Epaper_24-03-08 KHI by Pakistan Today

Zulfikar Ali Bhutto murder case Zardari remarked: When I filed the reference, no one knew what would

Coalition gov t pushes ahead with PIA’s privatisation

Farooq Sattar and Mustafa Kamal also participated in the event Leaders of the IPP, including Awn Chaudhry, and others were also present, while Senator Ishaq Dar of PML-N, Senator Azam Nazeer Tarar and other PML-

N members of the National Assembly and Senate attended Among them were Dr Tariq Fazal Chaudhry, Khawaja Asif, and Khawaja Saad Rafique During the event, PM Shehbaz reiterated his endorsement of Asif Ali Zardari for the presidency a sentiment echoed and supported by all coalition parties present We will vote for Asif Ali Zardari, and we are united to change the fate of the country, said the premier while addressing the participants “At this time, the country’s economy is facing difficulties If we all contribute the crisis will end Speaking to the participants Asif Ali Zardari expressed his gratitude towards

M o o d y ’ s u p g r a d e s o u t l o o k o n

P a k i s t a n ’ s b a n k i n g s e c t o r t o s t a b l e

Shehbaz Sharif Ishaq Dar Khalid Maqbool Siddiqui and others for nominating him I am the elder among all of you, the challenges facing Pakistan are difficult but their solution is not impossible Einstein was not afraid of difficult challenges and Shehbaz Sharif is also not afraid of them either he remarked Zardari pledged his support to Shehbaz Sharif, affirming his commitment to assist him at every level Fix agriculture, fix canals and build dams, let us become a force for China, all this is definitely difficult but not impossible we will make Pakistan prosperous together God willing he added On Supreme Court recent verdict in

PHC

In its quest to overhaul loss-making state-owned enterprises (SOEs) the Shehbaz Sharif-led coalition government is pushing ahead with the privatisation process of Pakistan International Airlines (PIA) While chairing a high-level meeting on the PIA s privatisation and restructuring of the Federal Board of Revenue (FBR) Prime Minister Sharif directed the Ministry of Privatisation to submit the schedule for the PIA s privatisation in the next two days after taking essential steps

During the meeting, the participants reviewed the progress on the privatisation of PIA and considered the next phases of the process According to the state-run news agency the PM warned that no laxity and irresponsibility would be tolerated and said that complete transparency should be ensured in all phases of privatization

The proposed roadmap for the system of automation of the FBR was also approved in principle

The participants considered in detail the proposals for transparency in the system of FBR infrastructure reforms according to international standards increase in taxes through incentives eradication of corruption and smuggling separation of inland revenue and customs departments, and decrease in tax rates

The PM said that the roadmap should be implemented with clear-cut timelines The targets should be determined realistically but the implementation of reforms should be the fastest in the region he said adding the targets could be achieved with round-theclock work as we do not have time to waste as it is a matter of the future of Pakistan and economic recovery The meeting sought recommendations from the Ministry of Law for the resolution of legal disputes in the pending cases of tax recovery and revenue in courts PM Shehbaz instructed that the hurdles in the recovery of Rs 1 7 trillion in stuck-up taxes should be removed with the resolution of legal disputes

He also directed the Ministry of Law to present proposals to create a legal department in the FBR, for the preparation of drafts according to law and the hiring of services of lawyers He said six to seven percent economic growth was possible with the implementation of reforms adding that investment was needed to modernize the revenue and tax system We want to bring a system of taxation based on incentives We desire to reduce the burden of taxes but the business community has to help by playing a role for the progress of people through social service ”

The prime minister asked that an effective third-party audit system should be ensured which so far has not been done He said that a tax system with high quality was in vogue in the world and “we also have to

‘In a first,’ SJC declares Justice (r) Mazahar Naqvi guilty of misconduct

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ISLAMABAD S TA F F R E P O R T T H E ruling coalition on Thursday threw its weight behind Asif Ali Zardari from the Pakistan Peoples Party (PPP) for the election as next president The endorsement came to light during a gathering hosted by Prime Minister Shehbaz Sharif, where members of the National Assembly and Senate from PML-N and its coalition partners were invited to a dinner reception Lawmakers of coalition parties including Pakistan Muslim League-Nawaz (PML-N) Muttahida Qaumi Movement-Pakistan (MQM-P), Balochistan Awami Party (BAP), and Istehkam Pakistan Party (IPP) and PML-Q attended The event was attended by the joint presidential candidate Asif Ali Zardari PPP Chairman Bilawal Bhutto-Zardari and members of their party including Yousaf Raza Gilani, Senator Raza Rabb a n i , R a j a P e r v e z A s h r a f , a n d K h u rshid Shah MQM Pakistan’s Khalid Maqbool Siddiqui Dr

happen, but I knew and yesterday everyone saw that history had reversed itself and the judiciary admitted that Bhutto was killed ” he recounted Be sure that Allah is with you because without His command nothing can be solved, he concluded On the occasion, Bilawal expressed gratitude to all the coalition parties and Shehbaz Sharif emphasizing that Asif Ali Zardari would make history as the first civilian president of Pakistan to take office for a second term on Saturday Zardari was the strongest president in the country s history Despite that, we passed the 18th Amendment and transferred the powers to the prime minister abolished the power of 582(b) and handed it over to the prime minister he added The PPP chairman expressed optimism that Zardari, once elected president, would unify the nation and resolve societal divisions, as he had done in the past ultimately strengthening democracy through collaboration with all political parties We must face Pakistan s challenges together, but we are optimistic about our success, Bilawal asserted We will endeavour to secure victory for our joint candidate (Zardari) with the highest possible number of votes ” RULING COALITION BACKS ASIF Z ARDARI FOR PRESIDENTIAL ELECTION ‘ B LO W T O Z A R DA R I ’ g PM SEEKS SCHEDULE FOR PRIVATISATION OF FLAGCARRIER, ORDERS TO REMOVE HURDLES IN RECOVERY OF RS 1.7 TRN STUCK-UP TAXES ISLAMABAD S TA F F R E P O R T What is being described as first instance of ruling against a Supreme Court judge the Supreme Judicial Council (SJC) on Thursday found Justice (r) Sayyed Mazahar Ali Akbar Naqvi guilty of misconduct “Allegations are levelled against Judges of the Supreme Court and High Courts and the same are publicised A number of Judges have expressed concern that if they respond to such allegations the same may be construed as misconduct because the Code of Conduct, dated 2 September 2009 issued by the Supreme Judicial Council, in its ArticleV states that a Judge should not seek publicity The Supreme Judicial Council deliberated upon the matter and was of the opinion that if a reply or clarification is issued by or on behalf of a Judge it does not violate Article-V, a press release issued by the SJC, after it convened a meeting on February 29 and March1, read During the meeting it said the SJC reviewed six complaints dismissing five due to lack of substance However one complaint against a judge from the High Court of Balochistan prompted the issuance of a notice requiring the judge to provide a response within 14 days SJC rendered its opinion in respect of the nine complaints against Sayyed Mazahar Ali Akbar Naqvi under Article 209(6) of the Constitution of Islamic Republic of Pakistan and opined that he was guilty of misconduct and should have been removed from the office of Judge the statement concluded Last month in unexpected turn of events Justice (retd) Naqvi resigned from his position amid allegations of misconduct Surprisingly, Justice (retd) Ijazul Ahsan followed suit within a day, prompting speculation about the reasons behind their sudden departure In the circumstances which are a matter of public knowledge and to some extent public record it is no longer possible for me to continue to serve as a judge of the Supreme Court of Pakistan, Justice Naqvi wrote in his resignation “Considerations of due process also compel I therefore effective today resign as judge of the Supreme Court of Pakistan he added In a letter sent to Chief Justice of Pakistan Qazi Faez Isa and all SC judges in December Justice Naqvi wrote that the treatment meted out to him by the SJC was nothing short of disgraceful In October last year the SJC issued a show-cause notice to Justice Naqvi in connection with the complaints lodged against him and directed the judge to submit a reply within two weeks Headed by CJP Isa, the SJC includes Justice Tariq Masood Justice Ijazul Ahsan Lahore High Court Chief Justice Muhammad Ameer Bhatti and Balochistan High Court CJ Naeem Akhtar In a preliminary reply submitted to the council in November, Justice Naqvi cited “serious prejudice” against him, demanding that CJP Isa Justice Masood and CJ Akhtar should recuse themselves and not hear the matter On November 20 Justice Naqvi challenged the SJC proceedings against him and also contested the show-cause notice issued to him by the council, maintaining that the initiation of proceedings was coram non-judice and without lawful authority Later the SJC issued a fresh show-cause notice to Justice Naqvi on November 22 directing him to file his reply within 14 days On December 4, Justice Naqvi again approached the top court and expressed his intent to pursue the constitutional petition he had moved earlier seeking to quash the revised show-cause notice issued by the SJC After a couple of days Justice Naqvi drew the attention of the SC committee comprising three senior-most judges towards the silence over his petitions challenging the issuance of the show-cause notice despite the lapse of time as stipulated in the Supreme Court (Practice & Procedure) Act 2023 On December 15 the SJC in an open hearing gave two weeks to Justice Naqvi to respond to the misconduct allegations and directed him to submit a reply to the showcause notice by January 1 Later the judge filed a detailed response to the show-cause notice claiming that the allegations against him were absolutely and maliciously false He added that the SJC was not empowered to entertain any complaint against a judge and was only entitled to receiving “information” On January 8 Justice Naqvi withdrew his objection to the three-judge bench hearing his plea challenging the issuance of a show-cause notice to him Earlier, a three-member SC bench led by Justice Aminuddin Khan and comprising Justice Jamal Khan Mandokhail and Justice Musarrat Hilali dismissed Justice Naqvi s petition to halt the ongoing misconduct proceedings at the SJC C O N T I N U E D O N PA G E 03 PR OFIT M O N I T O R I N G D E S K Moody s Investors Service revised its perspective on Pakistan s banking sector to stable from negative The update is attributed to strong profitability, consistent funding and liquidity which serve as a cushion against the nation s economic and political challenges The agency anticipates the country s economy will grow by 2% in 2024 following a period of lower activity in 2023, with inflation expected to decrease from 29% to 23% Despite the positive outlook, Pakistani banks’ significant exposure to government securities constituting about half of their total assets links their creditworthiness closely to the national government s financial health The economic backdrop remains challenging with high government liquidity risk and external vulnerabilities Yet, the aftermath of the 2022 floods and low base effects are likely to foster a modest economic revival Nonetheless elevated interest rates and inflation are projected to limit private-sector spending and investment The banking sector faces asset risk due to substantial government securities holdings, making up 51% of total assets Problem loans are forecasted to stabilize at around 9% of gross loans, due in part to cautious lending practices Bank capital is expected to remain stable with reported Tier 1 capital ratios indicating robustness well above regulatory requirements

AGENCY ANTICIPATES COUNTRY'S ECONOMY WILL GROW BY

IN 2024, WITH INFLATION EXPECTED TO DECREA SE FROM 29% TO 23% C O N T I N U E D O N PA G E 03

PESHAWAR S TA F F R E P O R T The Peshawar High Court (PHC) on Thursday extended the stay on the oath-taking of the beneficiaries of the women and minorities reserved seats in the National Assembly until March 13 The PHC extension in stay order may be a spanner in the works for the ruling coalition as the court has stayed the oath-taking of additional seats allotted to the ruling coalition parties which actually was a share of PTI-Sunni Ittehad Council members A five-member larger bench led of PHC headed by Justice Ishtiaq Ibrahim, and comprising – Justice Ijaz Anwar, Justice SM Attique Shah, Justice Shakeel Ahmed and Justice Syed Arshad Ali resumed hearing the petition a day after a two-judges bench sent the petition for hearing by a larger bench The petitioners counsels including PTI lawyer Qazi Anwar and Khyber Pakhtunkhwa Additional Attorney General Sanaullah as well as the lawyers of other respondents appeared before the court However due to Attorney General of Pakistan (AGP) Mansoor Usman Awan failing to appear, the stay order issued yesterday was extended until March 13 The order was issued on a petition filed by the Sunni Ittehad Council (SIC) which was joined by PTI-backed independents who won the elections sans their electoral symbol challenging the Election Commission of Pakistan s decision to reject the party allocation of reserved women and minority seats In a 4-1 verdict earlier this week the electoral watchdog ruled that the SIC was not entitled to claim quota for reserved seats due to having non curable legal defects and violation of a mandatory provision of submission of party list for reserved seats which is the requirement of law The commission had also decided to distribute the seats among other parliamentary parties, with the PML-N and the PPP becoming major beneficiaries Meanwhile, the verdict was rejected by the PTI as unconstitutional and the party vowed to challenge it During a preliminary hearing on Wednesday, a two-member bench of the PHC had barred the oath-taking of the MNAs allotted the reserved seats It issued a pre-admission to the ECP and all the respondents in the case, listing six questions that needed to be determined The court further referred the matter to the PHC chief justice for the constitution of a larger bench to adjudicate upon the intricate constitutional questions involved in the matter” THE HEARING: At the outset of the hearing AAG Sanaullah informed the court that AGP Awan was occupied with cases in the Supreme Court and sought more time Justice Ibrahim recalled that the court had summoned the AGP, at which Anwar said that a new AGP would be appointed today who would then appear before the PHC Here PPP counsel Advocate Qazi Jawwad said that the presidential elections were scheduled for March 9 (Saturday)

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T wo terrorists killed in Khyber, DI Khan IBOs: ISPR

strong market appetite for domestic bonds The auction saw a notable reduction in the cut-off yields for the three-month and 12-month T-bills by 27 and three basis points respectively while the yield for the six-month T-bills remained constant The finalized yields for the three, six, and twelve-month tenures stood at 21 4%, 20 4%, and 20 3% respectively

This auction outcome demonstrates the banking sector ’s increasing interest in government bonds a trend that has significantly contributed to the sector s profitability Banks reported a 70 to 90% increase in profits in 2023 largely due to their investments in these government securities The total bids for the T-bills reached Rs1,354 4 billion, indicating robust demand Over the fiscal year 2024 the government has managed to amass more than Rs4 trillion from banks through such auctions While this strategy has led to substantial earnings for banks it has also sparked concerns regarding the allocation of resources, with the private sector facing neglect or high borrowing costs that deter participation in the money market

The government’s borrowing strategy has led to an escalation in debt servicing challenges simultaneously impacting economic growth due to reduced private sector borrowing Despite these challenges the International Monetary Fund (IMF) has forecasted a 2% growth in economic output for FY24, though some analysts caution that political instability could further dampen this outlook

F iday 8 Ma ch 2024 | KARACHI 02 NEWS PR OFIT N e w S D e S k

AKISTAN’S external public debt has seen a rise of $1 2 billion over a six-month period reaching $86 358 billion as of September 30 2023 the Ministry of Economic Affairs reported on Wednesday This information was disclosed in the Ministry s quarterly Foreign Economic Assistance (FEA) report for the fiscal year The report indicates that Pakistan secured a total of $3 5 billion in foreign inflows during the July-September quarter of 2023, against a repayment total of $1 5 billion This resulted in a net inflow of $1 97 billion It was noted that a significant portion of the debt approximately 64% came from multilateral and bilateral sources offering concessional terms and longer maturities As of the end of September 2023 the government s total external public debt stood at $86 358 billion, up from $85 18 billion at the end of March 2023 During the same period in the previous fiscal year Pakistan had a net addition of $142 million from loans received and repaid New agreements totaling $642 million in fresh commitments were signed in the first quarter of the current year Due to adverse market conditions, these commitments were exclusively funded by multilateral development partners as securing international bonds and commercial loans was deemed unfeasible The ministry s report highlighted that of the $642 million in new commitments, 69% was allocated for project financing, with the primary focus on addressing the aftermath of the 2022 floods Additionally 15% was earmarked for program financing and 16% for commodity financing The first quarter saw disbursements totaling $3 538 billion mainly under project and program loans and grants from various partners, including multilateral development banks bilateral partners and financial institutions This is in addition to the $1 2 billion released by the International Monetary Fund and $1 billion by the United Arab Emirates, which are accounted for separately T h e Wo r l d B a n k a n d I s l a m i c D e v e l o p m e n t B a n k w e r e a m o n g t h e l e a d i n g c o n t r i b u t o r s w i t h C h i n a a n d S a u d i A r a b i a b e i n g n o t a b l e b i l a t e r a l partners The total debt servicing for the first quarter amounted to $2 404 billion, r e s u l t i n g i n a n e t p o s i t i v e b a l a n c e o f $ 1 8 6 9 b i l l i o n f o r t h e g o v e r n m e n t ’s e x t e r n a l p u b l i c d e b t T h e r e p o r t a l s o d e t a i l e d s e c t o r a l d i s b u r s e m e n t s including significant allocations for flood response energy and power water sector transport and communication health and n u t r i t i o n , a g r i c u l t u r e , a n d p h y s i c a l planning and housing PAKISTAN’S EXTERNAL DEBT INCREASES BY $1.2B IN SIX MONTHS PR OFIT S ta f f R e p o R t Switzerland-based internet privacy firm Proton revealed that the Virtual Private Network (VPN) demand has increased by 6 000% in Pakistan due to internet restrictions Proton also revealed plans to deploy a network of complimentary VPN servers to support populations in countries with upcoming elections P r o t o n h i g h l i g h t e d a s i g n i f i c a n t i n c r e a s e i n V P N s e r v i c e d e m a n d o v e r t h e p a s t y e a r w i t h s p i k e s o b s e r v e d i n N e p a l ( 4 7 0 0 % ) P a k i s t a n ( 6 0 0 0 % ) G a b o n ( 2 5 , 0 0 0 % ) , a n d S e n e g a l ( 1 0 0 , 0 0 0 % ) d u e t o p o l i t i c a l o r c i v i l u n r e s t These nations, known for their tendencies towards censorship and repression will receive access to the servers to facilitate the free flow of information and safeguard against election-related interference or misinformation This surge in demand is interpreted by the company as an indicator of governmental crackdowns on free speech The initiative aims to offer a bulwark against internet censorship enabling users in affected countries to access information freely Countries such as Venezuela, South Sudan, Sri Lanka, and Turkey have been identified as recipients of Proton’s free VPN servers Andy Yen Proton s CEO emphasized the importance of this effort in 2024, a year he described as pivotal for global democracy He remarked on the necessity of protecting free speech and the electoral process in countries with a history of restricting these freedoms To ensure efficient service Proton plans to offer local servers for two weeks before and after significant elections, exclusively to users within the voting country This approach aims to maintain high-speed uncensored internet access without overloading the servers with international traffic The company also mentioned the potential use of smart routing technology” to provide services in countries where physical server presence is not feasible Internet restric tions: VPN demand increases 6,000% in Pakistan UNITED NATIONS S ta f f R e p o R t A top Pakistani diplomat has called on the UN Security Council (UNSC) to join Pakistan in demanding that the Taliban authorities terminate their relationship with the Tehreek-eTaliban Pakistan (TTP), which is responsible for persistent attacks against Pakistan’s military and civilian targets Left unchecked the TTP supported by Al-Qaeda and some State sponsors, could soon pose a global terrorist threat, Ambassador Munir Akram warned the 15-member Council on Wednesday Speaking in a debate on the situation in Afghanistan the Pakistani envoy said The Afghan Interim Government s failure to control the TTP and other terrorist groups erodes its claim of full control of its territory that it asserts in order to secure international recognition ” He also urged the United Nations to undertake an investigation to find out how the TTP has acquired advanced military equipment and weaponry and to identify the sources of the TTP’s financing, which is helping sustain its 50,000 fighters and their dependents and its terrorist operations egarding the reported border incidents the exchange of fire by Pakistani security forces was always in response to cross-border attacks by the TTP and its affiliates against Pakistan’s border posts and installations We would expect the UN to call on the Afghan Interim Government to prevent such cross-border attacks and infiltration by the TTP and other terrorists into Pakistani territory Highlighting that terrorist organizations in Afghanistan pose a security threat to each one of the country’s immediate neighbours Ambassador Akram said Counter terrorism must be the highest priority in any future Roadmap for engagement with the Afghan Interim Government t the same time, he said that the international community must help millions of destitute Afghans through the provision of unconditional humanitarian assistance It was also important to support Afghanistan s economy and, to this end, the international community should help revive the banking system and facilitate the release of frozen assets to the country s central bank For its part Ambassador Akram said that the Taliban must fulfill its international obligations especially regarding the fundamental rights of women and girls promote inclusivity and, above all, eliminate terrorism within and from Afghanistan He called for a realistic road map with reciprocal steps by the Afghan interim Government and the international community, leading to the country s integration into the international community The Pakistani envoy also detailed some objections to the SecretaryGeneral s report on the situation in Afghanistan including its claim of an unfavourable protection environment in Pakistan On that, he underscored that Pakistan has sheltered almost 5 million Afghan refugees for over 40 years at great economic social and security cost with little help from the international community

urges UNSC to ask Taliban to c ut ties with T TP PR OFIT N e w S D e S k The Securities and Exchange Commission of Pakistan (SECP) has notified amendments to the Corporate Restructuring Companies Rules, 2019 The amendments made in light of the promulgation of the Corporate Restructuring Companies Act 2021 are aimed at fostering a conducive environment for Corporate Restructuring Companies (CRCs) the SECP said in a press release Corporate Restructuring Companies specialise in acquiring non-performing assets (NPA) from distressed financial institutions, leveraging their expertise to efficiently manage and recover these NPA assets The CRC sector is key in minimising stressed assets in the banking sector through market-led solutions easing balance sheet burdens and enhancing economic stability The subject rules have been amended in consultations with the State Bank of Pakistan (SBP), International Finance Corporation (IFC), and the public at large, the SECP said Notable provisions of the amendments include the establishment of trusts, comprehensive procedures for liquidation of trusts by CRCs provisions pertaining to the Corporate Restructuring Board (CRB) encompassing its composition processing/approval of schemes being presented by CRCs appointment matters governance code of conduct, functions and budgetary allocation for operational efficacy It is pertinent to mention here that the subject amendments related to Trust liquidation enable CRCs to efficiently acquire non-performing assets (NPAs) from financial institutions and facilitate funding for such acquisitions by segregating risks and rewards thereby ensuring appropriate compensation for investors while offering the potential for substantial returns Simultaneously, the CRB amendments aim to simplify the regulatory approval process for the Scheme for arrangement In essence the notified amendments are poised to notably improve the rehabilitation process for distressed entities offering greater opportunities for companies to restructure and restore profitability ultimately fostering enhanced economic stability

Pakistan

SBP-held forex reser ves fall $54mn due to debt repayment PR OFIT N e w S D e S k The State Bank of Pakistan (SBP) reported another fall in its forex reserves by $54 million in the week ending on March 1 2024 due to debt repayment The SBP said that with the foreign payments its total reserves stand at $7 895 billion while commercial banks possess $5 124 billion As of March 1, 2024, Pakistan s total liquid foreign exchange reserves stood at $13 02 billion which is low from the $14 billion target set by the International Monetary Fund (IMF) till the end of the ongoing fiscal year FY2024 Last week foreign exchange reserves held by the SBP decreased by $63 million clocking in at $7 95 billion as of February 23 2024

t surpasses T-bill auction target , raising Rs527b PR OFIT N e w S D e S k The government successfully exceeded its auction target for treasury bills (T-bills) this Wednesday securing over double the anticipated amount The treasury bills auction concluded with the government raising Rs526 9 billion, surpassing the set target of Rs225 billion, highlighting a

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g o v e r n m e n t b o n d s India’s fuel demand surges 5.7% due to booming economy PR OFIT N e w S D e S k India witnessed a 5 7% surge in fuel consumption in February compared to the same month last year according to recent data released by the Ministry of Petroleum and Natural Gas The nation, ranking as the third-largest importer of crude oil globally, experienced a rise in total fuel usage to nearly 5 million barrels per day equivalent to over 19 7 million metric tons as reported by the ministry s Petroleum Planning and Analysis Cell This increase represents a 5 1% growth in daily fuel consumption from January, adjusting for the longer duration of January Diesel sales, a critical component of India’s fuel consumption soared by more than 6% in February 2024 both in a year-on-year comparison and against January 2024 s figures The surge in diesel usage is attributed to heightened factory operations and a rising demand for truck transportation Predictions by experts, including Viktor Katona, a leading crude analyst at Kpler, suggest that India’s diesel demand will reach unprecedented levels later this year potentially surpassing 2 million barrels per day by June a first in the nation s history This forecast aligns with the petroleum ministry s expectations of a continued rise in fuel demand, projecting a 2 7% growth for the fiscal year 20242025 Specifically, gasoline consumption is anticipated to climb by 5 4% while diesel demand is also expected to increase by 2 7% Furthermore analysts project that India will soon eclipse China as the primary driver of global oil demand growth by the decade s end This shift is underpinned by India s remarkable economic expansion over the past year, a contrast to the stagnating growth observed in other major economies including China Factors such as India s high GDP growth industrialization urbanization and the expansion of its middle class are poised to reposition the nation as the central figure in global oil demand dynamics

RAWALPINDI S ta f f R e p o R t The security forces killed two terrorists in as many operations last night in Khyber Pakhtunkhwa the military s media affairs wing said on Thursday According to the Inter-Services Public Relations (ISPR) press release, a terrorist ringleader Shmrooz Sheenay was “sent to hell” in an intelligence-based operation (IBO) conducted in Khyber district “In another operation conducted by the security forces in Dera Ismail Khan district terrorist Mansoor was also successfully neutralized the ISPR said It said that weapons, ammunition, and explosives were also recovered from the slain terrorists, who remained “actively involved in numerous terrorist activities against security forces” It said that the terrorists were also involved in extortion and target killings of innocent civilians and were highly wanted by the law enforcement agencies (LEAs) It added that a sanitisation operation was underway to eliminate any other terrorists found in the area Locals of the area appreciated the operations and expressed their full support to eliminate the menace of terrorism,” it said Two traffic cops martyred in Lakki Marwat Meanwhile two traffic police personnel were martyred in firing by unidentified gunmen here on Thursday According to police unidentified armed men, riding motorcycle, attacked traffic police officials with indiscriminate firing at Tank Mor of Dara Pezu Bazaar in Lakki Marwat LHC ser ves contempt notice on FIA DG, Punjab IGP LAHORE S ta f f R e p o R t The Lahore High Court on Thursday issued notices to Director General of Federal Investigation Agency (FIA) and the Punjab Inspector General of Police (IGP), seeking reply in a contempt of court petition The court directed the FIA DG and the Punjab IGP to submit their reply till March 25 The court served the notices on the Director General of the Federal Investigation Agency (FIA) and the Punjab Inspector General of Police over their failure to comply with the court s orders Justice Ali Baqir Najafi heard the petition of British-born Pakistani Syed Mudassar Ali who took plea in his application that the FIA DG and the Punjab IG Police had ignored the court orders and are liable for contempt of court g G o v e r n m e n t ' s t o t a l e x t e r n a l p u b l i c d e b t s t o o d a t $ 8 6 3 5 8 b a t e n d o f S e p t e m b e r 2 0 2 3 g To t a l r e s e r v e s s t a n d a t $ 1 3 0 2 b b e l o w I M F t a r g e t

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office

The timing of the greeting is significant as tensions remain persistent between the two countries on various matters The State Department spokesperson, while addressing a press briefing, said Washington welcomed the prime minister ’s statement

“The United States values its relationship with both India and Pakistan and we want to see them have a productive and peaceful relationship said Miller

country’s

As inflationar y pressures subside, is a rate cut on the horizon? CONTINUED FROM BACK PAGE So is the rate cut on the horizon? As mentioned earlier a rate cut is contingent if the medium term inflation rate falls below the current interest rate This is when real interest rates will turn positive The recent CPI figure of 23 1% is building a case for real interest rates to turn positive “Policy Rate Impact of the higher base effect becoming more pronounced from here onward has been building a case for real interest rates to turn positive read a JS Capital report The report anticipated disinflation to continue: Given the high base effect we expect disinflation to continue where we expect real interest rates to stand at 217bp on March 2024 CPI projections (+100bp MoM) expanding to 413bp on April 2024 expected CPI levels (+100bp MoM) barring negative CPI surprises However Pakistan is currently at an economic crossroads with the impending final review of the SBA with the Fund set for March 2024 With the new government in power, the primary focus is on engaging in a new extended IMF program which would entail further fiscal consolidation and phasing out of subsidies specially in the energy sector which can reignite inflationary pressures Recent concerns on the expected inflationary impact of prospective reforms under the IMF have however dialled down the quantum of rate cuts at the start of the likely monetary easing cycle,” read the JS Capital report Yet there is a growing consensus among analysts that the trend of monetary easing is likely to commence with the upcoming MPC meeting in March

voices concern over deteriorating human

CONTINUED FROM PAG 01

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was

PESHAWAR S ta f f R e p o R t

HYBER Pakhtunkhwa Chief Minister, Ali Amin Gandapur has directed the authorities concerned for solid measures to keep prices of daily commodities stable and providing maximum relief to common man during holy month of Ramazan He issued the directives while chairing a meeting held in Peshawar on Thursday to control prices of daily commodities and facilitating masses during Ramadan The meeting was attended by Chief Secretary Nadeem Aslam Chuadhry Inspector General Police Akhter Hayat Khan Gandapur, Additional Chief Secretary Home Muhammad Abid Majeed, Principal Secretary to CM Amjad Ali Khan Divisional Commissioners and Deputy Commissioners The meeting was briefed about proposed Price Control Mechanism for providing relief to people during the blessed month It was told that district administrations have been directed to ensure implementation of the mechanism without any delay while control rooms have also been established at district level to monitor prices Meeting was told that mobile teams would be deployed in all the districts besides establishing monitoring desks in to ensure that people are provided with edible items as per rates fixed by the provincial government Addressing the meeting, Ali Amin Gandapur directed the quarters concerned to ensure provision of maximum relief to people during the month of Holy Ramadan adding that prices of essential food items must be reduced at the minimum level He directed district administrations to ensure regular monitoring of markets in their respective districts and elements involved in overcharging should be dealt with iron hands He further directed that government vegetable markets are available in all districts of the province He said that there would be no specific Sasta Bazar during the month of Ramadan instead every bazar in the province would be converted into Sasta Bazar KP CM further directed Deputy Commissioners to display price lists on Pena flex instead of papers and depute special teams for strict compliance of approved price lists “All Deputy Commissioners would have to utilize social media platforms in an effective manner for ensuring direct coordination with the general public; and actions taken against profiteers should be uploaded on social media pages for awareness of the general public , he directed and added that Deputy Commissioner would also public their Whatsapp numbers for receiving complaints directly from the citizens The chief minister further directed that Ramadan Daster Khwan be arranged at all District and Tehsil Headquarter Hospitals across the province He underlined the need to monitor markets to avoid hoarding and black marketing He said that services of special branch should also be hired for this purpose He also directed crackdown on big fishes involved in hoarding, black marketing and profiteering and maintained that good governance is top most priority of provincial government CM Gandapur also directed the Deputy Commissioners to pay special attention towards cleanliness in their districts adding that the people should feel visible change in their environment and assured full support to district administrations 03 NEWS Friday 8 March 2024 | KARACHI CM GANDAPUR DIRECTS MEASURES TO KEEP PRICES STABLE DURING RAMADAN ISLAMABAD S ta f f R e p o R t The Islamabad High Court (IHC) Thursday reserved its verdict on journalist Asad Toor ’s petition against arrest and alleged harassment by the Federal Investigation Agency (FIA) During the hearing on Thursday IHC Chief Justice Aamer Farooq rued the flaws in the inquiry initiated by the FIA and the First Information Report (FIR) registered against Toor The development comes after Judicial Magistrate Muhammad Shabbir s court extended the journalist s physical remand by two days after his arrest in a case of social campaign against judiciary It is pertinent to know that Toor is booked for allegedly running a malicious campaign against the judiciary on social media platforms X and YouTube The FIR also states that the journalist, who had even gone on a hunger strike against FIA’s arrest had fueled anti-state activities through social media and he has been booked under the Prevention of Electronic Crimes Act 2016 At the onset of today s hearing, IHC CJ Farooq questioned whether the FIR was registered on the basis of the inquiry for which the suspect was sent a notice in the first place The FIR varies from the allegation in the [summon] notice [ ] The source report, summon notice and the FIR are all different, Toor s lawyer Imaan Zainab Mazari-Hazir replied while praying the court to declare her client’s arrest “illegal” Speaking to the FIA’s counsel on the issue of the notice and the FIR against the suspect the chief justice recalled the defence counsel s argument from a day earlier regarding the notice lacking any substance whatsoever “Yesterday they [the defence] told the court that your notice [comprises of] merely two lines and nothing else Justice Farooq said while questioning the FIA s lawyer whether he is unable to understand the court or simply does not intend to address the matter IHC reser ves verdic t on Asad Toor ’s plea against arrest by FIA Gov t fixes Rs135,179 as minimum Zakat Nisab ISLAMABAD S ta f f R e p o R t The government in continuation of its efforts to facilitate Zakat collection and distribution in accordance with Islamic principles has announced the Nisab-i-Zakat for the Zakat Year 1444-45 A H A notification issued by the Ministry of Poverty Alleviation and Social Safety (PASS) on Thursday notified the new Nisab at Rs 135,179 As per the notification, the Zakat would be deduced from Saving Bank Accounts Profit and Loss Sharing Accounts and other similar accounts According to the Zakat and Ushr Ordinance 1980 no deduction of Zakat at source shall be made if the balance in the specified accounts is less than Rs 135,179 on the first day of Ramadan-ul-Mubarak, 1445 A H The ‘Deduction Date’ for Zakat, likely to fall on 12th or 13th March 2024, subject to the sighting of the moon On this day Zakat will be deducted from accounts holding a credit balance equal to or exceeding Rs 135 179

S ta f f R e p o R t Washington would welcome productive and peaceful talks” between India and Pakistan on Kashmir, but the pace scope and character of any dialogue is a matter for India and Pakistan to determine said Matthew Miller the United States State Department spokesperson Miller commented in response to a question regarding the US welcoming future talks between India and Pakistan on all issues, including Kashmir, particularly after Indian Prime Minister Narendra Modi greeted his newly elected Pakistani counterpart Shehbaz Sharif for assuming

WASHINGTON

He added: Of course we would welcome productive and peaceful talks between India and Pakistan, but the pace, scope, and character of any dialogue is a matter for India and Pakistan to determine ” The Indian premier on Tuesday congratulated PM Shehbaz on being sworn in as the 24th premier “Congratulations to @CMShehbaz on being sworn in as the Prime Minister of Pakistan read the statement on Modi s official X handle The US too had welcomed Shehbaz s return as prime minister and assured working with the new Pakistani government on advancing shared interests of the two countries When responding to a question regarding human rights violations and corruption in Pakistan with regard to veteran politician Javed Hashmi’s comment on the nation being in a catastrophic situation Miller reiterated Washington s call for respecting human rights So we have made clear publicly you ve heard me say from this podium many times, and we have made clear from we have made clear in our private conversations that we want to see Pakistan respect the human rights of all of its citizens ” the spokesperson said

Washington to welcome produc tive, peaceful talks on Kashmir between India, Pak istan

PAGE 01

profitability is predicted to normalize in 2024, with interest income and non-interest income remaining subdued Operating expenses should stabilize, benefiting from easing inflation and costcontrol measures The sector benefits from stable funding and liquidity with an increase in domestic deposits aided by financial inclusion efforts and remittances The reliance on deposit funding is high, with a gradual shift observed towards interest-bearing deposits due to rising interest rates While the outlook for Pakistan’s banking sector improves Moody’s has downgraded its outlook for the banking sectors of several European countries citing deteriorating economic conditions and higher borrowing costs affecting credit growth and loan performance

Moody’s upgrades outlook on Pakistan’s banking sector to stable

FROM

rights

IIOJK GENEVA S ta f f R e p o R t Pakistan speaking for the Islamic countries has underscored the need for investigating Israeli war crimes against the Palestinian people in Gaza and the West Bank to pave the way for accountability According to Kashmir Media Service, permanent representative of Pakistan to the United Nations offices in Geneva Bilal Ahmad told the Human Rights Council during its general debate: It is high time that violations of international human rights law and international humanitarian law including war crimes committed against the Palestinian people are investigated and accountability follows At the same time, the Pakistani envoy, who was

OIC

situation in

speaking on behalf of the OIC countries voiced deep anguish over the deteriorating human rights situation in Indian occupied Jammu and Kashmir We urge India to comply with the applicable UN Security Council resolutions and implement recommendations addressed to it in the two Kashmir reports by the Office of the UN High Commissioner for Human Rights (OHCHR), the UN Human Rights Office, which need to be updated ” the OIC statement said

low

compared

other countries and it was very necessary to increase it for progress and development She said that 55 6 percent of the population did not pay any taxes while only 3 3 percent paid taxes Only 200,000 people were giving 90 percent of the taxes She said that a recovery of Rs 1 7 trillion of taxes could not be made because of the legal process She highlighted the recommendations for restructuring of the Customs Department on the pattern adopted by other countries and reforms in the legal and regulatory framework The Federal Policy Board should prepare a longterm tax plan for the continuity of policy, she added At the start of the meeting the prime minister welcomed Dr Shamshad Akhtar and thanked her personally for her efforts He said it was a reality that Senator Ishaq Dar laid a strong foundation with the International Monetary Fund (IMF) which made the progress possible afterward He appreciated Dr Shamshad Akhtar for her comprehensive presentation Senators Ishaq Dar and Musadiq Malik Khawaja Muhammad Asif, Attaullah Tarar, Shiza Fatima Khawaja, Romina Khurshid Alam, and Ali Pervaiz Malik; Rana Mashhood Ahmed Khan Ahad Cheema; Deputy Chairman Planning Commission Dr Jehanzaib State Bank Governor FBR Chairman Secretary Privatization and other high-level officials attended the meeting Prominent banker Muhammad Aurangzeb took part in the meeting through video link ISLAMABAD S ta f f R e p o R t Prime Minister Shehbaz Sharif Thursday thanked his Indian counterpart, Narendra Modi, for congratulating him on assuming the top office in a rare public exchange between the heads of the two arch-rival states Thank you Narendra Modi for felicitations on my election as the Prime Minister of Pakistan wrote PM Shehbaz on his official X handle PM Shehbaz thanks world leaders including Modi for felicitations on assuming office P a k i s t a n M u s l i m L e a g u e - N a w a z ( P M L - N ) P r e s i d e n t S h e h b a z w a s e l e c t e d a s t h e c o u n t r y ’s p r i m e m i n i s t e r f o r t h e s e c o n d t i m e c o n s e c u t i v e l y a f t e r h e s e c u r e d 2 0 1 v o t e s w i t h t h e b a c k i n g o f a l l i e d p a r t i e s p r i m a r i l y P a k i s t a n P e o p l e s P a r t y ( P P P ) a n d t h e M u t t a h i d a Q a u m i M o v e m e n t - P a k i s t a n ( M Q MP ) l a s t w e e k Shehbaz’s opponent Pakistan Tehreek-e-Insaf (PTI)backed Sunni Ittehad Council (SIC) candidate Omar Ayub Khan lost the PM election in the National Assembly after he managed to bag only 92 votes Soon after his election as the PM congratulations started pouring in with world leaders and diplomats felicitating him on becoming the country s chief executive Besides Modi, PM Shehbaz also thanked other heads of the state in separate posts on X “I wish to thank my brother, His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud Crown Prince and Prime Minister of brotherly Saudi Arabia for the warm wishes and prayers on my assumption of the office of Prime Minister the premier said on X The PM said relations between Pakistan and Saudi Arabia are deep-rooted in historical bonds based on mutual respect, religious and cultural affinity and shared values I am confident that these fraternal ties will keep flourishing in the times to come Looking forward to working closely with my brother for mutual benefit of the peoples of the two brotherly countries, he added PM Shehbaz thanks world leaders including Modi for felicitations on assuming office Likewise, PM Shehbaz also expressed gratitude to the Qatari leaders for their gracious message on his election “Grateful to Amir of Qatar HH Sheikh Tamim bin Hamad Al Thani for his gracious message of felicitations I also thank Deputy Emir Abdullah bin Hamad Al Thani and the Prime Minister Mohammed bin Abdulrahman bin Jassim Al Thani of Qatar for their kind wishes Pakistan cherishes its brotherly ties with Qatar and I look forward to working closely with His Highness to further strengthen our exemplary bonds of friendship ” the premier said PM Shehbaz thanks world leaders including Modi for felicitations on assuming office PM Shehbaz also confirmed that he received congratulatory call from Iranian President Ebrahim Raisi wherein they “reaffirmed our resolve to work closely for the betterment of our countries and the region” PM Shehbaz thanks world leaders including Modi for felicitations on assuming office P M S h e h b a z w h i l e e x p r e s s i n g g r a t i t u d e t o K e n y a n P r e s i d e n t Wi l l i a m S a m o e i R u t o , s a i d : P a k i s t a n a n d K e n y a e n j o y c l o s e a n d c o r d i a l r e l a t i o n s I l o o k f o r w a r d t o c o n t i n u e d c o l l a b o r a t i o n f o r f u r t h e r e n h a n c e m e n t o f o u r b i l a t e r a l t i e s a n d e c o n o m i c c o o p e r a t i o n ” Coalition govt pushes ahead with PIA’s privatisation P M t h a n k s wo r l d l e a d e r s fo r fe l i c i t at i o n s o n a s s u m i n g o f f i c e

operatives arrested from Karachi’s Kemari KARACHI S ta f f R e p o R t Pakistan Rangers Sindh and Counter-Terrorism Department (CTD) in a joint search operation on Thursday arrested two Tehreek-e-Taliban Pakistan (TTP) operatives from Karachi As per CTD the joint Intelligence-Based Operation was carried out in different areas of Kemari During the operation, the details of the suspects were verified through the Talash App device During the operation, two TTP operatives Jameel and Ameer Hatim were taken into custody The CTD spokesperson said the arrested were wanted in several heinous crimes Earlier in January Karachi police and Rangers conducted a joint targeted intelligence-based operation (IBO) and arrested a most wanted terrorist of the banned Tehreek-e-Taliban Pakistan (TTP) militant from Ittehad Town The Rangers spokesperson stated that the arrested individual was identified as Abdul Ghaffar alias Amjad and recovered the explosives from his possession The law enforcers revealed that the arrested individual was a close associate of the commander of the banned militant organization, Muhammad Ali alias Mufti The spokesperson claimed that the detained individual was involved in planning a suicide attack at the shrine of Abdullah Shah Ghazi in October 2011

She informed the meeting that Pakistan’s tax to GDP was 9 5

TTP

The din refuses to die down

R igging allegations throw shadow over government

TH E widespread rigging allegations that have swirled around the February 8 election ever since it was held have refused to die down This has coincided with PTI chairman Imran Khan’s coming his closest yet to aligning his stance with that of the Army on the May 9 attacks last year on military installations While talking to the media in Adiala Jail on Wednesday he said that the Corps Commanders Conference was right to demand that the perpetrators be brought to justice, but he said that perpetrators be arrested on the basis of CCTV footage He did not mention his earlier claim that the attacks were carried out by crowds instigated by agents provocateurs The Corps Commanders did not mention the claim that Mr Khan had planned the attack Mr Khan has so far not been tried on the charges against him that his party workers had carried out the attacks in response to his arrest, under a strategy previously planned and which had been approved so none of the evidence against him has come to court

Meanwhile, the Pakistan Institute of Legislative Development and Transparency has characterized the recent election as less fair than that of either 2014 or 2018 It has thus called for a probe by the Election Commission of Pakistan into several election-related matters, such as the delays in transmission, consolidation and announcement of results There are two issues with what is otherwise an obvious proposal:

first, the ECP itself is a party in some of these issues; second, the PTI does not accept the neutrality of the ECP and thus would be unlikely to accept the results of any ECP probe The PML(N) government should know only too well how corrosive the accusation of election rigging can be When it was thrown into the opposition after the 2013 election, it accused the PTI government of having benefited from that rigging, until ultimately it used that to overturn the PTI majority by bringing to

Dedicated to the legac y of late Hameed Nizami

Arif Nizami (Late) Founding Editor

M A Niazi Editor Pakistan Today Babar Nizami Editor Profit

W h e n e l e c t i o n s e a s o n i s n ’ t o v e r

Governments have taken oﬃce, but at what price?

At Penpoint

M A N I A Z I

Wadopting him the PTI had adopted one of his party s competitors It should not be forgotten that Achakzai s Pakhtunkhwa Milli Awami Party and the JUI(F) are fierce competitors in Balochistan’s Pashtun belt While Zardari and the Maulana may have focused on the Presidency virtually all other offices have been filled The only query left is over the Senate Chairmanship which has been allocated to the PPP and which will fill it after the Senate election which should be taking place about now, but which has been timed by the Election Commission of Pakistan so that those Senators whose term is expiring, vote for the President The Senate Chairman is a sort of Vice-President for he acts as President when the President is abroad or there is a vacancy in the office (indeed in the USA and India a Vice-President is elected and assigned to preside over the Senate in the USA, and the Rajya Sabha in India )

The chips have landed all over the place It has been noted that Punjab is the first province to have a female Chief Minister in Maryam Nawaz, but it should be noted that it remains the only province not to have had a female Speaker or Deputy Speaker Sind has had a female deputy Speaker and Balochistan a female speaker and a female Deputy Speaker and the National Assembly has had a female Speaker, while KP has now its second female Deputy Speaker The Senate has had a female Deputy Chairman, the late Dr Noor Jehan

Rthat party chief Maulana Fazlur Rehman wants the job By voting for the PM the JUIF) would have committed itself to voting for Mr Zardari The PTI had decided to put up Mehmood Khan Achakzai, another red flag to the Maulana, because apart from not

When it comes to destructive practices like forced marriage and

well as

the nation leads the rankings Data from the National Crime Records Bureau (NCRB) show a concerning number of rapes that have been recorded, with a 4 percent rise in crimes against women between 2021 and 2022 India s questionable claim to

The PTI has been outdone . It may have been the larg est single par ty in the National Assembly in its Sunni Ittehad Council avatar, but its opponents have formed the government It lives to fight another day, but it has once again been confined to KP, the position it was in after the 2013 election

Trust Law a Thomson Reuters service underscoring the pressing need for social reform Allegations of horrific sexual assault against 150 women troops are made against male military colleagues in IIOJK, who are protected by official authority The Indian government is purportedly concealing these allegations 1,224 women are alleged to have been sexually assaulted by Indian

Murad Ali Shah’s father had held the office

CM Sarfraz Bugti is the son of a tribal

head who had been a member of the Zia-era Majlis-i-Shura He is perhaps the most widely experienced, for he has been a provincial minister, and resigned as caretaker Interior Minister to contest the election His being chosen CM should raise eyebrows, for caretakers are not supposed to contest elections Having accepted office and then abandoning it gives rise to the suspicion that he used the federal office to lobby for himself in Islamabad This was perhaps the last blot on the record of the caretakers Gandapur is probably the most fortunate of the CMs, probably because he was subject to the lowest expectations Even before he unveiled his Cabinet there were murmurings that he was going to KP’s Buzdar However while the whole exercise of elections and government formation does not seem to have broken the hold of the PTI over the electorate, it was unable to translate this popular support into obtaining the government The PDM returned, with Mian Shehbaz Sharif the only incumbent Prime Minister since Zulfikar Ali Bhutto in 1977 to return to office albeit after an interval The PTI has been outdone It may have been the largest single party in the National Assembly in its Sunni Ittehad Council avatar, but its opponents have formed the government It lives to fight another day, but it has once again been confined to KP, the position it was in after the 2013 election Are there chances of another dharna? Possibly but the main drawing-card will not be there While Barrister Gohar Ali Khan and Umar Ayub are no doubt men of sterling worth and are devoted to the party, they would be the first to admit that they are hardly crowd-pullers compared to Imran Khan But what other choice does the PTI have?

The writer is a member of staff

Misuse of scholarships

miss

families grab it

spend the

and

the

hand the

And

are unable to complete their education, and suffer from anxiety and depression The universities should fairly and carefully evaluate the applications, and shortlist the most deserving students for such scholarships No matter how much time it takes the evaluation should be done after a comprehensive inquiry

MUHAMMAD DARWESH SUKKUR

Matter of priorities

A N active investment in the various domains of science and technology, in line with religious instructions on seeking knowledge, as well as the traditions of the likes of Ibn-i-Sina and Al Farabi, the Muslims can turn things around even today It is all a matter of setting the priorities right The fact that two billion

MUHAMMAD

Frozen crossroads

04 Friday 8 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

its side the PTI’s allies Now it finds itself in that situation with not just minor parties on its side, but the PPP It should not forget that the PTI based its 2014 dharna on the premise that the 2013 elections were rigged It should not wait on the judgement of history There may be some satisfaction for PPP supporters that the Supreme Court has found that there were flaws in the trial of Zulfikar Ali Bhutto but coming as it does so many decades after his hanging that would be cold comfort The PTI and PML(N) both want immediate satisfaction

H O L A R S H I P S at the university

aimed

providing opportunities to talented

students

pursuing higher education

many

financially

level are

and deserving

for

without facing financial issues Unfortunately

of the

deprived students

this opportunity while those from welloff

by showing fake salary slips

Weathering the economic storm

IPI n d e x w h i c h r o s e f r o m 1 2 1 p e r c e n t i n 2022 to a staggering 29 2 percent in 2023, and is projected to remain around 24 percent in 2024 This rampant inflation erodes t h e p u r c h a s i n g p o w e r o f i n d i v i d u a l s a n d households disproportionately impacting their ability to afford essential goods and s e r v i c e s t h e r e b y n e g a t i v e l y i m p a c t i n g overall living standards

Furthermore, the nation grapples with the burden of substantial external and general debt, ranging from 80 7 percent to 76 8 percent of its GDP over the past three years Additionally the prevailing economic uncertainty discourages foreign investment which in 2022 was on $2 7 billion compared to FDI of India which was $80 2 Billion This low level of FDIs, further restricting the availability of resources for modernization and expansion threatens the prosperity for its people and stalls the nation s development engine squeezing household budgets and eroding savings

Soon after assuming power, the new government would be faced with the daunting task of completing the last review of the IMF Stand-By Arrangement (SBA) The next daunting challenge would be to reach an early agreement with the IMF staff on a new medium-term facility which is conditioned with carrying forward critical reforms on restructuring of the FBR, privatization of the loss-making SOEs including PIA, and the implementation of the SOE policy for improved governance and financial performance

The new government caught between lack of fiscal and budgetary space and ambitious plans outlined in its manifesto, will be in a deep fix Pre-Election promises

such as inflation reduction targeted subsidies for vulnerable populations, job creation, and support for agriculture, revitalizing industries at all levels, encouraging youth entrepreneurship through accessible banking and fostering agricultural advancement through initiatives like improved seeds and subsidized fertilizers will need

also promised to provide affordable

Though

agriculture sector the backbone of the country posted impressive 5 percent growth with manufacturing activity registering 2 5 percent growth The rupee has stabilized and the PSX has shown sustained performance improvements The inflation outlook for the upcoming month points towards an upward trajectory owing to better crops and a smooth supply of commodities The industrial activity in December 2023 remained positive, exports are steadily increasing encouraging business confidence coupled

In the long-term, human capital development through education and healthcare investments, combined with gender equality initiatives, will unlock PakistanÊs full economic potential. Embracing technology and transitioning to a green economy will further drive sustainable growth. Adaptability, public engagement, and strong governance will be critical throughout this multi-phase recovery program.

with exchange rate stability, contributing to a positive economic outlook for Pakistan amidst ongoing challenges

To start with the new government should fully activate three vehicles for rapid economic and financial stabilization, the Special Investment Facilitation Council (SIFC), the China-Pakistan Economic Corridor (CPEC) and its agricultural sector First the SIFC can streamline the investment process particularly for CPEC projects By minimizing bureaucracy and offering a one-stop shop for approvals SIFC can attract both domestic and foreign capital Furthermore, the SIFC can foster public-private partnerships within CPEC, encouraging innovation and job creation while ensuring the project s long-term sustainability Additionally the SIFC can leverage Pakistan s diplomatic ties to broaden CPEC s scope, attracting international investment and maximizing its transformative impact Second Pakistan’s agricultural sector presents a wealth of untapped potential The SIFC can play a crucial role in attracting investment in modern farming techniques storage infrastructure and food processing By focusing on value addition through processing and marketing, Pakistan can not only increase agricultural production but also create a more robust and profitable sector fostering economic growth and prosperity Banking upon these gains the new government should immediately develop short, medium- and long-term strategies In the short-term the government would need to curtail development spending, though vital for long-term growth and must prioritize projects with immediate economic benefits and efficient implementation Salary increases for government employees should

be weighed carefully against fiscal constraints Infrastructure projects must be chosen for their potential to generate revenue and jobs Price controls and subsidies need effective management to curb inflation Investment in education, health, agriculture, and research and development remains crucial, but efficient resource utilization is paramount Fiscal management external debt control job creation and a commitment to transparency and accountability will be essential components of the government s strategy Collaboration with international partners can provide crucial support Beyond immediate stabilization, medium-term reforms are needed These include gradual deficit reduction a comprehensive debt management strategy improved tax administration energy market reforms and enhanced workforce competitiveness Sustainable development efforts focusing on climate-resilient infrastructure and innovation will also be crucial In the long-term human capital development through education and healthcare investments combined with gender equality initiatives will unlock Pakistan s full economic potential Embracing technology and transitioning to a green economy will further drive sustainable growth Adaptability, public engagement, and strong governance will be critical throughout this multi-phase recovery program By taking decisive action and prioritizing the well-being of its people the new government can navigate the current economic storm and emerge stronger

The writer retired as Press Secretary the the President and is former Press Minister at Embassy of Paikistan to France and former MD Shalimar Recording & Broadcasting Company Limited

T h e B i d e n d o c t r i n e

for the diplomatic accommodation of Iran The administration also returned to Obamanaut assumptions regarding Latin America Russia, it was thought, could be geopolitically parked, while the US tended to other matters And even over China, while admitting the need for a change from Obama Biden officials clarified their desire for “responsible” competition cooperating with Beijing on non-traditional security issues

Finally Biden went further than either Obama or Trump in declaring that a global struggle against authoritarianism would be a strategic centerpiece of his new administration Of course, all these priorities were sometimes more verbal than substantive And they often conflicted with one another Nevertheless the declared priorities of Biden s grand strategy had a very real impact on US policy Grand strategy requires organization The organization of the Biden strategy has received very little coverage We often find, investigating past administrations, that while presidents are dismissed by their critics at the time they turn out for better or worse to be the leading figure in shaping their own administration Accordingly we should not dismiss the possibility that the single most important individual in determining the Biden administration s strategic priorities is President Biden Books like Franklin Foer ’s The Last Politician seem to confirm this possibility

Having said that it appears that apart from Biden himself the key figure here is the president s national security advisor Jake Sullivan Sullivan really does act as the president s right arm on national security matters This is not always the case in that position In the Biden administration, organizationally, everything goes through Sullivan He is also the lead conceptualizer No matter how bad things get Sullivan cannot be fired He is empowered by the president to play this

During

this issue as on most domestic matters Adaptation is a key aspect of grand strategy Team Biden can hardly be faulted for trying to adapt to surprises The problem seems to be that in the case of this administration, even the attempted adaptations always veer back toward fundamentally mistaken premises

Consider grand strategy as an interconnected set of assumptions about interests threats and capabilities

In its NSS the Biden administration is willing to name most of the obvious national interests in its checklist

But there is also an inordinate emphasis on rules-based liberal world order This concept of liberal order folds into itself all the current progressive assumptions about the desirability of certain social arrangements overseas These arrangements are then defined as US “national interests when in fact they are not Team Biden is also willing to list the obvious international security threats: China Russia and so on Then it goes on to list a set of isms on par with any nation-state Populism, nationalism, illiberalism, and authoritarianism are each assumed by the Biden administration to be pressing threats - including inside the United States Then there is a laundry list of what they call non-traditional threats At the head of that list is climate change described

Finally, when it comes to capabilities, we need to develop the policy instruments or the means to match the ends Instead of asking do we like this baby step to counter our adversaries? Or do we like that other baby step? We need to think back from the endpoint Here is the endpoint President Biden is stumbling into the possibility of full-blown warfare with China over Taiwan in the coming years, especially if he is reelected He is not deterring US adversaries He doesn’t scare them Nor is he arming the US to, if necessary, fight and win any coming conflict He is just interventionist enough to annoy our enemies but not sufficiently robust to establish escalation dominance against them Consequently we now face a kind of anti-American axis of hostile dictatorships, however loosely coordinated, covering most of the Eurasian continent This is the most deadly threat in generations By that standard, have we developed the policy tools and specifically the military capabilities to meet that challenge? The answer is obvious: not even close

Indians being tricked into joining armed conflic t

Friday 8 March 2024 COMMENT 05

F the question is whether the US has a tightly coordinated, effective approach where the ends are appropriate, and the means are carefully built up to match the ends, then clearly the answer is no Though to be fair such coherence has been rare in the post-Cold War era regardless of administration On the other hand if the question is whether the Biden administration has a broad set of ends or objectives and a set of means or policy tools to pursue those objectives, then I think the answer is yes Let me try to sketch what I believe they think they are doing, followed by some obvious criticisms If the Biden administration s grand strategy could be summed up in a single phrase it would be - progressive transformation at home and abroad The central dilemma for the Democratic Party foreign policy community after November 8, 2016, was essentially: what went wrong? Donald Trump’s presidential win that evening was unexpected to say the least Democrats needed to think through how to prevent this from happening again Thoughtful analysts like Thomas Wright laid out two basic alternatives One was to simply restore the suppositions of the Obama era The premise here would be that Obama largely got it right on US foreign policy, and that the only challenge was to restore those assumptions to power The second alternative was readjustment With this option Democrats would quietly concede that Trump had a point here and there and they would adjust certain policy assumptions partly to avoid being blindsided the next time around In the end, the Biden team came up with a kind of fusion of these two alternatives This fusion can be inferred not only from key documents such as the 2022 National Security Strategy but as in any administration from presidential speeches outside evidence and even off-the-cuff remarks by the commander-in-chief The 2020 Biden campaign, and his incoming administration, offered a mixture of Democratic Party foreign policy restoration and readjustment On the theme of readjustment, Biden and his team fully conceded that domestic and international priorities were now intertwined They agreed that China was a major strategic rival and that an era of great power competition had arrived They adopted a trade policy skeptical of opening US markets, with closer attention to workers than to consumers, maintaining at least some of the protective tariffs inherited from the Trump era And to an even greater extent than Barack Obama the Biden team made clear its profound aversion to optional military interventions overseas that might entangle the United States in large-scale nation-building or counter-insurgency efforts This all represented a concession to Trump-era realities At the same time, in many ways, the Biden team also looked to restore numerous Obama-era Democratic Party foreign policy assumptions This meant among other things quite literally the restoration of Obama personnel - the return of the Obamanauts It meant restoring and even enhancing the place of progressive socioeconomic priorities within US national security policy It meant a return to good-faith assumptions regarding any argument for what is sometimes called rules-based liberal world order Climate change and the need to combat it would be given the highest possible priority as a national security matter Regionally the Biden team looped back toward Obama-era hopes

central role

l i c y

e m i d d l e c l a s s ” T h e m i x e d feelings of the US electorate regarding globalization and foreign wars would be recognized and factored i n t o p o l i c y a p p e a l s Tr u m p s u n e x p e c t e d a p p e a l t o M i d d l e A m e r i c a w o u l d b e r e c o g n i z e d b u t c o u n t e ra c t e d a n d t u r n e d i n a d i r e c t i o n f r i e n d l i e r t o Democrats President Biden s big-spending initiatives on infrastructure, climate, and industrial policy would be embraced not only on their own merits but as part of a package intended to bridge domestic and international priorities This would take the sting out of any right-wing populist critique and stave off a repeat of 2016, cementing progressive dominance of US politics Or so it was hoped Instead of being celebrated as popular and successful, however, what the Biden team soon encountered was a series of rude surprises The planned withdrawal from Afghanistan turned into an embarrassing fiasco Vladmir Putin refused to be parked and instead invaded Ukraine Iran slapped away the hand of accommodation, continuing its campaign of violent proxy warfare in the Middle East And the rallying cry of multilateral cooperation around rules-based liberal order turned out to be less powerful than the Biden team had anticipated Internationally the president quickly alienated key allies and partners such as Saudi Arabia The Chinese were uninterested in cooperating on respectably liberal US terms And at home, much of the American public remained unimpressed by Biden s foreign policy leadership, awarding him low grades on

the four years of the Trump administration Sullivan was arguably the leading member of a group of foreign policy Democrats determined to learn from 2016 and move ahead They developed the concept of a “ f o r e i g n p o

f o r t h

pears

mind

challenge in

overall? Is it China?

it global warming?

it the Russian invasion of Ukraine? Or

capabilities

policy instruments built out of those capabilities the Biden administration has developed a grab bag of tools – diplomatic, economic, military, and technological Biden is no isolationist And we should be willing to give him credit when he does get things right In the Indo-Pacific, for example we’ve seen a range of discrete initiatives such as AUKUS each of which represents genuine progress The problem however is that there is too often a disconnect between ends and means as between capabilities and commitments There is a part-way quality to the whole affair More than that, with Biden there is a baffling tendency on national security matters to split the difference between realistic or sensible priorities and those that make no sense at all A better alternative to the Biden doctrine is visible When it comes to US grand strategy start with US national interests These include foundationally the prosperity, independence, security, and freedoms of American citizens The United States has a material interest in trade and investment patterns overseas It has an interest in the maintenance of a balance of power on the Eurasian continent It has an interest in keeping sea lanes open to US commerce And it has an interest in keeping the Western hemisphere free from great power competition There is no clear American interest in progressive transformation as an objective either at home or abroad At least half of the country does not look to be transformed And overseas, even many US partners are not asking for progressive scoldings A better American grand strategy starts with getting back to basics When it comes to threats that endanger the above interests focus on the concrete rather than on the abstract This means dropping the emphasis on isms, and zeroing in on specific real-life adversaries Unfortunately, they are numerous A credible list would have to include Iran North Korea Russia and salafi-jihadist terrorists just to name a few But there is a need for clarity What is the number one threat? I believe it is the People s Republic of China – a pressing challenge to US interests not only in East Asia, but on every ocean, and on every continent This is not to say the US can walk away from key regions such as the Middle East On the contrary, China’s rising influence in that region is yet another reason why strict disengagement is untenable But clarity over our number one challenge should help US policymakers to prioritize and in the absence of priorities we cannot succeed at all

as existential It ap-

that the Biden administration cannot make up its

as to the highest priority What is the number one

their view,

is it the Republican Party? Finally when it comes to

and the

P o l i c y a n d G o v e r n m e n

U n i v e r s i t y, a n d a n o n - re s i d e n

A m e r i c a n E n t e r p r i s e I n s t i t u t e

C o l i n D u e c k i s a p ro f e s s o r i n t h e S c h a r S c h o o l

t a t G e o rg e M a s o n

t f e l l o w a t t h e

O S T-E L E C T I O N, the incoming government is set to take charge amidst economic adversities The hard decisions taken by the interim government supported by the armed forces have significantly contributed to economic steadiness by spearheading actions such as busting illegal financial networks, curtailing cross-border smuggling deporting numerous illegal aliens and addressing smuggling and trade malpractices that were bleeding the economy Additionally it also put its weight behind the government s efforts to secure financial backing from allied countries, through sizable deposits and their subsequent rollovers which helped in maintaining a critical balance of payments The coalition government too made tough choices like hiking utility and fuel prices which albeit harsh were pivotal in stabilizing the economy However, Pakistan is still knee deep in economic and financial difficulties posing t h e n e w g o v e r n m e n t w i t h a n i m m e d i a t e c h a l l e n g e : e c o n o m i c s t a b i l i z a t i o n T h e contraction of the real GDP from a positive 6 2 percent in 2022 to a concerning0 2 p e r c e n t i n 2 0 2 3 , c o u p l e d w i t h projected modest growth of only 2 percent in 2024, paints a picture of economic stagnation This decline in economic activity translates to a reduced ability to generate employment opportunities with the unemployment rate surging from 6 5 percent in 2022 to a worrisome 8 5 percent in 2023 with estimates suggesting little improvem e n t i n t h e f o r e s e e a b l e f u t u r e F u r t h e r compounding this challenge is the signific a n t e s c a l a t i o n o f t h e C o n s u m e r P r i c e

a lot

u t i l i t i e s b e s i d e s h e a l i n g t h e w o u n d s i n B a l o c h i s t a n a n d K P, k n o w i n g v e r y w e l l t h a t t r a n s f o r m i n g p r o m i s e s i s t o u g h though not impossible It would need the collaboration of stakeholders political and non-political alike to define the priority areas and set clear objectives with a timebound deadline

of fiscal space It

the clouds of economic and financial challenges are very thick and many hard decisions have to be made there are a few silver linings as well The monthly economic update for February 2024 noted restoration of market confidence which led to a pick-up in economic activity GDP growth accelerated to 2 1 percent in the first quarter of FY2024, after two consecutive quarters of negative growth The

the SIFC and CPEC

Leveraging

Bashir

Qamar

INSTITUTION C o l i n d u E C k I n t e r n a t i o n a l l y, t h e p re s i d e n t q u i c k l y a l i e n a t e d ke y a l l i e s a n d p a r t n e r s s u c h a s S a u d i A r a b i a

FODDER

HOOVER

CANNON

As fighters in Russia or a civilian shield in Israel Indians are being duped by unscrupulous travel agents to travel to conflict zones in search of riches The sweat and toil of Indians have built the glittering cities of West Asia, and in return, the migrant workers have brought prosperity home Indian labour in Europe and North America has added immense value to their host countries This peace-loving industrious and thrifty community can be held as a model for permanent and temporary migration of workers anywhere in the world Now, these virtues have made them vulnerable to duplicitous traffickers who are pushing them into deadly battle zones Nibin Maxwell from Kerala employed on a farm at Margaliot on the Israel-Lebanon border, was killed on Monday in a missile attack carried out by Shia militant outfit Hezbollah from Lebanon Two others from his home state were injured These are all new recruits filling in for Palestinian workers who are barred from entering Israel and doomed to suffer a genocidal attack by the Israeli Defence Forces seeking revenge for the October 7 Hamas attack The Palestinian death toll has crossed 30,700 Meanwhile, Taiwan’s Labour Minister Hsu Ming-chun has apologised for seeking out labourers from India’s northeastern states for being mostly Christian and for their skin colour and dietary habits The External Affairs, Home and Labour ministries need to urgently draw up a comprehensive policy to have a government-to-government arrangement for the grant of work visas by any foreign country to avoid Indians being tricked into joining an armed conflict Just as Israel needs to be warned against sending Indian workers into dangerous border areas Russian designs to entrap poor job-seekers have to be condemned at the highest level Indian workers shouldn t become somebody’s cannon fodder TRIBUNE E d i to r i a l

Will local refineries finally be able to produce high-margin petroleum products?

a great modern socialist country Innovation as underscored by Chinese leadership during the deliberations of the Two Sessions and the Central Economic Work Conference, is at the heart of the concept of new quality productive forces This innovation-centric approach is not merely a pivot but a profound transformation that seeks to liberate productivity from the confines of traditional growth pathways It s about fostering a paradigm where high technology efficiency and quality are not just

aspirations but the bedrock of economic activities This transformative vision resonates with the country’s broader goals outlined in the 14th Five-Year Plan, aiming for a quantum leap in the share of strategic emerging industries such as new energy high-end equipment and biotechnology in its GDP Emphasizing new quality productive forces is a strategic response to the new emerging challenges that are posed by the decoupling efforts by the West The aim is meant to bolster economic growth through modernization and self-reliance to face external pressure and trade tensions Through the focused attention on advancement in new technologies and emerging industries the

strategy is to secure China’s place as a “firstmover advantage in the global trade and economic landscape By following this clear path and aim China not only will be able to navigate the complexities of global tech, trade and economic fragmentation but also will play pivotal role in supporting other developing countries Internationally the development of new quality productive forces in China has implications far beyond its borders As the country moves up the value chain it reshapes global trade dynamics, challenges existing geopolitical hierarchies, and sets new standards for innovation and sustainability This shift underscores the interconnectedness of the global economy and the need for international collaboration in addressing common challenges At a time when the global economy faces unprecedented challenges, from geopolitical tensions to environmental crises, China s pivot towards new quality productive forces offers a blueprint for sustainable growth that other nations might look to for inspiration

Abbasi urges new govt to go privatisation route

ISLAMABAD s tA f f r e p o r t

Resurfacing after the elections, Former prime minister Shahid Khaqan Abbasi has strongly urged the Shehbaz Sharif-led new federal government to urgently implement the agenda of privatisation particularly in the energy sector as the greater involvement of the private sector is key to overcoming serious national economic woes

The former PM was addressed as the chief guest at the inaugural session of the 16th CSR Summit and Awards-2024 organised by the National Forum for Environment and Health (NFEH) here at a hotel on Wednesday

Privatisation has been one of the key agendas of Mr Abbasi and others who have created the Reimagining Pakistan platform where like-minded politicians across parties gathered to promote change in the country Former Finance Minister Miftah Ismail and former Senator Mustafa Khokhar have also been significant voices for these reforms While eulogising the role of private companies in the uplift of underprivileged communities, the former PM said that privatisation was the only way forward for the new government to overcome the economic crisis as the rulers and bureaucracy couldn’t ingeniously run the economy as per the requirements of the present day world

Brillanz Group sets new industr y standard with debut summit at MWC Barcelona

ISLAMABAD M o n i to r i n g D e s k

Brillanz Group, a Pakistan-based company, hosted its first-ever Sustainable Energy Summit at world largest connectivity event MWC Barcelona with a focus on sustainable telecom innovation and AI solutions This summit represents a historic moment as it is the first time a Pakistani origin company, has hosted a summit of such scale at Mobile World Congress (MWC) Barcelona, Spain The summit titled "Innovate Fund Transform: Telecom s Journey to a Sustainable AIPowered Era has set a new precedent for the intersection of technology and sustainability within the telecom sector, with a special focus on AI-enabled solutions Bilal Qureshi, Chief Executive Officer (CEO) of Brillanz Group a trailblazer in engineering & energy solutions for the telecom sector highlighted the summit s significance in propelling innovative and sustainable solutions within the industry He emphasized that hosting such an event at MWC Barcelona was a historic milestone for a Pakistani company

He said that energy sector problems massively accounted for the current economic crisis as the agenda of privatisation should be implemented without any further delay to resolve these issues Abbasi was of the view that privatisation should be carried out in the energy sector in a speedy manner to save it from sheer bankruptcy He said the power and energy sector companies unable to clear their liabilities for long against the electricity,

Bilal said:” This summit marks a historic moment as it's the inaugural occasion a Pakistani company has hosted such a large-scale event at MWC Barcelona The global launch of Thunder, our AI-Enabled Energy Intelligence Platform, underscores our dedication to spearheading impactful innovation, particularly in enhancing energy efficiency within the global telecom sector which accounts for approximately 3% of worldwide carbon emissions The unveiling of Thunder a hardware-agnostic SaaS platform, at the summit heralds a paradigm shift in how the telecom industry ap-

He lamented that the bureaucracy in Pakistan couldn’t implement such marketdriven modern solutions to save the national economy as the bureaucrats were still reliant on decades-old administrative options that don t work anymore

The former PM said that political stability, rule of law and constitution, and free and fair elections were the prerequisites for stabilising the economy

KE maintains loadshed exemption for 71% of network

is no significant change in loadshed for KE s service territory as per the quarterly review of the company s network of over 2,000 feeders T h e l a s t r e v i e w w a s c o n d u c t e d i n D e c e m b e r 2 0 2 3 T h e u p d a t e d s c h e d u l e i s n o w a v a i l a b l e o n t h e c o m p a n y s w e b s i t e a n d i s e ff e c t i v e f r o m M a r c h 0 7 2 0 2 4 C u s t o m e r s c a n a l s o r e v i e w f o r l a t e s t u p d a t e s t h r o u g h t h e K E L i v e A p p a n d K E W h a t s A p p s e r v i c e Commenting on the update, the KE Spokesperson stated "Despite inflationary challenges and tariff hikes 71%

Since the beginning of the fiscal year, KE has conducted almost 20 000 citywide kunda removal drives successfully eliminating over 200 000 kg of illegal wires siphoning off electric power As part of the nationwide campaign against electricity theft, the power utility is actively collaborating with the government and law enforcement agencies against those involved in power theft The spokesperson reiterated that these areas will be under continuous vigilance until the next review, underscoring the fact that the provision of "free electricity" is unsustainable in areas with low or declining bill payments

Af ter long tussle, Sweden to become NATO member

ing NATO formed in the Cold War to unite against the Soviet Union

Turning page on non-alignment weden has not been involved in a war, including World War II, since the Napoleonic conflicts of the early 19th century But Finland and Sweden launched a joint bid after Russia in 2022 invaded Ukraine which had unsuccessfully sought to join NATO which considers an attack on one member an attack on all

Finland successfully joined in April 2023 Sweden’s candidacy stalled due to an assertive push by Turkey which demanded that Stockholm known for its liberal asylum policies crack down on Kurdish militants who have campaigned against Ankara Turkish President Recep Tayyip Erdogan later demanded action after protesters, enjoying Swedish laws on free speech desecrated Islam’s holy book the Koran In a clear if unstated sweetener the United States dangled the prospect of F-16 warplanes to Turkey, which has faced the wrath of US sanctions over a major military purchase from Russia The Biden administration in January approved $23 billion in F-16 warplanes to Turkey swiftly after it ratified Sweden s membership

The United States simultaneously pushed ahead with $8 6 billion in more advanced F-35 jets for Greece, a fellow

NATO member that has a historic rivalry and frequent tensions with Turkey

Even with Turkey s blessing Sweden faced another obstacle as it needed approval of a last country Hungary whose nationalist prime minister, Viktor Orban, has often thumbed his nose at Western allies

The Hungarian parliament ratified Sweden’s membership on February 26 But in one last hiccup Hungary could not formally sign the accession document due to a brief absence in the mostly ceremonial post of president, after an Orban ally resigned in a scandal over pardoning a convicted child abuser ’s accomplice A recent poll by Swedish broadcaster SR said that most Swedes believe the country made too many sacrifices to join NATO although more than three-quarters believed NATO would strengthen the country s security

this development on Saturday Vice President Harris called on Hamas and not on Israel to agree to an immediate ceasefire The US are still sending aid, still sending troops to the region, still reporting in all their mainstream media that Hamas are the guilty party but while this is happening their citizens are not so convinced Just over a month ago public opinion in the US was that over half the population thought Israel had gone too far Clearly this is not a popular war; Every weekend, tens of thousands of protesters gather and march through cities throughout the USA and other parts of the world

The author is a journalist She could be reached at

ISLAMABAD s A D i A k h A n Starting with the premise that sexual violence in war is not uncommon, we all need to acknowledge that it happens, it’s abhorrent and must be punished when it occurs October 7th was no different if sexual violence occurred there is every reason to seek the perpetrators and punish them but what s happened as a result of that fateful day seems no it doesn t seem, it is absolutely out of balance and cannot, in any sense of decency be accepted as a normal response, nor can it under any definition be described as self-defence Both the BBC and CNN from either side of the Atlantic report that a UN Team has concluded that there were most likely rapes on October 7th carried out by Hama fighters, Hamas, of course deny the allegations: the BBC headline reads: “UN Team says Hamas likely carried out sexual violence in Israel on October 7th” But reading on the UN team held 33 meetings with Israelis and none with Hamas the team admitted that not one victim came forward Whether rapes, sexual violence, mutilation of bodies occurred on that day is vitally important to establish and must eventually be done perpetrators must be held responsible but balance needs to be brought to the narrative and the BBC is not very good at doing this The BBC attempts some balance with a collection of direct quotes from the UN report for example: Some allegations of rape and sexual violence could not be verified or were unfounded , the report explained, including the graphically publicised case of a pregnant woman whose womb was reportedly torn open and her foetus stabbed It also said it had not been able to establish a discernible pattern of genital mutilation In other words, some of the allegations have been proven to be false and none of the allegations have yet been proven to be true For those of us who know CNN and BBC’s methodology it’s always worth taking a read of the sources and in this case the source is a UN report issued on 4th March at a press conference by Office of the Special Representative of the Secretary-General on Sexual Violence in conflict And while many of the comments in the reports do indeed reflect the position of the UN there is one major component missing from both: the report admits the evidence falls below the standard of beyond reasonable doubt It also states that many of the victims and witnesses couldn t be interviewed as they (have been) relocated both inside Israel and to other countries, and some first responders are unable to be interviewed due to military deployments It is therefore inconclusive The UN goes further: the mission team interviewed several people from Kibbutz Be eri and found they were inconsistent, several of them retracting earlier statements and no longer confident in their own recollections or assertions that had appeared in media The UN was quote: “unable to establish whether sexual violence had occurred in Kibbutz Be eri The UN has said that the possibility of rape cannot be ruled out but categorically states no tangible indications of rape could be identified” It further concludes that “no digital evidence specifically depicting acts of sexual violence was found in open sources indicators and given the amount of information that was posted and circulated it is unlikely that removal of all traces of it, would be possible While there was undoubtedly violence against innocents and there is circumstantial evidence that sexual violence took place there is also “limited evidence” that mutilations occurred including decapitation or attempts to decapitate the official response from Hamas gives a very different story: Our Narrative Operation Al Aqsa Flood states that: “Avoiding harm to civilians, especially children women and elderly people is a religious and moral commitment by all the AlQassam Brigades fighters So there is a direct contradiction So many bodies were found partially clothed that it s hard to believe nothing of a violent sexual nature happened but in a conflict, when there are hundreds of people running around shooting at hundreds of others and a massive response from Israeli military was imminently anticipated it s equally as hard to believe fighters took the time to stop, participate in rapes and then continue their slaughter Notwithstanding what did or did not happen on 7th October, we must, at least for the time being critically review our sources The UN is always a good starting place and a search on their own website is a good indicator that things in Gaza are not as Israelis, Western Mainstream media and many Western politicians would like us to believe Article after article, report after report the wording is worrying Examples include: Fear for Gaza; A humanitarian crisis; Catastrophic and unconscionable shameful conditions in Gaza; Lifesaving medical care collapsing; Babies perishing I could go on but the UN messages are clear, Israel is behaving in an inhuman and overly aggressive manner The International Court of Justice has described this as a “plausible genocide” A plausible genocide which could stop today if there was a ceasefire but the US has told the UN that a ceasefire isn t needed, what s needed is sensitive negotiations The US is the only country that has vetoed a ceasefire, it is seemingly not interested in cessation despite Joe Biden’s claims last week that one was imminent Hamas representatives are currently in Egypt waiting to talk about how to achieve this, while Israel s leaders are in Tel-Aviv, having decided not to attend the meeting that Joe Biden told us, over ice cream, was so close to a ceasefire that it would happen as soon as yesterday – it didn’t! And despite

sadiasadia65@gmail com Friday 8 March 2024 | K AR ACHI 06 NEWS

oil, and gas they purchased had already gone bankrupt He urged the new federal government to urgently roll out the agenda of privatisation of the loss-making distribution companies in the power sector whose ownership shouldn t remain with the state any more The former PM said that precedent was available to the government in the form of Karachi Electric, which as a DISCO was being efficiently run after privatisation Other DISCOs should be privatised in the same manner he

Abbasi

that without privatisation the massive issue of circular debt involving trillions of rupees couldn t be resolved

said

BEIJING s tA f f c o r r e s p o n D e n t This year China is hosting its Two Sessions with a renewed sense of purpose and determination aiming to embrace the winds of change These important national events pave the way for China s political, economic, and social direction that has farreaching implications at the regional and global scale In 2024 the sessions take on added significance as they unfold in a period marked by China s quest for a transformative shift toward high-quality development Central to this year ’s deliberations is the concept of new quality productive forces a term that echoes the country s strategic vision for a future rooted in technological innovation and efficiency, according to an article carried by Gwadar Pro on Thursday The term new quality productive forces is associated with China s push towards technological innovation digital economy, green development, and high-end manufacturing as part of its broader strategy to transition from high-speed to high-quality growth aligning with China’s 14th FiveYear Plan (2021-2025) and long-term goals for 2035 The idea aims to steer the country away from its traditional growth model towards a future defined by advanced produc-

sustainable development The emphasis on new quality productive forces during the ongoing sessions marks a pivotal moment in China’s trajectory toward becoming

tivity and

T W O S E S S I O N S 2 0 24 T O P U S H C H I N A T O W A R D S T E C H N O LO G I C A L I N N O VAT I O N , D I G I TA L E C O N O M Y

ISLAMABAD A h M A D A h M A DA n i While the country s refineries have so far struggled hard to produce high-margin petroleum products particularly petrol and highspeed diesel (HSD), growth is anticipated following the signing of upgradation agreements under the Brownfield Refinery Policy The government with the help of the refinery industry prepared a refinery upgradation policy and already respective refineries have initiated feasibility studies for independent upgrades to: comply with Euro V specifications, maximize production of MS and diesel, and minimise production of furnace oil (FO) Pakistan’s total average requirement for the last five years for petroleum products stands at 24mn tons out of which 11 35mn tons have been produced locally while the rest (12 90mn tons) were imported said a report of Arif Habib Limited According to the report of AHL Research, Pakistan having a total capacity of 20mn tons, cannot fully utilize its capacity due to lower demand for FO in the country amid shift in the energy mix within the power sector To note refineries are unable to significantly change their production slate hence reducing their throughput KARACHI s tA f f r e p o r t There

of our network continues to receive uninterrupted power supply following our latest assessment of the levels of regular bill payment and electricity theft, two pivotal factors that determine an area's loss profile The remaining 29% is experiencing loadshedding in proportion to the loss profile with a maximum loadshed duration of 10 hours a day With the month of Ramadan about to begin, KE will await government guidelines and extend maximum support in line with direction received ” KE s commitment to a dependable power supply follows substantial investment in electrical infrastructure and rigorous governance measures to remove kundas from the network

Gaza’s cr y for help: Where are the peacemakers? TERMS PRIVATISATION ONLY WAY FORWARD TO OVERCOME ECONOMIC CRISIS PAMI organizes International Medical Conference 2024 LAHORE s tA f f r e p o r t Pakistan Association of Medical and Dental Institutions Tuitions (PAMI) organized the International Medical Conference 2024 at the University of Lahore with special collaboration from Superior University The conference was chaired by Professor Doctor Mukhtar Ahmed, Higher Education Commission of Pakistan Alongside him were Deputy Chairman Board of Governors University of Lahore Azir Rauf Rector Superior University Professor Doctor Samira Rahman Rector University of Lahore Professor Doctor Muhammad Ashraf Chairperson International Conference and Principal University College of Medicine (UCM) Professor Doctor Mahwish Aruj, and foreign speaker Doctor Parveen Kumar, along with faculty members from medical colleges across Pakistan The theme of the conference was Artificial Intelligence in Medicine and Dentistry Addressing the International Conference, Chairman Higher Education Commission Professor Doctor Mukhtar Ahmed emphasized that mere use of artificial intelligence won't alleviate issues, only a change in roles will No machine operated by artificial intelligence can function without human intervention STOCKOLM Ag e n c i e s After two centuries of non-alignment and two years of torturous diplomacy, Sweden on Thursday becomes the 32nd member of NATO a major step for a country once careful not to anger Russia Swedish Prime Minister Ulf Kristersson was visiting Washington where Secretary of State Antony Blinken will ceremonially receive the ratification documents after the hard-fought battle to secure the green lights needed from all NATO members Kristersson is likely later in the day to attend the annual State of the Union address by President Joe Biden who has been struggling to persuade the rival Republican Party to approve new aid to Ukraine Sweden’s blue and golden-yellow flag is expected to be hoisted on Monday at the Brussels headquarters of the North Atlantic Treaty Alliance Russia has vowed countermeasures over Sweden s entry into NATO especially if the alliance s troops and assets deploy in the country Sweden and Finland, while both militarily intertwined with the United States and members of the European Union have historically steered clear of officially join-

under

Ramazan 2024: Minimum Nisab set at Rs135,179 for Zakat deduction

Secretar y Housing and Works, DG FGEHA plant a sapling at G14 Markaz

Meezan Bank, Pakistan Microfinance Network ink MoU for promotion of Islamic microfinance ser vices

IMC recognised by TPN with CSR Awards

National Ranking Tennis Tournament being played at POF Tennis Complex

easypaisa wins big at Dubai Lynx Awards

Thari

07 NEWS Friday 8 March 2024 | K AR ACHI

ISLAMABAD: In continuation of its efforts to facilitate Zakat collection and distribution in accordance with Islamic principles, the Government of Pakistan has announced the Nisab-i-Zakat for the Zakat Year 1444-45 A H The Ministry of Poverty Alleviation and Social Safety has notified the new Nisab at Rs 135,179 According to the notification the Zakat would be deduced from Saving Bank Accounts Profit and Loss Sharing Accounts and other similar accounts According to the Zakat and Ushr Ordinance 1980 no deduction of Zakat at source shall be made if the balance in the specified accounts is less than Rs135 179 on the first day of Ramadan-ul-Mubarak 1445 A H The Deduction Date for Zakat likely to fall on 12th or 13th March 2024 subject to the sighting of the moon PR PR OFIT N E W S D E S K I N a strategic move to reclaim outstanding receivables amounting to Rs 21 7 billion from Pakistan International Airlines (PIA), Pakistan State Oil (PSO) has proposed the introduction of a levy of up to Rs4 per litre on Jet-A1 fuel This proposal comes in the backdrop of PIA s inclusion in the Active Privatization Programme by the Federal Cabinet on August 9 2023 aimed at reviving the national carrier As of January 31, 2024, PSO s receivables from PIA include a principal amount of Rs 15 8 billion, alongside late payment surcharges (LPS) totaling Rs 11 9 billion Under the PIA revival plan a new holding company will be registered with the SECP, which will absorb all assets and liabilities of PIA, subsequently restructuring PIA as a debt-free entity within this new framework However PSO has expressed reservations regarding the parking of its receivables in the proposed holding company, citing concerns over the impact on its financial health and operations as a publicly listed entity In response to an inquiry from the DG Privatisation Commission dated January 30, 2024, PSO outlined its position, advocating for direct recovery methods including cash payments, Pakistan Investment Bonds (PIBs), an equity share in the newly formed company or asset transfers as preferable alternatives Amir Hayat MD and CEO of PSO highlighted the suggestion of implementing a Rs3 to 4 levy on Jet-A1 fuel as a viable option for recovering the dues, a proposal that has gained unanimous support from the Board of Management (BOM) The BOM has firmly rejected the idea of incorporating PSO s receivables into the holding company, emphasizing the need for a settlement that safeguards PSO’s financial interests P S O S E E KS R E C O V E R Y O F R S 2 1 . 7 B D U E S F R O M P I A T H R O U G H J ET F U E L L E V Y g PAKISTAN STATE OIL SUGGESTS IMPLEMENTING A RS3 TO 4 LEVY ON JET-A1 FUEL A S A VIABLE OPTION FOR DUES RECOVERY

CORPORATE CORNER

on of K ashmiri- origin figure

of Flemish province

amateur c

in annual Belgian boxing

BRUSSELS: Abdullah Ahmed, 16-year-old son of a well-known Kashmiri-origin figure Shabir Ahmed Jaral, won the matches of a Flemish province in the under-18 amateur category 54 kg in the annual Belgian boxing competition he played in Brussel yesterday and defeated his French rival in the national champion competition He won the gold medal by defeating the champion of the province Santino Leonard, in three rounds When the five judges declared Abdullah Ahmed as the winner, Abdullah Ahmed prostrated himself in the boxing ring and gave his praise to Allah Abdullah Ahmed s success was resounded with applause The Kashmiri and Pakistani community felt so proud At the age of 16 winning the title of Brussels Boxing Champion was no less than an honour The members of the Belge community expressed their happiness & The people from Pakistan felt proud that a Belge who’s from a Pakistani Kashmiri origin came forward and became a success in boxing By winning the sports will be promoted aswell as the country WAQAR MALIK

wins matches

ategor y

contest

K A R A C H I: Meezan Bank, Pakistan’s leading Islamic Bank, has recently formalized a Memorandum of Understanding (MoU) with the Pakistan Microfinance Network (PMN) - the national association for retail players in the microfinance industry Under this agreement the Bank will provide financial and Shariah technical support to PMN member institutions for delivering Islamic finance to the under-privileged segments of the society The MoU was signed by Mr Ahmed Ali Siddiqui - Group Head Shariah Compliance at Meezan Bank and Syed Mohsin Ahmed – CEO of PMN at a signing ceremony held at Avari Hotel Lahore Notable figures present at the event included Dr Muhammad Imran Ashraf Usmani –Vice Chairman Shariah Board, Meezan Bank, Syed Tanveer Hussain – Group Executive Corporate Commercial & Investment Banking Group Meezan Bank Mr Murtaza Khokhar - Vice Chairman PMN and Mr Ali Basharat – Head of Operations PMN along with their respective teams PR

K A R A C H I: The Professionals Network (TPN), at its 13th Annual Corporate Social Responsibility Awards ceremony lauded Indus Motor Company (IMC) with awards for its continued commitment and exceptional contribution to the Global Goals As many as 107 companies competed in 35 award categories, with 70 companies having won a total of 96 awards Leading in the categories, "Clean Energy Transition" and "Community Impact" the awards were presented by the Consul General of the Republic of Indonesia Dr June Kuncoro Hadiningrat to IMC s Chief Financial Officer (CFO), Mr Mohammad Ibadullah Mr Ali Asghar Jamali, IMC s Chief Executive expressed, It s always a feel-good moment for us to be recognized for our efforts and this laurel from The Professionals Network is no exception Whilst more and more companies today recognise their social responsibility a lot needs doing as a cohesive force especially when it comes to reducing the country s carbon footprint PR

women triumph in transforming the region K A R A C H I: The women in Tharparkar are experiencing transformative empowerment through Thar Foundation s pioneering initiatives aimed at enhancing financial inclusion agency and socioeconomic opportunities From excelling as Women Dump Truck Drivers, Solar Plant, and RO Plant Operators to leading sports teams in football and cricket these women are not only breaking barriers but also venturing into business start-ups focused on skills such as tailoring embroidery and handicrafts amongst others Beyond providing livelihoods these programs foster self-sufficiency and independence whilst also enhancing women participation in work force resulting in holistic empowerment Thar Foundation the Corporate Social Responsibility (CSR) wing of Thar Block-II entities maintains a dedicated commitment to the United Nations (UN) Sustainable Development Goals (SDGs) framework Its focus spans across interventions on priority areas of SDGs, including the alleviation of poverty, establishment of sustainable livelihoods, improvement of healthcare, education accessibility, and the promotion of gender equality PR Unilever Pakistan’s ‘Investing in U’ event celebrates women’s leadership K A R A C H I: Unilever Pakistan celebrates the success of its "Investing in U" event, held on March 7th 2024 in honour of International Women s Day The event aimed at empowering women and fostering leadership in the workplace witnessed an overwhelming response from participants across various industries We are thrilled with the outcome of the Investing in U' event," said Fathema Zuberi, Director Human Resources from Unilever Pakistan "It was truly inspiring to see women from different backgrounds come together to support and empower each other We believe that investing in women s leadership is not only a moral imperative but also crucial for driving innovation and growth in our industries " PR Empowering Tomorrow's Leaders: British Council launches PYLI Initiative I S L A M A B A D: The British Council formally launched the Pakistan Youth Leadership Initiative (PYLI) at a ceremony at the Higher Education Commission in Islamabad yesterday The event featured esteemed guests including the Chair of the British Council Dr Paul Thompson, Deputy Chief Executive of the British Council, Kate Ewart-Biggs, Country Director of the British Council in Pakistan, James Hampson, Executive Director of Higher Education Commission Dr Prof Zia Ul Qayyum and Chairman of the Higher Education Commission Dr Mukhtar Ahmed and Executive Director of Reach Out To Asia (ROTA) Mr Abdullah Al Abdulla PYLI is a three-year initiative led by the British Council Pakistan is co-funded by Education Above All Foundation’s programme “Reach Out to Asia” (ROTA) under their “Global Citizenship Education for Climate Action” (GCED) initiative The project is being which will be implemented in Pakistan in partnership with the Government of Pakistan s Prime Minister s Youth Development Programme, Higher Education Commission, Water Aid Pakistan, UNDP Pakistan, local civilcommunity societyservice organisationsorganiszations PR D r. Ishrat Husain presents GDEIB awards to Pakistan’s Most Inclusive Companies On the eve of International Women’s Day 2024, Global Diversity Equity & Inclusion Benchmarks (GDEIB) awards 2023 were organized by HR Metrics on 6 March Dr Ishrat Husain Former Governor State Bank of Pakistan presented GDEIB Awards to winner companies Distinguised speakers included Conrad Tribble Consul General Karachi, Dr Ruediger Lotz German Consul General Karachi, Atif Bajwa President Bank Alfalah Limited, Zaffar A Khan Former CEO Engro Corporation Musharaf Hai Former CEO Unilever & L Oréal Pakistan Maheen Rahman CEO InfraZamin Pakistan Memosh Khawaja CEO Pakistan Institute of Corporate Governance, Zahid Mubarik CEO HR Metrics, Jamal Nasir CHRO HBL and Hajra Omer Head HR Nestlé Pakistan Limited PR Bank Alfalah releases Banking on Equality Trends on Int ’l Women’s Day K A R A C H I: Bank Alfalah, one of the largest commercial banks in Pakistan releases its Banking on Equality data on the occasion of International Women s Day Bank Alfalah proudly reaffirms its commitment to women s financial inclusion It was awarded as one of the Most Inclusive Company in 2023, laying a strong foundation for diversity, equity and inclusion in the financial sector Mehreen Ahmed Head of Retail Banking commented "As one of the leading financial institutions in the country I can say with conviction that there is no true empowerment without financial liberation Our efforts have made meaningful strides towards a more inclusive Pakistan for women in the financial sector but more needs to be done as we have only scratched the surface regarding advancing women's financial inclusion PR PIMA joins hands with Cheezious for ‘Ever y Order Counts’ Initiative I S L A M A B A D: Cheezious a proud Pakistani brand, has proudly partnered with PIMA in a collaborative effort to support families in Palestine This strategic alliance adds substantial credibility to Cheezious' commitment to social impact positioning the brand as a beacon of corporate responsibility By aligning with key stakeholders Cheezious invites a broader community to join hands in this noble cause This initiative is not just a partnership; it's a testament to Cheezious dedication to making a meaningful impact beyond its culinary offerings The strategic collaboration with PIMA reflects Cheezious' earnest commitment to social responsibility and global welfare The campaign rooted in a strategic communication approach focuses on resonating with the audience by conveying a powerful core message: PR PTCL Group, PPAF bridging digital gap by equipping women with smar tphones under ‘Ba-Ikhtiar ’ Program ISLAMABAD: In celebration of International Women s Day Pakistan s largest telecommunications and integrated ICT services provider, PTCL Group, joined hands with Pakistan Poverty Alleviation Fund (PPAF) and National Rural Support Programme (NRSP) to empower 100 women entrepreneurs in Haripur Khyber Pakhtunkhwa This initiative is part of the Ba-Ikhtiar program a year-long endeavor to bridge the digital divide and equip women with the essential tools and financial knowledge necessary for building sustainable businesses Under Ba-Ikhtiar , PTCL Group distributed smartphones with pre-loaded SIM cards, provided one-year free data packages and facilitated the setup of UPaisa mobile wallets PR ‘Pakistan needs to address education challenges on war footing’ The Centre for Aerospace & Security Studies (CASS) Islamabad successfully hosted a pivotal seminar titled Paving the Way for Educational Excellence in Pakistan: Policy Curriculum Access The seminar brought together esteemed speakers including Dr Faisal Bari, Dean, LUMS School of Education at the Lahore University of Management Sciences; Ms Mahrin Iqbal Siddiqui CEO International Foundation for Education Empowerment and Learning (iFEEL); and Dr Saima Ashraf Kayani Chairperson Department of International Relations at Fatima Jinnah Women University The proceedings were moderated by Air Vice Marshal Nasser ul Haq Wyne (Retd), Director Non-Traditional Security at CASS PR

Secretary Housing and Works Shahzad Khan Bangash and Director General Captain (R) Zafar Iqbal Federal Government Employees Housing Authority (FGEHA) reviewed the development works of Sector G14 Markaz and Sector F-14/F-15 and planted commemorative saplings in Sector G14 Markaz Director General Housing Authority Captain Retd Zafar Iqbal and Chief Engineer Imtiaz ul Haq Khattak briefed about the infrastructure of the projects On this occasion the project directors informed the Secretary Housing and Works Shahzad Khan Bangash about the current position of the sectors Secretary Housing and Works appreciated the efforts of Director General FGEHA in Sector G14 Markaz and Sector F-14/F-15 of the Federal Government Employees Housing Authority PR

easypaisa Pakistan’s leading digital financial services platform has achieved remarkable success at the prestigious Dubai Lynx International Festival of Creativity the MENA region s premier event for the advertising and communications industry easypaisa's groundbreaking "Audio Nikahnama" campaign clinched an impressive 3 Gold and 2 Bronze awards, with a total of 10 shortlists out of 19 categories entered The Gold awards were received for the Glass Award for Change Radio & Audio: Social Behavior and Cultural Insight and Integrated Campaign The Bronze awards were won in the Media: Social Behavior and Cultural Insight and Digital: Consumer Services/Business to Business categories The "Audio Nikahnama" campaign is a pioneering initiative that enhances knowledge regarding the marriage contract By harnessing the power of technology easypaisa aimed to break down cultural barriers and empower women to make informed decisions about their future Commenting on the remarkable achievement at the awards, Rifah Qadri Head of Marketing & Communications easypaisa said; "We are immensely proud of the Audio Nikahnama campaign and the recognition it has received at the Dubai Lynx Awards This campaign exemplifies our commitment to driving positive change and addressing societal issues through innovative solutions PR

On the fourth day of the tournament in Men s Single Category top seed Aqeel Khan defeated Hamza Roman with 6-0 6-1 M Shoaib beat Barkat Ullah with 6-3, 6-2 Yousaf Khalil beat Muzammil Murtaza with 6-2, 6-1 M Abid beat Abdullah Adnan with 6-1, 6-1 In Boys under 18 category M Faizan defeated Ehsan Bari with 4-1 4-1 Hamza Roman beat M -Salar with 6-4 7-5 In the girls Under 18 category Soha Ali beat Sheeza Sajid with 0-6 6-2 6-4 Lalarukh Sajid defeated Mahrukh Sajid with 6-4, 7-6(4) The tournament is being organized under the auspices of POF Sports Control Board and Pakistan Tennis Federation Top-ranking male/female players are participating in contests during the tournament PR

and disgraceful elements seized the power by trampling upon the constitution and democracy

PTI Spokesperson said that an unconstitutional government established on a stolen mandate neither have the ability nor the capacity to take tough and solid decisions for the welfare of the nation

He continued that after depriving PTI of the seats it won convincingly, the plan to distribute the reserved seats of Sunni Ittehad Council (SIC) among other political parties would further the political instability and chaos in the country

PTI Spokesperson said that after questions raised on the fairness and credibility of the elections and all the polls rigging evidence came to light, those who took oath on the fake Form 47 should show some grace and return the stolen seats to the truly elected public representatives

He reiterated the demanded that the results of the general elections should be audited independently in the light of the reports of Pildat, Fafen and Pattan and the power should be transferred to the public representatives forthwith

PTI Spokesperson vowed that PTI would continue its struggle within the constitutional ambit until reclaim its stolen mandate back

CTD, police foil ‘terror attack’ on Adiala jail

‘Arms, Liquor Recover y

Case’: DSJ nullifies trial cour t’s verdict declaring Gandapur as fugitive

PR OFIT

In a move to safeguard consumer rights and promote fair competition the Competition Commission of Pakistan (CCP) has issued a stark warning to influencers, content creators, and advertisers regarding deceptive marketing practices prevalent in modern advertising

As details shared by CCP, in today’s digital age, influencer marketing has emerged as a powerful tool for brands to engage with their target audience Leveraging the popularity and credibility of social media personalities companies often seek endorsements to promote their products or services

However, the CCP has raised concerns over the rising trend of false and misleading endorsements that can misguide consumers This means that an influencer with a heavy fan following might endorse a product or a service that they do not fully understand, and end up becoming a means to promote a deceptive product Under Section 10 of the Competition Act, of 2010, deceptive marketing practices, including false endorsements, are strictly prohibited The CCP has observed instances where influencers fail to disclose their material connections with the products or

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 5:40 6:22 1 30 5:00 6:10 7:45 Friday 8 March 2024 NEWS

RAWALPINDI S TA F F R E P O R T The Punjab Counter-Terrorism Department (CTD) and police on Thursday claimed to have foiled an attempt to attack Adiala jail and arrested three terrorists with explosives and the jail map According to City Police Officer (CPO) Syed Khalid Hamdani, CTD personnel and police conducted a joint operation and arrested three terrorists with sophisticated weapons including explosives, Improvised Explosive Device (IED) and a map of the prison The law enforcers conducted IBO after they received information about the presence of the terrorists in the area he said The arrested terrorists belonged to Afghanistan and wanted to conduct terror activities in the area, the CPO said and informed that police and law enforcement agencies were conducting search operation in adjoining area of Adiala jail Later the arrested terrorists were shifted to an undisclosed location for further investigation It is pertinent to mention here that Central Jail Rawalpindi is currently overcrowded, housing prisoners twice its capacity Adiala Jail has a capacity of 2200 prisoners while currently there are more than 7,000 prisoners present inside the jail Notably former prime minister and PTI founder Imran Khan along with the former foreign minister and former CM Punjab are also currently incarcerated in the Adiala jail

ISLAMABAD S TA F F R E P O R T A district and sessions court on Thursday annulled the trial court s verdict declaring the PTI stalwart and the-incumbent KP Chief Minister Ali Amin Gandapur as a proclaimed offender in a case of recovery of arms and liquor case District and Sessions Judge (DSJ) Shahrukh Arjumand heard Gandapur ’s petition while the petitioner ’s lawyer Raja Zahoorul Hasan and prosecutor Mohammad Salman Khan were also present in the court During the hearing the court also granted an exemption to Gandapur from personal appearance due to his busy official schedule After the arguments concluded, the court ruled in favour of the K-P chief minister and stated in its order that the “server did not comply with the process and the notices and could not be received by the accused Therefore the proceedings under Sections 87 and 88 against the accused are being closed while the petitioner submits bond worth Rs50,000 along with a local surety Furthermore, the court sent back the case to the trial court and adjourned the hearing till March 14 Earlier, Pakistan Tehreek-e-Insaf (PTI) KP President Ali Amin Gandapur was declared absconder over not appearing in the court despite non-bailable arrest warrants in the case related to the recovery of liquor and unlicensed weapons The Bahara Kahu police station had registered a case against Gandapur with charges of arms and liquor recovery from possession PR OFIT M A R I A M U M A R FA R O O Q The State Bank of Pakistan (SBP) has released the calendar of Monetary Policy Committee (MPC) meetings for the remaining fiscal year The schedule indicates that the central bank intends to conduct four meetings in the latter half of the current fiscal year The first meeting took place on January 29 2024 with the subsequent meetings scheduled for March 18, 2024, April 29, 2024, and June 10, 2024 All eyes are set on the central bank as the market is expecting a rate cut that would finally bring the policy rate down from the peak of 22% which has been maintained since July 2023 The latest inflation figures released by the Pakistan Bureau of Statistics (PBS) on March 1, 2024 have sparked renewed optimism for a reduction in interest rates The Consumer Price Index (CPI) a measure of inflation stood at 23 1% on a year-on-year basis in February This latest figure marks the lowest inflation rate the country has witnessed in the past 20 months showing a significant decline from the peak of 37 97% recorded in May 2023 In its monthly economic update and outlook for February, the Ministry of Finance projected inflation to clock around 24 525 5% for February while anticipating further easing to 23 5-24 5% in March 2024 However the CPI clocked in at much lower levels than expected The number was also much lower than CPI recorded in January 2024: CPI inflation increased by 28 3% on a year-on-year basis The country has been grappling with persistent inflation prompting the State Bank of Pakistan (SBP) to keep interest rates at historically high levels One of the IMF s conditions for its standby agreement was to uphold a stringent monetary policy to curb inflation This stipulation implies that a rate cut can only be considered if the inflation rate drops below the current interest rate Navid Goraya, Chief Investment Officer at Karandaaz Capital, in an earlier conversation with Profit remarked “The fight against inflation reigns supreme and any policy adjustments will be scrutinised through this lens The latest inflation figures have already led to the market pricing in an expected rate cut The Karachi Interbank Offered Rate (Kibor) declined across all tenors on a day-on-day basis reflecting the money market s reaction to low inflation and anticipation of an interest rate cut in the next monetary policy review The government securities also followed a similar trend “In today’s (March 06) Tbill auction, the government has raised Rs 527 billion with the majority of the amount accepted under the 12-month T-bill Yields fell by approximately 30bps for the 3-month paper, while the 12month instrument recorded a decline of 3bps,” read a statement from Insight Securities Yields in the secondary markets have already been declining According to a report by JS Capital, secondary market yields witnessed a sharp decline of around 250bp from mid-September 2023 to January 2024 A s i n f l at i o n a r y p r e s s u r e s u b s i d e, i s a r at e c u t o n t h e h o r i zo n ?

SBP RELEA SES MPC SCHEDULE

ANTICIPATES DECISION ON POLICY RATE LAHORE S TA F F R E P O R T Jamiat Ulema-e-Islam-Fazl (JUI-F) Chief Maulana Fazlur Rehman on Thursday warned the ‘establishment’ against overstepping its boundaries telling it to stay within its limits We cannot be coerced into accepting the dominance of any institution Let us remain a nation grounded in ethics and intellect, Fazl said while speaking to a party meeting in Lahore In an apparent reference to the military establishment Fazl said We do not submit to the supremacy of any institution Therefore stay within your limits The establishment must listen This is the voice of Fazlur Rehman and also the voice of our party ” Fazl said that people in villages and rural areas are often forced to vote for certain candidates against their will Our party is often told to withdraw our candidate for someone money is also demanded from our candidates If we present evidence, there will be no refuge for you,” he cautioned Expressing apprehension about the state of democracy Maulana Fazlur Rehman remarked Regrettably I see this country heading towards the situation in Bengal; the Parliament is merely a symbolic institution, and democracy is losing its ground Challenging those who label their struggle against democracy, he asserted, “We are fighting against those who declare democracy as infidelity but we are being cornered If Parliament continues to be formed through rigging it will lose its significance JUI-F chief emphasised their adherence to the concept of democracy defined by senior religious scholars and questioned the deviation from democratic norms The Parliament is being brought into existence according to Western interests; do not expect anything from the rulers; they have buried their dignity before their demise,” he remarked He questioned the credibility of America in advocating for human rights after its actions in Afghanistan and Palestine Our manifesto states that we become the voice of the oppressed; I told Shehbaz Sharif, join the opposition, lest you become a target of our movement,” he added He concluded by saying that their mandate was not rigged by other political parties but by the establishment ISLAMABAD S TA F F R E P O R T

A K I S TA N Tehreek-e-Insaf (PTI) demanded a thorough and impartial audit of the results of the most rigged elections in the light of the assessment report of Pildat to take the mandate back from the mandate thieves and return it to the rightful public representatives PTI Spokesperson said that after FAFEN and Pattan Pildat in its report Assessment of the Quality of General Election 2024 raised alarming questions about the transparency fairness and credibility of the general elections and the Election Commission of Pakistan (ECP) must answer the queries He stated that the Pildat assessment reports showed that the fairness score of the 2024 general elections plummeted to its lowest level since 2013 which was enough to prove the status of the fake government based on the rejected characters The Pildat assessment report was testimony of the PTI’s claim that the people rejected and mandate thieves were fraudulently imposed on the nation through results manipulation and tampering he added PTI Spokesperson called the latest Pildat report an endorsement of the criminal role of the electoral watchdog in stealing the public mandate through large scale election rigging across the country He went on to say that all the factors ranging from delay in the election schedule to suspension of cellphone and internet services across the country on polling day established that the election 2024 was the least fair election during the past decade PTI Spokesperson recalled that the nefarious scheme of converting the majority into a minority through polls robbery in the dark of the night by trampling results had already been unmasked by the Commissioner Rawalpindi He stated that the tampered Form 45 published by the electoral body on its website after the stipulated time in sheer violation of the Election Act further exposed the dirty plot of results tampering before the entire nation PTI Spokesperson noted that a spectacle was created in the name of election to re-impose the clique of people who destroyed the country and economy during their short span of 16-month rule, by stealing the public mandate under the patronage of the state He stressed that these disrespectful

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services they endorse Whether an influencer is a genuine user a paid performer or affiliated with the brand, transparency in endorsements is essential to maintain consumer trust and promote fair competition Mr Amir Jahangir Chairman of CCP emphasized the importance of vigilant consumerism urging individuals to report any deceptive advertising practices to the Commission Consumers play a pivotal role in ensuring fair competition and protecting their rights By remaining vigilant and reporting deceptive marketing practices, we can uphold the integrity of the marketplace,” he stated In light of these concerns the CCP has issued comprehensive guidelines on deceptive marketing practices outlining the obligations of endorsers and influencers Failure to comply with these guidelines may result in strict penalties under the Competition Act, of 2010 Acknowledging the potential of influencer marketing to enhance competition and consumer choice the CCP remains committed to fostering a transparent and fair marketplace By collaborating with stakeholders and enforcing stringent regulations the Commission aims to curb deceptive marketing practices and uphold consumer rights As the digital landscape continues to evolve, the CCP reaffirms its dedication to promoting fair competition and protecting consumers from misleading advertising tactics With concerted efforts from both regulators and industry players a level playing field can be maintained, ensuring the integrity and trustworthiness of marketing practices in Pakistan CCP warns social media influencers, endorsers against deceptive marketing practices g COMPREHENSIVE GUIDELINES ISSUED TO MAKE SURE INFLUENCERS STAY AWAY FROM DECEPTIVE MARKETING P T I D E M A N D S T H O R O U G H , I M PA R T I A L A U D I T O F E L E C T I O N S R E S U LT S ISLAMABAD S TA F F R E P O R T Prime Minister Shehbaz Sharif Thursday announced a historic subsidy based Ramazan relief package 2024 of Rs7 5 billion for the poor and middle classes He was chairing a high level meeting on Prime Minister s Ramazan Relief Package and Benazir Income Support Programme (BISP) Senator Ishaq Dar, Ahad Cheema, Shiza Fatima Khawaja, Romina Khursheed Alam and high ranking officials attended the meeting The PM was given a detailed briefing on the Ramazan relief package During Ramazan ul Mubarak under the package more than 39 6 million families will be provided edible goods on lower rates Under the Benazir Income Support Porgramme (BISP) 88 percent of the eligible families will be given 19 edible items including flour rice pulses ghee cooking oil, sugar, sherbet and milk on lower than market rates The rate of subsidy on these goods would be 30 percent which was more than the inflation rate Subsidy of Rs77 per kilo would be given on the 20 kilogramme flour bag and Rs70 subsidy on every kilogramme of ghee The Prime Minister’s Ramazan relief package would be distributed among the needy families through 4775 utility stores across the country and the supply would continue till the end of Ramazan Those who would face any difficulty in registration for the Ramazan relief programme, would be facilitated and registered at the spot and their complaints would be resolved The prime minister said it was priority of the government to distribute edible items to the poor and low income class on lower than market rates He said no compromise would be made on the quality of the edible items being provided under the relief package The quality of the eatables would be strictly monitored, he added The prime minister said it would be ensured that the people should not face any difficulty while availing the Ramazan package He directed to increase the counters for distribution of Ramazan package especially cheap flour besides mobile units He said strict action would be taken against those who were resorting to artificial price hikes and hoarding during the holy month of Ramazan The PM instructed that the deserving people should be properly guided through an awareness campaign across the country about the relief package so that they could avail the facility and should not face any difficulty in getting the edible items He said the system for resolving complaints of people coming to get the relief package, should be more effectively coordinated adding no negligence or laxity would be tolerated He resolved that the government would not leave alone the poor and middle classes who were worried about the price hikes in the month of Ramazan PM unveils Rs7.5b Ramazan relief pack age for poor people ECP decision on SIC reser ved seats unjustified, says PILDAT ISLAMABAD S TA F F R E P O R T PILDAT said that the election commission s decision to deny reserved seats to Sunni Ittehad Council (SIC) unjustified Head of Pakistan Institute of Legislative Development and Transparency (PILDAT), Ahmed Bilal Mehboob talking a private TV Channel morning show Bakhabar Sawera commented that distributing reserved seats among other parties will intensify friction and the country could not be able to achieve the stability presently required The distribution of reserved seats of the SIC has been unjustified, he said “The protest will create difficulties for the government and it will be hard to receive aid ” he said “The election commission didn t correctly interpret the law The argument that the Sunni Ittehad Council didn t submit its list of names for reserved seats earlier How could a party that didn t contest the election will submit its list early,” he posed question “PTI independents have now joined the SIC, it should be given time to submit its list” The Sunni Ittehad Council should be given its quota of reserved seats Pildat said The issue should be resolved as early as possible by election tribunals It also happened in 2013-14 it should not be repeated, Ahmed Bilal advised Why uploading of form 45,46,48 and 49 has been delayed,” he questioned “What are reasons of discrepancies in form 45 and 47 ” Ahmed Bilal asked “These drawbacks are damaging the credibility of the election commission he added Fa z l c a u t i o n s ‘e s t a b l i s h m e n t ’ a g a i n s t o ve r s t e p p i n g i t s l i m i t s C O N T I N U E D O N PA G E 03