Ademocracy He unequivocally stated that any executive interference in the affairs and workings of judges would not be tolerated, highlighting the indispensable nature of judicial autonomy
In a significant development a proposal was tabled to constitute an inquiry commission under the Pakistan Commissions of Inquiry Act 2017 to delve into the allegations of interference
The commission, to be headed by a retired Judge of unblemished integrity, aims to unravel the complexities surrounding the issue and safeguard judicial independence
ISLAMABAD: The Pakistan Tehreek-eInsaf (PTI) Core Committee strongly rejected the formation of an inquiry commission by the federal government to probe the contents of the startling letter written by Islamabad High Court’s (IHC) judges to Supreme Judicial Council (SJC) detailing the intelligence agencies’ interference into judicial affairs
PTI Core Committee
The forum noted
Prime Minister Shehbaz Sharif in response pledged his full support for the initiative vowing to convene a meeting of the federal cabinet to seek approval for the commission s formation He echoed the sentiments expressed by CJP Isa, affirming his commitment to upholding an independent judiciary and undertaking necessary measures to safeguard its autonomy Following the meeting CJP Isa reconvened a full court meeting to apprise the judges of the developments The swift and decisive actions taken by the judiciary and the executive have underscored the seriousness with which the issue of judicial independence is being addressed In the aftermath of the revelations bar associations across the country rallied behind the judges sounding the alarm over the perceived threat to judicial independence The collective response reflects a unified front in defence of the judiciary’s autonomy amidst a charged political climate where recent court rulings have come under intense scrutiny Govt decides to place judges letter before federal cabinet’ Addressing the media Law Minister Azam Nazeer Tarar said that foremostly there was a need to investigate the matter, adding it was decided that the government would place the judges’ letter before Friday’s federal cabinet session and the prime minister would strive for a neutral non-partisan and retired legal personality to be requested to head an inquiry commission and submit a report after investigating in accordance with the law He added that the premier also reassured that it was the government’s duty to ensure an investigation into the matter and that such allegations, if they were true did not reoccur in the future
SC grants militar y cour ts conditional authority to announce reser ved verdic ts
On Thursday the Supreme Court of Pakistan (SC) conditionally permitted military courts to deliver their pending judgments, specifically in cases related to the May 9 violence ensuring the possibility of releasing accused individuals before Eid This directive came from a six-member larger bench led by Justice Aminuddin Khan which included Justices Muhammad Ali Mazhar Hassan Azhar Rizvi Shahid Waheed Musarat Hilali, and Irfan Saadat Khan
The SC emphasized that verdicts in certain cases should be expedited In response the Attorney General of Pakistan Mansoor Usman Awan, committed to providing leniency for those facing shorter sentences The court also requested an update on these proceedings and postponed the hearing until the end of April The initiation of this legal discourse was a challenge to the SC’s October 23 decision which opposed the military trial of civilians Following the arrest of Imran Khan, leader of Pakistan Tehreek-e-Insaf (PTI), in the Al-Qadir Trust case, riots erupted on May 9, prompting PTI’s chairman and others to contest the SC s decision on civilian trials in military courts The appellants urged the apex court to suspend its earlier judgment pending a review, as the accused sought trial in military courts In a subsequent report to the SC the government disclosed the arrest of 102 individuals post the May 9 and 10 events, highlighting their involvement in assaults on key military sites across various cities
In par tnership with Profit Fr i d a y, 2 9 M a r c h , 2 0 2 4 I 1 8 Ra m a z a n , 1 4 4 5 R s 2 0 0 0 | Vo l X I V N o 2 7 1 I 8 Pa g e s I I s l a m a b a d E d i t i o n NO MEDDLING IN JUDICIAL AFFAIRS, CJP TELLS PM ISLAMABAD S TA F F R E P O R T Prime Minister Shehbaz Sharif has directed to initiate immediate disciplinary action against officers involved in power theft and awarding exemplary punishment to them for abetting the crime and causing loss of billions of dollars to national exchequer Chairing a level meeting to tackle the electricity theft issue here on Thursday, the prime minister said it was their responsibility to create a stable system by taking measures like launching a campaign to stop electricity theft The prevailing economic situation of the country could not bear the problem of electricity theft he added Premier Shehbaz Sharif said that a strategy should be formulated at the earliest for decreasing line losses and for upgradation of transmission lines He said generation companies were a burden on the national exchequer and work should be started on their privatization at the earliest A report on complete plan for solarization of tubewells in Balochistan should be presented he added During the meeting it was decided to install smart meters on transformers under the public sector development programme Feeder monitors would be deployed at the feeders which were causing huge losses The meeting was briefed that the areas with low rate of electricity theft would have less loadshedding An amendment was brought in section 462(O) of Pakistan Penal Code through an ordinance to make electricity theft a cognizable offense Due to the anti-theft campaign in September last year, the rate of electricity theft had seen a considerable drop PM Shehbaz Sharif said under the antitheft campaign since September 2023 Rs 57 billion were recovered A whole of the government approach was adopted during the campaign to stop theft of electricity Under the electricity anti-theft campaign, 45,777 people in Punjab, 1250 in Sindh, 5121 in Khyber Pakhtunkhwa and 181 were arrested in Balochistan During the campaign 350 personnel of distribution companies were suspended for their bad performance or abetment It was told that the task forces set up at district and division levels for stopping theft of electricity would be given part of the recovery amount for their good performance Federal Minister for Power Awais Ahmed Leghari Federal Minister for Economic Affairs Ahad Cheema Federal Minister for Law and Justice Azam Nazeer Tarar Federal Minister for Industry and Production Rana Tanveer Hussain, Federal Minister for Information and Broadcasting Attaullah Tarar Federal Minister for Petroleum Musadiq Malik and relevant officers attended the meeting P M d i r e c t s d i s c i p l i n a r y a c t i o n , exe m p l a r y p u n i s h m e n t t o o f f i c e r s i n v o l v e d i n p o w e r t h e f t BEIJING S TA F F R E P O R T In a significant development Chinese military has offered its assistance to Pakistan army in fighting menace of terrorism The Chinese military is willing to work with the Pakistani side to enhance the capability of the two countries to tackle various security risks and challenges including terrorist attacks and jointly safeguard regional peace and stability, spokesperson of the China Ministry of National Defense, Col Wu Qian, said on Thursday The statement comes on heels of successive terrorist attacks on Pakistan army installations in past few days and weeks The statement is important in view of recent terrorist attack on a bus carrying five Chinese engineers to Dasu Dam site as the vehicle was attacked by terrorists at Bisham which left six people killed including five Chinese and one Pakistani national China and Pakistan are all-weather strategic cooperative partners, true friends and good brothers through thick and thin and share weal and woe, he said during his monthly briefing while responding to a question regarding participation of the PLA tri-services contingent in the Pakistan Day military parade in Islamabad on March 23 T h e s p o k e s p e r s o n r e m a r k e d , C h i n e s e p e o p l e o f t e n c a l l P a k i s t a n by our affectionate name for its ironclad brother Under the strategic guidance of the leaders of our two countries, our two militaries have maintained frequent and close high-level exchanges and achieved positive outcomes in areas including joint exercises and training professional exchanges, personnel training and equipment and technological cooperation, he added The Chinese military is willing to work with the Pakistani side to continuously enhance our capability of tackling various security risks and challenges, especially our ability to respond to terrorist attacks and jointly safeguard regional peace and stability he said During the Pakistan Day military parade the 36-member PLA Guard of Honor escorted the Chinese national flag while marching across the avenue and shouted Long live Pakistan-China friendship in Urdu in response to the audience’s warm applause C h i n e s e m i l i t a r y o f f e rs Pa k i s t a n a s s i s t a n c e t o f i g h t t e r ro ri s m
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Gandapur, Naqvi agree to enhance coordination for peace, securit y in KP PESHAWAR S TA F F R E P O R T Federal Interior Minister Mohsin Naqvi and Chief Minister Khyber Pukhtunkhwa Ali Amin Gandapur on Thursday agreed to improve coordination between the federal and provincial authorities aims at enhancing peace and security in the province The Interior Minister visited the KP Chief Minister’s House in Peshawar to discuss law and order and other security issues with Chief Minister Ali Amin Gandapur Both the minister and the chief minister discussed at length matters pertaining to peace and security in the province During the meeting both they agreed on improving coordination for enforcing to enhance peace and security in the province They condemned the recent attacks on Chinese nationals and expressed sympathy with the Chinese government and families of the deceased It was decided in the meeting to bring the perpetrators of the incident to justice and eradicate terrorism On the occasion Ali Amin Gandapur emphasized that peace and security were the top priorities of his government adding that protection of life and property of the common was the foremost objective, which would be ensure at all costs He stated that efforts would be made to strengthen the police and other law enforcement agencies in the province The Chief Minister also stated that concrete steps would be taken under a coherent strategy to achieve this objective He added that Khyber Pakhtunkhwa has been most affected by terrorism and is at the forefront in the war against terrorism ISLAMABAD S TA F F R E P O R T
MID the controversy cropped up after a letter written by six judges against the purported ‘interference ’ Chief Justice of Pakistan (CJP) Qazi Faez Isa on Thursday reiterated the sanctity of the judiciary, declaring that under no circumstances the autonomy of judges and supremacy of judiciary would be compromised His remarks came during a crucial meeting with Prime Minister Shehbaz Sharif at the Supreme Court earlier on Thursday On the other hand addressing a presser after the PM met the Chief Justice of Pakistan on Thursday, Law Minister Azam Nazeer Tarar said that the federal government would place a letter from six judges of the Islamabad High Court (IHC) alleging interference in judicial affairs by the country s intelligence apparatus for consideration before the federal cabinet to constitute an inquiry commission The meeting between the CJP and the prime minister, was convened in the wake of revelations by six judges of the Islamabad High Court (IHC) regarding alleged interference by intelligence agencies in judicial proceedings Federal Minister for Law Azam Nazeer Tarar and Attorney General for Pakistan (AGP) Mansoor Usman Awan were also in attendance alongside with Justice Mansoor Ali Shah of the Supreme Court A couple of days ago the six judges penned an open letter to the Supreme Judicial Council, detailing coercive tactics employed by intelligence agencies to influence court proceedings Responding swiftly to the gravity of the situation CJP Qazi Faez Isa called for a series of high-level consultations culminating in today s meeting with the prime minister A subsequent press release from the apex court outlined the meticulous deliberations undertaken in response to the IHC judges’ letter During the meeting CJP Isa emphasised the pivotal role of an independent judiciary in upholding the rule of law and fortifying
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held its emergency meeting and vehemently rebuffed the investigation of the letter through an inquiry commission During the meeting, the forum expressed great concern over the meeting of the Chief Justice of Pakistan (CJP) with Prime Minister Shehbaz Sharif on the most
issue related to the country s judiciary and legal interests PTI Core Committee reiterated its demand to present the issue before a larger bench of the Supreme Court and to process it in the open court They stated that the letter of the six judges of the IHC was an indictment against the agencies of the federal government
that the inquiry of the startling letter of the serving judges of IHC through a retired judge was a mockery of an independent impartial and transparent investigation PTI Core Committee asserted that in their letter the IHC judges exposed the fundamental challenges to the very existence of the judiciary before the CJP and the SJC They went on to say that the mandate theft government was the biggest beneficiary of the ongoing lawlessness and unconstitutional interference in the country The participants stated that an unelected prime minister who seized the power through stealing public mandate was neither capable to conduct any kind of far investigation nor any will such inquiry would have any credibility PTI Core Committee demanded that the Chief Justice should provide justice to his fellow judges instead of leaving the future of the judiciary at the mercy of the administration consisting of touts The forum stressed the need that in the light of the demand of the IHC judges a judicial conference should also be convened and the judges of all levels should be given an opportunity to present the facts on this subject before the nation S TA F F R E P O R T P T I r e j e c t s ‘ i n q u i r y c o m m i s s i o n’ t o p r o b e I H C j u d g e s l e t t e r g S AY S U N D E R N O C I R C U M S TA N C E S C A N I N D E P E N D E N C E O F J U D I C I A R Y B E A L LO W E D TO B E C O M P R O M I S E D g L A W M I N I S T E R S AY S G O V T D E C I D E S TO P L A C E ‘J U D G E S ’ L E T T E R ’ B E F O R E C A B I N E T M E E T I N G TO D AY C O N T I N U E D O N PA G E 03
PR OFIT N e w s D e s k Pakistan and China have agreed to enhance their collaboration in order to promote innovative financial instruments According to a press statement issued by the Finance Division on Thursday, Finance Minister Muhammad Aurangzeb held a meeting with You Hang the Chief Representative of China Financial Futures Exchange (CFFEX) in Pakistan and Director of the Pakistan Stock Exchange (PSX) The meeting focused on enhancing cooperation and exploring new opportunities for strengthening Pakistan s financial markets and investment landscape D u r i n g t h e m e e t i n g , F i n a n c e M i n i s t e r A u r a n g z e b a n d C h i e f R e p r e s e n t a t i v e H a n g e n g a g e d i n detailed discussions on various aspects o f f i n a n c i a l m a r k e t d e v e l o p m e n t i n c l u d i n g t h e p o t e n t i a l f o r c o l l a b o r a t i o n b e t w e e n C F F E X a n d P S X t o p r o m o t e i n n o v a t i v e f i n a n c i a l instruments in Pakistan M i n i s t e r A u r a n g z e b h i g h l i g h t e d t h e g o v e r n m e n t s c o m m i t m e n t t o i m p l e m e n t i n g r e f o r m s a i m e d a t i m p r o v i n g t h e r e g u l a t o r y f r a m e w o r k e n h a n c i n g m a r k e t t r a n s p a r e n c y a n d f a c i l i t a t i n g t h e d e v e l o p m e n t o f a vibrant and resilient financial sector in Pakistan He also emphasised the role of strategic partnerships with international financial institutions and exchanges such as CFFEX in achieving these objectives and advancing the country s financial market infrastructure Chief Representative Hang expressed CFFEX’s keen interest in collaborating with PSX and other stakeholders to explore opportunities for launching new financial products sharing technical expertise and promoting cross-border investment between China and Pakistan He reaffirmed CFFEX s commitment to supporting the development of Pakistan’s financial markets and contributing to the country’s economic prosperity The PSX director also extended an invitation to the Federal Minister Muhammad Aurangzeb to participate in upcoming financial sector events and visit key financial institutions in Pakistan to have an overview of the financial market dynamics and regulatory environment PR OFIT B y N e w s D e s k Stocks witnessed an upwards trajectory on Thursday as the benchmark KSE-100 index reached its all-time high mark of 67 000 during intraday trading According to the PSX website the market open with a positive sentiment backed by several factors and KSE-100 Index was hovering at 67,208 83 as of 12:00 pm, up by 661 points or 0 99% Market experts attributed the surge to buying from foreign and local investors driven by positive news on privatisation and the International Monetary Fund (IMF) Various sectors including automobile assemblers, commercial banks, cement, chemical, oil and gas exploration companies OMCs and refineries witnessed buying activity The index closed at an all-time high of 67142 12 points with an increase of 594 34 points or 0 89% high from the previous close of 66547 78 points Following a record high closing in midDecember, the index experienced a significant correction dropping 12 4% The recent rebound is attributed to factors such as the conclusion of general elections expectations for interest rate cuts anticipation for fresh inflows from the IMF, and government efforts to restructure and privatise Pakistan International Airlines (PIA) The PIA’s newly formed board approved restructuring plan for debt amounting to Rs 268 billion The KSE-100 has gained 25 694 points or 61 98% during the fiscal year and 4,696 points, equivalent to 7 52%, in the ongoing calendar year In the broader market the All-Share index gained 348 68 points to 44 423 80 just below its record high of 44 514 Fr day 29 March 2024 | sLAMABAD 02 News PR OFIT M o N i to r i N g D e s k T HE Special Investment Facilitation Council (SIFC) is set to implement a plan for developing a semiconductor and chip design industry in Pakistan, targeting multibillion-dollar investment as reported by Express Tribune The initiative requires the government to offer tax incentives and support to attract foreign investment particularly from China and the U S for establishing chip design centers The SIFC proposed a governmentt o - b u s i n e s s c h i p d e s i g n i n g f a c i l i t y t o s t i m u l a t e i n v e s t m e n t a n d s u g g e s t e d s t a r t i n g w i t h t e s t i n g a n d r e s e a r c h b e f o r e f u l l y d e v e l o p i n g t h e semiconductor sector A semiconductor manufacturing foundry would need an estimated investment of $6-7 billion with the country facing a shortage of trained professionals Muhammad Naqi, CEO of Premier Code, emphasized the need for incremental progress and confidencebuilding with major industry players to foster investment in testing departments He highlighted the necessity of updating educational curricula to address the skilled labor shortage and improving the country’s image to ensure a secure environment for investors and visitors The government s role in assisting local mobile phone brands to increase market share and ensure intellectual property rights protection was also noted Following the models of China and India Pakistan aims to elevate its local brands internationally The Pakistan National Semiconductor Plan, initiated in 2022, outlines the potential and challenges of the semiconductor industry emphasizing the need for improvements in business setup and operations bridging the academic-industry gap through advanced training centers, and offering incentives to attract chip design companies The plan also calls for simplifying the customs process to enhance the country’s competitiveness in semiconductor design and manufacturing With a large, low-cost labor pool and the backdrop of the US-China trade tensions, Pakistan is poised to position itself as a significant player in the global semiconductor and chip design industry SIFC TO IMPLEMENT PL AN TO DEVELOP SEMICONDUCTOR, CHIP DESIGN INDUSTRY PR OFIT M o N to r i N g D e s k Iranian power firm M/s Sunir has approached Prime Minister Shahbaz Sharif for assistance in resolving outstanding payment issues with the National Transmission and Despatch Company (NTDC) According to a news report, in a letter to the Prime Minister Managing Director of Sunir Hasan Gholinezhad highlighted the completion of the PakIran 220KV interconnection transmission line for Gwadar, facilitating the import of an additional 100 megawatts of electricity to the Gwadar region despite challenges such as security issues and adverse conditions on January 2 2023 The company asserts that despite completing the work over a year ago NTDC has only paid approximately 40% of the contract amount amounting to £52 million plus Rs 36 million despite repeated requests Sunir, Iran’s Power & Water Equipment and Services Export Company also said that they started the work on the project before the contractual start date and utilised their own resources The company has requested the Power Division Secretary s instruction to initiate the second phase of the project which includes approximately 46 kilometres of transmission line (220kV) and a GIS Grid Station in Gwadar, to fully utilise the capacity of the transmission line and provide power to other regions in Pakistan I ra n i a n p owe r f i r m s e e k s PM ’s i nt e r ve nt i o n fo r u n p a i d N T D C d u e s PIA holding company approves Rs268b debt restructuring plan PR OFIT M o N to r i N g D e s k The board of the Pakistan International Airline Holding Company has sanctioned a plan to restructure the airline s commercial debt amounting to Rs268 billion This decision made in the board s first meeting led by former Special Assistant to the Prime Minister, Tariq Bajwa, involves integrating the airline s debt into the nation’s public debt, thereby transferring the financial burden to the taxpayers The restructuring agreement negotiated by the Ministry of Finance with commercial banks entails extending the debt repayment period to ten years and reducing the interest rate to a maximum of 12% from the current rate of approximately 23 5% The agreement also specifies that if the government does not privatize PIA within three years the banks will have the authority to renegotiate the terms to match the interest rates of 2027 Following the board s approval the government plans to present the arrangement scheme to the Securities and Exchange Commission of Pakistan (SECP), with an aim to privatize PIA by June 11 The proposed privatization process could start as early as the following week The restructuring will lead to the bifurcation of PIA with the newly formed holding company assuming the airline s financial liabilities including commercial and government loans, amounting to over Rs650 billion of PIA’s Rs825 billion total debt This move is intended to prepare PIA for privatization by presenting it as a debt-free entity to potential investors The government will finance the annual interest payments estimated at Rs32 billion through the national budget The holding company is tasked solely with managing PIA s liabilities and is restricted from acquiring new loans Banks, in turn are granted priority claims over the assets of the holding company This financial maneuver places the Rs268 billion debt with an additional interest of Rs18 billion under the purview of the federal government The arrangement predicts that the banks will accumulate over Rs300 billion from interest payments over the next decade, which exceeds the principal debt amount An exception in the restructuring plan is the treatment of a foreign currency loan of $88 million from the National Bank of Pakistan (NBP) and Habib Bank Limited (HBL), which remains in foreign currency terms, posing potential fiscal risks due to interest and exchange rate fluctuations Part of this loan amounting to $53 million will be transferred to the holding company and repaid over five years without restructuring The government has ensured that the banks have sovereign guarantees and exclusive rights to the current and future assets of the holding company, excluding specific exclusions like the Roosevelt Hotel The agreement also includes a clause that allows banks to renegotiate the deal if PIA is not privatized within the specified three-year period and to refuse any future borrowing proposals from the holding company g F o l l o w i n g m o d e l s o f C h i n a a n d I n d i a , Pa k i s t a n a i m s t o e l e v a t e i t s l o c a l b r a n d s i n t e r n a t i o n a l l y g C h i e f R e p r e s e n t a t i v e o f C F F E X i n P a k i s t a n M r Yo u H a n g a l o n g w i t h P S X d i r e c t o r c a l l s o n F i n a n c e M i n i s t e r M u h a m m a d A u r a n g z e b PSX hits all-time high as KSE-100 surpasses 67,000 mark Engro Fer tilizers extends Rs5b loan to EPCL for one year PR OFIT N e w s D e s k Engro Fertilizers Limited (EFERT), a subsidiary of Engro Corporation Limited, will provide a Rs5 billion loan to its subsidiary Engro Polymer & Chemicals Limited (EPCL) for one year The loan will be a revolving line of credit as disclosed by Engro Fertilizers to the Pakistan Stock Exchange (PSX) on Wednesday According to the Annual General Meeting (AGM) minutes Engro Fertilizers shareholders approved a special resolution for EFERT to extend an intercompany loan of up to PKR 5 billion to EPCL This loan will include loans, advances, and/or security, and will be valid for one year, with the option to renew for up to four consecutive one-year periods Abdul Qayoom was appointed as EPCL’s new CEO earlier this month succeeding Jahangir Piracha EPCL established in Pakistan in 1997 manufactures and sells Poly Vinyl Chloride (PVC) caustic soda Vinyl Chloride Monomer (VCM) and related products Additionally, it operates a captive power plant and water recycling plant in its chemical complex, with surplus power supplied to Engro Fertilizers Limited PR OFIT N e w s D e s k The Federal Board of Revenue (FBR) s Customs Classification Committee announced on Wednesday a new customs duty rate of 20% on the importation of multivitamins natural health products and food supplements This decision came after deliberations over the appropriate classification of these items within the Pakistan Customs Tariff (PCT) codes, concluding a debate on whether a lower duty rate of 11% was applicable The importer s argument for a reduced duty rate citing these products as Natural Health Products as per the definitions provided by the Drug Regulatory Authority of Pakistan (DRAP), was rejected The committee clarified that these imports would be subjected to a higher duty rate aligning with the categorization under PCT heading 2106 9090 which encompasses food, dietary supplements and contradicts the importer s classification under PCT heading 3004 5090, generally reserved for products with therapeutic or prophylactic uses The issue came to light following an inspection by the Collectorate of Customs at Allama Iqbal International Airport Lahore of consignments imported by M/s Base6 (Pvt) Ltd The importer initially declared the goods under a classification expected to attract an 11% duty rate, supporting their stance with a clearance certificate from DRAP However the Customs Appraisement group contested this arguing the products’ nature as food supplements with nutritional value necessitates classification under a category attracting a 20% duty The Customs Classification Committee’s review included an examination of the products’ composition and intended use leading to the conclusion that they did not meet the criteria for the lower duty rate category The final ruling stated that the goods are indeed intended to supplement general wellbeing rather than for specific therapeutic or prophylactic purposes thus meriting classification under the higher duty category FBR levies 20% c ustoms duty on impor ted multivitamins, natural health produc ts
China to collaborate for innovative financial instruments g M a r k e t e x p e r t s c i t e i n s t i t u t i o n a l b u y i n g a n d p o s i t i v e n e w s o n p r i v a t i s a t i o n a s k e y d r i v e r s b e h i n d r e c o r d s u r g e g C u s t o m s C l a s s i f i c a t i o n C o m m i t t e e d e c i d e s a g a i n s t r e d u c e d d u t y r a t e , c i t i n g c l a s s i f i c a t i o n u n d e r f o o d s u p p l e m e n t c a t e g o r y g D e s p i t e c o m p l e t i n g Pa k- I r a n 2 2 0 K V t r a n s m i s s i o n l i n e f o r G w a d a r, c o m p a n y h a s o n l y r e c e i v e d 4 0 % o f c o n t r a c t e d p a y m e n t
Pakistan,
Mohsin Naqvi, Talal Chaudhry, and Nasir Mehmood have emerged victorious through PML-N’s support Hamid Khan and Raja Nasir Abbas from the Sunni Ittehad Council have also been declared winners without facing any opposition The election for the seats reserved for women technocrats, and minorities will be held on April 2
On the other hand, the election commission has unveiled the final list of candidates vying for the Senate seats in Punjab In the race for the two technocrat seats federal Finance
Minister Muhammad Aurangzeb PML-N s Dr Musadik Malik and PTI
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prime minister point-blank said there will be no compromise on the independence of the judiciary ” The minister explained that he and the AGP would work on the initial terms of reference for the inquiry commission, adding that they would include a probe for not only the current controversy but also past events as far as the law or cabinet allowed He further said that it was inappropriate to mention the names initially under consideration to head the commission since the cabinet had the authority over the matter Tarar said the body would be notified in two to four days after Friday s cabinet session The law minister said that CJP Isa had also agreed to the formation of an inquiry commission He explained that there was already a mechanism present to investigate such matters which the federal government carried out and thus it was better for a commission to investigate it instead of a suo motu notice On a question about whether the letter amounted to misconduct from the judges, Tarar said the answer to this should come from the commission Tarar said the letter from the six IHC judges mentioned events “from the last year [and] with a regime which is no longer in the judicial corridors adding that most of the allegations in the letter concerned the tenure of the former chief justice of Pakistan He said CJP Isa had expressed a wish for the prime minister to have a talk with him on the matter and the latter had readily agreed to prioritise the issue over all others due to the seriousness of the development Tarar said the meeting s participants discussed the matter, as well as other important national affairs such as tax-related issues and fiscal matters
was a discussion on different aspects of the matter [at hand] considering its seriousness and it was also discussed that this has not happened for the first time and such voices have been raised before in history as well the minister said referring to the case of former IHC judge Shaukat Aziz Siddiqui
law minister said that PM Shehbaz also reassured that Pakistan was a constitutional organism in which all institutions performed their roles while remaining within their domains “The premier reassured the chief justice and his judges that institutional interference should never happen and the government s obligations in this regard will be fulfilled Tarar said PM Shehbaz also expressed his expectation that the institutions would not transgress their constitutional boundaries and domains PM-CJP MEETING FAR FROM ORDINARY Legal experts highlighted that the meeting was far from ordinary, and differed significantly from a past interaction between former prime minister Shahid Khaqan Abbasi and former CJP Saqib Nisar when the two were in office PTI founder Imran Khan as the prime minister and Nisar had also met albeit in the runup to a population control symposium in 2018 After the meeting, CJP Isa summoned a second full court meeting in as many days The developments come a day after the apex court held a full court meeting to take stock of allegations levelled by six IHC judges out of a total strength of eight against interference in judicial affairs by the country s intelligence apparatus An informed source told Dawn that yesterday s sitting considered initiating suo motu proceedings under Article 184(3) of the Constitution in light of the letter, but no final decision was taken in this regard AGP Awan also met CJP Isa on Wednesday and in an interaction with the media described the situation as very alarming which needed a thorough probe ISLAMABAD a h m a D a h m a Da n i T HE National Electric Power Regulatory Authority (NEPRA) has approved an increase of Rs 2 74 per unit in the electricity price, attributing it to the second Quarterly Adjustment for FY2023-24 This adjustment amounting to Rs 85 2 billion will have a uniform impact of Rs 2 7492 per kWh As a result the existing two quarterly adjustments of Rs 4 43 per kWh will cease to exist from March 30, 2024 To alleviate the impact on consumers, the power regulator has decided to implement the adjustment from April 2024 onwards following the expiration of the current applicable quarterly adjustments The decision of the second quarterly adjustment is intimated to the federal government before notification Fuel charges adjustment for February On the other hand consumers should be ready to face another hike in electricity rates by Rs 4 99 per unit on account of the fuel charge adjustment (FCA) for February 2024 NEPRA conducted a public hearing on Thursday to deliberate on a proposed increase in electricity prices by Rs 4 99 per unit This request linked to February s monthly fuel adjustment, comes at a critical juncture marked by a 12 2% decline in electricity demand and mounting concerns over escalating costs During the public hearing the Central Power Purchasing Agency (CPPA) disclosed that electricity demand reduced significantly during February, attributing it to various factors Member NEPRA Rafiq Shaikh expressed apprehensions regarding the mounting capacity payments stressing the urgency of devising strategic measures to mitigate these expenses Meanwhile officials from the National Transmission and Dispatch Company (NTDC) emphasised the indispensable role of operating LNG-powered plants to uphold the stability of the power system GROWING TREND OF SOLARISATION Moreover, it was informed that the growing adoption of solar energy across the nation also impacted escalating electricity prices as electricity consumption declined NTDC officials observed a rising trend in solar energy installations particularly evident in areas like Lahore, where every other household is embracing solar power Member NEPRA noted the convenience of solar energy adoption for consumers but cautioned against its contribution to the escalating cost of electricity The hearing culminated with NEPRA deferring its decision on the proposed price hike, pending further examination of relevant data Chairman NEPRA underscored the imperative of reassessing the existing tariff structure to incentivise business activities and ensure the long-term sustainability of the energy sector Earlier, the CPPA had sought an increase of Rs 4 9917 per unit in tariff on account of fuel charges adjustment for February 2024 In a petition submitted to National Electric Power Regulatory Authority, on behalf of Ex-Wapda DISCOs (XWDISCOs), the Central Power Purchasing Agency (CPPA) said that the reference fuel charged from the consumers during February was Rs 4 4337 per unit while the cost of the energy delivered to Discos was Rs 9 4254 per unit, and requested an increase of Rs 4 9917 per unit over the reference charges on account of FCA for the month The increase also includes the previous adjustments of Rs 0 5484 per unit The petition if accepted in full by NEPRA will burden the electricity consumers with an additional burden of over Rs 40 billion inclusive of fuel charge adjustment and general sales tax GENERATION COSTS The breakdown of the data reveals varying costs across different generation sources, ranging from Rs 1 3213 per unit for nuclear to Rs 27 1968 per unit for electricity imported from Iran No electricity was generated from High-Speed Diesel (HSD) and Furnace Oil during the month The CPPA in its application has submitted that the total electricity generated with various fuels in February was recorded at 7,130 GWh (gigawatt per hour), for Rs 8 6950 per unit The total cost of energy was Rs 61 996 million According to the petition 6 876 GWh at Rs 64 804 million had been delivered to DISCOs with 3 53% as transmission losses The data reveals that power generation from hydel source was 1766 GWh in February constituting 24 77% with zero cost of power generation while power production with coal-fired power plants was 1129 GWh (local + imported coal: 994+ 135GWh) The share of local coal was 13 94% at Rs 14 1863 per unit while the share of imported coal was 1 89% at Rs 20 2194 per unit The electricity generated with local gas was 787 GWh (11 04pc) at Rs 12 3794 per unit, 1450 GWh or 20 33%, RLNG-based electricity was generated at Rs 24 2952 per unit, 1,660 GWh or 23 29% power generation was from nuclear-based plants at Rs 1 3213 per unit and imported Iranian energy cost Rs 27 1968 per unit during February P o w e r g e n e r a t i o n f r o m b a g a s s e w a s 1 0 1 G W h i n F e b r u a r y B a g a s s e h a s contributed 1 41% to the national grid at R s 5 9 8 2 2 p e r u n i t T h e e l e c t r i c i t y generated from wind was recorded at 108 GWh 1 53% of total generation, and solar a t 9 0 G W h o r 1 2 6 % o f t h e t o t a l generation in February 2024 03 NEWS Fr day 29 March 2024 | ISLAMABAD NEPRA RAISES ELECTRICIT Y RATE BY RS2.74/UNIT FOR SECOND QUARTERLY ADJUSTMENT SBP extends bank hours for tax collection on March 30-31 PR OFIT n e w S D e S k The State Bank of Pakistan (SBP) has decided that all banks will extend their working hours on Saturday March 30 and Sunday March 31 2024 to facilitate taxpayers in paying government duties and taxes According to a press release issued by the SBP, branches of all banks that remain open on Saturday shall observe extended banking hours till 4:00 pm on Saturday March 30 2024 and Sunday March 31 2024 for collection of taxes through Alternate Delivery Channels (ADC s) Over-theCounter facilities Further to ensure same day clearing and settlement of payment instruments, NIFT has been advised to arrange special clearings at 4:00 pm on March 30 2024 and March 31 2024 To eliminate the issue of spillover of tax receipts banks shall ensure that no instrument concerning government receipts lodged during the aforementioned office hours, remain unattended at branch counters and must be lodged in the aforesaid special clearing in the value date of 31st March, 2024 the SBP said Moreover banks are advised to keep their concerned branches open on both days till such time that is necessary to facilitate the special clearings for government transactions by the NIFT PR OFIT n e w S D e S k The Pakistan Stock Exchange (PSX) held an auction Thursday for Government of Pakistan Ijara Sukuk (GIS) bonds, generating Rs35 74 billion, falling short of the Rs50 billion target As per details shared by the PSX, the auction covered various categories of GIS bonds including Variable Rental Rate (VRR) Fixed Rental Rate (FRR) and FRD The total bids amounted to Rs42 47 billion, distributed as Rs18 36 billion for GIS FRD Rs23 44 billion for GIS VRR and Rs673 3 million for GIS FRR For the 1-year GIS FRD, Rs15 95 billion was accepted, consisting of Rs15 78 billion in competitive bids and Rs169 54 million in non-competitive bids The cut-off price for this bond was set at Rs83 21, corresponding to a rental yield of 20 24% In the GIS VRR category, the government accepted Rs19 46 billion including Rs26 5 million for 3-year GIS VRR and Rs19 44 billion for 5-year GIS VRR Out of this Rs19 44 billion came from competitive bids and Rs25 65 million from non-competitive bids The cut-off prices were Rs99 95 for the 3-year VRR and Rs98 14 for the 5-year VRR Additionally the government secured Rs329 31 million from the sale of 3-year GIS FRR with no bids accepted for the 5-year GIS FRR The 3-year FRR bond s cut-off price was Rs100 04 The auction aimed to raise Rs10 billion from 1-year GIS FRD and Rs20 billion each from GIS VRR and GIS FRR sales
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g R s 4 . 9 9 / u n i t h i k e i s a l s o o n c a r d s d u e t o f u e l c h a r g e s a d j u s t m e n t f o r F e b 2 0 2 4 Gov t allows expor t of flour made from impor ted wheat PR OFIT ag e n c i e S The Government of Pakistan has conditionally approved the export of flour According to a notification from the Ministry of Commerce only flour produced from imported wheat is eligible for export This authorisation comes under the Export Facilitation Scheme 2021, leading to an amendment in the export policy order of 2022 The notification elaborated, “Export of wheat flour, manufactured exclusively from wheat imported for this purpose under the Export Facilitation Scheme 2021 as per the Statutory Regulatory Order (SRO) issued Meanwhile sources indicate that Pakistan possesses sufficient wheat reserves, forecasting that the annual wheat production goal of 32 1 million tons will be met Moreover, wheat cultivation has surpassed the target by 1 8% Previously the caretaker federal government had decided against importing wheat This decision was informed by the Economic Coordination Committee (ECC), which opted to prohibit statelevel wheat imports, citing stable flour prices and adequate national reserves Government insiders assert that Pakistan has plentiful wheat stocks to satisfy domestic demand This decision followed a briefing to the ECC by the Ministry of National Food Security on the wheat supply during which the ECC commended the ministry s efforts in managing the wheat supply effectively
returning officer concerned has issued notifications confirming the unopposed victories of certain candidates on general seats for the upcoming Senate elections in Punjab Returning Officer
Anwar Chauhan issued notifications for seven newly selected senators on general seats, where Ahad Khan Cheema,
Rasheed,
No meddling in judicial affairs, C JP tells PM
ISLAMABAD S ta f f R e p o R t The
Ijaz
Pervaiz
s Dr Yasmin Rashid will go head-to-head Similarly, four candidates will compete for the two seats reserved for women, including Anusha Rehman, Bushra Anjum Butt, Faiza Malik, and Sanam Javed Khalil Tahir Sandhu and Sunni Ittehad Council’s Asif Ashiq are set to contest for the minority seat On Wednesday it was revealed that five out of the seven general seats of the Senate from Punjab were clinched by candidates supported by the ruling alliance while the opposition SIC s secured the remaining two seats uncontested Despite initial electoral race with 12 candidates vying for the seven general seats, withdrawals of nominations narrowed down the field to seven contenders resulting in all candidates being declared successful without competition The withdrawal of papers by candidates such as Waleed Iqbal Shahzad Wasim Ijaz Minhas, Dr Musadik Malik, and Umar Cheema left the field open for the uncontested winners ECP notifies unopposed vic tories on S enate general seats in Punjab PR OFIT ag e n c i e S Sui Northern Gas Pipelines Limited (SNGPL) in response to concerns over the recent gas price hike said that approximately 60% of its consumers or 4 4 million individuals qualify as protected consumers, and their gas bills in February remained under Rs 2,000 A company spokesperson outlined that 94% of the gas price is attributed to the costs associated with procuring gas The remaining portion covers the Return on Capital Employed (ROCE) Additionally operational expenses which include the costs of labor, constitute only 4% of the total gas price SNGPL clarified that all of its gas procurement contracts are priced in US dollars and are tied to the market prices of crude or Brent oil Furthermore there is a policy to adjust local gas prices every six months A notable factor contributing to the increase in prices is the seasonal reduction in local gas supply during winter leading to a marked scarcity of Regasified Liquefied Natural Gas (RLNG) for domestic users The company also highlighted the discrepancy between the cost and selling price of RLNG W h i l e t h e a v e r a g e p r i c e o f R L N G s t a n d s a t a p p r o x i m a t e l y R s 3 5 0 0 t h e a v e r a g e s e l l i n g p r i c e i n t h e d o m e s t i c sector is pegged at around Rs 1 100 This disparity has led to a significant shortfall o f R s 2 3 1 b i l l i o n d u e t o R L N G s u p p l y issues, significantly impacting the overall gas prices By incorporating ROCE into its pricing structure SNGPL aims to ensure the sustainability of gas supply nationwide The statement further noted a record increase of Rs 69 billion in local gas prices However, for consumers categorised under the ‘protected’ segment the average gas rate is maintained at Rs 513 which is below the procurement cost of Rs 1 674 per MMBtu The gas company said that approximately 60% of gas consumers, or 4 4 million individuals, qualify as protected consumers Their gas bills in February remained under Rs 2 000 inclusive of taxes Moreover SNGPL anticipates providing subsidies amounting to Rs 12 8 billion during the fiscal year 2023-24 to support its consumers Since 2002, the Oil and Gas Regulatory Authority (OGRA) has been conducting public hearings to assess the revenue needs of gas companies T h e n e x t h e a r i n g s c h e d u l e d f o r t h e f i s c a l y e a r 2 0 2 4 - 2 5 w i l l c o m m e n c e o n J u l y 1 , 2 0 2 4 S N G P L a n t i c i p a t e s t h a t i m m e d i a t e c h a n g e s t o g a s p r i c e s a r e unlikely to occur as a direct outcome of this hearing 60% of consumers protec ted from gas price hike: SNGPL g 9 4 % o f g a s p r i c e c o m p r i s e s o f e x p e n s e s w h i l e r e m a i n i n g c o m p o n e n t i n c l u d e s r e t u r n o n c a p i t a l e m p l o y e d , c l a r i f i e s S N G P L s p o k e s p e r s o n Appeal filed in LHC to arrest Fawad Chaudhr y LAHORE S ta f f R e p o R t A plea has been filed on video link attendance and to arrest Fawad Chaudhry in all cases in Lahore High court (LHC) According to the details a two-member bench headed by Justice Aliya Neelam heard the case The court sought the response from parties on the plea regarding Fawad Chaudhry It is pleaded from the court in the petition that 32 cases are filed against Fawad Chaudhry The court ordered to arrest him in every case P o a c h e r s f i n e d f o r k i l l i n g r a r e l e o p a r d i n N o w s h e r a NOWSHERA S ta f f R e p o Rt The forest department fined poachers in Nowshera on Thursday for hunting down a leopard and posting a video with it The poachers hunted down the leopard in Shah Kot area of Nowshera on Thursday, once again exposing the department’s inability to protect the rare animal The department has imposed a fine of Rs250,000 on the poachers This is not the first incident of a leopard being killed in the area A few months ago the lifeless body of a leopard was found by a local man in the Manahi hills of Nowshera Subsequent investigations revealed that the leopard had been poisoned According to the forest department the mountains of Cherat and Nizampur are natural habitats of the leopard
T h e n u l l s t a k e o v e r
Aword of caution: the stock market is not the real economy While measures like the inflation rate or the balance of payments reflect actual goods produced and traded the stock market is merely about expectations However because of the sheer diversity of economic activity that it encompasses the stock market is considered the barometer is how the economy as a whole is doing It can thus be safely said that if the market is rising, something must be going right On Thursday, for the second consecutive day, the market broke a new record, with the benchmark KSE100 Index closing at 67142 12, up 594 34 points on Wednesday s close of 66,547, which itself had set a record, beating the previous peak of 66,427 on December 23 The development to which the market seems to have reacted is that the PIA privatisation is moving ahead, with the PIA BoD approving the transfer of assets and liabilities to a holding company On Wednesday, the BoD of the newly-minted PIA Holding Company then approved the restructuring of PIA’s debt and the transfer of Rs 268 billion to the government
However PIA is not all that is happening though behind that is the heightened expectation of a deal being struck with the IMF It is that hope of a new deal with the IMF on a multi-year multi-billion-dollar programme that may be driving the market The foreign-investment scenario seems to be positive, while the price-to-earnings ratios have encouraged an across-the-board investment It almost seems as if the market hung back and delayed its judgement on the new government, but is now giving its thumbs-up
The bull run is buoyed by good returns being reported for banking companies, which have been
PERHAPS the biggest sign of the changing times of its being a new situation for the country, is that the successful review by the IMF of its current Stand-By Arrangement with Pakistan, did not provoke an outburst of self-congratulation by the current government It was not really a matter of the government not taking credit for something that was ongoing when it took over less a month ago After all that SBA s being granted was perhaps the last thing that the present PM achieved before he gave up office Now that the caretaker period has been tided over, the time has come for a longer IMF programme, and it is once again Shehbaz Sharif who must do the needful His Finance Minister has changed which means he is the only constant factor in the equation Perhaps it is the realization that this review not just brought the SBA to an end, but also laid the groundwork for a new agreement, that has prevented the usual setting off of fireworks The Finance Minister and Prime Minister then spoke of the necessity of a new IMF programme as well as the need for potentially painful reforms
There seems a realization that now the IMF would double down on its previous demands and finally force through the reforms it has been asking for but which have been resisted In the review process, the Finance Minister agreed
Dedicated to the legac y of late Hameed Nizami
Nizami (Late) Founding Editor
M A Niazi Editor Pakistan Today Babar Nizami Editor Profit
Pakistan's persistent drive for progress in missile technology, apparent in ongoing initiatives, reflects its steadfast commitment to upholding a credible conventional deterrence posture and strategic stability in the South Asian region and beyond This progress will bolster Pakistan's strategic efforts to develop a resilient and adaptable military capability, enabling precise strikes across various distances and with a variety of munitions Moreover, it signifies a significant stride in strengthening the nation's terrestrial strike capabilities, serving as a deterrent against Indian adventurism while demonstrating Pakistan's indigenous technological capabilities on the global platform
04 Fr day 29 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
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Global Investors IN a strategic move that signals a new dawn for technology in Pakistan, the Chief Minister of Punjab, Maryam Nawaz Sharif has officially greenlit the Nawaz Sharif IT City project in Lahore This ambitious venture which had been on hold for over a decade is now set to become a reality under the stewardship of CBD Punjab Spread over 853 acres near PKLI in Lahore, the project is backed by a robust 10 billion rupees seed fund from the Punjab government The master plan is divided into four main areas: a 200-acre IT & Tech District, a 150acre Education City, a 100-acre Film City, and an 84-acre Commercial & Residential zone The first phase of development will see the construction of Celestia a twin-tower IT building with an ambitious completion target of just 12 months The entire infrastructure is expected to be up and running within three years overcoming challenges such as land transfer and survey issues, now resolved by the Punjab Government To ensure precision in planning, Nespak and an international consultant will be brought on board for the master planning process By March 2024, the land transfer to CBD Punjab is expected to be completed setting the stage for the construction of the IT tower in April 2024 This project is not just a monumental construction feat; it s a catalyst for economic growth expected to create around one million jobs The revenue model is diverse including self-generation, joint ventures, and REITs, with an estimated budget of 100 Billion PKR Special economic zones within the IT City promise an environment ripe for technological innovation The Government of Punjab has made the project even more attractive to investors by declaring it tax-free for ten years With a series of roadshows planned CBD Punjab is actively working to raise awareness and attract investment for the project Positioned as a hub for leading IT companies like Microsoft and Oracle as well as top international educational institutions, Nawaz Sharif IT City is set to offer world-class architecture and amenities ALI WAQAR SHAH DIRECTOR BUSINESS DEVELOPMENT AND INVESTMENT RELATION CBD PUNJAB
Arif
Nawaz Sharif IT Cit y: A Golden Oppor tunit y for
THE current condition of roads in Karachi is pathetic, with potholes, cracks and uneven surfaces rampant across major thoroughfares and neighbourhood streets alike These hazardous road conditions endanger the lives of people both motorists and pedestrians and also have adverse effect on commerce tourism and overall quality of life Moreover the lack of proper maintenance and infrastructure development has worsened the situation further, leading to traffic problems, vehicle damage and increased number of accidents The authorities concerned should improve the condition of Karachi’s roads that have become a cause of an utter nuisance TUBA NASEEM KARACHI Measles in Sindh CASES of measles especially among children are reportedly increasing in many districts of Sindh Disappointingly there is no proper treatment faclities available in many of the affected areas Most people do not have enough knowledge about this disease, and, as such, are following traditional remedies rather than opting for medical treatment The health authorities must provide education and guidance to people about the disease RAJA MUDASAR HUSSAIN JACOBABAD E d i t o r ’ s m a i l Send your letters to: Letters to Editor Pakistan Today 4-Shaarey Fatima Jinnah Lahore Pakistan E-mail: letters@pakistantoday com pk Letters should be addressed to Pakistan Today exclusively I N the ever-evolving landscape of global security the role of advanced missile systems in shaping military capabilities and postures cannot be overstated Recently, the Armed Forces of Pakistan attained a significant milestone by successfully test-firing the Fatah-II missile a domestically developed guided Multi-launch Rocket System (MLRS) on 27 December 2023 The rocket seeks to broaden Pakistan s conventional targeting capabilities by carrying out precise attacks deep within the adversary’s territory against a diverse range of targets through numerous variants of traditional payloads This development indicates groundbreaking progress for the country s arsenal accentuating Pakistan s dedication to enhancing strategic precision and maintaining a credible conventional defence posture Fatah-II boasts cutting-edge avionics, a sophisticated navigation system, and a unique flight trajectory Moreover The Low Radar Cross-section (RCS) of the rocket minimises the probability of interception Throughout its trajectory the rocket can manoeuvre and adjust to its target ensuring accuracy According to information from GIDS, Fatah-II has a range capability of hitting targets with a 400 km radius Guided to its target by an upgraded inertial navigation system (INS) that incorporates satellite navigation Fatah-II maintains a Circular Error Probable (CEP) of less than 50 metres at its maximum range The successful integration of Fatah-II rockets into Pakistan's arsenal represents a significant enhancement to its offensive capabilities, reshaping regional dynamics and the military balance in the region India's current military strategy emphasises dynamic response tactics aimed at enhancing its conventional strength while engaging in operations below the threshold of all-out war Moreover, India s strategic efforts to establish Integrated Theatre Commands (ITC) indicate a significant step towards enhancing military capabilities Upon implementation this initiative could enable the Indian military to effectively employ the army s Integrated Battle Groups (IBG) along the Pakistan border in conjunction with Indian Air Force (IAF) assets The execution of such strategic manoeuvres may have implications for Pakistan s national security The introduction of Fatah-II rockets allows Pakistan to enhance its conventional capabilities and effectively counter such efforts especially considering India s current lack of an effective interceptive capability for this development By promoting the use of land interdiction techniques, the Fatah-II system is geared towards impeding disrupting and neutralizing Indian IBGs as they advance towards Pakistan s borders Consequently the Fatah-II missile system augments Pakistan s traditional strike capabilities, marking the first instance where the conventional artillery weapons of Pakistan may effectively reach Indian military outposts, munitions depots central logistics and air bases By and large Fatah-II represents an ideal conventional counterforce weapon in the arsenal of the Pakistan Army for this purpose The Fatah-II system not only serves as a formidable deterrent against India, but it also offers versatile operational utility, marking a significant milestone in Pakistan's offensive landscape First compared to more complex missile systems the production cost of Fatah-II is low The design of the rocket allows for cost savings at various stages of manufacturing, assembly, and maintenance Similarly, the local production of the Fatah II rockets not only stimulates the domestic defence industry but also keeps the cost lower by avoiding the markups associated with importing similar systems from other countries Additionally Fatah-II s sensorto-shooter reaction time is considerably shorter which makes it a more desirable option for operational commanders, allowing them to engage with targets more rapidly, thereby increasing the overall efficiency of the combat Second the extended range of new surface-to-surface missiles enables Pakistan to eradicate the strategic long-range air defence systems positioned in the enemy s hinterland The Fatah-II illustrates its capability to counter advanced air defence systems For example, it can effectively neutralise static targets such as the S-400 missile system by executing saturation attacks, which involve a combination of Fatah-II projectiles cruise missiles loitering munitions and the Fatah-I Guided Multiple Launch Rocket System (GMLRS) The deployment of Fatah-II rockets would enable Pakistan to inundate enemy s operations by effectively overwhelming its air defenes through maximum target saturation Therefore this advancement represents a significant leap forward and a unique addition to the country s conventional arsenal Pakistan s persistent drive for progress in missile technology, apparent in ongoing initiatives, reflects its steadfast commitment to upholding a credible conventional deterrence posture and strategic stability in the South Asian region and beyond This progress will bolster Pakistan s strategic efforts to develop a resilient and adaptable military capability enabling precise strikes across various distances and with a variety of munitions Moreover, it signifies a significant stride in strengthening the nation's terrestrial strike capabilities, serving as a deterrent against Indian adventurism while demonstrating Pakistan s indigenous technological capabilities on the global platform The writer is a researcher at the Centre for Aerospace and Security Studies (CASS) Lahore She can be reached at info@casslhr com FA Z A A b I d
Pathetic roads
to include any amnesty scheme in the Budget as well as end various sales tax and income tax exemptions It has become almost a given that any further lending must come only after IMF approval Even China, Saudi Arabia and The United Arab Emirates do not lend in the face of IMF disapproval They all wish to save Pakistan from fiscal collapse, or even default but also wish to prevent themselves suffering irreparable loss In short they have no wish to throw good money after bad by paying for Islamabad s extravagance
erosity
velopment
apparently meant to be embezzled, as a sort of bribe to members of the power elite When Zulfikar Ali Bhutto showed that Pakistan was not a blind follower the multilateral institutions including the IMF started to get business-like By then, the power elite was not just embezzling government funds, but exploiting its position to protect its interests This led in turn to the help that was extended to Pakistan by its friends that they would pay for Pakistan s extravagances The problem is that the government of Pakistan runs a chronic deficit In short, it spends more than it raises in taxes To make up the deficit, it has to borrow Time was its revenues would cover current expenditures but not development For that money had to be borrowed It was from abroad A lot of that money ended up in the coffers of the elite However, that money had to be repaid, and that too with interest, and in foreign exchange That became a charge on the budget Because it had to be paid in foreign exchange, the IMF got involved, so its loans are used to repay old loans The theory behind those loans is that they were used for projects that would lead to earning and in f o r e i g n e x c h a n g e w h i c h w o u l d b e u s e d f o r t h e loan repayments At least that was the overt theory (It was the same theory as was behind the Raj cons tr u ctio n o f c an als ; th e s a me c o lo n ia lis t min d s e t was at work ) Actually that money was meant to be embezzled Then that money had to be repaid out of tax revenues There was a time when debt could be serviced out of taxes, but no
Now the tax revenue is n o t g o i n g t o b e e n o u g h t o s e r v i c e d e b t , a n d p a y s a l a r i e s T h e I M F i s t h u s p r e s s i n g f o r P a k i s t a n t o maintain a primary surplus w h i c h c o n s i s t o f e x p e n d iture less interest payments l e s s r e v e n u e C l e a r l y, t h i s primary surplus will be applied to debt servicing Pakistan thus converts the old development loans by borrowing commercially from the money markets When it can t really mange to service those, it borrows from the IMF, thus actually converting those loans intoIMF loans That is what gives the IMF the power to delve into Pakistan s financial arrangements That delving first resulted in a campaign to reduce military spending, then to end circular debt, and now to revisit the National Finance Commission Award In this way, the IMF is visibly changing the goalposts, and we are seeing the conditionalities of the future arising One danger that has been pointed out is that Pakistan could end up in a debt trap as Argentina has Former Adviser to the Finance Ministry Dr Ashfaque Hasan Khan, has noted that the $8 billion programme over the next four to five years shows Pakistan as on the same path as Argentina, which has been on IMF programme for over half a century now and whose latest programme is of $44 billion The latest review was in January and unlocked $3 3 billion Of which $2 8 billion were due in payments to the IMF so that in effect Argentina will get $500 million to make other payments, and continue the sort of extravagance that got it into trouble in the first place Pakistan at the moment is not the IMF’s biggest debtor It is fourth behind Argentina Egypt and Ukraine Argentina is clearly in a vicious debt trap as the creditor retains most of what is lent to pay off previous loans Pakistan isn t there yet but that is where it seems headed It might well seem that there is no way out of the debt trap However, there are ways, none of which the government can follow The first is to earn a lot of foreign exchange Even if the government itself doesn t if it dramatically increases its revenue it can use the rupees to buy the forex from the State Bank Another method is to welsh, and to opt for a default Can the government increase revenue substantially?
the problems with borrowing from the IMF is
it doesn’t really contribute to development neither to increasing imports nor revenues It might mean that borrowing from development finance institutions can continue but that borrowing has
led to earnings Can the government default? Sri Lanka
and the government
to The Sri Lankan example
encouraging, for it
go
hand to the IMF It also means that the country might have to face a shortage of imports In Pakistan s case there would be a lot of suffering Pakistan imports fuel for transport and power medicines and food (at least palm oil for dalda ghee) The shortages of these items would cause prices to rise, and with inflation still not under control, this could cause hyperinflation These are costs that no elected government would tolerate Perhaps only a government which relied on the Islamic prohibition of interest would be able to default However present Islamic parties which want electoral support, would be unable to take such a decision, which would mean cutting the country off from the international banking system, on which all international trade is based Getting out of the clutches of the IMF is not just uncertain it is also politically difficult It is much easier to slip a little further into bondage with each programme The writer is a member of staff Now for the real programme… Th e S B A i s t h e p re c u r s o r o f a n e w p ro g r a m m e G e t t i n g o u t o f t h e c l u t c h e s o f t h e I M F i s n o t j u s t u n c e r t a i n , i t i s a l s o p o l i t i c a l l y d i f f i c u l t I t i s m u c h e a s i e r t o s l i p a l i t t l e f u r t h e r i n t o b o n d a g e w i t h e a c h p r o g r a m m e P a k i s t a n ’ s T r a n s f o r m i n g D e f e n c e L a n d s c a p e Fat a h I I R o c ke t s : a g a m e c h a n g e r At Penpoint M A N I A Z I
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URussia says NATO preparing for potential conflict in Eastern Europe, Black Sea
BFA: C hina’s reform and opening up appealing to global investors
BOAO M I A N A B R A R
The opening ceremony of the Boao Forum for Asia (BFA) Annual Conference 2024 was held in Boao, South China’s Hainan Province on Thursday, with China’s top legislator Zhao Leji stressing China’s economic potential appealing to international investors and calling for Asia solidarity and cooperation for regional prosperity in his keynote speech at the forum Zhao Leji, the chairman of the National People’s Congress Standing Committee highlighted that China is pursuing a path of high-quality development and is deepening reform and opening up, which he said will provide great development opportunities for Asia and the world China has set an economic growth target of around five percent for 2024 and the country s GDP grew by 5 2 percent last year one of
activity by NATO members is provocative, exacerbates military tension along our borders and creates additional security threats to Russia All this is aimed at preparing the bloc s allies for a potential collision with our country the ministry said We will monitor the developments in Romania, assess the emerging risks and take them into account during military planning,” the ministry added
Barack Obama jumps ship to rescue Joe Biden
WASHINGTON A G E N C I E S
As the race to the White House intensifies with President Joe Biden facing Republican candidate
Donald Trump in November, Barack Obama has jumped into the fray to rescue his former vice president from losing the reelection Former President Barack Obama sat for hours in the White House with Joe Biden and discussed the way to defeat Donald Trump amid intensified battleground, according to a CNN report In a video call of Obama, Biden, and former House Speaker Nancy Pelosi in the White House residence heralding the 14th anniversary of the Affordable Care Act the former president said: We have the chance to do even more but that only happens if we send Joe and Kamala back to the White House in November
So, we ve got to keep working, the 62-year-old said CNN reported that “the campaign also recorded other content featuring the two presidents that they plan to roll out in the coming weeks ” Obama keeps in close contact with the officials of the Biden administration on a regular basis He has been helping the 81-year-old Biden in his reelection bid by fundraising and meetings In a fundraiser, two former presidents Obama and Bill Clinton will sit with Biden in a rare conversation, moderated by Stephen Colbert
Their sitting shows that the US is in a crucial moment of history where they are in strong spirits to defeat Donald Trump No one can speak to disillusioned Democrats better than President Obama, CNN quoted a close person of Obama and Biden
O B A M A, B I D E N’S C L O S E A I D E M A K E S B I G R E V E L AT I O N A B O U T T R U M P As former US president Donald Trump has been surrounded with legal troubles facing indictments including the charge of Capitol Hill riots campaigner for Joe Biden has made a shocking revelation about the Republican and his threats Jim Messina who also served as campaign manager for Barack Obama in 2012 told CNN: “Being the president of the United States means you re part of a small club; there is no other group of people whose red flags about the direct threat of Donald Trump should be taken more seriously Joe Biden has been criticising the business mogul for undermining the US democracy and institutions with his false claims such as rigged elections of 2020
The 77-year-old Trump has been facing four criminal indictments and 91 counts of felonies including election interference in 2020 in Georgia retention of classified documents after leaving the office hush money to an adult film star, and instigating supporters to storm Capitol Hill on January 6, 2021 Barack Obama and his former White House team are providing their full assistance against the Republican businessman
F id y 29 M h 2024 | ISLAMABAD 06 NEWS
GAZA STRIP A G E N C I E S
N I T E D Nations monitors reported an intense renewal of airstrikes and ground clashes between Israeli Defense Forces and Hamas fighters on Thursday (March 28) just days after the UN Security Council passed a binding resolution calling for an immediate ceasefire in the enclave Fighting was reported in the vicinity of three of Gaza’s hospitals, including the Al-Amal hospital in the city Khan Yunis and the Al-Shifa hospital in Gaza City both of which have been under sustained IDF siege over the part week The IDF carried out an airstrike on the Al-Shifa hospital early on Wednesday (March 27) claiming that its members had come under fire “from within and outside the emergency ward” and that the action was taken while avoiding harm to civilians patients and medical teams Israel reschedules Rafah offensive talks with the U S The escalation comes as Israel s government announced it would reschedule talks regarding its planned offensive on the city of Rafah with the United States Israeli Prime Minister Benjamin Netanyahu originally scrapped the planned meeting following the US decision to abstain from voting on the UN Security Council resolution calling on the IDF to cease its offensive on the enclave White House spokeswoman Karine Jean-Pierre stated that the Israeli government had decided to to reschedule the meeting dedicated to Rafah” and that both parties were looking to find a convenient date to carry ahead Washington is expected to present Tel Aviv with an alternative plan aimed at unrooting Hamas from its last remaining stronghold while limiting civilian casualties I R E L A N D TO S O U T H A F R I C A I N I C J G E N O C I D E C A S E International pressure resulting from the Israeli offensive has been mounting, with Ireland now seeking to join South Africa s genocide case against Israel at the International Court of Justice The actions of the IDF across Gaza amounted to a blatant violation of international humanitarian law on a mass scale ” Irish Foreign Minister Micheál Martin said on Wednesday Martin listed a series of accusation against Israel The taking of hostages The purposeful withholding of humanitarian assistance to civilians The targeting of civilians and of civilian infrastructure The indiscriminate use of explosive weapons in populated areas The use of civilian objects for military purposes The collective punishment of an entire population Ireland is seeking to have the international judicial body expand its definition of genocide to include the blocking of humanitarian aid stating that “half the population of Gaza face imminent famine and 100 percent of the population face acute food insecurity The Palestinian death toll since October 7 has reached 32,552 according to the latest figures from Gaza’s health ministry as 74,980 remain injured with little to no available medical care G A Z A C L A S H E S , A I R S T R I K E S I N T E N S I F Y A M I D C A L LS F O R I M M E D I AT E C E A S E F I R E
MOSCOW A G E N C I E S NATO s activities in Eastern Europe and the Black Sea region are focused on preparing its allies for a potential confrontation with Russia, said the Russian Foreign Ministry on Thursday citing militarization activities in the region The Romanian authorities have previously announced their readiness to invest 2 5 billion euros ($2 7 billion) into modernizing the Mihail Kogalniceanu air base in Constanta County The base is set to expand into a military town capable of accommodating the families of 10,000 military personnel, with plans to create urban infrastructure, said the ministry Construction has begun in the southern part of the future military town where access roads and a robust power grid are currently being built The modernization of the air base could make it the largest North Atlantic Treaty Organization (NATO) base in Europe by 2040 The U S military has been using this base since 1999, it said “The expansion of the Romanian air base is yet another proof that the North Atlantic bloc continues its unrestrained militarization of Eastern Europe and the Black Sea region said the Russian Foreign Ministry The ministry added that the forced enhancement of coalition capabilities is also taking place in Poland and the Baltics ” “Such
the highest among major economies The Chinese economy has accounted for about one-third of global growth, and the International Monetary Fund last year projected that a 1 percentage point increase in GDP growth in China will lead to a 0 3 percentage point increase in other Asian economies To transform its economy and achieve sustainable development, China now is deepening reforms For example China has pledged to further shorten the negative list for foreign investment remove all restrictions on foreign investment access in the manufacturing sector and deliver national treatment for foreign businesses On March 22, the Chinese Commerce Ministry rolled out the first negative list for crossborder trade in service sectors at the national level in which sectors that are not listed are by default open to foreign service suppliers under the same conditions as for domestic service suppliers, a major step for China’s further opening up China also promised to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060 Official data shows that China s installed solar capacity accounted for nearly half of the world’s, the number of new energy vehicles (NEVs) registered in China accounts for over half of the world’s and at least 25 percent of the foliage expansion since the early 2000s globally came from China Zhao said China s green and low-carbon development is expected to nurture a 10-trillion-yuan (about $1 4 trillion) market for investment and consumption each year In addition new drivers of China s economy resulting from tech innovation are also growing fast At the just concluded China Development Forum, Chinese Premier Li Qiang said the added value of China’s strategic emerging industries increased from 7 6 percent of GDP 10 years ago to more than 13 percent last year the scale of China s digital economy has exceeded 50 trillion yuan and China has as many as 24 of the world s top 100 sci-tech innovation clusters “The potential of China’s supersized market with over 1 4 billion people will be further unlocked ” said Zhao Investing in China is investing in the future Zhao also expressed optimism for Asia s development at the forum, saying it s the most dynamic and promising region in the world, but he warned that protectionism and a cold-war mindset are undercutting some countries efforts for development and pushing the world toward division and confrontation A report published by BFA Academy on Tuesday predicted that the Asian economy will sustain a strong growth rate in 2024, accounting for 49 percent of the world s GDP and its growth rate is expected to reach 4 5 percent Although the growth of Asia may face pressures from a global economic slowdown, geopolitical conflict and other factors, positive factors including accelerated digital trade recovery of tourism and advancements of regional economic integration such as the Regional Comprehensive Economic Partnership will add new impetus to Asian trade and investment, the report predicted Zhao stressed that peace is a prerequisite for Asia’s development in the face of intertwined and complex global security threats
BEIJING S TA F F C O R R E S P O N D E N T China will not allow the Philippines to act willfully on the South China Sea issue and rejects meddling of the issue by the United States a spokesperson for the Chinese Ministry of National Defense said on Thursday There is no bigger factor than the U S interference” in causing turbulence in the South China Sea and the Philippines harassment and provocations are the immediate cause of the recent escalation of the South China Sea issue, Wu Qian told a regular press conference in Beijing On the South China Sea issue between China and the Philippines, China opposes foreign interference, infringement and provocation and advocates proper management of differences Wu said China is also fully prepared for any emergency, and will resolutely safeguard China’s territorial sovereignty and maritime rights and interests he said China slams Philippines ’ provoc ation, US meddling in S outh C hina S ea
JazzCash becomes SECP's strategic knowledge par tner to propel Pakistan's
stance on G as Price Determination
in current laws to effectively address kite flying incidents
In a letter directed to the Punjab Chief Minister
Prosecutor General Punjab Farhad Ali highlighted the escalating incidents of kite flying attributing them to insufficient penalties Ali proposed the inclusion of counter-terrorism provisions to bolster the existing Punjab Kite Flying Ordinance
The persistent challenge of regulating kite flying in Punjab persists with continued reports of fatalities and injuries Just recently a tragic incident unfolded in Faisalabad where a young man lost his life after a kite string became entangled around his neck while he was preparing for his wedding Asif, riding a motorcycle on
Dijkot Road tragically succumbed to the hazards associated with kite flying Another individual sustained injuries in Faisalabad under similar circumstances Likewise, in Sialkot, a young man suffered severe injuries near the General Bus Stand due to kite flying activities Furthermore, in Sargodha and Patoki, several underage children fell victim to kite flying accidents resulting in loss of life
Responding to these distressing incidents Punjab
Chief Minister Maryam Nawaz had previously issued directives for stringent measures against the production, sale, and purchase of metal strings used in kite flying A high-level
Visa’s growing ser vices business infused with new AI-Powered Produc ts
07 NEWS Friday 29 March 2024 | ISLAMABAD PR OFIT N E W S D E S K T H E State Bank of Pakistan (SBP) announced that Pakistan s total liquid foreign exchange reserves reached $13 427 billion after an increase of $4 million during the week ending on March 22 2024 According to a press release issued by the central bank on Wednesday the total foreign reserves held by the SBP were recorded at $8 021 billion Meanwhile, foreign exchange reserves held by the commercial banks of the country stood at $5 405 billion for the said period PA K I S TA N ’ S F O R E X R E S E R V E S I N C R E A S E B Y $ 4 M N T O $ 1 3 . 4 B N CORPORATE CORNER Pa k i s t a n B a n k s ’ A s s o c i at i o n a p p o i n t s M u n e e r K a m a l a s n e w C E O & S G K A R A C H I: Pakistan Banks’ Association (PBA) announces the retirement with effect from March 31 2024 of its longstanding CEO & Secretary General, Mr Tawfiq A Hussain After more than a decade of meritorious service to the Association Tawfiq Hussain leaves behind a legacy marked by notable achievements and substantial growth of the organization His strategic vision and unwavering commitment to excellence have raised the profile of the PBA and positioned it as a leading industry body in Pakistan Following Tawfiq Hussain s retirement the PBA Executive Committee unanimously selected Mr Muneer Kamal to be his successor and assume the role of the new CEO & Secretary General, effective April 1, 2024 Possessing over four decades of extensive banking experience, Muneer Kamal brings a wealth of expertise and insight to the role His career in banking and financial services started with Citibank Pakistan and since then Muneer has assumed both local and international positions in various financial entities, including as President & CEO of Faysal Bank and Union Bank Muneer Kamal holds an MBA degree from the Institute of Business Administration Karachi PR
ecosystem I S L A M A B A D: The Securities and Exchange Commission of Pakistan (SECP) has signed a Memorandum of Understanding (MoU) with JazzCash the country s largest fintech operator This MoU fortifies JazzCash s role as SECP s knowledge partner The partnership underscores a concerted effort to bolster digitalization and promote financial literacy The MoU delineates a comprehensive framework for leveraging JazzCash's expertise to fortify Pakistan's fintech ecosystem Focusing on technical educational and regulatory enablers the partnership aims to empower individuals and businesses through knowledge-building initiatives Speaking at the signing ceremony, SECP Chairman Akif Saeed highlighted the crucial role of financial literacy in unlocking the country’s potential, emphasizing the importance of empowering the entire ecosystem including customers MSMEs and investors Jazz Cash and SECP will collaborate on multifaceted campaigns to raise awareness on critical issues such as customer protection, data security, and fraudulent activities, leveraging digital and customer service platforms PR
fintech
KARACHI: Today Visa (NYSE:V) a leader in digital payments, announced continued expansion of its global value-added services business with the addition of three new AI-powered risk and fraud prevention solutions The new products part of the end-to-end Visa Protect suite are designed to reduce fraud across immediate account-to-account and card not present (CNP) payments as well as transactions both on and off Visa s network Visa Protect is part of a broad suite of Visa value-added services that have grown to nearly 200 products, spanning five high-demand categories: Acceptance Advisory Issuing Open Banking and Protect To help clients navigate a growing number of complexities Visa has combined decades of expertise and significant investments in both AI and fraud prevention, with $10 billion over the last five years alone in technology and innovation, to help reduce fraud and increase network security PR S & P G l o b a l Pa k i s t a n i nve s t i n g i n wo m e n t o a c c e l e r at e p r o g r e s s I S L A M A B A D: S&P Global Pakistan celebrated March 2024 as ‘Women’s History Month’, aligning with the United Nation’s International Women’s Day theme for 2024 Invest in Women Accelerate Progress In celebration of Women s History Month S&P Global has undertaken various activities in collaboration with its People Resource Group WINS (Women's Initiative for Networking & Success) These initiatives aim to amplify women's voices, invest in their growth and development, and break down barriers to equality Mujeeb Zahur Managing Director S&P Global Pakistan shared I am excited about our continued focus towards empowering the women workforce that help them break barriers and reshape narratives As a part of Women’s History Month, our Women’s Recruitment Drive is one such initiative that identifies and nurtures female talent for upcoming positions at S&P Global Pakistan We believe in providing equal opportunities and ensuring a diverse workforce that reflects our values and culture PR M i n i s t r y o f N H S R & C , P M & D C a n d W FM E c o l l a b o r ate to r e s o l ve r e c o g n i t i o n i s s u e s o f m e d i c a l s t u d e n t s s t u d y i n g a b r o a d I S L A M A B A D: President of The World Federation for Medical Education (WFME) Mr Ricardo LeónBórquez has called on Federal Secretary Ministry of National Health Services, Regulations and Coordination (NHSR & C), Iftikhar Ali Shallwani, and President of Pakistan Medical and Dental Council (PM&DC) Dr Rizwan Taj to discuss the challenges faced by Pakistani medical students studying abroad The meeting which was also attended by consultant PMDC on International Coordination, Mr Farzand, focused on various aspects concerning the quality of medical education, recognition of Pakistani students qualified from foreign medical institutions, and the welfare of Pakistani medical students pursuing education overseas PR NHA mobilizes efforts to restore landslide affected Zhob-Dhanasar section of N-50 The spokesperson for the National Highway Authority (NHA) announced on Thursday that the Zhob-Dhanasar section of Dera Ismail Khan- Quetta Highway (N- 50) was currently blocked for all traffic which was affected after landslides at Dhanasar According to a private news channel the spokesperson stated that NHA teams have been deployed to the site to clear the road and repair the damaged section However it was estimated to take approximately 72 hours to make the road accessible for all traffic Given the situation, the district administrations of Killa Saifullah, Zhob, and Sherani have been urged to divert traffic to an alternate route via Killa Saifullah - Loralai - DG Khan N-70 Additionally the district administration of DI has been requested to redirect traffic towards DG Khan and avoid sending vehicles towards DI KhanMughal Kot section of N-50 Travelers were urged to travel cautiously and avoid the affected areas, especially regions prone to landslides For any further information or assistance all travelers were advised to coordinate with the NHA Balochistan office PR Fauji Fertilizer Company (FFC) held its 46th Annual General Meeting on March 26th, 2024 having a quorum of 57 20 percent with representation either in person or through Video Conferencing and proxies Individual shareholders as well as all major equity holders including Fauji Foundation State Life Insurance Corporation Citi Bank, Deutsche Bank, Standard Chartered Bank, NAFA, NIT, APF, Atlas and representatives from various other Corporate bodies and institutions attended the meeting Brig Zulfiqar Ali Haider SI(M) (Retd) Company Secretary FFC opened the house The Chairman FFC Board of Directors, Mr Waqar Ahmed Malik welcomed the participants of the meeting Managing Director and Chief Executive Officer FFC Mr Sarfaraz Ahmed Rehman apprised the shareholders about performance of the Company during the year 2023 Mr Sarfaraz Ahmed Rehman while responding to various queries from shareholders, informed the house about goals and future strategy of the Company He further assured FFC s commitment to achieve higher standards of performance and to provide sustained earnings to the valued shareholders, despite the challenging economic circumstances PR Fa u j i Fe r t i l i ze r Co m p a ny h o l d s 4 6 t h a n n u a l g e n e r a l m e e t i n g LAHORE S TA F F R E P O R T
Prosecutor Punjab has urged Punjab Chief Minister Maryam Nawaz to consider integrating counter-terrorism measures into the Punjab Kite Flying Ordinance citing inadequacies
The
meeting chaired by the Punjab Chief Minister convened to address the law and order situation during which the Inspector General of Police Punjab provided a comprehensive briefing Expressing profound grief over the tragic demise of a child due to kite strings, Punjab Chief Minister Maryam Nawaz underscored the urgency for decisive action to combat the scourge of kite flying Pu n j a b g ov t eye s c o u n te r - te r ro r i s m m e a s u re s to c u r b ki te fl y i n g d e at h s
Reference news items published in the media regarding inclusion of inflated HR cost in the gas pricing and increase in gas price three times in the current year In this respect it is highlighted that the Operating Cost including the HR cost is only 4% of the total gas price 94% is cost of gas alone, while rest is return on CAPEX Key Reasons for Increase in Price: i Our indigenous gas resources are continuously depleting which has necessitated the diversion of RLNG to domestic sector consumers particularly during the winter period Average cost of RLNG is about Rs 3,500 / MMBTU while Domestic Sector Average Sale Price is around Rs 1,100 / MMBTU This differential amounting to Rs 231 Billion has also necessitated the current price increase since cost of diverted RLNG has to be recovered to keep the LNG supply chain functional ii Cost of indigenous gas has also increased by Rs 69 Billion iii Pak Rupee has devalued by 55% during the last two years alone while all Gas Purchase contracts are U S $ denominated and linked with Crude Oil / Furnace Oil prices PR All Pakistan Bilal Majeed S uper League C ricket Tournament begins K A R A C H I: All Pakistan Bilal Majeed Super League competitions have started in Korangi No 5 area of Shahr Quaid Renowned players from all over the country are participating in the seven-day competitions Among them are well-known cricketers including Taimur Mirza Khurram Chakwal The winning team of the event will get eight lakh rupees while the runner-up team will be entitled to four lakh rupees The star players received a warm welcome on their arrival on the field Flowers were showered Thousands of fans welcomed the visitors Taimur Mirza Khurram Chakwal and their fellow players On this occasion Taimur Mirza thanked the people of Karachi and said that they will try to make Abdullah Lions win the title Khurram Chakwal also thanked the hosts Tournament director Khurram Majeed said PR g RESERVES HELD BY SBP STAND AT $8 021 BILLION, WHILE THOSE HELD BY COMMERCIAL BANKS STAND AT $5.405B O nic & Careem sign MoU to forge strategic alliance I S L A M A B A D: Onic, the new digital telco brand in Pakistan and Careem, the leading ride-hailing platform in Pakistan, are thrilled to announce the signing of a Memorandum of Understanding (MoU) to foster a strategic partnership to build a digital ecosystem for respective consumers in the country The MoU was signed by Omer Bin Tariq Country Head Onic Pakistan and Imran Saleem General Manager Ride Hailing, Careem Pakistan, in the presence of Hatem Bamatraf, President and Group CEO, PTCL & Ufone 4G The ceremony marks the beginning of a collaborative journey between Onic and Careem that aims to combine expertise of both the brands to deliver innovatively enhanced customer experiences PR D r Malik Mukhtar Bharath assumes as coordinator to PM on Health S er vices I S L A M A B A D: Dr Malik Mukhtar Ahmed Bharath has officially assumed charge as Coordinator to the Prime Minister on National Health Services Regulations and Coordination Upon his arrival at the ministry Secretary Iftikhar Ali Shallwani alongside other officials of the Ministry extended a warm welcome to Dr Mukhtar Ahmed Secretary gave a preliminary briefing to Dr Malik Mukhtar Ahmed Bharath on pertinent matters concerning the ministry PR HBFC achieves record financial results amidst challenging environment House Building Finance Company (HBFC) is proud to announce a record operating profit of PKR 3 0 billion as per its 2023 Financial Report, marking a significant milestone for the state-owned enterprise and reflecting a remarkable turnaround over the past three years The management s focused and concerted efforts resulted in an increase of 82 % in its operating profit over the last year; continuing a remarkable trend where its profitability has increased three-fold over the past three years Its profit after tax stood at PKR 2 3 billion; an increase of 53 % over the last year Despite an extremely challenging operating and economic environment HBFC was able to achieve a reversal of loan loss provisioning by more than PKR 300 million, a unique achievement across the sector in 2023 In recent years, the company’s NPL portfolio has been reduced by more than 30 %, all due to disciplined recovery efforts PR
SNGPL's
tforces and defeat them ” Baloch said “Pakistan will continue to work with our Chinese brothers in ensuring the safety and security of Chinese nationals projects and institutions in Pakistan she said Five Chinese engineers alongside
electric dam construction site in Dasu in northwestern Khyber Pakhtunkhwa
The bus was attacked through an explosives-laden car in Besham city of KP’s Shangla district The attack prompted China to demand a thorough probe into the deadly blast and security for its citizens
In response Islamabad announced a swift probe to hold the perpetrators and accomplices accountable
According to police, the bus was travelling from Islamabad to Kohistan when it came under the attack on Karakoram Highway “It was a suicide attack on the Chinese convoy and an explosive-laden vehicle approaching from Kohistan hit the bus Besham Sub Divisional Police Officer (SDPO) Juma Rehman told the media SDPO Rehman said that following the attack, the bus caught fire and fell into a ravine “A huge amount of explosives were used in the attack the force of which threw the bus into the ravine he said The officer said that police cordoned off the area to collect evidence We have also collected body parts of the suspected suicide bomber from the site,” the SDPO claimed Soon after the bombing Prime Minister Shehbaz Sharif along with his cabinet members visited the Chinese embassy to assure Beijing about security for its citizens and promise a comprehensive probe into the suicide bombing
On Wednesday, government reiterated its resolve to comprehensively combat terrorism by employing all resources
Cabinet greenlights putting Imran Riaz , Sami Ibrahim among 24 individuals on ECL
ISLAMABAD
available to the state and bring the perpetrators to justice swiftly In response to the Chinese government s demand to promptly investigate the incident and act against those involved, the government also decided to form a joint investigation team (JIT) to probe the attack
Deaths of Chinese prompt renewed anti-terror resolve
The commitment to eradicate terrorism was echoed in an emergency meeting chaired by Prime Minister Shehbaz Sharif The high-level meeting was also attended by Chief of the Army Staff (COAS) Gen Asim Munir federal ministers all chief ministers chief secretaries inspector generals of the provinces chief secretaries and IGs of Azad Kashmir and Gilgit-Baltistan
It was decided in the meeting that the government would crush the resurgence of terrorism in the country at any cost
According to the Prime Minister ’s Office (PMO) PM Shehbaz offered his deepest condolences to the victims families and assured them that the perpetrators would be brought to justice
The premier said the whole nation was saddened by the loss of Chinese lives and also gave instructions for a thorough joint investigation to be conducted utilising all state resources
The acts targeting Pakistan-China friendship are particularly aimed at creating mistrust between the two iron brothers,” the prime minister was quoted as saying in the official statement
During the meeting Chief of Army
Staff (COAS) Asim Munir reiterated the resolve of armed forces to eliminate the scourge of terrorism afflicting the country Noting the recent surge in terrorist incidents, Gen Munir underestimated the resilience and grit of the state and the people of Pakistan“ We shall not leave any stone unturned to ensure that every foreign citizen especially Chinese nationals contributing to the prosperity of Pakistan, is safe and secure in Pakistan We shall fight terrorism with all our might, to the very end ” he added
UNSC condemns attack
The UN Security Council (UNSC) also urged all UN member states to actively cooperate with Pakistan and China in apprehending the perpetrators of the Bisham attack In a statement issued in New York on Wednesday, the Security Council members strongly condemned the “heinous and cowardly terrorist attack”
The 15-state council including the five veto powers reaffirmed that terrorism in all its forms and manifestations constitutes one of the most serious threats to international peace and security” They emphasised the importance of apprehending perpetrators organisers financiers and sponsors of such reprehensible acts and ensuring their prosecution
The council urged all states in compliance with their obligations and relevant Security Council resolutions, to actively collaborate with the governments of Pakistan and China as well as other relevant authorities in this matter
letter
Council (SJC) as
because it clearly exposed everything how the judges were influenced intimidated and coerced by state institutions to get favorable decisions Qayyum Niazi said that people of Pakistan showed great courage and voted for Imran Khan and PTI on February 8 despite all adversarial circumstances and state coercive tactics but PTI overwhelming majority was converted into minority and the entire polls robbery plot was exposed by former Commissioner Rawalpindi through forms 47
He said that it was really unfortunate that the nation gave clear cut mandate to PTI to form the government but no relief was given to Imran Khan rather his party was deprived of its mandate through results manipulation Qayyum Niazi stated that it was all done under nefarious London Plan as all the sins of corrupt clique were forgiven rapidly and was imposed on the nation while the leader of the nation Imran Khan was implicated in false fabricated and politically motivated cases to keep him out of electoral arena He recalled that under same strategy, PTI AJK government was ousted despite being in majority as the party’s lawmakers were coerced and pressurize to switch their loyalties Qayyum Niazi that Kashmir situation warranted politically economically and diplomatically stable and strong Pakistan to pursue the Kashmir case effectively at global stage and could put a presser to resolve the issue as per the UN-agreed resolutions
However, he said that only Imran Khan could fight the case of Kashmir effectively because he was the world s known leader and enjoyed public mandate He lamented that muslim world remained tightlipped on the bloodbath of Palestinians and only Imran Khan could have taken up the issue at world level Therefore, Niazi demanded that Khan should be released instantly to make Pakistan economically and politically strong and stable so as to fight the case of Kashmir and Palestine effectively Speaking on the occasion Leader of the Opposition in AJK assembly condemned the scheduled meeting between Prime Minister Shehbaz Sharif and Chief Justice of Pakistan (CJP) to discuss situation created after six judges penned a starling letter to SJC He said that the meeting was against constitutional and democratic norms and traditions, adding that it put a stamped on the stance of Imran Khan who stated repeatedly that they were all one Khawaja Farooq stated that a politically economically and diplomatically strong Pakistan could give a new life to Kashmir freedom movement However, he said, that at present Pakistan was grappling with numerous internal issues that negatively impacted the case of Kashmir He noted that Chief Election Commissioner Sikandar Sultan Raja was the blue-eyed of Nawaz Sharif as he supported PML-N in
Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited Ph: 051-2204545 Email: newsroom@pakistantoday com pk 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 5:00 5:55 1 30 5:00 6:20 8:00 Fr day 29 March 2024 NEWS
R AC K D O W N ISLAMABAD S TA F F R E P O R T
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E N E M I E S o f PA K - C h I N A f R I E N D S h I P o R C h E S t R At E D B E S h A M At tA C K , S Ay S f o
N E W S D E S K Eight officials from the National Database and Registration Authority (NADRA) have reportedly been suspended following a data theft investigation This action was taken based on the Joint Investigation Team s (JIT) recommendation in the data theft case from last year The JIT report was released earlier this week Details reveal that disciplinary measures have been taken against more than a dozen NADRA officers with eight being suspended and formally charged The identities of these individuals remain undisclosed due to ongoing legal processes and concerns over data privacy The JIT earlier provided a report to the interior ministry outlining how the data of 2 7 million Pakistanis was illicitly accessed and stolen between 2019 and 2023 through NADRA offices in Multan, Peshawar, and Karachi Personal data of 2 7m Pakistani’s stolen from NADRA database Data of 2 7 million Pakistanis was stolen between 2019 to 2023 with the help of National Database and Registration Authority s (NADRA) offices of Multan Peshawar and Karachi A Joint Investigation Team (JIT) delivered a report on Tuesday to the interior ministry concerning the (NADRA) breach of citizens’ data The Public Accounts Committee (PAC) directed the Interior Ministry to investigate the data breach with the cooperation of the Pakistan Telecommunication Authority (PTA), the Federal Investigation Agency (FIA) and Military Intelligence The JIT s findings revealed that the data moved from Multan to Peshawar then was transferred to Dubai, and eventually sold in Argentina and Romania The JIT urged disciplinary measures against certain highranking NADRA officials The joint investigation team, led by the FIA Director of Cybercrime, was established to look into the March 2023 cyberattack which compromised the personal details of citizens including military personnel Following the investigation the JIT reported its findings to then-interim Prime Minister Anwaarul Haq Kakar The acting prime minister directed NADRA to take necessary steps according to the JIT s suggestions and findings Corrective measures The report outlined proposed safeguards for citizens’ data, encompassing both regulatory and technological advancements In response to the Prime Minister s directive the authorities initiated compliance actions Furthermore, the report highlighted that these initiatives would enhance emergency service delivery and bolster standard database security E i g h t N A D R A o f f i c i a l s s u s p e n d e d fo l l ow i n g d at a t h e f t s c a n d a l
ISLAMABAD S TA F F R E P O R T The Federal Cabinet on Thursday approved the inclusion of 24 individuals including journalists –Imran Riaz and Sami Ibrahim in the Exit Control List (ECL) According to details, the Federal Cabinet, through a circular summary, has approved the inclusion of the names of 24 significant individuals in the ECL In this regard the Ministry of Interior’s summary was circulated for approval from the Federal Cabinet which granted permission to include the names of journalists Sami Ibrahim and Imran Riaz in the ECL Their names were included in the ECL due to ongoing inquiries It also approved the removal of Pakistan Tehreek-eInsaf (PTI) leader Babar Awan’s name from the ECL Babar Awan’s name was included in the ECL in December 2023 due to the Al-Qadir Trust case Additionally the Federal Cabinet has approved the removal of names of 22 different personalities from the ECL In light of recommendations from the sub-committee for ECL, the Federal Cabinet gave its consent Furthermore, former Prime Minister and founder chairman of PTI Imran Khan and his spouse Bushra Bibi s names have already been included in the ECL The National Accountability Bureau (NAB) had recommended the inclusion of Bushra Bibi s name in the ECL, upon which the Ministry of Interior s subcommittee included her name in the ECL, while the sub-committee also included the names of PTI Chairman Imran Khan and other leaders in the ECL It is worth mentioning that the sub-committee of the Federal Cabinet had recommended including the names of Chairman PTI Imran Khan and 28 other individuals in the Exit Control List (ECL) in the AlQadir Trust case The sub-committee recommended including the names of 41 individuals from various departments and organizations in the ECL as well as recommended removing 13 different types of cases from the ECL The sub-committee also recommended removing the names of 7 individuals from the ECL based on judicial orders and recommended removing the names of 3 individuals from the ECL among the appeals presented for review NADRA decreases duration of urgent ID card without additional charges ISLAMABAD S TA F F R E P O R T The National Database and Registration Authority (NADRA) introduced an important facility for people who are tired of standing in long queues to get Computerized National Identity Card (CNIC) According to the details, NADRA has decreased the delivery period of ID cards entertained under urgent request without any additional fee Earlier the delivery period of Urgent Identity Card was 23 days which has now been reduced to 15 days NADRA official X account announced this good news to the people that they should submit an urgent application to get ID card in any NADRA office and get it delivered in just 15 days Earlier, NADRA had announced new fees for different categories of ID cards According to the new fee applicable from this month Rs750 for normal ID card and Rs1500 for urgent ID card is being charged NADRA is charging 2500 rupees as fee for executive ID card EX- A JK PM seeks end to institutions’ meddling in judicial, political affairs ISLAMABAD S TA F F R E P O R T Former Prime Minister of Azad Jammu and Kashmir (AJK) Sardar Abdul Qayyum Niazi stressed the need that it was high time the state institutions should put to a halt the ongoing
judicial
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country PTI AJK President termed the six judges
to Supreme Judicial
an important development in political and constitutional history of the country
Gilgit-Baltistan and AJK and later he played the same role in general elections on February 8 to deprive PTI of its clear mandate ISLAMABAD S TA F F R E P O R T Prime Minister Shehbaz Sharif on Thursday visited the Naval Headquarters here wherein he appreciated the services of Pakistan Navy to safeguard the maritime interest of the country despite limited resources The prime minister who was accompanied by the federal ministers, especially lauded the professional response of the Pakistan Navy to foil the recent terrorist attack on Naval Airbase Turbat Upon arrival the prime minister was welcomed by the Chief of the Naval Staff Admiral Naveed Ashraf and was presented Guard of Honour by a smartly turned out naval contingent The prime minister also laid a wreath at the Shuhada monument and afterwards was introduced to the Principal Staff Officers of Naval Headquarters During the meeting matters pertaining to the Regional Maritime Security milieu and operational readiness of the Pakistan Navy were discussed The Naval Chief apprised the prime minister on roles, capabilities and future modernization plans of the Pakistan Navy Later on a detailed briefing was presented by Deputy Chief of Naval Staff (Operations) on the prevailing maritime environment challenges being faced by Pakistan Navy and its response to meet the challenges The prime minister was especially apprised about the capability requirements of Pakistan Navy to meet the current and future challenges being faced by the country in the maritime domain He was also apprised of the measures to benefit from economic prospects of the maritime sector Prime Minister Shehbaz stressed that a strong economy held the key to meet all the challenges faced by the country Towards the end, the prime minister also visited the Command Operations Centre of Pakistan Navy The naval chief thanked the prime minister for his visit and reposing his confidence in the Navy He also assured that Pakistan Navy with Allah s help would continue to defend the country s sea frontiers and maritime interests and would shoulder the responsibilities with honour both during peace and war P M l a u d s Pa k i s t a n N av y f o r s a f e g u a r d i n g c o u n t r y ’s m a r i t i m e i n t e r e s t s WASHINGTON A G E N C I E S US State Department spokesperson Matthew Miller maintained that assisting Pakistan in addressing its energy crisis remains a top priority for the United States During a routine news briefing in Washington on Wednesday, Miller when questioned about US pressure on Pakistan to halt its gas pipeline project with Iran underscored America’s commitment to aiding Pakistan s energy needs noting that the US has provided substantial support, including 4,000 megawatts of energy through various projects These initiatives have significantly bolstered Pakistan’s power generation capacity and are actively contributing to the provision of electricity to its citizens Miller also mentioned ongoing efforts in areas such as smart agriculture and energy However, he refrained from commenting on the potential damages Iran may impose due to the pipeline project A day earlier Matthew Miller told newsmen that the US does not support Pakistan s plan to build a pipeline to import gas from Iran He refused to comment on the nature of sanctions Pakistan could face for importing energy from Iran However he cautioned Islamabad against going ahead with the plan But we always advise everyone that doing business with Iran runs the risk of touching upon and coming in contact with our sanctions, and would advise everyone to consider that very carefully, said Miller, adding that “the assistant secretary made clear last week we do not support this pipeline going forward Donald Lu Assistant Secretary of State for South and Central Asia told the House Foreign Affairs committee last Wednesday in a hearing that importing gas from Iran would expose Pakistan to US sanctions Pakistan’s outgoing caretaker government approved the construction of an 80-kilometer section of the pipeline in February largely to avoid paying Iran $18 billion in penalties for years of project delays Miller ’s remarks came after Pakistani media reported Tuesday Islamabad was planning to seek a US sanctions waiver We will seek exemption from US sanctions Pakistan cannot afford sanctions in the gas pipeline project,” Minister for Petroleum Musadik Malik told media during an informal chat A s s i s t i n g Pa k i s t a n t o d e a l w i t h e n e r g y c r i s i s t o p p r i o r i t y: U S
