Bakhmut in May of the previous year the Ukrainian army s tactical redevelopment of defense from avdiivka aimed to reduce the attrition of war General syrskyi said in a statement, “Based on the operational situation around avdiivka, in order to avoid encirclement and preserve the lives and health of servicemen i decided to withdraw our units from the city and move to defense on more favorable lines according to the battle situation in avdiivka, Russia enjoyed superiority in firepower and personnel over Ukraine in addition, Russian forces were highly motivated to recapture avdiivka supported by heavy artillery bombardment even though its fighters suffered a staggering number of casualties there was a report that some Ukrainian servicemen fell into Russia s captivity
retreat
However, the analysis and expressed frustration regarding the loss of avdiivka Cnn commented that the loss of avdiivka was an undeniable blow to Ukraine The New York Times described the chaotic situation of the Ukrainian army s retreat from avdiivka a military analyst, Mykola Bielieskov from the national institute for strategic studies in Ukraine, said in an interview, “taking control of avdiivka is an opening for Russia because avdiivka was a crucial strong point in the Ukrainian system of defense it protected Pokrovsk about 30 miles to the northwest a logistical hub for the Ukrainian army F r o m a m i l i t a r y p e r s p e c t i v e , t h e r e a r e some tactical advantages and disadvantages o f av d i i v k a f o r t h e R u s s i a n f o r c e s F i r s t l y avdiivka will serve as a gateway to Donetsk for Russia acting as terrain for launching offensive operations to capture Donetsk it also h o l d s s t r a t e g i c i m p o r t a n c e f o r a n y c o mmander to utilize as a communication and logistics hub there is a coke plant in avdiivka t h a t w i l l f a c i l i t a t e e l e c t r i c i t y s u p p l y t o t h e R u s s i a n f o r c e a i r s u p e r i o r i t y i n av d i i v k a w o u l d f a c i l i t a t e o p e r a t i o n s f o r t h e R u s s i a n ground force However there are also challenges for the Russian force Holding avdiivka requires more troops due to its fortified built-up area Mechanized infantry would face challenges due to large concrete fortifications and infrastructure according to the intel report Russia has very limited reserves in this region hindering any further counteroffensive against Ukraine Putin stated in the interview with Carlson that Russia would not attack Poland or the three Baltic countries if Russia maintains such strong combat capabilities and domestic stability then it is obvious that internal pressure would be created from Ukraine to change the leadership and of course from a military standpoint the victory is now tilted towards Russia, making it a daydream for the Ukrainian force to launch another counteroffensive when logistic aid is waning the Ukrainian side claims that Russian forces enjoyed ten times more artillery firepower in avdiivka Following the avdiivka attack Russia is now in the driver s seat to determine regional stability and its geopolitical implications thus far, Russia has not initiated a nationwide war mobilization, a decisive factor for the winning side Currently the optimal course of action for the West could be taken by strengthening the Ukrainian military-industrial complex and providing training facilities for Ukrainian forces Until the presidential election concludes in the Usa, maintaining the status quo is the most favorable scenario for both countries Undoubtedly Mr Putin will be in a cheerful mood regardless of future developments The writer can be reached at: writetomahossain@gmail com
combat
lous
a k i s ta n s strategic location at the crossroads of asia with China india and iran and afghanistan makes it an important trade, energy, and transport corridor it serves as a gateway to energy-rich Central asia, Gulf states, and far Eastern countries Pakistan ranks 27th in purchasing power parity and 46th in nominal GDP and is 8th among the top 10 recipients of remittances Major sectors include agriculture industry and services contributing 19% 20% and 61% respectively to the GDP Pakistan is also a resource-rich country with abundant reserves of coal, gas, gemstones, copper, salt, minerals, gold, oil, iron, and aluminium, essential for any growing economy With such immense potential the country has been plagued by persistent political and economic crises that have hindered its growth and development Pakistan has a tumultuous history marked by periods of democratic governance and military rule the recurring cycle of political instability has impeded progress and
hindered the nation’s ability to fully realize its potential
Currently, the optimal course of action for the West could be taken by strengthening the Ukrainian militar y-industrial complex and providing training facilities for Ukrainian forces
C P E C : T h e b e s t b e t f o r t h e n e w g o v e r n m e n t
Th
Madditionally transparency governance and legal system concerns deter Western investors Geopolitical factors and strategic interests, particularly Pakistan s close relationship with China, further complicate engagement from the West With these hurdles and competition from other emerging markets it’s tough for Pakistan to draw significant Western investment thus Pakistan s most viable option is to deepen its ties with China which has shown a consistent willingness to support Pakistan through its economic difficulties in the current geopolitical landscape Given the constraints Mr shehbaz sharif ’s pragmatic approach should be to leverage CPEC-1 and CPEC-2 0 for maximum benefit in this discussion we focus on CPEC-1 s potential to catalyze economic recovery to date, projects totaling $19 billion have been completed, with some estimates suggesting up to $25 billion; however, we’ll consider $19 billion for our analysis Currently 27 projects valued at $13 7 billion are in progress slated for completion by 2025 Furthermore 36 projects estimated at $26 3 billion, are planned, aiming for a 2030 finish in the energy sector specifically, 11 projects totaling $12 billion have been finalized, and four projects worth $6 billion are ongoing with a completion target of 2025
By fully accelerating CPEC-1 efforts shahbaz sharif could secure an investment exceeding $46 billion in the coming five years, contingent upon eliminating bureaucratic, administrative, and political barriers His strategy should prioritize the completion of both ongoing and planned projects with a
special focus on capital-intensive initiatives key among these are the development of industrial zones through sino-Pakistani collaboration and the construction of a 2600 km rail track, the largest single CPEC project at nearly $7 billion, along with the timely completion of infrastructure and energy projects activating and fully operationalizing the various special
11 projects worth $12 billion have been concluded including coal-fired power plants, solar parks, wind farms, and hydroelectric projects contributing significantly to Pakistan’s
The key to success of the new government rests with efficiently advancing CPEC-1 by overcoming bureaucratic and administrative hurdles and securing the remaining $40 billion investment over the next five years significantly propelling PakistanÊs economic growth This strategic move would not only accelerate infrastructure and energy projects but also boost industrialization, leading to a substantial increase in GDP and stabilizing the economy. Moreover, the successful execution of CPEC projects would enhance PakistanÊs attractiveness to international investors, potentially leading to increased foreign direct investment in various sectors and improving financial stability.
The fallacious policy on expor ting internet to India
O n c e a p p r o v e d , t h i s w i l l f o r e v e r s t r e n g t h e n I n d i a’s g r i p o n m o n o p o l i s i n g r e g i o n a l i n t e r n a t i o n a l i n t e r n e t b a n d w i d t h a n d w i p e B a n g l a d e s h f r o m i t s e x i s t i n g a n d p r o s p e c t i v e b a n d w i d t h e x p o r t d e a l s
energy sector by enhancing capacity and diversifying energy sources while four projects valued at $6 billion are underway aiming for a 2025 completion the completion of under construction projects aimed at addressing Pakistan’s energy needs, thereby expected to bolster economic growth, reduce energy shortages and contribute to sustainable development the CPEC has already created tens of thousands of jobs in Pakistan through its various projects, ranging from infrastructure to energy and industrial zones whereas, CPEC is estimated to create over a million jobs in Pakistan by the end of the project in 2030 these figures include direct employment opportunities in construction engineering and project management as well as indirect jobs through the stimulation of local businesses, manufacturing, and services related to CPEC projects the direct and indirect employment opportunities generated through CPEC projects would significantly reduce unemployment rates and elevate household incomes directly impacting living standards Economic growth and stability brought about by these investments could lead to better control of inflation, contributing to price stability and providing considerable relief to the common people improved public services increased job opportunities and enhanced infrastructure would directly benefit the common man elevating their quality of life and overall economic well-being the key to success of the new government rests with efficiently advancing CPEC1 by overcoming bureaucratic and administrative hurdles and securing the remaining $40 billion investment over the next five years significantly propelling Pakistan s economic growth this strategic move would not only accelerate infrastructure and energy projects but also boost industrialization, leading to a substantial increase in GDP and stabilizing the economy Moreover the successful execution of CPEC projects would enhance Pakistan s attractiveness to international investors, potentially leading to increased foreign direct investment in various sectors and improving financial stability
The writer retired as Press Secretary the the President and is former Press Minister at Embassy of Paikistan to France and former MD Shalimar Recording & Broadcasting Company Limited
Hollywood’s commodification of Muslimness
TTpaired with a slimline cigarette and dramatic cat eyeliner it is not our garments, our languages, our customs that is the issue it is us and our Muslimness itself that deserves extermination so that the spoils can be enjoyed by the West, free of guilt and celebrated for its diversity the problems with Dune go beyond its hollow cosplaying of Muslimness though it relies upon Hollywood s favourite trope of the superior white saviour (in this case timothy Chalamet aka Paul atreides) civilising the barbaric arabs (the Fremen) it is symptomatic of a wider problem in the film industry, which primes the public to dehumanise arabs and Muslims to the end aim of legitimising our slaughter if every other blockbuster film centres around a backwards arab being modernised by an altruistic white guy or bombed into liberation by a Western state then we normalise that happening in real life - which incidentally it already is if that wasn t distasteful enough, the timing of this release of Dune 2, now while a genocide wages on in its fifth month, smacks of a flagrant tactlessness that i can’t overlook Consider some of the language used by israeli officials in recent months: that this is a war between “children of light” and children of darkness a war against human animals it is clear that this genocide is not only politically but also racially and religiously motivated in fact, the Western world is enabling israel s war on Gaza precisely because israel is the West’s last colonial outpost, a rotten beacon of blood-soaked democracy in an apparently backward arab and Muslim world if Palestinians were not largely Muslim if they were not arab - if the women didn t dress precisely the way that anya taylor-Joy gets to dress - then this genocide would have moved the world in the same way that Russia s invasion of Ukraine did We are socialised to swallow the massacre of arabs and Muslims as commonplace and inconsequential Our corpses become mere collateral damage to a world unperturbed by our slaughter Dune glamorises commodifies and colonises the very aesthetics that Muslims are currently being persecuted for in Gaza and peddles the myth that the arab needs saving by the white man For its cast to then glamorise and sexualise our prayer garments on the red carpet is demonstrative of something much larger than a two hour film the success - indeed, the very existence - of both the book and now film series is testament to the West’s desire to consume our Muslim aesthetics in a fantasy realm whilst disenfranchising us in the real world - be it through securitisation or racism war or genocide Dune reminds us of the place that the
Thursday 29 February 2024 COMMENT 05
shehbaz sharif, known
shahbaz speed for his dynamic leadership, is poised to assume the top executive role in Pakistan bringing relief to the establishment and coalition partners but concern to the bureaucracy due to his assertive governance style taking charge in april 2022 amidst a looming default, he navigated through iMF negotiations after ishaq Dar s approach failed, securing crucial funding that averted a financial crisis and provided a lifeline for economic stabilization subsequently the establishment implemented key administrative measures including enhanced border control and anti-smuggling initiatives, which bolstered the stock market, stabilized the currency, and satisfied iMF conditions, maintaining economic stability through the interim government period as shehbaz sharif prepares to lead Pakistan s next government he faces critical decisions to drive investment enhance exports foster trade substitution, improve agricultural productivity, and advance research, innovation, and education However, financial constraints, significant debt and investment hesitancy from both domestic and foreign private sectors compounded by challenges in real estate and manufacturing due to low demand and high taxes, present formidable obstacles For Pakistan, attracting investment and boosting trade with affluent Western nations like Europe and the Usa would be ideal for addressing its economic challenges However these countries private sectors which drive their economies view Pakistan with caution due to political instability security concerns, and economic issues such as inconsistent policies and regulatory barriers
R
as
Economic Zones under the China-Pakistan Economic Corridor framework will be pivotal for the new government s success in revitalizing Pakistan s economy the Gwadar special Economic Zone, sprawling over 1000 acres, aims to diversify the industrial base with focuses on processing manufacturing home appliances pharmaceuticals building materials automobiles agriculture and more the allama iqbal industrial City, covering 3217 acres, is set to bolster textiles, engineering, electronics, chemicals, food processing, pharmaceuticals, automobiles, packaging and building materials industries the Dhabeji special Economic Zone extending over 1530 acres plans to enhance light engineering automotive parts chemicals, electronics, textiles, steel, and building materials sectors the Bostan special Economic Zone, with 1000 acres, is geared towards fruit processing agricultural machinery pharmaceuticals motorbike assembly and various other industries additionally pipeline projects like the iCt Model industrial Zone islamabad, industrial Park on Pakistan steel Mill Land, Mirpur industrial Zone, Mohmand Marble City, and Moqpondass special Economic Zone are anticipated to further amplify industrial capabilities the successful activation of these zones is crucial for stimulating economic growth attracting investment and generating employment, thereby playing a central role in the government s economic revival strategy the new government should also prioritize the diverse range of infrastructure projects under the CPEC to catalyze economic revitalization enhance trade and investment generate employment opportunities and alleviate the challenges faced by the populace the completion of four road projects at a cost of Rs 126,385 million, the Orange Line Metro train costing Rs 1926 million the Cross-Border Optical Fiber Cable at $44 million and the Digital terrestrial Multimedia Broadcast at $4 million which collectively created 46,000 jobs, sets a solid foundation With five road projects totaling Rs 71,733 million and 813 km currently underway, and significant future endeavors like the ML-1 railway upgrade spanning 1733 km at $6806 million promising 24 000 jobs alongside other road developments and digital infrastructure initiatives the focus on these infrastructure projects is imperative the government s commitment to these initiatives can significantly boost economic performance attract investments and substantially improve the quality of life for the citizens marking a pivotal step towards sustainable development and prosperity in the energy sector,
i a l i s i
e
s e
e p o t e n t
m m
n
H E Bangladesh telecommunication Regulatory Commission (BtRC) and summit Communication Ltd are misguiding the government with multiple telecom transit proposals under the disguise of international internet bandwidth export to india, according to a report by the Daily star Once approved, this will forever strengthen india’s grip on monopolising regional international internet bandwidth and wipe Bangladesh from its existing and prospective bandwidth export deals the BtRC is seeking the government s consent to summit s proposal of bridging West Bengal with tripura through a diagonal optical fibre cable (OFC) link across Bangladesh this will unlawfully optimise the indian telecom carriers’ cost for speedier internet across northeast india Consequently Bangladesh will be made an expensive bandwidth supplier for nepal and Bhutan due to additional right of way being payable to the indian authorities Under this deal, summit will also connect Bharti airtel from india’s agartala with singapore through the domestic OFC across Bangladesh then the indian carrier will illegally ride on the Bangladesh segments of stateowned undersea cables via state-owned landing stations at Cox s Bazar and kuakata it will enable faster internet services in the northeastern indian states of tripura, arunachal Pradesh, assam, Mizoram, Manipur Meghalaya and nagaland ” justifies BtRC as per the Daily star report summit s managing director told the Daily star that it will be a good export opportunity if we could sell some bandwidth in the northeastern indian states But the BtRC doesn’t say what will happ e n t o t h e s t a t e - o w n e d B a n g l a d e s h s u b m ar i n e C a b l e C o m p a n y ’s e x i s t i n g e x p o r t o f bandwidth to the same destinations according to the Daily star report the BtRC has pleaded to the Bangladesh government on behalf of airtel, at present, a distance of about 5,500 kilometres has to be covered to reach the landing station in Chennai from the northeastern part However due to the mountainous nature of the region the maintenance of fiber optic n e t w o r k s a n d t h e i n s t a l l a t i o n o f n e w n e tworks is relatively difficult, meaning keeping t h e n e t w o r k s e c u r e i s r e l a t i v e l y a d i ff i c u l t task ” But the BtRC has concealed from the Bangladesh government that Power Grid india s telecom company Powertel operates a 47 735-kilometre OFC and 688 supply nodes across india Moreover, the indian government has sanctioned 7 16 billion rupees for OFC projects across the northeastern states in this year ’s budget therefore, the BtRC’s doctrine of “relatively difficult” maintenance of fibre optic networks in the mountainous region of northeast india is a false statement with fictitious objectives the BtRC has also concealed from the Bangladesh government that, five years ago, airtel contracted Us vendor Ciena to install a 130 000-kilometre OFC network to connect more than 4 000 towns across india Calling it one of the World s Largest Photonic Control Plane networks in india airtel has claimed it also enables super-fast broadband experiences, making the most efficient use of available fibre resources simultaneous press releases from airtel and Ciena in this regard strongly prove how wrong the BtRC and summit are in terms of india s digital health Besides the indian carriers will pay nothing for using the right of way transit corridor to Bangladesh, because Dhaka and new Delhi have never even primarily discussed the technical, commercial, and political aspects of such a digital passage to india in the first place Meanwhile Bhutan has already agreed to import a bandwidth capacity of 10 gigabits per second from Bangladesh s akhaura border crossing two years ago the OFC will enter Bhutan s samdrup Jongkhar through Guwahati in india, according to the press reports in Bhutan and Bangladesh summit and the BtRC are now working hard to jeopardise this deal nepal is also very keen to further diversify its international bandwidth supply via Bangladesh as per a 2020 the Daily star report Earlier, nepal linked its international internet with China, ending india s decades-long monopoly of the Himalayan nation’s cyber connectivity network ” as reported by Reuters Officially the Bangladesh government has done nothing whatsoever to expeditiously materialise the bandwidth export deals with nepal and Bhutan Unofficially, the indian government’s reluctance to give right of way to the landlocked neighbours remains the barrier to their connectivity now the BtRC has emerged in support of the vested groups to hijack the multi-government bandwidth trading export from littoral Bangladesh to landlocked nepal and Bhutan, which will inevitably deprive Bangladesh from the great opportunities of becoming a regional internet bandwidth hub in south asia Abu Saeed Khan is senior policy fellow at LIRNEasia
QAMAr bAsHir
…
DAILY STAR A b u s A e e D K H A n
H E R E are many things that i have seen in israel s genocide in Gaza that i will never be able to unsee Biscuits pressed into limp hands White sheets wrapped around derelict bodies ice cream trucks made into morgues sleeping children who will never wake up Prayer garments worn by women to bed in case they are killed or awoken by someone pulling them out of the rubble that was once their home Perhaps that s why i was so unsettled, and angered, by Hollywood actor anya taylor-Joy’s appropriation of a white hijab that so hauntingly resembles these prayer garments worn by Gaza women at the premier for Dune 2 this week i have become used to seeing these garments all over my social media feed worn by traumatised mothers as they wail the bloodied corpses of their children in their arms adorned by women seen as collateral damage to a West intent on their slaughter and occupation rather than a celebrity on a glitzy red carpet there is something beyond sinister about taylor-Joy being complimented on her timeless subtle elegance while the same attire has become emblematic of a genocide waged upon a civilian population this simple modest run of the mill item found in most Muslim women s homes becomes something else entirely when draped on the body of a wealthy, famous white woman When Muslim women wear it, it is archaic and backwards, criminalised and curbed, an excuse to ‘civilise’ and ‘liberate’ them But on taylor-Joy it’s edgy and alternative graceful and refined the comparative silence from those who have praised taylor-Joy while drawing a blank on the plight of the women of Gaza further entrenches the notion that we are only worthy of the Western liberal feminist gaze when we are either being consumed or saved; when it fits the imperialist agenda Media outlets who have lauded taylor-Joy’s “bride-like” ethereal look the instagram comments complimenting her timeless style and her fellow celebrities who posed beside her hijab-covered form have mostly been deafeningly silent on the plight of the women of Gaza the Dune franchise has always left a bad taste in my mouth, with its commodification of Muslim aesthetics while doing nothing to actually uplift Muslim narratives or voices When i begrudgingly watched the first Dune film back in 2021, it felt like being immersed in a universe that was disorientingly familiar yet hollow vaguely arabic sounding words like ichwan and shai Hulud and terms outright pillaged from the islamic faith and the cadence of my ancestors like Mahdi and Wahad are stripped of meaning entirely in this world where Muslimness is exoticised instead of criminalised the Fremen’s covered forms and faces are rendered mysterious and ambiguous free from the trappings of securitisation and threat that Muslim women in the real Western world face the vaguely arab desert backdrop becomes a place of intrigue and mystique (fit even to become the backdrop of a glamorous premiere) rather than the underdeveloped sites of war that the Middle East is usually portrayed as Words like ‘jihad’ are bandied about with no fear of criminalisation in this fictional paradigm that cloaks itself in Muslimness while further eroding our agency as Muslims Frustratingly but not surprisingly for a film that so heavily borrows from the arab Muslim world there are no Middle Eastern actors in the cast the lack of representation reinforces the overriding Orientalist agenda: our cultures can be attractive and commercial but only if adopted by the white and the wealthy Like the hijab on an a-list celebrity, knitted into a balaclava on the head of some influencer or donned by the modest glamour icons of old
arab and Muslim will perpetually inhabit in the West it tells us: we will feed on your exoticness, adopt the intricacies of your culture, ravage your homelands, all whilst removing you from the equation altogether Nadeine Asbali is a secondary school teacher in London
NEW ARAB n A D e i n e A s b A l
sonnel and provide necessary facilitation for humanitarian agencies to carry out assistance in Gaza
access the council has adopted Resolutions 2712 and 2720 However due to manmade obstacles the entry of humanitarian supplies into Gaza has faced many difficulties For nearly a month now, the humanitarian
supplies received in Gaza have been far below the average of earlier periods, and Northern Gaza has not received any humanitarian supplies,” the envoy added “We call on Israel to earnestly fulfill its obligations as the occupying power under the Geneva Convention fully cooperate in the implementation of Security Council resolutions, open up all land, sea, and air access routes, and ensure the safe, rapid, and unimpeded entry of humanitarian supplies Dai said Dai pointed out that Israel should strictly comply with the requirements of deconfliction, effectively guarantee the safety of humanitarian agencies and per-
He underscored that the International Court of Justice ordered provisional measures that require Israel to take all measures to prevent genocide and provide the population in Gaza with urgently needed basic services and humanitarian assistance “The order of provisional measures must be effectively implemented Noting that the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) is the lifeline for the people in Gaza, the envoy said that “its role is indispensable and irreplaceable We support the UN in conducting an independent and impartial investigation into the allegations against UNRWA staff Israel should support and cooperate with the UN in the investigation ” Dai said that the international community should continue to support UNRWA and other humanitarian agencies in their work We call upon the international community, and in particu-
EFG Hermes advances to merge into Intermarket S ec urities
Thursday 29 February 2024 LAHORE 06 NEWS PR OFIT N e w s D e s k EFG Hermes Pakistan Limited (EFHPL) announced on Wednesday that its board approved a draft scheme of arrangement to be entered into between the Company and Intermarket Securities Limited (IMS) The company said in a notice to the Pakistan Stock Exchange (PSX) that the entire business and undertaking of IMS including all its assets rights, liabilities, and obligations shall be merged, by way of amalgamation, with and into the Company as per terms of the scheme According to the swap ratio outlined in the scheme, IMS shareholders will receive 2 16 ordinary shares of the new company for each share of IMS they hold Furthermore in terms of the scheme it is intended that the name of the Company shall stand altered to IMS However, the above shall be subject to the completion of necessary corporate and regulatory formalities including obtaining necessary shareholders and regulatory approvals in accordance with applicable laws, and sanction of the Scheme by the High Court of Sindh Earlier the board of EFG Hermes Pakistan in their meeting held on January 30, 2024, approved the merger transaction between EFG Hermes Pakistan and Intermarket Securities
UNITED NATIONS s ta f f C o r r e s p o N D e N t
Chinese envoy has urged the international community to take action to avert a more severe humanitarian crisis in Gaza “The international community must take actions to protect civilians save lives and make every effort to prevent an even greater humanitarian disaster, Dai Bing, charge d affaires of China’s permanent mission to the United Nations said Tuesday at the UN Security Council briefing on the food security risks in Gaza Dai said Gaza has sunk into an unprecedented humanitarian catastrophe since the conflict s outbreak over four months ago, with nearly 30,000 civilians having lost their lives “Millions of people in Gaza are suffering the pain of losing their loved ones or still unable to find safe shelter after multiple times of forced displacement They lack the most basic safety guarantees and supplies for survival and are constantly faced with the threat of death hunger and disease Even more so women and children are living in fear and desperation every single day he said He said events in Gaza severely violate international law and international humanitarian law and go beyond the bottom line of human morality and conscience The envoy stressed that humanitarian assistance is what the people in Gaza rely on for hope of survival “With the focus on protecting civilians and expanding humanitarian
A
lar, the major donors, to promptly resume their funding
UNRWA C H I N E S E E N V O Y U R G E S N AT I O N S T O P R E V E N T F U R T H E R H U M A N I TA R I A N C ATA S T R O P H E I N G A Z A Symmetr y Group adds two more clients to its por tfolio PR OFIT N e w s D e s k Symmetry Group Limited a leading digital technology and experiences company announced on Wednesday that it has secured two new clients for its digital services The company informed the local bourse through a notice that these new clients include Jazz (Pakistan Mobile Communication LTD) and Prism Services Holdings Limited, based in the Caribbean These projects are anticipated to generate revenues for a cumulative value of Rs 58 million during FY 2023-24 Earlier Symmetry Group announced on February 14 that it secured digital services of three prominent brands including English Biscuit Manufacturers (Gluco & Sooper Biscuits), JS Global Limited, and Nando’s Pakistan The company said that this new clientele will generate an additional Rs 20 million in revenue within a year Symmetry Group’s recent success builds upon its earlier achievements marked by the acquisition of Hashoo Group (PC & Hotel One), Jaffer Consultancy, and Circles Life Asia Technology as clients and anticipates generating a revenue of Rs 30 million in the coming 12 months This growth trajectory underscores the company’s expertise in digital products and services particularly in transforming marketing sales and other consumercentric functions for organizations INTERMARKET SHAREHOLDERS ARE TO RECEIVE
16 NEW COMPANY SHARES FOR
SHARE IN PROPOSED
OF ARRANGEMENT
for
2
EACH
SCHEME
TPlans to promote renewable energy must not ignore system’s constraints: exper ts
KU
People need to pay attention to precautions along with treatment , Saleem Mandviwala
KARACHI
s ta f f r e p o r t e r
Leader of Pakistan People s Party and former Deputy Speaker Senate, Saleem Mandviwala has said that people in our country only work on treatment,
07 NEWS Thursday 29 February 2024 | LAHORE CORPORATE CORNER KARACHI s ta f f r e p o r t Pakistan s ambitious renewable energy plans need to be coupled with close attention on addressing system s constraints to reduce the volume of unserved energy on the one hand, and accommodate the intermittency of renewable energy on the other This was the consensus evolved at a webinar titled, ‘Emerging trends in Pakistan’s renewable energy sector: charting the agenda for 2030 and beyond’ was organized by Sustainable Development Policy Institute here Highlighting the current challenges being faced by the power sector and the milestones which need to be crossed to achieve a stable and sustainable energy ecosystem, speakers said that the addition of renewable energy is non-negotiable in today s climate but this should be coupled with modernization of the grid Sadia Dada, Chief Marketing and Communications Officer at K-Electric, shared an overview of KE’s Investment Plan which had already been submitted with the regulator and outlines the company’s plans to expand the utility s transmission and distribution capacity readying it to take on approximately 1200 MW of renewable energy by FY 2030 as envisaged under the utility s Power Acquisition Programme (PAP) She maintained that these programmes are being made in alignment with national targets under the Indicative Generation Capacity Expansion Plan (IGCEP) and entail a long-term optimal cost strategy plan for the expansive growth of power generation within a set of prevailing policies and technical and socio-economic considerations
PR OFIT M o n i to r n g D e s k
HE Government of Pakistan has decided to follow the Turkish model of outsourcing the management of power distribution companies (DISCOs) to the private sector, in a bid to reduce losses, improve efficiency and attract investment Express Tribune reported that the decision was taken in a meeting of the Cabinet Committee on Privatisation (CCOP) where it was agreed that the government would engage a transaction adviser for long-term concessions by the end of April 2024 The World Bank has offered technical assistance and risk guarantee instruments for the process while the International Finance Corporation has expressed interest in providing transaction advisory services The CCOP was informed that the Turkish model had delivered the benefits of private sector participation in 20 DISCOs, which resulted in lower losses, better service quality higher investment and minimal tariff increase The meeting also noted that the privatisation of DISCOs had faced legal and political challenges in the past and that the transfer of DISCOs to provincial governments was unlikely to bring the desired results The Power Division proposed that initially two smaller DISCOs the betterperforming Gujranwala Electric Power Company (Gepco) and the poor-performing Hyderabad Electric Supply Company (Hesco), may be earmarked for the concession model The Power Division said that the power sector s difficulties stemmed primarily from the operational performance of 10 DISCOs which faced poor governance and inadequate investment The CCOP observed that the case relating to private sector participation in the operation of DISCOs through long-term concession contracts fell within the domain of the Privatisation Commission rather than the Power Division Eighteen signs MOU with joint ventures cell of GHQ for future projects ISLAMABAD s ta f f r e p o r t The Defense Housing Authority (DHA) and Eighteen by Elite Estates Pvt Ltd (EEPL) a subsidiary of ORA developers which is a renowned international real estate development organization has signed a Memorandum of Understanding (MoU) aimed at fostering collaboration in the development of properties The MoU signing ceremony took place between the Joint Ventures Cell of GHQ Rawalpindi, Defense city Karachi and Elite Estates Pvt Ltd The MoU was signed by Brigadier Muqeem Ahmed Subhani Director of Joint Ventures Cell at GHQ Brigadier Imran Naqvi Executive Director Business Planning DHA City Karachi and Mr Tarek Hamdy, CEO of Elite Estates Pvt Ltd Brig Sohail Imtiaz, Administrator DHA Karachi and other key officials were also present at the event The partnership signals a commitment to explore and undertake joint initiatives for the development of residential cum commercial apartments shopping malls golf courses community clubs hotels and entertainment arenas within DHA Defense City Karachi and Askari Housings PA K I S TA N T O F O L LO W T U R K I S H M O D E L O F O U T S O U R C I N G P O W E R D I S T R I B U T I O N C O M PA N I E S OGDCL inaugurates Pakistan’s first digital drilling hub to digitalize oil and gas sector ISLAMABAD s ta f f r e p o r t The Oil and Gas Development Company Limited (OGDCL) Pakistan s leading oil and gas company on Wednesday inaugurated the country s premier Digital Drilling Hub This transformative facility, the first of its kind in Pakistan, marks a significant milestone in OGDCL's commitment to leadingedge technological advancements within the industry The Digital Drilling Hub a flagship initiative of OGDCL s Petroserv Directorate represents a strategic leap forward in embracing digitalization to optimize both the planning and execution phases of high-profile drilling activities Equipped with state-of-the-art engineering platforms, real-time data analytics artificial intelligence and machine learning capabilities this hub is poised to revolutionize the landscape of drilling operations management in Pakistan KARACHI s ta f f r e p o r t Leading international and local experts in the energy power infrastructure risk management and insurance sectors are set to gather for the groundbreaking Energy Summit 2024, hosted by Fidelity Insurance Brokers/Lockton in Karachi on March 5 The summit aims to promote dialogue knowledge sharing and networking addressing key challenges and opportunities in the energy and insurance sector Distinguished speakers confirmed for the event include Ata Khatib, Chairman Lockton MENA; Dr Jason Shirley, General Manager at ECP Energy and Chemical Professionals; Phil Pavey, Senior Underwriter at GCube Insurance Services; Pavel Chernoverkhskiy Chief Underwriting Officer at Zurich Insurance Company; Khurram Ali Khan CEO of Fidelity Insurance Brokers along with other Industry leaders representing Independent Power Producers (IPPs) within Pakistan, Oil and Gas regulators, and accomplished insurance experts With an anticipated attendance of 400 stakeholders including 40 international delegates senior professionals industry influencers legal experts investment bankers and government officials the summit promises valuable insights and networking opportunities Hasan Rehman Muhammadi, Director FIB, emphasized that the conference will cover topics such as cyber risk management strategies, innovative insurance solutions and the impact of regulatory changes on insurance practices in the energy sector The summit will feature in-depth discussions and guest speaker sessions on the latest trends in energy insurance, offering attendees valuable insights into the future of the energy sector in Pakistan The event will feature in-depth discussions and guest speaker sessions on the latest trends in energy insurance offering attendees valuable insights into the future of the energy sector in Pakistan
WASH
ISLAMABAD s ta f f r e [ p r t WaterAid s latest Health Study Determining the Health Cost of Inadequate Water Sanitation and Hygiene in Pakistan," was unveiled in Islamabad today, marking a significant step towards addressing critical public health challenges Led by Dr Abid Aman Burki from Lahore University of Management Sciences (LUMS) the study sheds light on the economic burden of illnesses such as malaria diarrhea and typhoid due to inadequate access to Water Sanitation and Hygiene (WASH) facilities Key findings underscore a staggering household cost of PKR 116 13 billion, with lower-income households bearing the brunt of the burden Esteemed guests, including Professor Dr Meher Taj Roghani Member of Senate Standing Committee on National Health Services Regulations Pakistan emphasised the urgency of addressing the nexus between health and WASH The insightful panel discussion featured experts such Dr Masood Jogezai, Technical Consultant, Ministry of National Health Services Regulations and Coordination ISLAMABAD Mobilink Bank, a leader in digital financial services, launched its sustainability program, “Change to Sustain ” signaling a step forward in its journey towards operational transformation and promoting environmental stewardship within the banking sector Fueling this initiative is the strategic allocation of PKR 2 5 billion towards renewable energy financing Embedded with its sustainability strategy fifteen (15) Mobilink Bank branches are slated to undergo solarization harnessing solar energy and reducing carbon emissions Across all 109 nationwide branches the Bank will also spearhead a large-scale tree plantation drive, contributing to preserving local ecosystems and biodiversity These initiatives underscore Mobilink Bank's dedication to driving positive environmental impact while reinforcing its position as a responsible leader in the industry Global Thought Leaders Convene at Inaugural Energy Summit 2024 Mobilink Bank's ‘C hange to S ustain’ program drives sustainability with PKR2.5b Islamabad capital police’s safe cit y technical monitoring team carried out effective operations in 2024 ISLAMABAD s ta f f r e p o r t According to details following the special directives of the Islamabad Capital Police Officer (ICCPO) Dr Akbar Nasir Khan the Islamabad Capital Police is fully engaged in ensuring the protection of life and property of the citizens in Islamabad, a public relations officer said He said that, the Safe City technical monitoring team carried out effective monitoring and identified 18 wanted accused including 13 police offenders 03 court absconders and 02 highly wanted accused involved in police cases Moreover the accused were found residing in private hotels within Islamabad s premises, using bus terminals, residing as tenants, or entering Islamabad through any other means Upon observing their movements, their profiles were included and relevant police stations were informed leading to their immediate arrests
WaterAid Unveils Key Health Study on
in Pakistan
VC Prof Dr Khalid Iraqi opens Spor ts Gala 2024 KARACHI s ta f f r e p o r t The Vice Chancellor University of Karachi Professor Dr Khalid Mahmood Iraqi inaugurated the KU Interdepartmental Sports Gala 24 at the campus football ground on Wednesday The eight-day long sports gala is organized by the KU Directorate of Physical Education in which around 4 500 male and female students of 40 departments are participating in the games including archery athletics badminton basketball football cricket volleyball and special races for the differently-abled students of the KU Addressing the students, he said that it is necessary to arrange sports activities and healthy competitions regularly to promote sports culture in society People of every age like sports and especially youths take a lot of interest in such activities and it
sports field to the students
campus to express
demonstrate their abilities and skills
that sports activity helps in strengthening a person mentally and physically
also keeps them healthy and active He shared that to promote the activities the University of Karachi is providing ample opportunities in the
studying on the
and
The KU VC Professor Dr Khalid Iraqi mentioned
pay attention
former Federal Health
the government should
to improve Pakistan s health
these
at the annual fundraising event organized by SHINE Humanity,
providing free primary healthcare to underserved communities in
Dr Salman Naqvi, Founder
SHINE Humanity, Dr Asghar Naqvi, Board Member Chairman Kalbe Abbas COO Faheem Khan Executive Director Naila Ahmed Public Health Special-
Dr Farwa and Marketing Associate Hareem Baig and others
spoke on this occasion Saleem Mandviwala said that people are more sick in our country compared to other countries around the world, and that we should take precautionary measures in terms of food and drink because the root of the problem is that we only work on treatment and not on prevention ISLAMABAD s ta f f r e p o r t On the direction of Chairman Capital Development Authority (CDA), the Water Management Wing has expedited work on several projects to meet the water shortage in the city of Islamabad So that the citizens can be provided with uninterrupted water and they do not have to face any kind of difficulties In this regard on the direction of the Chairman Capital Development Authority (CDA), the Water Management Wing has been completely resolved all the repair work and complaints like leakages, including replacement of old and rotten pipes in the Simli Water Filtration Plant and Main Condition Line It should be noted that the timely action of the Water Supply Wing has not only saved 8 lakh gallons of water per day but also increased the water pressure in the pipelines Similarly, complaints like leakages in water supply lines have been removed in Sector G-7/3 It should be noted that the water level in other dams including Khanpur dam has decreased due to lack of required rains in monsoon Therefore before the arrival of summer, the water supply department is busy around the clock to meet the shortage of water so that the citizens get adequate water supply Additionally, the installation of 4 new tube wells in Sector F-10 F-11 G-10 G-11 will also be started soon by the Water Supply Department So that in case the water reserves in Khanpur Dam decreases the water shortage can be met with tube wells In this regard, tenders have been published in newspapers so that water shortage can be controlled before the arrival of summer Apart from this work will be started soon to eliminate water leakages in other water networks including main condition lines at a cost of 60 crore rupees so that more water can be saved Dr Amjad Saqib addresses 7th international conference on research and practices in education ISLAMABAD s ta f f r e p o r t Dr Muhammad Amjad Saqib Chairperson of the Benazir Income Support Programme (BISP) delivered a thought-provoking address today at the 7th International Conference on Research and Practices in Education, hosted by Allama Iqbal Open University The conference, themed ‘Transforming Education: Empowering Learning for Life served as a pivotal platform for discussions surrounding the vital role of education in societal development Dr Amjad Saqib s address underscored the significance of the conference as a milestone in the realms of research and practice, emphasizing the intrinsic value of education in shaping societies He highlighted the imperative of creativity in addressing contemporary challenges advocating for innovative approaches and the integration of cutting-edge technologies to surmount obstacles Furthermore, Dr Amjad Saqib stressed the critical importance of promoting a culture of critical thinking, asserting that courage to question and dissent is essential for societal progress W B O F F E R S T E C H N I C A L A S S I S TA N C E , I F C T R A N S AC T I O N A D V I S O RY S E R V I C E S CDA’s water management wing expedites work on several projec ts to meet water shor tage PTA , MCMC sign letter of cooperation to boost telecommunication sector ISLAMABAD: PTA signed a Letter of Cooperation with the Malaysian Communications and Multimedia Commission (MCMC) at the Malaysia Pavilion during the Mobile World Congress 2024 in Barcelona, Spain MCMC Chairman Tan Sri Mohamad Salim bin Fateh Din expressed his enthusiasm that the collaboration between MCMC and PTA is strategically aligned with shared goals and objectives s ta f f r e p o rt IESCO adjudged as best company in terms of per formance in power sector ISLAMABAD s ta f f r e p o r t IESCO was declared the best company among power distribution companies of Pakistan on the basis of best performance According to the details a report has been issued by NEPRA on the performance of electricity companies in which it has been said that IESCO has proved to be the best company in the power sector by achieving 100% targets Apart from this, the NEPRA report also appreciated the performance of IESCO for the recovery of electricity dues from consumers Chief Executive Officer Dr Muhammad Amjad Khan said on the occasion of this success that the main reason for IESCO s outstanding performance among electricity distribution companies is the day and night hard work of IESCO officers and staff, for which they deserve praise
they do not
to precautions While the
Minister Zafar Mirza has said that
have taken better measures
situation He expressed
views
an NGO
Pakistan
of
ist
also
SIC
seats in letter to ECP
l i a m e bandwidth and ultra-low latency down to a microsecond complemented by the SFS Turbo cache service for high throughput and concurrency of tens of millions of IOPS As per the company, security remains a top priority for Huawei Cloud with over 120 security and compliance certifications ensuring adherence to the strictest global standards The platform s end-toend security features, including robust, secure, and compliant models and applications, are further bolstered by GaussDB the world’s first AI-native database with enterprise-class distributed architecture GaussDB boasts CC EAL4+ certification the highest level of security certification in the industry, ensuring unparalleled data protection and integrity This latest cloud platform signifies a significant milestone in the era of AI-driven innovation and puts huawei on the map of other tech giants offering AI supported cloud services With its advanced capabilities, extensive global reach, and unwavering commitment to security Huawei remains determined to reshape its future and with it the future of technologye a k e r a d d i n g t h a t t h e P M L - meeting alongside brother Nawaz the younger Sharif said all the MNAs-elect from his party contested the February 8 general election on their own He also thanked the independents who recently joined the PML-N Shehbaz recalled the difficulties faced by the party in the past few years He highlighted the PML-N s achievements during Nawaz s tenure citing the multiple motorway projects and the end to loadshedding in the country ISLAMABAD G h u l a m a b b a S Huawei-Pakistan has unveiled its latest cloud platform, marking a significant leap forward in the integration of artificial intelligence (AI) and cloud technologies As per details the launch event held in Islamabad showcased Huawei s commitment to advancing global AI implementation With the theme “Leap with Cloud Native × AI ” Huawei’s latest cloud platform promises to revolutionize industries and sectors worldwide Bruno Zhang Huawei Cloud CTO, emphasized the platform s strategic focus on accelerating AI advancements through the seamless integration of cloud-native and AI technologies According to Zhang the new cloud platform is designed to meet the growing demand for resilient adaptive, and comprehensive AI solutions By leveraging an open ecosystem and platform, Huawei aims to provide customers with not only cloud services but also new opportunities and businesses Key features of the Huawei Cloud, known as Koo Verse, include 85 Availability Zones (AZs)a in 30 regions across 170 countries and regions This global cloud infrastructure covers compute storage networking and security It boasts an impressively low latency of just 50 milliseconds The platform s distributed QingTian architecture, built on a high-speed interconnect bus (Unified Bus) enables heterogeneous peer-to-peer full-mesh computing Moreover Huawei s AI Cloud Service supports trillion-parameter model training ensuring uninterrupted training jobs running on a cluster over thousands of cards for extended periods In terms of storage Huawei’s AI-native storage offers ultra-largeSharif formally nominated his brother S h e h b a z S h a r i f , a s t h e p a r t y s c a n d idate for the position of prime minister on Wednesday T h e m e e t i n g , c h a i r e d b y N a w a z , b r o u g h t t o g e t h e r 1 0 4 m e m b e r s i nc l u d i n g S h e h b a z S h a r i f D u r i n g t h e p r o c e e d i n g s N a w a z e x p r e s s e d c o n f id e n c e i n S h e h b a z s l e a d e r s h i p a n d a nn o u nc o m m i t t e e e President , PM election will be disputed, if SIC not given reser ved seats: PTI ISLAMABAD S ta f f R e p o R t The President and Prime Minister s elections will become disputed if the SIC would not be granted its quota of reserved seats, quoting PTI s lawyers Barrister Ali Zafar talking to media said, We would go to the Supreme Court if this unlawful embezzlement took place “The Sunni Ittehad Council (SIC) didn’t refuse reserved seats ever ” the lawyer said “We told the election commission to show us that letter but they didn t do so he said Barrister Gohar said that the house will not be completed till presence of all members of the assembly He also urged the electoral body to decide the matter today The Election Commission of Pakistan (ECP) today reserved its decision on the Sunni Ittehad Council’s plea seeking reserved seats in assemblies A five-member bench of the ECP headed by CEC Sikandar Sultan Raja took up the plea Barrister Ali Zafar in his arguments before the electoral body said PTI-backed independent candidates joined the SIC after winning the elections It is our right to have reserved seats in the assembly, he added Zafar said PTI had submitted a list of the reserved seats but after losing the party symbol the candidates contested elections as independents After joining SIC we forwarded the request for the reserved seats he added RAWALPINDI S ta f f R e p o R t Chief of Army Staff (COAS) General Syed Asim Munir, NI (M), has lauded the selfless devotion to duty and professionalism of Assistant Superintendent of Police Syeda Shehrbano Naqvi in diffusing a volatile situation Inter Services Public Relations (ISPR) said According to military s media wing, the Army Chief was called on ASP Shehrbano at General Headquarters (GHQ) on Wednesday Speaking on the occasion General Asim Munir said that the fearless officer extricated a woman from the difficult milieu of Ichra Bazaar in Lahore on 26 February 2024 COAS acknowledged the vital role Pakistani women were playing in all walks of life Since independence, Pakistani women have distinguished themselves at home and abroad by virtue of their talent tenacity and commitment COAS highlighted that the women were an invaluable part of Pakistan s society and their respect was enshrined in our religion as well as our social ethos The COAS took the opportunity to stress the importance of social harmony and the necessity for a nationwide consensus on curb-e r v e d s e a t s i n a l e t t e r t o t h e E l e c t i o n C o m m i s s i o n o f P a k i s t a n ( E C P ) , a s s e r ti n g t h e l e t t e r s e n t t o t h e E C P i s b e i n g m i s c o n s t r u e d A d d r e s s i n g t h e m e d i a i n I s l a m a b a d o n We d n e s d a y R a z a c l a r i f i e d t h a t t h e E C P r o u t i n e l y s e n d s l e t t e r s t o a l l p a r t i e s a f t e r g e n e r a l e l e c t i o n s s p e c i f y i n g a f i v e p e r c e n t q u o t a f o r w o m e n i n t h e d i s t r i b u t i o n o f t i c ke t s H e e m p h a s i s e d t h a t t h e l e t t e r i n q u e s t i o n w a s n o t e x c l u s i v e t o t h e S I C b u t a d d r e s s e d t o a l l p a r t i c ip a t i n g p a r t i e s H a m i d R a z a ’s s t a t e m e n t c o i n c i d e s w i t h E C P ’s r e s e r v a t i o n o f i t s v e r d i c t o n p e t i t i o n s r el a t e d t o t h e a l l o c a t i o n o f r e s e r v e d s e a t s t o t h e S I C T h e e l e c t o r a l w a t c h d o g w a s c o n d u c t i n g a h e a r i n g o n a p p l i c a t i o n s r e g a r d i n g t h e a l l o c a t i o n o f r e s e r v e d s e a t s t o t h e S I C T h i s p o l i t i c a l p a r t y h a s b e c o m e a h a v e n f o r i n d e p e n d e n t l a w m a k e r s a l i g n e d w i t h t h e P a k i s t a n Te h r e e k - e - I n s a f ( P T I ) a f t e r t h e P T I l o s t i t s e l e c t o r a l s y m b o l i n t h e l e a d - u p t o t h e F e b r u a r y 8 e l e c t i o n s D u r i n g t h e h e a r i n g C h i e f E l e c t i o n C o mm i s s i o n e r S i k a n d a r S u l t a n R a j a p r e s e n t e d a l e t t e r f r o m t h e S I C t o t h e P T I c o u n s e l s t a t i n g t h a t t h e p a r t y d i d n o t p a r t i c i p a t e i n t h e g e n e r a l e l e c t i o n s a n d t h e r e f o r e d i d n o t d e s i r e t h e r e s e r v e d s e a t s P T I C h a i r m a n B a r r i s t e r G o h a r A l i K h a n a n d l a w y e r A l i Z a f a r a l o n g w i t h R a z a a p p e a r e d b e f o r e t h e e l e ct o r a l w a t c h d o g f o r t h e h e a r i n g Zafar expressed ignorance about the letter stating that the SIC had not informed PTI about any such decision In response CEC Raja questioned the insistence on the allotment of reserved seats if the SIC had expressed a lack of interest Hamid Raza continued that since his party did not participate in the elections, the SIC informed the ECP about its non-participation and therefore they had no list to allocate 5 per cent of tickets to women He clarified that the SIC did not express a refusal for reserved seats and their letter did not mention any such rejection We have a letter, and there is no mention of reserved seats in this letter, Raza maintained It should be read on the basis of Article 206 of the Constitution My affidavit is also available, which says if we contest elections we will take reserved seats ” Raza concluded by asserting that his letter had been distorted and misinterpreted and left the decision on the matter to the ECP s discretion It is the will of the Chief Election Commissioner to interpret it whichever way he deems fit, he stated
pRayeR timinGS FA J R S U N R I S E Z U H R A S R M AG H R I B S H A 5 : 5 0 6 3 0 1 : 3 0 4 : 4 5 6 : 0 2 7 : 4 5 Thursday 29 February 2024 NEWS Published by Asad Nizami at Qandeel Printing Press, 4 Queens Road, Lahore, for PT Print (Pvt) Limited Ph: 042-36300938, 042-36375965 Email: newsroom@pakistantoday com pk ISLAMABAD S ta f f R e p o R t
HE PTI on Wednesday decried the shameful tactics to steal seats reserved for women and minorities in the National Assembly with Barrister Ali Zafar expressing the hope that the Election Commission of Pakistan (ECP) would decide as per the law and Constitution Talking to the media here, Barrister Zafar said that the Election Commission of Pakistan reserved its verdict on the allocation of reserved seats for the Sunni Ittehad Council the allied party in the Centre KP and Punjab But if our seats are distributed to the PML-N and PPP [ ] then we will approach the Supreme Court but it would be such a huge violation that it will make the election of prime minister president Senate NA speaker and deputy speaker will become controversial and will hold no legitimacy he added On the occasion PTI s Barrister Gohar Khan said that the National Assembly will remain incomplete without all the members including those on the reserved seats of the Sunni Ittehad Council If the Election Commission of Pakistan wants to take forward the political system, then it will have to allocate reserved seats to the SIC members ” he said in a media talk Take a decision today and allocate us our seats so that the house can be complete Gohar asserted M e a n w h i l e , t h e P T I d e c r i e d t h e “ s h a m e f u l ” p l a n t o “ s t e a l ” s e a t s r eserved for women and minorities in the National Assembly In a statement on X PTI accused the Election Commission of Pakistan (ECP) of distributing reserved seats among mandate thieves through unconstitutional” plans Article 51 of the Constitution clearly lays out the basic principle of allocation of reserved seats which are given to women and minorities in proportion to general seats the party said The Sunni Ittehad Council (SIC) is the parliamentary party with the largest number of seats in the Centre, Punjab and Khyber Pakhtunkhwa “ T h e a l l o c a t i o n o f r e s e r v e d s e a t s t o t h e [ S I C ] i s p a r t o f a n u n c o n s t i t ut i o n a l a n d u n d e m o c r a t i c p l a n t o i l l egally and forcibly convert the majority i n t o a m i nority PTI also vowed to take back the National and Punjab Assembly seats allocated through “fake Form 47s” and strongly resist the unconstitutional allocation of reserved seats P T I D E C R I E S ‘ S H A M E F U L TA C T I C S ’ T O I T S ‘ S T E A L ’ S E AT S R E S E R V E D I N N A ISLAMABAD S ta f f R e p o R t The Pakistan Muslim League-Nawaz (PML-N) at its parliamentary party meeting on Wednesday nominated Sardar Ayaz Sadiq for the slot of the National Assembly speaker P M L - N l e a d e r M u s a d i k M a l i k t o l d a p r i v a t e T V c h a n n e l t h a t h i s p a r t y h a s n o m i n a t e d S a r d a r Ay a z S a d i q f o r t h e s l o t o f t h e N a t i o n a l A ss e m b l y s p
N p
r
n
r y
n
o r
S
d i q s n o m i n a t i o n On the other hand, party leader Atta Tarar said the decision on the name of the deputy speaker will be taken after a discussion with the PPP According to PML-N President Shehba Sharif the party has a strength of 104 members in the
T c e d t h e o ff i c i a l n o m i n a t i o n s f o r t h e k e y p o s i t i o n s Addressing the PML-N parliamentary
PML-N parliamentar y par t y endorses Ayaz S adiq for NA speaker ’s slot
COAS lauds selfless devotion, professionalism of ASP S hehrbano
Huawei launches nex t- generation cloud ser vice named ‘Koo Verse’
integrates cloud-native and AI technologies for seamless computing storage networking and security g B a r r i s t e r Z a f a r s a y s w i l l a p p r o a c h S C i f S I C r e s e r v e d s e a t s d o l e o u t t o o t h e r p a r t i e s
chief rebukes claims on refusal of reser ved
ISLAMABAD S ta f f R e p o R t S u n n i I t t e h a d C o u n c i l ( S I C ) C h a i r m a n S a h i b z a d a H a m i d R a z a o n We d n e s d a y r e b u k e d c l a i m s t h a t h i s p a r t y h a d r e f u s e d t a k i n g r e s
g
Company
