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Tprovide information but they deliberately with malafide intention refused

funds were directed to the PTI founder s account or that of his wife Bushra Bibi Imran Khan and Bushra Bibi did not derive any personal benefit from these transactions,” Khosa emphasised

lawyer, Sardar Latif Khosa, challenged the allegations,

r the other pretext Furthermore, it is established through their responses that they have nothing in their defence to rebut the above-mentioned allegations Thus they all have committed an offence under the

National Accountability Ordinance (NAO)

It added that the investigation proceedings and findings so far “established that accused persons in connivance with each other have committed the offence of corruption and corrupt practices as defined under the NAO

The reference said Imran played a pivotal role in the illicit transfer of funds which were meant for the state which ultimately benefited Riaz Akbar, a former special assistant to the premier and Asset Recovery Unit chief played a crucial role in the illegal design of the funds which were meant for the state, the reference said Malik, the reference said, had “actively aided, abetted and assisted and acted in conspiracy” with the other respondents for the diversion of funds earmarked for the state

Bushra Bibi and Shahzadi also played a significant and crucial role in the “illegal activities”, the latter also a “front woman” for Imran and his wife it said

The reference said that it was just and proper to proceed against the eight suspects as there was sufficient incriminating evidence available to justify the reference

It pleaded that the eight suspects be tried and punished in accordance with the law by the court or any other to which the reference was entrusted I H C G R A N T S B A I L T O I M R A N K H A N

to a new level Wang added

The Chinese foreign minister said that his country is willing to work with Pakistan to implement the important consensus reached by the leaders of the two countries, pool efforts to promote the construction of an upgraded version of the China-Pakistan Economic Corridor (CPEC) and work together to build a closer China-Pakistan community with a shared future in the new era

In addition, China will not waver in its determination to deepen cooperation with Pakistan, and hopes that Pakistan will continue to do its utmost to ensure the safety of Chinese personnel projects and institutions in Pakistan and eliminate the worries of Chinese enterprises and personnel, he added

The Pakistan-China friendship is the cornerstone of Pakistan’s foreign policy Dar said adding that Pakistan abides by the one-China principle firmly supports China without hesitation on all issues concerning China s core interests, and looks forward to further deepening bilateral practical cooperation in various fields

He further said that Pakistan will do its utmost to ensure the safety of Chinese personnel and institutions in Pakistan

He also thanked China for its consistent support on the Kashmir issue, saying it is crucial for resolving the dispute to bring peace in the region

The two countries also agreed to continue their cooperation on issues related to regional security and stability

of this scandal, wheat procurement by provinces and the government has decreased, adversely affecting farmers’ ability to obtain fair rates for their produce This loss to farmers and economy were a result of decisions made by incapable and inefficient individuals and they must be held accountable Bilawal Bhutto emphasized that it is not the fault of the farmers, and the government should step in to assist them He stressed the importance of recognizing Pakistan as an agricultural country and urged a renewed focus on agriculture as a means to earn and thrive PPP Chairperson shared his views on the Presidential address to both Houses of Parliament on April 18, 2024 He congratu-

In par tnership with Profit T h u r s d a y, 1 6 M a y, 2 0 2 4 I 7 Z i l - Q a d a h , 1 4 4 5 R s 2 0 0 0 | Vo l X I V N o 3 1 6 I 8 Pa g e s I I s l a m a b a d E d i t i o n ISLAMABAD S tA f f C o R R e S p o n d e n t
HE Islamabad High Court (IHC) granted on Wednesday bail to PTI founder Imran Khan in the £190 million case The court asked the PTI founder to submit a surety bond of Rs1 million in order to secure bail However the order will not result in the ex-premier ’s release from Adiala jail since his sentences in the Iddat and cypher cases are yet to be suspended A day earlier, a two-member bench comprising IHC Chief Justice Aamer Farooq and Justice Tariq Mehmood Jahangiri reserved the decision on Imran’s bail plea following the completion of arguments presented by both sides Amjad Parvez, the special prosecutor of the National Accountability Bureau (NAB), contended that the funds should have been remitted to the government of Pakistan The Supreme Court clearly stated in its verdict that the funds were mistakenly deposited into the Supreme Court s account This act of secrecy constitutes a significant deception,” Parvez asserted Concluding his arguments, Parvez urged the court to expedite the trial proceedings rather than considering bail at this stage Responding to the prosecution s claims, Imran Khan s
particularly those made by former aide Shahzad Akbar Khosa questioned why Imran Khan was being held accountable for matters beyond his control Khosa highlighted that a witness of NAB acknowledged the absence of Imran Khan’s signature and affirmed that no
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ISLAMABAD S tA f f C o R R e S p o n d e n t Chinese Vice Premier Ding Xuexiang met with Pakistani Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar in Beijing on Wednesday Noting China and Pakistan are allweather strategic cooperative partners and iron-clad brothers Ding said China is willing to work with Pakistan to implement the important consensus reached by the leaders of the two
era and bring more benefits to the two peoples Dar said Pakistan attaches great importance to developing relations with China, firmly supports China s core interests and major concerns, and is willing to comprehensively strengthen practical cooperation with China promote the upgrading of bilateral cooperation and deepen the Pakistan-China all-weather strategic cooperative partnership Meanwhile, China said on Wednesday that it firmly supports Pakistan in safeguarding national sovereignty, independence and territorial integrity and in playing a bigger role in international and regional affairs The remarks were expressed by Chinese Foreign Minister Wang Yi while co-chairing the fifth round of the Foreign Minister-Level China-Pakistan Strategic Dialogue with Pakistan s Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar in Beijing on Wednesday The two sides pledged to enhance pragmatic cooperation in various fields Wang also a member of the Political Bureau of the Communist Party of China Central Committee noted that China and Pakistan are all-weather strategic cooperative partners Over the years, he said that Pakistan has firmly adhered to the one-China principle and offered China valuable support without reservation on issues concerning China’s core interests Wa n g s a i d t h a t C h i n a a l s o f i r m l y supports Pakistan in safeguarding nat i o n a l s o v e r e i g n t y, i n d e p e n d e n c e a n d t e r r i t o r i a l i n t e g r i t y a n d i n p l a y i n g a b i g g e r r o l e i n i n t e r n a t i o n a l a n d r e -
“It
believed that under the leadership of the new government Pakistan will enter a new stage of political unity social stability, controllable security and sustainable development, he said China and Pakistan will support each other share weal and woe and work hand in hand to push China-Pakistan allweather strategic cooperative partnership
countries, maintain high-level strategic communication jointly build the China-Pakistan Economic Corridor with high quality coordinate development and security deepen people-to-people ties, accelerate the building of an even closer China-Pakistan community with a shared future in the new
gional affairs
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ISLAMABAD S tA f f R e p o R t Chairman Pakistan People’s Party (PPP) Bilawal Bhutto Zardari on Wednesday demanded the federal government to announce special incentives for farmers in the upcoming budget and provide direct relief to small farmers by subsidizing the agriculture sector Speaking here in National Assembly Bilawal Bhutto emphasized the provision of subsidies to small farmers and landlords through the implementation of a Kisan Card system He highlighted that Pakistan s annual import of agricultural goods exceeds Rs 10 billion and stressed the importance of facilitating small farmers to minimize this dependency He demanded the government to engage all stakeholders including farmers organizations, and proposed the declaration of a 10-year emergency along with the implementation of consistent agricultural policies He emphasized that such measures would significantly contribute to the country s development He underscored the necessity for the government to restore the confidence of wheat-growing farmers by announcing support measures This he emphasized is essential to ensure there is no shortage of wheat in the coming year Bilawal Bhutto urged the government to take decisive action to resolve the wheat import controversy and hold accountable those responsible during interim set-up in the wheat import scandal He stressed that the Prime Minister should identify the bureaucrats and former ministers involved in the scandal and take prompt action against them without any further delay He emphasized that all major parties have consistently recognized agriculture as the backbone of the country in their manifestos Bilawal Bhutto pointed out that the funds involved in the scandal were derived from the tax contributions of the people of Pakistan, and those responsible for misusing them should be held accountable He highlighted that as a result
lated the assembly on this occasion, noting that it marked the 7th address by a civilian President He commended the President for focusing on national issues in the speech avoiding personal or political matters Bilawal emphasized that as the representative of the federation the President prioritized public concerns, emphasizing unity, reconciliation, and collective progress He remarked that President Mr Asif Ali Zardari recognizes that the solution to Pakistan’s problems lies in dialogue among political forces During the address he highlighted that both the federal government and the opposition should work together to address public issues collectively Bilawal Bhutto Zardari advised the opposition to provide input in the upcoming budget particularly during Pakistan s current financial crisis He emphasized that despite drawing salaries, it is the responsibility of the opposition to actively participate as members of the House and contribute to the functioning of parliament He noted that the President delivered a brief speech covering both national and international policy issues while the Opposition Leader s opening speech was lengthy He suggested that it would have been more constructive if the Opposition Leader had used the opportunity to recommend alternatives to government policies and offer counter policies for consideration During his address to Parliament, he remarked that the President effectively articulated Pakistan’s policy on Kashmir and Palestine providing a clear narrative He criticized the opposition s behavior expressing dismay over their protests during the speech, which he believed sent the wrong message to the public and those witnessing the session The PPP Chairperson also highlighted the progress made in the health and education sectors in Sindh urging other provinces including Khyber Pakhtunkhwa to emulate these efforts He emphasized that Sindh boasts quality health facilities in Karachi, Hyderabad, and Gambat (Khairpur), where a policy of free treatment is extended to all Pakistanis He extended an invitation to the KP government to visit these hospitals in Sindh and observe how quality healthcare can be provided to the underprivileged Regarding education, Sindh addressed structural issues and advocated for the introduction of publicprivate partnerships rather than the privatization of educational institutions
Go vt to announce spec ial i nc entives for farmers in upco ming bu dget: Bi lawal Pakistan conducts successful training launch of Fatah-II guided rocket system RAWALPINDI S tA f f R e p o R t The Pakistan Army conducted on Wednesday a successful training launch of the Fatah-II guided rocket system said a statement from the Inter-Services Public Relations (ISPR) The system has a range of 400 kilometres and boasts state-of-the-art navigation capabilities, unique trajectory and manoeuvrable features Fatah-II is capable of engaging targets with high precision and defeating any missile defence system , ” said the military’s media wing The system will be integrated into the army s artillery divisions for standoff precision engagement of deep targets The launch witnessed by high-ranking military officials including the Chief of the General Staff of the Pakistan Army, senior officers from all three branches of the armed forces, and a team of scientists and engineers marks a significant milestone in Pakistan’s defence capabilities “President Prime Minister of Pakistan Chairman Joint Chiefs of Staff Committee Chief of Army Staff and all Services Chiefs congratulated participating troops and scientists on this excellent achievement, added ISPR Earlier, the Army conducted a successful flight test of the Fatah-II missile system The test was witnessed by senior officers from the tri-services scientists and engineers said the ISPR The test of the ballistic missile system was aimed at re-validating various designs technical parameters, and performance evaluations of different sub-systems, a press release stated PTI leadership demands probe into ‘Dubai Proper t y Leaks’ ISLAMABAD S tA f f R e p o R t Opposition Leader in the National Assembly Omar Ayub Khan Wednesday demanded a probe regarding the Pakistanis named in the Dubai Unlocked investigation Speaking with journalists at the Parliament today, the politician said it will be established whether the properties in Dubai are declared or not The senior politician’s statement came after an explosive exposé was made public on Tuesday listing details of properties owned by the global elite in Dubai which includes political figures globally sanctioned individuals alleged money launderers and criminals Several Pakistani politicians, former military servicemen, bureaucrats, businessmen, among others, have also been named in the investigations The combined value of Pakistanis on the list is estimated at around $11 billion g C o u r t a s k s P T I f o u n d e r t o s u b m i t s u r e t y b o n d o f R s 1 m i l l i o n g P T I f o u n d e r t o r e m a i n b e h i n d b a r s d e s p i t e s e c u r i n g b a i l C O N T I N U E D O N PA G E 03 Gov t slashes petrol price by Rs15.39, diesel by Rs7.88 per litre ISLAMABAD A h m A d A h m A dA n i The good news for the inflation-hit masses is that the government has approved a massive cut in the prices of petroleum products by upto Rs 15 39 per litre for the second half of May 2024 As per details, Oil and gas Regulatory Authority (OGRA) on Wednesday forwarded a summary regarding oil prices for the second half of the ongoing month of May 2024 And the Prime Minister Shehbaz Sharif late Wednesday night approved huge relief in the per litre price of petroleum products According to new oil prices the price of High-Speed Diesel (HSD) has been reduced by Rs7 88 per litre to Rs 274 08 and the price of petrol has also been slashed by Rs 15 39/litre, taking the new rate to Rs273 10 per litre These updated prices will take effect from May 16 2024 g U p d a t e d p r i c e s a r e s e t a t R s 2 7 3 . 1 p e r l i t r e f o r p e t r o l a n d R s 2 7 4 0 8 f o r H S D C O N T I N U E D O N PA G E 03
China, Pakistan to deepen ties and combat ter rorism together

Prime Minister Shehbaz Sharif to take up three agenda items including Circular Debt Report for February 2024, Illegal Spectrum of Goods and Services: Incentive Mechanism for Recovery of Electricity Arrears above two years and from Theft of Electricity from Private Consumers and Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries-Extension of Deadline for Signing of Upgrade Agreement The Petroleum Division has prepared a summary of Brownfield Refining Policy for approval by the Cabinet Committee on Energy (CCOE) Earlier the deadline for signing plant upgrade agreements with the Oil and Gas Regulatory Authority (Ogra)

was April 22 2024 Three refineries namely Attock Refinery Limited (ARL), National Refinery Limited (NRL), and Pakistan Refinery Limited (PRL) had agreed to ink agreements before the deadline while two other refineries – Pak Arab Refinery (Parco) and Cnergyico PK –needed more time However, the Petroleum Division neither arranged the signing of agreements with the willing refineries nor extended the date to accommodate the requests of others The formulation of a new refining policy has already taken more than four years, causing a loss of about $4 billion to the country ARL, NRL, and PRL plan to invest $3 billion in upgrading their plants while total investment will reach $6 billion when PARCO and Cnergyico also join them

The CCOE had already reviewed a summary dated January 25, 2024, submitted by the Petroleum Division on February 6, 2024, and approved proposed amendments to the policy The CCOE s decision was also ratified by the federal cabinet Accordingly the amended Pak-

istan Oil Refining Policy for Up-gradation of Existing/Brownfield Refineries 2023 was notified for implementation

The policy envisages upgrading the existing refineries to produce environmentally friendly Euro-V fuels and reduce the production of furnace oil To achieve this objective the policy provides a 2 5% incremental incentive on high-speed diesel (HSD) in addition to the current 7 5% and 10% on motor spirit (petrol) in the form of deemed duty for seven years

The deemed duty will be deposited in an escrow account maintained by OGRA with refineries for meeting up to 27 5% of plant upgrade costs OGRA will allow the withdrawal of funds by the refineries from the escrow account post-financial close of upgrade projects and for meeting the expenditure made to achieve each milestone

To avail themselves of the incremental incentive the refineries are required under the policy to execute plant upgrade agreements open an escrow account and provide an Rs1 billion bank guarantee to OGRA within 60 days of the notification of the policy, ie, by April 22 2024 Clause 6 1 3 5 of the policy provides that deemed duty on HSD shall be reduced from 7 5% to 5% for refineries that do not sign the upgrade agreement within the deadline of 60 days OGRA said that ARL, NRL, and PRL had conveyed their readiness to sign the agreement and the Petroleum Division may coordinate in this respect However PARCO and Cnergyico which jointly contribute more than 50% of the country s refining output, have yet to finalise the agreement PARCO is in the process of updating its feasibility study after which its board of directors will decide on the planned refinery upgrade These activities may take five to six months CCo E m

g With ne W r atings, that ta Cement demonstr ates r obust finanCial health and sound liquidit y

Th d y 16 M y 2024 | ISLAMABAD 02 NEWS ISLAMABAD A h m A d A h m A dA n i e L E C T R I C I T Y consumers may face additional financial hardships as the base tariff of electricity is projected to increase to Rs 5 per unit for the Financial Year (FY) 2024-25 As per details Central Power Purchasing Agency (CPPA), on behalf of power distribution companies (DISCOs) has submitted the projected power purchase for the Financial Year (FY) 2024-25 And, the total power purchase price for the next fiscal has been projected to be up to Rs 358 billion CPPA in its petition submitted with National Electric Power Regulatory Authority (NEPRA) presented Projected Power Purchase Price report for the FY 2024-25, under seven scenarios for consideration of the Authority NEPRA) in order to determine the consumer-end tariff for FY 2024-25 The scenarios are based on various level of demand growth (3pc to 5pc) exchange rate (Pak rupee value at 275 and 300) and hydrology of normal and dry season The CPPA projection suggested that electricity consumers will bear 2 40 percent of the US inflation which is proposed to be incorporated into the tariff 12 20 percent of domestic inflation interest charge of 21 37 percent and 5 31 percent on electricity purchases, and market operator fee of Rs 3 48 per unit Similarly, fuel cost of Rs 8 61 per unit to 9 34 per unit has been proposed under various scenarios Capacity charges from 15 49 per unit to Rs 17 42 per unit are also projected for 2024-25 It is worth to mention here that during the ongoing fiscal year the capacity payments was 71 percent of the power purchase price (PPP) whereas energy cost was around 29% of the total projected PPP The capacity charges for 2023-24 was Rs 16 22 per unit, whereas energy charges are Rs 6 73 per unit The total Power Purchase Price under seven scenarios has been projected from Rs 25 03 per unit to Rs 27 11 per unit for the next fiscal year Notably the PPP for the ongoing FY 2023-24 is Rs 22 95 per unit The capacity charges works out as around 64% of the total projected PPP of DISCOs, whereas energy cost is around 34 % of the total projected PPP On account of variable O&M cost the CPPA has projected Rs 0 48 per unit and Rs 0 50 per unit on account of seven different scenarios The increase in PPP has been projected from Rs 2 07 per unit Rs 4 16 per unit under various scenarios Besides the PPP the base tariff also includes distribution margin DISCOs, transmission and distribution losses The distribution margins of DISCOs for the ongoing Fiscal year is Rs 3 10 per unit which is also likely to go up by 15 to 20 percent The current base price of electricity is around Rs 30 per unit To ensure a fair and informed decision NEPRA has scheduled a hearing for May 23 2024 It is worth mentioning that if approved, consumers of DISCOs could face a staggering additional financial strain of Rs 337 billion to Rs 358 billion in the upcoming fiscal year (2024-25) P o w e R C o n S u M e R S L I k e LY t o fA C e R S 5 / u n I t tA R I f f h I k e
Gov t acquires Rs387.54b debt in a week total borrowing skyrockets to rs5.17 trillion for the fiscal year 2024 PR OFIT m o n to R i n g d e S k The federal government’s borrowing skyrocketed to Rs5 17 trillion for the fiscal year 2024 which is higher compared to previous years According to the central bank s weekly estimates the government incurred an additional debt of Rs387 54 billion during the week ended May 03, 2024 Of the weekly net borrowing, Rs356 9 billion was for budgetary support and Rs30 91 billion was for commodity operations Additionally Rs274 03 million was retired from the others category during the week The cumulative borrowing for fiscal year 2024 stands at Rs5 42 trillion for budgetary support, with Rs252 66 billion retired from commodity operations and Rs2 91 billion retired from others The primary sources of financing for budgetary support are the State Bank of Pakistan and scheduled banks This fiscal year, the government has repaid a net sum of Rs622 11 billion to the central bank, with the Federal Government retiring Rs239 47 billion the Provincial Government Rs364 53 billion the AJK Government Rs18 16 billion and the GB Government borrowing Rs0 04 billion Scheduled banks have lent a net total of Rs6 04 trillion, with the Federal Government borrowing Rs6 2 trillion and the Provincial Government retiring Rs151 49 billion ADB sells $3.5b 2-Year global benchmark bond transac tion is lead-managed by Credit agricole Cib, deutsche bank, jP morgan, and nomura PR OFIT n e w S d e S k The Asian Development Bank (ADB) priced a 2-year global benchmark US dollar bond worth $3 5 billion the proceeds of which will be part of ADB s ordinary capital resources The 2-year bond with a coupon rate of 4 875% per annum payable semi-annually and a maturity date of 21 May 2026, was priced at 99 904% to yield 9 9 basis points over the 4 875% US Treasury notes due April 2026 The transaction was lead-managed by Credit Agricole CIB Deutsche Bank JP Morgan and Nomura The issue achieved wide primary market distribution with 51% placed in the Americas; 38% in Europe, the Middle East, and Africa; and 11% in Asia By investor type, 66% went to central banks and official institutions 19% to banks and 15% to fund managers and other types of investors ADB plans to raise about $30 billion–$34 billion from the capital markets in 2024 We are grateful for the consistently robust support from our investor community that resulted in an order book of over $9 billion and enabled the issuance of a $3 5 billion global benchmark bond with a 2-year maturity said ADB Treasurer Pierre Van Peteghem in a press statement This will help support ADB s commitment to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific ” ADB is committed to achieving a prosperous, inclusive resilient and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty Established in 1966 it is owned by 68 members 49 from the region, the statement added Citi Pharma Ltd. announces shift to solar energy to enhance sustainability Company to save over rs100m annually with solar transition LAHORE S tA f f R e p o R t Citi Pharma Limited a prominent player in the pharmaceutical industry has officially announced its transition to solar energy marking a significant step in its commitment to sustainability and environmental responsibility The announcement was made in a recent notice to the Pakistan Stock Exchange (PSX), where the company outlined its strategy to move away from traditional energy sources to solar power This strategic shift is not only aimed at reducing the company s carbon footprint but also aligns with its core values of innovation, sustainability, and corporate social responsibility By adopting solar energy Citi Pharma Limited expects to achieve substantial cost savings with anticipated annual savings exceeding 100 million rupees The decision to transition to solar power reflects Citi Pharma Limited s proactive approach to embracing cleaner and more sustainable energy alternatives This move is expected to enhance the company’s operational efficiency and further invest in its core business activities ultimately benefiting stakeholders and contributing positively to the environment LSMI output grows by 2 04% YoY PR OFIT m o n i to R i n g d e S k The Pakistan Bureau of Statistics (PBS) in a report published on Wednesday revealed a positive growth trajectory for Pakistan’s Large-scale Manufacturing Industries (LSMI) with a notable 2 04% year-on-year increase in production for March 2024 The LSMI index rose to 115 53, showcasing steady progress compared to the 113 21 index recorded in March 2023 Despite this annual growth the month-on-month comparison indicates a substantial 9 35% decline in LSMI output from February 2024 where the index stood at 127 44 This sharp decline reflects the dynamic nature of industrial production and the influence of various economic factors on monthly performance Cumulatively, for the first nine months of the fiscal year 202324 (9MFY24) the LSMI sector has experienced a marginal decline of 0 1% when compared to the corresponding period in the previous year This nuanced performance underscores the challenges and opportunities within Pakistan’s manufacturing landscape Analyzing the sector-wise contributions to this cumulative growth figure key sectors such as Food Garments Petroleum Products Chemicals Pharmaceuticals and Furniture have displayed positive growth rates Conversely, industries like Tobacco, Textile, Iron & Steel Products, Electrical Equipment, Automobiles, and Other Transport Equipment have witnessed varying degrees of decline influencing the overall LSMI performance In a broader context the production trends from July to March of the fiscal year 2023-24 compared to the same period in the previous year highlight a mixed picture across different industries within the LSMI sector While sectors like Food Wearing Apparel Coke & Petroleum Products Chemicals Fertilizers Pharmaceuticals Machinery and Equipment and Furniture have shown growth, others like Tobacco, Textile, Paper & Board, Non-Metallic Mineral Products, Iron & Steel Products, Electrical Equipment, Automobiles and Other Transport Equipment have experienced a decrease in production LAHORE S tA f f R e p o R t VIS Credit Rating Company Limited on Wednesday granted Thatta Cement Company Limited robust entity ratings of A-/A-2 reflecting a stable financial outlook and solid business fundamentals It is to be noted that medium to long term rating of A- indicates good credit quality; protection factors are adequate Risk factors may vary with possible changes in the economy Short-term rating of A-2 indicates good certainty of timely payment Liquidity factors and company fundamentals are sound Access to capital markets is good whereas risk factors are small Established in 1980 under the aegis of the State Cement Corporation of Pakistan Thatta Cement has evolved into a key player in the cement industry characterized by its innovative manufacturing techniques and strategic market presence The company’s initial operations began in 1982 with a facility equipped to produce 1 000 tons of clinker per day using dry process technology This capacity was later doubled to 2 000 tons per day, enhancing the company s production capabilities and market reach The significant expansion not only marked Thatta Cement’s commitment to growth but also underscored its ability to scale operations efficiently in a competitive landscape In 2004, a pivotal change occurred when the Government of Pakistan divested its stake in Thatta Cement through the Privatization Commission, a move that led to the company’s listing on the Pakistan Stock Exchange in 2008 The subsequent years saw Sky Pak Holding (Pvt) Ltd and Al-Miftah Holding (Pvt ) Ltd acquire majority shareholding from Arif Habib Group in 2012, stabilizing the company s governance and financial outlook Thatta Cement’s subsidiary, Thatta Power (Private) Limited, which holds a significant 62 43% ownership is an integral part of the business supplying power not only for Thatta s operations but also to the Hyderabad Electric Supply Company (HESCO), highlighting the vertical integration of the company in energy provision crucial for its manufacturing operations The recently assigned ratings by VIS Credit incorporate the medium business risk profile supported by a medium to low level of competition within the cement sector, especially in the southern region of Pakistan The oligopolistic nature of the market provides a cushion against extreme fluctuations in market dynamics ensuring stability in operations and financial planning Moreover, the ratings reflect the company s robust financial risk profile buoyed by a notable growth in top-line revenue in FY23 due to an increase in the selling price of cement coupled with a reduction in coal costs transitioning from imported to local coal sources These factors have significantly improved the gross and net margins of the company The coverage profile and capitalization metrics remain comfortably high supported by a prudent debt management strategy ensuring less reliance on external financing The liquidity position of Thatta Cement is also deemed adequate, with improvements in the company’s financial metrics in the third quarter of FY24 further strengthening its market stance A significant cash reserve positions the company well to handle future economic uncertainties or potential investment opportunities for further expansion Looking ahead, the company’s ratings are poised to remain sensitive to the continuous improvement in financial metrics With a stable outlook Thatta Cement is well-positioned to capitalize on market opportunities and navigate challenges, reinforcing its role as a stalwart in Pakistan’s cement industry Th at t a Ce m e n t s e c u re s A - / A - 2 r at i n g f ro m V I S g C e n t r a l P o W e r P u r C h a s i n g a g e n C y, o n b e h a l f o f d i s Co s , s u b m i t s P r o j e C t e d P o W e r P u r C h a s e f o r t h e f i n a n C i a l y e a r 2 0 2 4 - 2 5 ISLAMABAD A h m A d A h m A dA n i A meeting of the Cabinet Committee on Energy (CCoE) is scheduled to be held on Thursday May 16 2024 to take up the Pakistan Oil Refining Policy for the Upgradation of Brownfield Refineries including other items on the agenda According to sources, CCOE will be held in the Prime Minister ’s House under the chair
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ADIAL A JAIL SECURIT Y: HEARING OF £190 MILLION ADJOURNED TILL MAY 17

TS earle Company to divest entire stake in S earle Pakistan Limited

National Bank of Pakistan added to MSCI Frontier M arket Index

terloop Limited SNGPL and NBP Overall weight of Pakistan in Frontier market index with inclusion of NBP and increase in free float market cap of existing 20 constituents by 12% is likely to increase by 30-40 basis points to 4 0-4 3% Topline Pakistan Research said in a note Similarly, Pakistan weight in MSCI Small Cap Index is also likely to increase despite no addition of any scrip in the index as existing 56 constituents of Pakistan have returned 16% in USD terms since Feb 01 2024 (last review) compared to 5% decline in MSCI Frontier market small cap index, the brokerage house said “We estimate Pakistan weight to increase in the range of 50-60 bps in the small cap index to 3 4-3 5%

Estimations indicate potential gross inflows of $30-40 million into the Frontier Market Index, attributed to the changes in weight and the addition of NBP These estimates are based on approxi-

BAFL TRG In-

mately $10 billion in assets under management (AUM) benchmarked to the MSCI FM Index, which has a free float market cap of $119 billion, the brokerage firm said In the last two weeks foreign corporations have already bought shares worth $34 4 million and sold shares totaling $20 7 million in Pakistan s market This activity suggests that Pakistan has already experienced a portion of the expected inflows, with the remainder anticipated to continue until the changes are implemented on June 3 2024 read the note Previously in September 2021, Pakistan was downgraded from its status as an emerging market by MSCI, over four years after being reclassified from the Frontier Markets Index

MSCI noted at the time that while the Pakistani equity market met the market accessibility requirements for the Emerging Markets classification, it fell short in terms of size and liquidity standards

03 NEWS Thursday 16 May 2024 | SLAMABAD Pakistan’s already restricted mango expor ts to high-end markets in doldrums CONTINUED FR OM PAGE 08 Apparently, the DPP officers are afraid to implement the disinfestation standard of mangoes at the hot water treatment plants because the plant owners have filed complaints against the officers with the FIA and involved them in inquiries The FIA kept them waiting the whole day in their offices and humiliating them According to insiders the DPP should have registered criminal cases against the suspended plants that have issued fake treatment certificates to get phytosanitary certificates from the DPP falsely and brought a bad name to Pakistan, but the DPP has not taken this step due to political pressure In contrast the DPP officers are standing in the accused box and facing inquiries from the FIA for restricting them and binding them to disinfect the mangoes in accordance with the standard of Iran What is going to happen? Since the export season is almost here insiders anticipate that the DPP inspector, without an audit of the treatment plants, may approve the plants again like the previous years to carry out their services DPP officials complain that the authorities do not support them They support the businessman and listen to them and even take action on their hearsay without any evidence However this act of the Ministry of National Food Security is not in the interest of the country Instructions must be issued that no plant should start work unless or until it fulfills the standard of the importing country, and they must order to lodge FIR against the plant owners who have played with the system No consignment should be allowed to be exported that does not fulfill the phytosanitary requirements and the MOU between Pakistan and the importing country If the DPP inspectors do not conduct a proper audit using mangoes as per capacity and continue to allow such plants to export without observing standards, soon, Pakistan may face a ban on the export of mangoes in the EU and Iran Even farmer organizations emphasize the need for stringent action against quarantine rule violators to ensure the export of high-quality and properly treated mangoes and safeguard Pakistan s international reputation Govt slashes petrol price by Rs15.39, diesel by Rs7.88 per litre CONTINUED FR OM PAGE 01 Moreover, the price of kerosene oil decreased by Rs 9 86/litre to Rs 173 48/litre and the price of light diesel oil (LDO) decreased by Rs 7 54 paise to Rs 161 17 paise On May 1 the government had decreased the petrol price by Rs5 45 per litre and HSD by Rs 8 42 per litre for the first fifteen days of May 2024 Finance Division in a statement said the prices of petroleum products have seen a decreasing trend in the international market during last fortnight The OGRA has worked out the consumer price based on the price variations in the international market The government is imposing a petroleum levy of Rs60 per litre on both petrol and HSD, with an expected revenue of Rs936 billion for the current fiscal year, surpassing the budgeted target of Rs869 billion Govt to announce special incentives for farmers in upcoming budget: Bilawal CONTINUED FR OM PAGE 01 He mentioned various measures taken to enhance the quality of education such as eliminating ghost teachers, implementing a biometric system, conducting training programs and enforcing strict appointment criteria He also appreciated President Asif Ali Zardari and the government for promptly taking notice of and resolving the genuine issues faced by the people of Azad Jammu and Kashmir (AJK) through announcing a comprehensive package ISLAMABAD S TA F F R E P O R T
H E Accountability Court of Islamabad Wednesday granted the request made by the jail administration regarding security concerns in Adiala Jail and adjourned the hearing of the 190-million-pound reference till May 17 without proceeding According to the details today the Adiala Jail authorities requested the court to adjourn the hearing due to security concerns In the letter written by the Superintendent of Adiala Jail to the Accountability Court, it was stated that Adiala Jail is the most sensitive jail in the province The letter stated that criminals involved in serious crimes including terrorism are imprisoned in Adiala Jail, high profile prisoners with political background are also in the Jail The letter added that the Home Department of the Punjab Government has received a report of a plan to attack prisons by banned organizations According to the report, there are security threats to Mianwali, Dera Ghazi Khan, Rawalpindi
the 190 million pounds reference should be postponed till next week in the context of security arrangements
is pertinent to note that mock drills were conducted yesterday to ensure the security of Adiala Jail Rawalpindi Police Elite Force Rescue 1122 Bomb Disposal Squad and law enforcement agencies participated in the mock exercise said Rawalpindi Police spokesperson According to the spokesman, mock exercises were conducted to simulate joint operational actions in an operation or emergency situation Earlier there were reports that a ban was imposed on meeting prisoners in Adiala Jail for three days The ban on meetings with prisoners will be applied till 12 midnight on May 15 and this decision was taken in view of security concerns around the prison It is pertinent to note that a few days ago, the US State Department emphasized the importance of ensuring the safety of all prisoners in Pakistan, including former Prime Minister Imran Khan During a news briefing in Washington on May 7 US State Department spokesman Matthew Miller said Obviously we want to see the protection and security of every prisoner in the world, including Pakistan Every detained person, every prisoner is entitled to basic human rights and protection under the law” Earlier the Spokesperson of Foreign Office Mumtaz Zahra Baloch while responding to the US State Department s concern regarding the safety of all prisoners in Pakistan, including former Prime Minister Imran Khan, said that the issue of prisoners is an internal problem of Pakistan No one’s directions are needed she added Mumtaz Zahra Baloch during the weekly briefing explained the US response to the security of Pakistan Tehreek-e-Insaf (PTI) founder, imprisoned in Adiala Jail She stated that Pakistan has an independent and transparent judiciary system It is free to make decisions according to law and delivery of justice is the main pillar of Pakistan s judiciary she asserted Notably on March 7 Rawalpindi Police and Counter-Terrorism Department (CTD) arrested three suspected terrorists and saved Adiala Jail from a major disaster City Police Officer (CPO) Rawalpindi Khalid Hamdani had said that in a joint operation Adiala Jail has been saved from major destruction
and Attock Jail Mock drills have also been conducted with the help of law enforcement agencies for the security of Adiala Jail According to the letter the security clearance of the residents of the residential areas adjacent to the jail is also being done, therefore, the hearing on
It
PR OFIT N E W S D E S K Morgan Stanley Capital International (MSCI) Inc has announced the inclusion of the National Bank of Pakistan (NBP) in its MSCI Frontier Market Index following the May 2024 index review No changes were made to the MSCI Small Cap Index for Pakistan The adjustments will be effective from May 31 2024 With this update Pakistan now has 21 constituents in the MSCI Standard Index including Hub Power Company Limited, United Bank Limited, Lucky Cement Limited, Engro Corporation MCB Bank Limited Habib
Bank Limited Engro Fertilizers Limited Bank AL Habib Limited Pakistan Petroleum Limited Oil & Gas Development Company Limited, Millat Tractors Limited, Mari Petroleum Company Limited, Fauji Fertilizer Company Limited Systems Limited POL PSO
PR OFIT N E W S D E S K The Board of Directors of The Searle Company Limited on Wednesday has inprincipal approved the disposal of 100% shareholding and control of Searle Pakistan Limited The company shared this development with the Pakistan Stock Exchange (PSX) through a notice on Wednesday This decision comes after a formal notice of intention was issued on April 17 2024 complying with Sections 96 and 131 of the Securities Act 2015 and Paragraph 5 6 1(a) of the Pakistan Stock Exchange Limited’s Rule Book The board has also authorised the management to negotiate and finalise the deal terms with the relevant parties and submit the finalised terms for the consideration of the board Earlier, on April 17, the Board of Directors of The Searle Company Limited discussed considered and authorised the company to explore the feasibility of generating funding/liquidity in respect of its subsidiary, namely Searle Pakistan Limited This was decided that funding will be pursued by one or more of the following transactions i e (a) reconsider listing of SPL on PSX, (b) seeking equity investment into SPL through strategic equity partner under a joint venture arrangement or (c) strategic sale of SPL or its business and or (d) placement of shares of SPL with multiple investors through private placement process The Searle Company Limited was incorporated in Pakistan as a private limited company in October 1965 In November 1993 the company was converted into a public limited company under the repealed Companies Ordinance, 1984 (now Companies Act, 2017) The company is principally engaged in the manufacture of pharmaceuticals and other consumer products International Brands (Private) Limited as a parent company holds 56 32% of the in Searle Pakistan Limited PR OFIT M O N I T O R I N G D E S K The Federal Board of Revenue (FBR) has proposed new taxation measures aimed at generating between Rs 1 2 trillion and Rs 1 3 trillion to achieve a revenue collection target of Rs 11 6 trillion to Rs 11 7 trillion for the fiscal year 2024-25 According to a news report, the FBR has presented initial budget proposals to the International Monetary Fund (IMF) The proposals include imposing additional taxes removing exemptions and zeroratings and taxing the real estate and retail sectors The final amount will be determined in the coming days These proposals are pending approval from the Finance Minister PSX maintains bullish momentum on economic optimism PR OFIT N E W S D E S K Pakistan Stock Exchange (PSX) maintained its bullish momentum on Wednesday with the benchmark KSE-100 Index touching another all-time high of 75 000 level mainly on hopes of easing inflation rate cuts and IMF talks The market opened on a positive note posting over 500 points in the early hours of trade jumping the KSE-100 Index to its highest level of 75,115 32 points at around 10:30 am At the day close, the benchmark index posted a mere 132 79 points or 0 18% high from the previous close of 74,531 19 Still attractive stock valuations, expectations of more foreign inflows and starting talks with the International Monetary Fund (IMF) on a new loan program added to the bullish sentiment The market has surged 80% over the past year and it is up 16 1% year-to-date after an IMF loan program helped the government avert a debt default last summer On Tuesday, the MSCI index added a Pakistani bank, National Bank of Pakistan, to the MSCI frontier market index Its shares rose 1 6pc on Wednesday outperforming the benchmark index Pakistan last month completed a short-term $3 billion IMF program but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program An IMF mission is in Pakistan to discuss the financial year 2025 budget, policies, and reforms under a potential new program Wall Street bank Citi expects Pakistan to reach a four-year agreement with the IMF worth up to $8 billion by end-July and recommends going long on the country s 2027 international bond
g BOARD APPROVES DISPOSAL OF 100% SHAREHOLDING; NEGOTIATIONS FOR TERMS UNDERWAY FBR proposes new tax measures to meet fisc al targets g OUTLINES PLANS TO RAISE OVER RS 1 3 TRILLION THROUGH ADDITIONAL TAXES AND SECTOR REFORMS, PENDING FINANCE MINISTER'S APPROVAL

Privatizing profitable SOEs

R I M E M I N I S T E R Shehbaz Sharif ’s putting profitable State-Owned Enterprises up for sale may reflect a change in orientation The main argument for the privatization of SOEs was that they were a drain the public exchequer at least those that were making a loss, because that loss was being picked up by the taxpayer The problem with loss-making SOEs was not mere inefficiency resulting from the state mishandling the business of business, but that some of them were providing services that had to be provided, even if losses had to be incurred The theory goes that loss-making SOEs might make a profit if they were placed in private hands, while profitable SOEs would make greater profits If state finances are parlous enough to need an end to the bleeding of loss-making SOEs, why does the state want to forgo the revenue in the shape of profits from profitable SOEs? For a start, they would be easier to sell for two reasons For one they would not be encumbered with the debt needed to cover losses, and for another, the new owner would need to do nothing different to make a profit In other words they would be easier to sell This gives the impression that government finances are beyond merely needing to stop the bleeding caused by losses, and cash is urgently needed, even if it means selling off the family silver

The problem with selling off any assets, let alone profitable ones, is that it can only be done once If the money is used just to make ends meet that is only something temporary That has been the fate of all previous privatization proceeds They were used to meet debt servicing obligations, but that has not made the debt servicing obligations go away Indeed, they have ballooned Though the government does not as the Prime Minister told a visiting Saudi delegation very recently have any business in business unless there is a more imaginative means of using privatization proceeds that merely making a couple of debt servicing payments, the

h a t d o t h e y k n o w o f I s l a m ?

last reports) for phenomenology What a spectacular

in the first place? How did matter before that suddenly materialize out of nothing? How can a just God guide some and leave others to proceed blindly in their errant ways? How can an All-powerful and All-knowing God be All-good as well? This is only the tip of the iceberg The list goes on What is knowledge? How do we know what we think we know? Can we be certain that it is reality however distorted that in some sense or form gets known by us? What objective reason, if any, is there to believe that it is not just a

fall from grace! Where philosophers have failed so miserably, the Quran has been an absolute breath of fresh air It addresses all these questions (and more) in one of three ways: Some questions it answers by correcting man s point-of-view For the correct perspective takes away much of the mystery from many a question In case of other questions, it points out how they are faultily constructed in the first place As they are rephrased to get rid of the fault, the mystery too has usually been eliminated in the process Responding to yet other questions the Quran advises man to know the limits of his knowledge and warns against wasting his time running after unattainable holy grails It tells man to be humble and understand that there are certain things that he cannot possibly wrap his head around until after the Day of Judgment That it is no limitation of God’s but an unavoidable part of the human condition that accounts for this fact Also that man s conduct is not contingent upon answers to numerous questions and that many of those will therefore only be made known to him in the next life That to

not needed to make the relevant point The commonality between all these questions is that philosophers have been grappling with them for centuries now without having resolved any of them to anybody s satisfaction And it was the philosophers themselves who realized that they had been going around in circles without having anything to show for their efforts But they reached this conclusion in stages spanning hundreds of years First they abandoned thinking about ontology and took up epistemology in its stead Having scarcely better luck in this arena, they shifted for a while to language The search for objective philosophy gave way to existentialism and postmodernism before the philosophers finally settled (till

It is true that those who know Islam superficially merely by vir tue of having been born to Muslim parents cannot appreciate what Islam brings to the table . Those, however, who take their religion seriously enough to consult the Quran and who are also well-versed in the history of thought can appreciate how much sense Islam makes and how uncomplicated it makes life thereby

Tat 47 2 percent followed by KP at 34 6 percent while Punjab and Sindh fare relatively better at 19 6 percent and 25 3 percent respectively The quality of education also varies significantly across provinces, with rural areas bearing the brunt of inadequate infrastructure, poorly trained teachers and outdated curricula ASER

sults albeit still far from satisfactory Poverty exacerbates these challenges and creates additional barriers to accessing quality education Families living below the poverty line struggle to afford school fees, books, and uniforms, forcing children to drop out of school and contribute to household incomes through labour or domestic work This phenomenon is particularly pronounced in rural areas where poverty rates are higher and educational infrastructure is often lacking Moreover poverty intersects with other social determinants, such as gender, ethnicity, and disability, further marginalizing vulnerable populations and hindering their access to education Girls for instance are disproportionately affected by poverty with cultural norms and economic constraints often prioritizing boys education over girls Similarly children from minority ethnic groups and those with disabilities face additional barriers to accessing quality education, perpetuating cycles of exclusion and marginalization While poverty poses significant challenges to education in Pakistan education also holds the promise of breaking the cycle of poverty by equipping individuals with the knowledge skills and opportunities to improve their socioeconomic status

Studies have shown that each additional year of schooling correlates with higher earnings and improved job prospects highlighting the transformative potential of education in lifting individuals out of poverty However realizing this potential requires concerted efforts to address the structural inequalities that perpetuate poverty and educational disparities in Pakistan It demands targeted interventions that prioritize marginalized communities and ensure equitable access to quality education for all Investments in educational infrastructure teacher training curriculum reform and social protection programs are essential components for enhancing educational opportunities To effectively break the cycle of poverty and improve education, a comprehensive, multi-sectoral approach is necessary This approach must tackle

the root causes of poverty including economic inequality social exclusion and limited access to basic services Collaboration among government agencies civil society organizations and the private sector is crucial for designing and implementing strategies that address both poverty and educational disparities concurrently

Understanding the intricate relationship between poverty and education in Pakistan requires a nuanced perspective Analyzing data from across the provinces reveals the disparities and challenges hindering progress towards equitable education To advance, prioritizing investments in education, particularly in marginalized regions, is paramount Adopting a holistic approach that addresses the underlying drivers of poverty and educational inequality is crucial

Developing a robust policy framework aligned with international best practices and allocating financial resources to support these initiatives are essential steps Prioritizing infrastructure development, such as schools and facilities, along with ensuring access to clean water can significantly improve educational outcomes Investing in teacher training programs enhances teaching effectiveness while curriculum reform prepares students for the workforce Implementing access and equity policies ensures that education is accessible to all segments of society Fostering community engagement and establishing a robust monitoring and evaluation system are vital for tracking progress Forming partnerships with the private sector civil society organizations, and international donors can leverage resources and expertise for sustainable development efforts With these concerted efforts, Pakistan can work towards a future where education becomes a powerful tool for breaking the cycle of poverty and fostering inclusive development

The writer has a PhD in Political Science and is a visiting faculty member at QAU Islamabad He can be reached at zafarkhansafdar@yahoo com and tweets @zafarkhansafdar B r e a k i n g t h e c y c l e

Fostering community engagement and establishing a robust monitoring and evaluation system are vital for tracking progress. Forming par tnerships with the private sector, civil society organizations, and international donors can leverage resources and exper tise for sustainable development effor ts. With these concer ted effor ts, Pakistan can work towards a future where education becomes a powerful tool for breaking the cycle of pover ty and fostering inclusive development.

Lack of funds

War criminals

Not all is lost

04 Thursday 16 May 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
P
paying off the debts that have been incurred so far Has the PM signalled a change in strategy? M A Niazi Editor Pakistan Today Babar Nizami Editor Profit Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late) Founding Editor Bring Priya Kumari home T H E continued failure to recover Priya Kumari is rather disturbing She had gone missing from Sukkur almost three years ago The joint investigation team (JIT) constituted after the incident has failed to find any clue Unfortuna-tely this reveals how broken our system is and how vulnerable our children are Will the officials continue to sit on their administrative chairs, or will they ever actively carry out an effective search operation for Priya? The people are waiting TANIA SHAHJAHAN KAMBER ALI KHAN
I went to the Civil Hospital Larkana recently to donate blood to a close acquaintance The last time I had been there was some three years ago and it was for the same purpose at the same section of the hospital In fact I could see that things had changed a lot However it was depressing to observe that the change had not been for the better The large room that used to have a good number of beds for donors was locked and a very small room with hardly a bench and two chairs was meant for the donors On asking we were told that the room had been locked due to lack of funds The relevant authorities should look into the matter and resolve the matter without any further delay BABAR ALI KHUHAWAR LARKANA
government would do well to examine not just the list of companies it wants to privatize, but also examine innovative solutions based on the publicprivate partnership model, for all enterprises The government should realize that when all the SOEs are gone, it will have nothing left to sell, and no means of
J O E Biden and Benjamin Netanyahu are wholly and solely responsible for the genocide of almost 35,000 women, children and men in Gaza Humanity is ashamed of having to put up with a world that has not been able to arrest them yet for their involvement in heinous war crimes Netanyahu the actual culprit is surviving in power due to the support of Biden and his administration The ceasefire resolution passed by the United Nations Security Council has been thrown to the winds Public outrage has had no impact either This is the net worth of man s existence in the modern era ALI ASHRAF KHAN KARACHI
D E P R E S S I O N is a silent disease that can affect any individual It impacts the mental physical and emotional abilities of the people and may compel them to harm themselves While we cannot determine the specific causes of depression it is highly prevalent among youngsters especially university students Academic stress, pressure of maintaining good grades, financial challenges and favouritism in classrooms are some of the common causes behind depression among students MUHAMMAD ABDULLAH SHIKARPUR
Silent disease
S A N C T I O N S were imposed on Pakistan after it opted to go ahead with nuclear testing back in 1998 We survived those sanctions Afghanistan is surviving despite a number of hardships Iran is standing on its feet after all those years of crushing sanctions Things can work out for those who really value independence ASSAD SHAH RAWALPINDI 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 relationship between poverty and education is complex and multifaceted particularly in Pakistan because of its varied socioeconomic environment Analyzing data from all provinces provides a nuanced perspective on the potential for progress and obstacles in breaking this cycle Poverty significantly impacts education creating a cycle that is difficult to break Children from low-income households often struggle to balance education with survival due to lack of resources and opportunities High dropout rates, difficulty in accessing reputable institutions, and a shortage of supplies like technology and textbooks are common consequences The stress and unpredictability of poverty can also hinder concentration and study Education is a powerful tool in breaking the
creating
brighter
job
higher
better living conditions
inequality
equal
background
and Khyber Pakhtunkhwa (KP) face disproportionately high poverty rates, with 71 4 percent and 35 7 percent, respectively, compared to Punjab’s 18 3 percent and Sindh’s 29 6 percent These regional disparities extend to educational indicators as well Despite efforts to improve access to education Pakistan strug-
alarmingly high out-of-school chil-
rates, particularly in Balochistan
KP
to the Annual Status of Education Report (ASER) 2022, Balochistan has the highest proportion of out-of-school children aged 6-16
learning outcomes
main dismal with a large proportion of children
Pakistan failing to achieve basic proficiency in reading and arithmetic Again, Balochistan
KP exhibit the lowest learning levels, with Punjab and Sindh showing slightly better re-
poverty cycle and
a
future for individuals and communities It equips individuals with knowledge and skills that lead to better
opportunities
income levels and
Education also promotes social mobility and reduces
by providing
opportunities for all regardless of socio-economic
Pakistan with more than 250 million people, struggles with extreme poverty According to the Pakistan Social and Living Standards Measurement Survey (PSLM) 2022-23 31 3 percent of the population lives below the poverty line However beneath this national average lie significant regional disparities Provinces like Balochistan
gles with
dren
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According
data reveals that
re-
in
and
Th e i
l ay o f p ove r t y a n d e d u c at i o n
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His essence? Who created Him? How
He reach down from beyond space and time to communicate
interact with a universe that is in-
bound in space-time constraints? What is consciousness? How did it come about in living matter? How did life itself pop up in lifeless matter
do
body? Or is it a case of some sort of a duality where mind and body operate simultaneously but independently of one another? This is still by no means an exhaustive list One could go on indefinitely, for which there is neither enough space nor time available Fortunately a complete survey is
Dr ZAFAr KHAN SAFDAr
H AT do the following questions have in common? Why are we
Why is there something rather than nothing? Is there a God? And if so what is
does
and
exorably
dream? Do other people exist or are they merely figments of our imagination? Do we have free will or are we predetermined to
whatever it is that we end up doing? What is the essential nature of this world? Does mind control body or is mind an extension or just another manifestation of
know what cannot be known is as important as striving after what can be known It is true that those who know Islam superficially merely by virtue of having been born to Muslim parents cannot appreciate what Islam brings to the table Those however who take their religion seriously enough to consult the Quran and who are also wellversed in the history of thought can appreciate how much sense Islam makes and how uncomplicated it makes life thereby Those who in addition to the history of philosophical speculation are also familiar with the mythologies of Greek theology, the hocus-pocus of mystic religions and the complex theology associated with Christianity, are amazed by the simplicity brought in by Islam In contrast to unfathomable concepts such as Trinity and the original sin and absurdities such as stories of one deity wrestling with another for dominance or temptation of angels by goddesses; the intelligibility and clarity offered by Islam is breathtaking to say the least Especially those who have had the singular misfortune of having to defend such undefendable beliefs know firsthand the toll this task tends to exact Those therefore who revert to Islam from other religions or those who have formerly put their trust in reason alone for any length of time can appreciate the power of Islam like nobody else can While anybody can benefit from the uncomplicated philosophy of Islam, the value of the wisdom that Islam has to offer can fully be appreciated only by those who answer to one of these descriptions The author is a connoisseur of music literature and food (but not drinks) He can be reached at www facebook com/hasanaftabsaeed
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HASAN AFTAB SAEED

Peace in South Asia and the Middle East

TH E rapidity with which the newly appointed Pakistani Prime Minister, Shehbaz Sharif, embarked on his inaugural official visit to Saudi Arabia underscored the significance of the relationship between the two nations However what truly captured global attention was the outcome of this visit marked by a joint declaration that not only reaffirmed Saudi Arabia s commitment to invest $5 billion in Pakistan but also urged for the resolution of longstanding disputes between Pakistan and India notably the contentious issue of Jammu and Kashmir this diplomatic move by Saudi Arabia aligns with a broader trend of Gulf nations actively engaging in efforts to facilitate peace between India and Pakistan the United Arab Emirates, in particular, had previously brokered a crucial ceasefire between the two South Asian neighbors in 2021 effectively diffusing escalating tensions and averting potentially catastrophic cross-border conflicts that had flared up since 2019 the motivations driving Saudi Arabia and the UAE to step into the role of mediators in the India-Pakistan conflict are multifaceted and rooted in both regional geopolitics and historical dynamics Understanding the complexities behind their intervention necessitates a nuanced appreciation of the evolving landscape in both the Middle East and South Asia Firstly, the Gulf states have strategic interests in fostering stability in South Asia, given its proximity to the energy-rich region they inhabit Instability or conflict in the Indian subcontinent could have ripple effects on global energy markets which the Gulf economies heavily rely on Additionally, Saudi Arabia and the UAE seek to position themselves as key players in

regional diplomacy, enhancing their geopolitical stature and influence on the world stage Furthermore, both countries have historical ties with Pakistan shaped by shared religious affiliations and long-standing economic partnerships However they also maintain significant relations with India the world s largest democracy and a crucial trading partner By advocating for peace between Islamabad and New Delhi, Saudi Arabia and the UAE aim to navigate a delicate balancing act maintaining cordial relations with both countries while promoting regional stability Moreover the Gulf States involvement in mediating the India-Pakistan conflict reflects a broader trend of increased diplomatic activism in the region As traditional power dynamics undergo shifts and new geopolitical fault lines emerge Saudi Arabia and the UAE are seeking to assert themselves as key arbiters of peace and stability not only within the Middle East but also in neighbouring regions the ties between the Middle East and South Asia have a rich and complex history, spanning centuries of commercial, religious, and cultural interactions these connections have endured through various historical epochs but recent times have seen significant developments particularly since the establishment of modern Middle Eastern states after the collapse of the Ottoman Empire and the partition of India and Pakistan Saudi Arabia emerged as a crucial supporter of Pakistan shortly after its inception in 1947 Despite being resource-constrained Pakistan with its substantial Sunni-majority Muslim population found a reliable ally in Saudi Arabia Over the years, Saudi Arabia, along with the UAE, has provided Pakistan with essential financial assistance in the form of loans, grants and concessional oil Pakistan reciprocates by sending a significant portion of its workforce numbering 12 4 million overseas workers predominantly to these Gulf states these workers, constituting over 77 percent of nearly 830,000 who ventured abroad for employment in 2022, contribute substantially to Pakistan’s economy through remittances the relationship between Pakistan and Saudi Arabia extends beyond economics to encompass strategic and security dimensions Pakistan played a pivotal role in training holy warriors alongside Saudi Arabia and the USA to combat the USSR s presence in Afghanistan following its occupation in 1979 Furthermore during the Iran-Iraq war in the 1980s Pakistan stationed tens of thousands of troops in Saudi Arabia Military col-

Where are the ‘free speech’ defenders now?

laboration, including training and arms exports, has been a consistent feature of Pakistan’s engagement with Saudi Arabia and the UAE Additionally Pakistan along with Saudi Arabia and the UAE supported the rise of the taliban in Afghanistan during the early 1990s, perceiving it as a buffer against India this stance contrasted with India s and Iran s backing of the multi-ethnic Northern Alliance reflecting broader regional power dynamics Despite its close ties with Saudi Arabia and the UAE Pakistan also seeks to maintain relations with Iran mindful of its significant Shi a minority Iran was the first country to recognize Pakistan’s independence, and both nations enjoyed closer security cooperation during the reign of the shah particularly through their involvement in the Baghdad Pact However the 1979 Iranian revolution altered the geopolitical landscape fracturing alliances and forcing Pakistan to navigate a divided Middle East marked by the rivalry between Iran and Saudi Arabia Pakistan found itself embroiled in a sectarian proxy war exacerbated by the rise of Sunni militant groups nurtured by Saudi and American support for the Afghan jihad Consequently sectarian tensions have become entrenched within Pakistan, posing challenges to its internal stability

In recent years, Pakistan has made concerted efforts to strengthen its ties with Iran, albeit hindered by US sanctions on Iran and concerns regarding cross-border militancy the prospect of being drawn into Saudi-Iranian proxy conflicts has further complicated Pakistan s diplomatic stance, notably demonstrated by its 2015 parliamentary decision against joining the Saudi-led coalition aimed at combating the Iranian-backed Houthi rebels in Yemen and reinstating Yemen’s internationally recognized government this neutrality in Yemen s conflict was a difficult choice for Pakistan, given its historically strong relationship with Saudi Arabia, which has provided crucial diplomatic and financial support, particularly during times of international isolation following Pakistan s nuclearization in response to India s tests in 1998 Former Prime Minister Imran Khan s efforts to foster alliances with Muslim-majority countries such as Qatar, turkey, and Malaysia have strained Pakistan’s ties with traditional Gulf allies, particularly Saudi Arabia and the UAE these tensions have inadvertently allowed India to enhance its trade and security

relations with the Gulf states While India s engagement with the Gulf historically revolved around energy imports and labor exports Prime Minister Narendra Modi has sought to deepen bilateral ties both economically and strategically with countries like Saudi Arabia the UAE and Iran Pakistan recognizing the shifting dynamics, has attempted to mitigate strains with its traditional Gulf partners For instance former Army chief Gen Raheel Sharif assumed leadership of the Islamic Military Counter terrorism Coalition comprising 42 nations in 2017 However Prime Minister Khan s decision to forgo participation in the alternative Muslim Summit in Malaysia in 2019, seen as a challenge to Saudi leadership, failed to fully assuage tensions Meanwhile India’s growing clout in the region was underscored by the UAE s decision to confer its highest civil honour on Prime Minister Modi even amidst controversy over India s Citizenship Amendment Act, which discriminates against Muslim refugees Despite Pakistan’s pleas, Saudi Arabia and the UAE have refrained from openly opposing India’s actions including the revocation of Kashmir s special status in 2019 However the fluidity of bilateral relations in the region suggests that these dynamics are subject to change the interplay between major Middle Eastern powers and South Asian states, particularly India and Pakistan, is increasingly influenced by broader strategic considerations amidst the emerging great power competition between China and the United States As such the geopolitical landscape in the Middle East and South Asia remains in flux, with implications for regional stability and global power dynamics the intensifying rivalry between China and the USA in the Middle East and South Asia has significantly heightened regional insecurities while simultaneously presenting unforeseen opportunities for reconciliation As China seeks to challenge US dominance in the Middle East, India, too, endeavours to expand its influence to counterbalance China’s growing presence in the region India s collaboration with Iran exemplified by its investment in the Chabahar seaport has emerged as a direct challenge to China s investment in Gwadar via the China-Pakistan Economic Corridor Conversely, China’s substantial investment plans in Iran signal its ambition to deepen ties in the region further solidifying its status as Iran s largest trade partner and fa-

cilitating Iran s integration into influential regional blocs Despite Pakistan’s aspirations to mediate between Iran and Saudi Arabia, China achieved a significant breakthrough by brokering the restoration of diplomatic ties between the two Middle Eastern rivals Amid escalating regional tensions triggered by conflicts such as the Gaza war, Saudi Arabia and the UAE demonstrate a willingness to de-escalate tensions with Iran rather than exploit them for strategic advantage

Recent efforts to repair ties between Iran and Pakistan following tensions sparked by missile exchanges reflect a renewed commitment to enhancing bilateral relations and fostering security cooperation While the USA appears open to increased Saudi and UAE investments in Pakistan, it is concerned about Islamabad’s growing reliance on Beijing With the USA bolstering military cooperation with India to counter China its neutrality in potential Indo-Pakistani crises is increasingly questioned Consequently, the USA may encourage regional actors with influence over both India and Pakistan to establish crisis management mechanisms to prevent cross-border escalation Secret talks facilitated by the

BE F O R E writing about campus protests over Gaza I thought it would be good to speak to some actual protestors So I popped round to University College London, where there is a modest encampment It was a sunny evening and the sit-in looked peaceful enough But more I cannot say as I was politely ejected from the university grounds the Campus Experience team which was what Russell Group universities call in effect bouncers were polite but firm the protestors were but a few yards away, but the bouncers orders were to send any journalists packing I googled the current £375k-a-year provost, Dr Michael Spence and found his PR flacks had tweeted something he’d said only last August about “the need to disagree well and to approach any discussions with openness and a willingness to listen carefully I googled the university s website: We are a diverse community with the freedom and courage to challenge, to question and to think differently ” Hear, hear to that In fact, this venerable university decided it lacked the courage to allow me to listen carefully to its students So after an hour or so waiting to see if the head of the 10-strong media relations team would relent he didn t I cycled round the corner to the School of Oriental and African Studies (Soas) Soas, in contrast to UCL, was welcoming and open It’s a small and amiable enough protest the protestors’ four demands scrawled on a placard are: disclosure of university investments; divestment from certain Israeli companies; a termination of banking arrangements with Barclays; and a boycott of certain Israeli academic institutions I m sure we might all agree, or disagree, well about these proposals if allowed to have the freedom and courage” to have that conversation the truth is that university chiefs around the world are currently terrified they have witnessed the decapitation of the Universities of Pennsylvania and Harvard and decided they don t want

It s a good speech the freedom to offend is a fundamental right he affirmed Any disagreement over political or social questions that actually matters to people is likely to cause some of them to feel offence He referenced the Civil Rights movement thousands of black Americans were arrested or imprisoned in the 1960s for speech protesting against racial segregation But they were right Words are not a kind of violence he concluded they are the alternative to violence; and if we as a society forget this then we as a society are finished Couldn t be clearer Six months later many of the noisiest defenders of free speech have fallen a bit silent they take offence at some of the placards and chants that a minority of protestors have used and are frankly not going to tolerate them they suddenly see the point of safe spaces for those who might feel triggered or threatened they cheer on the riot police as they charge onto American campuses they ridicule the very idea of protest Vietnam, apartheid, civil rights as if campus protests changed anything, ever Nobody cares what you do or think Get back to work

Where is Prof Ahmed now? He is reported as saying that he would not pronounce on whether terms such as global intifada or slogans such as from the river to the sea are protected by the new legislation I d be reluctant to say any particular phrase is always going to be acceptable or always not, because with many of these things it’s going to depend on a variety of factors,” he told the Guardian in December “I’m definitely not going to say: oh you can always say something or you can never say something for that reason that makes sense though in time people may wonder what the point of the £100k-a-year role is Context is all, and difficult decisions will need to be made on a daily, if not hourly basis by university administrators and police commanders It’s a funny old world when the Metropolitan Police chief Mark Rowley seems to have a better grasp of the complicated context of free speech than some university panjandrums or the populist MPs calling for his head

We might all wish for an exquisitely balanced protest It would acknowledge Israel’s right to defend itself while deploring the number of civilian casualties It would call for the release of hostages while condemning the IDF’s aggressive tactics It would find a way of endorsing Israel s right to exist while distancing itself from the policies of Benjamin Netanyahu Itamar Ben-Gvir and Bezalel Smotrich It would find a way of footnoting from the river to the sea with a similar sentiment from the mouth of Benjamin Netanyahu It might offend, but not tip over into anything that could be experienced as harassment

But that’s a university seminar not a slogan on a campus placard the civil rights movement praised by Prof Ahmed understood that In his famous letter from Birmingham Jail 60 years ago Martin Luther King put it thus: You may well ask, Why direct action, why sit-ins, marches, and so forth? Isn’t negotiation a better path?’ You are exactly right in your call for negotiation Indeed, this is the purpose of direct action Nonviolent direct action seeks to create such a crisis and establish such creative tension that a community that has consistently refused to negotiate is forced to confront the issue It seeks so to dramatize the issue that it can no longer be ignored I wasn t allowed to speak to the UCL demonstrators: their freedom to explain

no longer be ignored

remain in power even if BJP is defeated in the elections Ex-Central minister Yashwant Sinha while giving an interview to a channel said that Modi will not leave the chair even if BJP doesn t get the majority If India alliance doesn t get the majority BJP will be the single largest party and in that case, he will be called by the President and will be asked to form the government Another senior editor Shravan Garg said that the corporate sector wants Modi so he will not relinquish the chair Other points for doing so will be many charges of misdeed and corruption levelled against him Another factor concerns RSS If we go to the years of the independence movement at that time also RSS tried to capture the power in Delhi this fact is not discussed in the media as media is not separate from RSS, it is in fact part of it In an article in the Caravan magazine New Delhi this was exposed by Dhirendra K Jha He writes RSS role and its activities are needed to be fathomed RSS planned to kill Indian democracy even before Independence A 1945 police report shows the RSS s secret desire to capture political power (DHIRENDRA K JHA 11 August, 2022) Another revelation is by Prof Dr K L Mahale who lived in Wardha and Amravati near RSS headquarters Nagpur He keenly studied RSS and wrote a book Manucha Masa : Rashtriya Swaymsewak Sangha (Masa means fish in Marathi)

In that book he writes, the Sangh had started internal talks in its congregation that the Sangh would soon take over power at Delhi While testifying before the Gandhi murder enquiry commission i e Kapoor Commission in 1969 some members of the Sangh ad-

mitted that the the RSS had conspired to seize power with the help of some institutions in the pre-Gandhi assassination period Volunteers were told in the RSS circle to wait and let time come (* Sardar Patel had come to know that the RSS people had taken possession of some military materials But Sardar Patel didn t want to incur the wrath of the RSS ) He was informed by the government Secret Service in November 1947 that something terrible was about to happen But he did not take proper notice of it In December 1947, the Delhi Police Secret Service informed Patel that Golwalkar ’s speech was held at Ramlila Maidan New Delhi Alwar Indore Maharajas Dr Gokuldas Narang and Seth Jugalkishore Birla were present Golwalkar had urged the volunteers to increase their presence to a great extent and declared that his intention was to raise

Thursday 16 May 2024 COMMENT 05
to be next for the guillotine And they are not only out to save their own skins they have seen big-buck mega-donors threatening to indulge in their own form of divestment: stop the protests or we stop the cash It seems such a short time ago that the government was so worried
free speech
they pushed through a new law
teeing it
appointed a free speech
Prof
Ahmed
enforce it
ll remember
general
debate at the time We had bred a generation
snowflake students who were constantly whining about the right not to be offended or triggered by hurtful remarks they should get over their demands for “safe spaces” and in common parlance grow some Prof Ahmed was the poster boy for a more robust attitude to championing free speech It is essential that we learn to tolerate views, and the expression of views, that we might find wrong-headed and even appalling,
about
on university campuses that
guaran-
And
tzar
Arif
to
You
the
tone of much of the
of
Israel
he said in an inaugural speech three days after the 7th October massacre in
their reasons for protesting was curtailed by their own university But I’m guessing that if allowed to speak they might use words similar to Dr King s: they re out to dramatise the bloodshed in Gaza so that it can
UAE between Indian and Pakistani intelligence officials, along with Saudi statements advocating dialogue on the Kashmir dispute, suggest a regional push for conflict resolution While Indian media views such statements as endorsing its stance against third-party involvement in Kashmir Pakistan interprets them as a show of solidarity against India s reluctance to engage in Kashmir talks Despite diplomatic overtures, challenges persist, including India s upcoming elections and the delicate security situation in Kashmir Despite the potential benefits of reconciliation for India and Pakistan the current political climate may not favor immediate rapprochement India s domestic politics and security concerns coupled with ongoing tensions in Kashmir, present obstacles to meaningful dialogue However, incremental confidence-building measures and continued international encouragement particularly from Saudi Arabia the UAE and the USA could pave the way for constructive engagement between India and Pakistan reducing Pakistan s dependence on China and fostering regional stability and cooperation The writer has a PhD in Political Science and can be reached at akramzaheer86@yahoo com
dr MuhaMMad akraM Zaheer
‘ R S S ro l e a n d i t s a c t i v i t i e s a re n e e d e d t o b e f a t h o m e d R S S p l a n n e d t o k i l l I n d i a n d e m o c r a c y e v e n b e f o re I n d e p e n d e n c e . A 1 9 4 5 p o l i c e re p o r t s h o w s t h e R S S ’s s e c re t d e s i re t o c a p t u re p o l i t i c a l p o w e r ’ PR OSPECT MAGAZINE a l a N r u s b r d g e r I t is being discussed in social media and among people that whether Modi will
Can China play a role?
King Shivaji-like
Masa –
81
Prof K
Mahale 1987 Publisher
Lokwangmay Griha Pvt Ltd Sayani Road Prabhadevi Mumbai – 400025) MODI AND RSS: If it is surmised that Modi will not resign even if he is defeated What is the role and will of the RSS? As pointed out earlier when RSS conspired right from the 40s to capture power and now will it not help Modi to retain the power? More than Modi it is the RSS which wanted to rule the country since then Modi was nowhere then So the reality is that it is RSS which will not ask Modi not to leave the throne RSS may change the person but not power So, blaming Modi leaves RSS unblemished RSS through Golwalkar said, many times that, “We – RSS are owners of the country (See – “Sangh (RSS) is not only the representative of Hindu Rashtra (Nation) but it is the form of Hindu Rashtra that is why the entire land of India should be of RSS in the nation form (Shri Guruji: Samagra Darshan, Part-1 Pa 108) Since the discussion is on whether Modi will relinquish power, thinking of RSS in this context is also Important RSS is more powerful than any individual So Modi is not a match for RSS If RSS wants to make India a Hindu Nation this is the proper time Its control over many governmental agencies is helpful to retain the power Nagesh Chaudhari is editor of Bahujan Sangharsh, from Nagpur He has written books on RSS, Hindu Nationalism, caste system and recently his published book is RSS Caste System and Hindu Nation W
e p t d e
T h e p r i n c i p l e o f ro b u s t a n d o p e n d e b a t e d o e s n o t s e e m t o a p p l y w h e n i t c o m e s t o d e m o n s t r a t i o n s a b o u t G a z a U n i v e r s i t y c h i e f s a re t e r r i f i e d b u t t h e y m u s t s u p p o r t t h e r i g h t t o o f f e n d COUNTERCURRENTS N ag e s h C h au d h a r i
a
guerilla war for the purpose (Manucha
Rashtriya Swaymsewak Sangharsh p
By
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China vows ‘all necessar y measures’ against additional US tariffs

also not in line with the spirit of consensus reached between the two heads of state, the MOFCOM said China’s Foreign Ministry vowed earlier on Tuesday to take “all necessary measures” to safeguard the nation s legitimate rights and interests

The move is part of the Biden administration s plan to revise

S lovak PM shot af ter govt meeting, facing life -threatening injuries

information that he had been shot, it said in a post on Facebook, adding that the action was still underway

on the

police spokesman Matej Neumann told

A Reuters witness heard several shots fired after the meeting in Handlova northeast of the capital Bratislava Police detained a man and security officials pushed someone into a car and drove off, the witness said Similarly broadcaster TA3 reported that four shots were fired and that the leftist prime minister had been hit in the abdomen The wounded prime minister was rushed to a hospital in Handlova for treatment and was referred to the capital Bratislava, the hospital director told AFP Mr Fico was brought into our hospital and he was treated at our vascular surgery clinic,” hospital director Marta Eckhardtova said adding: “The prime minister was later transported from our hospital he is on his way to Bratislava The Slovak emergency service dispatched a helicopter to a 59-year-old man in Handlova after receiving

The Slovak government said on Fico’s official Facebook profile that he had been shot multiple times He is currently being transported by helicopter to Banska Bystrica in a life-threatening condition the government said in a statement, calling the attack an assassination attempt Following the shooting, Slovakia’s biggest opposition party called off a planned protest against government public broadcaster reforms set for Wednesday evening Robert Fico is a former Communist Party member who has been accused of swaying his country s foreign policy in favour of the Kremlin Fico, whose Smer-SD party won the general elec-

AMBASSADOR JIANG ZAIDONG

This year marks the 75th anniversary of the founding of the People s Republic of China and is a critical year for achieving the goals and tasks of China’s 14th Five-Year Plan Facing a new wave of technological revolution and industrial

that our pragmatic bilateral cooperation under the main framework of the ChinaPakistan Economic Corridor (CPEC) will yield more fruitful results

The achievements of CPEC Phase One have provided crucial support for Pakistan s economic and social development including early gains made in cooperation in fields of renewable energy, information technology and biotechnology Up to now, China has helped Pakistan build four wind farms, two hydropower plant and one solar power station within CPEC framework with six more hydropower stations under construction upon bilateral cooperation The steady supply of clean energy from the sky and river helps maintain Pakistan’s energy security

The establishment of a buffalo embryo laboratory by Chinese company in Pakistan with an annual production capacity of 30 000 embryos has empowered agricultural cooperation between our two countries The rapeseed harvester promoted in Pakistan reduces local harvest losses from 40% to 8% On May 10, China handed over the data of Pakistan’s ICUBE-Q Satellite from the Chang’e6 mission to Pakistan launching a new practice in aerospace cooperation between the two countries

Looking forward to CPEC Phase 2 we are ready to work with Pakistan to implement the important consensus reached by leaders of the two countries, inject new impetus into ChinaPakistan cooperation with China’s new development, and promote the in-depth integration of 5Cs (5 Corridors: growth corridor, livelihood-enhancing corridor, innovation corridor, green corridor and open corridor)

Th d y 16 M y 2024 | ISLAMABAD 06 newS Habibmetro organizes a roadshow on economic insights KARACHI S TA F F R E P O R T HABIBMETRO organized its Economic Insights Treasury roadshow Changing Dynamics of Pakistan s Economy Amidst a Global Perspective with informative sessions held in Faisalabad, Multan and Lahore As Pakistan’s leading trade finance bank, HABIBMETRO is dedicated to facilitating trade businesses across the country The seminars aimed to assist key trade industry professionals and decision-makers in addressing economic challenges and provided a platform for discussions on Pakistan s economic recovery within the global trade context “HABIBMETRO’s role as a leading trade finance bank underscores our commitment to fostering financial intermediation and catalyzing trade and economic growth in Pakistan With this roadshow we aim to equip our clients with expert insights enrich their understanding of the evolving economic landscape, and foster constructive dialogue,” said Khurram Shahzad Khan, President and CEO of HABIBMETRO Renowned economist Mr Sakib Sherani shared his expert analysis on the economy and offered insights on the path to economic recovery highlighting Pakistan s progress towards gradual macroeconomic stability An expected IMF arrangement in the coming months will unlock additional bilateral and multilateral financing opportunities, likely stabilizing the external account This will support exchange rate stability and reinforce anticipated disinflationary trends in the economy said Sherani Syed Ali Sultan Group CEO of Global Financial Institutions at Habib Bank AG Zurich, shared his expert insights on the evolving global economic landscape "The shifting global economic environment, marked by ongoing conflicts presents new challenges It is crucial for stakeholders at all levels to understand and adapt to these changes said Sultan Habib Bank AG Zurich (HBZ) has played a vital role in supporting Pakistan s trade during these difficult times We believe Pakistan is moving towards gradual stability, and through HABIBMETRO, our franchise in Pakistan, HBZ will continue to serve as a responsible financial intermediary The HABIBMETRO Economic Insights Treasury Roadshow was well-received by key businessmen and decision-makers of the country, and concluded in Lahore on May 15, 2024 As a trusted institution in Pakistan s financial landscape, HABIBMETRO serves millions of customers through a nationwide network of over 525 branches, including 208 dedicated Islamic Banking branches in more than 200 cities nationwide HABIBMETRO is a subsidiary of Habib Bank AG Zurich which operates in 11 countries across four continents DUBAI A G E N C I E S A C C O R D I N G to data revealed in the OCCRP s Dubai Unlocked project, the number of residential properties owned by foreigners in Dubai put Indians first, at 35,000 properties and 29 700 owners The total value of these properties is estimated to have been $17 billion UK citizens in the 2022 sample own 22,000 residential properties and 19,500 owners, valued at $10 billion, whereas Saudi nationals are listed with 16,000 properties and 8,500 owners, valued at $8 5 billion According to the OCCRP’s story on its website As billions of US dollars flowed in to rebuild Afghanistan following the fall of the Taliban in 2001 many contractors were accused of skimming reconstruction funds Today, some of them own luxury properties in Dubai ” The report says that former Afghan parliament speaker Mir Rahman Rahmani and his son Ajmal spent more than $15 million on real estate in Dubai something they have denied The data also shows that at least three other contractors who were involved in procurement scandals related to Afghanistan also own Dubai real estate The OCCRP also talks about Vinod Adani an Indian billionaire facing allegations of stock market manipulation and money laundering across India as a senior member of the Adani Group conglomerate being on the list Among other politically exposed persons on the list are members of three West African presidential families targeted by a long-running French corruption probe I t d o es n t en d th e r e Th e le ak ed d ata s h o w s t h a t a t l e a s t f o u r a l l e g e d A u s s i e Cartel members, their associates, or family members have or had luxury property in Dubai According to the International Consortium of Investigative Journalists although Interpol has asked governments around the world to find and provisionally arrest Isabel dos Santos, the Angolan former billionaire is not hiding Instead she regularly posts about her lavish lifestyle at a Dubai residence on social media Now confidential land records connect dos Santos and her mother to other properties on the waterfront of the United Arab Emirates’ financial hub ” The ICIJ adds that data in the Dubai Unlocked project shows how dos Santos and her mother Tatiana Kukanova Regan coown a two-bedroom apartment in a building called Sadaf, Arabic for seashell , overlooking Dubai Marina on one side and the Persian Gulf on the other ” Adding to the international names featuring in the list is Rolling Stone magazine s mention of how Danilo Vunjão Santana Gouveia a Brazilian sertanejo musician who performs under the name Danilo Dubaiano is also on the Property Leaks list Apparently, Gouveia is wanted in Brazil for allegedly running a major bitcoin Ponzi scheme RadioFree Europe adds that according to the project s data Ukrainian officials who served during President Viktor Yanukovych s era poured millions of dollars into Dubai real estate, including public servants who failed to report these assets or have faced charges of corruption abuse of office or treason I N D
O W N H I G H E
T N U M B E R O F P R
E
D
BRATISLAVA R E U T E R S Slovak Prime Minister Robert Fico suffered lifethreatening injuries when he was shot and wounded in an attempted assassination on Wednesday, the government office said Fico, 59, was shot and hit in the abdomen A reporter from the Dennik
I A N S
S
O P E R T I
S I N
U B A I
N daily saw the premier being lifted into a car by security guards and reported that police had detained the suspected gunman We confirm the attack
prime minister
AFP
last September, is a four-time prime minister
veteran whose time in power has been
corruption scandals
controversial re-
his current term
has garnered
attention after a series of inflammatory comments about Ukraine calling for Kyiv to cede territory to Moscow to end the war something Ukraine has repeatedly ruled out C O N D E M N AT I O N S P O U R I N : S l o v a k P r e s id e n t Z u z a n a C a p u t o v a s a i d s h e w a s “ u t t e r l y s h o c k e d b y t o d a y ’s b r u t a l a n d r e c k l e s s a t t a c k o n Slovakia s prime minister which I condemn in (the) strongest possible terms
tion
and a political
marred by
and
forms During
Fico
worldwide
BEIJING S TA F F C O R R E S P O N D E N T China’s Ministry of Commerce (MOFCOM) on Tuesday urged the US to immediately cancel the additional tariffs on Chinese products and vowed to take resolute measures to defend its rights over US announcement to increase tariffs on Chinese products including electric vehicles (EVs) The plan to impose additional tariffs will mark another significant escalation in Washington’s multi-year ill-conceived campaign to crack down on emerging Chinese industries that are gaining global prominence experts said noting that the politically motivated move won t stop the rise of relevant Chinese industries, due to their small presence in the US market The Biden administration announced new tariff rates Tuesday on several Chinese products including a major hike in levies on Chinese EVs Starting this year President Joe Biden will quadruple tariffs on imported Chinese electric vehicles from 25 percent to 100 percent The tariff rate on lithium-ion EV batteries will more than triple to 25 percent The announcement also added new tariffs on solar equipment and semiconductors The import tax on Chinese solar cells will double from 25 percent to 50 percent in 2024 Starting in 2025 tariffs on imported Chinese semiconductors will jump from 25 percent to 50 percent Chinese medical supplies such as syringes and needles will also face additional tariffs of 50 percent The MOFCOM slammed the US move, saying that it is a politicization and weaponization of trade issues and a typical case of political manipulation that will seriously impact the atmosphere for bilateral cooperation The US decision to increase the tariffs goes against President Biden s commitment of not seeking to suppress China s development and not seeking to decouple with China It is
301 tariffs, so as to target China s strategic industries The Chinese EV industry, which has been rising rapidly to global prominence, has become a top target for the US crackdown experts said “The development of China’s new energy industry including new-energy vehicles photovoltaic and lithium battery products is causing increasing anxiety for the US so now they are suppressing our emerging industries, Wei Fulei, a research fellow with China Development Institute, told the Global Times on Tuesday The new plan comes after US officials have in recent weeks been hyping accusations of “overcapacity” in Chinese new-energy industries which they say poses risks to US industries and jobs Chinese officials have repeatedly slammed such accusations as an attempt to create a pretext for Washington to take protectionist bullying actions against China s emerging industries Commenting on the US tariff plan at a press briefing on Tuesday, Wang Wenbin, a spokesperson for the Chinese Foreign Ministry said that China has always opposed violating WTO rules and unilaterally imposing tariffs China will take all necessary measures to safeguard its legitimate rights and interests Wang said
the Trump era tariffs known as Section
Putin hails China’s ‘genuine desire’ to help resolve Ukraine war M OSCOW A G E N C I E S Russian President Vladimir Putin hailed Beijing’s “genuine desire” to help resolve the Ukraine crisis in an interview with Chinese state media published ahead of a two-day visit to the country Putin arrives in Beijing on Thursday to meet his dear friend Xi Jinping seeking to win greater support from China for his war effort in Ukraine and isolated economy The visit, where he will also travel to the northeastern city of Harbin for a trade and investment expo, is Putin’s first trip abroad since his March re-election and his second in just over six months to China “We commend China’s approaches to resolving the crisis in Ukraine ” Putin told the Xinhua state news agency in a Moscow interview which was also carried in English on the Kremlin website Beijing is well aware of its root causes and global geopolitical significance Putin said referring to a 12-point position paper published by China in February 2023 on reaching a political settlement to the crisis The ideas
and proposals contained in the document show the genuine desire of our Chinese friends to help stabilise the situation, Putin said Days before Russia launched its full-scale military assault on Ukraine in February 2022, Beijing and Moscow declared a “no limits” partnership and have since boosted trade to record highs
transformation
adhere to the path of Chinese-style modernization, comprehensively promote highquality development, accelerate the development of new quality productive forces, transform and upgrade traditional industries cultivate and strengthen emerging industries and lay out the construction of future-oriented industries so as to achieve a series of new developments In 2023, exports of China s new trio , namely electric vehicles, lithium batteries, and photovoltaic products, experienced a significant surge surpassing 146 billion US dollars The three major emerging industries including biomedicine artificial intelligence and nanotechnology applications are booming and the annual output of 2023 exceeded US$55 billion The integrated development of the digital economy and the tangible economy is expected to reach US$15 7 trillion in 2027 Last year ’s new developments laid a solid foundation for this year s good start In the first quarter China s GDP grew by 5 3% year-on-year maintaining progress while ensuring stability Stability has been further consolidated, with industry and service industries growing by 6% and 5% respectively year-on-year While the trend of “progress” has become more obvious with new energy vehicle production and sales increasing by 28 2% and 31 8% respectively What is particularly gratifying is that the import and export of goods trade increased by 5 7% year-on-year in the first four months of this year, and the growth rate of imports was nearly 2 percentage points higher than that of exports The upward trend of China s economy has not changed and China remains an important engine of global development We are ready to use China’s new development to provide new opportunities for the world and first of all benefit our iron-clad friend Pakistan This year marks the first year of Pakistan s new government and an important year for the brotherly Pakistani people to open a new prospect in national development The Pakistani government’s “5Es” framework not only meets Pakistan’s current development needs but also chimes with China s approach of promoting high-quality development through new quality productive forces which indicates
we
with 5Es create an upgraded version of the CPEC and build a closer China-Pakistan community with a shared future in the new era This year is also an election year for the largest economy of the world Unsurprisingly, It is also a year when politicians in relevant countries creates false narratives to divert domestic problems After hyping to no avail China s economic collapse theory and China s economic peak theory they concocted the so-called China s overcapacity theory The reality is that, first China does not have the problem of overcapacity , let alone exporting “excess production capacity” to the outside world In 2023 China’s industrial capacity utilization rate rebounded quarter by quarter reaching 74 3% 74 5% 75 6% and 75 9% respectively, and the automobile manufacturing capacity utilization rate will move towards the threshold of 80% China’s new energy products are mainly supplied to the domestic market For example in 2023 the export volume of new energy vehicles only account for 12 7% of production of which only 13 000 vehicles were exported to the United States accounting for only 0 82% of export volume China’s solar battery exports to the United States account for only 0 1% of exports If this small amount of exports would harm the US then it is too fragile Second the competitive advantage of China s new energy industry is rooted in the country s ultra-largescale market, complete industrial system, abundant human resources and huge investment in R&D It does not rely on so-called unfair competition or so-called subsidies On the contrary the United States passed a bill in 2022 to provide tax credits of up to US$7,500 for the purchase of every local new energy vehicle and provide manufacturing subsidies for photovoltaic companies From March 2020 to the end of 2022 the subsidy plan approved by the European Commission totaled up to 3 8 trillion euros and the subsidy for the battery project alone is as high as 600 million euros It is crystal clear who is using subsidies to engage in unfair competition Third, China’s new energy product exports benefit the world and make important contributions to addressing climate change and promoting green transformation In 2023 China exported 1 203 million new energy vehicles, becoming an important force leading the transformation of the global automobile industry In 2023 the world’s newly installed renewable energy capacity was 510 million kilowatts with China contributing more than half China s wind power and photovoltaic products are exported to more than 200 countries and regions, and the total emission reductions for other countries accounted for approximately 41% of the global carbon emission reductions converted from renewable energy in the same period In particular it has helped developing countries obtain clean reliable and affordable energy We believe justice lies in the heart of the people In recent years, the global climate change situation has become increasingly grim and the demand for new energy products has become more urgent According to estimates by the International Energy Agency global demand for new energy vehicles in 2030 will be 4 5 times that of 2022 and demand for new photovoltaic installed capacity will be four times that of 2022 From the perspective of global market demand and future development potential, China’s new energy production capacity is not surplus but insufficient The real overcapacity is the surplus of fake news disinformation and fallacies concocted by certain countries against China out of domestic political needs and zerosum game mentality It is actually practicing trade protectionism in the disguise of opposing so-called “overcapacity” Tripping China up will not make certain countries run faster but will only undermine the stability and smoothness of the global industrial and supply chains and hinder the green transformation of the global economy, thus posing new challenges to countries around the world, especially developing countries in promoting economic recovery Countries including China and Pakistan relying on our own unremitting efforts and mutually beneficial cooperation to seek development and revitalization, must be highly vigilant and work together to respond China and Pakistan are all-weather strategic cooperative partners and stalwarts of the international community in safeguarding fairness and justice and promoting development and progress China is ready to work with friends from all walks of life in Pakistan to advocate universally beneficial and inclusive economic globalization comply with the common aspirations of countries around the world especially developing countries work together to make the cake of economic globalization bigger and fairly share it and resolutely oppose unilateralism, protectionism, firmly promote trade and investment liberalization and facilitation, and achieve mutual benefit, winwin results and common prosperity New development brings new opportunities, provides new impetus and resolves new challenges

BME successfully concludes 8-week internship programme for Balochistan graduates

BALOCHISTAN

s ta f f r e p o r t

Bolan Mining Enterprises (BME) a pioneering mining joint venture between Pakistan Petroleum Limited (PPL) and Government of Balochistan, has successfully concluded an intensive 8-week internship programme designed to nurture local talent and empower young graduates from the region The programme a testament to BME s longstanding commitment to community development and fostering skilled professionals for the mineral sector, saw 25 graduates participation, including seven women, for the first time, marking a progressive step towards gender inclusivity and diversity within the traditionally male-dominated

British House of Lords Member visits COMSATS

ISLAMABAD

s ta f f r e p o r t

Baroness Sayeeda Hussain Warsi, British lawyer, politician, and a member of the House of Lords, UK, who served as Co-chairperson of the Conservative Party from 2010 to 2012 visited the Secretariat of the Commission on Science and Technology for Sustainable Development in the South (COMSATS) to meet the Executive Director COMSATS Ambassador Dr M Nafees Zakaria Amb Zakaria, who has also served as the High Commissioner for Pakistan to the United Kingdom from 2019 to 2020 shared with Baroness Warsi the information about COMSATS an intergovernmental organization of 27 developing countries with a Network of 25 International S&T Centres of Excellence He also shared the recent initiatives the organizations has taken in the fields of Artificial Intelligence (AI), Information Technology (IT) and digital technologies, industrial biotechnology, climate change and environment, renewable energy genomics electric vehicles precision agriculture and micro-chip circuit designing Amb Zakaria informed Baroness Warsi that the

Centres of Excellence provide COMSATS the technical ground for scientific cooperation and collaboration They were of the view that COMSATS should explore opportunities for cooperation with the U K while Baroness Sayeeda Warsi assured of her support to that end Baroness Sayeeda Warsi, in her erstwhile capacity as Co-Chair of the Conservatives Party U K had played a lead role in the establishment of the Conservative Friends of Pakistan with both countries then Prime Ministers present on the occasion Ambassador Zakaria, then as Dy High Commissioner, extended full assistance to baroness Warsi

With the cherished memories of friendship and cooperation between the Baroness and Mr Zakaria as representatives of their respective countries the meeting afforded good opportunity to open discussion in new domains

IC AP hosts CFO Conference 2024 at Islamabad

agenda

The Professional Accountants in Business (PAIB) Committee of the Institute of Chartered Accountants of Pakistan (ICAP) organized CFO Conference 2024 on theme Curating Responsible Growth: Innovate Illuminate and Integrate at a local hotel Mr Ahsan Iqbal, Federal Minister of Planning, Development & Special Initiatives, in his address, emphasized the critical role of responsible growth in shaping sustainable economic development He highlighted the need for innovative strategies illuminating insights and integrated approaches to drive progress while ensuring accountability transparency and inclusivity in the development agenda He underscored that peace political stability, and continuous reforms are indispen-

In his compelling address, Mr Farrukh Rehman, President ICAP, underscored the imperative of curating growth with a conscientious approach He emphasized that sustainable ethical expansion aligned with the organization s long-term vision is paramount for enduring success He highlighted the need for innovation in financial management urging CFOs to explore new technologies, strategies, and business models to drive growth while maintaining financial integrity and social responsibility In his presentation on "CA Pakistan and its Contribution," Muhammad Maqbool, Council Member ICAP eloquently delineated the profound impact of chartered accountants on the socioeconomic landscape

The Bank of Punjab Joins SME Finance Forum

07 NEWS Thursday 16 May 2024 | SLAMABAD CORPORATE CORNER
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ISLAMABAD s ta f f r e
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field The ceremony held at BME s facility in Khuzdar was graced by PPL s Chief Operating Officer Mr Sikandar Ali Memon In his address he underscored BME s unwavering dedication to nurturing young talent and equipping them with the requisite skills and knowledge to excel in the dynamic field of resource extraction and management through hands-on training and on-job experience ISLAMABAD s ta f f r e p o r t The Pakistan Poverty Alleviation Fund (PPAF) and the National Commission on the Status of Women (NCSW) have entered into a strategic partnership marking a significant milestone in Pakistan's journey towards gender equality and economic empowerment This alliance reflects a joint effort to harness the potential of women as catalysts for change Signing a Letter of Intent (LOI) in Islamabad, CEO PPAF Nadir Gul Barech and NCSW Chairperson Ms Nilofar Bakhtiar were the signatories of this momentous document The ceremony was attended by the representatives from academia media, and civil society organizations Through this partnership, PPAF and NCSW will initiate a series of programs aimed at advancing women's social and economic empowerment safeguarding their constitutional and fundamental human rights These initiatives include advocacy efforts with the Women's Parliamentary Caucus to promote genderequal policies as well as inter-ministerial dialogues to address barriers hindering women s economic participation Additionally Both organisations aimed collectively to take forward the initiatives of partner organisation Dukhtaran E Pakistan across the country It was agreed that collaborative research initiatives with academia and research institutions will explore avenues for women's involvement in poverty reduction, economic growth digitalization participatory development and climate change response CEO PPAF Nadir Gul Barech highl i g h t e d t h e t r a n s f o r m a t i v e p o w e r o f c o l l e c t i v e a c t i o n i n e m p o w e r i n g women and creating a more equitable s o c i e t y H e e x p r e s s e d p r o f o u n d o p t imism about the partnership s potential to catalyze tangible change, enriching the lives of women across Pakistan and nurturing a future defined by equal opportunities and prospects for exploring their hidden potential Nadir Gul also shared that since inception, PPAF has e s t a b l i s h e d l i n k a g e s a n d p a r t n e r s h i p s with civil society organizations, comm u n i t y - b a s e d o rg a n i z a t i o n s a n d e ng a g e d w i t h i n t e r n a t i o n a l d o n o r s t o serve the most marginalized communit i e s i n P a k i s t a n Ti l l d a t e P PA F h a s formed 94 000 women s community institutions to promote leadership skills in community women, helping them to contribute towards conflict resolution and peacebuilding To ensure women’s economic empowerment and build sust a i n a b l e l i v e l i h o o d s t h e o rg a n i z a t i o n h a s p r o v i d e d 1 2 8 4 0 0 p r o d u c t i v e a ssets, 125 matching grants to small and medium enterprises (SMEs), 1,738,000 interest-free loans, and vocational/ent e r p r i s e d e v e l o p m e n t t r a i n i n g t o 222 000 women he further added Utilit y Stores Corporation LAHORE s ta f f r e p o r t Utility Stores Corporation operates on documented economy as per government rules and pays all taxes on all purchases Utility Stores Corporation buys wheat from Pasco at official rates as decided by the Economic Co-ordination Committee Flour rates are fixed by adding taxes, transportation and other costs Similarly the purchase of rice and pulses is also done through open and transparent tenders and taxes are paid on all purchases as per government rules while the open market is the opposite Utility Stores Corporation is providing subsidy on sugar, flour, ghee, rice, and pulses to registered families of PMT 40 of Benazir Income Support Programme Due to this subsidy, a 10 kg bag of flour is being provided at Rs 648 sugar at Rs 109 per kg ghee at Rs 393 per kg Standard products are being provided at discounted prices to the general consumers as well
F a y s a l B a n k I n a u g u r a t e s N e w R e g i o n a l H e a d O f f i c e & F l a g s h i p B r a n c h i n M u l t a n MULTAN s ta f f r e p o r t Faysal Bank Limited (FBL) Pakistan s fastest growing Islamic bank, inaugurated its Multan Regional Head office building, including a flagship branch for its Priority customers On the occasion, Mr Yousaf Hussain President & CEO Faysal Bank hosted a reception for key business leaders from the Southern Punjab region Mr Yousaf said We are privileged to further enhance Faysal Islami s strong presence in the Multan Region The Bank will continue to further strengthen its partnership with local businesses within industrial, commercial SME agriculture and retail segments ” He thanked all the customers for their support and patronage in making Faysal Bank a leading Islamic bank Mr Yousaf further added Faysal Bank will maintain its aggressive network expansion plan reaching 1000 branches over the next two years, InshaAllah We are committed to broadening access to Islamic banking and finance, aiming to reach not only major cities but also unbanked and rural areas thereby enhancing financial inclusion in Pakistan
LAHORE s ta f f r e p o r t The Bank of Punjab a Key player in Pakistan's SME banking Segment has joined hands with SME Finance Forum (SMEFF) managed by International Finance Corporation (IFC) SMEFF is a global membership network dedicated to expanding access to finance for small and medium businesses worldwide Notably, BOP is the only commercial bank from Pakistan to attain membership status with SMEFF With approximately Rs 2 2 trillion in assets and 815 branches across Pakistan BOP has earned recognition for its excellence in SME banking The bank has received prestigious awards such as the Best SME Bank in Pakistan' at the 2024 Global SME Banking Innovation Awards, the AsiaMoney 2023 Awards, and the Pakistan Banking Awards in 2022 and 2023 Mr Zafar Masud President & CEO of BOP upon attaining the membership status expressed his enthusiasm about the collaboration and said that we are excited to enhance our commitment to empowering small and medium enterprises through our partnership with the SME Finance Forum Together, we will leverage innovative financial solutions to create impactful opportunities for entrepreneurs and drive sustainable growth Mr Qamar Saleem Head of SMEFF welcomed BOP to its network as a key player in SME banking Bank of Punjab s innovative practices in data usage sustainability, digital solutions, and agriculture finance align perfectly with SMEFF s mission to drive impact in emerging markets, he added PPAF and NCSW Unite for Women's Empowerment in Pakistan Risk Associates Cer tifies Meezan Bank as Pakistan's First PCI 3DS Standard Compliant Bank KARACHI s ta f f r e p o r t Risk Associates Pakistan s leading PCI Qualified Security Assessor (QSA) has recently announced Meezan Bank s certification with the PCI 3DS (Payment Card Industry Three Domain Secure) standard This milestone positions Meezan Bank, the country’s Premier Islamic bank, as the first in Pakistan to attain such an accreditation The certification ceremony was held at Meezan House Karachi where Mr Aziz A Rahim –Chief Operating Officer of Risk Associates presented the PCI 3DS Certificate of Compliance to Mr Faiz Ur Rehman – Group Head Information Technology, Syed Fahd Azam – CISO & Head Information Security and Syed Iftikhar Ul Haq - Group Head Consumer Finance, from Meezan Bank The certification highlights Meezan Bank’s focus on maintaining a secure banking infrastructure that ensures data protection and provides secure transactions for its clientele Aimed at mitigating online transaction fraud, this accreditation follows a thorough evaluation, ensuring compliance of the Bank s systems with the PCI 3DS protocol that has been mandated by the Payment Card Industry Security Standards Council The 3DS protocol serves as an additional layer of security that authenticates consumers with their card issuer during online purchases Commenting on this achievement Mr Kashif Hassan – Managing Director of Risk Associates, applauds Meezan Bank as the first bank in Pakistan to achieve PCI 3DS certification at present It signifies Meezan Bank's commitment to implementing robust security measures "We are pleased to certify Meezan Bank with the PCI 3DS standard said Aziz A Rahim – Chief Operating Officer at Risk Associates foodpanda Empowers Over 300 Deliver y Riders with Issuance of Learners License KARACHI s ta f f r e p o r t foodpanda, Pakistan's leading online delivery platform, facilitated the issuance of learners license for more than 300 delivery riders in Karachi This initiative is part of foodpanda s ongoing efforts to ensure that its riders have the necessary documentation and training to operate safely on the roads foodpanda collaborated with Driving License Sindh (DLS) to conduct the issue learner's licenses This initiative not only benefits the riders but also contributes to enhancing road safety standards in the city Muntaqa Peracha Managing Director of foodpanda expressed his views on the initiative stating Ensuring the safety and wellbeing of our delivery riders is a top priority at foodpanda We are pleased to collaborate with Driving License Sindh to facilitate the issuance of learner licenses for our riders, empowering them to operate safely on the roads while delivering excellent service to our valued customers ISLAMABAD I N p T HE Special Technology Zones Authority (STZA) and the National Radio and Telecommunication Corporation (NRTC) have sealed a major agreement worth Rs 12 5 billion to reshape Pakistan’s technological landscape The agreement marks a key milestone in Pakistan s push towards technological advancement Covering an expansive 46 88 acres in Haripur, NRTC s operational facility stands as a testament to cutting-edge tech infrastructure in the region Specializing in high-tech production NRTC s line-up includes information and communication technologies biomedical advancements, agritech solutions, robotics, power innovations, and AI-driven Internet of Things (IoT) solutions Underpinning the project’s rapid progression is the strategic support of the SIFC emphasizing STZA s pivotal role in Pakistan s economic strategy Formal approval from STZA positions NRTC s facility as a catalyst for fostering innovation, driving export growth substituting imports and generating employment opportunities The signing ceremony at STZA’s Islamabad headquarters signifies a core alliance poised to expedite the expansion of Pakistan s burgeoning technology sector To fuel further growth, STZA has announced a decade-long grant initiative, inviting public and private institutions to invest in Pakistan’s knowledge ecosystem S T Z A , N R T C I N K R S 1 2 . 5 B N D E A L T O E N H A N C E T E C H O P E R AT I O N S Zong 4G Par tners with MEPCO to provide seamless Business communication ISLAMABAD s ta f f r e p o r t Zong 4G, Pakistan s leading telecom operator has partnered with Multan Electric Power Company (MEPCO) to enhance business communication services and cater to their telecommunications needs MEPCO stands as the preeminent power distribution entity in Pakistan serving across 13 administrative districts within the southern region of Punjab province MEPCO harnesses hydro-electric power to generate electricity and distributes it to approximately thirty-four million residents in the region Zong 4G through this collaboration aspires to fulfill MEPCO s telecom needs by leveraging its cutting-edge technology and comprehensive business solutions Religious Affairs minister visits Saudi Arabia to review hajj arrangements ISLAMABAD: Federal Minister for Religious Affairs and Interfaith Harmony Chaudhry Salik Hussain has arrived in the Kingdom of Saudi Arabia to review the Hajj arrangements for Pakistani intending pilgrims During his week-long visit, the minister will hold meetings with officials of the Pakistan Hajj Mission including a briefing from the director general on the arrangements for pilgrims at Makkah and Madina The federal minister will also meet with the Saudi Minister for Hajj and Umrah, Dr Taufiq Fawazan Al Rabia to review the ongoing preparations for the upcoming Hajj pilgrimage Additionally, the minister will meet with Pakistani pilgrims who have already reached Saudi Arabia to gather their feedback on the facilitation provided by the Ministry of Religious Affairs and Interfaith Harmony Decisions of five more matches in Jaz z All Pakistan Tap Ball League cricket tournament KARACHI s ta f f r e p o r t Five more matches have been decided in Jazz All Pakistan Tap Ball League cricket tournament In Moin Khan Academy Defence, Sharwani Sports defeated Bau Bilal XI by thirty four runs Batting first Sherwani Sports scored 100 runs for the loss of three wickets in the allotted overs The brave lefty played an aggressive innings of forty-six runs off twelve balls Muzamil Kamunki scored twenty three runs Rashid Malik took two wickets and Hasan Ali took one In reply, Bau Bilal XI's team was restricted to 66 runs for 6 wickets Samad Hameed was prominent by scoring twenty eight runs Obaidur Rahman Rana Mohsin and Jalat Khan dismissed two players each In other matches Osaka Kurko outclassed Narrowwall Warriors by eight wickets Asi B Sports beat ZA Sports by forty eight runs CE Sports won by ten wickets against One Ten Sports Five matches will be played in the tournament on Thursday as well According to tournament director Khurram Majeed the winning team of the event will be entitled to Rs While the run-up team will get two million rupees T H E M A J O R T E C H AG R E E M E N T A I M S TO T R A N S F O R M PA K I S TA N ' S T E C H N O LO G I C A L L A N D S C A P E

orchards The list of accredited facilities has not been communicated to the USA, Korea, Kenya, South Africa, and Japan The arrangement to invite inspectors from

ISLAMABAD

gent and high phytosanitary import conditions Pakistan’s export of mangoes to these countries is almost far less than their import potential One major reason for this prejudice against Pakistan s imports is that the DPP is unable to carry out compliances of phy-

tosanitary import conditions of such countries due to its lack of infrastructure and shortage of qualified and trained manpower

The DPP, the National Plant Protection Organization of Pakistan, an attached Department of the Ministry of National Food Security and Research (MoFS&R) is mandated to regulate the import and export of agricultural commodities with respect to sanitary and phytosanitary measures They are responsible for the biosecurity of Pakistan by preventing the entry and spread of alien biosecurity risks – insects plant diseases causal organisms weeds contaminants and food safety issues They are also responsible for making compliances of the phytosanitary import conditions of Pakistan s trading nations for the export of Pakistani agricultural merchandise Despite the importance of the DPP, the hirings are not given enough importance as highlighted by Profit previously Now the mango season is due to start on May 20 2024 and the DPP has not yet completed the annual audit of hot water treatment plants, packhouses, and mango

Vawda urges Justice Babar S attar to provide evidence of being threatened

Senator Faisal Vawda demanded on Wednesday that Islamabad High Court’s (IHC) Justice Babar Sattar present evidence supporting his allegations of interference in judicial matters and that he is being threatened

In the letter to IHC Chief Justice Aamer Farooq, Justice Sattar reportedly disclosed that a ‘top official’ from the security establishment threatened him to back off from scrutinizing surveillance procedures in the audio leaks case

He highlighted that the focus of the malicious campaign in audio leak cases appears to be an intimidation tactic aimed at influencing judicial proceedings

Vawda, in a press conference today, said it was time for Justice Sattar to prove his allegations with solid evidence or the matter would turn ‘vague and complicated’

He added that lack of proof will also raise several questions on the credibility of the judges allegations

Vawda stated that Justice Babar, before his elevation to the IHC, informed then IHC CJ Atthar Minallah about judicial interference and questioned why the matter was not brought to the public at that time only

The senator further asked Justice Sattar to provide evidence of the document sent to the IHC CJ citing judicial meddling Article 19 of the Constitution, every Pakistani has the right to seek details of information I, as a senator, seek details from you (Justice Sattar) ” said Vawda

No work is finished until the paperwork is done

Vawda hoped the IHC judge will provide evidence soon and said several questions would arise if Justice Babar failed to do so He added that when he appeared before Justice Minallah in a case he found the judge ‘principally strict’

The senator added that no one is superior to Pakistan and the country has equal laws for all Vawda criticized the judiciary for taking notice of malicious campaigns against judges and not other incidents happening in the country Vawda earlier vehemently condemned the vilification of IHC’s Justice Sattar saying that any slanderous campaign against an individual is intolerable

He stressed that it was incumbent on the judge and the high court to clear the air and questioned whether the absence of written documentation regarding his financial matters, if indeed true, raised doubts not only about Justice Babar but also about the former IHC CJ Justice Sattar s letter to CJ Farooq surfaced on the same day Attorney General for Pakistan (AGP) Mansoor Usman Awan in a rare press talk, refuted allegations of government or any other state institution interfering in judicial matters

“According to my information no offic

judiciary And the contact that was made was done through the AGP s office to ensure sen-

around the prison with security forces conducting a simulation exercise at Adiala jail and sweeping the surrounding areas for any potential threats Earlier on March 7 Rawalpindi police and the Counter-Terrorism Department (CTD) thwarted a significant terrorist plot targeting Adiala Jail, leading to the arrest of three Afghan nationals The operation yielded sketches of the prison, hand grenades, and improvised explosive devices (IEDs) Subsequently a mock exercise involving Pakistan Rangers Rawalpindi police anti-terrorism units from the prisons department Rescue 1122 and the bomb disposal squad was

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 4 : 2 0 5 0 5 1 : 3 0 5 : 1 5 6 : 5 5 8 : 4 5 Thursday 16 May 2024 NEWS Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited Ph: 051-2204545 Email: newsroom@pakistantoday com pk
G h u l a m a b b a S Due to recent interceptions of rice exports in Russia and subsequent Russian warnings of a ban on rice imports from Pakistan Pakistan s plant quarantine system has been exposed among trading partners The Department of Plant Protection (DPP) has neither conducted an investigation nor taken remedial actions as demanded by Rosselkhoznadzor the National Plant Protection Organization of Russia While the DPP deals with the rice problem A much bigger problem is at hand once again Pakistan s mango, the infamous king of Pakistani fruits, is facing strict quarantine and food safety inspections and regulations on its way to the European Union Iran and other countries According to details Pakistan produces about 1 88 million metric tons of mangoes Of this amount, Pakistan s mango export season starts from May 20th and runs until the first week of September every year Pakistan exports around 0 13 to 0 16 million tons to 79 countries The main mango exports of Pakistan go to Afghanistan, which is around 0 05 million metric tons, followed by the UAE, about 0 049 million metric tons, and Iran, approximately 0 030 to 0 035 million metric tons Pakistan exports around 0 005 to 0 006 metric tons to the EU and UK According to the laws set up by various countries, Pakistan s mango export to the EU, Iran, Australia, and Korea is subject to phytosanitary conditions of hot water treatment while the exports to Japan is subject to the condition of vapor heat treatment The US has also permitted the import of mangoes from Pakistan at the Houston port only where it conducts irradiation of the mango shipments from Pakistan upon arrival and then accords release Due to strin-
Korea and Japan for a pre-clearance program to export mangoes from Pakistan to Korea and Japan has not been finalized All of this is going to delay the export of Pakistan s most prestigious fruit to such countries Scores of risk analysis dossiers
pending with the DPP to finalize negotiations with the trading nations for market access and export of Pakistani commodities Insiders reveal that concerned ministries and departments have not paid heed to the mango export program so far to bring money into the country They shared that rather than supporting the fragile economy for bringing in more export revenue the ministries are being indulged in inquiries regarding the wheat import scandal Besides the DPP also finds itself under scrutiny amidst recent interceptions of rice in Russia and wheat import controversies Ensuring compliance poses a significant challenge for the department, given the presence of numerous Hot Water Treatment (HWT) plants with an acute shortage of qualified officers to supervise their operations HWT PLANTS: For the past two years, out of fifteen, seven hot water treatment plants, i e , Lutf Abad Hot Water Treatment (HWT) Plant, Multan, Hyder Shah HWT Plant, Tando Allah Yar AZZ HWT Plant Karachi Hamza Impex HWT Plant Karachi Ramzan Associates Multan Al-Mustafa HWT Plant and Zarpak Horticulture HWT Plant, Shujabad, have been suspended by Iran for defective treatment and issuance of fake treatment certificates and non-compliance with its standards Though departmental officers were posted during their operation along with a technical person from pre-shipment inspection agencies, to monitor the disinfestation procedure as per the standard specified by Iran They joined hands with the plant owners and favored them to issue treatment certificates without proper disinfestation treatment to mangoes as insiders revealed This is because the exporters think that untreated mangoes have more shelf life than treated ones and they offer the plant owners to take their disinfestation charges and issue them treatment certificates so that based on such treatment certificates duly endorsed by the DPP inspectors they can get phytosanitary certificates from the DPP and ship consignments to Iran with fake treatment certificates PA K
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g M a n g o e x p o r t s t o c o m m e n c e b y M a y 2 0 , H W T p l a n t s, p a c k h o u s e s a n d o r c h a r d s y e t t o b e a u d i t e d FO warns India against inflammator y rhetoric targeting Pakistan ISLAMABAD S ta f f R e p o R t The Foreign Office of Pakistan issued a stern warning to India as politicians from the Bharatiya Janata Party (BJP) led by Prime Minister Narendra Modi intensified anti-Pakistan sentiments during their election campaign Amidst the ongoing general elections spanning six weeks, the BJP and PM Modi have resorted to “bravado” and “jingoism” to sway voters prompting Islamabad to strongly react to the provocative rhetoric FO Spokesperson Mumtaz Zahra Baloch cautioned India against any misadventure towards Pakistan emphasizing the country s resolve to safeguard its sovereignty and territorial integrity The surge in anti-Pakistan rhetoric from Indian leaders during the Lok Sabha election campaign has been vehemently rejected by Pakistan The FO spokesperson condemned these statements as irresponsible and reflective of a reckless mindset Pakistan expressed regret over India s fixation on Pakistan and its attempts to exploit hyper-nationalism for electoral gains The FO reiterated the importance of peaceful resolution of disputes, including the issue of Indian Illegally Occupied Jammu and Kashmir (IIOJK)
strategic matters with caution It also called upon the international community to take note of India s belligerent rhetoric which poses a threat to regional peace and stability C O N T I N U E D O N PA G E 03 ISLAMABAD S ta f f R e p o R t C h i e f J u s t i c e Q a z i F a i z I s a h a s s o u n d e d t h e a l a r m o n t h e s y s t e m a t i c e r o s i o n p l a g u i n g t h e n a t i o n ’s u n iversities warning of dire consequences for the count r y ’s f u t u r e D u r i n g a h e a r i n g p e r t a i n i n g t o t h e a p p o i n t m e n t o f p e r m a n e n t v i c e - c h a n c e l l o r s i n g o v e r n m e n t u n iv e r s i t i e s , a t h r e e - m e m b e r b e n c h o f t h e S u p r e m e C o u r t l e d b y C h i e f J u s t i c e Q a z i F a i z I s a c o n v e n e d t o a d d r e s s m o u n t i n g c o n c e r n s s u r r o u n d i n g h i g h e r e d u c a t i o n i n s t i t u t i o n s n a t i o n w i d e A c o m p r e h e n s i v e r e p o r t s u b m i t t e d t o t h e c o u r t r e v e a l e d t r o u b l i n g s t at i s t i c s , w i t h a s i g n i f i c a n t n u m b e r o f u n i v e r s i t i e s g r a p p l i n g w i t h l e a d e r s h i p v a c a n c i e s o r i n t e r i m a pp o i n t m e n t s According to the report out of Pakistan’s 154 public universities a staggering 66 institutions are either operating with interim vice-chancellors or have vacant leadership positions This concerning trend underscores a pervasive lack of stability within the higher education sector prompting Chief Justice Qazi Faiz Isa to issue a solemn warning regarding the future trajectory of Pakistan E x p r e s s i n g d i s m a y o v e r t h e d e t e r i o r a t i n g s t a t e o f a ff a i r s , C h i e f J u s t i c e Q a z i F a i z I s a l a m e n t e d t h e a b s e n c e o f c o n c e r t e d e ff o r t s t o a d d r e s s t h e s y s t e m i c c h a l l e n g e s p l a g u i n g u n i v e r s i t i e s H e d e c r i e d t h e w a n t o n n e g l e c t a n d i n d i ff e r e n c e d i s p l a y e d t o w a r d s t h e e d u c a t i o n a l i n f r a s t r u c t u r e c a u t i o n i n g a g a i n s t t h e d e t r i m e n t a l i m p a c t o n P a k i s t a n s s o c i o - e c on o m i c d e v e l o p m e n t In a scathing rebuke Chief Justice Qazi Faiz Isa denounced the prioritization of political rhetoric over substantive discussions on educational reform £190m case hearing adjourned over ‘securit y concerns’ ISLAMABAD S ta f f R e p o R t An accountability court in Islamabad on Wednesday granted the request from the superintendent
Adiala jail to postpone the hearing of the £190 million refer-
against PTI founder Imran Khan citing security concerns The hearing will now resume on May 17 The jail official s plea to the court referenced reports from the Punjab Home Department indicating potential threats of attacks on prisons in Punjab by outlawed groups The request underscored Adiala jail’s status as the most sensitive prison in the province accommodating over 7 000 inmates including individuals involved in serious crimes and prominent political figures The security alert extended to Mianwali, Dera Ghazi Khan, Rawalpindi (Adiala), and Attock jails In response to these reports, security measures were heightened within and
conducted at Adiala jail This occurred shortly after the Punjab government imposed a twoweek ban on prison visits and media coverage Pakistan, US agree to boost cooperation in IT, telecom sector ISLAMABAD S ta f f R e p o R t Minister of State for IT and Telecommunication Shaza Fatima Khawaja and US Ambassador to Pakistan, Donald Blome, met on Wednesday to discuss enhancing cooperation in the IT and telecommunication sector During the meeting, they delved into matters of mutual interest pertaining to IT and telecommunication including Pakistan’s judicial system s digitalisation and the promotion of the gaming industry as per official statements Ambassador Blome expressed the United States eagerness to expand cooperation in the information technology sector, recognising Pakistan’s significant potential for growth in the digital economy He also highlighted the pivotal role of US firms in fostering investment and innovation within the sector In her discussions with the US Ambassador Shaza Fatima conveyed Pakistan s commitment to the progress of its IT and Telecom sector She underscored Pakistan s desire to strengthen ties with the US in this realm and expressed a keen interest in collaborating on advancing the gaming industry Furthermore the minister stressed the importance of bolstering business-to-business relations between Pakistan and the US Pakistan seeks to leverage American expertise in technology and facilitate the exchange of IT professionals between the two countries, she added Shaza Fatima highlighted the current government’s focus on digitalisation initiatives across various sectors of the economy governance and society C JP warns against systematic destruc tion of Pakistan’s universities Funeral prayers of mar t yred Major Babar Niazi held at Zhob Cantt ZHOB S ta f f R e p o R t The funeral prayers of Pakistan Army Major Babar Niazi who was martyred in a gunfight with terrorists Tuesday were offered at Zhob Cantt on Wednesday According to ISPR Major Babar Niazi Shaheed was martyred on May 14 (Tuesday) during an intelligence-based operation against terrorists in Sambaza area of Zhob district of Balochistan Senior military and civil officers, people and civil administration representatives participated in the funeral prayers of the martyred son of the motherland today The martyr will be buried in his hometown of Mianwali with full military honours The armed forces of Pakistan stand by the nation and are determined to thwart terrorist attempts to sabotage the peace and stability of the country These sacrifices of our brave sons strengthen our resolve to fight against the scourge of terrorism, the ISPR statement said, adding the war against terrorism will continue till the end of the scourge of terrorism from the motherland PRESIDENT, PM VOW TO FULLY ERADICATE TERRORISM President Asif Ali Zardari and Prime Minister Shehbaz Sharif have reaffirmed Pakistan s commitment to complete eradication of terrorism from the country In a statement the President commended security forces for their successful operation in Sambaza area of Zhob He paid homage to Shaheed Major Babar Niazi for rendering his life in the line of duty He also appreciated his bravery, services and patriotism He condoled with the bereaved family Prime Minister Shehbaz Sharif has paid tribute to Major Babar Niazi Shaheed In a statement he said he and whole nation is proud of the sacrifices of our valiant troops
through dialogue and cooperation Regarding inflammatory rhetoric about Azad Jammu and Kashmir Pakistan emphasized historical facts and legal principles asserting that no amount of Indian statements can alter the internationally recognized status of IIOJK The FO urged Indian politicians to refrain from dragging Pakistan into their domestic politics and handle
of
ence
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