Epaper_24-03-30 KHI

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PPTI rejects inquir y commission on judges’ letter, seeks CJP, Chief Justice IHC resignation

President Biden reiterates Pak-US ‘enduring par tnership’ in letter to Shehbaz

Chinese investigators arrive to join Besham suicide attack probe

enduring partnership between our nations remains critical to ensuring the security of our people and people around the world and the United States will continue to stand with Pakistan to tackle the most pressing global and regional challenges of our time ”

That includes advancing our shared vision for a future of greater health security economic growth, and access to education for all

Through our US-Pakistan Green Alliance framework, we will also continue to strengthen our climate resilience, support sustainable agriculture and water management and assist with Pakistan s recovery from the devastating floods in 2022 Biden said

And, the United States remains committed to working with Pakistan to protect human rights and promote progress,” he added

According to the content of the letter, President Biden conveyed his heartfelt congratulations and best wishes to the newly-elected government of Pakistan Together we will continue to forge a strong partnership between our nations, and a close bond between our people,” he concluded In his letter to the prime minister, President Biden reiterated the US’ unwavering commitment to standing alongside Pakistan in confronting the most pressing challenges facing the world and the region Ad powered by advergic com

He also emphasized the shared vision

ISLAMABAD S tA f f R e p o R t Chinese investigators arrived in Pakistan on Friday to join the probe into the killing of five Chinese nationals in a suicide attack in Besham the interior ministry said Interior Minister Mohsin Naqvi met the visiting team of investigators at the Chinese embassy and briefed them on the investigation so far, according to a statement issued by the government He assured the special investigation team that the culprits of Shangla attack would be brought to justice The Interior Minister also briefed the team about the progress made so far in the investigation into the incident During the meeting, measures about the protection of Chinese nationals and overall security were also discussed The Interior Minister also met with the Chinese Ambassador and apprised him of the probe into Shangla incident Tuesday s incident was the third major attack in little over a week on China’s interests in Pakistan where Beijing has invested more than $65 billion in infrastructure projects as part of its wider Belt and Road initiative

Two days earlier officials shared with the Chinese embassy the preliminary findings of their investigation into the attack In late 2022, the two allied countries started a joint investigation into an attack that year on China’s nationals and its interests which have seen a rise in recent months There was no immediate claim of responsibility for the latest attack, in which a suicide bomber rammed a vehicle into a convoy of Chinese engineers working on a hydropower project at Dasu, killing six people

Aurangzeb snubbed again in favour of Dar. But what will foreign minister do in CCI?

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In par tnership with Profit S a t u r d a y, 3 0 M a r c h , 2 0 2 4 I 1 9 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 2 I 8 Pa g e s I Ka r a c h i E d i t i o n
ISLAMABAD S tA f f R e p o R t
RIME Minister Muhammad Shehbaz Sharif on Friday said the government will not allow any political or bureaucratic interference in the campaign to curb smuggling corruption power theft and tax evasion in the country No political and bureaucratic influence will be allowed to interfere in this major surgery which we have to undertake collectively for the good of Pakistan and its 250 million people, the prime minister said while chairing a meeting on the agenda of: “Measures against Spectrum of illegal activities & Criminal Mafias according to Radio Pakistan Members of the Federal Cabinet Chief of the Army Staff (COAS), General Syed Asim Munir, NI (M), Provincial Chief Ministers and high-level government officials were present in the meeting The PM said it was very important to understand the real challenges of the country and then immediately fix them to revive and stabilize the economy For this, he said all stakeholders including the provinces, institutions, and armed forces will have to collaborate with the federal government to tackle one of the most important challenge of revival of economy PM Shehbaz said illegal trade and smuggling were the biggest challenges that had badly dented the country s economy He recalled that in 2022, the coalition government allowed export of 250 000 tons of sugar but it had to withdraw its decision because we were told that the surplus target was not up to that level However, he said the same amount of sugar was later exported to Afghanistan Similarly, the prime minister pointed out that the country had to face loss of around Rs400 to 500 billion annually in term of power theft whereas leakages transmission losses and line losses of electricity were other than that As regards tax revenues, he said the government’s target this year was Rs9 trillion But it has the potential of collecting Rs4 trillion extra revenues by streamlining the tax system and by curbing corruption and tax evasion He said a tax amount of Rs2 7 trillion was still under litigation either in tribunals or in appellant courts The government, he said would try its best to recover this amount Appreciating the efforts of Chief of Army Staff in curbing smuggling and power theft the prime minister said during the nine months of interim government, an amount of Rs58 billion was saved in power sector Similarly, a significant improvement was witnessed in smuggling in the country due to the commitment will to do and cooperation of all provinces, and the personal commitment and interest of the Chief of Army Staff, the prime minister added Besides initiating reforms in certain sectors he said the government was also committed to promote industry and agriculture sector in the country He informed that the government had chalked out a plan to fully digitize the system of Federal Board of Revenue (FBR) to boost the tax revenues in the country He said the well reputed and honest officers will be encouraged while the corrupt element will be discouraged As regards law and order situation, the prime minister said the government was determined to foil the evil designs of the enemy The Chief of the Army Staff assured unwavering resolve of Pakistan Army to support g o v e r n m e n t s i n i t i a t i v e s a i m e d a t e c o n o m i c recovery of the country During the meeting the participants acknowledged the importance o f s u c h a c t i o n s a n d t h e i r p o s i t i v e i m p a c t o n the economy and wellbeing of the people of Pakistan The meeting showed firm resolve to take action against smugglers hoarders and market manipulators who have impacted the economic trajectory and to provide immediate relief to common citizens The meeting gave approval to agreements among Federal and Provincial governments on Anti-Power Theft policy restructuring of Power Distribution Companies on modern lines installation of Smart meters for full eradication of Power Theft and ordered strict action against the corrupt officers P M S H E H B A Z R E A F F I R M S ‘ Z E R O T O L E R A N C E ’ A G A I N S T S M U G G L I N G , C O R R U P T I O N g S a y s n o i n t e r f e r e n c e t o b e a l l o w e d i n ‘ m a j o r s u r g e r y ’ u n d e r t a k e n f o r c o l l e c t i v e g o o d o f Pa k i s t a n g C O A S a s s u r e s m i l i t a r y ’ s u n w a v e r i n g s u p p o r t f o r e c o n o m i c r e c o v e r y ISLAMABAD S tA f f R e p o R t Marking first official communication with any Pakistani prime minister in years President of the United States Joe Biden wrote a letter to Prime Minister Shehbaz Sharif on Friday emphasizing that the enduring partnership between the United States and Pakistan was “critical to ensuring the security of our people and people around the world ” According to the contents of the letter shared by the US Embassy President Biden wrote: The
said on Friday Highlighting the significance of the enduring partnership between the peoples of the United States and Pakistan President Biden said the partnership was critical to ensuring the security of the
people
of prioritizing public health protection, economic development, and education, affirming the commitment to advancing these goals in tandem a press release of Prime Minister Office
world and the
continued
the two nations
Green
Framework aiming to bolster environmental improvements
sustainable development initiatives
Moreover, President Biden emphasized the
collaboration between
under the US-Pakistan
Alliance
and
TRADITION’
with
by not engaging with any of the prime ministers in Pakistan during his tenure He neither telephoned former prime minister Imran Khan after his electoral victory nor spoke to Shehbaz Sharif when he succeeded him in April 2022 Biden’s letter suggested that despite allegations of ballot fraud the US government is ready to work with the new government Earlier this month US lawmakers had urged President Joe Biden and Secretary of State Antony Blinken to refrain from recognising the new government until allegations of election rigging were thoroughly investigated The lawmakers, all Democrats like President Biden, in their joint letter, had expressed concerns about pre and post-poll rigging in Pakistan’s parliamentary elections They called for a transparent and credible investigation before recognising a new Pakistani government citing evidence of violations and disruptions on election day Although Pakistan is no longer a priority for the US after its withdrawal from Afghanistan in August 2021 the South Asian nation remains key in terms of regional security and counter-terrorism efforts While American civilian leaders have shown indifference towards Pakistan in recent years, the American military establishment still seeks a working relationship with Pakistan In some of the recent testimonies before the US Senate committees US CENTCOM chief Michael Kurilla stressed the importance of Pakistan and said the US must evaluate ties with Islamabad on their own merit
‘US PRESIDENT BROKE WITH
Through the letter the US President broke
tradition
tA f f R e p o R t Pakistan Tehreek-e-Insaf (PTI) categorically rejected the formation of an inquiry commission to investigate the letter of six judges of the Islamabad High Court (IHC) detailing the intelligence agencies meddling in judicial matters, demanding the resignation of the Chief Justice of Pakistan and Chief Justice IHC for their inaction to safeguard the independence of judiciary and judges Addressing a press conference along with senior PTI legal team Shoaib Shaheen Niazullah Niazi and Naeem Haider Panjutha on Friday, PTI Central Information Secretary said that the judges of the IHC clearly stated in their startling letter that they repeatedly raised the issue before the Chief Justice IHC Aamir Farooq and even apprised the Chief Justice of the Supreme Court detailing about the interference in the affairs of the judiciary and pressure exerted on them to get decisions of their choice What is happening in front of us is judicial surrender, as the judiciary itself is selling its independence to the executive ” he added Apart from Chief Justice IHC Chief Justice of Pakistan and Prime Minister Shahbaz Sharif had also been nominated in the letter; therefore expecting justice from these persons was tantamount to murder of justice, constitution and law, he added He noted that Chief Justice IHC was complicit in the crime; hence he remained silent and did not take any action in this regard Raoof stated that all these unlawful activities were taken place when Shahbaz Sharif was the Prime Minister thus it would be murder of law and justice to expect fair and transparent conduct of investigation because how the so-called planted Prime Minister could determine whether or not he was guilty PTI CIS categorically stated that PTI vehemently rejected the reject the inquiry commission and they would take every step within the constitution and law to ensure independence of the judiciary come what may Cameras were installed at people s bedrooms how they would do justice it was the murder of the law and justice ISLAMABAD A b d u l l A h N i A z i In what is fast becoming a pattern Muhammad Aurangzeb s role in the cabinet as the finance minister is being undermined by Foreign Minister Ishaq Dar The latest episode of Aurangzeb s role in governance being reduced comes after Prime Minister Shehbaz Sharif did not include him in the Council of Common Interests which is meant to foster coordination between different provincial governments and the federal government Instead the foreign minister has been given a seat at the table where it is unclear what his exact role will be What is the CCI and what does it do? The announcement that Dar would be part of the Council while Aurangzeb would not has already raised many eyebrows The council, which is a constitutionally mandated body, plays a vital role as a platform for approving various projects between provinces and ensuring equitable distribution of resources Constitutionally the council has five fixed members which include the prime minister and the chief ministers of all four provinces and three members that are appointed at the discretion of the prime minister Normally, these three members are drawn from the cabinet The finance minister has not always been a member of the council but has been a regular inclusion Members often change depending on different challenges For example, during the previous caretaker government, the council included the finance law and privatisation ministers Similarly the ministers for commerce energy etc have also remained part of the CCI This is the first time, however, that the foreign minister has been included in the council One could argue that since foreign affairs are entirely the domain of the federal government this is the one ministry that does not have anything to do with interprovincial coordination But it has become clear in the past few months that the foreign minister intends to extend his influence far beyond his new ministry NOT THE FIRST TIME This is not the first time that the finance minister has been so obviously sidelined In less than three weeks in office Mr Aurangzeb has had a hard time doing anything other than the tough job of negotiating with the International Monetary Fund (IMF) That it seems is all the government wants him to do He was first excluded from the all-important Economic Coordination Committee where the prime minister maintained chairmanship It was only after criticism that he relinquished it to Mr Aurangzeb The finance minister was also kept away from chairing the cabinet s committee on privatisation, which is headed interestingly enough by Mr Dar DOES THE NEW CCI MAKE SENSE? Normally at a time like this when Pakistan is entering negotiations with the IMF the role of the finance minister in the CCI would have been vital For starters, budget season is only a few months away and with the IMF keeping a very close eye on Pakistan’s taxation the provincial chief executives would want to have face time with the federal finance minister over the issue of the NFC awards Interestingly enough, the other inclusions in the council are also somewhat strange Defence Minister Khawaja Muhammad Asif has been included in the body With the recent resurgence in terrorism, one might think that this makes sense But the coordination between the provinces and the centre on matters of anti-terror activities should ideally take place through the interior ministry In fact the announcement of the new CCI was made the same day that Interior Minister Mohsin Naqvi went to Peshawar to meet KP Chief Minister Ali Amin Gandapur to hold discussions on coordinating an anti-terror response Engineer Amir Muqam Minister for States & Frontier Regions (SAFRON) is also a part of the council This might indicate that Prime Minister Shehbaz Sharif is focusing more on giving old party loyalists as much influence as possible and clipping the wings of the team that he has been assigned This report was contributed to by Ahmad Ahmadani in Islamabad
ISLAMABAD S
C O N T I N U E D O N PA G E 03 C O N T I N U E D O N PA G E 03 g S a y s ‘ p a r t n e r s h i p ’ c r i t i c a l t o e n s u r e s e c u r i t y o f o u r p e o p l e a n d p e o p l e a r o u n d w o r l d
In what is becoming a ver y clear pattern, role of finance minister is being diminished as Mr Dar tries to once again insert himself in economic affairs

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Jailed Muslim leader, ex- ML A Mukhtar Ansari dies in Indian jail; Section 144 imposed in UP

an ensemble group of Pakistan s brightest minds

The members of FPCCI-PERG will include the veteran industrialist, Bashir Jan Mohammad; the capital markets czar Arif Habib; serial entrepreneur Mohammad Ali Tabba; former Presidents of FPCCI Mian Muhammad Idrees & Ghazanfar Bilour; top exporter Dr Nouman Idrees Butt; CEO TDAP, Zubair Motiwala; Chairman APTMA, Asif Inam and former president Lahore Chamber, Shahzad Ali Malik

The likes of Shahid Abdullah Fawad Mukhtar, Maqsood Ismail, Farooq Naseem and Shahzad Asghar Ali will also be part of FPCCI-PERG Indepth analysis and informed discourse will be the core values of the think tank

The objectives of the think tank are researching economic challenges and opportunities; formulating evidencebased policy recommendations for sustainable economic growth and facilitating dialogue among the quadrilateral alliance of policymakers industry academia & civil society

Atif Ikram Sheikh apprised that all major sectors and industrial regions of the country will be represented by their best of the best and, FPCCI is all-willing to kickstart a result-oriented consultative process with the government on federal budget 2024 – 25 and charter of economy in the light of the recommendations of its think tank

Police Force have been deployed along with local police in these districts, the DGP said Government doctors said Ansari had fallen unconscious but two days before his death, his brother Afzal Ansari a former Member of Parliament and Samajwadi Party candidate from Ghazipur in 2024 publicly said that he was being poisoned in jail as part of a conspiracy to murder him In December 2023, Mukhtar s younger son, Umar Ansari, had approached the Supreme Court apprehending that the UP government was planning to assassinate him in Banda jail Ansari fainted in his cell and was taken to the Rani Durgavati Medical College on Thursday evening after vomiting and losing consciousness, said a medical bulletin of the hospital He was taken to the emergency ward where a team of doctors immediately treated him but despite best efforts he died due to cardiac arrest claimed the bulletin Earlier on Tuesday Afzal Ansari had said that his brother was fed food mixed with a poisonous substance

Govt, lender banks conclude PIA’s commercial debt negotiations

Saturday 30 March 2024 | KARACHI 02 NEWS
clears Muhammad Nassir Salim as President , CEO of HBL PR OFIT N e w s D e s k The State Bank of Pakistan (SBP) has given its in-principle clearance of Muhammad Nassir Salim as the President and Chief Executive Officer (CEO) of Habib Bank Limited (HBL) We are pleased to inform you that the SBP has conveyed its in-principle clearance of Muhammad Nassir Salim as the President & CEO of Habib Bank Limited vide its letter dated March 28 2024 HBL informed the Pakistan Stock Market through a notice on Friday Earlier on March 11, Salim was appointed as President and Chief Executive Officer of HBL after stepping down of Muhammad Aurangzeb from HBL to assume the role of Federal Minister for Finance Nassir is a seasoned banker with 36 years of international and domestic banking experience He has worked in the USA, Abu Dhabi, and Pakistan with organizations like American Express Bank, Citigroup and Abu Dhabi Islamic Bank He has been associated with HBL since 2017 Nassir joined HBL as Head of Global Operations and based on his contribution and capability was elevated to the position of Head Branch and Islamic Banking and then recently as Chief Operating Officer
excludes two Pakistani firms, individual for fraud in project PR OFIT N e w s D e s k The World Bank has declared the exclusion of two Pakistani consultancy firms Solutions for Development Support (Pvt) Ltd and Community Resilience Initiative, along with Pakistani citizen Malik Nasir Hussain Tanoli, due to fraudulent activities in connection with the Sindh Resilience Project The exclusion effective immediately bars the entities and Tanoli from participating in projects financed by the World Bank Group until October 20 2027 This decision follows a settlement in which the implicated parties admitted to their roles in the fraudulent acts and agreed to adhere to strict integrity compliance measures to be lifted from the debarment The Sindh Resilience Project which the firms were involved in focuses on reducing flood and drought risks in Sindh and enhancing the region s disaster and public health emergency response capabilities Investigations revealed that the sanctioned firms and Tanoli did not disclose their interconnection during the tender processes for the project while Tanoli was employed as a procurement and contract management specialist for the Sindh Provincial Disaster Management Authority This lack of transparency breaches the World Bank’s Consultant Guidelines As part of the settlement the sanctioned parties must implement integrity compliance programs aligned with the World Bank s standards Furthermore Tanoli is required to complete corporate ethics training, and all parties must maintain cooperation with the World Bank s Integrity Vice Presidency This debarment may also trigger reciprocal exclusions by other global development banks under the 2010 cross-debarment agreement ISLAMABAD B y s ta f f R e p o R t P A K I S TA N S economic growth for the second quarter (OctoberDecember) of fiscal year 2023-24 revealed a modest growth of 1%, according to estimates released by the Pakistan Bureau of Statistics (PBS) on Thursday This announcement came following the 108th National Accounts Committee (NAC) meeting, where the PBS highlighted the economy s performance during this period Contrary to official expectations, which had placed the GDP growth in the range of 2-3% the actual figure fell short marking a notable deviation The Finance Ministry had previously anticipated a more robust expansion of around 3%, citing factors such as increased manufacturing output and higher crop production, particularly in cotton However a closer examination of the sectors reveals a mixed performance The agriculture sector exhibited growth of 5 02% compared to the same period last year, industries experienced a contraction of 0 84% Services showed nominal growth of 0 01% The NAC also approved a revised figure for the first quarter revising the growth rate to 2 5% up from the previously estimated 2 13% This upward revision primarily stemmed from improvements in agriculture, with a notable increase in crop production, particularly in cotton rice and maize Further analysis of sectoral performance in the second quarter revealed varying trends Agriculture sustained its growth momentum, primarily driven by significant increases in the production of key crops However, industries, including mining and quarrying experienced negative growth due to declines in gas production and exploration costs The construction industry also faced challenges, declining by -17 59% due to decreased production in cement and iron and steel Within the services sector, while wholesale and retail trade witnessed growth other segments such as Information & Communication and Finance & Insurance saw negative growth rates attributed partly to high inflation Education and healthcare sectors also faced setbacks Despite these challenges the National Accounts Committee acknowledged the efforts of key stakeholders including the Ministry of Planning Development and Special Initiatives, the Ministry of Finance, and the State Bank of Pakistan, in compiling the quarterly GDP data As Pakistan maintains its growth forecast at 2-2 5% for the ongoing fiscal year attention turns to policy measures aimed at addressing sector-specific challenges and fostering sustainable economic expansion PA K I S TA N ’ S G D P S TA N D S AT 1 % F O R Q 2 F Y 24 , FA L LS B E LO W E X P E C TAT I O N S PR OFIT ag e N c i e s Punjab government has approved the Nawaz Sharif Kisan Card to disburse agricultural loans worth Rs 150 billion A special meeting on agricultural reforms was chaired by Chief Minister Maryam Nawaz The meeting reviewed proposals for legislation to prevent the use of agricultural land for residential purposes, and the restructuring of the Punjab Seed Corporation and Punjab Agricultural Research Board During the meeting Chief Minister Nawaz approved the issuance of the Nawaz Sharif Kisan Card She announced that 500,000 farmers would receive loans totaling Rs150 billion annually at favorable terms through the Kisan Card Farmers will obtain agricultural loans up to Rs30 000 per acre for purchasing high-quality seeds fertilizers and pesticides ESTABLISHMENT OF MODEL AGRI CENTRES The Chief Minister stated that the government would provide various subsidies through the Nawaz Sharif Kisan Card and establish model agricultural centers in collaboration with the private sector throughout Punjab These centers will offer modern agricultural machinery, training, pesticides, seeds, and model plots In the initial phase a model agricultural center will be established in each district aiming to protect farmers from counterfeit fertilisers and medicines C R O P Y I E L D D ATA C O M P I L AT I O N The Chief Minister instructed the Agriculture Department to compile comprehensive data on the production and demand of each crop The meeting also sanctioned the creation of a stateof-the-art center of excellence for research and development in cotton wheat and rice The governance of this center of excellence will be overseen by a board and it will be affiliated with regional universities Additionally, a research and development center will be built at Agriculture University Faisalabad, costing Rs2 billion, with assistance from China The Pak-China R&D Center will feature facilities for research on genomics germplasm resources speed breeding and climate change Legislative amendments to the Agriculture Pesticides Act and the Fertilizers Control Act will be made to prevent the sale of counterfeit agricultural products Finally, it was resolved to modernize the agricultural extension wing with advanced technology and 500 agriculture graduates will be hired Punjab Govt approves ‘Nawaz Sharif Kisan Card’ to disburse Rs150b agri loans g C M M A RYA M N AWA Z G R E E N L I G H T S S TAT E - O F - T H E - A RT C E N T E R O F E XC E L L E N C E F O R R E S E A R C H O N COT TO N, W H E AT A N D R I C E PR OFIT ag e N c i e s The commercial debt negotiations of Pakistan International Airlines Corporation Limited (PIACL) have been successfully concluded among the government, domestic lender banks and Development Finance Institutions (DFIs) as part of the airline’s restructuring for privatisation A statement issued by the PIACL on Friday said the step paved the way for the filing of the Scheme of Arrangement (SOA) for legal segregation of PIACL with the Securities and Exchange Commission of Pakistan (SECP) on Thursday The federal cabinet approved the legal segregation plan of PIACL on February 6 2024 PIACL s privatisation has been a priority agenda for the federal government, and the above developments represent one of the most complex restructuring exercises undertaken to prepare PIACL for privatisation This arrangement will help make a viable business case for private sector investment in the national carrier The domestic banks and financial institutions demonstrated their firm commitment to the government s privatisation initiative and extended their full co-operation in finalising the arrangement for PIACL s commercial domestic debt Under the arrangement, PIACL’s Commercial domestic debt will be moved to PIA Holding Company Ltd established by the federal government as part of PIACL s legal restructuring The term sheet covering mutually agreed commercial aspects of loan transfer was signed yesterday between PIACL PIA Holding Company and lender banks In order to manage the affairs of PIA Holding Company diligently, a seven-member independent board comprising of exState Bank Governor with prominent leaders from banking and other areas of expertise was notified this week by the federal government The new board in its inaugural board meeting, held at Islamabad, endorsed the Scheme of Arrangement delineating the pathway for the privatisation of Pakistan International Airlines Following the approval of the draft SOA by PIACL and PIA Holding Company boards, the Scheme of Arrangement (SOA) for PIACL restructuring was filed with the Securities and Exchange Commission of Pakistan (SECP) yesterday Following these significant milestone developments, Expression of Interest (EOI) from potential investors for privatisation of PIACL have been planned to be called in the coming days g U N D E R A R R A N G E M E N T, A I R L I N E ’ S CO M M E R C I A L D O M E S T I C D E B T W I L L B E M O V E D TO P I A H O L D I N G CO M PA N Y LT D PR OFIT p R e s s R e l e a s e Federation of Pakistan Chambers of Commerce & Industry (FPCCI) President Atif Ikram Sheikh has constituted a high-profile think tank of the apex body, comprising the nation’s top economic minds governance specialists industrialists entrepreneurs investors and exporters According to a press release issued here, the body will be called FPCCI s Think Tank on Pakistan s Economic Revival and Growth (FPCCI-PERG); and will be chaired by former caretaker federal minister for Commerce Dr Gohar Ejaz Atif Ikram Sheikh maintained that the entire business, industry and trade community of Pakistan is united for the economic revival of Pakistan and being the apex body FPCCI has assembled
SBP
WB
F P CC I c o n s t i t u t e s T h i n k Ta n k o n Pa k i s t a n ’s Ec o n o m i c R ev i va l
F O R M E R C A R E TA K E R M I N I S T E R D R G O H A R E J A Z W I L L H E A D F P CC I - P E R G T H I N K TA N K g F I N A N C E M I N I S T RY P R E V I O U S LY A N T I C I PAT E D E CO N O M I C G R O W T H AT 3%
LUCKNOW s ta f f R e p o R t Three months after his lawyers moved the Indian Supreme Court about the possibility that he may be eliminated in custody, jailed Muslim leader and former MLA Mukhtar Ansari died in a jail in Uttar Pradesh state According to Kashmir Media Service, Mukhtar Ansari 63 died on Thursday after he was rushed to a hospital from Banda jail in Uttar Pradesh officials claimed UP Director General of Police Prashant Kumar said prohibitory orders under section 144 were imposed across the state following Ansari’s death Additional deployment of police personnel has also been made in Banda Mau Ghazipur and Varanasi districts he added Teams of Central Reserve
PR OFIT N e w s D e s k
earnings of Pakistan’s listed pharmaceutical companies experienced a significant decline of 42% year-overyear totaling Rs7
billion for the calendar year 2023 according to a report by Topline Securities This decrease in profitability is largely due to reduced gross margins and heightened finance costs despite a revenue increase of 17% reaching Rs274 5 billion The increase in revenue was attributed to a government-approved price hike in May 2023, which allowed pharmaceutical firms to raise the maximum retail prices (MRPs) of essential drugs by up to 70% of the Consumer Price Index (CPI) increase, with a limit of 14%, and non-essential drugs in accordance with the CPI increase capped at 20% This measure was intended to offset the impact of the rupee s devaluation However, the companies struggled to maintain their gross profit margins, which dropped from 30% in 2022 to 26% in 2023 The sector was adversely affected by a 20% devaluation of the rupee against the US dollar an average inflation rate of 31%, and a 55% surge in finance costs, which amounted to Rs7 7 billion in 2023 Additionally, selling and administrative expenses rose by 20% and 17% respectively aligning with the trend of inflation In a recent development the government approved the deregulation of nonessential drug prices in February 2024 Topline Securities suggests this move could benefit pharmaceutical companies by allowing them to adjust prices according to cost increases thus potentially improving margins particularly for those with a significant portion of non-essential drug sales
The
9
g P R O F I TA B I L I T Y F E L L D U E TO S H R I N K I N G M A R G I N S A N D R I S I N G F I N A N C E CO S T S , D E S P I T E A 17% R E V E N U E I N C R E A S E TO R S 274 5 B I L L I O N
Pharmaceutical sector profits decline by 42pc in 2023 amid cost challenges

In November, the International Mone-

coordination

policy

he reiterated

The statement comes a day after the SIFC convened a meeting to review a new education policy and deliberate on an education emergency proposal The SIFC was established in June last year under an “economic revival plan” devised by civilian and military leaders to capitalise on “untapped potential in key sectors” and attract foreign direct investment (FDI) The then-cabinet had approved a number of initiatives, including proposed legislation for amendments to the Investment Board Ordinance to empower the SIFC to facilitate FDI

PTI rejects inquir y commission on judges’ letter, seeks CJP, Chief Justice IHC resignation

CONTINUED FROM PAGE 01 Speaking on

dicial commission but till today neither the CCTV footages could be presented nor the commission was constituted, he added He went on to say that the conspiracy to dismantle PTI was started before May 9 adding that if families

of judges were not safe from the tyranny what to talk of PTI workers Shoaib asked will a retired judge be able to provide justice to 6 judges He demanded that 15 judges of the apex court should sit to conduct an independent and transparent inquiry into the letter saga adding that PTI would no longer accept closed-room decisions He further demanded that the minutes of the full court meetings should be released to find out which judge said what “We totally reject the inquiry commission ” Shoaib added He went on to say that a society without justice could not make progress Speaking on the occasion Niazullah Niazi said that the judges letter fully exposed that the entire system of the country was paralyzed in toto He lamented that neither Chief Justice Aamir Farooq nor Chief Justice Qazi Faiz Isa took any action on the letter adding that a law of jangle prevailed in the country PTI leader demanded that Chief Justice IHC and Chief Justice of Pakistan should tender resignation

President for promoting bar ter trade, economic ties with Iran

ISLAMABAD S ta f f r e p o r t

President Asif Ali Zardari on Friday underlined the need for promoting barter trade and economic relations with Iran for the mutual benefit of the two brotherly countries The president, talking to Iran s Ambassador to Pakistan Dr Reza Amiri Moghadam, who called on him at Aiwan-e-Sadr said that both countries had great scope for expanding bilateral economic cooperation in diverse fields

Talking to the ambassador, the president expressed his commitment to further strengthen bilateral relations between the two brotherly countries He called for working together to overcome the common challenges faced by both sides

The Iranian ambassador congratulated the president on assuming the office He said that both Iran and Pakistan enjoyed historical religious and cultural ties which were becoming stronger with time

He emphasised the need for increasing the bilateral trade volume banking cooperation, and air and business linkages between the two countries The ambassador said that Pakistan could benefit from the Chahbahar-Zahedan railroad for trade with Central Asia Europe and Turkiye

He expressed the hope that PakIran relations would receive fresh impetus under the leadership of President Asif Ali Zardari He also conveyed warm regards from the Iranian President Dr Seyyed Ebrahim Raisi for the President Zardari

Later Ambassador of Palestine to Pakistan Ahmed Jawad Rabei also called on President Asif Ali Zardari and congratulated him on assuming the office The ambassador highlighted the atrocities and the reign of terror unleashed by the Israeli forces against innocent Palestinians in the Gaza Strip Talking to the Palestinian ambassador, the President said that it was very painful to see the tragic sufferings of Palestinians at the hands of Israeli forces

He stated that Pakistan had historic ties with Palestine and would continue to stand by its Palestinian brothers and raise its voice at all fora

He lauded the bravery and resilience of the Palestinian people, who had been waging a long struggle against Israeli occupation President Zardari urged the international community to make efforts for the free flow of humanitarian assistance to Gaza by lifting all the barriers and ensuring the protection of Palestinian civilians in the Gaza Strip He said that Pakistan would send additional relief goods including food and medicine to the Palestinian people The ambassador appreciated Pakistan s support in the field of education as over 50,000 Palestinians had graduated in various disciplines from educational institutions in Pakistan He also conveyed the warm regards of the Palestinian President Mahmoud Abbas and thanked the government and the people of Pakistan for their consistent support and solidarity with the Palestinian people

Saturday 30 March 2024 | KARACHI NEWS 03 Bank Alfalah intends to acquire majorit y stake in Samba Bank PR OFIT n e w S D e S k Bank Alfalah Limited has submitted a nonbinding indicative offer to Saudi National Bank (SNB) the principal shareholder of Samba Bank Limited proposing to acquire its entire 84 51% stake in Samba Bank Pakistan Bank Alfalah informed the PSX through a notice on Friday that it has made a non-binding indicative offer to Saudi National Bank, the majority shareholder of Samba Bank Limited to acquire their 100% stake in Samba which constitutes approximately 84 51% shares SNB has responded positively expressing willingness to consider Bank Alfalah s proposal Any decision relating to the potential transaction or process including access to information for purposes of diligence shall be subject to internal and regulatory approvals and execution of definitive agreements read the notice The next step for Bank Alfalah is to obtain approval from the SBP to proceed with the due diligence process for the acquisition ISLAMABAD S ta f f r e p o r t F O R M E R Senate chairman Raza Rabbani on Friday said the Special Investment Facilitation Council was infringing on provincial autonomy” by taking up education-related matters In a statement on Friday Rabbani condemned the SIFC taking up the question of out-of-school children (OOSC) and the education policy He noted that the council had been created through a notification that did not “allow it to take up education or matters ancillary thereto” Education is a devolved subject from the Government of India Act 1935 but usurped by the federal government the former senator said The 18th Amendment, with the deletion of the Concurrent List, from the Fourth Schedule [of] Constitution, 1973 removed any doubts if any existed ” he added The SIFC is infringing on provincial autonomy, the PPP leader said, asserting that if any coordination was required on the matter of OOSC, then the appropriate “constitutional forum” was the Council of Common Interests
d e r a l g o v e r n m e n t c a n o n
h e f e d e r a l t e r r i t o r y a n d n o t t h e
(CCI) T h e f e
l y take up the education policy to the extent o f t
provinces, Rabbani emphasised If any
in
is required, the CCI i s t h e c o n s t i t u t i o n a l f o r u m a n d n o t t h e SIFC ”
tary Fund (IMF) had raised questions on the SIFC’s creation, advising Pakistan against creating a group of preferred investors or distortions in the country and to ensure transparency and accountability in its business deals Last week newly appointed Education Minister Dr Khalid Maqbool Siddiqui called for imposing an education emergency to address the issue of an alarming number of out-of-school children (OOSC) across the country He had said that a national conference would be organised in collaboration with the SIFC
Thursday, the SIFC expressed concerns over the alarming number of OOSC in the country and called for urgent steps to formulate a comprehensive framework and strategy to address the challenge The meeting also discussed the proposed new education policy Currently the education policy from 2009, which is considered outdated, is in place On the direction of SIFC, the education ministry has been working to prepare a new education policy S I F C I N F R I N G I N G O N P R O V I N C I A L A U T O N O M Y B Y TA K I N G U P E D U C AT I O N M AT T E R S : R A B B A N I ISLAMABAD S ta f f r e p o r t Chief Minister Balochistan, Mir Sarfraz Bugti Friday said that both the federal and Balochistan provincial governments are on the same page to address issues of the province Addressing a press conference along with leaders of allied political parties in Islamabad, he said that the state is using the relevant tools to prevent threats and causes of insurgency in Balochistan He said that the leadership of Balochistan was united for resolving the issues of province He said the Balochistan government was making efforts to promote the good governance as the beneficiary of such governance was common people of the province who is main victim of bad governance He mentioned that all parties were actively involved in providing relief to the common men of the province He said that for the first time in history Senators have been elected from the province unopposed In response to a question, he stated that violence cannot guarantee the provision of rights to Balochistan as all the rights granted to Balochistan to date have been conferred by the country s parliament He expressed gratitude to the Pakistan People s Party, Jamiat Ulema-e-Islam, Awami National Party, and Pakistan Muslim LeagueNawaz for giving him the opportunity to serve the people of Balochistan as Chief Minister Paying tribute to the security forces for foiling terrorist attacks in Gwadar and Turbat, the Chief Minister said the vigilant jawans thwarted the terrorist attack in Gwadar by killing the suicide bombers within a period of only twenty minutes In response to another question he mentioned that over 2,000 teachers are drawing salaries without working, and doctors are also receiving salaries without providing services to the government or the people He expressed resolve to check such malpractices Regarding smuggling, he stated that while the government discourages it, a lenient approach has been taken due to the lack of job opportunities However the government does not condone smuggling Federal, provincial govts on same page to address Balochistan issues: CM
On
occasion, Shoaib Shaheen said that the letter written by IHC judges was a tragic chapter in the history of Pakistan He stated that they penned down details of their accounts as how they were pressurized and their family members were harassed, cameras were installed in the bedrooms of the judges and bugging devices were fixed inside their homes and even close relatives were kidnapped and given electric shocks Shoaib went on to say that PTI leaders including women, workers and youth had been facing the same cruelties and barbarities for the two years in the name of May 9 Imran Khan repeatedly said that if the real mastermind of May 9 incident was to be caught, then watch the CCTV footages of IHC, GHQ Rawalpindi and Corps Commander House “We have repeatedly requested for the establishment of a ju-
the
immediately because they failed in protecting the independence of judiciary Niazi announced that PTI would kick-start an effective and rigorous movement for restoration of independence of judiciary as they always stood by the legal fraternity in the fight of supremacy of constitution and upholding of rule of law in the country He recalled: “CJP tied our hands and feet and pushed us into the electoral arena but even people voted PTI and Imran Khan However PTI leader stated that they were deprived of their mandate in daylight polls robbery Earlier, Naeem Haider Panjutha gave detailed overview of the cases o f I m r a n K h a n a n d t h e i n j u s t i c e s committed by of Chief Justice IHC w i t h t h e P T I C h a i r m a n H e s a i d that on one hand contempt of court case was filed against Imran Khan in the case of Judge Ziba Chaudhry but on the other judges
openly t h r e a t e n e d b u t n o c o n t e m p t o f court
one hitherto
murderous
were
action was taken against any-
Similarly he recalled that no FIR was registered for the
attack on Imran Khan in Wazirabad and despite expressing no trust on judge Humayun Dilawar the Toshakhana case was repeatedly referred to him adding that operation was lasted for 26 hours in Zaman Park to arrest Imran Khan but Justice Amir Farooq remained silent
investigators arrive to join Besham suicide attack probe CONTINUED FROM PAGE 01 The bombing followed a March 20 attack on Gwadar port used by China in Balochistan, where Beijing has poured billions of dollars into infrastructure projects, and a March 25 assault on a naval air base in Turbat Both attacks were claimed by the Baloch Liberation Army (BLA) the most prominent of several separatist groups in Balochistan Dasu the site of a major dam, has been attacked in the past, with a bus blast in 2021 killing 13 people, nine Chinese among them, although no group claimed responsibility Chinese interests are under attack primarily by ethnic militants seeking to push Beijing out of mineral-rich Balochistan but that area is far from the site of Tuesday s bombing Pakistan has set up a dedicated force of police and military to ensure security for Chinese activities, officials say PCB likely to appoint Babar A zam captain of T20 side LAHORE M o n i to r i n g r e p o r t Babar Azam has reportedly been finalised by the PCB selection committee to replace Shaheen Shah Afridi as T20 Captain He will captain the side in the upcoming 5-match T20 New Zealand series set to begin on April 18th Currently Babar Azam is attending the training camp at Kakul among 29 other cricketers As per reports Shaheen Afridi wants to step down from the T20 captaincy, although he is being advised against He too is present at the Kakiul training camp In November of last year Babar relinquished his role as captain of the national team across all formats concluding his lengthy tenure in the leadership position This decision came after a disappointing World Cup campaign that drew widespread criticism For months, the former captain faced scrutiny following Pakistan’s lackluster performance in the Asia Cup a trend that persisted into the World Cup resulting in their elimination before reaching the semifinals Although Babar had been appointed as the white-ball captain in 2019 and as Test skipper in 2020, Pakistan did not secure any ICC or Asia Cup titles during his captaincy
Chinese

Root of the problem

P

PR I M E M I N I S T E R Shehbaz Sharif has ordered disciplinary action and exemplary punishment for all officers involved in power theft With a crackdown on power theft started by the caretaker government, and still underway, this was perhaps an inevitability Circular debt is not the only selfperpetuating problem that the power sector faces: there is also power theft Distribution companies drive up the tariffs so that honest consumers end up paying for the power consumed by thieves Because of the higher tariffs theft is incentivized especially for commercial or industrial consumers, for whom the power price is a pass-through item to the end-consumer That theft is not possible in the long term without the connivance of members of the staff of the distribution companies A parallel problem is that this staff tempts the consumer off the path of rectitude and shows the path to power theft It also shows the consumer who was to stay honest how painful they can make their existence In short, the very professionals who are best trained to detect power theft are the ones who are acting as its enablers

The step of punishing those involved in power theft should have been taken long before, much before it became a problem However it has had to come only after the power sector became a bleeding wound rather than a profit centre as it is supposed to be Prime Minister Shehbaz s declaration that power theft and line losses be eliminated so that privatization becomes possible is not so much timely as overdue The energy being shown now is probably due to the fact that the government is about to go into talks with the IMF for the new programme it wants so badly and the IMF has focused much attention on the power sector because it sees it as potentially bring down the entire financial structure of the government

The PM showed some inkling of the fact that the power sector is about to be

Dedicated to the legac y of late Hameed Nizami

Arif Nizami (Late) Founding Editor

M A Niazi Editor Pakistan Today Babar Nizami Editor Profit

Dr Zafar Khan SafDar

URole of universities in youth development

grounds access to resources and information that were previously only available to the wealthy

crucial to take into account the historical background of universities in Pakistan in order to comprehend their current function Pakistan s colonial heritage and shifting social needs have had an impact on the development of the country s higher education system over the years The region s organised higher education system had its start in 1882 with the founding of the University of Punjab in Lahore The primary purpose of the school system during British colonial administration was to fulfil administrative requirements Pakistan s higher education scene has expanded and become more diverse since the country s independence in 1947 The nation today has a large number of public and private institutions that all contribute to education research and development up from only one at the time of division These establishments provide a diverse range of programmes and topics of study from traditional prominent universities to contemporary, specialised ones Higher education students are crucial business leaders, decision-makers, and citizens of future society They need to develop skills and competences for a globalized climate-threatened and sustainabilityoriented economy Pakistani universities have the capacity to be effective instruments for societal change They can advance inclusion, gender equity, and social equality Higher education has the power to dismantle historical barriers and provide people from all back-

An organised curriculum that conveys information and skills applicable to many professions is one of the main purposes of universities Science technology, engineering, and mathematics (STEM) as well as the arts and humanities are among the many academic specialisations offered by Pakistani institutions Along with teaching these programmes promote creativity critical thinking and problem-solving Another essential component of academic life is research Universities in Pakistan carry out innovative research in a range of fields, adding to the corpus of knowledge worldwide These organisations’ research may have a broad impact on anything from improving healthcare to solving environmental issues to spurring economic growth Universities support the intellectual and cultural growth of their students in addition to academic study They offer a forum for intellectual discussion creative expression, and respect of different cultures The heterogeneous student body and staff of Pakistani institutions provide an atmosphere where many viewpoints and cultural backgrounds collide enhancing the overall quality of education Universities in Pakistan have a lot of promise but they also confront a lot of obstacles The quality of education can be hampered by poor facilities, a lack of trained faculty, and limited budget There is still a disparity in access to higher education across the nation, with metropolitan areas having greater educational resources than rural ones Furthermore bureaucratic roadblocks and political meddling can undermine universities independence and efficacy A significant facet of universities influence on the cognitive development of young people in Pakistan is their facilitation of civic involvement These educational facilities give pupils the skills and information they need to become knowledgeable and contributing members of society Universities inculcate a feeling of social responsibility and citizenship via extracurricular activities coursework and community service Universities in Pakistan are progressively collaborating and forming connections with other countries Through these links, students are exposed to a variety

of global viewpoints, which improves their comprehension of global challenges, cultures, and best practices International partnerships also make it easier for teachers and students to exchange which improves the learning environment

Numerous universities in Pakistan have received acclaim for their contributions to research, teaching, and the advancement of society Quaid-i-Azam University in Islamabad, for example, is well known for its academic quality especially in the social and scientific fields The Lahore University of Management Sciences is notable for its creative approaches to entrepreneurship and education Karachi s Aga Khan University has significantly advanced both research and healthcare

There are several actions that may be made to strengthen the influence of universities on the mental development of Pakistani young Sufficient financial and material support must be provided to guarantee high-quality instruction and research Programmes for faculty development can aid in addressing the scarcity of trained teachers It is important to work towards expanding marginalised populations and rural areas’ access to higher education Furthermore, colleges ought to be given more freedom to conduct their operations without excessive political meddling Universities significantly influence the youth s thinking by serving as centres for civic involvement research, information, and cultural exchange To reach their full potential, individuals must overcome obstacles Universities can continue to shape young minds and contribute to the nation’s advancement and prosperity with proper funding and support

U n i v e rs i t i e s s i g n i f i c a n t ly i n f l u e n c e t h e yo u t h Ês t h i n k i n g

by s e r v i n g a s c e n t r e s fo r c i v i c i nvo l v e m e n t , r e s e a rc h , i n fo r m a t i o n , a n d c u l t u r a l ex c h a n g e To r e a c h t h e i r f u l l p o t e n t i a l , i n d i v i d u a l s mu s t ov e rc o m e o b s t a cl e s U n i v e rs i t i e s c a n c o n t i n u e t o s h a p e yo u n g m i n d s a n d c o n t r i bu t e t o t h e n a t i o n Ês a dva n c e m e n t a n d p ro s p e r i t y w i t h p ro p e r f u n d i n g a n d s u p p o r t

Tump tehsil

Moreover,

04 Saturday 30 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
technical
revolutionized and ‘greened’ by renewables, perhaps more than the engineers themselves As more and more power consumption goes off-grid and as more and more generation is done by renewables the problems posed by ending theft may well solve themselves However, for the time being, the power theft issue remains, and only by punishing the
staff facilitating it will there be any progress on this painful issue
M o r d e r s a c t i o n a g a i n s t f a c i l i t a t o r s o f p o w e r t h e f t
D E S P I T E its picturesque surroundings and rich cultural history, the Tump tehsil of Kech district in Balochistan is grappling with a myriad of problems The town lacks basic infrastructure, such as proper roads, healthcare facilities and educational institutions making it difficult for the residents to access essential services The inadequate infrastructure also impedes economic growth and development leaving many residents without viable job opportunities With the right interventions and support Tump can emerge as a thriving and prosperous community FARIS KHALIQ TURBAT Vital
F O R the convenience of the people of Sindh and Balochistan, train services, such as Chiltan Express, Khushal Khan Khattak Express and Akbar Express, which were shut down during the Covid pandemic, should be resumed without any further delay These trains will not only increase the revenue of Pakstan Railways but will also facilitate and eleviate financial burden on the poor people who have been exploited by the road transport mafia for the last three years Besides the section from Kot Addu to Jacobabad will also be saved from destruction WAFA ABBAS CHANDIO SHIKARPUR
T H E high cost of flights in Syria, particularly on the Damascus-Karachi route, is disappointing Currently, there is only one airline offering flights on this route While this provides some level of service to the passengers it limits choices and drives up prices as well We fondly remember Pakistan International Airlines (PIA) previously serving this route Its absence has created a gap in options for the travellers MARIA AHMED SIDDIQUI KARACHI
of
T H E new government in Punjab seems to have a plan, and it is good to see that it is focussing on the right issues We, the citizens of Lahore, would like the government to address some of the longstanding issues, such as the rising number of beggars misuse of loudspeakers by mosques especially during the early hours and late in the night pressure horns on buses and trucks noise pollution and road-side encroachments As the broken glass theory goes it is these seemingly insignificant matters that escalate into big governance challenges if not effectively addressed ADEEL AHMED LAHORE Neglected housing scheme T H E Benazir Bhutto Town, located in Karachi’s Hawksbay area, was envisioned as a model residential project But it has been plagued by the absence of essential services While the housing scheme was established years ago it still lacks basic necessities such as electricity water gas schools hospitals public transport petrol pumps and markets It is distressing to see that the residential scheme has failed to fulfil its purpose of providing a comfortable living environment to its residents SAFIUDIN AWAN KARACHI 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
H E demonetization of currency undertaken by the Indian government in 2016 aimed to combat corruption and terrorism by targeting black money However, the policy faced inherent challenges and failed to achieve its intended objectives Furthermore it raises questions about the government s future strategies for curbing corruption and terrorism financing particularly in light of the impending assessment by the Financial Action Task Force (FATF) On 8 November 2016, the Indian government announced the demonetization of 500- and 1000-rupee notes constituting 86 percent of the currency in circulation While the initial announcement highlighted concerns about the use of counterfeit notes other potential benefits such as expanding the tax base and promoting traceable transaction methods were not explicitly mentioned in the speech The act of demonetizing currency, which targets existing holdings has limited impact on curtailing the ongoing generation of undeclared income which is more of a continuous issue It was widely recognized that the majority of the actual black economy was rooted in sectors like real estate and gold, rather than in cash holdings The Modi government failed to adequately address this aspect opting instead to focus solely on targeting currency reserves The mismanagement and ineffectiveness of the entire endeavour became apparent due to the evident lack of preparedness displayed by the Reserve Bank of India, as evidenced by the issuance of multiple circulars following the initial notifications announcing the demonetization Between 9 November and 31 December 2016 RBI issued a total of 57 official circulars continually revising the conditions governing public deposits withdrawals and exchanges of demonetized currency The slow restocking of automatic teller machines with new cash, along with a flurry of revised notifications and the limited availability of new 500-rupee bills compared to the relative abundance of new 2 000rupee bills which were less practical for transactional purposes indicated that RBI was ill-prepared to execute the policy effectively According to media reports intricate moneylaundering networks emerged following the demonetization, aiding affluent Indians in depositing substantial amounts of previously undisclosed currency while avoiding detection by tax authorities These individuals sold old notes at a reduced price to brokers who in turn enlisted low-income Indians to deposit or exchange them at banks Many wealthy Indians turned to friends and relatives to help them funnel previously undeclared cash into the banking system, while others advance paid salaries for large numbers of workers During a press conference former Indian Finance Minister Arun Jaitley acknowledged that black money had re-entered the banking system He mentioned that tax authorities were scrutinizing individuals accounts to detect and levy taxes on this money Additionally, he disclosed that investigations were underway for 1 8 million bank accounts showing cash inflows during the demonetization period that seemed inconsistent with their tax profiles Furthermore he highlighted the scrutiny of 200 high-risk clusters of individuals According to RBI, over 99 percent of the demonetized currency was returned to it through commercial banks Within a year of the demonetization the currency in circulation in the economy had also returned to its pre-demonetization level These findings indicate that the country s demonetization effort failed to eliminate illicit cash transactions The failure of India s massive demonetization effort has raised several concerns regarding its effectiveness in combating terrorism financing (TF) and money laundering (ML) Despite the demonetization the Indian government is still investigating 1 8 million bank accounts and 200 individuals linked to unusual deposits during the demonetization period The results of these investigations, including the number of accounts associated with ML and TF remain uncertain leaving doubts about the impact of the demonetization policy Furthermore questions arise regarding the nature of these unusual deposits Were they made by customers over counter, or were they facilitated through other means? If the latter, how many cases involved customers over counter? The relatively small number of 200 individuals raises concerns about justification for such a massive demonetization effort Was low number a result of inadequate understanding or weak monitoring mechanisms? Since the demonetization policy failed to achieve its intended objectives of curbing corruption and terrorism fueled by black money there is a pressing need to reassess strategies What alternative measures or Plan B will be implemented to achieve these objectives particularly in curbing terrorism financing? Demonetizing currency, while targeting existing stock, does little to prevent fresh creation of undeclared income or black money What steps are being taken to hinder the ongoing generation of black money? Moreover a significant portion of India s black money is invested in real estate gold jewellery and properties abroad What concrete actions have been taken to address this aspect and eliminate such illicit investments? These questions are crucial, especially considering that the FATF team will assess the effectiveness of Indian financial institutions’ policies during the Mutual Evaluation process The outcome of this evaluation will play a vital role in determining India s compliance with international standards in combating terror financing and money laundering Therefore, it is imperative for the Indian government to address these concerns and implement effective measures to combat financial crimes effectively The writer can be reached at asadmalik2008@gmail com T h e f a i l u r e s o f I n d i a n d e m o n e t i z a t i o n
for Pakistan aSaD ali
trains
Damascus to Karachi
Issues
Lahore
T
Lesson
a significant por tion of IndiaÊs black money is invested in real estate , gold, jeweller y and proper ties abroad. What concrete actions have been taken to address this aspect and eliminate such illicit investments?
N I V E R S I T I E S transform the process of guiding students towards success into a transformative learning experience fostering creativity and critical thinking They encourage students to explore career paths and understand that true learning occurs when students understand that it matters to them and connects to their goals Fewer universities design prioritizes putting young people at the centre, implementing great practice with students’ needs, and growing alongside
to address emerging challenges Given the demands on universities staff
government regulations focusing on holistic adolescent outcomes
universities outcomes that improve adolescent psychosocial well-being and societal wellbeing remains a priority A system-wide approach to efforts and outcomes, as well as strategic relationships with community stakeholders is key to making youth development in universities a success Great universities make learning easier by making developmental
fundamental to their mission and smoothly incorporating them into academic goals These educational
teach,
shape the next generation of national leaders,
inventors It is
them
and
and
milestones
establishments not only
but also
intellectuals, and

Gdemocracy furnishing vital information analysis and oversight necessary for an enlightened citizenry worldwide, journalists occupy a crucial role in holding power accountable, uncovering truths, and stimulating public discourse As societies confront complex challenges and contend with evolving threats to freedom and accountability the indispensability of journalism as a guardian of democracy cannot be overstated

Journalism also plays a pivotal role in informing citizens about issues, events, and developments that shape their lives and communities Through impartial reporting and analysis journalists provide the context necessary for individuals to make informed decisions as engaged members of society

By empowering citizens with knowledge and understanding, journalism fosters civic participation, dialogue, and the informed discourse essential for a thriving democracy A free and independent press is essential for preserving freedom of expression a fundamental human right in democratic societies Journalists serve as frontline defenders of this right, challenging censorship and repression while providing a platform for diverse viewpoints and facilitating open debate furthermore journalism advocates for social justice human rights and equality by amplifying the voices of marginalized and oppressed communities Through investigative reporting, feature stories, and advocacy journalism, reporters illuminate issues such as poverty, discrimination, and injustice, raising societal consciousness and rallying public support for change By amplifying the voices of marginalized individuals journalism serves as a catalyst for positive social change In an increasingly interconnected world, journalism acts as a bridge between cultures and nations, fostering mutual understanding, empathy, and solidarity International reporting brings distant events and global issues to the forefront promoting cross-cultural dialogue and recognition of our shared humanity By dismantling stereotypes and fostering empathy, journalism contributes to a more interconnected and compassionate world National defence extends beyond the purview of military forces and government agencies; it also relies on the vigilance and commitment of journalists who act as watchdogs informants and communicators in matters of security In the modern age, journalism

plays a crucial role in national defence by providing essential oversight investigative reporting and public awareness of security threats, military operations, and homeland defence understanding the interdependent relationship between journalism and national defence is vital for safeguarding the interests and safety of a nation’s populace Journalism serves as a vital mechanism for oversight and accountability within the sphere of national defence Investigative reporters uncover instances of misconduct, corruption, and mismanagement, ensuring transparency and accountability to the public By scrutinizing defence policies procurement practices and military conduct journalists hold decision-makers accountable and uphold the integrity of defence institutions Journalists also play a crucial role in informing the public about national security threats, geopolitical developments, and defence strategies, enabling citizens to grasp the complexities of modern security challenges and actively participate

recognizing biases, identifying misinformation, and verifying sources, thereby reducing susceptibility to negative narratives and manipulation Investing in independent journalism is crucial for nurturing a diverse and robust media landscape that prioritizes integrity and accountability Independent media outlets often serve as a bulwark against negative journalism by upholding ethical standards, emphasizing fact-checking, and providing balanced coverage Governments philanthropic organizations and civil society groups can bolster independent journalism through financial support advocacy and partnerships ensuring that diverse voices have a platform to contribute to public discourse

In contrast to sensationalism and pessimism solutions-oriented reporting focuses on identifying and analyzing constructive responses to societal challenges In Pakistan, a country grappling with diverse security challenges, the role of journalists extends beyond mere reporting to encompass a vital contribution to national defence with a robust and independent press Pakistani journalists serve as guardians of democracy watchdogs of government and conduits of information to the public within the realm of national defence, their role becomes even more critical, as they foster transparency accountability and public awareness regarding security and defence matters

Through meticulous investigation and scrutiny journalists uncover instances of corruption, mismanagement, and human rights abuses By bringing such malpractices to light, journalists uphold transparency and integrity within the defence establishment, bolstering public trust and confidence in security agencies furthermore journalists in Pakistan can advocate for peace dialogue and diplomacy as crucial components of security policy Through nuanced analysis and informed commentary, they provide insights on diplomatic endeavours, peace negotiations and conflict resolution efforts By promoting a culture of dialogue and understanding journalists facilitate peaceful coexistence with neighbouring countries and mitigate the risk of armed conflict escalation

conflict holding military forces accountable for their actions Journalism fosters public discourse and national unity by providing a platform for diverse voices and perspectives on matters of national defence Through opinion pieces expert analysis and commentary journalists stimulate debate challenge assumptions and encourage dialogue on defence policies and strategies By promoting a sense of shared purpose and collective responsibility, journalism bolsters national unity and resilience in the face of security threats and challenges

In today’s media landscape concerns about negative journalism marked by sensationalism bias and misinformation are prevalent while journalism remains a cornerstone of democracy, the spread of negative narratives can corrode public trust,

W h e n d o e s a b a n k f a i l ?

Accountability plays a pivotal role in combating negative journalism and upholding journalistic integrity Media organizations should be held responsible for inaccuracies biases and ethical breaches through mechanisms such as public corrections ombudsmen and independent media watchdogs Additionally, regulatory bodies can enforce codes of conduct and standards of practice to ensure that journalists adhere to ethical guidelines and serve the public interest in their reporting fostering constructive dialogue and debate is essential for fostering understanding and reconciliation amidst negative journalism Instead of succumbing to polarization and divisiveness, communities should strive to find common ground, engage in respectful discourse, and promote empathy and comprehension Platforms for civil discourse such as town hall meetings public forums and online discussions can facilitate meaningful exchanges of ideas and perspectives, countering the divisive narratives perpetuated by negative journalism

Additionally, journalists play a crucial role in enhancing public comprehension of defence issues, policies, and strategies through comprehensive reporting and analysis They simplify complex security concepts demystify defence terminology and provide context background and expert insights enabling citizens to engage constructively in debates on defence spending, military capabilities, and national security priorities

In Pakistan where certain elements actively propagate propaganda against our army it is imperative for journalists to counter this negativity National security stands as the utmost priority for the country, and the Pakistan Army stands at the forefront to ensure our national defence It is crucial for journalists and writers to spotlight its sacrifices for the nation, portraying them accurately recognizing the remarkable contributions of the Army and demonstrating solidarity with our armed forces are essential in the current circumstances

The writer is a freelance columnist

IIt also should be feasible to build a company-wide database of the hidden but traceable device IDs for phones and IP addresses that have been used to commit privac y, safet y and other rule violations, including links to the posts and ac tivities that were the basis for the decision to catalog the person and device

Saturday 30 March 2024 COMMENT 05
N an economy banks facilitate the flow of funds to fuel its growth The main objective of a bank is to maximise its shareholders wealth by ensuring that its cash flows are sizeable and regular But the cash flows are interrupted by various risks, which can make banks susceptible to failure There are four main reasons why banks fail: credit risk interest rate risk foreign exchange risk and liquidity risk (bank run) Any loss arising from these risks is adjusted against capital But when the loss exceeds capital, a bank becomes insolvent In the face of a serious liquidity crisis, the ultimate result is bank failure THE ROYAL BANK OF SCOTLAND: The royal Bank of Scotland (rBS) was established in 1727 Before 2007 the bank grew rapidly and became a major player in the international banking market Profits grew from £1 8 billion in 2000 to £5 6 billion in 2006 However, its risk appetite was greater than that of its peers The bank had capital shortage and greater risk concentrations, but these did not cause sufficient concern The bank appeared solvent due to its sound credit rating The rBS also ran a risky and aggressive funding profile relying heavily on short-term wholesale markets to fund its investments for instance, it was a net borrower from the interbank market of £72 billion in 2006 versus only £3 billion in 2000 Additionally, rBS bought another risky bank, ABN Amro, with limited due diligence and financed the acquisition with mostly short-term debt rather than capital raising for example of the €22 6 billion that rBS paid for the acquired bank more than half was funded by debt repayable within a year High levels of risk led to massive losses with the rBS failing in August 2008 and being nationalised in october 2008 when the government injected £45 5 billion of equity capital DEXIA: Dexia a franco-Belgian bank was formed in 1996 This bank focused on lending to the public sector at very attractive rates depending on sophisticated financial techniques It heavily borrowed shortterm funding to make long-term loans, and enhanced profitability with cheap funding with the risk of maturity mismatch between assets and liabilities, Dexia still earned a strong credit rating and expanded its balance sheet from €258 billion in 2000 to €651 billion in 2008 before collapsing after a liquidity crisis in october 2008 and needing to be rescued by the state Dexia purchased the uS credit insurer farm Service Agency (fSA) in 2000, but fSA s exposures and losses caught up with Dexia It faced a serious liquidity crunch because more than half of its liabilities matured over less than three months Its cost of risk was only €9 million in 2007 which increased to €716 million in 2008 on September 29 2008 Dexia applied to the french, Belgian, and luxembourg governments for support and received funding Ironically, Dexia faced a second liquidity crisis due to a fall in interest rates by nearly one percent during the summer of 2011 requiring huge collateral to cover its derivatives positions There was a substantial increase in its usage of short-term secured funding which brought about a liquidity problem In September 2011, Dexia faced yet another liquidity crisis and was rescued again by france Belgium and luxembourg to avoid bankruptcy The failure at Dexia cost taxpayers over €18 billion HALIFAX BANK OF SCOTLAND: Halifax Bank of Scotland (HBoS) was created in 2001 by merging Halifax and the Bank of Scotland At the time, HBoS was the largest provider of mortgages and loans in the united Kingdom with £312 billion in assets £11 billion in equity annual profits of £1 6 billion and around 20 percent market share By 2006 its profits had grown to £5 7 billion and return on equity was strong at 21 percent International lending was growing at a rate of 24 percent, and its growth in international markets even accelerated in 2007 HBoS was dominant in all areas of property-related lending and investment taking equity stakes in addition to traditional banking loans But it was not cautious when expanding into property lending Its risk appetite raced ahead of its risk management capabilities The bank demonstrated incompetence in the riskier areas of its expansion In late 2008, the capital markets began to lose confidence in HBoS The stock price collapsed and borrowing in the markets became difficult Almost all areas of HBoS business began to face huge losses By the end of 2008 HBoS failed and was taken over by lloyds Banking Group on January 19, 2009 MERRILL LYNCH: Merrill lynch was a publicly traded investment bank in the uS It existed independently from 1914 until January 2009 before being acquired by the Bank of America Its residential mortgage loans rose to $100 billion in 2007 from $58 billion in 2005 After the dotcom boom Merrill lynch invested heavily in collateralised debt obligation (CDo) a complex financial asset backed by a pool of loans and other assets and its revenues grew from $5 billion in 2004 to $8 billion in 2006 This signalled risks which the company’s management was not concerned about mainly because of having strong rating and contribution of CDo to revenue However losses began to mount in 2007 The mortgage assets continued to be under pressure and Merrill lynch was forced to reduce its risk and sell assets at a loss The bank reported a $24 7 billion loss related to CDo and subprime in 2007 It faced a record loss of $37 9 billion in 2008 resulting in liquidity shock It became clear to the management that a rescue by another bank was the only option for survival Mounting losses at Merrill lynch led to the acquisition of it by Bank of America and the merger took place officially on January 1, 2009 The case studies above represent relatively recent failures in the banking industry and how they came about The rBS case highlights governance and risk management failures in multiple areas The bank s solvency was weak and maturity mismatch was significant Its extreme risk appetite was worsened by its acquisition of another risky bank There was also a lack of supervisory oversight Meanwhile the Dexia case shows how a public sector banking model which appears low-risk can be vulnerable to unexpected changes The situation was not only risky but also proved it was impossible for Dexia to adapt to a volatile market environment The HBoS case indicates risk management, governance, and regulatory failures that led to its problems The management, stock analysts, and rating agencies failed to detect the scale of HBoS’ riskiness And in the case of Merrill lynch the management failed to understand the risks accumulated through its business being limited to specific areas The supervisory response to the abnormal growth of the bank was impractical risks exist in all business models, in all countries, in every institution, and at all times Hence risks have to be identified and their scale has to be determined first Then these risks must be managed with the right approach so that they are addressed and not accumulated
I v e N the sensitivity of national defence its significance cannot be overstated in ensuring a country s independence, peace, and security National defence stands as the cornerstone of a nation’s sovereignty and security, encompassing policies, strategies, and capabilities aimed at shielding borders citizens and interests from external threats It is about safeguarding a nation s sovereignty representing its independence and ability to govern without external interference A robust defence is indispensable for protecting territorial integrity, deterring potential aggressors and upholding national autonomy without a capable defence force a nation risks vulnerability to incursions or annexations that could compromise its sovereignty National defence is closely intertwined with national security, which involves protecting citizens, infrastructure, resources, and ways of life A well-equipped and trained military not only defends against conventional threats but also addresses non-traditional challenges like terrorism and cyberattacks Investments in defence-related industries stimulate innovation, create jobs, and drive technological advancements with civilian applications, fostering economic prosperity A secure environment encourages investments trade and economic growth while ensuring resilience against disruptions Beyond its instrumental role national defence upholds the values and principles that define a nation, particularly in democracies where defence forces protect freedoms and human rights By championing democratic values nations reinforce their moral authority and contribute to a more just world order Journalism serves as the bedrock of
vulnerabilities
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to bolster
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can
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in
context of national
by reporting on allegations of human rights abuses war crimes
violations of the laws of armed
in discussions on defence policies and priorities Investigative journalism often exposes
within the national defence apparatus, from cybersecurity gaps to deficiencies in border security, prompting policymakers and defence officials to address
flaws and implement reforms
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investigative reporting
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espionage terrorism or foreign interference, alerting authorities and the public to imminent dangers Journalism advocates for military ethics, adherence to international law, and respect for human rights
the
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and
deepen polarization and impede constructive dialogue Nonetheless combating negative journalism necessitates proactive strategies aimed at promoting truth, balance, and ethical reporting
empowering audiences, cultivating media literacy, and upholding journalistic standards, societies can mitigate the impact of negative journalism and cultivate a more informed and resilient public sphere Promoting media literacy among audiences stands out as one of the most effective approaches to counter negative journalism
arming individuals with critical thinking skills to evaluate information discerningly, media literacy enables
to distinguish between credible
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o w e r f u l technology has perhaps never presented a bigger set of regulatory challenges for the uS government Before the state primary in January Democrats in New Hampshire received robocalls playing AI-generated deepfake audio recordings of President Joe Biden encouraging them not to vote Imagine political deepfakes that, say, incite Americans to violence This scenario isn’t too hard to conjure given new research from NYu that describes the distribution of false hateful or violent content on social media as the greatest digital risk to the 2024 elections The two of us have helped develop and enforce some of the most consequential social media decisions in modern history, including banning revenge porn on reddit and banning Trump on Twitter So we’ve seen firsthand how well it has worked to rely entirely on self-regulation for social media companies to moderate their content The verdict: not well at all Toxic content abounds on our largely unregulated social media, which already helped foment the attempted insurrection at the uS Capitol on Jan 6, 2021, and the attempted coup in Brazil on Jan 8, 2023 The dangers are only compounded with layoffs hitting the industry, the Supreme Court and Congress failing to address these issues head on and inscrutable Ceos launching dramatic changes to their companies Broad access to new and increasingly sophisticated technology for creating realistic deepfakes such as AI-generated fake pornography of Taylor Swift, will make it easier to spread dupes The status quo of social media companies in the uS is akin to having an unregulated flight industry Imagine if we didn’t track flight times or delays or if we didn’t record crashes and investigate why they happened Imagine if we never found out about rogue pilots or passengers and those individuals were not blacklisted from future flights Airlines would have less of an idea of what needs to be done and where the problems are They would also face less accountability The lack of social media industry standards and metrics to track safety and harm has driven us to a race to the bottom Similar to the National Transportation Safety Board and federal Aviation Administration there should be an agency to regulate American technology companies Congress can create an independent authority responsible for establishing and enforcing baseline safety and privacy rules for social media companies To ensure compliance the agency should have access to relevant company information and documents and the authority to hold noncompliant companies accountable If or when things go awry, the agency should have the authority to investigate what happened, much as the transportation board can investigate Boeing after its recent mishaps reining in social media harms is a difficult task But we need to start somewhere and attempts to ban platforms after they ve already become hugely influential as some uS lawmakers are trying to do with TikTok just set up an unending game of whack-a-mole Platforms can track the number of accounts taken down, the number of posts removed and the reasons why those actions were taken It also should be feasible to build a company-wide database of the hidden but traceable device IDs for phones and IP addresses that have been used to commit privacy safety and other rule violations including links to the posts and activities that were the basis for the decision to catalog the person and device Companies should also share how algorithms are being used to moderate content, along with specifics on their safeguards to avoid bias (research indicates that for example automated hate speech detection shows racial bias and can amplify race-based harm) At minimum companies would be banned from accepting payment from terrorist groups looking to verify social media accounts, as the Tech Transparency Project found X (formerly Twitter) to be doing People often forget how much content removal already happens on social media including child pornography bans spam filters and suspensions on individual accounts such as the one that tracked elon Musk s private jet regulating these private companies to prevent harassment harmful data sharing and misinformation is a necessary, and natural, extension for user safety, privacy and experience Protecting users’ privacy and safety requires research and insight into how social media companies work, how their current policies were written and how their content moderation decisions have historically been made and enforced Safety teams whose members do the essential work of content moderation and hold vital insider knowledge have recently been scaled back at companies such as Amazon, Twitter and Google Those layoffs, on top of the rising number of people pursuing tech careers yet finding uncertainty in the private tech sector leave numerous individuals on the job market with the skills and knowledge to tackle these issues They could be recruited by a new agency to create practical effective solutions Tech regulation is a rare issue that has bipartisan support And in 2018, Congress created an agency to protect the cybersecurity of the government It can and should create another regulatory agency to face threats from both legacy and emerging technologies of domestic and foreign companies otherwise we ll just keep experiencing one social media disaster after another Anika Collier Navaroli is a journalist lawyer and senior fellow at the Tow Center for Digital Journalism at the Columbia Journalism School She is also a former senior policy official at Twitter and Twitch Ellen K Pao is a tech investor and advocate as well as former CEO of Reddit E v e r y o n e w a n t s t o r e i n i n F a c e b o o k , T i k T o k a n d o t h e r s o c i a l m e d i a abDUl basit alvi KOREA HERALD a n i k a C o l l i e r n ava r o l i a n D e l l e n k Pao DAILY STAR D r M D M a i n U D D n T h e r o l e o f j o u r n a l i s m i n n a t i o n a l d e f e n c e Th e p re s s m u s t p o r t ray t h e A r my ’s s a c r i f i ce s a cc u rate l y

before the war, had been one of the few healthcare facilities even partially operational in north Gaza before the latest fighting It had also been housing displaced civilians The Israeli statement said its forces conducted raids in central and southern areas including Khan Younis and Al-Karara where troops exchanged fire with Palestinian gunmen before they killed them and located weapons and rockets The armed wing of Hamas said their fighters targeted Israeli forces near to Nasser Hospital in Khan Younis one of the city s two hospitals blockaded by Israeli soldiers

for several days In the far south of the Strip, Israel continued its bombardment in Rafah, the Palestinians’

tinued to operate around the Al-Shifa Hospital complex in Gaza City after storming it more than a week ago Its forces had killed around 200 gunmen since the

while

than 80% of Gazans have been

hostages according to Israeli tallies In the northern Gaza Strip, where the United Nations has warned famine is imminent as early as May, an elderly man died of malnutrition and lack of medication Palestinian media said

On Thursday the World Court unanimously ordered Israel to take all necessary and effective action to ensure basic food supplies to Gaza s population and halt spreading famine “The renewed binding order from the @ICJ (International Court of Justice) yesterday is a stark reminder that the catastrophic humanitarian situation in the Gaza Strip is man made and worsening

Chinese Foreign M inister Wang Yi urges Japan to promote peace in Asia

UNRWA aid renewal: Set of countries to resume funding

TOKYO

Ag e n c i e s

As Australia, Canada and Sweden were among a few countries that said they were resuming aid to the UN s crisis-hit Palestinian refugee agency (UNRWA) Japan announced on Thursday its plan to resume funding to the United Nations aid agency for Palestinian refugees after suspending assistance

“Japan and the UNRWA confirmed that they will advance final coordination about necessary efforts to resume Japan s contribution, the country s Foreign Ministry said in a statement Japanese media reports said the resumption of funding suspended in January was expected to come in the first half of April

In a warning last month UNRWA chief Philippe Lazzarini said the funding crunch could prevent the organization from operating beyond March After several countries recently resumed or increased funding the UNWRA has sufficient funds to keep its operations running until the end of May Lazzarini said on Tuesday The situation today is less dramatic, he added ISRAEL’S ALLEGATIONS

UNRWA, which provides assistance and essential services to Palestinian refugees was undergoing a crisis following Israeli allegations in January that 12 of its 13 000 employees in Gaza were involved in the Hamas attack on Israel on October 7 Israeli authorities subsequently

claimed that more than 450 UNRWA employees are military operatives in terror groups in Gaza

around in an UNRWA school housing displaced Palestinians in Rafah in the southern Gaza March 4 2024 THE BESIEGED

H e a d d e d t h a t J a p a n s h o u l d a d h e r e t o t h e e s t a b l i s h e d d i r e c t i o n o f p e a c e f u l d e v e l o p m e n t a n d w o r k t o g e t h e r t o p r om o t e t h e s t a b l e a n d h e a l t h y d e v e l o pm e n t o f b i l a t e r a l t i e s F u k u d a s a i d t h a t t h e e x p a n d i n g i n f l u e n c e o f B o a o F o r u m f o r A s i a s h o w s t h a t C h i n a s p r o m o t i o n o f g o o d - n e i g h b o r l y d i p l om a c y h a s i n c r e a s i n g l y a c h i e v e d p o s it i v e r e s u l t s Japan-China friendship is the common choice of the two countries and Japanese enterprises hope to invest in and prosper in China he told Wang J a p a n i s w i l l i n g t o w o r k w i t h C h i n a t o e n h a n c e m u t u a l u n d e r s t a n d i n g , s t r e n g t h e n d i a l o g u e a n d c o m m u n i c at i o n , p r o p e r l y m a n a g e d i ff e r e n c e s , j o i n t l y p r o m o t e t h e s t r a t e g i c a n d m u t ua l l y b e n e f i c i a l r e l a t i o n s h i p a n d w o r k t o g e t h e r t o m a i n t a i n t h e m o m e n t u m o f p e a c e s t a b i l i t y a n d p r o s p e r i t y i n A s i a h e a d d e d

India’s Congress says facing ‘tax terrorism’ after second tax notice

The Israeli accusations led 16 countries, including the United States, to pause approximately $440 million in UNRWA funding which represents nearly half of UNRWA s yearly funding throwing its operations into crisis The UN which is probing the claims, has said Israel has not provided it with evidence to support the allegations and has initiated an independent internal investigation

According to UNRWA some of the employees released from Israeli detention reported that Israeli authorities pressured them into falsely stating that the agency had Hamas connections and that staff took part in the attacks on October 7 In a UNRWA report published in February unidentified Palestinians including several working for UNRWA complained of mistreatment while detained by Israeli authorities A g e n c y s t a ff m e m b e r s h a v e been subject to threats and coercion b y t h e I s r a e l i a u t h o r i t i e s w h i l e i n d e t e n t i o n a n d p r e s s u r e d t o m a k e false statements against the Agency including that the Agency has affili a t i o n s w i t h H a m a s a n d t h a t UNRWA staff members took part in the 7 October 2023 atrocities,” the report says

Displaced Palestinians walk around in an UNRWA school housing displaced Palestinians in Rafah in the southern Gaza March 4 2024 /CFP

Displaced Palestinians walk

China’s Global S ecurit y Initiative ‘crucial in fight against terrorism’: BFA

no doubt about it, but by the time we get relief, elections will be over ” Maken said The Supreme Court is expected to hear the case on April 1 he added A tax department spokesperson did not immediately respond to a request for comment on Friday which is a public holiday The tax department has said it can not comment on individual tax notices as they are confidential Congress, which has been ruled by the Gandhi-Nehru family was once India’s most dominant political party and has accused Modi of trying to cripple it financially before the elections through the tax department Last month the party said the authorities froze some of its bank accounts pending a tax case that dates back to 2018-19 involving 1 35 billion rupees, and its bid to contest this in court was dismissed Modi’s Bharatiya Janata Party (BJP) has said that the tax case was not politically motivated Asked how much the party would be left with to contest the elections after the two tax demands Maken said: You think there will be anything left after this? Congress has ruled India for 54 of its 76 years since independence from Britain, but it has struggled to win over voters since Modi swept to power in 2014

Saturday 30 March 2024 | k AR AChI 06 NeWS BEIJING s tA f f r e p o r t Chinese Foreign Minister Wang Yi urged Japan to promote regional peace and stability when meeting with former Japanese Prime Minister Yasuo Fukuda on Friday in Beijing Wa n g , a l s o a m e m b e r o f t h e P o l i t ic a l B u r e a u o f t h e C o m m u n i s t P a r t y o f C h i n a C e n t r a l C o m m i t t e e a p p r e c i a t e d F u k u d a f o r m e r c h a i r m a n o f t h e B o a o F o r u m f o r A s i a f o r h i s c a r e a b o u t t h e d e v e l o p m e n t o f t h e f o r u m a n d p o s i t i v e c o n t r i b u t i o n s t o i t While the world faces intertwined changes and uncertainties and the factors of instability have increased significantly Asia has remained peaceful and stable in general with a bright prospect for development Wang said adding that the 21st century is the century of Asia I hope that Japan and other regional countries will do more things conducive to regional peace and stability, rather than the opposite, to jointly maintain peace and development in Asia,” he said The foreign minister said he hoped that the Japanese side would meet the Chinese side halfway and deal with obstacles to the normal development of bilateral relations
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CAIR O r e u t e r s I SRAEL continued its aerial and ground bombardment of the Gaza Strip on Friday, killing dozens of Palestinians, as fighting raged around Gaza City’s main Al Shifa hospital Palestinian officials and the Israeli military said Palestinian health officials said two Israeli strikes on the Al-Shejaia suburb in eastern Gaza City killed 17 people, while an Israeli air strike on a house in the Al-Maghazi refugee camp in the central Gaza Strip killed eight people Gaza’s Hamas-run government media office said at least 10 policemen tasked with securing aid to the displaced in northern Gaza were among those killed in Al-Shejaia The Israeli military said its forces continued operations in around Gaza City s Al Shifa complex “while mitigating harm to civilians, patients, medical teams, and medical equipment” adding that over the past day it killed a number of gunmen and located weapons and military infrastructure Al Shifa the Gaza Strip s biggest hospital
last refuge where over half of Gaza’s 2 3 million people were sheltering An air strike on a house killed 12 Palestinians late on Thursday More than 32,000 Palestinians have been killed in Israel s military offensive in the Gaza Strip since Oct 7, with 71 killed in the last 24 hours according to health authorities in the territory Thousands more dead are believed to be buried under rubble and more
many
risk
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Hamas fighters broke
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I S R A E L K I L L S D O Z E N S I N A I R S T R I K E S A C R O S S G A Z A S T R I P UN cour t orders Israel to stop Gaza famine, Hamas urges ceasefire GAZA Ag e n c e s The International Court of Justice on Thursday unanimously ordered Israel to take all necessary and effective action to ensure basic food supplies to Gaza’s Palestinian population and stop the spread of famine The ruling is an addition to a January 26 verdict in which the ICJ ordered Israel to take all possible measures to prevent acts of genocide against Palestinians in the Gaza Strip, to halt incitement against Palestinians as a group, to preserve evidence and to take immediate measures to ensure humanitarian aid The order from the ICJ came as Israeli forces and Palestinian fighters battled in close combat around Gaza s Al-Shifa Hospital where the armed wings of Hamas and Islamic Jihad said they attacked Israeli soldiers and tanks with rockets and mortar fire Judges at the court said the people in the coastal enclave face worsening conditions “The court observes that Palestinians in Gaza are no longer facing only a risk of famine but that famine is setting in the judges said in their order The new measures were requested by South Africa as part of its case that accuses Israel of state-led genocide in Gaza Senior Hamas official Basem Naim said the ruling did not go far enough and Israel must be ordered to end its military offensive to halt the suffering “We welcome any new demands to end this humanitarian tragedy in Gaza and especially in the northern Gaza Strip but we hoped the court ordered a ceasefire as an absolute solution to all the miseries our people in Gaza are living through, Naim told Reuters There was no immediate comment from Israel’s Foreign Ministry on the ICJ ruling Israel has said it is making efforts to expand access for humanitarian groups to Gaza overland through air drops and by ship Smoke rises during an Israeli strike in the vicinity of the Al-Shifa Hospital in Gaza City, March 28, 2024 /CFPSmoke rises during an Israeli strike in the vicinity of the Al-Shifa Hospital in Gaza City, March 28 2024 SHORTAGES OF FOOD, WATER AND MEDICINE
United Nations Office for the Coordination of Humanitarian Affairs (OCHA) said on Thursday that more than 1 1 million people in the Gaza Strip are facing
extreme level of food insecurity,” as Israel prevents aid from entering the enclave The statement posted on social media platform X emphasized the need to distribute sufficient food aid via land routes to save lives especially in the northern areas of the Strip However, access impediments persist, and time is running out, the OCHA said Meanwhile, medical sources announced on Thursday the death of a child in the northern Gazan city of Beit Lahia due to famine and lack of available treatment raising the number of deaths due to malnutrition in the enclave to 30 The Israeli army said it con-
harm to civilians patients medical teams and medical equipment
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stormed more than a week ago Five patients had died since the Israeli raid began due to shortages of food water and medical care the Hamas-run ministry said
COASTAL ENCLAVE Israel has undertaken a largescale offensive in the Gaza Strip following Hamas s attacks in southern Israel on October 7 As a result the besieged coastal enclave, home to about 2 35 million people, is experiencing a humanitarian disaster amid international warnings of famine The United Nations Office for the Coordination of Humanitarian Affairs (OCHA) said on Thursday that more than 1 1 million people in the Gaza Strip are facing an extreme level of food insecurity as Israel prevents aid from entering the enclave The statement posted on social media platform X emphasized the need to distribute sufficient food aid via land routes to save lives especially in the northern areas of Gaza However, access impediments persist, and time is running out,” the OCHA said Meanwhile medical sources announced on Thursday the death of a child in the northern Gazan city of Beit Lahia due to famine and a lack of available treatment, raising the number of deaths due to malnutrition in the enclave to 30 The International Court of Justice (ICJ) in The Hague on Thursday ordered Israel to do whatever is necessary to ensure that basic aid reaches the Palestinian population in the Gaza Strip
BOAO s tA f f c o r r e s p o n d e n t Against the backdrop of recent terrorist attacks in Russia and Pakistan, diplomats and representatives from international and organizations are convening in South China’s Hainan to discuss the importance and potential impact of China-proposed Global Security Initiative (GSI) on global peace efforts The former special envoy for the China-Pakistan Economic Corridor (CPEC) told the Global Times the GSI is of great importance in this context as it provides a fundamental path for achieving lasting security The initiative is dedicated to respecting and safeguarding the security of every country, rather than seeking dominance in international security affairs, let alone taking sides This is the fundamental reason why the initiative is widely welcomed Chen Xiaodong China’s deputy foreign minister said at the panel session during the Boao Forum for Asia on Thursday The concept and the key points proposed in the GSI are very persuasive, conducive to handling conflicts between countries, and promoting trust and dialogue is a cornerstone which enables us to establish trust in Asia Sarybay Kairat Secretary General of Conference on Interaction and Confidence Building Measures in Asia, said in his speech On the recent terrorist attacks in Russia and Pakistan, Zhang Ming, Secretary General of the Shanghai Cooperation Organization (SCO) told the Global Times that he noted that those attacks resulted in significant casualties The SCO strongly condemns such terrorist acts, which prompted more agreements in the SCO to unite with the international community to resolutely combat the “three forces” of terrorism separatism and extremism Zhang said Highlighting the importance of the GSI against the background of severe terrorist acts shaking the region, Zafar Uddin Mahmood, former special envoy for the CPEC, told the Global Times that the GSI is of utmost importance to achieving permanent security Zafar elaborated it by saying that we cannot assume that our security guarantee is already sufficient, as recent terrorist incidents have shown the need for increased vigilance It is clear that we must raise our alert level and be prepared at all times The solution must be a long-term process, requiring a plan to ensure permanent security In this regard, China s Global Security Initiative provides us a path to consider and research common solutions ” Zafar said Zhang said the GSI has contributed Chinese wisdom to making up for the deficit of peace in the world China has p r o v i d e d s o l u t i o n s f o r c o u n t r i e s a r o u n d t h e w o r l d t o a d d r e s s i n t e r n ational security challenges and achieve c o m m o n d e v e l o p m e n t a n d p r o g r e s s Zhang noted In order to promote the international community s efforts to eliminate conflicts through negotiations and resolve disputes through consultation, China has demonstrated its responsibility and commitment as a major country Zhang said China is willing to work hand in hand with other Asian countries to coordinate the management of regional security affairs, combat terrorism and transnational crimes in a reasonable manner, strengthen security cooperation in areas such as nuclear facilities cyberspace outer space public health food and energy Chen said in his speech As for how to further carry forward t h e G S I i n t o p r a c t i c e , Z a f a r s a i d h e h o p e d t h a t t h e S C O , a n o rg a n i z a t i o n t h a t c o n t i n u e s t o e x p a n d w i l l p l a y a l a rg e r r o l e i n a d d r e s s i n g s e c u r i t y t h r e a t s a n d c h a l l e n g e s i n o r d e r t o a dvance the G S I The S CO not only org a n i z e s j o i n t d r i l l s i n c o m b a t i n g security risks, but also pays great attent i o n t o n u r t u r i n g t a l e n t s i n t h i s f i e l d , i m p a c t i n g b o t h r e g i o n a l s e c u r i t y a s well as a broader global sphere Gilles Carbonnier vice president of the International Committee of the Red Cross (ICRC) told the Global Times during the Boao Forum that he highly recognizes China s GSI and Global Development Initiative, as they are also focused on restoring livelihoods in fragile situations and preventing violations of international humanitarian law
NEW DELHI Ag e n c e s India s main opposition party said on Friday it had been asked to pay an additional 18 2 billion rupees ($218 million) in taxes, which it called an attempt by the tax department to financially cripple it weeks before general elections Calling the latest notice from the Income Tax Department “tax terrorism” Congress treasurer Ajay Maken told reporters the party would fight the demand in court India will vote in seven phases between April 19 and June 1 in general elections Prime Minister Narendra Modi is expected to win and secure a record-equalling third straight term “The law is on our side, we have

OGDCL and Saif Energy discover new hydrocarbon reser ves in Kohat Block

KOHAT

ICEO of M/s Crop Life International, and his associates for violating various sections of the ordinance and the Pakistan Penal Code

Mr Nusratullah apprehended during the operation, admitted to manufacturing and distributing counterfeit pesticides and fertilizers across Sindh and Punjab In light of this revelation, FIA has expanded its investigation to apprehend other individuals involved in this illicit network with further raids anticipated to target distributors and retailers Analysis conducted by the Federal Pesticides Testing and Reference Laboratory confirmed that the seized pesticides were indeed counterfeit and contained harmful substances posing risks to both human health and the environment

The Director General

raids and crack down on establishments engaged in the production and sale of adulterated pesticides This proactive approach aims to protect farmers from purchasing harmful products and hold accountable those responsible for their production and distribution

KP Cabinet okays Rs1.15b Eid Package for police mar tyrs, poor families

PESHAWAR a z i z B u n e r i

Khyber Pakhtunkhwa Cabinet constituted a committee to look into the grievances of the officers of the attached departments and the directives of the Peshawar High Court concerning reducing disparities in the salaries of the officers of attached departments and other cadres The cabinet committee comprised of Advisor to Chief Ministers on Finance Minister/Secretaries P&D, Establishment, and Population Welfare

The High Court had on a writ petition filed by over 973 officers of different attached departments directed the government to redress the grievances of the petitioners concerning granting them allowances allowed to officers of other cadres @ 1

The cabinet approved the Khyber Pakhtunkhwa Right of Digital Way Policy providing a frame work to facilitate the deployment of

through prompt resolution of public and private rightof-way issues commonly faced by telecom operators thereby leading to an increase in fiber connectivity

With this, Khyber Pakhtunkhwa becomes the first province to have a Right of Digital Way policy as aligned with the Federal Public and Private Right of (digital) Way Policy Directive 2021 A Committee comprising Ministers/Secretaries C&W, Irrigation and Local Government Departments was also constituted to adopt this policy in a unified manner throughout the province

Another Committee was constituted to categorize within 15 days the posts recruitment to which should be done through ETEA or the technical Departments/organizations themselves

The cabinet also directed that all Provincial departments/organizations must get NOC from ETEA before conducting screening tests for recruitment through private organizations (other than ETEA)

about the affairs of the province The cabinet approved the re-

The Provincial cabinet approved Zone Development Agreement for the Pakistan Digital City Haripur project The Pakistan digital City Haripur is the first purposebuilt Special Technology Zones (STZ) in Pakistan being developed by Khyber Pakhtunkhwa Information Technology Board under the administration of the Science and Technology & Information Technology Department The project has already secured a license from Special Technology Zones Authority (STZA) With the approval of the agreement by the Cabinet different incentives to the zone developers can be extended bringing considerable growth in their economy through improvement in their IT exports The cabinet also directed that the civil work over the main offices and basic infrastructure must be completed urgently The Provincial cabinet also approved the Draft Rules for the post of PEDO Chief Executive Officer and Members of the Executive Committee (terms and conditions) Rules 2024”; borrowing loan amounting US$ 30 000 million from Saudi Fund for Development (SFD) to participate in financing of reconstruction of infrastructure of Malakand region; the retention of 100 BS-17 head nurses in MTI’s Hospitals of Khyber Pakhtunkhwa; and purchase of different gadgets and equipment for police in the Newly merged districts It also endorsed the earlier decision of the caretaker cabinet increasing the rate of infrastructure development Cess under section -3 of the Khyber Pakhtunkhwa Infrastructure Development Cess Act 2022

Modi

t extends black law AFSPA in Arunachal Pradesh, Nagaland for 6

NHA restores land link between KP and Balochistan

e s u c c e s s f u l r e s t o r a t i o n o f t h e v i t a l r o a d l i n k b e t w e e n t h e p r o v i n c e s o f K P a n d B a l o c h i s t a n F o l l o w i n g p e r s i s t e n t a n d d e d i c a t e d e ff o r t s b y o u r s k i l l e d c o n s t r u c t i o n e x p e r t s , t h e r o a d c o n n e c t i o n o n t h e D h a n a s a r- Z h o b s e c t i o n o f N - 5 0 h a s b e e n f u l l y r e i n s t a t e d S e v e r e w e a t h e r c o n d i t i o n s , i n c l u d i n g h e a v y r a i n s a n d s u b s e q u e n t l a n d s l i d e s , h a d p r e v i o u s l y l e d t o t h e s u s p e n s i o n o f t r a ff i c o n t h i s c r u c i a l r o u t e n ec e s s i t a t i n g d i v e r s i o n s t o a l t e r n a t e r o a d s U n d e r t h e g u i d a n c e o f C h a i r m a n N a t i o n a l H i g h w a y A u t h o r i t y, M r A r s h a d M a j e e d M o h m a n d , o u r d e d i c a t e d N H A p e r s o n n e l d e p l o y e d i n t h e r eg i o n w o r k e d t i r e l e s s l y a r o u n d t h e c l o c k u t i l i zi n g h e a v y m a c h i n e r y t o e ff e c t i v e l y r e o p e n t h e d a m a g e d r o a d s e g m e n t s T h e r e l e n t l e s s e ff o r t s o f N H A G e n e r a l M a n a g e r A g h a I n a y a t D e p u t y D i r e c t o r A g h a B a s e e r a n d t h e i r t e a m w e r e i ns t r u m e n t a l i n a c h i e v i n g t h i s f e a t t h r o u g h s h e e r h a r d w o r k a n d c o m m i t m e n t I t i s w o r t h n o t

07 NEWS Saturday 30 March 2024 K AR ACHI CORPORATE CORNER ISLAMABAD G h u l a m a B B a s
N a significant joint effort to tackle the production and distribution of counterfeit pesticides in Pakistan the Federal Investigation Agency (FIA) and Department of Plant Protection (DPP) conducted a raid on Wednesday (March 27, 2024), at a facility owned by M/s Crop Life International located in Karachi As per documents available with this scribe the raid resulted in the seizure of a large quantity of deleterious pesticides and fertilizers worth millions of rupees Ms Zaeema Khan, Deputy Director of Pesticides Registration, along with Mr Muzammil Hussain an Entomologist and other DPP officials collected samples of pesticides found on the premises These samples, including Fipronil 0 4% G, Phorate 5% G, Carbofuron 3%G, and Thiamethoxam TC, were sent to laboratories for analysis to identify any harmful substances used in their production Additionally all remaining pesticides in the factory were confiscated as they lacked the necessary permissions and registrations required under the Agricultural Pesticides Ordinance, 1971 As per details following the raid, a formal complaint was lodged under section 26A of the Agricultural Pesticides Ordinance 1971 prompting FIA Karachi to initiate legal proceedings against Mr Nusratullah, the
of the Department of Plant Protection Karachi announced the launch of a special anti-pesticide adulteration campaign nationwide, with FIA’s collaboration, to identify and shut down facilities involved in the production and distribution of fake pesticides
officials, this initiative
with
government’s goal
providing farmers
quality
enhance
promote economic
cultural
reliance
imported
conduct intelligencebased
F I A , D P P J O I N T O P E R AT I O N TA R G ET S A D U LT E R AT E D P E S T I C I D E M A N U FA C T U R E R S
As per
aligns
the
of
with
pesticides to
crop yields and
self-sufficiency According to officials in line with the Prime Minister s vision to boost agri-
productivity and reduce
on
goods, DPP has instructed its inspectors to
5 of the basic pay in light of article 38(e) of the Constitution and the Principle of policy as provided in Article 29(2) and to remove disparity/discrimination among the civil servants The Finance Department has opposed the demand on the grounds of resource crunch and financial crises of the province Its financial implications have been estimated to be over Rs 971/- million per year The Provincial cabinet which met Wednesday evening under the chairmanship of Chief Minister Mr Ali Amin Khan Gandapur was actively participated by Chief Secretary Ministers advisers and administrative secretaries It took several decisions
lease of Rs 1 15 billion funds as Eid Package for distribution among the 115000 poor individuals of the province at the rate of Rs 10,000/per head/family
will also
the families of police martyrs to
Police Department already having their details will directly disburse these amounts
The package
include
whom the
fiber connectivity
s ta f f r e p o r t The well was spudded on August 28, 2023, and successfully reached its target depth of 2414 Meters in the Chichali-l Formation on November 18 2023 JV (M/s OGDCL M/s SEL M/s MPCL) decided to deepen the well to test the hydrocarbon potential of the thrust sheet (Lumshiwal-Il) Deepening operations commenced on November 29, 2023, and TD 2600m MD (Chichali-Il) was achieved on December 07, 2023, in the sub-thrust sheet OGDCL and Saif Energy Ltd decided to test the exploratory part of Togh-2 (Slant) well on a Sole Risk basis in the national interest The testing was carried out in the Lumshiwal-ll Formation, which proved to be a Gas / Condensate discovery The well flowed at a rate of 2 842 million standard cubic feet per day (MMSCFD) of gas and 28 barrels per day condensate (BPDC) with a wellhead flowing pressure of 540 pounds per square inch (PSI) at a 32/64 choke size This is a unique instance where private and public sector companies took the bold step on a sole risk basis in the national interest to discover hydrocarbon reserves Talking to the news Mr Jehangir Saifullah Khan CEO of SAIF ENERGY was quoted as saying that this is an outstanding cooperation And that private and national companies should work together for the advancement and prosperity of Pakistan ISLAMABAD s ta f f r e p o r t In the first two months of 2024, Pakistan domestically manufactured or assembled 6 13 million phones while only 0 3 million devices were imported during the same period Gwadar Pro reported on Friday quoting the latest data from the Pakistan Telecommunication Authority (PTA) These phones include 3 35 million smartphones and 2 78 million Second Generation Mobile (2G mobile) commonly known as GSM phones Chinese companies are leading in the manufacturing and assembling of mobile devices, helping the country reduce its import bill and ease the burden on foreign reserves According to statistics, eight of the top ten mobile phone manufacturers/assemblers are from China In the first two months of 2024 China s Infinix produced 0 85 million phones, VGO Tel produced 0 82 million devices, and iTel held the third position with 0 77 million phones Similarly Tecno another Chinese mobile company manufactured/assembled 0 63 million phones while Redmi (Xiaomi) produced 0 47 million mobile phone sets They were followed by G Five with 0 40 million phones, Vivo with 0 40 million sets, and Realme with 0 26 million phones In 2023 Pakistan witnessed a substantial shift in its mobile phone market as local assembly/manufacturing surged to 21 28 million units, overshadowing commercial imports which stood at just 1 58 million phones Among the top contributors to local production China s VGO TEL led with 2 73 million units followed closely by China s Infinix with 2 61 million and iTel with 2 56 million phones The scenario of mobile phone imports changed significantly when several mobile companies began manufacturing/assembling phones in Pakistan In 2021 a significant milestone was achieved in Pakistan s mobile phone market as local manufacturing/assembling surpassed imports for the first time A total of 24 66 million devices were produced locally compared with 10 26 million imported phones In 2022, the country registered 21 94 million units of local production/assembling of phones, compared with just 1 53 million units of commercial imports ICCI to make all out effor ts to turn Islamabad into a clean and green cit y: Ahsan ISLAMABAD s ta f f r e p o r t President Islamabad Chamber of Commerce and Industry Ahsan Zafar Bakhtawari has said that capital city is our own city and we are determined to turn it into a model city and that business community is the biggest stakeholder of the city and it will utilise all available resources to make it fascinating and beautiful in real terms He said this while signing a Memorandum of Understanding between the ICCI and the CDA here on Friday The President said that ICCI will take the responsibility of newly built washrooms of different markets for their operation management maintenance and develop them as per the hygienic standards He added that the nominal fee charged for the use will be spent for the upgradation and maintenance of these washrooms ICCI will also ensure the placement of janitorial staff wearing proper uniform at each facility The President ICCI further said that the Chamber will also built water filtration plants on self help basis and continue to play its role for the upgradation of the city On this occasion, the business community as well as residents hailed the ICCI initiative in the interest of the citizens The MoU was signed by Mr Ahsan Zafar Bakhtawari on behalf of the ICCI and by Mr Mashooq Ali Shah Director Sanitation on behalf of the CDA On this occasion among others CDA high ups and Zafar Bakhtawari Secretary General UBG Ejaz Abbasi Executive Member Ch Khalid, former SVP and Ch Zia former executive member were also present C hinese firms lead Pakistan’s mobile market Zong 4G contributes to digital transformation in Pakistan through OEM par tnerships ISLAMABAD s ta f f r e p o r t Zong 4G Pakistan's telecommunication leader proudly reaches a new pinnacle in propelling the nation s digital evolution With the exhilarating introduction of OEM (Original Equipment Manufacturer) partnerships especially for its esteemed corporate clientele, Zong 4G unleashes a wave of innovation aimed at enhancing revenue streams and elevating the customer journey In today's dynamic digital landscape Information and Communication Technology stands as the cornerstone for every corporation shaping communication channels and revolutionizing business operations Recognizing its pivotal role, Zong 4G has taken a bold step forward, offering cutting-edge digital platforms and services tailored for corporate clients This initiative not only enhances Zong s DICT portfolio but also injects it with a thrilling blend of cost efficiency and diverse solutions propelling businesses into an electrifying era of innovation and connectivity In order to create ease for its corporate users, Zong 4G is offering the following services Network and Cyber Security: CMPak helps its customers to leverage the intelligence of wide-range security network it includes firewalls (Virtual and physical) WAF Cloud based security Solutions IDS IPS Email security solutions Secure VPN Connectivity Solutions Real time Antivirus, data leak Checkers Major Partners include: Fortinet, Sangfor, Sophos, TrendMicro, Kaspersky IT Infrastructure: A diverse selection of products is available encompassing routers switches WiFi devices data center racks industrial-grade UPS on-premises cloud services and smart screens among other offerings Major Partners include: Huawei, ZTE, Rujie, Ruckus, Fiberhome, Raisecom, Attom Information Management: Zong 4G provides its customers with comprehensive data protection solutions encompassing backup, recovery and safeguarding of files and applications This suite includes services for data protection backup and recovery Major Partners include: VeeAM Automation and Surveillance: CMPak showcases a premier array of Automation and Surveillance solutions, achieved through collaborations with top international industry players CMPak extends AMS, Surveillance solutions Dash Cam solutions and IP Phones to its customers encompassing surveillance cameras facial recognition solutions ANPR solutions and video security solutions Major Partners include: Dahua, HIKVision, Grandstream Workplace Technology: This includes UPS from 4KVA to 500KVA, Micro modular Data center indoor racks, Data Center Containment, Solution Indoor Racks Precision cooling Racks outdoor cabinets
o r d i n ato r to P M o n He a l t h S e r v i c e s v i s i t s
Co
, r ev i ew s
d i c a l f a c i l i t i e s ISLAMABAD s ta f f r e p o r t Dr Malik Mukhtar Ahmed, Coordinator to the Prime Minister for Health Services, Regulations, and Coordination undertook a comprehensive visit to the Pakistan Institute of Medical Sciences (PIMS) to assess and review the medical facilities provided by the medical institution Accompanied by Secretary Health, Mr Iftikhar Ali Shallwani, the visit aimed to ensure the highest standards of healthcare delivery to the citizens During the visit Dr Malik Mukhtar Ahmed personally inspected various wards of the hospital including the emergency section and engaged with patients to determine any concerns they might have faced during their treatment journey He emphasized the importance of patient-centric care and reiterated the government's commitment to address any shortcomings in the healthcare system on priority basis Furthermore the Coordinator to the Prime Minister on Health Services issued directives to enhance the hospital's operational efficiency These directives included the initiation of evening shifts in the O P D the establishment of dedicated Kidney and Liver transplant centers and the formation of a specialized committee to spearhead these initiatives Dr Malik Mukhtar Ahmed also pledged full cooperation to fulfill the human resource requirements of the hospital to ensure uninterrupted healthcare services D r M a l i k M u k h t a r A h m e d was also apprised about the near completion seven state-of-the-art operation theaters conforming to i n t e r n a t i o n a l s t a n d a r d s H e a ssured his unwavering support to P I M S a d m i n i s t r a t i o n i n i t s p u rs u i t o f e x c e l l e n c e i n h e a l t h c a r e provision
P I M S
m e
ISLAMABAD s ta f f r e p o r t T h e N a t i o n a l H i g h w a y A u t h o r i t y i s p l e a s e d t o a n n o u n c e t h
g t h a
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B a l o c h i s t a n v i a t h e N - 5 0
p o s s i b l e t i m e f r a m e , e n s u r i n g v i t a l c o n n e c t i v i t y i s r e e s t a b l i s h e d f o r t h e b e n e f i t o f a l l c o m m u t e r s a n d g e n e r a l p u b l i c
i n
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months NEW DELHI i n p The Narendra Modi led Indian government has extended black law Armed Forces Special Powers Act (AFSPA) giving unbridled powers to Indian armed forces, in the disturbed Nagaland and Arunachal Pradesh states for another six months with effect from April 01 An Indian Ministry of Home Affairs notification said that the AFSPA has been extended in 8 districts – Dimapur Niuland Chumoukedima Mon Kiphire Noklak Phek and Peren – and 21 police station areas in five other districts of Nagaland Another MHA notification said that the AFSPA has been extended for another six months in Tirap, Changlang, and Longding districts in Arunachal Pradesh as well as areas under the jurisdiction of Namsai, Mahadevpur, and Chowkham police stations in Namsai district bordering Assam The AFSPA empowers the Indian Army para-military and other armed forces to kill or arrest a person enter or search premises without a warrant along with some other actions The draconian law also ensures protection from prosecution and legal suits without the Indian government’s sanction Many political parties, NGOs, and civil society organisations in the northeastern region have been demanding complete repeal of the AFSPA The demand intensified after Indian forces killed 14 people and injured 30 others in Nagaland s Mon district in December 2021
gov
more

D

C

I“China

said an

statement issued by the

Previously reports in Indian media claimed that following the attack a Chinese company halted civil works and let go of hundreds of workers at a hydropower [plant] in Pakistan”

However the office order from the Chinese construction company brought Indian media claims to naught Following the attack, the Chinese embassy and consulate generals in Pakistan strongly condemned the terrorist attack

“Pakistan and China have the determination and ability to make terrorists pay the price for their actions and any attempt to undermine China-Pakistan cooperation will not succeed Chinese foreign ministry spokesperson Lin Jian said

The clear message from the Chinese foreign ministry spokesperson shows that no attempt to sabotage Sino-Pak cooperation will be allowed to succeed

He also reiterated China’s stance on terrorism Terrorism is the common enemy of all human beings and it is the shared responsibility of the international community to

Pak istan, Afghanistan advance discussion on trade and transit during Kabul meeting

combat terrorism and prevent the recurrence of such tragedies

China firmly supports Pakistan s counterterrorism efforts, Lin said China will continue to support Pakistan s economic development, social development and the improvement of its people’s livelihoods, he added and it will undertake firm cooperation with Pakistan in various fields to bring benefits to the two peoples

Separately Islamabad also said on Thursday that there remains no doubt that the suicide attack in Besham was orchestrated by enemies of Pakistan-China friendship Together we will resolutely act against all such acts and forces and defeat them,” said FO Spokesperson Mumtaz Zahra Baloch She further expressed Islamabad’s determination to work with Beijing in ensuring the safety and security of Chinese nationals projects and institutions in Pakistan

Petrol price expected to surge by Rs9.94/litre for next 15 days ISLAMABAD a h m a D a h m a Da N i

Tax exemption of Rs50b for Aviation authorities draws IMF attention

Finance

Already burdened masses should get ready to bear additional burden as the prices of petrol is expected to increase by approximately up to Rs 9 94 per litre for the first 15 days of April According to sources, Eid-ul-Fitr is ahead and the prices of petroleum products will find a mixed trend with the start of April They said that petrol is expected to see a rise of Rs 9 94/litre light diesel could rise by Rs 0 45per litre while the prices of HighSpeed Diesel (HSD) and kerosene oil may witness a decrease of Rs 1

Finance Minister Muhammad Aurangzeb on Friday expressed his optimism about striking a deal with the International Monetary Fund (IMF) by the end of this fiscal year, despite no final discussions yet Aurangzeb speaking at the Pakistan Stock Exchange mentioned that further negotiations with the global lender would occur during the spring meetings in Washington, aiming for a more substantial and extended program

He said that he will visit Washington on April 14 and 15 for meetings with officials of the World Bank and the IMF He emphasised the need for the Extended Fund Facility (EFF) to advance structural reforms, avoiding lengthy debates

The minister indicated that formalisation for entering the EFF would proceed in the spring with hopes for a staff-level agreement by fiscal year-end to maintain macroeconomic stability He outlined a two-pronged strategy for implementing reforms focusing on immediate issues and longer-term structural changes

When questioned about the possibility of resuming trade with India, Aurangzeb stated he could not offer comments, indicating such decisions rest with the prime minister cabinet and Parliament and no such proposal has been presented to him thus far

Highlighting revenue challenges, Aurangzeb pointed to the

The existing $3 billion arrangement with the IMF expires on April 11, following a recent staff-level agreement for a $1 1 billion disbursement

Federal Board of Revenue s (FBR) need for better implementation of its Track and Trace system to prevent losses

He also mentioned addressing Rs1 7 trillion in pending tribunal litigation with a deadline set for resolution

Aurangzeb stressed the importance of integrating under-taxed sectors and enhancing digitalization for transparency and improved service delivery He advocated for private sector leadership in economic development, with the government providing policy support and promoting privatisation and public-private partnerships

He also emphasized the role of Chinese investment and cooperation particularly in expanding the capital markets and advancing the China-Pakistan Economic Corridor (CPEC) phase 2

Punjab Assembly approves Rs3.43b interim budget amid opposition protest

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 : 1 5 6 1 0 1 : 3 0 5 : 0 0 6 : 3 5 8 : 1 5 Saturday 30 March 2024 NEWS Published by Asad Nizami at Plot No 66-C, 1st Floor, 21st Commercial Street, Phase-II (Extension), DHA Karachi and printed at Ibn-e-Hassan Printing Press, Hockey Stadium, Karachi, for PT Print (Pvt) Limited Ph: 021-35381208-9 Email: newsroom@pakistantoday com pk ISLAMABAD
i a N a b R a R
m
rrespective of the recent terrorist attack on Chinese engineers China on Friday vowed to “continue to develop bilateral cooperation with Pakistan and promote the second phase of China Pakistan Economic Corridor with high quality development in collaboration with Pakistan China also has instructed its workers to resume work on the Tarbela Dam extension project days after five Chinese engineers were killed in the Besham suicide attack As per an office circular issued by the Power Construction Corporation of China Ltd, on March 28, workers and office staff will be back to work after such short time suspension”
will continue to develop bilateral cooperation and promote the second phase of CPEC with high-quality development in collaboration with Pakistan
earlier
Chinese foreign ministry
E F Y I N G T H R E AT S , C H I N E S E C O M PA N I E S T O
KABUL S ta f f R e p o R t Pakistan and Afghanistan reached certain agreements during trade talks in Kabul including beginning negotiations on a revised transit trade agreement and implementing a temporary admission document (TAD) for trade vehicle drivers, officials said on Friday Talks were held amid tensions following Pakistan’s March 18 airstrikes in Afghanistan s Patika and Khost provinces in intelligence-based anti-terrorist operations which Afghan authorities said killed eight people The Foreign Office had confirmed the strikes, saying they were aimed at the Hafiz Gul Bahadur group which was responsible for multiple terrorist attacks inside Pakistan, including one on security forces in North Waziristan that martyred seven soldiers On Thursday Foreign Office (FO) spokesperson Mumtaz Zahra Baloch said in a weekly press briefing that Commerce Secretary Mohammad Khurrum Agha visited Afghanistan from March 24-27 to discuss bilateral trade and transit with his Afghan counterpart Nooruddin Azizi The two sides discussed a bilateral Preferential Trade Agreement implementing a TAD for trade vehicle drivers multimodal air transit and issues related to transit trade We are encouraged by the progress made on these issues and remain committed to promoting trade and people-to-people ties with Afghanistan the FO had said Pakistan embassy officials in Kabul said today that progress was achieved on multiple issues including a bilateral preferential trade agreement air transit the operation of border crossings 24/7 for trade purposes addressing the issues in transit trade through Afghanistan and Afghan Transit Trade that passes through Pakistan Afghan charge d affaires Sardar Shakib Ahmad rushed to Kabul to brief officials about his meetings in Islamabad He met acting Afghan Foreign Minister Amir Khan Muttaqi
briefed him regarding recent developments in the relations between Afghanistan
Pakistan deputy foreign ministry spokesman Hafiz
O N T I N U E W O R K I N G O N C P E C P R O J E C T S
and
and
mission
Kabul Ubaidur
visit
the commerce ministry delegation
Pakistan’s
strong ties
Afghanistan in transit trade
other mutually
statement
Pakistan and Afghanistan will facilitate transit and bilateral trade and take all possible measures to create an environment conducive to continuous and productive trade and economic relations between the two countries
m o N i to R i N g D e
k
Zia Ahmad Takkal said Pakistan s head of
in
Rehman Nizamani said the
of
was part of
efforts to build
with
and all
beneficial areas I am happy to report that this was a successful visit and both sides have agreed to work together for mutual benefit in a number of areas, Nizamani said in a video
He said
PR OFIT
S
30 per litre, Rs 0 17/litre respectively They said these estimates are based on the current tax structure and if approved would mean that consumers could be paying Rs 289 69 per litre for petrol Rs 284 26per litre for HSD, Rs 188 49 per litre for kerosene oil, and Rs 168 63 per litre for LDO, all starting with the start of first half of April said sources These proposed changes in petrol diesel and kerosene oil prices are calculated based on current government taxes, they added At present, petrol is available at Rs 272 75/litre, HSD at Rs 285 56/litre, Kerosene oil at Rs 188 66/litre and LDO at Rs 168 18/litre As per sources these proposed changes are subject to government approval and will depend on various factors, including global oil prices, currency exchange rates, and the financial implications for the energy sector The Minister of Finance Revenue and Economic Affairs Muhammad Aurangzeb would announce the new oil prices on late Sunday after getting the consent of Prime Minister Shehbaz Sharif It is relevant to note that Petrol is primarily used as fuel for cars, motorcycles and other vehicles High-Speed Diesel (HSD) is mainly used as fuel for heavy vehicles like trucks, buses, and industrial machinery It is also used in generators and some agricultural equipment Kerosene Oil is used for cooking and lighting in households without access to electricity Light Diesel Oil is used in industrial boilers furnaces and certain types of engines It s commonly utilized in sectors like textiles, cement, and power generation
PR OFIT N e w S D e S k In a move that has sparked controversy and potential conflict with international financial obligations the government of Pakistan recently passed legislation granting Rs50 billion annual income tax exemption to the Pakistan Civil Aviation Authority (PCCA) and the Pakistan Airports Authority (PAA) This decision comes in the wake of the approval of a $3 billion Stand-By Arrangement (SBA) with the International Monetary Fund (IMF) raising concerns over compliance with the terms set forth by the international lender The exemptions, detailed in official documents, reveal an annual fiscal impact of Rs50 billion for the current year, stemming from legislation passed through the Pakistan Civil Aviation Authority Act 2023 and the Pakistan Airports Authority Act 2023 These laws were enacted shortly after the IMF s executive board green-lit a bailout package aimed at stabilizing Pakistan s economy This legislative action has not gone without internal opposition The Federal Board of Revenue (FBR), the country’s main tax collection agency has reportedly been at odds with the decision citing a violation of the Income Tax Ordinance of 2001 According to this ordinance particularly section 54 income tax exemptions to any entity under any law other than the ordinance itself are prohibited Despite the FBR s attempts to counter the exemption and recover the funds, support from the Ministry of Law and Justice for the aviation authorities’ stance has complicated efforts The Ministry s backing hinges on interpreting non-obstante clauses within the new acts suggesting that these recent laws should take precedence over the previous income tax ordinance due to their later enactment The IMF is scheduled to review Pakistan’s adherence to the SBA terms in an upcoming board meeting, where the approval of a staff-level agreement and the disbursement of an additional $1 1 billion in funding will be considered Moreover the government is reportedly seeking further PR OFIT N e w S D e S k In a tumultuous session of the Punjab Assembly lawmakers approved an interim budget exceeding Rs3 43 billion The session was marked by significant dissent from opposition members who demonstrated their disapproval by tearing copies of the budget leading to a disruptive atmosphere in the assembly The contentious debate escalated when an opposition member criticized the allocation of reserved seats for women, referring to them as charitable seats, sparking a heated exchange with provincial minister Khalil Tahir Sindhu The minister took offense to the remark leading to further altercations in the assembly The assembly, chaired by Speaker Malik Muhammad Ahmed Khan, managed to pass 41 demands for grants despite the opposition s numerous cut motions, which were all rejected Amid the budget approval process, opposition members vocally expressed their dissent, with some standing on their seats and chanting slogans The conflict intensified when opposition member Imtiaz Sheikh made a controversial comment to Sindhu asserting dominance in a personal capacity This incited a sharp response from the Deputy Speaker who admonished members for attempting to influence the chair s decisions Finance Minister commented on the opposition’s conduct deeming it inappropriate for the legislative setting Amidst these proceedings new member Ahmer Rashid Bhatti was sworn in The session concluded with the assembly scheduling to commence detailed discussions on the interim budget from the following Friday Aliya Hamza and Sanam Javed arrested in another case LAHORE S ta f f R e p o R t Police has arrested Pakistan Tehreek-e-Insaf (PTI) leaders Aliya Hamza and social media activist Sanam Javed in connection with a case registered in Mianwali According to sources the jail administration will present the accused individuals in an anti-terrorism court Mianwali police are set to seek a transitory remand for Aliya Hamza and Sanam Javed It’s pertinent to note that just a few days ago, the anti-terrorism court had accepted the bail plea of Aliya Hamza and Sanam Javed in the Shadman attack case related to the May 9 riots
optimistic to
deal by fisc al year- end ISLAMABAD S ta f f R e p o R t The Islamabad High Court (IHC) on Wednesday summoned the election commission’s reply by next week over a petition about uploading form 45 and 47 The Majlis Wahdat-e-Muslimeen (MWM) has filed a petition in the high court that the Election Commission of Pakistan (ECP) has failed to upload the election result forms 45 and 47 on its website within required period Chief Justice IHC Aamir Farooq heard the petition The court served notice to the ECP and summoned its reply by next week Earlier, the lawyer informed the court that the elections were held on February 08 but concerned result documents yet to be uploaded by the electoral body On a question of the chief justice with regard to documents lawyer said that the forms issued from presiding officers are required to be uploaded at the website Moreover, consolidated result forms also required to be uploaded “The election commission yesterday uploaded some 45 forms which were later removed from the site lawyer said g A u r a n g z e b t o v i s i t Wa s h i n g t o n o n A p r i l 1 4 - 1 5 f o r m e e t i n g s w i t h I M F a n d Wo r l d B a n k o f f i c i a l s IHC adjourns form 45, 47 c ase hearing till nex t week g S e s s i o n m a r ke d b y p r o t e s t s a n d h e a t e d e x c h a n g e s a s o p p o s i t i o n t e a r s b u d g e t c o p i e s g E s t i m a t e s b a s e d o n c u r r e n t t a x s t r u c t u r e a n d g l o b a l o i l p r i c e s
Minister
strike IMF

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