Tbe achieved if the Finance Ministry sits with the provinces, said Muzammil Aslam the Advisor to CM KP on Finance Under the National Finance Pact the province will share spending on the Benazir Income
equal to 1% of the GDP a federal minister told The Express Tribune The provincial governments also assured their support for the National Fiscal Pact which the IMF is asking Pakistan to implement as part of the conditions for the next programme As per the IMF condition the National Fiscal Pact has to be concluded by end September and the deadline can only
ISLAMABAD S TA F F R E P O R T
Federal Minister for Information and Broadcasting and National Heritage and Culture Attaullah Tarar on Monday said Pakistan s fast-track progress under the leadership of Prime Minister Shehbaz Sharif had stunned its enemies who were dreaming its economic downfall
“The disappointed elements are fully perturbed as the prime minister has charted the country on path of progress and development, Attaullah Tarar said while addressing a press conference
The minister said a so-called leader while being at the helm of affairs in 2018 had adversely affected Pakistan s relations with the brotherly countries causing serious problems on the diplomatic front
On the other hand, the government led by PM Shehbaz Sharif had not only mended relations with the brotherly states besides restoring the country s prestige in the global community he added Tarar said the prime minister s historic visit to China was highly successful”, which had been marked by an unprecedented level of enthusiasm and mutual cooperation
A multitude of issues he said were addressed during the visit fostering the dawn of a new era in the bilateral relations of two countries which had been enjoying exemplary bonds for decades Their unparalleled friendship stood steadfast against all odds over the years he added
The minister said the Chinese leadership congratulated Pakistan on securing a seat in the United Nations Security Council and achieving 182 votes in the 193member General Assembly China had played a significant role in helping Pakistan achieve the feat Chinese President Xi Jinping during the meeting that lasted for over three hours, personally felicitated Prime Minister Shehbaz on the achievement he added
The prime minister he said had discussed the revival of Karachi Circular Railway (KCR) and the Mainline 1 (ML-1) projects during the meeting A committee was formed to extend the ML-1 from Karachi to Multan and potentially beyond he added
The minister said a total of 32 B2B agreements were inked among various business enterprises of the two countries
Moreover, he said, some 500 entrepreneurs attended a business conference where many agreements and memorandum of under-
Tarar
standings (MoUs) were also signed to enhance business cooperation between the two countries IT (information technology) exports would be enhanced with the visit of the prime minister to China he said adding that China had agreed to train 200 000 IT students
Establishing smart cities were also discussed during the meetings, the minister noted Tarar said that training of the youth would further increase IT exports by encouraging the tech startups to contribute to the national economy, positively He said Pakistan s tech companies were competing with its foreign counterparts and it was the responsibility of the government to create a conducive environment for them Pakistan-China friendship is in our blood, he said, lauding China for persistently supporting Pakistan which was being reciprocated in the same manner
He said that the benefits of the upgradation of CPEC (China Pakistan Economic Corridor) would reach the people of both countries
He said Pakistan had already achieved economic stability, witnessed a reduction in price hikes with inflation declined from 18 to 11 percent and experienced overall economic improvement The foreign exchange reserves had increased to $14 billion, he added Terming the CPEC a lifeline of Pakistan he said the Chinese leadership had vowed to upgrade the flagship project and now its process was moving forward at fast pace
In par
Profit Tu e s d a y, 1 1 J u n e , 2 0 2 4 I | 4 Z i l - H a j j , 1 4 4 5 R s 2 0 0 0 | Vo l X I V N o 3 4 2 I 8 Pa g e s I I s l a m a b a d E d i t i o n PR OFIT N E W S D E S K The Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP) announced on Monday a reduction in the key policy rate by 150 basis points (bps) to 20 5% According to a statement issued by the SBP after the MPC meeting this decision precedes the annual budget and follows data showing inflation slowed to a 30-month low of 11 8% in May However, the MPC forecasted a risk of inflation to rise significantly in July 2024 from current levels, before trending down gradually during FY25 The MPC noted that while the significant decline in inflation since February was broadly in line with expectations the May outturn was better than anticipated earlier The Committee assessed that underlying inflationary pressures are also subsiding amidst a tight monetary policy stance supported by fiscal consolidation This is reflected by continued moderation in core inflation and ease in inflation expectations of both consumers and businesses in the latest surveys At the same time, the MPC viewed some upside risks to the near-term inflation outlook associated with the upcoming budgetary measures and uncertainty regarding future energy price adjustments Notwithstanding these risks and today s decision, the Committee noted that the cumulative impact of the earlier monetary tightening is expected to keep inflationary pressures in check The MPC noted the following key developments since its last meeting First, real GDP growth remained moderate at 2 4% in FY24 as per provisional data with subdued recovery in industry and services partially offsetting the strong growth in agriculture Second a reduction in the current account deficit has helped improve the forex reserves to around $9 billion despite large debt repayments and weak official inflows The government has also approached the IMF for an Extended Fund Facility program which is likely to unlock financial inflows that will help in further build-up of FX buffers Lastly, international oil prices have declined, whereas non-oil commodity prices have continued to inch up Based on these developments the Committee on balance viewed that it is now an appropriate time to reduce the policy rate The Committee noted that the real interest rate still remains significantly positive, which is important to continue guiding inflation to the medium-term target of 5 – 7% The Committee also emphasised that future monetary policy decisions will remain data-driven and responsive to evolving developments related to the inflation outlook Real Sector Latest estimates indicate real GDP growth at 2 1% in Q3-FY24 against a contraction of 1 1% in the same quarter last year While agriculture was already showing strong growth the industry also witnessed positive growth in Q3 Also, initial growth estimates for both Q1 and Q2 for FY24 were revised upward Taking into account the developments in the first nine months FY24 growth is provisionally estimated by PBS at 2 4% against a contraction of 0 2% in FY23 Almost twothirds of this recovery was explained by improvement in the agriculture sector “These developments are in line with the MPC’s earlier expectations For FY25, the MPC expects economic growth to remain moderate This assessment takes into account the impact of expected moderation in agriculture output and ongoing stabilization policies, the SBP s statement added External Sector The current account posted a surplus for the third consecutive month in April on the back of robust growth in remittances and exports which more than offset the uptick in imports During July-April FY24, the current account deficit narrowed significantly to $202 million In the same period, exports grew by 10 6%, mainly driven by an increased quantum of rice and HVA textile exports Conversely imports decreased by 5 3% during the same period due to lower international commodity prices better domestic agriculture output and moderate economic activity g D E C I S I O N F O L LO W S R E D U C T I O N I N I N F L AT I O N TO 3 0 - M O N T H LO W S B P c u t s p o l i c y r a t e b y 1 5 0 b p s t o 2 0 . 5 % uNsC set to decide on us-backed Israel-hamas ceasefire proposal NEW YORK A G E N C I E S The United Nations Security Council will vote later on Monday on a United States (US)-drafted resolution backing a proposal outlined by US President Joe Biden for a ceasefire between Israel and Hamas in Gaza The US finalised its text on Sunday after six days of negotiations among the 15-member council It was not immediately clear whether veto powers Russia and China would allow the adoption of the draft A resolution needs at least nine votes in favour and no vetoes by the US, France, Britain, China, or Russia to pass Biden laid out a three-phase ceasefire plan on May 31 that he described as an Israeli initiative Some Security Council members questioned whether Israel had accepted the plan to end the fighting in Gaza The draft resolution welcomes the new ceasefire proposal, which Israel accepted, calls upon Hamas to also accept it, and urges both parties to fully implement its terms without delay and without condition ” It also goes into detail about the proposal and spells out that “if the negotiations take longer than six weeks for phase one the ceasefire will still continue as long as negotiations continue The council in March had demanded an immediate ceasefire and unconditional release of all hostages held by Hamas For months, negotiators from the US, Egypt and Qatar have been trying to mediate a ceasefire Hamas says it wants a permanent end to the war in Gaza and Israeli withdrawal from the enclave of 2 3 million people pM shehbaz vows to rid pakistan of enemies LAHORE S TA F F R E P O R T Prime Minister Shehbaz Sharif and Lieutenant General Syed Aamer Raza, Commander IV Corps Lahore, on Monsday offered funeral prayers of Capt Muhammad Faraz Ilyas Shaheed who embraced martyrdom in a terrorist attack in Lakki Marwat district of Khyber Pakhtunkhwa (KP) province the previous day On the occasion, Prime Minister Shehbaz Sharif vowed to rid Pakistan of all sorts of enemies Capt Muhammad Faraz Ilyas along with six brave soldiers were martyred during an IED blast at Lakki Marwat After the funeral prayers the Prime Minister and Corps Commander participated in the burial of Shaheed Captain and offered Fatiha at the grave Later the Prime Minister offered condolences to the family of Capt Muhammad Faraz Ilyas Shaheed A large number of serving and retired officers of Pakistan Armed Forces relatives of the martyr and locals from the area participated in the funeral prayers The PM also met with the parents of Shaheed captain and expressed condolences He announced the transformation of the native village of the martyred officer into a model village and renamed it Faraz Ilyas Shaheed” The prime minister also met with the parents of shaheed captain and expressed condolences He announced to transform the native village of martyred officer as model village and renamed it as Faraz Ilyas Shaheed He told the parents that the sacrifice of their son would not go in vain and prayed for the bereaved family to bear the loss with fortitude Under the Quranic teachings, a shaheed had an elevated place in Jannah he said adding that a large number of Jawans of armed forces had laid down their lives for the motherland The prime minister said that the nation was proud of its brave sons and the coward terrorists could not succeed in shaking their strong resolve NEC grEEN-lIghTs rs3.5Tr dEvElopMENT
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HE National Economic Council (NEC) on Monday approved a whopping development budget outlay amounting to Rs3 5 trillion amid support by the four provinces, including the PTI-led KhyberPakhtunkhwa, for the International Monetary Fund (IMF) programme The NEC greenlit a Rs3 5 trillion budget for the federal and four provincial governments – Rs663 billion or 24% higher than the original allocations for the outgoing fiscal year Out of the total development budget, an amount of Rs932 billion or 27% of the outlay will be funded through foreign loans However the NEC revived the budget for the parliamentarians schemes and allocated Rs75 billion for the next fiscal year in addition to setting aside more financial resources for provincial nature projects in the federal budget 2024-25 Headed by Prime Minister Shehbaz Sharif the NEC – the constitutional body mandated to approve the nation s financial policies, also endorsed next fiscal year s economic growth rate target of 3 6% and the inflation target at 12% The NEC approved a five-year macroeconomic plan including a target to increase the country s exports of goods and services to $63 billion by 2029 The Premier also set up a committee under Economic Affairs Minister Ahad Cheema to prepare a mechanism under the NEC to involve provinces in major decisions a step towards the federal fiscalism and consensus decision-making on major national economic matters Some members objected to projecting negative growth in the important crops in next year including in wheat and rice But subsequently the NEC approved the annual plan after Deputy Prime Minister Ishaq Dar urged the forum to approve these numbers subject to the condition that these would be again reviewed by the NEC The NEC approved Rs1 4 trillion worth federal PSDP which is higher by Rs450 billion or 47% over this fiscal year s budget The federal government has estimated receiving Rs316 billion worth project loans in the next fiscal year to finance its bloated development programme Earlier the Finance Ministry had indicated Rs1 5 trillion PSDP, which it cut by Rs100 billion Four provincial chief ministers attended the NEC meeting and assured Prime Minister Shehbaz Sharif of their support for the IMF bailout package including providing the cash surpluses
Support Programme Higher Education Commission and provincial infrastructure projects The provincial governments would also have to throw a Rs1 219 trillion cash surplus for the next budget under the IMF condition Punjab s share is Rs630 billion Sindh Rs300 billion KhyberPakhtunkhwa Rs178 billion and Balochistan s share is Rs111 billion Finance Minister Muhammad Aurangzeb will formally announce the budget on Wednesday The NEC approved Rs2 1 trillion provincial annual development plans – higher by Rs216 billion or 12% over this year s original budgetary allocations The four provincial governments would take Rs616 billion worth foreign loans to finance their schemes
government
Punjab’s next year s development budget is indicated at Rs700 billion compared to original Rs655 billion for this year Chief
ter Maryam Nawaz Sharif told
forum that her province’s budget may increase to Rs825 billion once the internal exer-
finished
spend Rs764 billion on development compared to Rs652 billion this year
would spend Rs351 billion compared to Rs290 billion this year
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RS932B OR 27% OF TOTAL DEVELOPMENT OUTLAY WILL BE FUNDED THROUGH FOREIGN LOANS
APPROVES FIVE-YEAR MACROECONOMIC PLAN INCLUDING TO INCREA SE EXPORTS OF GOODS, SERVICES TO $63B BY 2029 PR OFIT A G E N C I E S The International Monetary Fund (IMF) has demanded more tax collection from provinces and imposition of the agriculture tax, official sources said on Sunday The IMF has urged to tax the agricultural income, adding that the farm sector is paying the lowest taxes in Pakistan over its share of income The monetary fund has also advised the government to use the national tax council to enhance provincial taxation The province s tax share in national revenues has been at the minimal level of one per cent, IMF has pointed out The IMF has also demanded full tax collection on properties as well as sales tax on services in provinces The International Monetary Fund earlier demanded Pakistan to public assets of office holders government officials ministers and parliamentarians According to sources, the IMF has suggested strict anti-corruption measures in the upcoming budget 2024-25 The monetary fund directed the government to establish a portal to declare the assets of public officials but the government has failed to do so sources said Pakistan s authorities are bound to create a portal and disclose asset details under the agreement with the IMF, sources added The government had prepared a Performa for officials to disclose their assets, but it was not made public, sources revealed Furthermore banks will now be required to obtain asset information from government officials when opening new accounts sources said I M F d e m a n d s t a x o n a g r i c u l t u r e s e c t o r C O N T I N U E D O N PA G E 03 C O N T I N U E D O N PA G E 03 g FUND DIRECTS GOVT TO ESTABLISH PORTAL TO DECLARE A SSETS OF PUBLIC OFFICIALS
Enemies per turbed over rapid progress under Shehbaz:
g ENDORSES NEXT FISCAL YEAR ’S ECONOMIC GROWTH RATE TARGET OF 3 6%, INFLATION TARGET AT 12% g
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Punjab govt alloc ates Rs1b for
monsoon preparedness
The Punjab government has sanctioned a grant of one billion rupees for monsoon preparations aimed at enhancing the capabilities of all provincial Water and Sanitation Agencies (WASAs) including those in Lahore This funding, approved on Monday based on recommendations from the Housing Department will be allocated for essential resources such as machinery and petrol among other preparatory measures This financial boost is part of a broader strategy to ensure robust monsoon readiness across the province The initiative reflects a proactive approach to managing the seasonal challenges associated with the monsoon period In a related development the Sindh government has issued a monsoon alert and directed officials across all departments to maintain high alert status
Provincial Minister for Rehabilitation Makhdoom Mehboob Ul Zamaan emphasised that safeguarding the lives of residents is a top priority
He announced plans to inspect various parts of Sindh personally and warned that any negligence by officials would be met with strict action
Pakistan, global leaders converge at KSA’s 48th Grand Hajj Symposium
which focused on the Kingdom s extensive preparations for Hajj The event, titled No Hajj without permission, marked the 48th Grand Hajj Symposium held by the Saudi Ministry of Hajj and drew ministers and religious scholars from various countries The symposium served as a primary platform for intellectual leadership and knowledge exchange, aimed at deepening the understanding and appreciation of the spiritual, cultural, and social dimensions of the Hajj rituals Discussions highlighted the Kingdom’s significant achievements in facilitating the pilgrimage including pioneering projects at the two Holy Mosques The event emphasised the cultural and civilisational roles undertaken by Saudi Arabia in serving the pilgrims and reinforcing peaceful intellectual dialogue on matters related to the Hajj season It also sought to establish unified principles of collective action for the Islamic world in addressing doubts concerning faith nation and culture Further, the symposium focused on fostering constructive communication with various institutions, scientific forums, and specialised researchers globally Saudi Minister for Hajj and Umrah Dr Tawfig Al-Rabiah opened the symposium with a speech outlining its objectives and the steps taken by the Kingdom to ensure a smooth and safe Hajj operation Secretary-General of the Council of Senior Scholars, Sheikh Dr Fahad AlMajid, spoke on behalf of the Grand Mufti of Saudi Arabia and Dr Mohammed Alissa Secretary-General of the Muslim World League lauded the Saudi government s efforts in enhancing the comfort and experience of pilgrims The symposium also featured panel discussions on topics like “Legal and Jurisprudential Dispensation in Hajj ” “Facilitation and Alleviation of Hardships in Islamic Laws and Concessions in Rites of Hajj and Their Impact on Facilitating the Rituals
few months have been particularly challenging, leaving me totally overwhelmed and exhausted,” he wrote, adding that after much reflection, he made the decision to step down from his position as CEO of the fintech company Brandon Timisky said a formal statement in this regard will be released tomorrow when reached out for comment The American-origin entrepreneur had been at the helm of SadaPay for 6 years, scaling the company to 1 million digital wallet users under an EMI license Earlier Brandon has launched and exited GasNinjas an on demand fuel delivery service in the US In 2018, he moved to Pakistan to start a fintech company for the vastly unbanked population and acquired the in-principle approval for EMI license in 2020
T H E A C Q U I S I T I O N On May 30 Papara officially acquired SadaPay in an all stock deal that valued the company at $50 5 million An earlier report on the acquisition mentioned that the deal value was $30 million, which was later confirmed to be $50 5 million The deal also includes a $10 million equity injection into SadaPay by Papara In his earlier message to the team CEO Timinsky had said that post acquisition, SadaPay will operate independently under Papara’s umbrella, but their support will help them move faster and achieve more While there will be some changes these will be focused on enhancing our capabilities optimising our organisation and preparing for scale Papara plans to immediately bring $10 million as foreign direct investment into
Pakistan to solidify SadaPay’s position in the market Over a few years this could go up to $50 million which could set SadaPay up for securing a digital retail bank licence (DRB) licence in the future
In the immediate horizon, this investment has been earmarked for technological advancements, which would enable rolling out new products and market expansion Specifically SadaPay plans to use the investment to expand its consumer footprint, including scaling SadaPay s consumer base, enhancing marketing efforts and developing new customer acquisition channels These funds would also be deployed towards enhancing the acceptance of QR codes via Raast at SMEs and towards rolling out credit products through collaboration with partner banks One of the plans in the works for SadaPay has been introducing remittance services for overseas Pakistanis Papara happens to have similar plans and the acquisition would accelerate the rollout of remittance service in key markets with a significant Pakistani expatriate population such as in the UK and Saudi Arabia
Tuesday 11 June 2024 ISLAMABAD 02 NEWS ISLAMABAD g h u l a m a b b a S R E P R E S E N TAT I V E S from various sectors have expressed concerns over the misuse of the tax incentive package for erstwhile Federally Administered Tribal Areas (FATA), claiming that the concessions announced in 2019 are damaging the ghee edible oil and steel industries across the country Addressing a news conference on Monday key players in these sectors demanded that the government abolish the exemptions awarded to industries in the former FATA and the Provincially Administered Tribal Areas (PATA) for five years Sheikh Abdul Razzak Chairman of the Pakistan Vanaspati Manufacturers Association (PVMA), highlighted that the concessions granted to FATA included complete exemption from income tax, sales tax exemption both at the local and import stages customs duty exemption at the import stage on plant and machinery turnover tax exemption from annual tax returns, and exemption on withholding income tax from local supplies “As a result, there is a difference of around 27 percent between the units in former FATA and the rest of the country ” Mr Razzak added He informed that with a total population of around 6 25 million, the requirement for ghee and edible oil in former FATA and PATA should be around 52,000 tonnes during January-May 2024, based on per capita consumption of 20 kilograms annually But the ghee units in these exempted areas have already imported 180,000 tonnes of edible oil, including palm oil, in five months,” he said, adding, “This clearly shows that the ghee and oil mills of exempted areas have been selling their produce in mainland Pakistan even up to Punjab and parts of Sindh during the past five years Similar issues were expressed by the steel sector, which noted that the tax exemptions amount to around Rs50,000 per tonne of steel products Khurram Mughal CEO of Mughal Steels and Khawar Suddiquie of Aisha Steels said that most of the steel units operating in Hattar Industrial Estate, Gadoon Industrial Estate, and Hayatabad Industrial Estate have shut down, with 16 steel units closing in Hattar Industrial Estate Khyber Pakhtunkhwa and eight in Islamabad Mr Mughal added that CPEC-related steel units which Chinese investors had planned to set up at Rashakai Economic Zone, have now been shelved and discarded due to the FATA/PATA tax issue
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V E S PR OFIT m o N I to R I N g D e S k The Competition Commission of Pakistan (CCP) has recently greenlit Artistic Milliners (Private) Limited’s acquisition of Tenaga Generasi Limited (TGL) This move marks a significant diversification for the textile giant Artistic Milliners (Private) Limited renowned globally for its denim manufacturing is making a strategic foray into the renewable energy sector Tenaga Generasi Limited operates a 49 5 MW wind power plant and was initially established in Pakistan in 2004 by a Malaysian entity aiming to capitalize on the country’s wind energy potential Situated on 1 200 acres in District Gharo Sindh the project received a 20-year Generation License from NEPRA signifying its longterm viability After an early exit by the Malaysian parent company in 2008, TGL was acquired by Dawood Lawrencepur Limited (DLL), which took a 75% stake, with the remaining shares held by the International Finance Corporation (IFC) a member of the World Bank Group The CCP s Phase-I competition assessment identified Renewable Energy – Wind Power Generation as the relevant market where TGL holds a modest market share of less than 3% Artistic Milliners current subsidiaries control a combined market share of 5 38% and this acquisition will increase their share to approximately 8% The assessment concluded that this increment would not lead to market dominance thus approving the transaction The approval signifies more than just a business expansion for Artistic Milliners; it represents a growing trend of industrial giants investing in renewable energy This acquisition not only enhances Artistic Milliners’ footprint in the wind power sector but also underscores a broader commitment to sustainable energy solutions The move is expected to foster advancements in renewable energy infrastructure and technology, contributing to Pakistan’s energy diversification and sustainability goals By leveraging its robust industrial background and now expanding into clean energy Artistic Milliners is set to play a pivotal role in shaping a greener energy landscape in the country This acquisition is a strategic alignment with global trends where industries are increasingly integrating renewable energy into their operations Artistic Milliners’ venture into the wind power market is poised to enhance their business portfolio while supporting national energy objectives The CCP s approval marks a significant milestone paving the way for further investments and innovations in Pakistan s renewable energy sector PR OFIT N S m a R I a z SadaPay CEO Brandon Timinsky has resigned from his position, a little over a week after Turkish neobank Papara announced that it had acquired SadaPay In a message to employees Timinsky wrote that his responsibilities as the CEO took a toll on his mental and physical health My role shifted from creating new things to managing more and more responsibility Eventually, my days became consumed with solving problems and the relentless demands of running a company with nearly 300 employees began to take a toll on me he wrote to employees The last
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an entirely logistical perspective Sadapay being acquired by Papara makes complete sense Established in 2016 much like Sadapay, Papara is also an EMI that has made its model work in its home country The company has over 17 million users and an e-money licence, offering a suite of services such as money transfers and payments Crunchbase data shows Papara has only raised as much as $2 million in funding The company processes an estimated 528 million transactions yearly, with a volume of $32 billion At home it plans to become a financial superapp and offers investment services as well allowing users to buy Turkish stocks US stocks commodities and bonds Meanwhile SadaPay founded in 2019 and quickly became one of the fastest growing Electronic Money Institutions, reaching 1 million users by 2024 The company offers a range of features including P2P money transfers debit cards and payment products and processes $1 5 billion in annual payment volume In many ways it is a perfect match Sadapay needs funding at a time when money is scarce, and Papapra is set on an expansion mission An acquisition would be a faster entry into the Pakistani market as well and sources close to the deal have revealed to Profit that if it wasn t SadaPay, Papara would have gone on to acquire any of the other EMIs in Pakistan like NayaPay And that would have made things very difficult for SadaPay This strategic acquisition signals Papara s entry into the Middle East and South Asia markets marking a milestone expansion for the company The question is whether this is a fair deal or one side got the better end of the bargain Back in February Profit had access to the deal documents that the two parties had shared with each other Credible information also put the valuation of the deal at $50 5 million including the $10 million that will be pumped into the company by Papara For many this might seem like a lowball offer because Sadapay at one point was valued at around $100 million However a closer look at the deal shows it might be worth more The deal is an all-stock deal, which means Sadapay will be receiving Papara stocks in exchange for selling the company rather than a cash payout other than the $10 million equity injection At the same time Papara is planning an initial public offering (IPO) in 2025 and has been aggressively unlocking new markets Papara, which has been valued at over a billion dollars and is the first fintech unicorn out of Turkey, recently acquired Rebellion Pay in Spain and is reportedly making another acquisition in Egypt In October last year Ahmed Karslı the CEO of Papara had said that the company was actively entering into mergers and acquisitions in the European market An IPO could significantly inflate the price of Papara stocks, which would then make the value of the deal Sadapay has struck more P L A N S M O V I N G F O RWA R D SadaPay CEO, in his message to employees, said that post acquisition, the company could explore geographical expansion and roll out new products and services that Papara offers in the other markets On the tech integration and strategy front the company aims to install a unified technological platform across all regions where Papara operates Since there is a substantial overlap with the technology infrastructure at SadaPay and the one developed by Papara Papara’s current technology stack will be integrated in SadaPay wherever feasible post acquisition Deal documents showed that on the back of technological integrations, SadaPay would be able to accelerate the launch of advanced financial products and services that Papara has in other markets such as diverse card options including ghost virtual cards for one time use and voice cards for the blind Customer loyalty programs, multi currency accounts, automated savings accounts, investment and wealth management services, insurance and other products are on the list of products and services to be rolled out Brandon Timinsky resigns as SadaPay CEO after Papara acquisition g R E S I G N AT I O N CO M E S A L I T T L E O V E R A W E E K A F T E R PA PA R A’ S ACQ U I S I T I O N O F S A D A PAY g LO C A L E D I B L E O I L A N D S T E E L I N D U S T R I E S B E I N G D A M A G E D D U E T O S P E C I A L C O N C E S S I O N S CC P g re e n - l i g h t s A r t i s t i c M i l l i n e r s a c q u i s i t i o n o f Te n a g a G e n e r a s i L i m i te d President orders Rs4.7m compensation for Diamer Bhasha Dam affectees ISLAMABAD N P President Asif Ali Zardari has mandated that a compensation payment of Rs4 7 million be made to each of the 1500 affectees of the Diamer Bhasha Dam The directive was issued on Monday during separate meetings with Engineer Amir Muqam the Minister for Kashmir Affairs and Gilgit Baltistan, and Dr Musaddik Malik, the Energy Minister In addition to addressing the compensation, President Zardari emphasised the urgent need to establish a medical college and hospital in Gilgit Baltistan (GB) He instructed the relevant departments to prioritize this development to enhance healthcare facilities in the region Moreover, the President directed that the scope of the Benazir Income Support Program (BISP) be extended to the people of GB to further support their healthcare needs This directive follows recent discussions where the GB governor and members of the GB Council highlighted the ongoing challenges faced by the residents The President has expressed his commitment to addressing these issues and ensuring that the necessary measures are implemented promptly Sanam Javed faces extended remand over May 9 cases GUJRANWALA N P The Anti-Terrorism Court (ATC) in Gujranwala on Monday ordered a four-day physical remand for Pakistan Tehreek-e-Insaf (PTI) activist Sanam Javed in connection with the May 9 vandalism cases After the initial remand period concluded, Sanam Javed was presented before the court which upon hearing arguments from both sides granted the police request for further custody Previously the ATC had granted bail to PTI activists Sanam Javed and Aliya Hamza in three cases related to the May 9 violence, while interim bail was granted in a fourth case registered at the Musa Khel Sargodha police station On April 17 the same court had remanded both activists to seven days of physical custody in another vandalism case UK-returned man shot dead by brother, nephew; two killed in Sialkot JHELUM/SIALKOT S ta f f R e P o R t A UK-returned man was shot dead by his brother and nephew over a petty issue while two persons were shot dead in Sialkot s Uggoki area on Monday, the police said According to police, the incident took place in Gharmala area of Jhelum where accused identified as Zahoor and his son Muhammad Ali exchanged hot words with his UKreturned-brother over a minor issue The verbal clash turned violent after which the culprits gunned down Irfan and fled the scene The body was shifted to hospital for postmortem and police registered a case of the incident In Sialkot, two people were gunned down by armed men riding car over old enmity here on Monday the police said The police said that armed men sprayed a car with bullets carrying members of opponent group in Pabreye Wali area, in the remit of Uggoki Police As a result, both car riders were killed on the spot while attackers fled the scene The police registered a case against assailants and launched further investigation
MAKKAH I N P Federal Minister for Religious Affairs and Interfaith Harmony Chaudhry Salik Hussain participated in a daylong annual symposium organized by Saudi Arabia on Monday
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Tinvariably violate fundamental rights and accepted norms of judicial fairness, the statement from HRCP noted
facilitating the transmission of 600 MW of electricity generated by private entities This
tiative underscores the government s commitment to enhancing energy infrastructure and fostering partnerships with the private sector The energy minister also revealed that Gul Ahmed Group Power Company and Gul Ahmed Renewable Energy are set to produce an additional 50 MW of electricity each The generated power will be supplied to Gul Ahmed Textile Mills through STDC’s transmission lines The board approved an MoU between STDC and the Gul Ahmed Group marking a significant step towards integrating renewable energy sources with industrial power needs Nasir Hussain Shah highlighted the establishment of the Sindh Public Procurement Regulatory Authority (SEPRA) designed to complement the National Electric Power Regulatory
Authority (NEPRA) and ensure the provision of affordable electricity to the public Additionally he emphasized the government s commitment to recognizing and rewarding outstanding performance among officers and employees within the energy sector This floating solar project on Keenjhar Lake not only represents a leap forward in renewable energy but also aligns with Sindh s broader vision for sustainable development By leveraging cutting-edge technology and fostering public-private partnerships, Sindh aims to address its energy challenges and pave the way for a greener, more resilient energy future This initiative is expected to serve as a model for future renewable energy projects, highlighting the potential of floating solar technology in regions with abundant water resources As Sindh continues to innovate and invest in its energy infrastructure the province is set to become a leader in sustainable energy solutions
NEC green-lights Rs3.5tr development budget ahead of budget 2024-25
CONTINUED FROM PAGE 01
Balochistan would spend Rs281 billion On the requests of the chief ministers of Sindh and Khyber-Pakhtunkhwa, the prime minister instructed the Planning Commission to include their schemes in the federal PSDP Under the National Finance Commission the provinces get 57 5% shares in revenues and yet the federal government has been taking the responsibility of many provincial nature schemes The NEC approved Rs260 billion allocation for the Water Resources Ministry – up by Rs150 billion over this year ’s budget The National Highway Authority s budget is approved at Rs180 billion – higher by Rs25 billion over this year Similarly, the Power Division and the National Transmission and Dispatch Company will get Rs175 billion for the next fiscal year against this year ’s Rs100 billion allocation An amount of Rs75 billion has been given for the
schemes recommended by the parliamentarians compared to original allocation of Rs90 billion in this fiscal year
The Education Ministry’s budget has got a major boost and the NEC approved Rs32 8 billion allocation for the next fiscal year – up by 285% Similarly, the Higher Education Commission s budget has been increased to Rs66 3 billion – an addition of Rs4 billion over this year Earlier the Annual Plan Coordination Committee had cut the HEC budget to Rs21 billion
The federal government increased the total allocations for projects of the provinces and special areas to Rs191 billion from last year ’s Rs167 billion The allocation should have been reduced to lower spending on provincial nature schemes but due to political expediency it has been further increased
The Rs191 billion allocations include Rs53 billion for provincial projects, Rs63 billion for merged districts of Khyber-Pakhtunkhwa and Rs75 billion
for Azad Kashmir and Gilgit-Baltistan governments The allocations under all these three heads are higher than this fiscal year Pakistan’s economic conditions do not permit inclusion of provincial nature projects in the federal PSDP However the coalition government is dependent on other political parties to get the budget passed from the National Assembly Deputy Prime Minister and Foreign Minister Ishaq Dar is negotiating with the provinces on behalf of the federal government An amount of Rs41 billion has been allocated for the Ministry of National Food Security and Research -360% higher than this fiscal year The Ministry of Planning’s budget has been approved at Rs84 billion –also higher by 147% over this year s original allocation The Ministry of Railways budget has been settled at Rs45 billion -36% higher than this fiscal year The Suparco has been given a Rs36 billion budget compared to Rs10 billion in this fiscal year
During the recent polio vaccination campaign in Pakistan, 215,119 parents refused to vaccinate their children against polio
According to sources over 215 119 cases of refusal were reported whereas 1 54 736 parents were convinced to vaccinate their children In Sindh, 1,36,707 parents refused vaccination, while in Khyber Pakhtunkhwa, 56,252 parents refused In Punjab, 1,502 parents refused while in Balochistan 19 654 parents refused In Islamabad 1 004 parents refused vaccination
It is to be noted here that the parents who refuse to vaccinate their children against polio will have to face jail term and fine as the Sindh government has decided to take strict action against such guardians The provincial government authorised deputy commissioners to take action against such parents Under the Sindh Immunization and Epidemic Control Bill 2023
The parents who refuse to vaccinate their children will face a fine of 50 000 rupees and a one-month imprisonment Parents who refuse to vaccinate their children will be identified by the health department and polio workers who will
then take appropriate measures against them in coordination with the police In this context the Sindh police have been instructed to fully cooperate with the health department and polio workers Pakistan earlier reported the fifth poliovirus case of the current year, sources within the Ministry of National Health said The latest case is a two-year-old child from Quetta Balochistan who tested positive for wild poliovirus type 1 (WPV1) Pakistan and neighboring Afghanistan are the only countries where the spread of polio has never been stopped
Tuesday 11 June 2024 SLAMABAD NEWS 03 Gandapur voices concern over KP’s exclusion from federal development plan PESHAWAR i n P Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur has expressed significant concern in a letter to Prime Minister Shehbaz Sharif about the omission of 91 provincial development projects from the Public Sector Development Programme (PSDP) In his letter Gandapur described the Planning Committee s decision to exclude these projects as deeply disappointing He highlighted that such a move contravenes the commitments made in the meetings of the Special Investment Facilitation Council (SIFC) and the National Economic Council (NEC), where there was a unanimous agreement on the priority to complete ongoing projects The Chief Minister emphasised that this decision not only undermines previous agreements but also aggravates the sense of deprivation in the province He urged the Prime Minister to reconsider the exclusion to ensure equitable development across all regions Traffic resumes on Babusar-Naran Highway NARAN i n P The Babusar-Naran highway, which had been closed for six months due to heavy snowfall is now open to all traffic In this regard the local administration on Monday announced that police and local volunteers will maintain patrols along the highway to ensure the safety and convenience of tourists This reopening follows the clearance of significant obstacles in the Mansehra district, which had kept the scenic area of Naran inaccessible to visitors for an extended period The highway which typically closes annually because of adverse weather conditions is a vital route for tourists visiting the region With the road now clear, the local economy is set to benefit from the influx of tourists to Naran PPP disassociates from Punjab Defamation Act KARACHI i n P Sindh Information Minister Sharjeel Memon stated at a news conference at Karachi Press Club that the Pakistan People s Party (PPP) is not involved with the Punjab Defamation Act 2024, which was enforced on Monday “The PPP did not participate in the approval process of the Defamation Act Our governor did not consent to the bill Memon clarified emphasizing the party s longstanding support for press freedom Sharjeel Memon affirmed the party s commitment to journalistic integrity “We are standing with our journalist brothers We have always worked for press freedom ” he reiterated highlighting that the PPP had never introduced similar legislation During the conference Memon also noted that the PTI founder had initiated the PECA law and informed attendees that three individuals had been arrested concerning the murder of journalist Nasrallah Gaddani Additionally, he presented Gaddani’s brother with a compensation cheque for Rs10 million The Punjab Defamation Act 2024 officially became law earlier on Monday after the provincial government issued a gazette notification The act, signed by Punjab Acting Governor Malik Ahmad Khan on June 7, proposes special tribunals for defamation cases promising swift judgments and fines up to Rs3 million for disseminating false information The Lahore High Court (LHC) will handle cases involving constitutional figures, with tribunals expected to reach decisions within six months LAHORE i n P
H E Punjab government has officially issued a gazette notification for the Punjab Defamation Bill 2024 which has been tagged as controversial The notification was released following the approval of Acting Governor Malik Ahmed Khan on Monday The bill, signed on June 7, was previously held up by the governor representing the PPP but has now been enforced immediately across Punjab The new law aims to tackle the issue of misinformation on social media platforms such as YouTube, TikTok, Twitter, Facebook, and Instagram, enabling defamation cases to be filed against those spreading fake news The journalistic community has strongly opposed the bill denouncing it as non-democratic Arshad Ansari the president of the Lahore Press Club highlighted that a protest was scheduled at the Punjab Assembly This came after a meeting of the Joint Action Committee concerning the Defamation Bill 2024 Although the committee proposed delaying the protest to allow for a one-week postponement of the bill this request was declined by government members Meanwhile the Human Rights Commission of Pakistan (HRCP) has voiced significant concerns about the bill According to the HRCP chairman, the bill’s content and language are problematic particularly its proposal of a parallel structure for adjudicating defamation claims HRCP has consistently decried special parallel judicial structures because they
I n n o v a t i ve f l o a t i n g s o l a r p ro j e c t t o t r a n s f o r m S i n d h’s e n e rg y l a n d s c a p e NEWS
DESK
Sheikh Rashid calls for amnest y for May 9 riot detainees RAWALPINDI i n P Former Interior Minister Sheikh Rashid Ahmed, on Monday called on Army Chief General Asim Munir to grant amnesty to all those detained in connection with the May 9 riots Speaking to the media at the District Courts the chief of the Awami Muslim League emphasized the suffering endured by those implicated in the May 9related incidents “People have suffered tremendously All innocents must be granted amnesty ” Rashid stated He reiterated his appeal not only to General Munir but also to the ISI Director General highlighting the limited power of the current ruling coalition and stressing the need for leniency towards those wrongfully detained Rashid also expressed his concern over the treatment of PTI women leaders Aalia Hamza and Sanam Javed criticising their frequent transfers from one jail to another He warned that politicising issues like electoral forms would only lead to further economic devastation and political instability in the country In addition, responding to a question about the India-Pakistan T20 cricket match, Rashid commented on the emotional impact of the event on the Pakistani populace noting that their feelings were hurt by the outcome Drug trafficking hit hard by ANF raids, ASF airpor t catch LAHORE, ISLAMABAD i n P The Anti Narcotics Force (ANF) and the Airport Security Force (ASF) have recently achieved significant breakthroughs in their ongoing battle against drug trafficking it was revealed on Monday In a series of coordinated operations across Islamabad, Karachi, Lahore, and Sheikhupura, the ANF arrested six individuals and seized a hefty 262 kilograms of various drugs During these targeted operations a variety of drugs were confiscated: 150 kg of hashish 110 4 kg of opium and 2 2 kg of heroin The arrested individuals are currently facing charges under the Drug Act, with further investigations underway to dismantle the trafficking rings involved Meanwhile, at Lahore International Airport, ASF personnel foiled a smuggling attempt by a foreign passenger Shin Shin Yang bound for Colombo recovering meth or ice worth approximately six crore rupees cleverly concealed in milk packets The suspect was immediately detained and handed over to the ANF for further legal proceedings These concerted efforts by both the ANF and ASF underscore the ongoing commitment of Pakistani authorities to curb the menace of drug trafficking and its implications for national security and public health Expor ts to China reach $2.41bn to rise 0.1% in 11MF Y24 ISLAMABAD i n P Pakistan’s exports to China in May 2024 amounted to $172 6 million bringing the total exports to China for the first 11 months of FY 2023-24 to $2 4093 billion as per a report by the TDAP This figure represents a slight increase of 0 1% compared to the same period in FY 2022-23, when exports to China were $2 407 billion according to Gwadar Pro The TDAP report also highlighted that Pakistan’s total goods exports to all partner countries in May 2024 reached $2 792 billion showing a 27 08% increase compared to the same month in the previous financial year From July to May 2023-24, Pakistan’s exports to all partner countries totaled $28 07 billion, reflecting a 10 65% increase over the first 11 months of FY 2022-23 The textile and leather sector saw exports of $1 6455 billion in May 2024 marking a 17 6% increase compared to the same month in the previous year The agro and food sector also experienced significant growth, with exports totaling $642 million, a 44 8% increase For the period of July to May FY 2023-24 the agro and food sector s total exports reached $7 4641 billion registering a 37 6% growth CONTINUED FROM PAGE 01 Workers remittances also remained robust in recent months, reaching an all-time high of $3 2 billion in May 2024 The resultant lower current account deficit along with improved FDI and the disbursement of SBA tranche in April has facilitated ongoing large debt repayments and supported the SBP s FX reserves The Committee stressed that timely mobilization of financial inflows is essential to meet the external financing requirements and further strengthen FX buffers for the country to effectively respond to any external shocks and support sustainable economic growth F I S C A L S E C TO R Fiscal indicators continued to show improvement during July-March FY24 The primary surplus increased to 1 5% of GDP while the overall deficit remained almost at last year s level A large part of this improvement reflected the impact of an increase in tax and PDL rates higher SBP profit and lower energy sector subsidies Considering there has been limited progress in addressing the structural weaknesses to broaden the tax base and initiate energy sector reforms, FY25 budgetary measures are also expected to be largely rate-based In this backdrop the Committee emphasised that fiscal consolidation through broadening the tax base and reforming lossmaking public sector enterprises would help achieve fiscal sustainability on a more durable basis This is also imperative to keep inflation on a downward trajectory and contain external account pressures M O N E Y A N D C R E D I T The broad money (M2) growth decelerated to 15 2% YoY on May 24 2024 from 17 1% as of end-March 2024 This reduction was primarily due to a deceleration in the growth of net domestic assets of the banking system On the other hand the growth contribution of net foreign assets in M2 remained positive From the liability side deposits remained the mainstay in M2 growth, while currency in circulation growth decelerated As a result, reserve money growth observed a steep decline from 10 0% to 4 3% during the period The MPC noted that these developments in monetary aggregates are consistent with the tight monetary policy stance and have favourable implications for the inflation outlook I N F L AT I O N O U T L O O K The MPC said that the headline inflation decelerated to 11 8% in May 2024 from 17 3% in April Besides the continued tight monetary policy stance this sharp reduction was also driven by a sizeable decline in prices of wheat, wheat flour, and some other major food items, along with the downward adjustment in administered energy prices Core inflation also decelerated to 14 2% from 15 6% The Committee noted that the nearterm inflation outlook is susceptible to risks emanating from the FY25 budgetary measures and future adjustments in electricity and gas tariffs The MPC foresees a risk of inflation to rise significantly in July 2024 from current levels before trending down gradually during FY25 The MPC also observed that sharp wheat price reductions have historically proved to be temporary On balance, the Committee assessed that the current monetary policy stance remains appropriate to ensure that inflation stays on a downward trajectory S B P c u t s p o l i c y r at e by 1 5 0 b p s t o 2 0 . 5 % PR OFIT M o n to r i n g D e s k In a groundbreaking move to revolutionize Sindh s energy sector, Go Energy Pvt Ltd is poised to launch a 500 MW floating solar power project on Keenjhar Lake This innovative project aims to supply clean electricity to K-Electric via the Sindh Transmission and Dispatch Company (STDC) s network, as announced by Energy Minister Nasir Shah during a recent STDC board meeting
meeting held at the Energy Department’s committee room unveiled several strategic decisions to bolster the region
energy infrastructure Central to these
the plan
collaborate with private firms to establish the necessary transmission lines for the floating solar project This col-
is part of a larger strategy to modernize
expand
s electricity transmission capabilities
key highlight of the meeting was
a
Understanding
The
s
discussions was
for STDC to
laboration
and
Sindh
A
the approval of
Memorandum of
(MoU)
ini-
Parents of 215,119 kids ‘refuse’ polio vaccination
COMMENT
TH E loss faced by the Pakistan Cricket Team in New York against India can be described as nothing short of humiliating After restricting tournament favourites India to a below-par score of 119 Pakistan s bowling attack sat in the dugout and watched their batsmen collapse in front of the Indian bowling
At one point, Pakistan needed 40 odd runs from as many balls with eight wickets in hand
The defeat comes fast on the heels of the team’s loss to the United States in the T20 World Cup and all but disqualifies Pakistan from the tournament
People are quick to point fingers, and there is a lot that the players did wrong What we must look towards however are the recent events that have shaken the Pakistan Cricket Board Remember, this is the same team that went to the semi-final of the 2021 T20 World Cup undefeated, were finalists in the last edition of the tournament and have generally proven themselves a world class side on numerous occasions
In the past year, Pakistan’s cricket board has been in a mess The Chairman’s spot has been rotating wildly and the latest appointee, Mohsin Naqvi, was Chief Minister of Punjab when he took on the job and is now also the Interior Minister This kind of unserious attitude towards cricket is disappointing from the board s political patrons
What we often forget is that Pakistan s cricket economy is very real and thanks to the HBL PSL is worth hundreds of millions of dollars The key component to this are Pakistan’s players, who have proven their worth internationally Thanks to the changes in the board, however, this once wellbalanced team has also fallen prey to familiar infighting and politicization
The cornerstone of a good cricketing nation is having strong business fundamentals for the sport For this, players need to be represented by a player s union to be safe from the whims and wishes of a politically appointed cricket administration Until we sort out these basic problems, losses like the one to India will become much more common
Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late) Founding Editor
M A Niazi Editor Pakistan Today Babar Nizami Editor Profit
P a k i s t a n ’
Ours is a world of nuclear giants and ethical infants We know more about war that we know about peace more about killing that we know about living Omar N Bradley
SE C O N D strike capability refers to a state ability to respond to a nuclear attack with a retaliatory strike, even after facing an initial nuclear attack This is considered vital for nuclear deterrence as it prevents an opponent from attempting to win a nuclear war through a first strike As of now Pakistan s secondstrike capability represents an important aspect of its nuclear deterrence strategy, particularly in the context of strained relations vis-a-vis India The assessment reveals both strengths and weaknesses that affect its effectiveness in deterring potential threats A critical role in deterring enemy from launching a first strike This deterrence factor contributes to the stability of the region by preventing aggressive activities that could lead to nuclear escalation Pakistan’s second strike capabilities and incapabilities Pakistan has developed the Babar-3 submarine-launched cruise missile with a range of 450 km enhancing its second strike capability by enabling it to attack Indian coastal cities Pakistan has achieved a nuclear triad comprising land, air and sea nuclear capabilities that enhance its second strike capability and overall deterrence strategy While Pakistan has converted some of its conventional submarines to carry the Babar-3 cruise missile the country lacks nuclear powered missile submarines (SSBNs) considered crucial for a credible second strike capability Pakistan s reliance on modified conventional submarines raises concerns about their survival, low noise and ability to go unnoticed, which could undermine the credibility of its second-strike capability The monarchy of nuclear command control communications and intelligence (NC3) poses the risk of accidental release of nuclear weapons and calls into question the continued deterrence against India Ballistic missile submarine to effectively deter the enemy and counter India’s naval advances
Although Pakistan has made progress in developing its second strike capability it faces a number of limitations including the lack of advanced submarine technology, strong command and control systems, and the need to have a nuclear missile submarine to enable a credible second strike capability
Pakistan’s second strike capability compare to other countries Pakistan currently lacks nuclear powered ballistic missile submarines (SSBNs) which are considered essential to a credible re strike capability Countries like India have developed the INS Arihant, giving them assured re strike capability and improved survivability However, other nuclear armed states have longer range missiles and more advanced capabilities
L i v i n g i n o u r B l a c k M i r r o r
TFor example, India’s Agni-V ballistic missile has an official range of 8 000 km which is a longer range than Pakistan’s current missile capabilities Countries with more established nuclear weapons such as the United States Russia and China have advanced nuclear capabilities, including a variety of delivery systems, advanced command and control infrastructure, and robust nuclear triads
Pakistan’s re strike capability, even if it materializes may not be as comprehensive or technologically advanced as that of the major nuclear powers Pakistan s strategic depth and limited land area have been highlighted as a factor that makes the navy s nuclear technology essential to its survival, especially against possible first strikes
Pakistan has made progress in developing its re strike capability particularly with the Babar-3 cruise missile but lags behind other nuclear powers in terms of nuclear submarines missile range technological advances and depth of survival It will be important for Pakistan to close these gaps in order to strengthen its deterrence posture and ensure a stronger re strike capability comparable to that of other countries with advanced nuclear capabilities
Pakistan’s MIRV(Ababeel) vs Indian BMD system comparision and deterrence between these two states The comparison between Indian Ballistic Missile Defense (BMD) and Pakistan s Multiple Independently Targetable Reentry Vehicle (MIRV) programs reveals a strategic dynamic in South Asia India’s Russian oriented S400 system aimed at intercepting and destroying incoming ballistic missiles poses a challenge to Pakistan s nuclear deterrence capabilities
The development of MIRVs by Pakistan is a response to India s BMD system, as MIRVs can potentially overwhelm or dodge missile defenses, making it difficult for interceptors to accurately target and destroy all incoming warheads This technological competition between Indian BMD and
PakistanÊs MIRV(Ababeel) vs Indian BMD system comparision and deterrence between these two states The comparison between Indian Ballistic Missile Defense (BMD) and PakistanÊs Multiple Independently Targ etable Reentr y Vehicle (MIRV) programs reveals a strategic dynamic in South Asia IndiaÊs Russian oriented S400 system aimed at intercepting and destroying incoming ballistic missiles, poses a challeng e to PakistanÊs nuclear deterrence capabilities The development of MIRVs by Pakistan is a response to IndiaÊs BMD system, as MIRVs can potentially overwhelm or dodg e missile defenses, making it difficult for interceptors to accurately targ et and destroy all incoming warheads
topic has its subject group of people or problem that should be discussed logically In this way we can use the potential of social media for the good, instead of having our society reflect the worst in us Is hashtag culture our modern Black Mirror? The answer lies in our collective capacity to use this tool responsibly in a way that our voices will help create a world that is fair and merciful rather than a world that is depicted in dystopian fictions
The writer is currently pursuing Mphil in International Relations from Kinnaird College for Women Lahore and can be reached at amnahashmee@gmail com
Black MirrorÊs story shows how the possibility of social networks can become a tool for dehumanization and negation. It is a reminder that things we do online have repercussions offline. The recent restriction on the social media site X (formerly twitter) in Pakistan limits freedom of speech, but on the other hand, it makes people think about their dependency on social media It offers a chance to free oneself from the endless stream of fake news, cyberbullying, and insulting hashtags
Road repairs
A growing concern
Mob justice
Ghost paramedics
04 Tuesday 11 June 2024
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 F i x i n g o u r c r i c k e t
T H E stretch of road leading from the National Stadium towards Gulistan-iJauhar has two major clusters of potholes posing inconvenience to the commuters using the route The indifferent attitude of the relevant authorities is pathetic Despite numerous complaints lodged officially there has been no change on the ground position The authorities should initiate repair work on the road ALI RAZA KARACHI
H Y D E R A B A D is the largest division in Sindh and is home to millions of people including students Currently there is only one library catering to the educational needs of thousands of students The Allama Daudpota Library in Hyderabad seems to have run out of capacity as well as facilities to accommodate the growing number of students The local authorities need to find a solution MOHSIN RUSTAMANI WAHI PANDHI
W H E T H E R it is the Christian community under attack or a thief caught by an angry mob in Karachi the practice of mob justice and lynching seems to have become entrenched in our lifestyle There could be many a root cause at play during such incidents, but it is the weakness of the law for sure that has encouraged such acts in public The state and its organs need to establish their writ to wipe out this menace once and for all ANWAR SAYAB KHAN BANNU
W H I L E ghost teachers often earn the condemnation of the masses and rightly so it is surprising that not many people talk about the doctors and paramedics in rural areas who fall in the same category The governmentrun health facility in Dokri taluka of Larkana district is one such centre where the designated medical officer remains absent, but draws his monthly salary regularly Will the provincial health department come to the rescue of the people of Dokri? SHAH MAHMOOD H SYED KARACHI
L E I S H M A N I A S I S is a parasitic infection transmitted by sandflies A common type found in our region is cutaneous leishmaniasis, characterised by painful as well as disfiguring ulcers Unsurprisingly, a single injection for treating a leishmaniasis lesion can cost a staggering Rs3,000, placing a heavy burden on families that are already struggling financially Moreover the lack of awareness about leishmaniasis further exacerbates the problem Many people might not recognise the early signs or have access to proper diagnosis and treatment This can lead to delayed intervention worsening the symptoms and increasing complications The government should address the critical matter which has been particularly affecting life in rural areas SHAKIR ULLAH SAFI ISLAMABAD 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
Leishmaniasis
H E hashtag is perhaps the most iconic emblem of social media activism, a unifying slogan for any cause for better or worse But as we navigate this digital landscape we must ask ourselves: Is the hashtag culture our Black Mirror? The episode Hated in the Nation from the dystopian television series Black Mirror is a good example of the depiction of social media as a dangerous tool In this episode the hashtag #DeathTo is used in the way that people can share their anger towards a particular person However this digital condemnation has fatal repercussions Self-driving robotic bees, programmed to follow the hashtag, go for those mentioned in it, sting their heads and cause immense pain to their brains, which results in their deaths What the audience learns later is that the intended victims were not only the identified personalities but also the ordinary citizens who participated in making the hashtag popular Overall, by the end of the episode, 370,000 citizens are killed by the same dronebees, and by extension, the same system they contributed to (Black Mirror) This is not far from the real life scenario where hashtags turn into weapons for mass humiliation and spreading fake news In Pakistan, the hashtag #ArrestImranRiaz went viral on X (formerly Twitter) to demand the arrest of a journalist with unpopular opinions Another example is the #HangAsiaBibi trend that called for the execution of a Christian woman accused of blasphemy which brought international attention and threatened her life The #JusticeForZainab campaign took masses to the streets after the brutal murder of a young girl and though it put pressure on the legal system to act quickly, it also put the family under public scrutiny and pressure Moreover the hashtag #MeToo has been instrumental in raising awareness of sexual harassment and assault across the globe While it has helped so many survivors to come out and tell their ordeals, it has also led to situations where the accused is convicted in the court of public opinion even when the evidence is not enough The hashtag #CancelCulture has become associated with the practice of shaming persons often celebrities for certain offenses or to media outlets for instance #BanGeo resulted in serious consequences on the personal and professional level The rate at which these hashtags trend is alarming, and there is hardly any time for people to reason with their emotions or even listen to the other side of the story We are quick to sing the song without giving a thought to the human beings on the receiving end These digital witch hunts can result in real life consequences such as; harassment, emotional trauma, and in some of the worst cases, physical harm The Internet makes people more aggressive and less empathetic because it allows people to say what they would never say to someone s face Black Mirror s story shows how the possibility of social networks can become a tool for dehumanization and negation It is a reminder that things we do online have repercussions offline The recent restriction on the social media site X (formerly twitter) in Pakistan limits freedom of speech but on the other hand it makes people think about their dependency on social media It offers a chance to free oneself from the endless stream of fake news, cyberbullying, and insulting hashtags In the light of this, the culture of the use of hashtags requires responsibility and empathy as we proceed into this digital age It is important to consider that each trending
Pakistani MIRVs reflects a broader arms race and strategic rivalry in the region impacting the balance of power and stability between the two nuclear neighbors Pakistan has adopt a strategy of full spectrum deterrence to counter India s conventional military superiority, which includes the threat of nuclear first use in a conventional conflict This is driven by Pakistan’s fear of a repeat of the 1971 war where India split Pakistan in half Pakistan’s nuclear posture and the threat of escalation has been deterrence optimal in preventing India from using conventional forces against Pakistan despite India s conventional military advantages This has led to a stability instability paradox where the nuclear deterrence prevents major conflict but allows for lower level violence However Pakistan’s second strike capability remains a concern as it lacks a credible nuclear powered submarine capability to ensure a reliable second strike option This makes its deterrence posture less credible in the long run India has sought to counter Pakistan s nuclear threats through conventional options like “Cold Start” doctrine and surgical strikes This has increased the risk of escalation and instability as Pakistan may lower the threshold for nuclear use to deter India s conventional actions The deterrence relationship between India and Pakistan remains tense and unpredictable, with both sides continuously trying to balance out each other ’s capabilities Stability depends on factors like strategic context signaling and crisis management rather than just military capabilities nuclear deterrence has played a vital role in the India Pakistan confrontation but its stability remains fragile and subject to the dynamics of the evolving military and strategic landscape between the two rivals The writer is a freelance columnist
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Currently, Pakistan has around 113,000 households utilizing solar net metering, a promising star t that represents only 0.3% of total households. These households, mainly from the middle and upper classes, consume more than 700 units of electricity monthly. Net metering, introduced under the Policy for Development of Renewable Energy for Power Generation in 2006 and operationaliz ed on September 1, 2015, offers a significant advantag e It not only allows homeowners and businesses to sell surplus electricity back to the grid, thereby reducing their electricity bills, but it also holds the potential to revolutioniz e the energy landscape of Pakistan
T h e w o m e n w h o s u r v i v e d t h e a n t i - S i k h v i o l e n c e
late Giani Zail Singh the President of India in 1984 In my interview with her Dr Kaur told me We were scared and felt threatened during 1984 My father rang the then-home minister, PV Narasimha Rao, to call the army in for help He rang up the prime minister ’s office as well but his calls were either not getting through or were being disconnected My father was not briefed by the prime minister on the situation The police were not helping the Sikhs It all looked organised, even the commissions said so Sadly, there was no timely action by the then government ” I also met the former chief justice of Delhi High Court Justice Rajinder Sachar in 2016 at the conclave organised by Amnesty International at the India Habitat Centre in New Delhi My report on the anti-Sikh massacres of 1984 was being released at this conclave When I asked him about the pogrom of 1984, Justice Sachar told me, “Soon after the assassination of Mrs Gandhi on 31 October when almost all of Delhi was burning an opposition MP rang up the newly inducted home minister PV Narsimha Rao to inform him about the situation in the city and the need for the army to be called in He said that a curfew should be imposed On the afternoon of 1 November, several citizens including senior government officials went to meet the President of India They were told that the government was still considering whether or not to call in the army; regardless, till late at night, there were no signs of curfew even as mobs wreaked havoc in the national capital The mobs that Justice Sachar spoke to me
f w e
that were filled with either petrol or kerosene
and they were then set
were raped Thousands of children were left orphaned From Karol Bagh to Moti Bagh, from Connaught Place to Chandni Chowk anything that belonged to the Sikhs be it commercial properties or vehicles fell prey to the mobs that went on a rampage across the national capital Senior journalist Harminder Kaur, who lived in Bhogal in South Delhi at that time, told me that throughout the morning of 1 November there was an influx of armed men from outside Delhi They were brought in she said on government buses in jeeps and in trucks – all with one mission: to butcher the Sikhs Hundreds of men were brought in from Bahadurgarh even though the state borders were sealed Posh localities and neighbourhoods like Maharani Bagh and New Friends Colony were engulfed in the conflagration of the massacre; mobs roamed about with lists bearing addresses of properties owned by Sikhs Several calls for help were made to police control control rooms None were answered In desperation, some Sikhs tuned their radios onto FM and discovered that the only instructions given to the police were to look after Bravo
Two’s (Rajiv Gandhi’s) security and safety ” In Bhogal continued Harminder Kaur the fear was such that even her brothers didn t venture out of the house for days She had to go out furtively to get supplies for the family
“Perhaps we were lucky that our neighbours stood up for us The Afghans in the neighbourhood showed the locals how to make petrol bombs and that helped the Sikhs defend their lives and properties In 2016 at the same conclave where I met Justice Sachar, Seema Mustafa, a senior journalist who had been working with the Telegraph in 1984, said to me, “It was a complete bonfire – around the Parliament the area which is the VVIP area around the Rashtrapati Bhavan around South Block and North Block that whole area All that you could see were the huge fires rising up from the Sikh taxi stands that were being burnt In South Delhi, I actually saw with my own eyes, mobs entering houses that they knew belonged to Sikhs and dragging people out Some were saved But many were not saved I went to Trilokpuri with a photographer There were not many journalists out there Remember that this was the time before television Except for one or two newspapers, the other papers did not flood Delhi with their reporters, so actual eyewitnesses were few and far between You can count them on your fingers ” Mustafa recalled that when she arrived in
borrowed someone s old white Ambassador, and we were
TYellen
of
Antony Blinken and several other senior US officials visit the country for talks The two sides may disagree on most things, but maintaining dialogue is an essential part of geopolitics The breakdown in communication last year following visits to Taiwan by prominent American politicians and the US downing of a Chinese spy balloon, was dangerous and destabilising, because when adversaries do not engage misperceptions and the risk of a clash mount But midway through 2024 dialogue is proving unable to bridge deep divides This major superpower conflict looks set to continue, and may even worsen, as positions on the war in Ukraine, national-security concerns and trade tensions harden into a long-term standoff Global institutions forums and solutions will be among the biggest losers in an ongoing US-China decoupling, while regional alliances will increase in importance Some weakness was evident at the World Bank and International Monetary Fund spring meetings in Washington The International Monetary and Financial Committee did not issue a communiqué, as it normally would, because China and its allies refused to include a reference to Russia’s invasion of Ukraine US and European shareholders for their part wanted to recognise the war and its impact The resulting silence was a victory for both Chinese President Xi Jinping and Russian President Vladimir Putin The G20 has also become more divided and less effective In contrast to 2008-09 when G20 leaders quickly forged a coordinated response to the global financial crisis, the group currently lacks the collective will to address crises and achieve common goals To be sure, the G20 still holds annual summits and technical experts have made progress in some areas But Russia s invasion of Crimea in 2014 opened fissures in the group, which have only deepened in the
Tuesday 11 June 2024 COMMENT 05 P A K I S TA N S power sector is at a critical crossroads, facing significant financial challenges that threaten its stability and sustainability Changing policies and statements on renewables energy-based power such as solar panels can be unnerving for the people Minister for Power Owais Leghari s statement has reassured electricity consumers by endorsing the government s steadfast commitment to maintaining the existing solar net metering policy The Net metering policy rewards solar energy system owners PKR 22 per kWh for surplus electricity fed back into the grid which is a crucial step towards promoting renewable energy However, the financial viability of Pakistan’s power sector remains a significant challenge, especially with the IMF (International Monetary Fund) notified of a substantial rise in power rates due to annual base tariff adjustments quarterly adjustments and monthly adjustments Currently, Pakistan has around 113,000 households utilizing solar net metering, a promising start that represents only 0 3% of total households These households mainly from the middle and upper classes consume more than 700 units of electricity monthly Net metering introduced under the Policy for Development of Renewable Energy for Power Generation in 2006 and operationalized on September 1, 2015, offers a significant advantage It not only allows homeowners and businesses to sell surplus electricity back to the grid thereby reducing their electricity bills but it also holds the potential to revolutionize the energy landscape of Pakistan The power sector s liquidity is not just a concern, it’s in a critical state In 2023, Pakistan’s electricity Distribution Companies (DISCOs) faced a recovery shortfall of a staggering PKR 211 795 04 million This issue is further compounded by free electricity worth PKR 10 5 billion to about 190 000 employees of power generation (GENCO) and distribution companies during fiscal year 2022-23 Furthermore, the total circular debt reached an alarming PKR 2,309,997 million by June 30, 2023, marking an increase of PKR 57 247 million over the previous fiscal year Several strategies must be considered to alleviate the financial burden while preserving renewable energy subsidies Strengthening governance and accountability within DISCOs is essential, focusing on accurate billing and efficient revenue collection to combat theft fraud and other forms of income leakage However this strategy could face challenges such as resistance to change and the need for significant investment in technology and human resources Outsourcing meter readings and revenue collection, particularly in high-loss areas, can boost recovery rates and lower losses However this could also lead to concerns about data security and the quality of outsourced services The power sector faces significant financial challenges, with six DISCOs from inefficiency losses amounting to PKR 160 billion and seven DISCOs grappling with under-recoveries totaling PKR 236 billion Overcoming these challenges will require a coordinated effort from all stakeholders and a long-term commitment to reform Infrastructure investment is also critical; new infrastructure and technology can reduce Transmission and Distribution (T&D) losses, increasing overall efficiency This, in turn, can lead to significant cost savings and improved financial performance for the power sector Encouraging privatization and competition in the generation and supply sectors can improve service quality and operational efficiency This can result in better customer satisfaction, increased revenue, and reduced operational costs for the power sector Circular debt, compounded by inefficiencies and non-recovery concerns, significantly threatens the power sector ’s viability Current defaulters owe over Rs900 821 million severely straining financial resources Managing peak energy demands which fluctuate between 8 000 and 13 000 MW during summer and winter requires a multifaceted approach The State of Industry Report 2023 by the National Electric Power Regulatory Authority highlighted peak demands of 29,187 MW on June 29, 2022, and 12 280 MW on December 12 2022 While maintaining the existing net metering policy is a positive step comprehensive reforms are necessary to ensure the financial sustainability of Pakistan s power sector Strengthening governance, investing in infrastructure, encouraging privatization, and improving revenue collection methods are vital While the government might save a small amount by changing net metering implementing the recommended strategies reducing inefficiency losses of PKR 160 billion, addressing under-recoveries of PKR 236 billion, and improving recovery rates from defaulters owing PKR 900,821 million can save significantly more capital and promote a more efficient and sustainable power sector These savings can be substantial and can contribute significantly to the financial health of the power sector, making it more resilient and sustainable in the long run The writer is a freelance columnist arSh afroz
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2016 I went to Chandigarh to meet Dr Gurdeep Kaur the daughter of the
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h t h e streets of Delhi in 1984 equipped with iron rods cans of petrol and kerosene and an execution plan: first gurdwaras would be desecrated Second, Sikh establishments would be identified, looted and burnt down And third, any Sikhs caught alive would be bludgeoned to death This was a pattern of attack that would reverberate across the city and build into a genocide Most of the victims b e l o n g e d t o l o w e r- i n c o m e b a c k g r o u n d s a n d they lived in jhuggi-jhopadi (slum) colonies in the trans-Yamuna area The localities worst a ff e c t e d b y t h e v i o l e n c e w e r e B l o c k 3 2 i n Tr i l o k p u r i , S u l t a n p u r i , M a n g o l p u r i a n d S e e m a p u r i T h e S i k h s i n t h e s e a r e a s w e r e m o s t l y d a i l y w a g e r s w h i l e t h e w o m e n w e r e h o m e m a k e r s T h e s e c o l o n i e s w e r e t a rg e t e d because they were enclosed and easily identifiable The Sikhs, especially the men, were brutally murdered – their necks were ringed with
on fire T h e i r w i v e s m o t h e r s s i s t e r s a n d d a u g h t e r s
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r e i n d e e d r u n n i n g
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Tr i l o k p u r i c h a o s w a s p r e v a i l i n g We h a d
wondering why people were runn i n g T h e n w e r e a l i s e d t h a t t h e e n t i r e p l a c e was burning We stopped the car and got out to see what was being burnt To our shock we realized they were human bodies Each bonfire had bodies ” To get a rough count of how many victims there were Mustafa remembers stopping by each bonfire and counting the number of bodies she could see People often referred to rumours, deadly r u m o u r s , t h a t i t w a s t h e S i k h s w h o w e r e butchering people One of the rumours circul a t i n g a t t h a t t i m e w a s t h a t t r a i n s w e r e c o mi n g i n f r o m P u n j a b l o a d e d w i t h d e a d b o d i e s T h i s w a s a n u n m i s t a k a b l e p a r a l l e l b e i n g d r a w n b e t w e e n t h e t r a i n s o f 1 9 8 4 a n d t h o s e t h a t c a m e f r o m P a k i s t a n d u r i n g P a r t i t i o n I w e n t t o t h e r a i l w a y s t a t i o n v e r y e a r l y i n t h e morning – I must have been there at 7 am and I w a s t h e r e t i l l s i x o r s e v e n i n t h e e v e n i n g I w a s t h e o n l y r e p o r t e r t h e r e – a n d t h e r e w e r e t r a i n s c o m i n g i n a n d a l l o f t h e m w e r e f u l l o f b o d i e s o f S i k h s S o b e c a u s e t h e r u m o u r g o i n g a r o u n d w a s t h a t t h e S i k h s w e r e k i l l i n g p e o p l e , H i n d u m o b s w e r e i n c i t e d t o g o t o t h e outskirts of Delhi, stop trains coming in from d i ff e r e n t l o c a t i o n s p u l l o u t t h e S i k h p a s s e ng er s b u r n th em aliv e an d th en p u t th eir b o dies back into the coaches I counted 200 dead b o d i e s i n o n e d a y And what of the women? Where were the Kaurs of 1984 while this carnage was taking place? My conversations with the survivors of the massacres reveal a grim timeline Between 31 October 1984 and 2 November 1984 Sikh women across Delhi were either hiding or running around the national capital with their children looking for safety Those who were caught by the mob were either abducted or raped Among the women I spoke to, those who had witnessed Partition told me that in their eyes 1984 was no different from 1947 in the kind of gendered violence that broke out across the capital Women were at the heart of crimes of revenge and communalism in 1947 and they were at the heart of similar crimes in 1984 as well Their own families brutalised them too, by forcing them to stay silent in order to safeguard the chastity and purity of the family thinking who would marry these girls if the truth became known
O N S between
flare even
Secretary
years since Consequently, the G20 is no longer the principal forum for global diplomacy Meanwhile the enlarged BRICS+ forum an initiative pushed by China seeks to counter American influence, especially now that the US is caught in what Graham Allison calls Thucydides Trap, the tendency towards war when an emerging power threatens to displace a regional or international hegemon By putting new BRICS in the wall the group now includes Egypt Ethiopia, Saudi Arabia Iran and the United Arab Emirates, in addition to Brazil, Russia, India, China and South Africa, China is trying to build an alternative world order in which the Global South has greater geopolitical economic and diplomatic heft In 2024 the BRICS+ countries account for around 36 per cent of global GDP and 45 per cent of the world’s population While its members do not always or even often agree they are shifting power away from the US and its allies especially in the IMF the World Bank the G20 and the United Nations, where they promote China s positions The expanded group is buttressed by the New Development Bank the Asian Infrastructure Investment Bank and huge resource transfers valued at roughly $1 trillion through China s Belt and Road Initiative to partners around the world These are part of China s efforts to construct its own global financial architecture that will support its goals and compete with the European-led IMF and the US-led World Bank Whether China will succeed in coordinating the Global South is unclear America certainly hopes not But others see BRICS+ as a new global economic paradigm The reality is somewhere in between although the US seems to be falling out of favor Tellingly, the US has responded to China s growing might by taking a step backward and attempting to reinvigorate the G7 an unrepresentative group that is no longer as effective or relevant as it once was To be sure a forum for Western allies is necessary But the notion that a group as small as the G7 can advance global goals at a time of heightened tensions and hardening stances is fanciful Moreover the G7 is far from united: despite US pressure its members have been unable to agree on commandeering Russia s frozen assets While the exact impact of the changing geopolitical balance remains unknown, it is clearly becoming an impediment to addressing global challenges whether related to climate change migration disease or other worldwide crises William R Rhodes president of William R Rhodes Global Advisers LLC is the author of Banker to the World: Leadership Lessons From the Front Lines of Global Finance (McGraw Hill 2011) Stuart P M Mackintosh is executive director of the Group of Thirty How the Sino-American rivalry is reshaping world order PR OJECT SYNDICATE W l l i a m r r h o d e S a n d S t ua r t P m m ac k i n to S h SCR OLL S a n a m S u t r at h Wa z r A n exce r p t f ro m ‘ Th e K a u r s o f 1 9 8 4 : Th e U nto l d, U n h e a rd Sto r i e s o f S i k h Wo m e n’ by S a n a m S u t i rat h Wa z i r While the exact impact of the changing geopolitical balance remains unknown, it is clearly becoming an impediment to addressing global challenges
E N S I
the United States and China continue to
as Treasury
Janet L
Secretary
State
BLINKEN HEADS TO MIDDLE EAST TO PUSH CEASEFIRE AS ISRAELI TROOPS ADVANCING
US militar
Modi ’s new govt has no Muslim representation
CORPORATE CORNER
The 18th Lok Sabha also known as the lower parliament, has seen a drastic decrease in Muslim representation, as only 24 Muslims have been elected out of the total 543 members Out of which 21 belong from the INDIA bloc and three are from India Majlis-e-Ittehadul Muslimeen
The first meeting of the cabinet of the new central government of India will be held this evening, in which the cabinet will request the Indian President Droupadi Murmu to convene the parliamentary session soon In a shocking outcome, Modi this time did not win a clear majority as compared to his previous two times with the premier having to
India s prime minister But his government, which reportedly includes 30 federal ministers and 41 state ministers, does not have a single Muslim czar This is possibly due to the fact that no Muslims were elected from his Bharatiya Janata Party (BJP)-led National Democratic Alliance (NDA) in the recently-held general elections Since India’s independence, every newly elected council of ministers has
seek support from allies under the banner of National Democratic Alliance (NDA) to retain power
The outcome is seen as a big setback to the popular leader as surveys and exit polls had predicted BJP would secure even more seats than in 2019
A day earlier, President Murmu administered
the
T d y 11 J 2024 | ISLAMABAD 06 NEWS CAIR O A G E N C I E S U S Secretary of State Antony Blinken arrived in the Middle East on Monday hoping to deliver the ceasefire that President Joe Biden proposed last month, in an all-out push by Washington to secure an end to the Gaza war Speaking after meeting Egypt s President Abdel Fattah al-Sisi in Cairo on the first stop on his trip Blinken said Hamas was the only side that had yet to agree to Biden s ceasefire proposal, which Washington says Israel has already accepted “My message to governments throughout the region to people throughout the region is if you want a ceasefire press Hamas to say yes Blinken told reporters before departing Egypt to visit Israel where he was due to meet Prime Minister Benjamin Netanyahu Sisi said it was important to lift obstacles to humanitarian aid for Gazans Ahead of his trip Israel and Hamas both doubled down on hardline positions that have scuppered all previous attempts to end the fighting, while Israel has pressed on with assaults in central and southern Gaza, among the bloodiest of the war “We are committed to total victory Netanyahu said in a statement released by his office quoting remarks he made on Sunday to relatives of Israelis killed in Gaza What is the main dispute? It is over Hamas’ demand that we commit to stopping the war without achieving our goals of eliminating Hamas I am not prepared to do so Hamas for its part said Washington must push its ally Israel to halt the fighting We call upon the US administration to put pressure on the occupation to stop the war on Gaza, and the Hamas movement is ready to deal positively with any initiative that secures an end to the war ” senior Hamas official Sami Abu Zuhri told Reuters The war has now entered its ninth month, since Hamas-led fighters killed 1,200 people and took some 250 others hostage in a rampage through southern Israel In response, Israel launched an assault on the Gaza Strip that has killed more than 37 000 Palestinians and reduced most of the enclave to wasteland Palestinian officials said 40 more bodies arrived in hospitals over the past 24 hours Thousands more dead are believed buried under rubble Assaults in Rafah, Nuseirat In Rafah the city on the southern edge of Gaza where Israel launched an offensive last month in defiance of White House pleas residents said on Monday tanks had been trying to thrust deeper towards the north in the early hours of the morning They were on the edge of Shaboura one of the most densely populated neighbourhoods at the heart of the city Around half of the Gaza Strip’s 2 3 million people had been sheltering in Rafah before last month’s assault and a million have had to flee again Since last week Israel has also launched a large assault in the central Gaza Strip, around the small city of Deir al-Balah, the last population centre yet to be stormed On Monday, residents said the Israelis had pulled back from some areas there but were keeping up air strikes and shelling Residents in Nuseirat north of Deir al-Balah were still clearing debris after Israel freed four hostages in a massive raid there on Saturday Palestinian officials say 274 people were killed, making it of the deadliest assaults of the war Israeli forces said they were aware of under 100 Palestinians killed there and did not know how many were combatants We are exhausted and helpless, enough is enough, said Jehad, who fled under fire from Saturday’s assault in Nuseirat with his family and was now in Deir al-Balah speaking by text message The family had already been displaced from Gaza City to Nuseirat to Khan Younis, to Rafah
DELHI A G E N C I E S India’s humongous populace comprises a fair share of Muslims but Prime Minister Narendra Modi s newly-elected government has no place for them, as not a single member of the community took oath in the grand oath-taking ceremony held in New Delhi on Sunday At the ceremony Modi was sworn in for his third term as
had at least one Muslim representative However this is the first time that no Muslim MP has been elected
the oath of office to Modi during a grand ceremony at the Rashtrapati Bhavan
palace
Modi who started
a publi-
Hindu nationalist
Sangh
ideological parent of his BJP, is only the second person after independence leader Jawaharlal Nehru to serve a third straight term as prime minister
the president s
in New Delhi, attended by thousands of dignitaries, including
leaders of seven regional countries, Bollywood stars and industrialists
as
cist of the
Rashtriya Swayamsevak
(RSS) the
y confirms Houthi missile strikes on two ships
LOS ANGELES A G E N C I E S Yemen s Houthi damaged two commercial vessels in missile attacks in the Gulf of Aden in the last 24 hours as part of the militia group s ongoing campaign against international ocean shipping, U S Central Command (CENTCOM) said on Sunday Houthis hit the Tavvishi a Liberian-flagged and Swiss-owned container ship with an anti-ship ballistic missile CENTCOM said The vessel was damaged but no crew were injured according to CENTCOM Two missiles fired by the Houthis struck the Norderney, a German-owned cargo ship operating under Antigua and Barbados flags, CENTCOM said That ship sustained damage, but no crew were injured and the vessel continued on its journey CENTCOM said The Houthis previously said they had hit the Tavvishi and Norderney and claimed to have set the latter ablaze MSC Ship Management is the manager of the Tavvishi, according to LSEG data Reuters could not immediately reach the firm for comment Sunship Schiffahrtskontor manager of the Norderney according to LSEG also could not be reached for comment The Houthis control the most populous parts of Yemen and have attacked merchant ships since November in solidarity with Palestinians in Gaza The militants have sunk one ship, seized a different vessel and killed three crew members in a yet another attack Their campaign has disrupted global shipping by forcing vessels to avoid the nearby Suez Canal and reroute trade around Africa PARIS A G E N C I E S Political parties and business leaders alike tried to figure out what a possible far-right win could mean for France following President Emmanuel Macron s decision to call a snap election after a bruising loss in a European Parliament ballot Macron s shock decision offers the far-right a shot at real political power Amounting to a roll of the dice on his political future it immediately sent the euro down and hit French stocks and government bonds A source close to Macron said the 46y e a r - o l d l e a d e r w h o s e power has been diminished since he lost his absolute majority in parliament two years ago calculated that there was a chance he could win back a majority by taking everyone by surprise But if Marine Le Pen s National Rally (RN) does take over, the source said, the gamble is that the next three years would demonstrate their incompetence to voters and undermine their bid for the presidency in 2027 But that is not without risk that source said I knew this option was on the table, but when it becomes reality it s something else,” they said “I didn’t sleep last night ” Voting will take place in two rounds on June 30 and July 7 for 577 lawmakers The next government will take over in July For Le Pen the challenge is transform her rising popularity into a win at home too
countdown to French snap vote
in Gulf of Aden
S urprised far-right sets sights on majorit y as
begins
FGEHA DG chairs meeting to review ongoing infrastruc ture projec ts I S L A M A B A D: Federal Government Employees Housing Authority (FGEHA) convened a significant meeting today at its headquarters in Islamabad chaired by Director General Captain Retired Muhammad Zafar Iqbal The gathering aimed to address various critical issues pertaining to infrastructure development and the enhancement of amenities within the housing authority's jurisdiction During the session, Director General Captain Retired Muhammad Zafar Iqbal emphasized the paramount importance of the ongoing infrastructure projects particularly highlighting the significance of green spaces and gardens He underscored the commitment of FGEHA to ensure the provision of top-notch facilities to all allottees across apartment complexes and residential sectors Furthermore, the Director General lauded the commendable efforts of key personnel including the Directors of Land Staff Finance Admin Enforcement Planning IT and the Project Director PR Ar t exhibition held at University of L ahore's Cornerstone S chools LAHORE: The University of Lahore's Cornerstone Schools organized an art exhibition inaugurated by Shahnaz Rauf Director of HLMC at the University of Lahore The event held at Cornerstone Global and Canal Campuses saw attendance from Amara Owais, Director of Student Affairs at the University of Lahore, Wajiha Rauf, Director of Cornerstone Schools and Colleges, as well as parents who appreciated the students paintings The exhibition featured a variety of artworks created by students including Sufi calligraphy truck art caricature effects glitch effect neon art and clay work Samples of jewelry and toys were also displayed Students from primary to middle school actively participated in this event PR
CCP SIGNS FIRST INTERNATIONAL MOU WITH CHINESE REGUL ATOR OF MARKETS
N E W S D E S K
TH E Competition Commission of Pakistan (CCP) signed a Memorandum of Understanding (MoU) with China s State Administration for Market Regulation (SAMR) during the visit of Prime Minister Shehbaz Sharif The MoU aims to enhance bilateral cooperation in the field of competition law and policy marking a significant milestone in Sino-Pakistani relations SAMR, a ministerial-level agency under China’s State Council, is respon-
New era of hospitality dawns in Balochistan
sible for enforcing anti-monopoly laws and regulating markets The MoU signifies a new era of collaboration in anti-trust activities between the two nations Last year, a high-profile Chinese delegation led by Dr Gan Lin, Vice Minister of SAMR visited the CCP Discussions between CCP Chairman Dr Kabir Ahmed Sidhu and Vice Minister Gan Lin highlighted the strategic importance of a partnership focusing on enhancing market regulations, providing training and capacity building, sharing expertise in cartel detection, and collaborating on research projects to improve regulatory efficiency China’s substantial investments in Pakistan particularly through the ChinaPakistan Economic Corridor
ICMA Int ’l par tners with IKL for future learning initiatives
KARACHI: We are delighted to share that as yet another milestone on June 10th 2024 ICMA International forged a strategic Memorandum of Understanding (MOU) with the prestigious Institute of Knowledge and Leadership (IKL) The MOU, ceremoniously signed by Mr Muhammad Yasin the Vice President of ICMA International and Mr Syed Nasir Kirmani the GM of IKL marks a significant leap forward in the realms of collaborative learning This groundbreaking agreement opens doors to a realm of futuristic learning opportunities, aimed at harnessing the collective expertise and resources of both institutions PR
will streamline the customer onboarding process by eliminating the need for additional KYC and scrutiny ” PR Bank Alfalah
KARACHI: Bank Alfalah proudly announced the launch of Pakistan s First Digital Agriculture Financing product an initiative aimed at empowering small-scale farmers and entrepreneurs in the country s Agriculture sector This innovative product allows customers to avail dairy and equipment financing through a seamless digital process marking a significant milestone in Pakistan s financial landscape The First Digital Agriculture Financing product has crossed over PKR 100 million in total disbursement
Foreign tourists visit Northern Bypass Cattle Market
KARACHI: A tourist family from Poland visited the Northern Bypass Cattle Market and expressed their surprise and happiness to see the presence of large number of sacrificial animals
Tourists named Tukanie and Matkania accompanied their children visited the cattle market
The tourist family had never seen such a large number of cattle together The tourist family was happy to see the beautiful cattle of high breed together with and praised the facilities and management of the Northern Bypass Cattle Market
Speaking on this occasion foreign tourists said that they are happy to see so much livestock production and beautiful and healthy animals in Pakistan They said that enthusiasm found in Pakistan to perform Sunnah-e-Ibrahimi is also impressive
The foreign tourists expressed their satisfaction with the facilities available in the cattle market especially the security arrangements and took selfies and pictures with the beautiful cattle in different parts of the market PR
KARACHI: The K-Electric on the occasion of closure of the fiscal year when citizens prepare to file their taxes has introduced a quick and new service for customers to download their tax certificates through the KE Live App in just four simple clicks These include sales tax for our industrial or commercial customers, advance income tax for residential accounts, and withholding tax certificate for net metering customers The initiative is an extension of KE’s efforts to digitize its services to bring in more efficiency and customer-centricity in its processes and leverages technology and innovation to bridge the gap between the customer and the company The KE spokesperson sharing his comment on the features said, We re pleased to expand the portfolio of services on the KE Live App, which reduces the need for customers to physically visit our centers by offering them a digital solution at their fingertips Customers can also apply for new connections change of name requests and get real-time updates on their power supply from any location PR
Gaza, purportedly to exterminate Hamas In mid-March Israel escorted a twoweek operation targeting Al-Shifa Hospital alleging its use as a Hamas command center and hostage location Despite U S intelligence confirmation of Hamas leaving the premises prior to the raid, Israel reported the neutralization of 200 fighters
07 NEWS Tuesday 11 June 2024 ISLAMABAD
CORNER PAC a p p o i n t s K a z i m S a e e d a s C E O KARACHI: Kazim Saeed, a policy and strategy professional, has been appointed as the Chief Executive Officer of the Pakistan Agricultural Coalition (PAC) a leading nonprofit for advancement of agriculture Founding CEO Mr Arif Nadeem will assume the role of Vice Chairman In his new role, Kazim will further PAC's contribution towards the development of the private sector-led agriculture sector with support from Pakistan’s premier business groups “There is plenty of work to do yet but it’s an exciting time for Pakistan s agriculture sector I look forward to working with PAC s patrons and sponsors and all stakeholders to help realize the potential of PAC and of Pakistan s agriculture sector," said Kazim Besides providing energy policy advice to governments with the World Bank Kazim has built new business models for growth in agriculture with Pakistan s largest business groups the Asian Development Bank USAID etc through Pakistan Agricultural Coalition, which he co-founded Chairman PAC Hadi Ali Rizvi congratulated Kazim and said that “we are delighted to announce that Mr Kazim Saeed will assume the role of CEO of PAC with immediate effect Mr Saeed's substantial contributions to PAC from its inception to the present have been unparalleled PR
Family Takaful Limited (PQFTL) announces appointment of new CEO PR CDC Pakistan, S alaam Family Tak aful Ltd sign agreement for CISSII and CIR KARACHI: Newly licensed by SECP Pakistan’s first Digital Insurer Salaam Family Takaful Limited (SFTL) and Central Depository Company of Pakistan Limited (CDC) have entered an arrangement for SFTL s participation in the Centralized Information Sharing Solution for the Insurance Industry (CISSII) and Centralized Insurance Repository (CIR) which are key cross-industry information sharing systems developed and administered by CDC The agreements were signed by Mr Badiuddin Akber CEO-CDC and Mr Rizwan Hussain CEO-SFTL in the presence of Syed Nayyar Hussain Executive Director-SFTL, Mr Abdul Samad COO-CDC, and others senior members of the Companies Salaam Family Takaful Limited holds the distinction of being the first digital only Islamic Life Insurance company in the region persevering in its commitment & support towards the growth and development of the insurance industry in-line with the global trends of digitalization PR S ilkbank reaffirms collaboration with X per t D igital, Temenos to elevate digital banking suite KARACHI: Silkbank reaffirmed its strategic relationship with Xpert Digital (XD), a leading global digital transformation company, to revolutionize its digital banking capabilities using the Temenos Digital banking platform This collaboration will empower Silkbank to deliver a new era of customer-centric digital solutions This collaboration combines Xpert Digital s extensive expertise in digital innovation with Silkbank's commitment to delivering exceptional customer experiences Together, they will focus on reimagining and enhancing Silkbank’s digital banking suite creating a more seamless intuitive and customer-first experience for its customers Xpert Digital will bring immense value to Silkbank s current offerings Customers can look forward to a more personalized interface, improved accessibility, and a suite of innovative features that will make banking more convenient and enjoyable PR NIMRUS FATIMA The Ongoing conflict between Israel and Palestine traces its origins to the late 19 century In 1947 The United Nations adopted Resolution 181 commonly known as the Partition Plan with the aim of dividing the British Mandate of Palestine into separate Arab and Jewish states On 14 May,1948, the establishment of Israel, leading to the onset of the first Arab-Israel war In 1949 Israel got victory and the conflict resulted in the displacement of approximately 750 000 Palestinians and the territorial division into three main regions: the state of Israel, The west Bank and the Gaza Strip Subsequently, tensions escalated between both countries Following the 1956 Suez crisis Six Day War Yom Kippur War first Intifada second intifada and most recent 7 October incident when Hamas Militants projected a series of rocket attacks into Israel, resulting in casualties, including over 3300 injuries and 1300 fatalities, with hundreds
to implement a comprehensive siege of Gaza As a result more than one million Palestinian civilians in northern Gaza were instructed to evict in anticipation of a ground invasion, which commenced on October 27 The ground offensive, initiated in the northern region alongside ongoing aerial bombardments concluded its initial phase on November 24 with a hostage-for-prisoner exchange and increased humanitarian aid provision Following a brief hiatus hostilities resumed, particularly in Khan Younis, recognized by Israel as a key Hamas fortress Under pressure from its primary ally, the United States Israel announced a phased withdrawal of its forces from the Gaza Strip starting in January 2024
analysts estimate that over 90
of Israeli troops have been with-
one brigade
Despite
for caese-fire Israeli Prime
Benjamin
southern
and the capture of 500 more Subsequently, mass graves were discovered at al-Shifa and Nasser Hospital in Khan Younis prompting a United Nations call for an independent investigation On April 1 Israel launched an airstrike on an Iranian consular building in Damascus, resulting in casualties including senior Iranian military personnel Iran retaliated on April 13 by launching over 300 drones and missiles at Israel marking its first direct engagement in the conflict Israel with counsel from allies opted for a limited response conducting aerial strikes on military targets in Isfahan and Tabriz on April 19 despite threats of further escalation from Iran s President Ebrahim Raisi There is no water, fuel and supplies in Gaza after the Hamas rejection of recent cease-fire proposals given by the United States and Egypt Following Israel’s airstrike that claimed the lives of seven World Center Kitchen employees other humanitarian organizations halted operations The World Food Program alerts Gaza s population to the close threat of famine Attacks on medical facilities and a shortage of basic supplies have left only eleven of the thirty-five hospitals in the strip operating at a partially functional level In addition to increasing civilian casualties the World Health Organization has alerted about the spread of illness The displacement of millions more Palestinians places a challenge for Egypt and Jordan, which have absorbed hundreds of thousands of Palestinians in the past but have countered accepting anyone during the current war They fear that Gazans as many of them were already ousted from elsewhere in Israel will not be permitted to return once they leave Egypt also has a fear that Hamas warriors could enter Egypt and start a new war in the Sinai by projecting attacks on Israel or undermining the authoritarian regime of Abdel Fattah el-Sisi by bracing the Muslim Brotherhood So far negotiations have resulted in only 1 100 people leaving Gaza through the Rafah border crossing to Egypt The other 1 5 million displaced Gazans 70 percent of the territory s population remained limited to southern Gaza and face increasingly dire living conditions and security risks The UN High Commissioner for Human Rights issued a report on Friday calling for accountability for Israel and Palestinian militant groups for violation of certain international laws including targeting civilians, willful killing, mistreatment, wanton destruction of civilian infrastructure, and hostage-taking On 4 May Saturday Hamas and Israeli leadership met in Egypt for peace talks resulting in no positive response Pa l e s t i n i a n H u m a n R i g ht s u n d e r S i e g e ; A G l o b a l Co n ce r n Vi s a b r i n g s s i m p l i c i t y, c o nve n i e n c e to b o o m i n g s u b s c r i p t i o n e c o n o my KARACHI: Visa (NYSE: V), a world leader in digital payments, announced the launch of Subscription Manager, a new, all-in-one service for financial institutions to provide Visa cardholders with a simple convenient way to track their subscriptions all from the palm of their hands The global subscription market is on a steady rise expected to reach a staggering $406B by 2025 As the trend of consumers subscribing to services in sectors such as retail, food and more increases, so does the challenge of managing their payments Visa’s new Subscription Manager streamlines key aspects of recurring payments in one place allowing cardholders to see where their card details are stored
K E i n t r o d u c e s l i ve a p p fo r e a s y a c c e s s to i n c o m e t a x c e r t i f i
ate
CORPORATE
Pak-Qatar
taken hostage The Israel caught off guard prodding a swift response Since 7 October more than 37 000 Palestinians have been killed 98 percent of them in the Gaza Strip, with a whipping majority of children and women Israeli cabinet methodically professed war on Hamas, authorizing the Israel Defense Forces (IDF)
Military
percent
drawn with
remaining
international calls
Minister
Netanyahu maintains the necessity of an offensive in Rafah,
view which recurring payments are attributed to their card, and stop recurring payments PR
c
s
PR OFIT
(CPEC) are expected to increase significantly with the second phase of CPEC To accommodate this growth, the CCP is developing a comprehensive legal and regulatory framework The MoU outlines a framework for cooperation through bilateral meetings training programs workshops research collaborations, and information exchange The MoU aims to ensure sound and effective enforcement of competition law, which is crucial for market efficiency and consumer welfare By fostering technical collaboration and information sharing this partnership will strengthen bilateral ties and create favourable conditions for economic development This is the first international MoU in the CCP’s 16-year history Moreover, CCP will soon be signing MoUs with competition agencies of Russia Turkey and Egypt This MoU heralds a new chapter in Pakistan-China relations, promoting stronger economic ties and mutual benefits through enhanced cooperation in competition law and policy
g MOU AIMS TO ENHANCE BILATERAL COOPERATION IN COMPETITION LAW AND POLICY MORE AGREEMENTS ARE ONE CARDS WITH REGULATORS OF RUSSIA, TURKEY, AND EGYPT HABIBMETRO par tners with 1Link and Kuickpay KARACHI: HABIBMETRO 1Link and Kuickpay have entered into a tripartite agreement for bulk onboarding of online billers This strategic collaboration promises to transform the onboarding process by making it fully automated with integrated systems The purpose of the agreement is to facilitate bulk onboarding of billers through HABIBMETRO using Kuickpay and 1BILL integrated platforms It will enable HABIBMETRO to simultaneously onboard multiple business customers onto the 1Link platform through a swift and efficient process During the ceremony, Mr Khurram Shahzad Khan, President & CEO of HABIBMETRO said “We are confident that this partnership will significantly enhance the onboarding experience of our business clients HABIBMETRO s collaboration with 1Link and Kuickpay
Pakistan's First Digital Agriculture Financing
disburses PKR100m under
demonstrating the immediate impact and demand for instantly accessible financing in the Agriculture sector within three months The beneficiaries of this initiative include individuals from various distantly scaled areas especially flood-affected areas of Sindh representing both genders and diverse segments of the Agricultural community Speaking on the occasion, Muhammad Yahya Khan, Chief Digital Officer,
dedication
empowering the Agriculture sector
that small-scale
access
financial services
swift,
PR
Bank Alfalah said, “The introduction of Pakistan’s First Digital Agriculture Financing product signifies our
to
and promoting financial inclusion in Pakistan We are committed to ensuring
farmers always have
to
Through
cost-effective
QUETTA: As the Balochistan region has started receiving a major inflow of international travellers as well as world business groups following the Gwadar seaport operations and CPEC route a new era of hospitality has dawned in the province with the Best Western Hotels opening its latest property in Quetta within the Defence Housing Authority (DHA) The launch event featured other notable guests, dignitaries, influencers, businessmen, investors and celebrities including Abdul Moeed Ishrat, CEO of M&I Premier; Immad Ali Khan, Partner of M&I Premier; and renowned actress Durr-e-Fishaan This initiative taken in collaboration with the DHA Quetta highlights the city s appeal and the crucial role of DHA Quetta in establishing a secure highstandard living environment In this regard, the DHA Quetta Administrator s efforts have been a key in bringing world-class living standards to Balochistan This new establishment is set to drive economic growth create jobs and boost local businesses It is expected to attract more international brands to Quetta further integrating the region into the global economy Additionally, the launch emphasizes women s empowerment by offering inclusive employment opportunities and fostering a supportive environment for women’s career advancement PR
Pakistan Cricket Board (PCB)
Chairman Mohsin Naqvi expressed disappointment in the Green Shirts after the loss against India saying that this poor performance indicates the need for a major surgery
Speaking to journalists after the Pakistan vs India match at Nassau County International Cricket Stadium Naqvi said that the “defeat against India was disappointing in every sense Pakistan on Sunday suffered a humiliating loss against the arch-rivals as they lost by six runs despite an impressive performance by the bowlers who restricted the opponents to 119 after winning the toss
The PCB chairman said that he knows what is going on in the team and what are the reasons for losing It seemed that a minor surgery would work but after this bad performance, I’m now sure that a major surgery is required The na-
’s
tion will soon see a major overhaul, said Naqvi
The chairman further said that their biggest challenge is to improve the team’s performance as it is currently at the lowest level
Speaking about the upcoming events, Naqvi said that they have to prepare a team for the Champions Trophy 2025 “The time has come to give a chance to the outside talent ” he asserted “We have to make the Pakistani cricket team one of the best in the world The nation does not expect such a disappointing performance from the cricket team, said Naqvi Pakistan’s irresponsible batting line-up threw away a golden opportunity to put the country’s campaign back on track by failing to cross the line against India
The reckless batting line-up fell miserably in pursuit of a meager 120 runs target and was restricted to 113 for 7 at the end to hand over an unlikely six-run win to arch-rivals The defeat has now left Pakistan with very few options as they are now waiting for
to Modi Ji on assuming office for the third time Your party’s success in the recent elections reflects the confidence of the people in your leadership Nawaz Sharif stated on X He also encouraged the Indian prime minister to replace hate with hope and seize the opportunity to shape the destiny of the two billion people of South Asia ” Nawaz Sharif was present at the ceremony when Modi first assumed the prime ministerial role in 2014 However relations have deteriorated over the past decade, during which Modi has intensified his Hindu nationalist agenda In response to Modi’s 2019 revocation of the limited autonomy of Indian-held Kashmir a move that was widely celebrated in India Pakistan suspended bilateral trade and downgraded diplomatic relations with New Delhi Modi was sworn in for his third term on Sunday after his party, the Bharatiya Janata Party (BJP) led the National Democratic Alliance (NDA) to win the general election
the expectations of
and exit polls This led
swift negotiations with the 15member coalition of the NDA to secure the necessary support to form a government
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 PR OFIT G H U L A M A B B A S The Sugar Advisory Board (SAB) chaired by Federal Minister for Industries and Production Rana Tanveer Hussain has conditionally approved the export of 150 000 metric tons of sugar The meeting was attended by the Federal Secretary for Industries and Production, representatives from the Pakistan Sugar Mills Association (PSMA), Kissan Ittehad and both federal and provincial representatives The agenda included discussions on sugar stock availability current market prices sugarcane rates global sugar prices, and industry production costs The board emphasised maintaining sufficient local stocks to ensure a smooth supply of sugar in local markets at sustainable prices An agreement was reached between the government and the PSMA to guarantee this Minister Hussain assured that the exmill sugar price would not increase and that all pending payments to farmers would be cleared on a priority basis by the PSMA He also noted that the Sugar Advisory Board would review sugar prices and market stability fortnightly Future sugar exports will depend on maintaining price stability and adequate stock availability in the country Government allows expor t of 150,000 MT sugar 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 4:00 4:58 1 30 5:15 7:10 9:15 Tuesday 11 June 2024 NEWS PR OFIT A H M A D A H M A D A N I I N order to bring reforms to the power sector Prime Minister Shehbaz Sharif has directed the power division to submit a report on the implementation of four critical decisions by the end of June 2024 According to sources, Prime Minister Sharif has tasked the power division with submitting a comprehensive report on the implementation of four decisions by June 30 2024 These directives were issued during sectoral briefings of the power sector, chaired by the Prime Minister on April 15 and April 16, 2024 One of the foremost actions directed by PM Sharif is the phasing out of subsidies for household consumers Instead he proposed that direct subsidies be provided through the Benazir Income Support Program (BISP) This move aims to streamline financial assistance and ensure that subsidies reach the most deserving segments of the population Furthermore, the Prime Minister emphasized the need to replace inefficient fans which contribute significantly to energy wastage He has called for a detailed financing plan to facilitate this replacement process involving commercial banks and microfinance institutions The goal is to encourage consumers to adopt more energy-efficient appliances, thereby reducing overall electricity consumption For replacement of inefficient fans PM sought financing plan for replacement of inefficient fans to be finalized with commercial banks and micro finance institutions, said sources The sources said that in addition to these measures PM Sharif has highlighted the importance of boosting the production of high-quality fans within the country This initiative not only aims to promote energy efficiency but also to support local manufacturing industries, thereby contributing to economic growth and job creation It is also learnt from sources that to further address the issue of surplus electricity Prime Minister Sharif has directed the creation of a separate tariff for Special Economic Zones (SEZs) This move is particularly focused on SEZs under the China-Pakistan Economic Corridor (CPEC) The power division has been instructed to obtain the necessary approvals from the federal government and the National Electric Power Regulatory Authority (NEPRA) for this new tariff category Power Division to get approval of federal government and NEPRA for creation of a separate tariff category for the provision of electricity to SEZs (CPEC SEZs), said source According to sources this separate tariff for SEZs is expected to facilitate the utilization of the surplus electricity providing cheaper power to these economic zones and thereby promoting industrial growth This initiative is seen as a strategic move to attract both local and foreign investment, enhancing the overall economic landscape of the country Sources also said that these directives from the Prime Minister are part of a broader strategy to tackle the complex issues facing the power sector By focusing on energy efficiency targeted subsidies, and industrial growth, the government aims to manage the surplus electricity more effectively while also addressing the high cost of power, sources added It is pertinent to mention that the surplus and expensive electricity of 1600MW has become a significant challenge for the federal government Prime Minister Shehbaz Sharif is making concerted efforts to ensure the efficient use of this surplus electricity Through these four key directives the government aims to address the pressing issues in the power sector streamline energy consumption, and support economic growth by providing cheaper electricity to Special Economic Zones PR OFIT A H M A D A H M A D A N I The Islamabad Electric Supply Company (IESCO) has issued an urgent call for action to defaulting government institutions, and demanded the payment of their outstanding electricity dues within a week of receiving the notice Dr Muhammad Amjad Khan the Chief Executive Officer of IESCO emphasised that timely payment of electricity bills is crucial to ensure an uninterrupted power supply and the timely completion of ongoing system upgrade projects In a letter dated June 7, 2024 (No 388699) IESCO detailed the significant amounts owed by various government institutions According to the letter the Government of Azad Jammu and Kashmir (AJK) is the largest defaulter with an outstanding amount of Rs 54 862 billion The Ministry of Defence follows with dues amounting to Rs 5 295 billion The Capital Development Authority (CDA) also owes substantial amounts, with Rs 4 063 billion due, along with additional dues from its subdivisions: the CDA (Pak Secretariat) owing Rs 1 065 billion the CDA (Cabinet Secretariat) owing Rs 116 billion and the CDA (Chairman Senate) owing Rs 68 million The Cantt Board Chaklala has an outstanding amount of Rs 1 642 billion, while the Cantt Board Rawalpindi owes Rs 256 million The Water and Sanitation Agency (WASA) is also a defaulter with dues amounting to Rs 967 million Further the Ministry of Railways has an outstanding amount of Rs 295 million while hospitals under the federal government owe Rs 279 million The Pakistan Public Works Department (PWD) has not paid Rs 260 million, and the Islamabad Police owes Rs 251 million Local government bodies such as TMA Rawal Town and TMA Murree owe Rs 190 million and Rs 162 million respectively Other defaulters include the Ministry of Interior (Rs 143 million) Punjab Police (Rs 135 million), Parliament Lodges (Rs 118 million), and Punjab Jail and Convict Settlement (Rs 116 million) In addition the Ministry of Health owes Rs 76 million Pakistan Broadcasting Corporation (PBC) owes Rs 75 million and the Ministry of Culture and Sports also owes Rs 75 million The GM Hydel has not paid Rs 66 million while the Punjab Health and Welfare Department owes Rs 54 million The Chief Commissioner Islamabad is due to pay Rs 51 million, and the Ministry of Education has outstanding dues of Rs 48 million Smaller amounts are also owed by institutions such as TMA Hassan Abdal (Rs 46 million) the Federal Investigation Agency (FIA) (Rs 32 million) District and Tehsil Headquarters Hospital Rawalpindi (Rs 28 million), AG Maintenance (DP) (Rs 28 million), Ministry of Hajj and Auqaf (Rs 25 million), Health District Government Rawalpindi (Rs 24 million) Ministry of Environment and URB (Rs 23 million) Balochistan House (Rs 23 million) Cantt Board Attock (Rs 21 million) Islamabad High Court (Rs 20 million), District Government Rawalpindi (Rs 19 million), Health District Government Jhelum (PKR 18 million) TMA Potohar Town (Rs 18 million) Federal Board of Revenue (FBR/CBR) (Rs 16 million) District and Tehsil Headquarters Hospital Attock (Rs 16 million) TMA Jhelum (Rs 15 million), Director General Special Education (Rs 14 million), Meteorological Department (Rs 12 million), Ministry of Local Government (Rs 12 million) Intelligence Bureau (Rs 10 million) National Highway Authority (NHA) (Rs 10 million) and Sindh House (Rs 10 million) IESCO administration has urged the heads of all defaulting government institutions to pay their outstanding electricity bills promptly They have been requested to contact the relevant revenue office or the Commercial Directorate at IESCO Headquarters for any queries or further information Dr Muhammad Amjad Khan IESCO s CEO, stressed that all operation circle in-charges must ensure the recovery of dues from these government institutions to maintain financial health and operational stability G o v t i n s t i t u t i o n s o we I E S CO b i l l i o n s g AVAILABILITY OF LOCAL STOCK TO BE EMPHA SISED PR OFIT A P P The Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb is set to unveil the Economic Survey of Pakistan 2023-24 on Tuesday This pre-budget document will detail the nation s socio-economic achievements and performance over the outgoing fiscal year, providing a comprehensive overview of various economic sectors, as announced by the finance ministry on Monday The Economic Survey will offer in-depth insights into the country s major socio-economic developments covering sectors such as agriculture manufacturing and industry services energy information technology and telecom, capital markets, health, education, transport, and communication It will also present annual trends in key economic indicators like inflation trade and payments public debt population employment climate change and social protections According to the Planning Commission s estimates from the Annual Plan Coordination Committee (APCC) Pakistan s economy faced considerable challenges at the start of the fiscal year 2023-24, primarily due to the lingering effects of previous economic disruptions Despite these hurdles, the economy achieved a modest recovery growing by 2 4% during the year The agriculture sector emerged as the primary growth driver expanding by 6 3% due to bumper crops of wheat cotton and rice The industrial sector grew by 1 2%, with notable performances in mining and quarrying, small-scale manufacturing, and construction, despite a slowdown in large-scale manufacturing The services sector registered a growth of 1 2% with wholesale and retail trade seeing minimal growth at 0 3% Transport storage and communications also grew by 1 2% reflecting subdued demand From July to March 2023-24, total revenue collection increased by 41%, surpassing the total expenditure growth of 36 6% Tax revenues rose by 29 3%, while non-tax revenues saw a substantial increase of 89 8% Markup expenditure constituted 40% of the total expenditure Average inflation from July to April 2023-24 was recorded at 26%, down from 28 2% in the same period the previous year A declining trend in inflation has been observed since January 2024, indicating improving economic stability The Economic Survey of Pakistan 2023-24 will provide a detailed narrative of the country s socioeconomic trajectory over the past year highlighting both the challenges faced and the recovery achieved It will serve as a crucial document for understanding the economic landscape ahead of the upcoming budget, offering insights into the sectors that have driven growth and the fiscal policies that have shaped economic performance Pakistan Economic Sur vey 2023-24 being unveiled today PR OFIT M O N I T O R I N G D E S K In May 2024, the Business Confidence Index (BCI) surged to 54 6, signaling a positive shift in economic sentiment as revealed by the 48th Business Confidence Survey conducted by the State Bank of Pakistan (SBP) The uplift in business confidence is largely fueled by improvements in both the Industry and Services sectors According to the survey, the Industry sector s confidence index rose by 2 2 points to 52 1, while the Services sector increased by 20 7 points to 55 4, underscoring broad-based economic optimism In order to determine the Business Confidence index holistically the graphs of Current Business Confidence Index (CBCI) and the Expected Business Confidence Index (EBCI) must be analyzed The CBCI, reflecting the past six months economic conditions, grew by 1 1 points to 51 2 This improvement stemmed from a 2 8-point rise in the Industry sector to 48 3 coupled with a 0 5-point uptick in the Services sector to 52 1 Increased positive and neutral responses along with fewer negative views contributed to this upward trend Whereas, the expectations for the next six months, captured in the EBCI, climbed by 1 1 points to 58 The Industry sector ’s EBCI advanced by 1 6 points to 55 9, while the Services sector ’s EBCI edged up by 0 9 points to 58 7 The data indicates a growing optimism among businesses about future economic conditions Economic outlook brightens as Business Confidence Index reaches 54.6 in May T 20 W O R L D C U P g A J K G O V T I S L A R G E S T D E FA U LT E R W I T H A N O U T S TA N D I N G A M O U N T O F R S 5 4 8 B, M I N I S T R Y O F D E F E N C E F O L LO W S W I T H D U E S O F R S 5 2 9 5 B P M D I R E C T S P O W E R D I V I S I O N T O I M P L E M E N T F O U R K E Y R E F O R M S T O TA C K L E S U R P L U S E L E C T R I C I T Y, R E D U C E C O S T LAHORE I N P Former Prime Minister Nawaz Sharif on Monday extended his congratulations to Narendra Modi upon his inauguration as the Prime Minister of India for a third term The commendation came through an official post on his X account where the PML-N leader recognised Modi s recent electoral victory My warm felicitations
with 293 seats, a narrower victory margin than anticipated This result stood in contrast to the 234 seats secured by the resurgent opposition
two terms the
did not achieve
landslide
this time,
N awa z h a i l s M o d i ’s t h i r d t e r m w i n , c a l l s fo r u n i t y i n S o u t h A s i a NEW YORK S TA F F R E P O R T
Unlike its previous
BJP
a
victory
defying
analysts
to
the outcome of other matches before knowing well whether they would in a position to qualify for the next stage Babar Azam won the toss and elected to bowl first on a twopaced pitch where Naseem Shah and Haris Rauf picked up three wickets each while Rishabh Pant was India’s biggest contributor with a quick knock of 42 as they were dismissed for 119 In response Mohammad
laid the platform for the chase with a patient knock of 31 but Pakistan lost wickets at regular intervals while India’s fast bowler Jasprit
made crucial dismissals to finish with figures of 3-14
result keeps India perfect in Group A with two wins from their opening two matches while Pakistan have zero points from two defeats following their upset by the hosts the United States in their first game M ajor surger y needed, says PCB chief on Pak
Aircraft carrying Malawi’s vice president goes missing BLANTYRE A G E N C I E S An aircraft carrying Malawi s vice president, Saulos Klaus Chilima, and nine others has gone missing, the southern African nation’s presidency said on Monday Chilima 51 was aboard a military aircraft that left Lilongwe the capital at 09:17 a m (0717 GMT) Malawi s Office of the President and Cabinet said It said search and rescue operations were ongoing All efforts by aviation authorities to make contact with the Aircraft since it went off the radar have failed thus far,” it said in a statement The aircraft had been scheduled to land at Mzuzu Airport at 10:02 a m according to the statement Malawi s information minister Moses Kunkuyu told state broadcaster MBC that the search efforts had been intensified Chilima, seen as a potential candidate in next year s presidential election, was arrested in 2022 over graft allegations However a Malawi court dropped the corruption charges against him last month after the director of public prosecutions filed a notice for the case to be discontinued Chilima has denied any wrongdoing
Rizwan
Bumrah
The
squad
poor per formance
