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The participants affirmed that the Pakistan Army will continue defending and serving the nation in every possible way; in the
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that
It s unfortunate that rather than focusing on real issues such as good governance economic recovery political stability and public wellbeing, the entire focus of such vested elements is on creating political instability and uncertainty by attempting to scapegoat others for their own failings ” it added
The forum emphasised that due legal processes be followed with evidence and proof rather than resorting to unconstitutional and uncalled-for baseless political rhetoric and emotional outbursts
It noted with satisfaction the smooth democratic transition of power in the Centre and provinces The forum hoped that the post-election environment would bring in the desired political and economic stability resulting in peace and prosperity for the people of Pakistan
The forum expressed that it strongly believed
str ucture
PTI
In par tnership with Profit We d n e s d a y, 6 M a r c h , 2 0 2 4 I 2 4 S h a ’ b a n , 1 4 4 5 R s 2 0 0 0 | Vo l X I V N o 2 4 8 I 8 Pa g e s I Ka r a c h i E d i t i o n RAWALPINDI S TA F F R E P O R T
H E top military commanders on Tuesday committed that planners instigators abettors perpetrators and desecrators of martyrs monuments and attackers of military installations on May 9, 2023, would certainly be brought to justice under the relevant provisions of the law and Constitution, the Inter-Services Public Relations (ISPR) said in a statement “In this regard malicious efforts to create distortions confusion and disinformation are absolutely futile and only part of an organised campaign being launched for narrow political interests, to blur the abhorrent activities that took place, the statement added The ISPR statement came after the Corps Commanders’ Conference (CCC) held at the General Headquarters in Rawalpindi with Chief of Army Staff (COAS) General Syed Asim Munir in the chair The forum noted with concern organised misinformation and fake news being spread by certain nefarious elements to sow despondency and divisions within the society and urged the proud people of Pakistan to remain positive and united and wholeheartedly participate in the progress and development
security
journey towards enduring stability, prosperity and
armed forces
Pakistan at great peril to their primary responsibility
security environment for the conduct of the general election 2024 as per the given mandate and had nothing to do with the electoral process
forum noted that the
of
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However, the forum expressed dismay
some vested small segments of polity and media especially social media have been maligning armed forces with unsubstantiated allegations of interference which is highly deplorable
that democratic consolidation is the way forward for the country It affirmed that military leadership is cognisant of the full spectrum of the challenges and threats and it remains committed to shoulder its constitutionally mandated responsibilities with the support of the resilient people of Pakistan The forum reiterated to continue providing full support to the government in combating security threats and uplifting the socio-economic growth in the country including wholehearted assistance in curbing all illegal activities including smuggling hoarding electricity theft implementation of one document regime and respectable and safe repatriation of all illegal foreigners The military leadership paid rich tribute to the supreme sacrifices of martyrs including officers and men of the armed forces law enforcement agencies and the citizens who have laid their lives for ensuring peace and stability in the country The forum resolved that terrorists their facilitators and abettors working at the behest of hostile forces to destabilise Pakistan, will be dealt with the full might of the state MILITARY TOP BRASS SL AMS ‘POLITICALLY DRIVEN’ CAMPAIGN TO BLUR MAY 9 EVENTS Dar’s absence from PM’s first meeting raises eyebrows ISLAMABAD S TA F F R E P O R T Ishaq Dar a close aide of PML-N supremo Nawaz Sharif was missing when Prime Minister Shehbaz Sharif chaired a meeting of economic team soon after taking oath of his office for a second term Certainly, it has great significant and implications from several angles, if Ishaq Dar is not the economic czar in the PML-N government led by a Sharif, although he isn’t the elder It was an important meeting given the current economic mess Pakistan is in and Shehbaz had listed debt burden as the main challenge for the new government in his speech to the House after winning the confidence of 201 members A statement issued by the PM Office read that the prime minister directed the economic team to begin talks with the International Monetary Fund (IMF) on an Extended Funding Facility (EFF) and expedite the privatisation of lossmaking state-owned enterprises (SOEs) – a process that has never gained momentum given the reluctance on the part of elected government due to the sensitive nature of the issue
to continue protest in NA till par t y’s founder release: Kundi TANK S TA F F R E P O R T Pakistan Tehreek-e-Insaf (PTI) backed Member National Assembly from the constituency NA-43 (Tank-cum-DIK) Engr Dawar Khan Kundi has said that they would continue protest in the National Assembly against the alleged rigging during general till party founder Imran Khan was released and the public mandate was recovered Talking to media persons at District Press Club Tank on Tuesday, he alleged that the public mandate was stolen during the general elections 2024 and said that they would continue their efforts and protest until the party s former chairman Imran Khan was released and the public mandate was recovered Engr Dawar Khan Kundi also applauded the role of the District Press Club Tank for effectively promoting the public voices, and hoped that the incumbent provincial government would leave no stone unturned for the development of the district Meantime Petroleum Association of Tank threatened to halt services from the upcoming Friday if the district administration continued ignoring their genuine demand of taking action against the illegal petroleum agencies across the district Addressing a press conference here at the District Press Club Tank the General Secretary of the association Javed Bitanai Kashif Burki and others deplored that the district administration was yet to take any action against the illegal oil agencies that had been operational and selling low quality Iranian oil across the district They noted that due to low quality and alleged illegal sale of these agencies the demand of oil from the authorized fuel pumps considerably dropped during the recent months The association threatened to go on strike and halt all types of services if the administration failed to take action ISLAMABAD S TA F F R E P O R T The Election Commission of Pakistan (ECP) on Tuesday notified the allocation of reserved seats for women and minorities, which were claimed by PTI-backed Sunni Ittehad Council (SIC) to other political parties The move came a day after the electoral watchdog rejected the Sunni Ittehad Council s (SIC) petition, seeking the allocation of reserved seats following a merger with Pakistan Tehreek-e-Insaf (PTI) for this specific purpose The ECP was requested to allot the seats on the basis of the inclusion of Pakistan Tehreek-e-Insaf (PTI)-backed candidates in their party However today, the election commission distributed the reserved seats for women and minorities among other political parties In the Khyber Pakhtunkhwa Assembly –according to a notification the ECP allocated one reserved seat each to Jamiat Ulema-i-Islam Pakistan, Pakistan Muslim League-Nawaz (PML-N) and Pakistan People’s Party (PPP) The ECP – in the Sindh Assembly – allocated reserved seat for women to Muttahida Qaumi MovementPakistan (MQM-P) and PPP PPP s Samita Afzal and MQM-P s Fouzia Hameed elected on reserved seats Furthermore, PPP s Sadhu Mal alias Surinder Valasai secured minority seat in Sindh Assembly The ECP allocated three reserved seats for minorities to PML-N, PPP and JUI-F –which were claimed by Sunni Ittehad Council PML-N’s Neelam Meghwar, PPP’s Ramesh Kumar and JUI-F’s James Iqbal were elected on the minority seats PTI candidates contested the elections as independents after the Supreme Court upheld the election supervisor s decision, considering its intra-party polls “unconstitutional” and revoked its claim on the electoral symbol of ‘bat’ As per the Constitution the reserved seats are allocated to the political parties on the basis of the number of their lawmakers elected on the general seats For their allocation, the ECP had already received the priority list of candidates from the parties before the Feb 8 polls The situation this year is different from the previous elections as the largest group of lawmakers are independents who cannot have the reserved seats There are a total of 346 reserved seats for women – 60 in the NA and 66, 29, 26, and 11 in the provincial legislatures of Punjab Sindh K-P and Balochistan Similarly there are 10 reserved seats for minorities in the lower house Besides there are eight, nine and three reserved seats for minorities in the Punjab Sindh, and Balochistan assemblies Sunni Itthead Council, in its letter, stated that 86 independent candidates of the National Assembly had joined his party adding that 107 independents of Punjab Assembly 90 of K-P Assembly and nine independent members of Sindh Assembly now garnered the support of the SIC ECP allocates reser ved seats claimed by SIC to other par ties ISLAMABAD S TA F F R E P O R T Prime Minister Muhammad Shehbaz Sharif on Tuesday sought thorough recommendations from the relevant authorities to significantly reduce government expenditures and overhaul the country s economic structure He also directed to immediately initiate the process of complete digitization and automation of the Federal Board of Revenue (FBR), which he himself would oversee Chairing a high level meeting at the Prime Minister House soon after his return from Gwadar PM Shehbaz Sharif directed that the world s best model should be adopted for the digitization of FBR and in this regard the possibility of immediate access of the best services should also be reviewed to ensure transparency in the FBR system increase tax collection halt tax evasion corruption and smuggling and also to bring convenience to the general public and the business community through automation system Through the FBR reforms the taxpayer heroes and the best performance officers would be encouraged and the black sheep would be brought to justice the prime minister added Chairman FBR Malik Amjed Zubair Tiwana on the occasion briefed the meeting about the steps taken to enhance tax collection refunds payments to the exporters expanding the tax net automation process, stop tax evasion, institutional corruption, smuggling, and provision of quality services to the people The prime minister expressing dissatisfaction over the briefing directed to immediately initiate process of complete digitization and automation of FBR as per the international standards, saying that it was a matter of life and death for the country “We will go ahead by learning lessons from the past mistakes as nothing could be changed by merely lamenting on the past mistakes ” he said “We have to take up the challenge and find a way to get rid of the borrowed life He said everyone was responsible for the situation faced by the country, while capable and good people are also present everywhere “If we start our journey now we will soon reach the destination of prosperity and development he said He also announced to give reward and appreciate the efficient, honest and professional officers The prime minister also directed that services of efficient people should be utilized on merit in the track and trace system He said the ministry of interior would work with full force to stop smuggling from the country for which Pakistan Army would also provide its full support Appreciating former caretaker finance minister Dr Shamshad Akhtar Secretary finance Imdad Ullah Bosal and their team, the prime minister said they had taken forward the foundation which his government had laid to save Pakistan from default with great effort and had shown good progress Addressing Dr Shamshad Akhtar the prime minister said that he was very impressed with her merit policy The FBR chairman said that during current financial year, target for bringing 1 5 million more taxpayers into the tax net was on track He said that legislation had been made for digitizing invoicing which the prime minister directed for immediate implementation The meeting was also attended by Senator Musadik Malik, Ata Ullah Tarrar, Ali Pervaiz Malik Shaza Fatima Khawaja Rumina Khursheed Alam Rana Mashhood Ahmed Khan Ahad Cheema Deputy Chairman Planning Commission Dr Jehanzaib, Governor State Bank of Pakistan and other high officials PM seeks comprehensive proposals to slash gover nment spending, refor
economic
g C C C S AY S AT TA C K E R S O F M I L I TA R Y I N S TA L L AT I O N S W O U L D ‘ C E R TA I N LY ’ B E B R O U G H T TO J U S T I C E g EXPRESSES DISMAY OVER ‘ UNSUBSTANTIATED ALLEGATIONS ’ OF INTERFERENCE IN ELECTIONS ISLAMABAD: The Pakistan Tehreek-e-Insaf (PTI) has announced a nationwide protest against the Election Commission of Pakistan (ECP) scheduled for Sunday, March 10 The protest is a response to the ECP’s decision of depriving Sunni Ittehad Council (SIC) –wherein elected PTI lawmakers have taken refuge after being disallowed to contest the general elections on the party s electoral symbol – of reserved seats and their allocation to PML-N and PPP instead Addressing the media oustside Adiala Jail where PTI founder Imran Khan is incarcerated on Tuesday party leaders including Sher Afzal Marwat Shandana Gulzar Atif Khan, and Shehryar Afridi announced their dissatisfaction with the ECP s ruling They accused the commission of diverting the mandate given to PTI by the voters to rival parties specifically the PML-N and PPP The leaders argued that the allocation of reserved seats to other parties contradicted the will of the people who had voted for PTI They claimed that the ECP s decision was a blatant misuse of power and announced their intention to hold a nationwide protest against this alleged injustice The PTI leaders further criticised the state of Pakistan s economy, highlighting its dependence on foreign remittances and accusing the Sharif family of sending their wealth abroad They claimed that with the support of overseas Pakistanis the country could generate quick revenue emphasising the need for a change in leadership In a bold move, the leaders demanded that the International Monetary Fund (IMF) conduct an audit of the election process They also challenged the legitimacy of the Shehbaz Sharif government suggesting that if it was deemed legitimate it should be granted loans Addressing the imprisonment of PTI leader Imran Khan s wife, Bushra Bibi, the leaders claimed that she was being kept in solitary confinement They asserted Imran Khan’s refusal to make any deals and his determination to stay in jail for seven years Sher Afzal Marwat highlighted the opposition s unity in protests promising a historic demonstration against the ECP in Khyber-Pakhtunkhwa, with himself leading the protest in Rawalpindi and Islamabad Earlier in the day PTI leader and former National Assembly speaker Asad Qaiser announced a nationwide movement against the alleged stealing of PTI s mandate in the general elections held on February 8 Qaiser emphasised the party’s commitment to launching a movement within the legal and constitutional framework The PTI s move comes after the Sunni Ittehad Council (SIC) submitted a resolution to the National Assembly Secretariat, seeking the release of PTI s founding chairman, Imran Khan, and other incarcerated party leaders The resolution also demanded an end to the alleged abuse of the law and the termination of political and illegal cases against PTI members Qaiser highlighted that the party will not back down as our war is not for [the survival] of just our politics but for the nation ” He further emphasised how the PTI did not believe in the “fake government” led by Prime Minister Shehbaz Sharif Our first demand is that all the institutions should stay within their limits according to the Constitution, said Qaiser, adding that the judiciary should not come “under pressure but make independent decisions ” S TA F F R E P O R T P T I a n n o u n c e s p r o t e s t a g a i n s t E C P v e r d i c t C O N T I N U E D O N PA G E 03
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Treet Corporation to divest 11pc stake in batter y subsidiar y
ADB cautions loan suspension for Pak istan over financial repor ting delay
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FBR rejects 18pc GST proposal on vehicles, citing risk of revenue decline
f t e r d a y s o f g a i n s a s t h e n e w g o v e r n m e n t i s a c t i v e l y s e e k i n g a l i f e l i n e f r o m t h e I n t e r n a t i o n a l M o n e t a r y F u n d ( I M F ) t o o b l i g e i t s g l o b a l r e p a y m e n t o b l i g a t i o n s A c c o r d i n g t o t h e P S X w e b s i t e t h e m a r k e t o p e n e d o n a p o s i t i v e n o t e a n d t h e b e n c h m a r k K S E - 1 0 0 r e a c h e d a d a y s h i g h o f 6 6 1 3 4 8 4 p o i n t s i n t h e i n i t i a l h o u r s o f t r a d i n g H o w e v e r t h e i n d e x c o u l d n o t s u s t a i n i t s u p w a r d t r a j e c t o r y d u e t o s e l l i n g p r e s s u r e a n d p l u n g e d b y o v e r 4 0 0 p o i n t s t o t o u c h a l o w o f 6 5 5 0 0 0 7 d u r i n g t h e i n t r a d a y t r a d e F i n a l l y t h e K S E - 1 0 0 i n d e x c l o s e d a t 6 5 , 7 2 6 0 4 , d r o p p i n g b y 2 2 5 6 8 p o i n t s o r 0 3 4 % T h e m a r k e t s a w w i d e s p r e a d s e l l i n g a c t i v i t y e s p e c i a l l y i n h e a v y w e i g h t s t o c k s s u c h a s O G D C , P P L , P S O , a n d S N G P L , w h i c h d r a g g e d t h e i n d e x d o w n M a r k e t a n a l y s t s a t t r i b u t e d t h e s e l l i n g t o p r o f i t - t a k i n g b y i n v e s t o r s T h e n e w l y s w o r n - i n P r i m e M i n i s t e r, S h e h b a z S h a r i f i n s t r u c t e d h i s t e a m t o k i c k s t a r t n e g o t i a t i o n s w i t h t h e I n t e r n a t i o n a l M o n e t a r y F u n d ( I M F ) o n t h e E x t e n d e d F u n d F a c i l i t y ( E F F ) w i t h o u t a n y d e l a y “ E x p e c t t h e m a r k e t t o c o n s o l i d a t e a r o u n d c u r r e n t l e v e l s u n t i l t h e n e w c o a l i t i o n g o v e r n m e n t b e g i n s t a l k s w i t h t h e I M F f o r a n e w l o a n p r o g r a m t o s u p p o r t t h e e c o n o m i c r e c o v e r y s a i d I M S S e c u r i t i e s O n M o n d a y, i n v e s t o r s w e l c o m e d t h e n e w s o f t h e 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 w i t h t h e K S E1 0 0 I n d e x g a i n i n g 6 2 6 0 4 p o i n t s o r 0 9 6 % t o c l o s e n e a r t h e 6 6 , 0 0 0 l e v e l
wed esday 6 Ma ch 2024 | KARACHI 02 newS PESHAWAR S TA F F R E P O R T P A K I S TA N Tehreek-e-Insaf (PTI) leader Taimur Saleem Jhagra has levelled serious allegations of election rigging in Peshawar, asserting that seats were allegedly sold for millions A d d r e s s i n g t h e m e d i a o n Tu e s d a y Jhagra lamented the lack of transparency c i t i n g t h e f a i l u r e t o p r o v i d e F o r m 4 5 b y t h e e l e c t i o n c o m m i s s i o n a s e v i d e n c e o f foul play E x p r e s s i n g d e t e r m i n a t i o n f o r j u s t i c e r a t h e r t h a n r e v e n g e , J h a g r a a n n o u n c e d p l a n s t o r a l l y f e l l o w p a r t y m e m b e r s t o p e t i t i o n t h e C h i e f M i n i s t e r f o r a j u d i c i a l inquiry into the matter He underscored the significance of Form 45 stressing that its temporary upload by the Election Commission followed by deletion warrants a thorough investigation with perpetrators held accountable through a judicial probe Furthermore, Jhagra hinted at forthcoming developments within the provincial cabinet, hinting at the inclusion of Ali Amin Gandapur and the PTI founder However he emphasized that if his electoral loss is legitimate he relinquishes any claim to cabinet membership T h e s e a l l e g a t i o n s c o m e i n t h e w a k e o f J h a g r a s p r i o r c o r r e s p o n d e n c e w i t h t h e E l e c t i o n C o m m i s s i o n , w h e r e h e h i g h l i g h t e d d i s c r e p a n c i e s i n t h e c o n d u c t o f D i s t r i c t R e t u r n i n g O f f i c e r s ( D R O ) a n d R e t u r n i n g O f f i c e r s ( R O ) , a l l e g i n g v i o l a t i o n s o f e l e c t o r a l n o r m s T h e l e t t e r u n d e r s c o r e d t h e u r g e n c y o f a d d r e s s i n g r i g g i n g a l l e g a t i o n s c i t i n g u n p r e c e d e n t e d i r r e g u l a r i t i e s t h a t t a r n i s h e d t h e e l e c t o r a l p r o c e s s A m i d s t m o u n t i n g c a l l s f o r transparency and accountability, voices of d i s c o n t e n t c o n t i n u e t o r e s o n a t e , u n d e r s c o r i n g t h e n e e d f o r s w i f t a n d i m p a r t i a l i n v e s t i g a t i o n i n t o t h e a l l e g e d electoral malpractice As the political landscape in Peshawar r e m a i n s e m b r o i l e d i n c o n t r o v e r s y, P T I s demand for justice reverberates, signaling a pivotal moment in the quest for electoral integrity AMID CL AMOUR FOR PROBE, PTI’S JHAGRA ALLEGES HISTORIC ‘SEAT SALE’ IN PESHAWAR POLLS PR OFIT N E W S D E S K The government has planned to raise Rs 300 billion during the second quarter (March to May) of 2024 through a series of the Government of Pakistan Ijarah Sukuk (GIS) auctions at the Pakistan Stock Exchange (PSX) In a notice issued by the PSX on Tuesday, details of the auctions were disclosed which are a part of the government s ongoing efforts to finance its obligations and will be carried out from March to May 2024 The notice specifies that these auctions will offer various tenors of Sukuk, including short-term (12 months) fixed-rate and floating-rate instruments For the GIS short-term (12 months) auctions will be held on four separate dates, starting from March 14 to May 23, with each targeting an auction size of Rs 10 billion The settlement dates will follow closely ranging from March 15 to May 24 2024 T h e g o v e r n m e n t s t a rg e t i s t o r a i s e R s 6 0 b i l l i o n f r o m a G I S s h o r tt e r m a u c t i o n In the GIS fixed rate category both fresh issues and re-openings will be auctioned off The tenor-wise targets are set for three and five years each with a total target auction size of Rs 20 billion These auctions are also scheduled to take place from March 14 to May 23, with settlement occurring the following day after each auction Cumulatively, Rs 120 billion will be raised through GIS fixed-rate auctions The GIS floating rate Sukuk will see auctions for both fresh issues and reopenings with a tenor target of three and five years and a total auction size of Rs 20 billion for each A total amount of Rs 120 billion will also be raised through this auction Similar to the other categories, the auction and settlement dates are from March 14 to May 23 2024 This move by the PSX is aimed at providing ample opportunity for market participants to invest in government securities, while also helping the government manage its liquidity needs Market analysts anticipate strong participation from institutional and retail investors reflecting confidence in the government s debt instruments Govt plans to raise Rs300bn from Ijarah Sukuk auc tions at PSX PR OFIT N E W S D E S K The Federal Board of Revenue (FBR) has declined a suggestion from the Ministry of Industries to implement an 18% general sales tax (GST) on all locally produced vehicles, warning of potential declines in tax collection and revenue The proposal aimed at applying a uniform tax rate to all domestic auto manufacturers and assemblers was intended to simplify the tax regime but faced opposition due to its potential economic implications In deliberations, the Industries and Production Division had argued for an 18% GST across the board but advised against raising taxes on vehicles with engine capacities below 1 400cc This proposal was presented at an Economic Coordination Committee (ECC) meeting as a measure to streamline the taxation on vehicles while ensuring a fair tax structure that does not favor any specific category or model However the FBR citing obligations under the International Monetary Fund (IMF) standby arrangement, voiced concerns that the proposed tax rate reduction for certain vehicles particularly sports utility vehicles (SUVs) and others presently taxed at 25% would lead to a narrower tax base and consequent revenue losses In March 2023, in response to fiscal challenges and to support economic stabilization, the FBR had raised the sales tax on luxury goods including certain vehicles from the standard rate of 17% to 25% ad valorem The decision to maintain higher tax rates for luxury vehicles was partly aimed at correcting market imbalances and providing competitive equality among different vehicle types In efforts to refine this policy the FBR had proposed adjustments to the tax structure, suggesting that all locally m a n u f a c t u r e d v e h i c l e s c o s t i n g o v e r R s 4 m i l l i o n ( e x c l u d i n g s a l e s t a x ) , r e g a r d l e s s o f e n g i n e c a p a c i t y b e subject to a 25% GST This was a modification from an earlier threshold of Rs5 million intended to capture a broader range of luxury vehicles under the higher tax bracket Further, the FBR outlined a tax strategy that maintains the 1,400cc engine capacity criterion for luxury taxation but introduces a price benchmark as an additional determinant for the application of the 25% GST Vehicles below the 1,400cc threshold and priced under Rs4 million would be taxed at a standard rate of 18% with exceptions made for vehicles under 850cc which are eligible for a reduced 12 5% rate Hybrid electric vehicles continue to benefit from lower rates as specified in the Eighth Schedule of the Sales Tax Act 1990 The FBR estimates that the revised proposal would generate an additional revenue of Rs4 5 billion annually The federal cabinet, following recommendations from the Cabinet Committee on Legislative Changes (CCLC), has directed the FBR to conduct a comprehensive internal assessment before finalizing the tax regime for locally manufactured vehicles
PR OFIT M O N I T O R I N G D E S K The Asian Development Bank (ADB) has issued a warning to the Pakistani government regarding potential loan suspensions due to delays in financial reporting During a Financial Management country consultation Mission, which took place from October 27 to November 8, 2023, the ADB emphasized the critical need for the timely submission of Audited Project Financial Statements (APFS) Audited Entity Financial Statements (AEFS) and compliance reports regarding Financial Covenants (FC) Pakistan recognized as a significant partner of the ADB and the largest borrower in the Central and West Asia region with an active portfolio exceeding $9 billion, faces challenges in governance and financial management The ADB s Country Partnership Strategy for Pakistan (2021-2025) as reported by Business Recorder has outlined several areas for development including governance, tax administration, policy, regulatory systems, and institutional reforms The consultation mission, led by Musaddiq I Shaikh, Financial Management Officer at the ADB met with officials from Pakistan’s Economic Affairs Division (EAD) Auditor General of Pakistan (AGP) and various executing and implementing agencies The discussions focused on auditing requirements the status of the Financial Management Action Plan (FMAP), and the consequences of non-compliance with financial management practices Key issues identified include delays in the submission of APFS and AEFS, challenges in recruiting independent auditors and the suspension of board activities following a government change in April 2022 These delays pose a significant risk to the continuation of ADB s financial support The ADB has outlined that a delay of more than six months in submitting APFS could result in the withholding of advances and new contract approvals, and a continuous delay of 12 months might lead to a suspension of the loan In response the Economic Affairs Division has committed to addressing these challenges promptly Steps include expediting the submission of outstanding audit and compliance reports, securing approval for the National Highway Authority s business plan, and facilitating the hiring of auditors to ensure compliance with Financial Covenants for the years 2017-2022 s
PR OFIT N E W S D E S K Treet Corporation Limited (TCL) announced its plan to sell an 11 33% stake in Treet Battery Limited, its subsidiary, through the Pakistan Stock Exchange The decision, aimed at divestment, was disclosed in a notice to the Pakistan Stock Exchange on Tuesday following a resolution passed by TCL s Board of Directors The company known for its extensive range of shaving razors and blades stated the sale would occur at the market price of Treet Battery Limited s shares on the date of sale or through negotiated deals, depending on what the management deems appropriate The process may involve selling the shares in one or several lots as decided by the company s management Established in 1977 Treet Corporation Limited boasts a diverse product portfolio with over 75 stock-keeping units (SKUs), including various types of razors marketed domestically and in over 40 countries globally With a production capacity of 2 15 billion units annually TCL is a major player in the industry under the Treet Group umbrella in Pakistan The company s latest financial report indicates a loss of Rs311 86 million for the six-month period ending December 31, 2023, primarily due to high financing costs which reached Rs1 36 billion The divestment move is part of the company s strategic adjustments in response to its financial challenges PSX ends winning streak as new gov t seeks IMF lifeline PR OFIT N E W S D E S K T h e P a k i s t a n S t o c k E x c h a n g e ( P S X ) w i t n e s s e d a r e v e r s a l o f f o r t u n e s o n Tu e s d a y a
n c e , t a x a d m i n i s t r a t i o n , p o l i c y, r e g u l a t o r y s y s t e m s , a n d i n s t i t u t i o n a l r e f o r m s PM Sharif directs authorities to expedite IMF talks PR OFIT N E W S D E S K Prime Minister Shehbaz Sharif directed authorities to accelerate negotiations with the International Monetary Fund (IMF) for a new loan to heal the bleeding economy as the nation s $3 billion Standby Agreement (SBA) is set to end in April 2024 Sharif gave the order to expedite talks for a new loan after he was briefed by Finance Secretary Imdad Ullah Bosal in a meeting with senior government leaders, according to a statement issued by the prime minister ’s office “We were given a mandate to improve the economy and this is our government s top priority said the newlyelected prime minister in his maiden meeting in which he ordered formulating emergency steps for economic revival, local broadcaster Geo News reported Bloomberg reported last month that Pakistan intends to request a new loan of at least $6 billion from the IMF to assist the incoming government in repaying billions in debt due this year It also emerged that Pakistan wants to expand the forthcoming IMF bailout package from an initial $6 billion to potentially $8 billion To comply with IMF demands, the South Asian nation implemented various measures including budget revisions a benchmark interest rate hike and increases in electricity and natural gas prices g B e n c h m a r k i n d e x d r o p s b y 0 3 4 % a f t e r d a y s o f g a i n s g We a r e g i v e n a m a n d a t e t o i m p r o v e e c o n o m y, s a y s n e w l ye l e c t e d p r e m i e r i n h i s m a i d e n m e e t i n g
Shehbaz on his first visit as a newlyelected PM, urged the authorities to develop a comprehensive relief and rehabilitation plan for the flood victims “No effort should be left in the assistance of the victims” he emphasized
Last week Gwadar was declared a disaster zone by the Balochistan caretaker government following a devastating spell of rain which triggered flash floods in the area “I took oath as the PM yesterday and came here today not to show off but to sympathise with you from the bottom of my heart and assure you that we are
T h e m e s s a g e f r o m M i c h i g a n
Washington Watch D
TW h a t M i ch i g a n Ês „ u n c o m m i t t e d ‰ vo t e rs h av e d o n e i s p u t d ow n a
m a r k e r „ R e a d t h e ro o m We w a n t yo u t o ch a n g e p o l i cy t o s av e l i v e s I f yo u d o n Ê t , yo u r i s k
l o s i n g o u r vo t e s a n d k ey g ro u p s w h o s u p p o r t a c e a s e f i r e a n d j u s t i c e fo r Pa l e s t i n i a n s . ‰
of states they win each state is given a number of electoral votes equal to the number of members of Congress apportioned to each state (based on its population) plus two (for its number of Senators) A state’s electoral votes go to the candidate who wins that state’s popular vote In recent years states like New York and California have predictably voted for Democrats while others like Texas Alabama and Mississippi have been locked in as Republicans As a result, the candidates won’t expend campaign resources to compete in these states Because some states like Michigan can go either way they are heavily contested Because it s difficult for Democrats to create a configuration of states giving them a winning majority that doesn t include Michigan that state has greater importance than states that are predictably Democratic or Republican It also gives Arab Americans, who comprise at least 3 5 percent of Michigan’s voters, an opportunity to play a greater role in shaping the outcome of national elections
The 13 3 percent of Michigan Democrats who voted uncommitted therefore sent a strong message to President Biden: Listen to us and give us a reason to vote for you, or you re putting your re-election at risk One would think that the message is clear enough to be understood But, to date, the Biden campaign hasn’t appeared to get it Their approach to the Arab community before the vote was at best ham-fisted They had no meetings with national Arab American leaders to discuss policy making do instead with failed attempts to meet with Michigan Arab Americans trying to secure their votes Most community leaders refused to participate in these meetings absent real changes in policy Biden representatives tried to assuage Michigan’s Arab community anger by offering some half meas-
ures One Biden official apologized for the White house not being more sympathetic to Palestinian suffering But when asked when the President would back a ceasefire, another official chimed in that wasn’t going to happen There were other Administration gestures in the lead up to the Michigan vote: sanctioning of a handful of Israeli settlers for their role in anti-Palestinian violence; hints that they might offer a plan for a pathway to an eventual Palestinian state ; pressing the Israelis not to invade Rafah; and, a day before the vote, Biden off-handedly remarked that he believed there’d be a temporary ceasefire in a week or so These lures were unconvincing to members of the Arab community Simultaneous with these transparent gestures Democratic operatives were spreading counter-messaging: the uncommitted vote would be too small to matter, and no matter how many were upset with Biden now, in November when Arab Americans were faced with the choice of Trump versus Biden they’d choose Biden Finally there were those who argued that what Arab Americans want the President to do to win their votes would be difficult because pressuring Israel might alienate Jewish voters These arguments are hollow and easily dismissed First, the uncommitted protest vote was one of the largest ever recorded and clearly enough to make a difference in November Second it’s dangerous and shortsighted to dismiss any groups of voters when we know from current polls and the 2020 election that a combined total of 70,000 votes in key toss-up states could shift the election s outcome And finally, it’s deeply insulting for the Biden campaign to ask Arab Americans to swallow their feelings of pain and anger in order to spare the feelings of another group from which nothing is being asked at all What Michigan s uncommitted voters have done is put down a marker Read the room We want you to change policy to save lives If you don t, you risk losing our votes and key groups who support a ceasefire and justice for Palestinians ”
The writer is President of the Arab American Institute
initiatives aimed at promoting literacy and lifelong learning and its intellectual discourse
Youth empowerment
Contrary to the national libraries of developed countries libraries in developing countries like Pakistan are facing numerous challenges like limited funding Lack of government support, infrastructural issues, lack of professional staff, digital
to provide access to online records and preserve valuable resources of the country in digital formats The library has digitized its public records and put them online in the Public Catalogue The automation and online access catalogue were early initiatives of this library and are functioning successfully The library plays an important role in community engagement through its outreach programme exhibitions workshops and other
h e l a ck o f n ew c o l l e c t i o n s , a n d t e ch n o l o g i c a l i n f r a s t r u c t u r e w h i ch r e q u i r e c o n c e r t e d e f fo r t f ro m va r i o u s s t a k e h o l d e rs l i k e g ov e r n m e n t a u t h o r i t i e s , l i b r a r y a d m i n i s t r a t i o n s , a n d o t h e r m i n i s t r i e s . T h e N a t i o n a l L i b r a r y o f Pa k i s t a n c o u l d e n h a n c e i t s m o r a l e a n d f u l f i l i t s m i s s i o n m o r e e f fe c t i v e ly i f t h e g ov e
I would like to draw the attention of concerned authorities towards the persisting issue of uneducated children in Pakistan a challenge that demands immediate action and comprehensive solutions The alarming rate of illiteracy among the youth poses a significant threat to the nation s future The root causes of this crisis stem from a combination of economic disparities, insufficient infrastructure, and societal norms that hinder access to education for many young minds Immediate measures must be taken to address this critical issue and pave the way for a brighter tomorrow for our youth To empower our youth and overcome these challenges a multi-faceted approach is necessary Firstly the government needs to increase investment in education, particularly in marginalized areas, is essential This includes building more schools, providing adequate resources, and training qualified educators and fostering partnerships with NGOs and educational institutions By investing in the education of our youth we not only uplift individuals but also empower the nation as a whole Leveraging technology for remote learning can bridge the gap in areas with limited access to traditional educational resources This approach can provide flexible learning opportunities for everyone Urgent and concerted efforts are required to address the root causes of uneducated children in Pakistan, requiring a comprehensive approach involving government initiatives, community engagement, and cultural shifts By prioritising education we can pave the way for a brighter
empowering our youth with the tools and knowledge needed for
Health dilemma
04 Wednesday 6 March 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 R e s e r v e d s e a t s a t s t a k e
h e election Commission of Pakistan decided against the Sunni Ittehad Council and refused to allocate it the seats it would merit after the PTIbacked independents In a 3-1 decision, it decided that the vacants seats would be allocated to the other parties even the dissenting member decided that the PTI in its SIC avatar could not be allocated reserved seats but indicated that if Parliament chose to amend the Constitution and election laws it could do so he seemed all right with the idea of those seats remaining vacant until then The failure of the SIC to have given a priority list in time (well before the election) seems to have been insurmountable It should be remembered that parties have to file a priority list of women and minorities with the eCP, which notifies those women and minorities according to the priority list In fact, there are not by-elections on these seats, for if there is a vacancy, the seat is automatically filled according to the priority list The PTI/SIC is going to appeal the decision to the Supreme Court A quick decision is needed, for the women and minority members have already missed the elections for the Speaker and Deputy Speaker and Prime Minister and there is a Senate by-election looming ahead as well as a presidential election and a Senate general election in all of which MNAs will vote If the new members do not take oath by these they will suffer an irremediable loss At the same time the PTI even in its SIC avatar, will be deprived of the reserved seats Its leaders have been repeating that the house is not complete without reserved seats being allocated They will likely not be very pleased if the eCP allocates the 29 seats it claims as its share to other parties, based on a calculation excluding the PTI The process is designed to ensure that parties control who is on a reserved seat Such members are MNAs in every sense being eligible for induction in the Cabinet and though no such case has occurred yet to become Leader of the house It also meant to ensure that no party is unfairly advantaged which is what will apparently happen if the seats are filled It is also worth noting that the PTI legal team seems to have slipped up for joining a party which had explicitly refused to provide a priority list at the appropriate time
a k e n q u i e
l y b y t h e P T I
i n g t o b e t
t
KARACHI
future
success SAMRA KHAN
I T is a common saying that health is wealth however, in our country, this wealth is at risk owing to private doctors and fake drugs As public hospitals do not provide quality treatment, people opt for private doctors Many of these private doctors are also serving as government doctors They treat patients in government hospitals in the morning and at their private centres in the evening however they do not provide as good treatment in public hospitals as they do in their private centres solely due to the allurement of making money Furthermore, it is common and well-known that private doctors, besides charging exorbitant fees, prescribe local medicines made by companies that bring them profits in the form of money, tour visas abroad, Umrah and hajj visas What is disheartening to note is that these local medicines put people s lives at risk A notable example is the incident from last year where numerous diabetes patients in Punjab suffered blindness due to the administration of counterfeit drugs Furthermore, I would like to recount my personal experience My mother is a diabetic patient As I previously mentioned, public hospitals do not offer quality treatment Consequently I take my mother for a monthly checkup with a private doctor On one occasion I noticed that during each visit the doctor would alter the prescribed medication for the same disease introducing new medicines in every check-up For example, one time he prescribed A medicine for blood pressure, and in the next checkup, he prescribed B medicine for blood pressure Both A and B were local medicines he was doing this solely for the profit that private doctors receive from medicine companies Yet it appears that neither the government nor the health department is showing concern There is a lack of oversight on medicines with no effective checks and balances in place I strongly urge the relevant authorities to take immediate and decisive action against private doctors who prescribe local medicines for profit and those involved in the sale of counterfeit drugs G AKBAR PALIJO SINDH 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 A C C O R D I N G to the World Meter Report there are a total of 193 countries in the world that are members of the United Nations and two states like the holy See and the state of Palestine which are not yet included in the countries list and are known as non-member observer states Almost all countries have their national library The largest national library in the world is the Library of Congress which is located in Washington D C in the USA The LOC is popular for its huge collections and infrastructural size The British Library in the United Kingdom is the second-largest library in the world after the LOC which houses an extensive collection of books, manuscripts, journals, newspapers, maps, and other items The third largest national library is regarded as the national library of China which is located in Beijing and is also known as the largest library in Asia The National Library of China has housed a vast collection of Chinese and foreign materials Similarly, the Russian State Library in Moscow, Bibliothèque Nationale de France (the National Library of France) and the National Diet Library Japan based in Tokyo are a few examples of national libraries in different countries The National Library of Pakistan exudes its own charm while preserving the cultural heritage of the country Over the years, the library has made significant progress and expanded rapidly When Pakistan came into being in 1947 there was no proper national library After the creation of Pakistan the Liaqat Memorial Library of Karachi was declared as the first national library of Pakistan in 1951 Karachi was the first capital of Pakistan After 20 years, President Ayub Khan declared Islamabad as the new capital of Pakistan on 14 August 1967 The national Library of Pakistan was moved to Islamabad in 1988 as most of the civil works were finished in June 1988 The caretaker Prime Minister Moinud Din Ahmad Qureshi inaugurated the library on 24 August 1993, and its doors were opened to the public The library is currently adjacent to the Prime Minister ’s house The library offers a huge collection of books newspapers and serials The national library encompasses a huge collection of rare books The library contributes valuable knowledge and preserves national records The prime purpose of the National Library is to preserve cultural heritage, foster research and scholarship, and provide access to extensive information to both public and academic communities The National Library of Pakistan was established to preserve the national repository of Pakistan The library assigned ISBNs to books in the country and prepared a national bibliography of Pakistan The library also releases rates for purchasing international publications The library strives to enhance its infrastructure collections and services to make it the most prominent library in the nation The library halls show that the people in the surrounding areas are taking advantage Most of the members are aspirants of CSS and other competitive examinations The emerging technologies have brought tremendous revolutions in all sectors of our societies The National Library of Pakistan is continuously struggling to integrate modern technology
divide, cultural and social factors, strategic management and governance and so on As a mirror of the country the National Library of Pakistan is facing a few burning issues that need proper attention from the government side The library is endeavoring to do more with fewer resources however, still, the National Library of Pakistan still seems to be helpless and shows weak stances contrary to other public departments One of the most burning issues of the National Library is the road leading to it The road is dilapidated and make it seem there is nothing ahead Countries with advanced infrastructure library buildings resemble the progress of the National Library The government of Pakistan and stakeholders of CDA should take necessary action Other burning issues of the national library are the lack of new collections and technological infrastructure which require concerted effort from various stakeholders like government authorities library administrations and other ministries The National Library of Pakistan could enhance its morale and fulfill its mission more effectively if the government of Pakistan streamlined these burning issues The writer is the Deputy Director Library at the Institute of Strategic Studies Islamabad he can be reached at writetoabidhussain@gmail com N e g l e c t e d t r e a s u r e : T h e f a t e o f t h e N a t i o n a l L i b r a r y o f P a k i s t a n Th e p ro b l e m s o f t h e L i b ra r y re f l e c t t h o s e o f Pa ki s t a n abiD Hussain O t h e r bu r n i n g i s s u e s o f t h e n a t i o n a l l i b r a r y a r e t
r n m e n t o f Pa k i s t a n s t r e a m l i n e d t h e s e bu r n i n g i s s u e s .
h e message sent last Tuesday by more than 100 000 Michigan Democrats who cast their ballots for uncommitted was crystal clear They were telling President Biden to call for a permanent ceasefire in Gaza and make dramatic changes in policy because they were having a problem voting for him or encouraging others to do so Make no mistake this was a big deal In the first place it’s always hard to mobilize people to vote “uncommitted as a protest It s much easier to win votes for an alternative candidate like Jesse Jackson or Bernie Sanders because supporters want to help them win Getting voters to turn out for uncommitted is more difficult because the inclination of those in this camp is to not vote at all It should be recognized that turning out over 101 000 uncommitted votes was a massive undertaking that far exceeded expectations The Michiganbased organizers had set a low goal of 10 000 (the vote margin that gave Donald Trump a victory over hillary Clinton in 2016) I was hoping for uncommitted to receive 5 percent of the total a percentage that would represent the percentage of the Arab American vote in Michigan plus some allies When the final tally showed that 13 3 percent of the total vote went to the uncommitted it was clear that it wasn t just a substantial portion of the Arab community that turned out in large numbers To get to 13 3 percent other groups including young, Black, Muslim, and progressive voters turned out as well To appreciate why Democrats place so much emphasis on Michigan it’s important to understand that US presidents aren t elected by the number of overall votes they receive in the national tally but by the collection
It should be a wake-up call for Biden
r J a m e s J Z o g b y
Gerved that ‘Many journalists have been killed in the line of duty in the past decade nd were targeted for exposing the truth and hat the involvement of the State and its unctionaries in crimes committed against a ournalist extends the infringement to the undamental rights of the public-at-large guaranteed under Articles 19 and 19-A of the Constitution’
It may be observed through examination of existing laws that there appears to be a disconcerting misalignment between the acions of the JIT and the legal mandate it is upposed to uphold, in addition to, the Protection of Journalists and Media Professionals Act 2021 not being implemented
To this end the JIT as per the law can only be constituted for the sole purpose of investigation of an offence under this Act There is no provision of PECA which either directly or otherwise, makes criticism of Judges an offence Thus, the very foundation is erroneous Proponents of the JIT’s actions and supporters of the curtailment and demise of freedom of speech point towards provisions of PECA which pertain to offence against the natural dignity of a natural person However, these provisions are not applicable for a few reasons Firstly, according to Section 43 of PECA, most of such
this is not a question of the dignity of the Judges or anyone else, it s a sham under the guise of “protecting the dignity” to deceive the masses, a mere manipulation of words the same old trick by new faces To curtail freedom of speech and media at all costs! Because once the watchdog with the ability to disseminate information and disclose the truth to the masses to hold the State and its corrupt institutions accountable is silenced, there would lie a brave new world The legal framework for protection of journalists needs to be revisited The crude
q u e s t i o n s a b o u t t h e a b u s e o f t h e p r o c e s s o f t h e l a w a l o n g w i t h u l t e r i o r m o t i v e s o f t h o s e a t t h e h e l m , p r e s e n t i n g a t r o u b l i n g e n c r o a c h m e n t o n f r e e d o m o f s p e e c h a n d e x p r e s s i o n T h i s p r a c t i c e o f s e l e c t i v e l y u s i n g l e g a l p r o v i s i o n s o r m i s c o n s t r u i n g t h e l e g a l p r o v i s i o n s f o r s e l f - f u l f i l l i n g p r o p h e c i e s i s a b o m i n a b l e T h e d i s e a s e o f t h i s r i d i c u l o u s p r e c e d e n t , w h e r e c r i t i c i s m i s m e t w i t h c o e r c i v e a c t i o n , o u g h t t o b e s e t a t n a u g h t b y a l l s t a k e h o l d e r s o n c e a n d f o r a l l , b e c a u s e p a r t o f u p h o l d i n g d e m o c r a c y, f r e e d o m o f s p e e c h a n d e x p r e s s i o n m u s t b e v i g i l a n t l y s a f e g u a r d e d , e n s u r i n g t h a t l e g i t i m a t e c r i t i c i s m r e m a i n s p r o t e c t e d a n d p a r t o f p u b l i c d i s c o u r s e .
India’s influence in Bangladesh: Suppor t or meddling?
history of the Journalist Protection Laws the Bill of which was tabled in Parliament after two journalists were killed in the line of duty subsequent silence for 7 years by the parliamentarians and only after the Islamabad High Court and Supreme Court took cognizance, a half-hearted Act came into existence Even after being promulgated, with the intent to put an end to such atrocities the Act has till date never been implemented Being an Islamic country to speak the truth is an obligation A statement with which Justice Qazi Faez Isa concurred in SMC No 4 of 2021 (2021 SCMR 1602) while stating that ‘Propagating the truth is an obligation stipulated in the Holy Qur ’an The Prophet (peace and blessing be upon him) stated that to speak against injustices and tyranny constitutes jihad-e-akbar the greater jihad Fundamentally, the constitution of the JIT and the subsequent notices and arrests of journalists only raises serious questions about the abuse of the process of the law along with ulterior motives of those at the helm presenting a troubling encroachment on freedom of speech and expression This practice of selectively using legal provisions or misconstruing the legal provisions for self-fulfilling prophecies is abominable The disease of this ridiculous precedent, where criticism is met with coercive action ought to be set at naught by all stakeholders once and for all because part of upholding democracy freedom of speech and expression must be vigilantly safeguarded, ensuring that legitimate criticism remains protected and part of public discourse
The writer is an experienced criminal lawyer who tweets at @kIMkLOz 4 and can be reached at Adv ChAmadTahir@gmail com
Bthe latest “India out” campaign in mid-January by urging his millions of followers not to buy Indian products in Bangladesh and abroad to protest against
s
meddling in Bangladesh s do-
affairs A striking example of such interference was the mockery of democracy seen in the January 7 elections where India’s involvement was pivotal in upholding a regime that blatantly favors India s strategic political and economic agendas Bhattacharya a PM Hasina critic, told DW The campaign has received support in Bangladesh on social media, with reports suggesting that some people are favoring alternatives to Indian products in Bangladesh and abroad
STRONG NEIGHBOURLY RELATIONS:
Some experts have doubts about the effectiveness of such a campaign as the relationship between the two countries is so deeply entrenched, and Bangladesh has become so dependent on India that achieving a complete boycott of India is unlikely Ali Riaz a political science professor at Illinois State University thinks that there is a po-
litical message underpinning this campaign that has implications beyond immediate success The campaign reflects the simmering discontent about India s disregard to the legitimate grievances of Bangladesh and its role in Bangladesh s domestic politics, Riaz told DW
According to the expert, the perception that India has helped Bangladeshi PM Sheikh Hasina remain in power despite her country’s democratic backslide and poor human rights records which were condemned by the West is not unfounded This is not the first time that India came to the aid of the Hasina government, during two previous elections in 2014 and 2018, which were marred by massive vote rigging in favor of the ruling party and boycotts, India stood by Hasina ” Riaz added The Bangladeshi government denies these allegations Mohammad A Arafat a lawmaker from Bangladesh s ruling Awami League party doesn t consider the India out campaign as an issue that needs to be addressed Arafat said that the United States, on the other hand, has tried to interfere in his country’s domestic affairs by announcing visa restrictions last year to Bangladeshi citizens who undermine elections The US embassy in Dhaka showed keen interest in the elections and conducted several meetings in several locations, including the election commission India hasn t done any such things,” he told DW The US said Bangladesh’s general election in January was not free and fair However it didn’t announce any new punitive measures in response to the election irregularities Both Bhattacharya and Riaz claim that New Delhi used its diplomatic leverage to contain the US from taking stricter action against Bangladesh over the issues of democracy and human rights Washington denies the allegations of interference in Bangladesh’s domestic politics
HOW DOES INDIA VIEW THE CAM-
PAIGN? Maldives President Mohamed Muizzu has promised to shift his country away from India in a region where New Delhi and Beijing vie for influence As an opposition leader, Muizzu demanded the removal of Indian military personnel stationed in some Maldivian
AInternational analysts have cut their global growth forecast from 2 8 per cent last year to around 2 per cent this year, a level that used to be deemed a world recession by the World Bank
average 30-year mortgage rate to a new cycle peak of 7 16 per cent None of this means that the US is necessarily clattering into recession but the post-Covid boom is assuredly over Markets have pocketed a perfect soft-landing before it is actually achieved Banquo s ghost at this feast is extremely tight money from central banks fixated on lagging indicators of wages and inflation, and trying to repair their reputations after letting inflation take off They are therefore likely to make a policy mistake This is not to say the job of central bankers is easy What are they to
Wednesday 6 March 2024 COMMENT 05
A N G L A D E S H S Prime Minister Sheikh Hasina secured a fourth consecutive term in power earlier this year, with her Awami League party taking three-quarters of seats in parliament following what some observers regard as a controversial election The vote was conducted by keeping almost all top leaders of the main opposition party and over 25,000 of its activists behind bars who were arrested in the run-up to the election on various charges including arson attacks and vandalism that some independent observers think were politically motivated However Bangladesh’s neighbour India welcomed the election result with Indian Prime Minister Narendra Modi congratulating Sheikh Hasina on her victory We are committed to further strengthen our enduring and people-centric partnership with Bangladesh,” Modi wrote on X, formerly Twitter, after the result was announced India shares a 4 100-kilometer-long (2 500-mile) border with Bangladesh Bilateral trade between the countries exceeded $15 billion (€13 71 billion) in 2021-22 ‘INDIA OUT’ CAMPAIGN GAINS TRACTION: A group of Bangladeshi influencers and political activists launched an “India out” campaign after the January elections claiming that the Modi government has not only been ignoring its neighbour s democratic backsliding but also actively backing Sheikh Hasina to stay in power for its own self-interest Pinaki Bhattacharya, an exiled Bangladeshi physician and influential social media activist living in Paris announced
India
relentless
mestic
islands At least 75 Indian military personnel are believed to be in the Maldives and their known activities include transporting patients from remote islands and rescuing people at sea India s External Affairs Minister S Jaishankar said that his country is not concerned about the “India out” campaigns “There are two realities we must recognize China is also a neighbouring country and in many ways will as part of competitive politics influence these countries [Maldives, Sri Lanka, and Bangladesh], he said at an event in Mumbai on January 30 Shantanu Mukherjee, a former officer with the Indian Police Service (IPS) and Bangladesh expert based in India’s capital New Delhi thinks there are some anti-India forces in Bangladesh but they are small in number Those anti-Indians are a minority in Bangladesh They don t want the relations between Bangladesh and India to become sweeter, he told DW, adding: “The more the relations will become warmer, their anti-India campaign will go further ” Pinaki Bhattacharya said that the India out campaign harbors no animosity towards the people of India It is a vehement political fight aimed squarely at the governing elite of India, a relentless battle to reclaim the sovereignty and stewardship of our cherished motherland,” he said Edited by: Keith Walker
E o R G E Washington famously stated that if freedom of speech is taken away, then dumb and silent we will be led, like sheep to the slaughter ’ After the pronouncement of the judgement by the Supreme Court in the BatSymbol case the Federal Government wasted no time in constituting a Joint Investigation Team in terms of Section 30 of the Prevention of Electronic Crimes Act 2016, to investigate the alleged social media campaign to malign the image of Judges of the Supreme Court Since then various journalists have been sent enquiry notices under Section 160 of the Code of Criminal Procedure 1898 to appear before the JIT Since then, journalists have been arrested Some, like Asad Toor, not for the first time These incidents of arrest of journalists and curtailment of freedom of speech are neither new nor isolated events Suppression of speech and expression Reporters without Borders note, has persisted in Pakistan since its founding– brutalities have been committed against journalists; journalists have been killed; abducted; there has been censorship by the State; biassed or lack of reporting due to fear of being harmed and so on The impunity with which journalists and critics alike have been silenced throughout our history is mortifying Many journalists, such as Bilal Farooqi, former Chairman PEMRA Absar Alam and Ehtisham Kiyani, to name a few have faced the wrath of such crackdowns in the past Back then this crackdown was halted by the Islamabad High Court one such case was that of Shahid Akbar Abbasi, wherein it was ob-
offences are “non-cognizable” consequently no FIR can be registered Secondly as held in Masood ur Rehman Abbasi case where an FIR got registered with the FIA for offence, inter alia, under Section 20 of PECA at the behest of a private person on allegations that ‘Petitioner criticised the Hon’ble Chief Justice of Pakistan using strong and undesirable language Justice Athar Minallah questioned the locus standi of the complainant to file a complaint on behalf another person and held that provisions of PECA are person-specific In other words, only the person so aggrieved can have a crime report registered not the State itself In the same Judgement Justice Athar further opined that A judge is not immune from being criticised The judiciary because of the nature of functions assigned to it under the Constitution and the lofty position it enjoys in the society, is open to criticism The independence of a judge is not affected in any manner because of public criticism’ Thirdly the JIT would require obtaining an order from a competent Court to investigate these offences as per Rule 7(5) of the Prevention of Electronic Crimes Rules 2018 ( PECR ) Neither seems to be the case here Furthermore, in Muhammad Shafique Butt’s case where an FIR was registered against a person for allegations against a Judge the Court while granting bail noted that the Contempt of Court ordinance has been exclusively left to the courts to convict/punish an alleged contemnor for maligning, ridiculing or bringing into disrepute the courts or a judge’ If the Judges of the Supreme Court are personally aggrieved they themselves could invoke jurisdiction under the Contempt of Court ordinance however their reluctance to do so thus far lends credence that
Th e at t a c k s o n t h e p re s s co nt i n u e
p r o t r a c t e d e c o n o m i c s l u m p a c r o s s l a rg e p a r t s o f t h e w o r l d e c o n o m y i s c o l l i d i n g with an ever more egregious credit bubble, one that looks increasingly like the subprime excesses o f 2 0 0 7 T h i s s t r a n g e c o n t r a d i c t i o n will be resolved one way or the other soon enough Germany Britain and Japan were all in recession over the northern hemisphere winter France escaped by a whisker, but is now introducing austerity cuts The latest fall in the eurozone s Economic Sentiment Indicator has smothered hopes of a meaningful recovery over coming months Investors are behaving as if the West is already in the early stages of a cyclical recovery They are betting heavily on the impossible trinity of falling inflation, double-digit gains in corporate earnings, and a Goldilocks economy of perfect pitch But what macroeconomic force is supposed to drive this rebound? China is still grappling with the fallout of its enormous property slump Cities and local authorities that once depended on land sales for 42 per cent of their income have seen this revenue halve since that bubble burst in 2021 They are in the midst of a public debt crisis that dwarfs the eurozone travails of 2010-2015 in absolute numbers if not in character Beijing is trickling out just enough stimulus to prevent a chain reaction –mobilising the “national team” to lift share prices on the carpet-bombed stock markets of Shanghai and Shenzhen –but not enough to lift the mood of cosmic gloom enveloping the country or to reverse the onset of debt-deflation International analysts have cut their global growth forecast from 2 8 per cent last year to around 2 per cent this year a level that used to be deemed a world recession by the World Bank It is certainly near stall-speed At the same time, credit spreads on junk debt are compressed to levels seen during the wildest phases of preLehman speculation The BBB corporate debt index has dropped to a wafer-thin spread of 120 basis points The fever has spread to risky B a grade defined by Fitch as having a material default risk and a limited margin of safety So much for claims that we are now in a world of scarce capital Euphoria is the name of the game, said Barnaby Martin, credit strategist at Bank of America “What are the classic signs of a credit bubble? When discipline goes out of the window and markets buy deteriorating credits because of a feeling of value It does not yet feel like the pervasive blow-off of 2007, when Icelandic banks were going mad and Greek bonds were trading like German bunds, as if the eurozone had a fiscal union But we will know that moment is nigh if CCC-rated debt joins the party At that point run for the hills Equities are better behaved but AI values are absurd and we have seen alltime highs over recent days on Wall Street, Japan’s Nikkei, Europe’s Stoxx 600 the French CAC the German DAX and India s nifty fifty and it cannot all be attributed to the illusion of nominal money The standard price/earnings multiple for the S&P 500 index is currently 22 95, versus 15 77 at the peak in May 2007 “The current AI bubble is bigger t h a n t h e 1 9 9 0 s t e c h b u b b l e ” s a i d Torsten Slok from Apollo Global Management Bank of America s Bull & Bear indicator is flashing warnings of excess exuberance at 6 6, but has not yet hit the contrarian sell-signal of 8 0 “It won’t take long ” said the bank’s equity guru Michael Hartnett The US economy is still in good shape enjoying the turbo-charged fiscal stimulus of the Trump tax cuts and the Biden New Deal, which have together pushed the federal deficit to 6 5 per cent of GDP But even this has its limits The Hutchins “fiscal impact measure” suggests that budget policy is now a net drag on growth Markets have pocketed a perfect soft-landing before it is actually achieved Most Americans have exhausted the excess savings accumulated during Covid lockdowns and they have dipped deep into their rainy day reserves for good measure The US savings rate has collapsed to 3 7 per cent of GDP and is now close to an historical extreme Such episodes always end badly The first sugar rush from the Inflation Reduction Act is fading too as foreign investors discover what it actually means to face US bureaucracy and local content rules A free market it ain t The National Association of Manufacturers expects capex spending to fall to an eight-year low of 0 6 per cent this year The American exceptionalism of the last two years is fraying at the edges Truck freight volumes dropped 4 7 per cent last month (y-on-y) Durable goods orders fell 6 1 per cent in January, or by 7 3 per cent excluding defence New home construction fell 14 8 per cent doubtless exaggerated by bad weather but unlikely to roar back soon given the jump in the
do in the face of rampant speculation from AI stocks to Bitcoin and Ethereum? Monetary tightening is like pulling a brick across a rough table with elastic; you tug and tug and nothing happens; you tug again it leaps into your face The Federal Reserve the European Central Bank, and the Bank of England are all talking as if the world economy touched bottom several months ago They are keeping interest rates very high as an insurance policy against a resurgence of inflation just in case this really is the 1970s again But even standing still has consequences Real rates are rising passively – and fast – as inflation drops Paul Donovan from UBS says real rates in Germany have risen by 160 basis points since the last policy change This is an odd prescription for a country facing the worst property slump in 60 years and also trying to contain liquidity woes at Deutsche Pfandbriefbank before it sets off a systemic German banking crisis The ECB’s policies seem so far out of kilter with the needs of a depressed economy that it may end up pushing Europe back into incipient deflation All three central banks may be underestimating the delayed effects of monetary tightening – past and current – and risk pushing the world economy into a stubbornly long downturn As for the credit bubble it could end two ways: if the doves are right a weak economy will set off a wave of corporate defaults; if the hawks are right, a strong economy will lead to monetary torture and also a wave of defaults Pick your poison Central banks might push the world into a long downturn SYDNEY MORNING HERALD A m b r o s e e vA n s - P r I t c h A r d DEUTSCHE WELLE A r A fAt u l s l A m S i l e n c i n g c r i t i c s , l i k e s h e e p t o t h e s l a u g h t e r F u n d a m e n t a l l y, t h e c o n s t i t u t i o n o f t h e J I T a n d t h e s u b s e q u e n t n o t i c e s a n d a r r e s t s o f j o u r n a l i s t s o n l y r a i s e s s e r i o u s
global expectation that the country would continue serving as both a stabilizer and a locomotive for the world
The around 5-percent GDP target along with a series of other key economic goals, was released in the Government Work Report delivered by Premier Li Qiang on Tuesday to the second session of the 14th National People’s Congress (NPC)
The GDP goal is similar to last year s and is in line with market expectation which observers said mirrors the country s work priority to maintain policy consistence and economic stability
derpinned by the country’s indigenous economic vigor as well as Chinese top policymakers’ strategic focus and rich toolbox at hands
The highly anticipated economic agenda also offers a timely rebuttal to Western doomsayers who have recently been sparing no efforts to disparage the Chinese economy A 5-percent GDP expansion this year would make China still one of the fastest-growing major economies raising
In setting the growth rate, Chinese policymakers have taken into account the need to boost employment and income and prevent and defuse risks This growth rate is well aligned with the objectives of the 14th Five-Year Plan (2021-25) and the goal of basically realizing modernization It also takes account of the potential for growth and the conditions supporting growth and reflects the requirement to pursue progress and strive to deliver according to Government Work Report While acknowledging that achieving this year s targets will not be easy, Li pledged that the country will “maintain policy focus, work harder, and mobilize the concerted efforts of all sides ”
No Indian troops, not even in civilian clothes, to remain on my island:
Maldives President
Kahdhoo are also expected to leave ahead of May 10 Further highlighting that securing true independence is a concept he regards with utmost priority, the President remarked that the State is exerting efforts with due importance to regain the southern maritime area deprived of the country in addition to expelling Indian troops from the Maldives
Observers said a 5-percent GDP growth aligns with the long-term development goals laid out by the 14th Five-Year Plan (2021-25) and the Long-Range Objectives through 2035, which stated that the country’s GDP should double by 2035, compared with its 2020 level It also provides a necessary condition for China to achieve its goal of creating over 12 million new urban jobs in 2024 listed in the Government Work Report
A growth rate of around 5 percent would
also be faster than IMF’s projected global growth rate of 3 1 percent or the forecast of 1 5 percent for advanced economies and 4 1 percent for emerging market and developing economies The IMF, in its latest World Economic Outlook report released in January, projected that China’s GDP will grow by 4 6 percent in 2024 According to the report China will move faster to create a new pattern of development and promote high-quality development The report highlighted 10 major tasks
this year and “striving to modernize the industrial system and developing new quality productive forces at a faster pace was listed at the foremost
The Government Work Report also presaged more fiscal stimulus to shore up the economy this year, according to economists China’s deficit-to-GDP ratio is set at 3 percent this year and the government deficit is set at 4 06 trillion yuan an increase of 180 billion yuan over the 2023 budget figure We should appropriately enhance the intensity of our proactive fiscal policy and improve its quality and effectiveness,” Li said He also proposed that 1 trillion yuan u l t r a - l o n g s p e c i a l t r e a s u r y b o n d s w i l l likely be issued in 2024 and such bonds will also be issued over each of the next several years
Observers said if the potential of all available resources and other elements are fully utilized, China could realize a GDP growth rate of between 5 percent and 6 percent this year landing well above the 5-percent goal China s overall economic recovery and growth were boosted in 2023, according to Li Its GDP surpassed 126 trillion yuan last year, an increase of 5 2 percent, ranking China among the fastest-growing major economies in the world
Hamas: No breakthrough, G aza ceasefire talks ex tended in C airo for another day
CAIR O A G E N C I E S
Hamas negotiators will remain in Cairo for another day at the request of mediators keeping ceasefire talks going after two days with no breakthrough an official from the group said on Tuesday
The Cairo talks have been billed as a final hurdle to reaching the first extended ceasefire in the conflict between Hamas and Israel – a 40-day truce during which Israeli hostages would be freed and aid sent to Gaza – ahead of Ramadan which is due to begin at the start of next week
The delegation will remain in Cairo on Tuesday for more talks; they are expected to wrap up this round later today, a Hamas official was quoted as saying by Reuters Egypt’s Qahera television also reported the talks had been extended for a third day but said they were facing difficulties Earlier senior Hamas official Bassem Naim said the group had presented its proposal for a ceasefire agreement to the mediators and was now waiting for a response from the Israelis, who have stayed away from this round
(Prime Minister Benjamin) Netanyahu doesn t want to reach an agreement and the ball now is in the
Americans court to press him for a deal, Naim said A senior Israeli official, asked about Naim’s comments that Israel was holding up the deal said: “The claim is incorrect Israel is making every effort to reach an agreement We are awaiting a response from Hamas Israel has declined to comment publicly on the talks in Cairo Egyptian security sources said on Monday they were still in touch with the Israelis to allow the negotiations to continue without an Israeli delegation pres-
ent Washington has said an Israeli-approved deal is already on the table, and it is up to Hamas to accept it Hamas disputes this account as an attempt to deflect blame from Israel if the talks collapse with no deal The United States has also called on Israel to do more to alleviate the humanitarian catastrophe in Gaza, where more than 30,000 Palestinians have been killed by Israel’s assault, launched after Hamas attacks
the Near East warned Monday against attempts to dismantle the agency Lazzarini expressed concerns at the UN General Assembly about a deliberate and concerted campaign aiming to cease the agency’s activities, amidst unsubstantiated claims by Israel that the agency harbors over 450 “military operatives” from Hamas and other groups UNRWA is facing a deliberate and concerted campaign to undermine its operations and ultimately end them, Lazzarini said
UNRWA, critical for humanitarian aid in Gaza is “functioning hand-tomouth after a significant funding halt said the UNRWA head
China ‘redoubles effor ts’ to improve government per formance
Wednesday 6 March 2024 | K AR ACHI 06 NEWS SRINAGAR S TA F F R E P O R T The Jammu and Kashmir Democratic Freedom Party (DFP) has reaffirmed its support for the All Parties Hurriyat Conference s call for a complete strike on Thursday in protest against the scheduled visit of Indian Prime Minister Narendra Modi to occupied Jammu and Kashmir According to Kashmir Media Service in a statement issued in Srinagar today DFP spokesman Advocate Arshad Iqbal criticized Modi s visit to the occupied territory, labeling it as an attempt to fabricate a false narrative of normalcy in Kashmir He expressed disappointment over the Indian government’s dissemination of misinformation to deceive the international community The spokesman emphasized that the people of Kashmir have historically rejected India s aggressive occupation of their homeland and will continue to do so in the future Describing Kashmir as a UNrecognized disputed territory the spokesman stressed that the Indian government should acknowledge the ground realities instead of perpetuating falsehoods He urged India to facilitate a peaceful resolution of the longstanding conflict in accordance with the resolutions of the United Nations Security Council APHC leaders Muhammad Yousuf Naqash, Farida Behan Ji, Jammu and Kashmir National Front and Jammu and Kashmir United Political Forum in their statements in Srinagar stressed that Modi regime s dual approach involving oppression and barbarism alongside deceptive economic packages, only exacerbates the suffering of Kashmiris They pointed out that Modi not only subjected Kashmiris to oppression and barbarism but also insulted them by revoking the special status of Jammu and Kashmir He said the entire world is well aware of India’s double standards The leaders extended congratulations to Mian Muhammad Shahbaz Sharif on assuming the position of Prime Minister of Pakistan for the second consecutive time Hurriyat reaffirms c all for complete strike on Modi ’s visit to IIOJK BEIJING M I A N A B R A R
H I N A on Tuesday set a growth target of around 5 percent for its economy in 2024, a “forwardlooking and pragmatic” goal which deputies and economists said sends strong signals that the world s second-largest economy will sustain its firm recovery momentum this year despite rising headwinds, while putting more emphasis on ensuring economic stability and transforming growth models Although achieving the growth target will not be an easy task given the sheer size of the Chinese economy and a grim global environment Chinese officials have voiced strong confidence that the economy will likely meet or even hit over the target, un-
C
C H I N A P U T S 2 0 24 G D P G R O W T H TA R G ET AT A R O U N D 5 P E R C E N T
MALE A G E N C I E S Maldives President Mohamed Muizzu has affirmed that no Indian military personnel not even those in civilian clothing would be present inside his country after May 10 Muizzu s statement comes less than a week after ostensibly an Indian civilian team but in reality military officials, reached the Maldives to take charge of one of the three aviation platforms in the island nation, well ahead of the Mat 10 deadline agreed by the two country’s for the withdrawal of Indian military personnel Addressing a community in Baa atoll Eydhafushi during his tour across the atoll President Muizzu stated that due to his government s success in expelling Indian troops from the country people who spread false rumours, are attempting to twist the situation, a news portal Edition mv reported “That these people [Indian military] are not departing that they are returning after changing their uniforms into civilian clothing We must not indulge such thoughts that instil doubts in our hearts and spread lies the portal quoted Muizzu as saying There will be no Indian troops in the country come May 10 Not in uniform and not in civilian clothing The Indian military will not be residing in this country in any form of clothing I state this with confidence ” he said Within hours of taking oath last year Mizzu in his inaugural address to the parliament demanded India to remove its personnel from the strategically located archipelago in the Indian Ocean The decision follows Muizzu s formal call to India to withdraw its military personnel, citing a strong mandate from the Maldivian populace Edition mv further reported that while the first troops to depart the country are the Indian military personnel operating the two helicopters in Addu City the military personnel present in Haa Dhaalu atoll Hanimaadhoo and Laamu atoll
that killed 1 200 people in October More than 30 000 Palestinians have
killed by Israel s assault launched after Hamas launched a surprise attack on October 7, which led to the deaths of around 1,200 people People mourn as they receive the dead bodies of victims of an Israeli strike in Rafah Gaza March 3 2024 /CFP People mourn as they receive the dead bodies of victims of an Israeli strike in Rafah Gaza March 3 2024 UN agency warns of threat to its presence in Gaza amid conflict Philippe Lazzarini, commissionergeneral of the UN Relief and Works Agency (UNRWA) for Palestine Refugees in
been
BEIJING S TA F F C O R R E S P O N D E N T China’s State Council has worked to improve government performance across the board and redoubled efforts to enhance governance according to a government work report submitted on Tuesday to the national legislature for deliberation We were firm in upholding the authority of the Communist Party of China Central Committee with Comrade Xi at its core and its centralized, unified leadership and took solid steps to fully implement the decisions and plans of the Party Central Committee ” the report read With top priority given to political advancement the State Council enhanced the government s capacity to perform its duties in all areas the report added The State Council submitted 10 legislative proposals to the Standing Committee of the National People s Congress (NPC) for deliberation, formulated or revised 25 sets of administrative regulations, and launched a three-year action plan for improving administrative law enforcement the report noted The State Council also accepted oversight in compliance with the law and handled with full attention suggestions and proposals from NPC deputies and Chinese People s Political Consultative Conference National Committee members, the report said Efforts have also been made to prioritize research and studies improve Party conduct and conduct inspection and rectification in financial institutions state-owned enterprises and other institutions GAZA R E U T E R S Two Palestinian toddlers with sunken eyes and emaciated faces, one in a yellow cardigan and the other in a stripy top, were lying side by side on a bed in a Gaza clinic, their thin, bony legs protruding from diapers that looked too big for them This was the scene on Monday at AlAwda Health Centre in Rafah southern Gaza where nurse Diaa Al-Shaer said children suffering from malnutrition and from a range of diseases were arriving in unprecedented numbers “We will face a large number of patients who suffer from this which is malnutrition she said The toddler in the yellow cardigan Ahmed Qannan, weighed 6 kg (13 2 lb), half of his pre-war body weight, according to his aunt, Israa Kalakh, who was by his side “His situation worsens each day God protect us from what is coming ” she told Reuters Nearly five months into Israel s air and ground invasion of Gaza and resulting mass displacement acute shortages of food have led to what the United Nations is describing as a nutrition crisis part of a wider humanitarian catastrophe Gaza s Health Ministry said on Sunday that 15 children had died of malnutrition or dehydration at Kamal Adwan Hospital in Beit Lahiya, northern Gaza, the part of the enclave where the lack of food is most extreme The unofficial numbers can unfortunately be expected to be higher said World Health Organization spokesperson Christian Lindmeier The worsening hunger crisis has intensified criticism of Israel on the world stage including from US Vice President Kamala Harris whose country is Israel s staunchest ally She said on Sunday that people in Gaza were starving, calling on Israel to do more to significantly increase the flow of aid Reuters obtained a video filmed on Saturday at Kamal Adwan showing a woman Anwar Abdulnabi weeping over the body of her daughter Mila, a toddler, who had just died in her bed “My daughter my beautiful daughter my gentle daughter has passed away cried Abdulnabi She later said through her tears that Mila had been suffering from calcium and potassium deficiencies Dr Ahmad Salem, who works in the hospital’s intensive care unit, said one of the factors in the high number of child deaths there was that new mothers were themselves malnourished The mothers cannot breastfeed their children We do not have formula milk This has led to the deaths of children here in the intensive care unit Also in the nursery there are numerous deaths ” he said ‘H E L P L E S S N E S S A N D D E S PA I R’ Deliveries of food aid to the whole of Gaza are falling far short of what is needed, and the problem is worse in the north because the only crossings where Israel allows trucks to pass are in the south Some aid trucks have been seized by desperate crowds before they reach the north The sense of helplessness and despair among parents and doctors in realising that lifesaving aid just a few kilometres away is being kept out of reach must be unbearable said Adele Khodr UNICEF regional director for the Middle East and North Africa In its latest situation report, dated March 1, the UN agency for Palestinian refugees, UNRWA, said an average of about 97 trucks a day had been entering Gaza in February down from about 150 in January and well short of the 500-aday target UN agencies and humanitarian groups have blamed the shortfall on Israel’s actions, including the closure of land crossings into northern Gaza ongoing military operations and a complex system of Israeli checks of items bound for Gaza Israel claims it does not restrict humanitarian or medical aid and has blamed the lack of deliveries on the capacity of aid agencies However, the reality is far from what the settler-colonial state claims A s G aza’s hunger crisis worsens, emaciated children seen at hospitals
mayor k arachi inaugurates pSO ECO STREET projec t
Tbahria University E8 Campus Islamabad hosts 26th convocation
masterc ard and C ARE
International unite women entrepreneurs for ‘S trive Women' launch in pakistan
ISLAMABAD P R
k arandaaz receives global recognition for ‘best prac tices in D iversity, Equity, and
stalls at the career fair including P&G, Loreal, Food Panda, Total Parco, English Biscuits Manufactures, Packages, National Logistics Cell Netsol Technologies Pak Arab Refinery Limited Jazz Zong Kohinoor Textile Mills State Bank of Pakistan and BoP to name a few Speaking at the event, Dr Rizwan Riaz, NUST Pro-Rector Research, Innovation & Commercialisation (RIC) appreciated the industry for being present in an overwhelming number to interact with students from the country s premier university He further said that it was imperative both for the academia and the industry to continue fostering sustainable and mutually beneficial partnerships The event sponsors included PARCO - Pak-Arab Refinery Limited Wateen Telecom Limited Contour Software, Hum Network Ltd, Cheezious Pakistan and Islamabad Tea Company
it is due to overlooking at the guidelines set by the World Health Organization (WHO) The WHO guidelines state that threshold of 70 percent of the retail price or the level required to cover the costs tobacco makes the country incur In the latter case the increase would be four to five times what the tax rate is now In the short-run the rates on the two tax tiers should be increased with a higher increase for the second tier so that the gap between them is minimized In the long run however the two-tier system should be abolished to have a singletier system This would help in bringing the poor out of the vicious cycle of poverty in addition to reducing the smoking-related disease burden
Ac tion against traffic rules
Challan System
KE
ISLAMABAD P R Saudi Ambassador in Pakistan H E Nawaf Al Nawaf Al Maliki, during a meeting with Managing Director Pakistan Bait-ul-Mal (PBM) Syed Tariq Mahmood-ul-Hassan offers the generous support to operate the conjoined twins born in poor families of Pakistan Admiring the PBM s distinguished pro-poor services Saudi Envoy announced that con-joined children referred by PBM, will be offered the modern medical services in a state-of-the art Hospital in Saudi Arabia sponsored by King Salman Humanitarian Aid & Relief Centre (KSrelief) While expressing his gratitude to Saudi Envoy for extending such a kind aid for the poor populace of the country, Managing Director PBM, Syed TM Hassan marked this initiative an imperative allowing the children to enjoy healthy, normal and independent lives In a statement, Syed TM Hassan has also requested the respected media representatives to be part of this noble cause by making us accessible to poor families with con-joined children PBM s toll free number is 080066666 and www pbm gov pk is its official website S audi envoy extends generous suppor t of k Srelief to p b m for conjoined twins of poor families KARACHI P R Pakistan’s digital payments ecosystem is gradually moving towards a cashless journey where the utility sector is seeing an upward trend in digital payments K-Electric a pioneering force in the energy sector, and VISA, a world leader in digital payments, recently signed an MoU to chart the digital payments future of Pakistan The signing event signals a long-term partnership aimed at providing customers with an efficient and seamless digital experience By using the innovative technology of QR codes, KE has improved overall customer experience and streamlined operations A partnership between KE and VISA promoting digital payments saw the campaign increasing bill payments via QR by up to 4 times, indicating strong customer reception Fawad Ali Gilani, Chief Distribution Officer at KE stated on this occasion “As KE and VISA embark on this strategic alliance the collaboration is poised to bring about transformative changes setting a benchmark for excellence in the realms of customer facilitation and digital innovation The partnership aims to leverage both organizations’ expertise
D ubai-based S amana Developers forges JV with DHA pakistan to enter pakistan real estate market
07 NEWS Wednesday 6 March 2024 | K AR ACH PR OFIT N E W S D E S K
H E cement sector saw a 19 22% decline in overall despatches both domestic and international amounting to 3 259 million tonnes in February compared to 4 035 million tonnes in the same month the previous year The All Pakistan Cement Manufacturers Association (APCMA) reported this drop was influenced by fewer working days and holidays surrounding the general elections Domestic sales experienced a 20 33% reduction, falling to 2 863 million tonnes from February 2023 s 3 590 million tonnes Similarly, export despatches decreased by 11%, to 395,935 tonnes from the previous year ’s 444 962 tonnes The decrease in local sales is attributed to a reduced number of working days in February coupled with a deceleration in construction activities around the election period, according to Fahad Hussain Khan from Topline Securities He also noted that a decline in export prices rendered foreign sales less viable compounded by transportation challenges stemming from the axle load regime Additionally, the report highlighted an increase in the average retail price of cement in February, with a Rs6 per 50kg bag rise in the southern region to Rs1,195, and a Rs9 increase to Rs1,245 in the northern region Despite the February slump the first eight months of the fiscal year 2024 (8MFY24) saw a 4% drop in domestic sales to 26 059 million tonnes from 27 207 million tonnes in the corresponding period last year However, export despatches surged by 73% to 4 496 million tonnes in 8MFY24 from 2 597 million tonnes leading to a 2 52% increase in total cement sales to 30 555 million tonnes compared to 29 805 million tonnes in 8MFY23 The APCMA spokesperson expressed optimism that the incoming government would introduce policies favorable to the industry and prioritize addressing its critical issues The spokesperson also called for the commencement of pending public sector development projects to support the construction industry and the workforce reliant on it CEMENT SALES DROP 19% IN FEBRUARY g D E C R E A S E I N LO C A L S A L E S I S AT T R I B U T E D TO A R E D U C E D N U M B E R O F W O R K I N G D AY S I N F E B R U A R Y CORPORATE CORNER ISLAMABAD P R Bahria University Islamabad E8 campus hosted its 26th Convocation from March 2nd to March 4th, 2024, celebrating the academic achievements of its graduates across various disciplines The three-day Convocation Ceremony witnessed the academic endeavors as Degrees were conferred upon the graduates of Humanities & Social Sciences, Business & Management, Law, Psychology and Engineering & Applied Sciences Programs The Executive Director of HEC Rector Bahria University and Vice Chancellor of Air University graced the occasion as Chief Guests They conferred total of 970 Degrees, 66 Gold medals and 61 Silver medals to the accomplished students of PhD, Masters, and Undergraduate Programs acknowledging their dedication and hard work Speaking on the occasion Executive Director HEC Dr Zia UlQayyum offered heartiest congratulations to all the graduating students He appreciated the mutual and collec-tive efforts of students and BU faculty in achieving their goal through hard work and dedication He also congratulated the teachers and parents whose efforts and continuous support had played a key role in making this journey a success
K A R A C H I: The Mayor Karachi, Barrister Murtaza Wahab and MD & CEO, PSO, Syed Muhammad Taha inaugurated the company’s latest initiative PSO ECO STREET surrounding PSO House (Clifton Karachi) PSO ECO STREET a sustainable plastic road is part of PSO s ongoing efforts to reduce plastic waste and promote ecofriendly infrastructure This significant initiative has turned approximately 49,428 square feet of traditional road into a symbol of green living utilizing 5 000 kg of recycled plastic waste primarily from lubricant bottles and cans collected from PSO s Lubricant Manufacturing Terminal (LMT) location in Karachi PR
I S L A M A B A D: To coincide with International Women’s Day Mastercard’s Center for Inclusive Growth and CARE International in Pakistan are announcing the launch of Mastercard Strive Women a new program that aims to strengthen the financial health and resilience of small businesses in Pakistan with a focus on those led by women Strive Women, a global initiative that will run in Pakistan, Peru and Vietnam, recognizes that women-led small businesses are critical contributors to economies communities and households worldwide The program will focus on strengthening the financial health of small businesses by working with local partners in each market to deliver tailored financial products and support services while addressing unique gender barriers that women-led businesses face PR
Inclusion’ K A R A C H I: Karandaaz Pakistan a leading impact investment platform that drives sustainable economic growth and strengthens financial and social protection systems for inclusion, has received the prestigious Global Diversity, Equity, and Inclusion Benchmarks (GDEIB) Award 2024 Expressing gratitude for this achievement Karandaaz CEO Waqas ul Hasan expressed his enthusiasm saying We are honoured to receive the GDIEB Award It is a testament to our unwavering commitment to creating an environment where diversity is celebrated, equity is valued, and inclusion is at the heart of everything we do At Karandaaz we believe that a diverse and inclusive workplace fosters innovation and creativity and ultimately drives our success in promoting financial inclusion in Pakistan PR Jazz par tners with tenX to drive power ful c ustomer insights with AI initiatives I S L A M A B A D: rtificial intelligence, data analytics, and software development consultancy, to transform its data management through Enterprise Feature Store (EFS) and Predictive AI Models Through this collaboration Jazz will streamline its Artificial Intelligence and Machine Learning (AI/ML) processes to make them more efficient and easier to reuse turning raw data into useful information for AI/ML predictions AI/ML will also automate tasks and improve data quality, enabling Jazz to make data-driven decisions The partnership agreement was signed at LEAP 2024 (Riyadh KSA) between Aamir Ibrahim CEO Jazz and Qazafi Qayyum CEO TenX Aamir Ibrahim CEO Jazz stated This collaboration is a testament to our shared commitment to innovation, driving unparalleled insights and efficiencies By leveraging advanced AI solutions, we are improving efficiency and redefining the possibilities for customer engagement and business growth marking a new era of techdriven telco excellence Talking at the event Qazafi Qayyum TenX CEO said Our partnership with Jazz marks a pivotal step forward Data and AI are among the top initiatives for many businesses across the glob PR
I S L A M A B A D: Samana Developers a leading real estate company in Dubai has signed two joint venture agreements with Defence Housing Authority (DHA) The partnership will explore and develop mixed-use residential and commercial projects across various Defence Housing Authorities (DHAs) in Pakistan with primary focus on DHA Islamabad and DHA City Karachi The agreements were signed on the sidelines of the busy International Property Show Dubai between Mr Imran Farooq CEO of Samana Developers, and Brigadier Muqeem Ahmed Subhani, Director Joint Ventures Cell at Defence Housing Authority, along with the presence of high officials from both sides The partnership marks the commencement of a new era of luxury developments across Pakistan The parties will delve into the feasibility and potential of transformative projects, covering a spectrum of developments, from infrastructure to entertainment arenas, hospitality hubs, and residential complexes PR
I S L A M A B A D: MNF is one night event in which 4 teams participate and teams are made from Mix and Match combination as it is done in Franchise Leagues Giving chance to youngsters and District players to play alongside and against International Players Gulshan Soccer aims to lay foundation for Soccer Franchise leagues in Pakistan Football in near Future INSHALLAH Titan One Monday Night Football 6th edition was organized on 4/Mar/2024 at Madho Muhammadan Football Club Four Teams participated in Monday Night Football:- Wahaj Hussain's School System - GSA Galacticos - Bafana Bafana- UntouchablesFour International players appeared in the tournament:Moeen Ahmed - Faraz Raiz- Muhammad MoosaShahjahan Hassan Four U-18 Player s from Gulshan Soccer Academy participated in the event: Jaffer Omer Ali baloch YahyaThis year We have introduced the new category Mentorship , one Mentor for each team To share their experience and Motivate the team player ’s Wajid Ali for GSA Galacticoz Tasneem Ahmed for Untouchables Usama Askari for Wahaj Hussain s School System Khalid Sakhi for Bafana BafanaTournament started with the match between Untouchable and GSA Galacticos which ended up PR
violators
I S L A M A B A D: According to details, following the directions of the Islamabad Capital City Police Officer (ICCPO), Dr Akbar Nasir Khan, the Islamabad Capital Police are taking effective action against traffic rules violators through the e-challan system a public relations officer said He said that the Islamabad Capital Police suspended 260 driving licenses of e-challan defaulters, gave warnings to 178 individuals, and decided to issue legal notices to 106 defaulters Moreover, the Islamabad Capital Police ensured the payment of 2 462 pending e-challan from 1 508 offenders through the Driving License Management System Additionally the Islamabad Capital Police have formed special police teams to ensure the dispatch and completion of challan at the registered residential addresses of drivers violating traffic laws, to ensure the smooth traffic system in the city E-Challan offenders will be deprived of any facilities provided by the police without paying their challans PR ISLAMABAD P R Health experts and anti-tobacco activists urge the government to harmonize cigarette taxes with WHO guidelines to protect the country s youth from falling victim to smoking a consequence of the current affordability of cigarettes* Imposition of low taxes on cigarettes in Pakistan make them cheaper that not only increases the number of smokers every year but also smoking related diseases and health bill for the government Dr Maleek Haider has an unending number of patients of smoking-induced ailments Most of my patients are poor
bread-winners in their families I have observed that they start smoking at an early age and fall sick by the time they cross 30, he said His observation strikes a chord with the findings of one of the latest studies on smoking in Pakistan conducted by Pakistan Institute of Development Economics
says that 86 percent of the cost of smoking-induced diseases is borne by individuals in 35–64 age group Alarmingly, it also states that total cost of mortality and morbidity by smoking accounts for 1 6 percent of GDP of a country that spends less than 1 percent of its GDP on healthcare Shedding light on why ciga-
Gulshan S occer C lub organizes Titan O ne monday Night Football 6th edition P I D E c a l l s fo r u n i fo r m i t y i n t a x i n g c i g a re t te s
ongoing through E-
and
It
rettes are cheap, the study says that
Around 2500 final-year students of the National University of Sciences & Technology availed NUST Career Connect 2024 to appear in onspot interviews with leading national and multinational companies at the university s main campus A total of 114 companies set up their
& VISA forge strategic par tnership to power digital innovation
NUST Career Connec t attrac ts over 100 leading employers
IHC reser ves verdict on maintainabilit y of plea challenging Mohsin Naqvi’s appointment as PCB chief
Punjab
CM Gandapur says Imran Khan to decide about reconciliation with establishment
project a geo-portal has been developed and fees for the transfer of agricultural land have been removed
The initiative includes compiling and computerizing urban
land records creating computerized maps and other documents similar to the process for rural land records It aims to gather urban land records from relevant institutions and societies, computerize them and integrate them with aerial maps
By computerizing both rural and urban land records in Punjab the PLRA aims to establish a standardized, organized, and integrated land administration system This system is intended to secure access to records for the public
directives Subsequently, the IHC issued notices to the respondents, including the information ministry and the PTA, and adjourned the hearing till next week Later the IHC adjourned the hearing of the case for a week after issuing notices to the PTA and the information and broadcasting ministry It is to be noted that the Sindh High Court (SHC) last month, directed the Pakistan Telecommunications Authority (PTA) to restore social media platform X services across Pakistan Social media platform X, formerly known as Twitter continues to remain inaccessible to users in Pakistan after internet watchdog groups started to report outages on Saturday NetBlocks an organisation that monitors accessibility issues on the internet, on February 17 confirmed that a national-scale disruption has hit X in Pakistan in the aftermath of widespread protests in the country triggered by the alleged vote rigging in general elections In a statement on Feb 29 monitoring website Downdetector said metrics shows that
Published by Asad Nizami at Plot No 66-C, 1st Floor, 21st Commercial Street, Phase-II (Extension), DHA Karachi and printed at Ibn-e-Hassan Printing Press, Hockey Stadium, Karachi, for PT Print (Pvt) Limited Ph: 021-32640318 Email: newsroom@pakistantoday com pk 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 5:50 6:30 1 30 4:45 6:02 7:45 Wednesday 6 March 2024 NEWS
ISLAMABAD S TA F F R E P O R T
Islamabad High Court (IHC) Tuesday reserved its verdict on the maintainability of a plea challenging the appointment of Mohsin Naqvi as Pakistan Cricket Board (PCB) chairman The petition, heard by IHC Chief Justice Aamer Farooq, was filed in the court contending that although it is the prerogative of the prime minister to appoint the PCB chief there lies a distinction between the authority of an elected prime minister and a caretaker one During the hearing today the petitioner s counsel argued a caretaker prime minister cannot be the PCB s patron-in-chief , who has the authority to appoint the PCB head Last month, Naqvi a media channel owner who was serving as Punjab’s interim chief minister was elected unopposed as the PCB chairman for three years after being nominated by Caretaker Prime Minister Anwaar-ul-Haq Kakar for the cricketing body s Board of Governors
The
RAWALPINDI S TA F F R E P O R T Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur said Tuesday that Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan will decide about reconciliation with the establishment The chief minister made the remarks after meeting the former premier, who is currently incarcerated at Adiala Jail in Rawalpindi on Tuesday Gandapur said that both the establishment and institutions are ours but the decision for reconciliation with the establishment will be made by Khan, who is the only prime minister to be ousted through a no-confidence motion Insisting on his strong stance towards the government of Prime Minister Shehbaz Sharif the firebrand PTI leader said that the government in the Centre stole his party s mandate We will not reconcile with mandate thieves We will create such a system that no one can steal the mandate in future he said PR OFIT S H A H A B O M E R
Punjab Land Records Authority (PLRA) has mapped over 2 5 million land parcels, 688 housing societies, and 3270 square meters of state land in three districts This work is part of an urban land computerization project designed to improve access to land records, Profit learnt on Tuesday
PLRA made the disclosures in a report to The World Bank’s mission about its achievements in the digitization of land records across Punjab The briefing highlighted that the urban land computerization project builds on previous experiences and technical advancements With the PULSE
The
The
and support government access to data for city planning housing projects and landowner rights protection The World Bank mission acknowledged the progress on the urban land records computerization and expressed satisfaction with the developments The PULSE Project funded by the World Bank and implemented by the Government of Punjab (GoPunjab), seeks to improve urban land management and access to land for urban development Activities under PULSE include incorporating existing urban records into the Land Record Management Information System (LRMIS), digitizing deeds and remaining Mouzas and registering properties systematically Further the project focuses on developing a unified land information system across Punjab, using GIS for parcel mapping, and linking parcel maps to land records Other efforts include developing a public land inventory managing state land and creating a portal for state land to support affordable housing alongside upgrading ICT infrastructure, creating an integrated land portal, and strengthening the geodetic network The project also emphasizes project management policy development monitoring evaluation legal and regulatory support, and public awareness, with social safeguards to ensure the safety of all participants
INITIATIVE INCLUDES COMPREHENSIVE SCANNING AND GEO-PORTAL DEVELOPMENT FOR IMPROVED RECORD ACCESSIBILITY AND A UNIFORM LAND RECORD PR OFIT S TA F F R E P O R T O N Monday 04, 2024, the Governor State Bank of Pakistan (SBP) Jameel Ahmad inaugurated the first-ever Pakistan Financial Literacy Week (PFLW) at an event at SBP Karachi This is a first-of-its-kind endeavor in Pakistan champion financial literacy and inclusion on a national scale , remarked Ahmed in his keynote address The event was attended by Presidents and CEOs of commercial banks senior officials from the World Bank Alliance for Financial Inclusion and other stakeholders In his keynote address, the Governor said that SBP fully recognises access to financial services as a fundamental right, and SBP’s mission is to empower every citizen by providing them with the tools and knowledge needed to participate fully in the economy The Governor said that an inclusive financial sector is not only important for the overall growth of the banking industry but also augments monetary policy transmission channels and increases its effectiveness: Financial inclusion is a cornerstone of a thriving and equitable economy When more people have access to financial services it creates a broad base of consumers savers and entrepreneurs, and helps stimulate economic growth Mr Ahmad went on to add that SBP has always been working on increasing the availability and utilisation of financial services for people and businesses to meet their financial services needs in a fair and dignified manner The state of financial inclusion Pakistan has been tardy in implementing financial inclusion measures compared to its regional counterparts like India and Bangladesh The primary reasons for this disparity include high illiteracy rates a significant gender gap in financial services access, and a historical lack of policy initiatives However, recent efforts by the SBP including the National Financial Inclusion Strategy in 2015 and the Banking on Equality Policy in 2021 aim to enhance access to financial services among underserved populations The Governor of SBP highlighted recent statistics: As of June 2023, there were around 177 million bank accounts in Pakistan Of these, 83 million are unique accounts which is 60% of the 137 million adult population It is also important to note the total number of accounts owned by women are 49 million of which unique accounts are 29 million These 29 million unique accounts represent more than 43% of the female adult population Mapping the progress The key initiatives taken for expanding financial services to the unbanked and underbanked segments of the society include the implementation of national-level strategies and policies such as the National Financial Inclusion Strategy, National Financial Literacy Program and Banking on Equality Policy The Governor shared that SBP has been implementing several initiatives under the national level policies which are uniquely positioned to benefit all segments of the population i e RAAST, ASAAN Digital Account, ASAAN Mobile Account and more recently Digital Banks and specialized schemes to enhance access to finance The specialized schemes include the SME Asaan Finance Scheme (SAAF) Refinance and Credit Guarantee Scheme for Women Entrepreneurs, line of credit for MSMEs, and Prime Minister ’s Youth Business and Agriculture Loan Scheme (PMYB&ALS) In his speech the Governor reiterated that financial literacy is a collective responsibility and all stakeholders – the government financial institutions nonprofit organizations, and educational institutions – have a role to play in promoting financial literacy in Pakistan It is our duty to dispel common misconceptions about formal financial services, and to engage the public in an informed yet non-technical manner to build their trust in the financial system This is all the more important in developing economies like Pakistan where the informal economy has a substantial share in overall economic activity and contributes to the widespread prevalence of informal and unsafe savings and investment avenues Better knowledge about financial services and products will help channelise resources towards productive use After the Governor s inaugural speech, the awards were conferred upon various commercial banks that actively participated in the National Financial Literacy Program since its commencement in 2017 and contributed to improving financial literacy among the beneficiaries The second session of the event included a panel discussion, where experts and thought leaders explored the future landscape of digital finance The discussion delved into emerging trends challenges and opportunities in the rapidly evolving digital financial ecosystem STATE OF FINANCIAL INCLUSION: SBP HIGHLIGHTS FINANCIAL GENDER GAP g I N A U G U R A L E V E N T S E T S S TA G E F O R A N AT I O N W I D E C A M PA I G N TO P R O M OT E F I N A N C I A L L I T E R A C Y A N D I M P R O V E F I N A N C I A L I N C LU S I O N PR OFIT N E W S D E S K Users of Facebook, Instagram, and Threads are currently facing difficulties accessing these services, as a significant outage affecting these Meta-owned platforms began around 8:40 pm PST The disruption has also extended to Meta Quest headset users who report problems logging in Facebook users find themselves unexpectedly logged out and unable to re-enter their accounts Instagram is similarly troubled, with reports of feed refresh failures Meta has recognized the problem, stating on its status page that it is investigating a Facebook Login issue and that its engineering team is striving for a swift resolution Andy Stone Meta s head of communications has acknowledged the service disruptions on X noting that Meta is currently addressing access issues to its services This incident echoes a previous disruption in 2021, caused by a configuration error that temporarily took down Facebook Instagram and WhatsApp In this instance Threads is also affected displaying a generic error message upon attempt to access Contrarily WhatsApp remains operational User reports on DownDetector have surged, and NetBlocks confirms that the outage is impacting multiple countries Attempts to reach Meta for further comments have yet to yield a response Worldwide outage hits Meta platforms, including Facebook, Instagram, Threads g FACEBOOK USERS FIND THEMSELVES UNEXPECTEDLY LOGGED OUT AND UNABLE TO RE-ENTER THEIR ACCOUNTS PR OFIT Z A I N N A E E M The latest cement despatches are out and the figures show that there was a 19 22% fall in the overall despatches Last year, despatches were 4 3 million tonnes for the period which fell to 3 26 million tonnes for the latest year It comes in a sequence of lackluster performances where January saw a fall of 14 8% as well The representatives from the All Pakistan Cement Manufacturers Association (APCMA) have stated that the recent performance comes at the heel of general elections where demand was seen to be low In the coming months the association is optimistic as they feel demand will pick up again once the new government announces development programs and infrastructure development which can stimulate the sector As previously reported the sector is suffering in recent years due to a plethora of issues that have accumulated over a period of time The sector went through a spree of expansions and development in order to increase their capacities foreseeing their demand to be sustainable in the future Due to the economic downturn and the pandemic the demand never materialized If the demand had stayed at past levels the expansion would have been justified however, as demand fell, the expansion turned into a problem for the sector In addition to that, the manufacturers had carried out expansion by taking loans in order to fund their capacity expansion and as interest rates increased the loans became more and more expensive impacting the profitability and bottom line of the companies This news is another blow to the manufacturers who are looking to get out of the hole they seemed to have dug for themselves Even though the sector is seen to have the highest gross margins low revenues and higher costs will eat away at any profits they could have looked to retain in the near future In terms of the breakdown, domestic sales decreased by 20 3% from last year clocking in at 2 86 million tonnes compared to 3 59 million tonnes last year Similarly exports also decreased from 0 445 million tonnes to 0 396 tonnes for the same period In terms of the sales for the year, the sales have seen only a 4% decline for the 8 months of FY 2024 where 26 million tonnes were sold compared to 27 2 million tonnes for the 8 months of FY 2023 One bright spot is the fact that exports for the 8 months of FY 2024 saw export despatches grow by 73% to 4 5 million tonnes which had only been 2 6 million tonnes for the 8 months of FY 2023 This meant that total despatches for the 8 months actually jumped by 2% going from 29 8 million tonnes to 30 5 million tonnes One of the saving grace in this situation that can help the manufacturers is the fact that they can look to export more as the local demand is low for the time being This has also seen some issues as foreign sales seem to be less viable compounded by the transportation challenges stemming from the axle load regime that has been implemented In terms of the period going forward, analysts feel that March will see similar performance as the one seen this month Saleem Sami Investment Analyst at Providus Capital states that Despatches will more or less remain in a similar position for at least next month due to Ramdan and low base effect The base effect is based on the total depatches of March 23 which were only around 3 36 million tons He further adds that It can be expected that March despatches will be in the range of 2 to 3 million tonnes in March 2024 as well However, this effect might ease off in May and June of 2024 due to two main reasons Generally high construction activity in the near future and government direction might become more clear in terms of development spending The economic conditions are expected to get better in terms of lower inflation and falling interest rates which are seen as a near possibility as economic indicators are showing promising signs The next month is going to be vital to see how the despatches perform based on the optimism seen in the sector as elections have taken place and the month of March will provide a much clearer picture in terms of where the sector is heading going forward Cement sales are falling. Will the trend continue? ISLAMABAD S TA F F R E P O R T The Election Commission of Pakistan (ECP) has decided to hold Senate elections on April 3 The ECP has finalized the schedule for the elections of the Senate Polling for 48 seats of the Senate will be held on April 3 in the national and four provincial assemblies On April 3, 12 senators will be elected each from Sindh and Punjab while two senators will be elected from Islamabad while 11 new senators will become part of upper house each from Khyber Pakhtunkhwa and Balochistan It is to be noted that as many as 52 senators of the Senate will retire upon completion of their term on March 11 The senators who will stand retired March 11 include 12 senators each from Punjab and Sindh and four from former Fata Similarly 11 senators each from Khyber Pakhtunkhwa and Balochistan and two 2 from Islamabad will be retiring on March 11 The senators will bid farewell to the upper house at the end of their six-year term Under the 25th constitutional amendment there will be no re-election on the four Senate seats of the former Fata The Punjab Assembly will elect 12 new members of the Senate The provincial assembly will elect seven general, two women, two technocrats and one minority member of the Senate Sources say the Pakistan Muslim League-Nawaz (PML-N) with coalition partners (Peoples Party Muslim League-Q and IPP) will contest the Senate elections The Sunni Ittehad Council will also field its candidates in the Senate elections On March 8, 2024, 11 senators from Punjab will complete their term and retire Among those who will resign after completing their term are PML-N s Dr Asif Kirmani Dr Musadik Malik, Rana Mahmoodul Hassan and Khalid Shaheen Butt ECP decides on holding S enate elec tions on April 3 I H C s e r v e s n o t i c e s t o P TA , i n f o m i n i s t r y o v e r r e s t r i c t i o n o n X ( T w i t t e r ) ISLAMABAD S TA F F R E P O R T The Islamabad High Court (IHC) on Tuesday served notices to the Pakistan Telecommunication Authority (PTA) and the Ministry of Information and Broadcasting over the suspension of social media platform X erstwhile Twitter in the country IHC Chief Justice Aamer Farooq heard the plea challenging the restriction on X across the country Lawyers – Sardar Masroof and Amna Ali – appeared before the court on behalf of the petitioner As the proceedings began Justice Farooq asked if X was down to which Masroof replied: The government has imposed a ban on X since February 17 Access to X has been restricted in many areas of Pakistan since February 17, when former Rawalpindi commissioner Liaquat Chattha accused the chief election commissioner and chief justice of Pakistan of being involved in rigging the February 8 general elections The IHC chief justice then noted that the SHC had already issued an order However the counsel informed the court that a contempt case was being heard over the failure to implement the SHC s
social media,
providers
lamented
The United States had also called on Pakistan last month to lift restrictions on social media platforms The Sindh High Court (SHC) last month expressed displeasure on the disruption and instructed the PTA to restore X services without any interruption or disruption However, services remain disrupted sporadically g S E C TO R S E E S S LO W D O W N I N F E B R U A R Y C O M PA R E D TO S A M E P E R I O D L A S T Y E A R C O N T I N U E D O N PA G E 03
has mapped over 2.5 million parcels of land. What does that mean? g
X/Twitter remains restricted in Pakistan despite brief moments of availability Rights bodies and journalists organisations have condemned the muzzling of
while internet service
have also
losses due to disruptions
