PM, PRESIDENT XI AGREE TO UPGRADE CPEC, ADVANCE DEVELOPMENT IN SECOND PHASE
phasised the critical role CPEC plays in Pakistan s development, asserting Pakistan s commitment to fostering synergy between the development strategies of the two countries through close coordination
The meeting took place at the historic Great Hall of the People with both leaders accompanied by federal ministers and senior officials This was PM Shehbaz s first meeting with President Xi since assuming office in 2024 The encounter was marked by traditional warmth reflective of the strong friendship and close strategic ties between the two nations
the high-quality development of the China-Pakistan Economic Corridor (CPEC) and the timely completion of ongoing projects They also agreed on upgrading CPEC and advancing its second phase
The prime minister briefed President Xi on Pakistan s policies for economic reform, industrial development, agricultural modernisation, and regional connectivity He em-
The prime minister thanked President Xi for the warm welcome extended to him and his delegation He recalled President Xi’s historic visit to Pakistan in 2015 which marked the formal operationalisation of CPEC ushering in a new chapter in bilateral relations
The leaders reaffirmed the All-Weather Strategic Cooperative Partnership and ex-
pressed their resolve to deepen cooperation across diverse domains, including political, security, economic, trade, and people-topeople exchanges They also discussed regional and global developments including the situations in Afghanistan Palestine and South Asia particularly the human rights situation in Indian Illegally Occupied Jammu and Kashmir (IIOJK)
Both sides reiterated their longstanding support for each other ’s core interests Commending President Xi’s Belt and Road Initiative (BRI) and Global Development Initiative (GDI) Prime Minister Shehbaz highlighted CPEC s significant contributions to Pakistan s socio-economic development as the flagship project of BRI He reiterated Pakistan’s commitment to ensuring the safety and security of Chinese nationals projects and institutions in Pakistan
The prime minister also noted that Pakistan s agenda for people-centric socio-eco-
J C P r e c o m m e n d s n a m e s o f t h r e e j u d g e s f o r e l e v a t i o n t o S C
Sindh High Court Chief Justice Aqeel Abbasi and LHC Justice Shahid Bilal have been proposed the sources said CJP Isa had, last month, convened the JCP meeting for deliberations over the appointment of three judges in the SC The JCP was constituted under the 18th Constitutional Amendment mandated to appoint judges in the superior judiciary It was tasked to consider names of nine judges, including LHC chief justice and SHC chief justice, for filling the three vacant posts in the apex court Chaired by the CJP the meeting was to be attended JCP members Justice Syed
Mansoor Ali Shah Justice Munib Akhtar Justice Yahaya Afridi Justice Aminud Din Khan Justice (retd) Manzoor Ahmed Malik, Federal Minister for Law Azam Nazir Tarar, Attorney General Mansoor Usman Awan and Pakistan Bar Council representative advocate Akhtar Hussain As per the Constitution the actual strength of judges of the Supreme Court is 17 while at present the apex court only has 14 judges including the CJP The three posts are to be filled after the retirement of former chief justice Umar Ata Bandial and resignations of Justice Ijazul Ahsan and Justice Syed Mazahar Ali Akbar Naqvi
E i d u l A z h a t o b e c e l e b r a t e d o n 1 7 t h a s Z i l h a j m o o n s i g h t e d
KARACHI
S TA F F R E P O R T
The Central Ruet-e-Hilal Committee on Friday announced sighting of Zilhaj moon saying the Eildul Azha will be observed on June 17 in Pakistan The meeting took place at the Pakistan Meteorological Department building in Karachi with simultaneous zonal meetings in the provincial capitals and Islamabad Officials from the Peshawar zonal meeting said the moon was spotted but the official announcement would be made by the central committee Addressing a press conference in Karachi later Central Ruet-i-Hilal Committee Chairman Maulana Abdul Khabeer Azad said Eid will be celebrated on June 17 after testimonies of moon sightings were received from various cities all over the country, including Peshawar, Attock, Kohat Mianwali Taxila Murree Narowal and Lahore You know this is a very blessed month and the merits of these 10 days [of Haj] have also been explained, he said and urged people to spend the days in worship Maulana Azad said the country was moving forward and called on the nation to unite to foil the schemes of its enemies He also said the nation s prayers were behind law enforcement agencies working to ensure the country’s security A day ago Saudi Arabia’s Supreme Court announced the sighting of the Zilhaj moon with the last month of the Islamic calendar beginning today
BEIJING/ISLAMABAD
Pakistan and China on Friday reiterated their commitment to protect
nomic development aligns with China s concept of shared prosperity President Xi Jinping hosted a banquet in honour of Prime Minister Shehbaz during which another round of discussions on matters of mutual interest took place
In par tnership with Profit S a t u r d a y, 8 J u n e , 2 0 2 4 I | 1 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 3 9 I 8 Pa g e s I Ka r a c h i E d i t i o n PR OFIT M O N I T O R I N G D E S K President Asif Ali Zardari promulgated an ordinance to eliminate a legal barrier preventing the government from dismissing the boards of all loss-making power distribution companies (DISCOs) The State-Owned Enterprises Governance and Operations Amendment Ordinance 2024, effective from June 5, 2024, was issued a day before the National Assembly and Senate sessions This move reflects the government’s preference for using ad hoc measures rather than introducing a bill in parliament to amend the law The ordinance which can remain in effect for up to eight months with a fourmonth extension from the National Assembly, grants the government temporary legal powers to remove independent directors appointed to the boards of state-owned enterprises (SOEs) The government has amended three sections of the SOE Act 2023, which had previously hindered the implementation of Prime Minister Shehbaz Sharif ’s decision to dismiss the boards of eight DISCOs On May 2 the board nomination committee led by Power Minister Sardar Awais Leghari recommended the removal of directors of all 10 DISCOs However the PM approved the dismissal of directors from eight companies, excluding Hyderabad and Sukkur DISCOs However, the plan to eliminate political influence from the boards of eight DISCOs faced significant pushback The SOE Act effective from January 2023 initially protected the three-year tenures of the boards appointed during the Pakistan Democratic Movement (PDM) government Additionally, the government amended Section 4 of the SOE law, reducing the SOE policy’s scope by excluding performance evaluation of ex-officio and independent directors g G O V E R N M E N T G A I N S T E M P O R A R Y A U T H O R I T Y TO R E M O V E B O A R D S O F LO S S - M A K I N G D I S C O S President issues ordinance to restr ucture power distribution companies PR OFIT A H M A D A H M A D A N I Bad news for Karachiites as the National Electric Power Regulatory Authority (NEPRA) has increased the electricity price by Rs 10 1022 per unit NEPRA has notified the power tariff hike on account of the fuel charges adjustment (FCA) for nine months spanning from July 2023 to March 2024 and will be recovered from K-Electric (KE) consumers over four months from July to September 2024 According to the notification, KE will charge its consumers Rs 2 6761 per kilowatt hour (kWh) in June 2024, Rs 3 1057/unit in July Rs 3 2242/unit in August and Rs 0 9980/unit in September 2024 The increase in power tariff will apply to all consumer categories except Electric Vehicle Charging Stations (EVCS) and lifeline consumers T h e a d j u s t m e n t w i l l b e s h o w n s e p ar a t e l y i n c o n s u m e r s ’ b i l l s b a s e d o n u n i t s b i l l e d i n t h e r e s p e c t i v e m o n t h s t o w h i c h t h e a d j u s t m e n t p e r t a i n s K E w i l l r e f l e c t t h e f u e l c h a rg e s a d j u s t m e n t i n t h e b i l l i n g m o n t h a c c o r d i n g t o t h e s p e c i f i e d s c h e du l e A d d i t i o n a l l y, K E m u s t c o m p l y w i t h c o u r t o r d e r s w h i l e i m p l e m e n t i n g t h e s e a dj u s t m e n t s Earlier KE had requested fuel charge adjustments (FCA) for nine months proposing an increase in electricity prices for seven months and a reduction for the remaining two months within the period from July 2023 to March 2024 According to KE, the proposed FCA could impact customers by Rs 1 6 to Rs 2 per unit per month over nine months compared to an average FCA of Rs 2 83 per unit applied by other power distribution companies (DISCOs) during the same period KE proposed three scenarios for calculating the FCA: the first scenario suggested calculating the FCA as the difference between the actual fuel cost and the reference monthly fuel cost as per the interim tariff The second scenario proposed considering the difference between the actual and reference monthly fuel cost per the tariff petition filed by KE and currently under NEPRA s deliberation The third scenario proposed using the difference between actual fuel cost versus annual weighted average fuel reference costs as per the tariff petition filed by KE and currently under NEPRA’s deliberation It s crucial to note that FCAs are routine procedures reflecting changes in the generation mix and global fuel prices used for electricity generation NEPRA makes and notifies final determinations regarding FCAs, preventing individual distribution companies from unilaterally determining or modifying FCAs Pursuant to Section 31(7) of the Regulation of Generation Transmission and Distribution of Electric Power Act, 1997, as amended by the 2011 and 2018 Acts, and following the monthly, quarterly, and annual adjustment mechanisms in the K-Electric Tariff Determination of July 5 2018 (notified in the official Gazette via SRO No 576(1)/2019 on May 22 2019) the National Electric Power Regulatory Authority (NEPRA) has adjusted the approved tariff for K-Electric Limited to account for variations in fuel charges from July 2023 to March 2024 Given that these FCAs cover nine months NEPRA has decided to stagger their recovery over four months g TARIFF INCREA SED ON ACCOUNT OF FCA FOR NINE MONTHS, JULY 2023 TO MAR 2024 Nepra hikes power tariff by Rs10/unit for Karachiites
BEIJING S TA F F R E P O R T C H I N E S E President Xi Jinping on Friday spoke highly of ChinaPakistan relations and called for more efforts to build a closer China-Pakistan community with a shared future in the new era during a meeting with Pakistani Prime Minister Shehbaz Sharif in Beijing China and Pakistan are good neighbors linked by mountains and rivers, good friends who share faith and righteousness good partners who help each other and good brothers who share weal and woe Xi said The China-Pakistan all-weather strategic cooperative partnership has continuously deepened, and enjoys solid public support with a strong internal driving force and broad prospects for development he said Xi said China stands ready to work with Pakistan to firmly support each other strengthen cooperation deepen strategic coordination, accelerate the building of an even closer China-Pakistan community with a shared future in the new era, and make greater contributions to regional peace, stability development and prosperity Prime Minister Shehbaz Sharif and Chinese President Xi Jinping held a productive meeting on Friday, reaffirming their commitment to
S TA F F R E P O R T
the ChinaPakistan Economic Corridor (CPEC) from its detractors and adversaries with Prime Minister Shehbaz Sharif assured Beijing of providing complete security to personnel working on multi-billion projects PM Shehbaz is visiting China from June 4 to 8 at the invitation of President Xi Jinping seeking to upgrade cooperation under the multi-billion dollar China-Pakistan Economic Corridor (CPEC), a key part of Beijing’s Belt and Road Initiative According to a PM’s Office statement on Friday during a meeting the two sides discussed the significance of Gwadar as an important pillar of CPEC and agreed to expedite the timely completion of all related infrastructure projects to transform Gwadar into a regional economic hub “They also expressed their firm commitment to protect CPEC from its detractors and adversaries and to upgrade CPEC in the form of enhanced cooperation the statement said The prime minister also reaffirmed Pakistan s unflinching resolve to ensure the safety and security of Chinese personnel and projects in Pakistan During the talks, the two leaders discussed the entire spectrum of bilateral relations and discussed regional and global developments of mutual interest They noted that the Pakistan-China All-Weather Strategic Cooperative Partnership was characterised by mutual trust, shared principles and strategic convergence Premier Li congratulated Prime Minister Shehbaz on Pakistan’s election as a non-permanent member of the UN Security Council The two leaders reaffirmed unwavering support for each other on core issues and expressed continued commitment and support for the high-quality development of CPEC They also emphasised the timely completion of all ongoing projects with a special focus on industrial development agriculture modernisation Science & Technology and the development of Special Economic Zones for mutually beneficial and socio-economic development of Pakistan The two sides agreed to maintain high-level exchanges including strengthening institutional linkages at all tiers and in all spheres of bilateral cooperation Pakistan and China will also continue to consult closely on issues of regional and global significance and multilateral fora, especially during the two-year tenure of Pakistan as a non-member of the UNSC Pakistan, China vow to ‘protect’ CPEC from detractors g C H I N E S E P R E S I D E N T S P E A K S H I G H LY O F S I N OPA K I S TA N T I E S, C A L L S F O R C LO S E R C H I N A- PA K I S TA N C O M M U N I T Y W I T H A S H A R E D F U T U R E g N A M E S O F S H C, L H C C H I E F J U S T I C E S A M O N G T H O S E R E C O M M E N D E D F O R E L E VAT I O N TO A P E X C O U R T g P M S H E H B A Z A S S E R T S PA K I S TA N ’ S C O M M I T M E N T TO F O S T E R I N G S Y N E R G Y B E T W E E N D E V E LO P M E N T S T R AT E G I E S O F T W O C O U N T R I E S T H R O U G H C LO S E C O O R D I N AT I O N ISLAMABAD S TA F F R E P O R T The Judicial Commission of Pakistan (JCP) in its meeting on Friday recommended the names of three high court judges for elevation to the Supreme Court for final approval by the Parliamentary Committee The recommendations were made during a meeting of the Judicial Commission held under chairmanship of Chief Justice Qazi Faiz Isa and the three high courts judge will be elevated to the Supreme Court against vacant seats During the meeting the names of Lahore High Court Chief Justice Malik Shahzad Ahmad
C O N T I N U E D O N PA G E 03
PM DIRECTS OVERHAUL OF NET METERING SYSTEM
Saturday 8 June 2024 | KARACHI 02 NEWS ISLAMABAD a h M a D a h M a Da N P R I M E M I N I S T E R Shehbaz Sharif has issued directives to reform the current net metering system and initiate a significant 600MW solar power project in collaboration with Saudi Arabia According to sources these decisions emerged from sectoral briefings on the power sector held on April 15 and April 18, 2024 Following the briefing, the Prime Minister has tasked the Power Division with developing a summary to fine-tune the rationalisation of the net metering tariff system This comprehensive overhaul includes transitioning the existing net metering regime to a gross billing system with separate rates for the import and export of electricity units Additionally a new tariff category specifically for net metering will be created The inclusion or exclusion of fixed charges in the billing structure will be considered, and the rates at which surplus electricity is purchased back will be revised Necessary amendments to existing net metering regulations will be made and a dynamic formula will be established to ensure a reasonable pay-back period for consumers investing in solar power systems “Prime Minister Shehbaz Sharif directed the Power Division to move a summary fine-tuning the rationalization of net metering including the conversion to gross billing with separate rates for import and export of units creation of a separate tariff category consideration of fixed charges revision of buy-back rates, amendment of net metering regulations, and establishment of a dynamic formula to ensure a reasonable pay-back period ” said sources This approach aims to balance the interests of consumers and the power sector ensuring sustainable and fair practices in the net metering, the sources added On the other hand, the Power Division stated last week that the news about ending the net metering policy is not true, and no instructions have been received from the Prime Minister regarding changes to the net metering policy Sources also informed that the prime minister has also approved the initiation of a 600 MW solar power project in collaboration with Saudi Arabia, as part of a strategic allocation of 2400 MW This project will be offered for investment to Saudi Arabia on an intergovernmental basis bypassing the traditional bidding process Out of strategic allocation of 2400MW only 1x 600 MW solar power plant shall be taken up/offered for investment with KSA Future generation expansion plan shall be accordingly revised to reflect the above decision,” said sources quoting premier’s direction The decision also calls for the revision of future generation expansion plans to accommodate this significant development This project underscores the government s commitment to expanding renewable energy sources and fostering international investment partnerships they added It is also learnt from sources that the Prime Minister has directed the preparation of separate summaries for both the net metering rationalization and the solar power project Additionally, the government has decided to increase the monthly fixed charges for customers installing solar systems aligning with the broader regulatory amendments The Power Division was approached to get its official stance on the matter, but no response was received by the time of filing this story
ISLAMABAD P r e s s r e l e a s e The Pakistan Textile Council representing nation s leading textile and apparel exporters, has requested the goverrnment to reduce energy prices and bring interest rates down PTC has requested the Prime Minsiter for his personal intervention to address the most pressing such issues and help start restoring competitveness of the value added exporters In a letter to the Prime Minister Pakistan Textile Council, expressed deep appreciation for the Prime Minister s inititiaves and his commitment to solve exporters problems PTC further acknowledged that the PM’s accessibility and proactive approach has raised hopes and expectations about early resolution of exporters’ genuine problems Among the concerns highlighted by PTC is the exorbitant electricity prices which remain a significant drag on the industry PTC further highlighted that the blueprint presented to the government in mid-May 2024 could serve as the undergrid for a PTC market-based, subsidy-free solution to the power crisis leading directly to lower prices Additionally PTC also recommends for a unified gas price for the entire nation free of subisdies and cross-subsisdies which must be regionally competitive This pricing regime could form the basis of meritocratic gas allocation ensuring gas supply to efficient users like process industries and most effficent IPPs However, the lack of progress in this regard continues to hinder the industry’s competitiveness PTC, however expressed its concerns about little or no progress on the energy front Pakistan Textile Council has flagged the highest everSBP s Policy Rate PR at 22% as a major concern for exporters and for public finances It is high time that the PR be reduced in line with the recent CPI, 11 8% for May, 2024 and the KIBOR which has consistently beentrending lower than the PR Rationalizatioin of energy prices and aligning of the PR with macroeconmic fundamentals will help recover some lost advantage to the beleagured exporters whose competitors do not face such abnormal and unjust energy and borrowing costsand are actually facilitated in ways unheard of in Pakistan Furthermore, PTC has raised alarm over the Finance Ministry’s failure to adhere to the Prime Minister ’s Directive regarding release of certified Duty Drawback of Local Taxes and Levies (DLTL) etc payables PKR 37 7 billion Despite appeals and the Prime Minister s Directive, the Finance Ministry s offer of a meagrely PKR 10 billion in the next fiscal year is not only patently absurd, but goes on to show how much the Prime Minister has to personally intervene to save the exporters from bureaucratic high-handedness PTC also reaffirmed its commitment to collaborate and work with the government to enhance exports while urging expeditious solutions to unlock the country s full export potential Pakistan sends first cherry shipment to China Signific ant reduc tion in petroleum prices expec ted g o v e r h au l i n c lu d e s t r a n s i t i o n i n g e x i s t i n g n e t m e t e r i n g r e g i m e to a g r o s s b i l l i n g s y s t e m g g r e e n l i g h t s 600 m w s o l a r P o w e r P l a n t i n co l l a b o r at i o n w i t h s au d i a r a b i a Pakistan Tex tile Council c alls for energy cost reduc tion and interest rate c ut F B R a nt i c i p ate s R s 1 7 5 b s h o r t f a l l d u e to co u r t s t ay s o n t a x m e a s u re s Waseem Ajmal Chaudhar y resigns as director of FFC chaudhar y joined the board of fcc as a non- executive direc tor on april 18, 2024 PR OFIT N e w s D e s k Fauji Fertilizer Company Limited (FFC) has announced the resignation of its Director Waseem Ajmal Chaudhary effective June 6 2024 The announcement was made in a formal notice to the Pakistan Stock Exchange (PSX) on Friday Chaudhary joined the board of FCC as a non-executive director on April 18 2024 Hailing from Lahore Chaudhary is qualified as an Engineer from the University of Engineering & Technology Lahore and joined the premier Civil Service of Pakistan in 1992 He has served for more than 25 years in significant positions, notably as Deputy Commissioner of Faisalabad and Mianwali and worked as EDO Finance He was engaged with the Asian Development Bank (ADB) for three years to promote sustainable livelihoods in the Barani Areas of Punjab As the Founding Member and first Managing Director of Lahore Waste Management Company, he led the transformation of the entire waste management system He also served as the CEO of Saaf Paani Company and Secretary of Planning & Development in Punjab Before joining the Ministry of Industries and Production Division, he served as Federal Secretary of Education and Professional Training in Islamabad where he pioneered several key initiatives in the education sector He also leads the National Education Development Partners Group (NEDPG) forum and chairs the National Education Development Partners Group in Pakistan Fast Cables listed at PSX , trading to begin on June 10 initial price set at Pkr 24.45 per share PR OFIT N e w s D e s k The Pakistan Stock Exchange (PSX) has announced the listing of Fast Cables Limited (FCL) effective from Monday, June 10, 2024 According to a PSX notice, trading in FCL shares will commence on the Main Board of the stock exchange on the same day with transactions settled on a T+2 basis The first settlement date is set for Wednesday, June 12, 2024 Each market lot will consist of one share valued at PKR 10 The Central Depository Company of Pakistan Limited (CDC) has declared FCL shares as eligible securities and transactions will be settled through the National Clearing Company of Pakistan Limited (NCCPL) The company has been assigned the symbol FCL The opening price for FCL shares is set at PKR 24 45 per share, determined through the Book-Building process Fast Cables Limited will be listed under the Cable & Electrical Goods sector in the daily quotation of the exchange KSE-100 Index gains ground after sharpest decline in months benchmark index plunged over 2,000 points in early hour of trade due to fears of an increase in capital gains tax in budget PR OFIT N e w s D e s k The Pakistan Stock Exchange experienced its sharpest decline in months dropping more than 2 000 points early Friday falling below the 72 000 level According to the PSX website the benchmark KSE-100 Index opened with a bearish trend At 09:52 am, the index plunged by over 2,000 points to the lowest level of 71,781 96 Experts attributed the decline to concerns over the budget proposals for 2024-2025 The market was influenced by a sell-off due to the fears of an increase in Capital Gains Tax (CGT) in the upcoming budget Later, the market saw a recovery, with the index closing at 73,754 01, down by 108 92 points or 0 15% from the previous close of 73,862 93 points Throughout the week the index had been under consistent pressure losing ground each session However Friday s trading saw an aggressive sell-off spurred by speculation of higher taxes and anti-growth measures in the budget set to be announced on June 12 Amin A Feerasta appointed as new chairman of Soneri Bank board of direc tors fill casual position following the demise of mr alauddin J feerasta PR OFIT N e w s D e s k The Board of Directors of Soneri Bank Limited has appointed Mr Amin A Feerasta as the new Chairman of the Bank According to a notice sent by the bank to the Pakistan Stock Exchange (PSX) the decision was made during the board s 205th meeting held on June 6 2024 via Zoom Mr Feerasta who meets the regulatory requirements of a Non-Executive Director, will serve as Chairman for the remainder of the current term His appointment fills the vacancy left by the passing of Mr Alauddin J Feerasta The State Bank of Pakistan (SBP) had previously cleared Mr Feerasta s appointment as Executive Director as indicated in a letter dated June 4, 2024 PR OFIT M o N i to r N g D e s k The Federal Board of Revenue (FBR) has projected a shortfall of Rs175 billion for the current fiscal year (202324) as the superior courts have suspended new tax measures aimed at wealthy taxpayers As of the first eleven months of FY24 the FBR collected Rs8 122 trillion against a target of Rs8 162 trillion To meet the FY24 target of Rs9 415 trillion, the FBR needs to raise Rs1 253 trillion this month, with June’s target initially set at Rs1 178 trillion but now including an additional Rs75 billion backlog According to a news report the prime minister was informed about the revenue impacted by court decisions, including the suspension of super tax and windfall income tax Around 90% of the pending cases involve large taxpayers such as banks and multinational corporations The tax body is expediting the efforts to collect the due taxes by the end of this month and assistance has been sought from the Attorney General for Pakistan The Finance Division, FBR, and IMF have different revenue collection targets for 2024-25 ranging from Rs12 trillion to Rs13 trillion The government plans to increase tax rates and remove sales tax exemptions to boost revenue, despite the political sensitivity of such measures The FBR estimates autonomous revenue collection to be around Rs11 50 trillion in FY25 with additional measures to be reviewed in consultation with the IMF Recent IMF meetings projected the FBR revenue target to be between Rs12 4 trillion and Rs12 6 trillion, while the finance division’s initial estimate for FY25 is Rs13 trillion The final target will be determined based on inflation and GDP growth figures The government is also considering boosting imports and aligning salary slabs with pensioners incomes, as suggested by the IMF Additionally, the IMF has urged FBR to collect taxes from traders and wholesalers and to focus on sales and income taxes particularly withholding taxes Current sales tax exemptions exceed Rs1 2 trillion g g o v e r n m e n t s e e k s to r e s o lv e c a s e s to m e e t f i s c a l y e a r ta r g e t s ISLAMABAD M o N i to r i N g D e s k The government is poised to announce a substantial reduction in petroleum prices potentially lowering costs by up to Rs12 per litre starting June 15 This expected price cut is driven by a $5 14 per barrel drop in global oil prices likely resulting in a Rs12 per litre decrease in petrol prices in Pakistan Since April 16, petrol prices have already been reduced by Rs24 per litre, while diesel prices have seen a Rs20 per litre decrease On June 1 it was revealed that the government’s lastminute decision to adjust petrol prices stemmed from a strong disagreement between the prime minister and the finance minister The finance minister urged a reconsideration of the price cut amid ongoing IMF negotiations according to insider sources The government has collected over Rs900 billion through the petroleum development levy (PDL) on petroleum products within the first 11 months of the current fiscal year surpassing the annual target of Rs869 billion The reduction in prices led to a surge in demand for petroleum products reaching a nine-month high of 1 4 million tons in May 2024 Total consumption for the JulyMay 2023-24 period reached 13 8 million tons, as reported by Topline Research Topline Research analyst Myesha Sohail noted that PDL tax collection hit Rs907 billion in 11 months of FY24 projecting potential revenue of Rs990 billion to Rs1 trillion based on a monthly average collection of Rs80-85 billion g ex Pec ted Price cut is driven by a $5.14 Per b arrel dr oP in glob al oil Prices PR OFIT N e w s D e s k Pakistan has exported its first shipment of fresh cherries to China, using a reefer container, with a total export target of 260 tonnes by the end of the month According to the Trade Development Authority of Pakistan (TDAP) the initial shipment consisted of six tonnes with an additional 12 tonnes scheduled for export until June 30 The success of these exports is attributed to a phytosanitary agreement signed between China and Pakistan in 2022 which granted Pakistan market access to fresh cherries China, which imports most of its cherries from Chile, has an annual demand of around 350,000 tonnes, valued at $3 billion Gilgit-Baltistan produces approximately 5,000 tonnes of cherries per season, which have traditionally been sold at low prices in local markets The protocol with China allows Pakistani growers to tap into the Chinese market s demand To facilitate the implementation of the protocol, the TDAP and the Department of Plant Protection (DPP) assisted orchard owners in registering with the General Administration of Chinese Customs (GACC) Additionally the Pakistan Horticulture Development & Export Company (PHDEC) conducted activities to educate farmers on producing renowned varieties like black and French cherries Over 100 cherry orchards and a cold storage and packing house in Rahim Abad are now registered with GACC
National Logistic Cell (NLC) has provided the required reefer containers, with the Export Development Fund
covering the logistics cost g P h y to s a n i ta r y a g r e e m e n t e n a b l e s m a r k e t a cc e s s f o r f r e s h c h e r r i e s w i t h a to ta l e x P o r t ta r g e t o f 2 6 0 to n n e s
The
(EDF)
billion in held funds severely affecting cash flows The refunds are delayed by bureaucratic processes further straining the industry s finances IFEM Disruption: Funds are held up in the Inland Freight Equalization Margin (IFEM), with significant delays in audits stretching over eight years This has led to a substantial decrease in
t s b e l i e v
r
o m e n t u m
P a k i s t a n c o u l d a c h i e v e t o t a l r e m i t t a n c e s o f U S $ 2 9 5 t o U S $ 3 0 b i l l i o n f o r F Y 2 4 r e f l e c t i n g a n 8 - 1 0 % y e a r - o n - y e a r g r o
Centre, provinces finally agree
on food quality
enforcement. Why did it take them six years?
product label approval and registration status
Like the issue of multiple taxation systems in the country, the enforcement of quality standards was also an issue for manufacturers and industry With most food companies having their manufacturing base in a province operating nationwide they were at a loss to understand how two different agencies/organizations
In 2021 following a CCI decision it was agreed that there should be a single food standard nationwide to facilitate harmonization The food industry had long demanded the elimination of multiple standards imposed by various federal and provincial authorities which complicated compliance and hindered business operations
PSQCA due to the associated revenue Historically, PSQCA struggled with enforcement due to corruption and inefficiency, leading provincial authorities to assume de facto control This dual regulatory burden on manufacturers created significant disruption particularly in interprovincial trade and food manufacturing
reached by the CCI is in jeopardy after the Punjab Food Authority’s (PFA) recent decision to implement a QR coding system to help its food safety officers track and trace the
PSQCA s initiative to reform and harmonize standards aligns with the government s aim to improve the Ease of Doing Business (EoDB) Despite a clear directive from the Prime Minister ’s Office, provinces were initially reluctant to cede enforcement powers to
The Ministry of Law tasked with resolving the legal ambiguities, referred the issue to the CCI The lack of consensus delayed the development of national standards and the registration and licensing of manufacturers and trading houses Consequently CCI intervened to address constitutional and legal ambiguities review Provincial Food Authorities Acts and suggest a mechanism for enforcing technical regulations The agreement between PFAs and PSQCA marks a pivotal resolution, promising streamlined food quality enforcement and better regulatory coordination across Pakistan
03 NEWS Saturday 8 June 2024 KARACH PR OFIT N e w S D e S k M ATTIAS Martinsson Chief Investment Officer and cofounder of Tundra Fonder a Swedish mutual fund investing in frontier markets like Pakistan, has expressed serious concerns over rumors of high taxes on capital markets in the upcoming budget announcement on June 12 In a social media post addressed to Prime Minister Shehbaz Sharif Martinsson emphasized the detrimental impact of the capital gains tax (CGT) on Pakistan s investment climate “For years, we have repeatedly called for Pakistan to abandon its counterproductive capital gains tax and replace it with a turnover-based tax like Vietnam has (10bps when selling) Martinsson stated These concerns were underscored by the KSE-100 Index s sharp decline, which saw a drop of over 2,000 points on Friday, dipping below the 72,000 mark as investors reacted to the tax hike rumors Martinsson argued that a turnover tax would be simpler to collect and would generate more revenue for the Federal Board of Revenue (FBR) He also highlighted the administrative challenges faced by foreign investors under the current CGT system “It takes about 1-2 months for a new foreign investor to get access to Pakistani equities with the major hassle being the monthly tax collection requiring a local tax advisor, he noted Comparing market turnovers, Martinsson pointed out that Vietnam’s daily turnover is between $500 million to $1 billion compared to Pakistan’s $50 million to $100 million When we started investing in Vietnam back in 2013, turnover was $100-200 million a day, he shared Martinsson highlighted that the annual CGT collection in Pakistan is around $10 million questioning if it is worth discouraging foreign investors for such a minimal amount He stressed the importance of the equity market in valuing unlisted investments, noting that low valuations in the equity market set a high required rate of return for all investments, making Pakistan less attractive to foreign investors Pakistan s biggest problem is the structural balance of payment deficits Martinsson said He urged the government to focus on increasing exports and attracting Foreign Direct Investment (FDI) by making the market more appealing He compared the required returns on i n v e s t m e n t s i n I n d i a , w h i c h a r e b e l o w 1 0 % t o t h o s e i n P a k i s t a n e s t i m a t e d a t over 30% questioning why Pakistan does not strive to maximize its attractiveness to investors to achieve higher valuations for large projects Martinsson concluded by emphasizing Pakistan’s potential for a vibrant equity market, citing a strong local investor base and historically high earnings growth What if the focus was to bring back Pakistan to that point? Make the cake bigger and there will actually be something to collect for the state – and the people, he stated, urging the government to abandon CGT for foreign investors once and for all PA K I S TA N S H O U L D A B A N D O N C G T, S AY S T U N D R A F O N D
S C O - F O U N D E R ISLAMABAD a h M a D a h M a Da N The Prime Minister s Office Special Investment Facilitation Council (SIFC) Secretariat has sought views/comments from the government bodies on an urgent call for intervention to address critical challenges faced by Pakistan s oil industry, which is grappling with PKR 91 billion in financial losses This follows a detailed letter from the Oil Marketing Association of Pakistan (OMAP) highlighting significant financial hurdles impacting the sector s operational efficiency and growth In a memorandum dated June 7, 2024, Abdul Karim Lashari, SME Specialist at SIFC, referenced a selfexplanatory letter from OMAP
289/OMAP/2024) dated May 8, 2024 The letter, signed by the Chairman of OMAP outlines several structural problems affecting the industry s cash flow and financial stability These issues include: Unrecovered Exchange Losses: The oil industry has accrued PKR 26 billion in unrecovered exchange losses due to flaws in the foreign exchange gain/loss recovery mechanism Despite acknowledgment from the Ministry of Energy and the Oil & Gas Regulatory Authority (OGRA), the reimbursement process remains slow Sales Tax Reduction Impact: The reduction of sales tax on petroleum products to 0% has resulted in PKR 65
the value of funds received, adversely impacting the industry’s cash flow In light of these issues the SIFC Secretariat has requested views and comments from key government bodies including the Ministry of Energy (Petroleum D i v i s i o n ) , O i l a n d G a s R e g u l a t o r y A u t h o r i t y (OGRA), and the Federal Board of Revenue (FBR), by June 12, 2024 In his appeal, the OMAP Chairman e m p h a s i z e d t h a t t h e s e f i n a n c i a l c h a l l e n g e s a r e n o t o n l y a ff e c t i n g t h e o p e r a t i o n a l e ff i c i e n c y o f o i l m a r k e t i n g c o m p a n i e s b u t a l s o p o s i n g a r i s k t o t h e s u r v i v a l o f t h e e n t i r e i n d u s t r y T h e h i g h m a r k - u p c o s t s o n t r a p p e d f u n d s a n d t h e r e l u c t a n c e o f g o v e r n m e n t a u t h o r i t i e s t o a d d r e s s t h e s e i s s u e s a r e h i n d e r i n g b o t h l o c a l a n d f o r e i g n i n v e s t m e n t s i n Pakistan’s energy sector The memorandum also highlights the importance of resolving these challenges to create a sustainable business environment and boost investor confidence OMAP has expressed its willingness to engage in discussions with government officials to provide further information and collaborate on finding solutions It is pertinent to mention that the urgent intervention requested by the SIFC Secretariat aims to facilitate the recovery of the oil industry and ensure its contribution to Pakistan s economic development remains robust and sustainable The OMAP s letter underscores the necessity for immediate action to rectify these financial imbalances The oil marketing companies (OMCs) are experiencing significant operational difficulties due to unrecovered exchange losses delayed sales tax refunds and funds held up in the IFEM The total of PKR 91 billion in trapped funds is causing severe liquidity issues impeding the sector s growth and operational efficiency Urgent inter vention sought as Pakistan’s oil marketing companies face PKR91b in losses Freelancers embrace new payment option PR OFIT M o N I to R I N g D e S k Freelancers in Pakistan are embracing a new efficient way to receive payments from overseas clients Elevate, a fintech company based in London and Dubai is now being widely used in the Pakistani freelancing circle Since its launch earlier this year, over 50,000 freelancers have registered with Elevate, highlighting a significant shift towards more costeffective financial solutions The freelance community in Pakistan has been expanding rapidly yet many have voiced concerns over the high fees charged by traditional banks for international transactions Elevate addresses this issue, offering a more affordable and user-friendly alternative Elevate’s ambitious expansion plans are supported by a recent $5 million financing round bringing its total funding to $10 million in equity and debt This financial boost will enable the company to strengthen its foothold in South Asia and enhance its service offerings Meanwhile, JazzCash continues to be a major player in the digital payments space, particularly among freelancers PTI’s Aliya Hamza remanded in custody for four days GUJRANWALA S ta f f R e p o R t The Anti-Terrorism Court (ATC) Gujranwala on Friday granted a four-day physical remand of PTI leader Aliya Hamza in the May 9 violence case while a Lahore Anti-Terrorism court (ATC) extended till June 12, the bail of Pakistan Tehreek e Insaf (PTI) leaders, including Dr Yasmin Rashid, Umar Sarfaraz Cheema Ijaz Chaudhry and Mian Mehmoodur Rasheed in four cases of May 9 The PTI woman leader was produced before the Gujranwala ATC wherein police sought her 14-day remand The court rejected police request and granted four-day physical remand of Aliya Hamza, directing the authorities to present her on the next hearing Police on Thursday rearrested Pakistan Tehreek-e-Insaf (PTI) activist Aliya Hamza in another case about violence on May 9 The police officials stated that the PTI activist was arrested from outside the Sargodha jail P o l i c e o ff i c i a l s f u r t h e r s a i d t h a t A l i y a H a m z a w a s w a n t e d t o G u j r a n w a l a p o l i c e i n a c a s e r e l a t e d t o v i o l e n c e o n M a y 9 Meanwhile, a Lahore Anti-Terrorism court (ATC) extended the bail of Pakistan Tehreek e Insaf (PTI) leaders including Dr Yasmin Rashid Umar Sarfaraz Cheema Ijaz Chaudhry and Mian Mehmoodur Rasheed in four cases of May 9 The Lahore ATC on Friday did not hold proceedings in the bail pleas of PTI leaders in four case of May 9, as ATC Judge Arshad Javed was on leave PPP castigates MQM-P for ‘politicising’ law and order situation KARACHI I N p Sindh Minister for Transport and Mass Transit Sharjeel Inam Memon critisised the Muttahida Qaumi Movement-Pakistan (MQM-P) for ‘politicising’ law and order in the province particularly Karachi Speaking to media outside the Sindh Assembly the minister said that the MQM-P tried to politicise the Hyderabad cylinder blast Gone are the days when the city used to be shut down on a call from London, Sharjeel Inam Memon added He said that everyone is aware of who was involved in target killing extortion and sack-packed bodies MQM-P members make fiery speeches and then apologize and then apologize Sharjeel Inam Memon said PR OFIT S ta f f R e p o R t In a remarkable financial achievement Pakistan recorded its highest monthly remittances in May 2024 amounting to US$3 24 billion This figure represents a substantial 54 2% year-on-year increase and a 15 3% rise compared to the previous month For the first 11 months of the fiscal year 2024 (11MFY24) foreign remittances reached an impressive US$27 billion marking an 8% increase year-on-year May 2024 saw significant month-on-month growth in remittances from several key regions: a 23% increase from the UAE, a 17% rise from the UK, a 15% uptick from Saudi Arabia, and a 14% boost from EU countries T h e s e f i g u r e s h a v e e x c e e d e d e x p e c t a t i o n s A n a l y s t s h a d p r o j e c t e d f u l l - y e a r r e m i t t a n c e s t o r e a c h U S $ 2 8 b i l l i o n a t a rg e t P a k i s t a n i s o n t r a c k t o s u r p a s s w i t h U S $ 2 7 b i l l i o n a l r e a d y a c c u m u l a t e d i n 11 M F Y 2 4 T h e I n t e r n a t i o n a l M o n e t a r y F u n d ( I M F ) h a d a l s o f o r e c a s t e d U S $ 2 8 b i l l i o n f o r F Y 2 4 G i v e n t h e c u
w t h T h i s s u r g e i s a t t r i b u t e d n o t o n l y t o
t a l s o t o a s i g n i f i c a n t i n c r e a s e i n t h e n u m b e r o f P a k i s t a n i s e m i g r a t i n g i n t h e p a s t t w o y e a r s B e t w e e n 2 0 2 2 a n d 2 0 2 3 , a n a v e r a g e o f 8 5 0 0 0 0 P a k i s t a n i s m o v e d a b r o a d a n n u a l l y c o m p a r e d t o a n a v e r a g e o f 3 2 3 0 0 0 p e r y e a r b e t w e e n 2 0 1 7 a n d 2 0 2 1 Analysts suggest that this robust remittance growth is likely to continue, supported by the stability of the PKR/USD exchange rate and the potential initiation of a new IMF program The sustained inflow of remittances is expected to bolster Pakistan’s economic stability and growth prospects in the coming months Pakistan records highest monthly remittances in M ay 2024 CONTINUED FROM PAGE 01 23 MOUs signed to strengthen bilateral ties across multiple sectors Meanwhile Pakistan and China have inked 23 Memorandums of Understanding (MoUs) aimed at enhancing collaboration across various sectors T h e M o U s s i g n e d F r i d a y i n c l u d e d t r a n s p o r t a t i o n i n f r a s t r u c t u r e i n d u s t r y e n e r g y a g r i c u l t u r e m e d i a h e a l t h c a r e w a t e r m a n a g e m e n t s o c i o e c o n o m i c d e v e l o p m e n t a n d o t h e r m u t u a l a r e a s o f i n t e r e s t Following delegation-level discussions between Prime Minister Shehbaz Sharif and Chinese Premier Li Qiang in Beijing, Foreign Office spokesperson Mumtaz Zahra Baloch briefed the media emphasising the robust Pakistan-China Strategic Cooperative Partnership founded on mutual trust shared principles and strategic governance During his visit, Prime Minister Sharif engaged with Chinese investors and entrepreneurs promoting investment opportunities in Pakistan and facilitating the signing of numerous MoUs in sectors such as economy, green energy, textiles, and manufacturing Before departing for China, Prime Minister Sharif expressed intentions to foster mutually beneficial investments and enhance relations between Chinese and Pakistani businesses stressing the potential for significant benefits for both countries The meeting was followed by an official banquet hosted by Premier Li Qiang in honour of the prime minister C h i n e s e i n v e s t m e n t a n d f i n a n c i a l s u p p o r t s i n c e 2 0 1 3 h a v e b e e n k e y f o r t h e S o u t h A s i a n n a t i o n s s t r u g g l i n g e c o n o m y, i n c l u d i n g t h e r o l l i n g o v e r o f l o a n s s o t h a t I s l a m a b a d i s a b l e t o m e e t e x t e r n a l f i n a n c i n g n e e d s a t a t i m e w h e n f o r e i g n r e s e r v e s a r e c r i t i c a l l y l o w China has also invested billions in v a r i o u s p o w e r p r o j e c t s a n d r o a d n e t w o r k s i n P a k i s t a n u n d e r t h e $ 6 5 b i l l i o n C P E C p l a n , b u t t h e implementation of various projects has slowed in recent months Pakistan, C hina vow to ‘protec t ’ CPEC from detrac tors Pakistan likely to use foreign reser ves to repay maturing debt , says Moody’s CONTINUED FROM BACK PAGE Moody s also noted that improved risk appetite will keep credit spreads relatively tight, allowing most emerging market sovereigns to refinance upcoming market maturities at affordable rates However spreads remain prohibitive for some low-rated sovereigns with significant market repayment needs such as Argentina Pakistan and Tunisia meaning they will continue to rely on their foreign exchange reserves, keeping near-term default risks high Pakistan and other countries, such as Egypt, have attempted to lengthen their debt maturities and reduce exposure to interest rate risk However this strategy is challenging in a high-interest-rate environment and will take time unless domestic markets have deep long-term investors like pension or social security funds CONTINUED FROM BACK PAGE The issue was brought to the CCI agenda in 2017 by the then prime minister Shahid Khaqan Abbasi The industry had approached the government pleading that it was not possible to cater to multiple regulatory regimes and different standards of food laws of the federation and the provinces that had caused confusion on which standards were to be followed The CCI decision to implement One Standard across Pakistan also led to the creation of the National Standards Steering Committee (NSSC) under the PSQCA to deliberate upon the updated status of harmonisation of food standards and implementation mechanism of food standards as per the CCI decision Nonetheless, the consensus on the issue
E R ’
(No
r e n t m
e x p e r
e
s e a s o n a l i n f l o w s r e l a t e d t o E i d b u
IPeople must be given a livelihood
T was almost a classic example of an irresistible force moving an immovable object No one will allow anything to interfere with his livelihood No state allows its highways to be blocked The Chaman protesters probably punched above their weight when they tried to block the local highway to protest the arrest of their leaders That the law enforcing agencies were bound to clear the road was inevitable and that they did so with only 40 persons injured on both sides speaks well of the commanders’ restraint and it is singularly fortunate that there were no fatalities The credit for there having been no exchange of fire probably goes to the protesters, though it is hardly much to boast about The seriousness of the situation can be assessed from the fact that the offices of the DC Chaman were blocked Apart from the sanctity of highways, there is also the issue of smuggling The issue at stake is the new rule that those crossing at Chaman into Afghanistan need a passport and a visa The old free-and-easy way of allowing crossings on ID cards (issued by either country) is no longer allowed however the protesters are not mainly irate tribesmen trying to defend free and easy old ways against the numbing paperwork of the modern bureaucratic state but carriers of smuggled goods Chaman is one of the points where goods are smuggled in from both Iran and Afghanistan, through carriers, who do not like the sort of record-keeping that is implied by passports and visas That the Taliban state has stayed out of the matter so far has prevented a complex situation becoming even more complex, but the Taliban can be trusted to take the smugglers’ side, as theory have done in the past They have not objected to the fencing of the Durand Line because it prevents the free movement of tribesmen but because it is a barrier in the path of smugglers The issue is not that smuggling must stopped because it must as the smugglers must be given alternative employment especially at Chaman smuggling provides the only livelihood for many Trying to save livelihoods explains both the persistence and volatility of the protesters The authorities must remember that the prospect of starvation makes people desperate Unless the authorities find some means of providing people a way of making an honest living, there will continue to be trouble at the border
Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late)
M A Niazi
The Afghan people must be put first
by the end of the year This is due to prolonged droughts sporadic floods and the influx of Afghan refugees from neighbouring countries The combination of these factors has
the
Th e leaders of the Afghan Taliban are set to attend a two-day conference (30 June-1 July 2024) in Doha-Qatar, to be hosted by the UN with the aim of facilitating and coordinating international cooperation with their country Since UN Secretary-General Antonio Guterres started the process in May 2023 this international conference will be the third with an emphasis on Afghanistan to take place in the capital of Qatar The agenda items for the third Doha format conference include examining alternative revenue streams for poppy growers, assessing the impact of climate change on the country, and addressing banking and financial concerns in Afghanistan Afghanistan has served as the hub of hostilities wars and bloodshed ever since the USSR invaded the country in 1979 The Afghan economy has been adversely affected by civil conflicts, and the US-Afghan war, the costs amounting to approximately $2 trillion for the USA The situation deteriorated further following the US withdrawal in 2021 leading to escalating prices of food medicine and fuel Today 22 8 million people are at risk of famine and 3 2 million children suffer from malnutrition The crisis is exacerbated by a prolonged drought, limited access to water, unpaid officials, insufficient fuel, electricity, a collapsed healthcare system, suspension of Afghanistan’s Central Bank from the international system and the US government freezing $9 5 billion in assets The UNDP Director for Asia and the Pacific found that 69 percent of Afghans are subsistence insecure with an economy shrinking 27 percent since the Taliban regained power Unemployment has increased, with SMes and farmers
food security situation in the region Long-term droughts have desiccated agricultural lands, while sporadic floods have destroyed crops and infrastructure The influx of Afghan refugees has further strained resources placing immense pressure on Afghanistan’s food supplies and infrastructure This crisis demands immediate and concerted action from the international community to prevent further suffering and loss of life A study highlights the need for assistance as half of the population lives in
Let
S u p e r s e d i n g t h e s u p e r p o w e r ?
s long term goal is to surpass America as the world s preeminent superpower So does Graham Allison propose the Thucydides Trap, that war is highly likely if one power tries to overtake the other implying Chinese growing hegemony even Barack Obama acknowledged the Chinese rise in times of his reign Predictions and arguments emphasise on the Chinese dominance in the coming decades while negating the undertones in inclusion of Russia And rightly so, because the Russian regime is akin to dictatorial, or autocratic, given Putin’s return to office for a staggering fifth time Since 1999 the time he ascended to power Vladimir Putin has been reigning supreme in the largest land on the earth with just four years out of office(2008-2012) (And he was PM then ) Although Andrew heywood allocated the 21st century for Asia europe especially the european Union (eU) emerges as a real competitor on the condition it is considered as a single entity Given its large land inclusive institutions diversified social frameworks, supranational federations, and common currency, it is a real actor in liberal lens to influence, and at times, supersede other powers ergo, the eU’s exclusion from the race for superpower status is farcical
As Thucydides Trap suggests superseding the superpower is a herculean task with the
mighty (the USA) playing every tactic to forestall the compromise on its hegemonic nature and in case of escalation what may come war is highly likely Nuclear Armageddon!
The US struggle of reaching the threshold she is currently standing on, was an unprecedentedly pupil-dilating journey hence its replacement would cost an arm and a leg Within this century much is predicted to change Chinese rise fluctuations in the world order and the coming of anarchy in global affairs are foreseeable realities The missing mentions so far are I) the panacea for institutional extractiveness and segregated public-private relationship in Chinese case II) the likely rise of BRICS members India as a top actor III) the integration of China and the USA as unalienable strategic partners as a saying goes if you cannot beat them, join them
The nature of history and its exclusive characteristic is that it is unpredictable If hosni Mubarak had known the reachability of the Arab Spring to his country he would have made economic concessions to make sure of no harm to his reign Same goes for the American Revolution itself along with the French Revolution and the fall of the mighty Roman empire
A single critical juncture would hit the nail on the head for China and that will mark the final nail on the coffin of US hegemony
The writer can be reached @insafalibangwar98@gmail com
The nature of histor y and its exclusive characteristic is that it is unpredictable If Hosni Mubarak had known the reachability of the Arab Spring to his countr y, he would have made economic concessions to make sure of no harm to his reign Same goes for the American Revolution itself along with the French Revolution and the fall of the mighty Roman empire
Universit y’s apathy
Literar y woes
04 Saturday 8 June 2024 COMMENT Lahore – Ph: 042-36300938, 042-36375965 I K arachi – Ph: 021-32640318 I Islamabad – Ph: 051-2204545 I Web: www pakistantoday com pk I Email: editorial@pakistantoday com pk P r o t e s t t u r n s u g l y
Editor Pakistan Today Babar
Editor Profit
Nizami
Founding
Editor
S h A h Abdul Latif University (SALU), established in 1976, appears to be waiting for some miracle that will set things right, as the administration has completely failed to solve the issues that have ensnared the university for long Unfortunately the students have been the prime victims of the apathy One can only hope that after the recent declaration of education emergency the university will also be enabled to have better days ahead ZEHRA RASHDI KHAIRPUR MIRS Water needs A couple of years ago a private company in Mirpurkhas in view of the needs of the locals, had installed water taps along the entire stretch of hyderabad-Mirpurkhas highway, providing fresh and potable drinking water to all the commuters however, the taps started to vanish one after another, depriving the commuters of what used to be an essential facility MUHAMMAD AWAIS HYDERABAD
T h e Jinnah Library in Lahore is struggling to cope with the growing number of students that throng the library every day The library is the central place where thousands of students especially those planning to appear in competitive examinations, come to study however, with the passage of time and increased number of students, the provision of basic facilities has seen a sharp dip in recent times NASRULLAH KHADIM KANDHKOT Minimum no more T h e minimum wage is no longer valid It is not practical to expect a dailywage earner to manage a family life within the confines of the so-called minimum wage In the face of rapidly increasing inflation the minimum wage cannot ensure the survival of even a single person The daily-wage earners deserve to have a better quality of life which is simply not possible with the current level of minimum wage in Pakistan SARA KHAN KARACHI Banking facilities T h e Jhal Magsi district in Balochistan lacks proper banking facilities There is only one branch of the NBP, and that is located in Gandawah, which is one of the remotest areas of the district More frustrating is the fact that even that branch does not have an ATM to facilitate the customers MOULA BAKHSH TAREEN JHAL MAGSI Dengue in Turbat T h e mosquitoes it appears have spiralled out of the control of the local health authorities in Turbat with dengue fever and its complications having affected almost every resident of the ill-fated city Unfortunately, till date, more than 15 people have lost their lives owing to the deadly virus SIRAJ UMRANI TURBAT 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 W I T h a hundred or so years of hegemony in global affairs and a bunch of colourful metaphors accumulation The Land of Opportunity; Big, Bold and Beautiful; and the Land of the Free and home of Brave US influence is predicted to wane China, say experts, is right as rain for the role the USA has been performing The Russian response too has been optimistic to join the race along with China predicts Sam Altman s created programme as the USA is facing the music Although sole superpower replacement by the hands of China and Russia is not sure as shooting, it is debatable The 20th century belonged to the USA Two times World War winner resilient against the Great Depression hegemonic in Asia and victorious in the race of the Cold War the USS accrued power by hook or by crook With the collapse of the USSR (1991) hence the end of the Cold War the USA became the sole superpower ‘Bygone glory’, say analysts referring to the USA and forebode the coming of other powers to supersede the superpower Russia and China say seasoned social scientists are on the verge of replacing Uncle Sam soon They are capable of toppling the USA and her boast of being the police of the world Right? Wrong! The dictatorial regime led by Vladimir Putin in Russia and the authoritative status quo engineered by Mao Zedong in 1949 are far behind to come head to head with the USA The Chinese empire is considered the real competitor compared to Russia given the population, policies and positive developments within the country however, unlike the USA, they both depend on extractive institutions both political and economic The Chinese political apparatus subsumes Marxist-Leninist-Maoist philosophies along with elements derived from Confucius and Shang Yang Confucianism believes in peace, harmony and cooperative mechanism between the ruler and the ruled whereas Shang Yang’s philosophies emphasise on strict approach More coercive lengthier ruling life Basically the carrot and stick modus operandi is applied to appease and intimidate simultaneously Perhaps, the Singaporean political method has exactly been xeroxed by China given the one-party rule in both countries Plus, the Putin regime is no fan of democracy inclusion and harmony rather believes in dictatorial reign or autocratic at least Andrew heywood called the 21st century the Asian Century Will the Asian countries push the pedal to surpass the previous superpower? Most importantly, will the USA let any Asian country or other to transcend it? Well some experts cast a vote for China to become a superpower in the coming decades Micheal Pillsbury a Chinese expert for instance writes in The Hundred Year Marathon China
InSaf alI Bangwar
becoming the backbone of the struggling economy The Taliban severely restrict women’s and girls’ access to work dress code and employment in various fields with public sector employment dropping to six percent and girls not continuing education beyond sixth grade A food crisis is looming, with 6 5 million children potentially facing emergency or
crisis-level starvation
poverty, citing this May’s flash floods and heavy rain causing over 400 deaths The country faces limited labour prospects and earnings due to economic stagnation and increased competition worsened by the 600 000 Afghans returning from Pakistan and Iran since September 2023 The first wheat harvest began on schedule, but due to dry weather and floods, it went below the normal Family buying power remains low due to limited labour opportunities and poor earnings but food access and market demand are constrained as usual Three years of drought severe unemployment and the homecoming of almost 1 4 million Afghans from Pakistan and Iran are having catastrophic effects on children Almost half of the population need aid, yet just 16 percent of the financing for the 2024 humanitarian response plan has been provided so far With these few of the many tattered elements that make up Afghanistan s complex difficulties yet they all together tell a story of great adversity and perseverance Adversity in all its forms dry crops flooded homes, closed schools, vacant job markets, illustrates the enormous difficulties Afghan families confront however, this mosaic of pain also serves as a monument to the Afghan people’s unwavering spirit which has allowed them to persevere even under the most trying circumstances It is crucial to realise that despite the Taliban s apparent illegitimacy and opposition to international recognition, the real focus of attention needs to be on the Afghan people, who are experiencing severe humanitarian crises, as the world prepares for the UNhosted meeting on Afghanistan on June 30 in Doha Despite political and diplomatic challenges surrounding the Taliban’s predicament it is imperative to prioritise the urgent needs of the Afghan people Across political lines the suffering caused by floods, droughts, disrupted schooling, unemployment, and malnourishment in Afghan communities calls for a concerted response from the international community The welfare and dignity of the Afghan people should come first even though the political climate in Afghanistan may come up during the talks in Doha The international community must come together to offer vital assistance support and solidarity to those most impacted by the continuing crises, regardless of the legitimacy of the ruling authority The UN estimates that 24 7 million people, more than half of the population will need humanitarian assistance this year The UN has requested $3 billion to address the crisis but has received less than 3% of the required funds Governments must support measures to normalize payments, restore public services, address poverty, and improve climate adaptation Let us remind delegates gathered in Doha that political complexities cannot overwhelm the misery of the Afghan people World leaders must put aside their disagreements in order to focus on the humanitarian crisis and make sure that the needs and voices of the Afghan people are taken seriously and treated with the greatest care The writer has a PhD in Political Science, and is a visiting faculty member at QAU Islamabad He can be reached at zafarkhansafdar@yahoo com and tweets @zafarkhansafdar
worsened
precarious
Dr Zafar Khan SafDar
that political complexities cannot overwhelm the miser y of the Afghan people . World leaders must put aside their disagreements in order to focus on the humanitarian crisis and make sure that the needs and voices of the Afghan people are taken seriously and treated with the greatest care S u r
a l s y m p h o n y
A f g h a n i s t a n ’ s
us remind delegates gathered in Doha
v i v
:
m u l t i f a c e t e d c r i s i s
Will China surpass the USA? Can it?
Plantation only hope of sur vival in Pakistan
nuZaIr ahMeD JaMro
Those
Modi’s
dom as reported by ND-GAIN s overall rankings 2023 Research concluded that deforestation can heat a local area by as much as 4 5℃
Moreover it can even raise temperatures in undisturbed forests up to 6km away As the forests store vast amounts of carbon But the deforestation releases this carbon approximately 5 2 billion tonnes of carbon dioxide per year, back into the atmosphere In tropical countries such as Indonesia, Brazil and Congo rapid deforestation had contributed up to 75 percent of the observed surface warming between 1950 and 2010
As of April and May 2024 the recent deadly heat wave in the Sahel and West Africa with temperatures above 45°C had hit hard
The scientists found that both, the daytime and nighttime heat waves would have been impossible if humans had not warmed the planet by burning fossil fuels like oil coal and gas and with other activities specially deforestation
Similarly, developing countries like Pakistan is going to hardly survive under the dark cloud of extreme heat wave every coming year every passing day the media comes up with breaking news to shock people with temperatures rising at an alarming rate According to the Global Climate Risk Index Report, Pakistan is the fifth most affected country by climate threats from 1999 to 2018 In the country, the summer, which is the season of enjoying school vacations tourism and mouth-watering fruits gives the shadow of hell as a result of Big-No for
Plantation at governance level as well Since its birth on the map of south Asia the country has been combating multifarious security issues After a crippling of the economy, rampant corruption, severe drought, extreme poverty and the population bomb, finally the deadly disease of climate change has left no stone unturned to attack the country badly It is one of the ramifications of increasing deforestation Regretfully, In Pakistan, the forestation has been given a dead end by every common man and state in the wake of growing urbanization The country where population is exploiting at rapid rate at one end and life survival is declining at other hand due to speedy replacement of forest space into to Luxurious housing schemes At present the entire country is under the dark cloud of life threatening heatwave and unexpectedly prolonged monsoon rainfall The country has been going through wave after wave of extreme heat in the past few years It has become the fate of the Pakistani nation beginning with spikes above 50°C in 2010 Furthermore, another severe heat wave struck in 2015, peaking at 49°C in Larkana, and gradually topped by 50 2°C in Nawabshah in 2018 Now the research has found that climate change could make some parts of Pakistan too hot to live in by 2070 Soon the country would face heat waves in night time too like West Africa if the plantation drive would not gear up at the right time even though the situation is bleak, every dark cloud has a silver lining The nation has witnessed the ray of hope to cope up with deadly consequences of Climate change In Khyber Pakhtunkhwa The Billion
It is the need of the hour to stop rising urbanization in the name of so-called mega housing schemes on installments It had led to rapid deforestation ever ywhere in Pakistan Such menaces of rising population and turning forests into cheap housing businesses are no less than a safe haven for heat wave and scorching sun
unravelling has
begun
Modi ’s domestic priorities will need to foc us on poorer Indians creating jobs, increasing access to educ ation, rejuvenating farms, tackling the climate crisis, and making it easier for people to run businesses
Tsunami was started in 2014 One billion trees were planted on
The death of Western values
Tjecting invincibility and fear who claims credit for almost anything that happens in India the blame for anything that goes wrong must also rest with him Instead of campaigning on how he would tackle challenges such as rising inequality, growing hunger among the poor, and rising temperatures and its worst effects he stoked fears among voters That included claiming that the opposition would take away Indians wealth and distribute it to infiltrators (coded language for Muslims) and suggesting he was divinely chosen to lead India
The domestic agenda is daunting, and it includes precisely the issues Modi did not address during the campaign Governing a parliamentary coalition is an art which requires compromises and respecting alliance partners As a septuagenarian it is difficult to imagine Modi navigating that well Modi has antagonized many people across a wide spectrum over the years not least by threatening rivals with raids and jailing opposition politicians Without a majority in parliament, he is vulnerable like no previous point Indian politics has suddenly become more interesting
The values that once defined the West liber ty, transparenc y, and the right to dissent have been eroded in favour of security, secrec y, and ideological conformity Big Tech companies, which once championed the free flow of information and connec tivit y, became enforcers of state polic y
is defeated Modi’s victory is Pyrrhic; the 73-year-old’s decline now seems inevitable That may be why Modi s post-election speech sounded subdued he had made the campaign all about him, as if it was a personal referendum he toured across the country, and the BJP had a triumphalist (and now hubristic) slogan, Ab ki baar, charso paar (“This time, beyond 400”), which referred to his goal of winning a supermajority in parliament It s a prospect that alarmed many who feared Modi might introduce amendments to the constitution changing India s secular character In the end, voters chose otherwise Many BJP leaders were defeated, and the party lost support in key states such as Maharashtra Worse, given the BJP’s openly hindu nationalist campaign it lost Faizabad the constituency where Modi inaugurated a controversial grand temple in Ayodhya in January this year on the ruins of the Babri Masjid his margin of victory in his own constituency, Varanasi, dropped sharply; Rahul Gandhi, the Congress Party leader Modi has repeatedly ridiculed, won both his seats handsomely All of this has major consequences for India and its voters To be sure Modi’s personal popularity has not disappeared: 75% of Indians approved of him in a February poll But for a leader who rules by pro-
To his credit Modi has pushed major investments in infrastructure over the past decade More highways toll roads and bridges have been built Faster trains are being made There is an aviation boom and airports are getting an upgrade More malls are emerging in cities There are more universities and hospitals And the metro network has grown But many of these projects improve the lives of the wealthy the upper-middle class and the aspirational middle class While India has 1 4 billion people the percentage of Indians who can afford a modern middle class lifestyle is pitifully small At 432 million, the Indian middle class appears bigger than the U S population But the threshold of high income for that estimate begins at a mere salary of $17 a day Modi’s domestic priorities then will need to focus on poorer Indians creating jobs increasing access to education rejuvenating farms tackling the climate crisis, and making it easier for people to run businesses
As Modi begins what may be his final term as Prime Minister on June 8, he will have to move away from his baser instincts which are to divide people with contentious policies driven by religious and cultural practices and maintain a personality cult around him Whether he is capable of that shift will
Ke N N e T h Griffin a billionaire investor recently urged harvard University his alma mater to reaffirm its commitment to Western values But I ask, do Western values still hold sway in 2024? The answer is unequivocally, resoundingly, and lamentably, no here’s why
The West once prided itself on being the bastion of freedom a place where the individual’s rights and liberties were sacrosanct where various viewpoints weren t just tolerated but encouraged The events of Sept 11 2001 however, ushered in an era of unprecedented state surveillance, governmental overreach, and a pervasive culture of ideological conformity that would have appalled the very architects of Western democracy
The enactment of the Patriot Act was ostensibly a necessary response to the terror that had just been unleashed upon American soil however it marked the beginning of a slow but steady erosion of civil liberties in the name of national security The state, empowered by this draconian legislation, granted itself the authority to spy on its citizens, to delve into their private communications without due process and to create vast databases of personal information all under the pretext of safeguarding the homeland Surveillance became the new norm The revelations by whistleblowers such as edward Snowden revealed the extent of the government s intrusion into the lives of ordinary citizens The National Security Agency s (NSA) metadata collection program, indiscriminately swept up information about billions of phone calls, effectively making every citizen a suspect in a never-ending hunt for the invisible enemy This omnipresent surveillance apparatus has done little to enhance security but has significantly curtailed the freedoms that were once taken for granted
Yet, the state s overreach did not stop at surveillance
It extended into the realm of information, where a culture of deceit and obfuscation became standard practice Government officials sworn to protect and uphold the truth were caught repeatedly lying to the public From the fabricated weapons of mass destruction that justified the invasion of Iraq to the systematic cover-ups of military and intelligence failures, the trust between the governed and the governing eroded to a perilous low This pattern of deception was not limited to the halls of power It permeated the media landscape, where the distinction between fact and fiction became increasingly blurred The once vaunted Fourth estate meant to serve as a check on power became complicit in propagating the state s narrative often at the expense of truth and transparency In February of 2003, U S Secretary of State Colin Powell addressed the United Nations Security Council with a forceful declaration he asserted that intelligence conclusively demonstrated Saddam hussein’s possession of
and the individual shifted alarmingly Big Tech companies which once championed the free flow of information and connectivity became enforcers of state policy These corporate behemoths in collusion with government agencies began to monitor and censor the masses with a fervor reminiscent of Orwellian nightmares Social media platforms,
Saturday 8 June 2024 COMMENT 05 I T goes without saying that human life does not exist without the existence of other living creatures One cannot deny that living things are a blessing in disguise for the survival of life on earth maintaining eco-friendly weather temperature Plants are one such blessing for humans They are an important source not only for the survival of herbivore animals but also for omnivores Man is also a social animal and omnivore as well In addition plants also play a pivotal role in keeping the temperature at bay and it acts as a thermostat for the land where life can exists It is a bitter truth that forests (plants) cool the land because trees draw water from the soil to their leaves, where it then evaporates Similarly the energy needed to evaporate the water comes from sunshine and heat in the air It is the same reason you feel colder when you get out of a pool with water on your skin It is true that forests act as significant carbon sinks, and absorb carbon dioxide from the atmosphere and produce oxygen through photosynthesis One large tree can supply a day s oxygen for up to four people These also absorb rainfall and release water vapour into the atmosphere through transpiration, which helps regulate local and regional climates But Deforestation disrupts this cycle, leading to changes in rainfall patterns and an increased risk of droughts and floods There is no denying that a single tree in a tropical forest can cause local surface cooling equivalent to 70 kilowatt hours for every 100 litres of water used from the soil, as much cooling as two household air conditioners however, removing trees eliminates a natural filter for particulate matter (PM) which comprises
can
lung
heart
various chemicals that
cause
and
diseases
weather
King-
countries which love plantation/ Forestation, are surviving climate change and enjoying friendly
Thry include Norway, Finland, Switzerland, Denmark Singapore Sweden Iceland New Zealand Germany and the United
35 000 hectares of forest and barren land The programme was appreciated by United Nations environment Programme (UNeP) In addition to it, the Plant for Pakistan, also known as 10 Billion Tree Tsunami, is a five-year project to plant 10 billion trees across Pakistan from 2018 to 2023 the Programme started in collaboration with Ministry of Climate Change along with provincial and territorial Forest and Wildlife departments It is a part of the larger Clean Green Pakistan Movement to revive Forest and Wildlife resources in Pakistan Recently the incumbent government has made headway in order to deal with the rising heat wave as a result of deforestation The Prime Minister launched the countrywide spring plantation drive by planting a sapling with the aim of doubling the number of saplings planted in 2024, compared to the previous year ’s achievement of 240 million trees In May the Provincial Disaster Management Authority (PDMA) has set up relief camps to help reduce instances of heatstroke and other heat-related diseases It is high time the successive government must rub shoulders with federal government to chalk our effective strategy in order to tackle the serious matter at grass level however it is need of the hour that the Civil Society and NGOs should work in tandem to take initiative for plantation The media must bring awareness by TV programmes regarding forestation It is an open secret that the malpractice of cutting down trees is on a peak across the country The family planning sector of country must play its instrumental role in addressing the population explosion and turning its goals into action in letter and spirit by providing family planning sServices, including contraceptive surgery for males and females free It is the need of the hour to stop rising urbanization in the name of so-called mega housing schemes on installments It had led to rapid deforestation everywhere in Pakistan Such menaces of rising population and turning forests into cheap housing businesses are no less than a safe haven for heat wave and scorching sun Days are not so far when Pakistan would once again enjoy the pleasant weather of summer as in heydays of 1990s by mitigating the climate change challenges The writer is working with the Government of Sindh and can be reached at najamro@gmail com
heat
Tree
We should learn from the
wave
h e R e is nothing surprising about a Prime Minister seeking a third consecutive term returning to power with a weakened mandate Voter fatigue and anti-incumbency factors can erode margins That Narendra Modi’s Bharatiya Janata Party is projected to win 240 parliamentary seats (out of 543) in India, though short of a majority would be considered a good outcome in most other settings The BJP s vote share fell but it has still won more seats than the entire opposition I N D I A alliance put together And yet an opposition that has struggled against the electoral might of Modi s BJP s since he first took office in 2014 is rightly celebrating, seeing hopes of future victories even as it
decide whether India will be a happy place, or continue to be affected by strife Tripathi is an Indian-born writer and author based in New York His next book The Gujaratis: A Portrait of the Community will be published later this year He is a member of the board of PEN International
TIME MAGAZINE S a l l T r I PaT h I
vast stockpiles of weapons of mass destruction “These are not assertions What we re giving you are facts and conclusions based on solid intelligence Powell stated underscoring the credibility of his sources This was a lie A month prior Defense Secretary Donald Rumsfeld had bolstered this narrative, claiming Saddam s regime harbored large, unaccounted-for stockpiles of chemical and biological weapons” and was actively pursuing nuclear capabilities This was also a lie The rise of “fake news” and the corresponding distrust in mainstream media can be seen as a direct consequence of this betrayal Freedom of speech another cornerstone of Western values, found itself under siege In the post-9/11 world, dissenting voices were often drowned out by accusations of disloyalty or worse Lexical tyranny took root, with terms like “Nazi” and “racist” being weaponized to silence opposition and stifle debate The ideological conformity that ensued demanded not just tolerance but active endorsement of certain viewpoints regardless of personal beliefs or empirical evidence This conformity reached its zenith in the cultural and social debates of the 21st century The discourse surrounding gender identity demanded that society at large adopt and affirm the notion that trans women are indistinguishable from biological women Failure to comply with this orthodoxy did not just invite social ostracism but was labeled as misogyny and bigotry The public arena once a marketplace of ideas, became a minefield where deviation from the prescribed dogma was perilous Simultaneously, the power dynamics between the state
search engines, and data analytics firms started to wield their immense power to shape public opinion and suppress dissent echoing the surveillance state of China more than the free societies of yesteryear In recent times strong evidence has shown that the Biden administration has worked with both Facebook and Twitter (now X) to censor speech During the pandemic years, Jen Psaki, the White houses press secretary at the time, openly admitted that federal officials were “in regular touch with these social media platforms ” Why? Yet again, to ensure only very specific narratives were allowed to flourish The collusion between Big Tech and the government is not merely a matter of convenience but a strategic alliance aimed at controlling the narrative and maintaining order This unholy alliance ensures that any challenge to the status quo, be it political, social, or ideological, is swiftly neutralized The algorithms designed to connect us now serve to divide and manipulate creating echo chambers where conformity is enforced and deviation is punished The post-9/11 world has seen a profound shift in the balance of power The state armed with unparalleled surveillance capabilities and supported by tech giants, holds more sway over the individual than ever before The values that once defined the West liberty, transparency, and the right to dissent have been eroded in favor of security secrecy and ideological conformity The decline of Western values is not an inevitable consequence but a result of choices made by those in power It is a betrayal of the principles that underpin our democracies and a warning of the fragility of our freedoms If we are to reclaim the essence of what it means to be a free society, we must confront these overreaches, demand accountability from our leaders and resist the creeping tide of conformity that threatens to engulf us Only then can we hope to restore the balance between the state and the individual and revive the values that make the West worth defending John Mac Ghlionn writes about social issues, technology and the impact of media manipulation
NEWSWEEK J o h n M ac g h l I o n n
Truce effor ts in limbo as Israeli forces esc alate attacks in G aza
The relationship between the two countries goes far beyond the bilateral context and is of exemplary significance to the promotion of solidarity and cooperation among developing countries as well as to the promotion of peace and stability in the world, Xi said Xi said China is willing to consolidate cooperation in traditional areas and expand cooperation in emerging areas such as green economy digital economy and innovation
China will strengthen the strategic alignment between the Belt and Road cooperation and Brazil’s re-industrialization, he said, adding that China is ready to strengthen exchanges and cooperation in fields such as legislative bodies political parties culture education tourism and youth China supports Brazil to play a greater role in the international arena, and is willing to communicate closely with parties of the Community of Latin American and Caribbean States (CELAC), including Brazil to promote the further development of China-LAC relations in the new era he added For his part Alckmin welcomed more Chinese enterprises to invest in Brazil and called for strengthening cooperation in infrastructure construction, agriculture, minerals, new energy vehicles and addressing climate change
approval of an estimated $300 million in arms sales to China s Taiwan region, Zhang Xiaogang, a spokesperson for the Chinese Defense Ministry said that the U S violated the one-China principle and the three China-U S joint communiques especially the August 17 Communique seriously undermined China s sovereignty and security interests, and severely jeopardized peace and stability
He said Brazil and China are comm i t t e d
CORPORATE CORNER
The Chinese People s Liberation Army (PLA) Navy s maritime border defense forces stationed in Nansha Qundao (also known as Nansha Islands) in the South China Sea recently conducted a maritime response exercise amid repeated provocations by the Philippines in the region
The exercise was held by a patrol boat unit affiliated with the PLA Navy s Nansha Qundao garrison, which is stationed at the frontier of the South China Sea responsible for the defense of China’s southern maritime border China Central Tel-
between China and the U S , and by emboldening “Taiwan independence” separatist forces the U S is gradually pushing Taiwan into a dangerous situation which will hurt itself eventually China urges the U S to abide by the one-China principle and the provisions of the three joint communiques, immediately withdraw the arms sales plan and stop arming Taiwan in any form, Zhang said, adding that the Chinese People’s Liberation Army continues to intensify its military training and preparedness to defend national sovereignty and territorial integrity
evision (CCTV) reported on Wednesday During the exercise, a patrol boat equipped with a machine gun at its bow cruised at a fast speed and performed tactical maneuvers including small radius turning It carried eight PLA Navy personnel who were armed with light weapons including QBZ-95 assault rifles which had grenade launchers as attachments, the CCTV report shows In a drill session the troops issued a verbal warning to an unidentified vessel through the open radio channel while closing in on the target: Unidentified vessel, this is the Chinese Navy You are approaching our military exercise area Please state your intention and leave imme-
diately!
The exercise was held at a time when the Philippines has been repeatedly conducting provocative activities on Chinese islands and reefs in Nansha Qundao in the South China Sea such as Ren ai Jiao (also known as Ren
Saturday 8 June 2024 | K AR ACHI 06 NEWS
Char ting course for prosperit y: unveiling significance of blue economy KARACHI s tA f f r e p o r t Oceans serve a pivotal role in the progression of global economy whilst simultaneously acting as pillars for diverse industries such as marine transport coastal tourism, and offshore resource extraction, which collectively contribute significantly to national economies This sector, often referred to as the New Blue Economy emphasizes sustainable practices and incorporates environmental and nonmarket assets steering us towards a more sustainable future Apart from economic impact oceans also provide key ecosystem services like climate regulation, nutrient cycling, cultural, and recreational opportunities estimated to be worth approximately Twenty One Trillion Dollars annually in terms of human welfare The vast size and economic potential of the ocean is a cornerstone of the burgeoning Blue Economy which aims to harness marine resources for sustainable development and economic growth Optimizing these natural assets could unlock new avenues for growth while ensuring environmental stewardship Experts suggest that sustainable practices in fisheries renewable energy from ocean currents and waves and biotechnology could significantly boost the global economy NIPP organises roundtable discussion on ‘Quagmire of Circular Debt: How to get out of it?" LAHORE s tA f f r e p o r t The panel featured prominent experts including Founder & Chairman Hybrid Technics Private Limited Syed Muhammad Mohsin Economist Mr Savail Hussain CEO Maple Leaf Capital Mr Waleed Saigol Senior Journalist Mr Ahmad Fraz Khan Managing Partner UHY Hassan Naeem & Co Dr Ibne Hassan, and PU Professor Dr Waseem Subhani The session was moderated by Dr Naveed Elahi, Dean NIPP It was attended by Research Associates and Research Fellows of NIPP including Dr Saifullah Khalid Dr Sumreen Ms Sabina Babar Dr Abdullah Habibullah Khan Addl Director Mr Sajid Sultan and others Dean Dr Elahi stated that Pakistan was facing Quagmire of Circular Debt It is a result of a complex interplay of factors, including inefficiencies in billing systems, delayed tariff adjustments, financial costs, and unbudgeted subsidies UNITED NATIONS r e u t e r s R USSIA and China which hold veto powers in the UN Security Council, raised concerns on Thursday with a US draft resolution that would back a proposal – outlined by President Joe Biden – for a ceasefire between Israel and Palestinian fighters Hamas The council s only Arab member Algeria, also signaled it was not ready to back the text, diplomats said A resolution needs at least nine votes in favor and no vetoes by the US France Britain China or Russia to pass Biden laid out a three-phase ceasefire plan for the Gaza Strip a week ago that he described as an Israeli initiative The US is seeking international support for the plan that Hamas is still studying It circulated a one-page draft resolution to the 15member UN Security Council on Monday and a revised version on Wednesday both seen by Reuters The current draft welcomes the ceasefire proposal describes it as acceptable to Israel, calls upon Hamas to also accept it, and urges both parties to fully implement its terms without delay and without condition ” It lists some details of the proposal –with a full and complete ceasefire in the Gaza Strip as part of phase one and upon agreement of the parties, a permanent end to hostilities in phase two But some council members have raised questions about whether Israel has actually accepted the plan and want the council to stick to a demand made in March for an immediate ceasefire and unconditional release of all hostages diplomats said Russia proposed amendments to the US text, which were seen by Reuters, that included calling upon both Hamas and Israel to accept the proposal and demanding an immediate unconditional and permanent ceasefire respected by all parties Moscow also wants the draft to stress that the phase one ceasefire will remain in place as long as negotiations continue on phase two, reflecting remarks made by Biden last week 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 the Gaza Strip and Israeli withdrawal from the enclave of 2 3 million people BEIJING s tA f f c o r r e s p o n d e n t China and Brazil are like-minded good friends, and good partners walking hand in hand, Chinese President Xi Jinping said while meeting with Brazilian Vice President Geraldo Alckmin in Beijing on Friday With joint efforts in the past year the two countries have continuously deepened strategic mutual trust,
wide
steadily advanced pragmatic cooperation, and closely coordinated on the international stage This has not only promoted our respective development but effectively safeguarded the common interests of all developing countries Xi said As two large developing countries and important emerging markets, China and Brazil share a
range of common strategic interests he noted
t o d e f e n d i n g m u l t i l a t e r a l i s m
free trade, share the same philosop h y o n m a n y i m p o r t a n t i s s u e s a n d have great potential and prospects for cooperation Brazil is willing to take the 50th anniversary of the establishment of diplomatic relations between the two countries as a new starting point, and work with China in close strategic coordination and elevate ties to a new height he added X i J i n p i n g s ay s C h i n a , B r a z i l a r e ‘ l i k e - m i n d e d g o o d f r i e n d s ’ R U S S I A , C H I N A W R A N G L E W I T H U S O V E R U N R E S O L U T I O N O N G A Z A C E A S E F I R E P L A N CAIR O Ag e n c i e s
no sign of progress in mediators arduous efforts to broker a ceasefire in the Gaza genocide Israeli tanks and warplanes blasted central and southern areas of the enclave overnight, killing at least 23 Palestinians, local medics said Qatari and Egyptian mediators backed by the United States, have tried to halt hostilities, secure the release of Israeli hostages and Palestinians jailed in Israel and get aid flowing into shattered Gaza to ease a humanitarian crisis But sources close to the talks said there were no still signs of a breakthrough Residents said Israeli tanks advanced further west in the embattled southern city of Rafah skirting the border with Egypt amid fierce gunbattles between Israeli troops and Hamas-led Palestinian militants Palestinian health officials said two Palestinians were killed and several wounded in western Rafah from tank shelling there In central Gaza Palestinians medics said at least 15 people died overnight in Israeli assaults Residents said armoured forces that have taken control along Rafah s border line made several raids into the centre and west of the city, wounding several civilians who had been trapped inside their homes and were taken by surprise Some residents said tanks were newly present in Al-Izba an area of far southwest Rafah close to the Mediterranean coast I think the occupation forces are trying to reach the beach area of Rafah The raids and the bombing overnight were tactical, they entered under heavy fire and then retreated,” one Palestinian resident told Reuters via a chat app “It was one of the worst nights, some people were wounded inside their homes before being evacuated this morning Later on Friday an Israeli air strike on a house in the southern city of Khan Younis north of Rafah killed six people and wounded several including children medics said Israeli forces were also operating inside the Al-Bureij camp in the central Gaza Strip, while subjecting the al-Maghazi and al-Nuseirat and the adjacent city of Deir al-Balah under heavy aerial and tank bombardment Palestinian medics reported
and
With
Management Association of Pakistan delegation calls upon Sindh Chief Minister KARACHI s tA f f r e p o r t A delegation of the Management Association of Pakistan called upon the Chief Minister Sindh Syed Murad Ali Shah at the Chief Minister House The delegation apprised the Chief Minister of the issues and concerns being faced by the corporate sector The delegation included the MAP President Senator Sarmad Ali, Mr Talib S Karim, Mr Amir Jamil Abbasi Mr Muhammad Intesaruddin and Syed Ali Hasan Naqvi The MAP delegation presented its proposals for the upcoming 2024-25 Sindh budget to the Chief Minister The meeting was also attended by the Provincial Minister of Industries & Commerce Department, Mr Jam Ikramullah Dharejo, and Secretary Industries & Commerce Department Mr Muhammad Yaseen Shar Baloch as well as Mr Abdul Rahim Shaikh Secretary to Chief Minister About Management Association of Pakistan: The Management Association of Pakistan is a professional Association, a not-for-profit and a nonpolitical organization The Association has an elected board of directors, i e the Executive Committee, comprising corporate leaders from Pakistan’s top-notch companies Nikah can be per formed ver y simple and limited: A zma LAHORE s tA f f r e p o r t Provincial Minister for Information and Culture Azma Bokhari said that the Holy Sunnah of Nikah can be performed in a very simple and limited way and the specialty of the Sunnah Rasool (SAW) and Islamic teachings is that this Sunnah should be performed with simplicity However, the blind imitation of social norms has made the performing of this Sunnah extremely difficult and painful for middle class families The institutions like Mahar Welfare Society Anjuman-ul-Rai Pakistan which are trying to solve this serious social problem at such a crucial time by organizing mass weddings of poor girls with all arrangements and meeting the expenses The Provincial Information Minister expressed these views while addressing the mass marriage ceremony of 100 deserving and poor girls under the auspices of Maher Welfare Society Anjuman-ul-Rai Pakistan Patron-in-Chief Maher Anwar, Central President Mian Sajid Hussain, Central Chairman Sajjad Mushtaq Mehr, Punjab President Chaudhry Tayyab Mehr and other dignitaries with the spirit of public service also participated in the mass wedding ceremony The Provincial Information Minister said that marriages with fanfare display and extravagance are a social issue rather than a political one and the leaders of the society should promote the observance of the Sunnah Rasool (SAW) with simplicity France to transfer Mirage-2000 fighter jets to Ukraine: Macron PARIS i n p F r a n c e w i l l t r a n s f e r M i r a g e - 2 0 0 0 f i g h t e r j e t s t o U k r a i n e a n d t r a i n t h e i r U k r a i n i a n p i l o t s a s p a r t o f a n e w m i l i t a r y c o o p e r a t i o n w i t h K y i v a s i t f i g h t s t h e R u s s i a n i n v a s i o n P r e s i d e n t E m m a n u e l M a c r o n a n n o u n c e d To m o r r o w w e w i l l l a u n c h a n e w c o o p e r a t i o n a n d a n n o u n c e t h e t r a n s f e r o f M ir a g e 2 0 0 0 - 5 f i g h t e r j e t s t o U k r a i n e m a d e b y F r e n c h m a n u f a c t u r e r D a s s a u l t a n d t r a i n t h e i r U k r a i n i a n p i l o t s i n F r a n c e , M a c r o n t o l d M a c r o n s a i d h e w o u l d o ff e r U k r a i n i a n P r e s i d e n t Vo l o d y m y r Z e l e n s k y w h e n t h e t w o m e e t f o r t a l k s a t t h e E l y s e e P a l a c e i n P a r i s o n F r i d a y t h a t t h e p il o t s b e t r a i n e d f r o m t h i s s u m m e r Yo u n e e d n o rm a l l y b e t w e e n f i v e - s i x m o n t h s S o b y t h e e n d o f t h e y e a r t h e r e w i l l b e p i l o t s T h e p i l o t s w i l l b e t r a i n e d i n F r a n c e , ” h e s a i d H e d i d n o t s p e c i f y h o w m a n y o f t h e f i g h t e r j e t s w o u l d b e d e l i v e r e d C o n t a c t e d t h e d e f e n c e m i n i s t r y d i d n o t e l a b o r a t e M a c r o n s a i d U k r a i n e w a s f a c i n g a h u g e c h a ll e n g e t r a i n i n g s o l d i e r s a s i t s o u g h t t o m o b i l i s e t e n s o f t h o u s a n d s m o r e t r o o p s t o g o t o t h e f r o n t BEIJING s tA f f c o r r e s p o n d e n t China resolutely opposes U S arms sales to the Taiwan region
the U S side to withdraw them imme-
Defense
said
Friday In
Z h a n g s t r e s s e d t h a t t h e Ta i w a n q u e s t i o n i s t h e number one red line
must not be crossed
BEIJING s tA f f c o r r e
and urges
diately the Chinese
Ministry
on
response to the U S State Department s
across the Taiwan Straits
that
s p o n d e n t
ai Reef) Tiexian Jiao (also known as Tiexian Reef) and Xianbin Jiao (also known as Xianbin Reef), including by sending vessels and personnel to trespass into waters adjacent to the Chinese islands and reefs Such moves violated China s sovereign security and territorial integrity, and harmed peace and stability in the South China Sea, analysts said C hina opposes US arms sales to Taiwan region, urges immediate withdrawal of plan PLA Nav y holds maritime response drills in South China Sea amid Philippine provoc ations NEW DELHI Ag e n c i e s India s Narendra Modi was formally elected on Friday by lawmakers of his National Democratic Alliance (NDA) to be prime minister for a historic third consecutive term, as the world s most populous nation returns to government by coalition “It is with utmost humility that I accept the responsibility of leading the NDA to yet another term of development-oriented governance the premier said in a statement on social media platform X formally Twitter I am grateful to our fellow NDA allies and MPs for their trust in me Modi will next meet President Droupadi Murmu later in the day and present his claim to form a new government, with a spokesperson for one of his allies saying his swearing-in was set for Sunday evening It is the first time in a decade that Modi’s Bharatiya Janata Party (BJP) has needed the support of regional parties to form the government The party which had a handsome majority in the previous two terms, secured only 240 seats in the lower house of parliament, far short of the 272 needed to govern on its own The NDA won 293 seats in the 543-member Lok Sabha and the INDIA alliance led by Rahul Gandhi’s centrist Congress party won more than 230 to exceed forecasts Modi ’s alliance unanimously elec ts him to lead as PM for 3rd term
CCP RECOVERS RS5M PENALT Y FROM APNS
TH E Competition Commission of Pakistan (CCP) has enforced an order against the All Pakistan Newspapers Society (APNS), recovering a penalty of Rs 5 million imposed for anti-competitive conduct As per details shared by CCP on Friday Evacuee Trust Property Board (ETPB) filed a
ISLAMABAD S TA F F R E P O R T A delegation led by Dr Aishath Shehenaz Adam Vice Chancellor Maldives National University (MNU) and Dr Raheema Abdul Raheem, Deputy Vice Chancellor, visited the Islamabad Campus of COMSATS University on Thursday and called on the varsity Rector Prof Dr Sajid Qamar In a presentation held on the occasion, Head of CUI International Office, Dr Hammad Omer informed that the collaboration between the two universities has been flourishing since 2016 which was inked in a memorandum of understanding for scientific and educational cooperation and has furthered with exchange visits in 2016 and 2018 For future
Global study repor ts high- quality of pediatric emergenc y rooms in Sindh Government Hospitals The latest research conducted by US-based PALISI Global Health has revealed results highlighting the quality of pediatric Emergency Rooms (ERs) in Sindh Government hospitals operated by ChildLife Foundation This study underscores the remarkable impact of ChildLife Foundation s initiatives in reducing pediatric mortality rates in resource-constrained settings The one-year point prevalence study, conducted from 2021 to 2022, evaluated pediatric ERs at Sindh Government’s Civil Hospital Karachi and Sheikh Zayed Children Hospital Larkana The mortality rates associated with critical illness in children in these hospitals stand at 1 2% compared to the average of 6 3% across 46 sites in 19 low-income countries The study measured the burden of pediatric acute critical illness in resource constrained settings and revealed the importance of increasing access to high quality, basic critical care services to improve outcomes for children worldwide It emphasizes the importance of a comprehensive multi-sectoral approach to tackle acute critical illness in children within resource-constrained settings Key components identified for success include well-trained and dedicated healthcare professionals, adequate medical supplies and equipment, properly designed and equipped medical facilities, efficient healthcare systems and protocols continuous support and collaboration from various sectors By strengthening healthcare infrastructure providing extensive staff training and optimizing resource allocation ChildLife Foundation, in collaboration with the Sindh PR
07 NEWS Saturday 8 June 2024 | K AR ACHI CORPORATE CORNER ZONG 4G Brings S pecial IDD S audi Arabia LBC O ffer for holy month of Eidul A zha 2024 ISLAMABAD: Zong 4G, Pakistan's premier mobile connectivity partner, continues its legacy of bringing best calling offers for its International Callers on the occasion of Eid-Ul-Adha - 2024IDD Saudi Arabia LBC Offer Under this special IDD Saudi Arabia offer customers from different walks of life may subscribe to the offer at just Rs 2+Tax Daily and enjoy pulsed based calling at 0 70/sec For activation of these special IDD offer, ZONG 4G subscribers may send SUBIDDAP to 7966"The offer will assist Pakistanis to stay in touch with their loved ones performing Hajj during 2024 or residing in KSA Continuing to address the needs of our customers we will continue to expand our International Dialing portfolio for our clients by offering more innovative products and services, shared the spokesperson of ZONG 4G ZONG s industry-leading international dialing have allowed Pakistanis to stay in touch with friends and family living abroad These bundles have been a major help to Pakistani in cross-border communication especially during Eid-Ul-Adha 2024 PR Muhammad Yasin elected as VP of ICMA Pakistan The National Council of ICMA, in its 413th session, elected Mr Muhammad Yasin as Vice President of ICMA Pakistan Mr Muhammad Yasin is a fellow member of ICMA, CIPFA (UK) & PIPFA He has also served as a member of ICMA's National Council (2018-2020) and has been re-elected to the National Council for the term (2024-2026) During his earlier tenure he was Chairman Research and Publications Committee, Honorary Treasurer, and President of PIPFA s Board of Governors and has also been involved in various committees of the South Asian Federation of Accountants (SAFA) With over 24 years of diversified experience spanning across sectors including Textile Oil & Gas Media Aviation Supply Chain and Education he is currently the Group CFO at The Superior Group and a Distinguished Toastmaster (DTM) from Toastmasters International USA PR Elevate raises $5m to offer US based $ accounts in emerging markets like Pakistan! KARACHI: Elevate, a fintech, based in London and Dubai has secured financing of $5 million to expand further into South Asia They ve raised a total of $10 million in equity and debt from investors including Y Combinator Goodwater Global Founders Capital and VSQ and Since launching earlier this year, over 50,000 Freelancers and remote workers from Pakistan and more than 150,000 have signed up in total Having received unprecedented response from Pakistani freelancers in a very short span of time Elevate is looking at registering over 500 000 Pakistani freelancers and remote workers facilitating them to increase their business share in the USA as well as other developed markets Elevate simplifies receiving USD payments by supporting free and fast deposits from US and international employers as well as platforms like Upwork Fiverr Paypal Deel and Toptal Online spending is enabled through a virtual debit card and for sending money home Elevate offers market leading FX rates When customers receive payments into their Elevate accounts the funds sit with Bangor Savings Bank, a 172-year-old bank located in Maine, United States Bangor Savings Bank acts as the deposit taking institution and card issuer and because they are an FDIC-member customer deposits are FDIC-insured up to $250 000 This makes it the only service available for people in countries like Pakistan, Bangladesh, and Philippines to open an FDICinsured U S bank account PR Financial facilitation will augment Pak- China business ac tivities: NBP President National Bank of Pakistan (NBP) President, Mr Rehmat Ali Hasnie, participated in the Pakistan China Business Conference held in Shenzhen, China Mr Hasnie was among the delegation accompanying Prime Minister Shehbaz Sharif who on Tuesday landed in China s Shenzhen on his official visit to the country as Islamabad aims to advance bilateral trade and economic ties with Beijing and attract Chinese investors via businessto-business (B2B) projects The conference provided a platform for fostering economic ties between Pakistan and China Mr Hasnie met with key officials including Mr SHI Weigan DirectorGeneral of the Shenzhen Local Financial Supervision Administration, to discuss potential opportunities for establishing an NBP branch in Shenzhen and exploring the city s government incentives The President NBP also held fruitful discussions with representatives from the Ministry of Finance and Silk Road International Investment Management Co Ltd (SRIIF) about potential collaboration opportunities PR i s l a m a b a d: Celebrating World Environment Day 2024: Pakistan Poverty Alleviation Fund (PPAF) and Environment Directorate of Capital Development Authority (CDA) Islamabad jointly organized a walk to raise awareness on climate change PR C h S alik Hussain meets ILO DG during a visit to its Headquar ters in Geneva The Honourable Federal Minister for Overseas Pakistanis and Human Resource Development (OP&HRD) Chaudhry Salik Hussain participated in two significant meetings at the ILO headquarters, Palais des Nations, in Geneva on June 7, 2024 These meetings were with the Director-General of the International Labour Organization (ILO) and Dr Enas Attari Palestinian Labour Minister During the discussion with the ILO Director-General Minister Hussain extended the best wishes of Pakistan s Prime Minister for the upcoming National Tripartite Labour Conference He also affirmed Pakistan s alignment with the Director-General's vision for establishing a Global Coalition for Social Justice emphasizing that Pakistan not only joined the Coalition but also launched a national chapter to support the initiative The Minister expressed appreciation for the ILO s support in advancing Pakistan s decent work agenda and requested assistance in developing employment and labour policies Pakistan looks forward to participating as a pathfinder country for the U N Secretary-General's Global Accelerator for Jobs and Social Protection for Just Transitions with collaboration secured from international partners and stakeholders PR
collaborations, Dr
suggested that MNU can avail the various scholarship opportunities available for post-graduate stu-
from Maldives as well as learn
s experience in hybrid mode of education
train-
need assessment carried out by CUI in 2018 at MNU highlighted the various areas of capacity building and institutional development where CUI could provide technical assistance easypaisa enables in-app QR payment for sale, purchase of sacrificial animals
Eidul
easypaisa, is bringing ease and convenience to its users this Eid-ul-Azha for the sale and purchase of sacrificial animals through its very own in-app Raast-based QR code payment mechanism The initiative is part of the State Bank of Pakistan s (SBP) QR code payment system under the Raast instant payment service, aimed at facilitating the public and traders alike during the sale and purchase of sacrificial animals Eid-ul-Azha generates a wealth of economic activity in Pakistan each year with around PKR 376 billion worth of animals sacrificed last year Given the magnitude of transactions taking place during the Eid ul Azha time frame, easypaisa will enable customers to transact securely and conveniently through its in-app QR feature and support SBP in its mission to drive Pakistan’s digital financial space forward Through this feature all easypaisa users along with all digital banking app and wallet users can send and receive money seamlessly at selected cattle markets across Pakistan To send money, users simply need to tap the scan code option on the home screen, scan the receiver’s QR code, and enter the amount to proceed with the transaction Similarly, to receive payments, users can tap the scan code option on their easypaisa app home screen and tap on receive money through either a static or a dynamic QR code PR Message of Naval C hief Admiral Naveed A shraf on World Oceans D ay 2024 World Oceans Day (WOD) is celebrated on 8th of June each year; however this year the Day will he observed on 7th June 2024 The aim WOD is to raise awareness among populace to protect the oceans and their resources as they provide more than 50% of the oxygen produced on this planet and absorb about 30% of carbon dioxide produced by humans, moderating the impact of global warming The Day provides us an opportunity to focus on the challenges our oceans face in maintaining an ecological balance in the environment The theme selected by UNESCO for WOD 2024 is, Awaken New Depths This resonates deeply with our mission to protect and restore our oceans with renewed understanding, commitment, collaboration and vigour Our oceans are facing unprecedented threats from human activities such as overfishing pollution and climate change These threats not only imperil marine life but also cast devastating impacts on our national security, economy, and human well-being PR Rubina K halid meets speaker National A ssembly to disc uss BISP ’s initiatives I S L A M A B A D: Mrs Rubina Khalid Chairperson of the Benazir Income Support Programme (BISP) held a meeting with Speaker National Assembly Sardar Ayaz Sadiq today During the meeting Speaker Sardar Ayaz Sadiq extended his heartfelt congratulations to Mrs Rubina Khalid on assuming her new role as Chairperson of Benazir Income Support Programme Mrs Rubina Khalid took the opportunity to brief Speaker Sardar Ayaz Sadiq on the ongoing and recently launched initiatives of Benazir Income Support Programme She highlighted the role Benazir Income Support Programme plays in the economic empowerment of women and reiterated her commitment to serve the marginalized segments of society through the programme “Benazir Income Support Programme is dedicated to provide essential support to the most vulnerable communities particularly focusing on the economic empowerment of women We are committed to enhance the programme s reach and impact to ensure that no one is left behind," said Mrs Khalid Speaker National Assembly Sardar Ayaz Sadiq expressed his support for the programme and wished Mrs Rubina Khalid success in her endeavors The Benazir Income Support Programme is vital for the socio-economic uplift of marginalized communities and I wish for its continued success under Mrs Rubina Khalid's leadership," he stated PR M a l d i ve s N at i o n a l U n i ve r s i t y, CO M S ATS U n i ve r s i t y to s t re n g t h e n p a r t n e r s h i p Ritz- Carlton Reser ve Makes Grand Entrance In Middle East With Exclusive Private Island Oasis In Red Sea, KSA U M M A H AT I S L A N D, S A U D I A R A B I A: Nujuma a Ritz-Carlton Reserve the first RitzCarlton Reserve in the Middle East was unveiled today on Ummahat Island in the tranquil waters of The Red Sea The private island retreat is nestled within the captivating Blue Hole cluster of islands, where pristine coral reefs thrive beneath the surface and the celestial canopy above paints an endless tapestry of stars Nujuma – inspired by the meaning of stars in Arabic – invites travellers to embark on an unchartered journey to one of the world s most secluded and protected archipelagos Here, amidst the azure expanse, guests are beckoned to explore and immerse themselves in the region’s culture and traditions As more and more travellers look to discover new corners of the earth we are thrilled to reveal our newest Ritz-Carlton Reserve, located amongst the natural beauty and stunning setting of The Red Sea,” said Jenni Benzaquen, SVP The Ritz-Carlton, St Regis and Bulgari Hotels & Resorts PR
Omer
dents
from CUI
Dr Tahir Naeem, Director P&D and HRD briefed on the
ing
on
A zha ISLAMABAD:
PR OFIT G H U L A M A B B A
S
complaint six years ago with CCP wherein it was alleged that Regulations and Circulars formulated by APNS were in violation of section 4 of the Competition Act, 2010 The CCP s inquiry established that APNS had imposed restrictive trading conditions and certain rules regulations and circulars enforced by APNS were in contravention of the Act O n 6 J u n e 2 0 1 8 , C C P p a s s e d a n order and held that APNS had engaged in anti-competitive activities such as applying unfair trading conditions and i m p o s i n g d i s s i m i l a r c o n d i t i o n s o n e q u i v a l e n t t r a n s a c t i o n s w i t h o t h e r t r a d i n g p a r t i e s t h r o u g h i t s c i r c u l a r s rules and regulations CCP recognized APNS s cooperation and complianceo r i e n t e d a p p r o a c h a s t h e m i t i g a t i n g factor and imposed a penalty of PKR 10 million The CCP’s order also nullified all such circulars, rules, and regulations and directed APNS to formulate new ones and seek exemption from the CCP under Section 5 of the Competition Act Additionally the order stipulated that failure to comply would result in an additional penalty of PKR 25 million and a daily penalty of PKR 100,000 APNS appealed the CCP’s order before the Competition Appellate Tribunal (CAT) After a detailed hearing the Tribunal partially allowed the appeal by reducing the penalty to PKR 5 million The CAT further directed APNS to submit its amended circulars, rules, and regulations to the CCP within one month The Tribunal also held that the additional penalty of PKR 25 million and said that the daily penalty would not apply if the CCP endorsed the amended rules and regulations within 60 days
FROM ORDER PA SSED
YEARS AGO,
BY CAT
g PENALTY
SIX
REDUCED
IMRAN REITERATES HE WOULD ENGAGE IN DIALOGUE
Punjab CM announces ‘ historic pack age’ for farmers, direc ts completion of RUDA projec ts
old, stay young and up-to-date ” Bukhari replied he was old now Justice Irfan Saadat remarked “In a
programme you had said your friends don’t let you grow old Bukhari told the court he had no contact with Qasim Suri The chief justice said in his remarks that the next hearing will be held in July, and the next date will be fixed in the court order Later, the court adjourned the hearing till next month
Chief Minister Punjab Maryam Nawaz Sharif under a historic package for the farmers has announced, Punjab Kisan Bank, Green Tractor Scheme, manufacturing of harvesters and agricultural tools at a local level along with Oil Seed Promotion Program CM Maryam Nawaz Sharif and President PML-N Muhammad Nawaz Sharif presided over a meeting in which a comprehensive briefing on the ‘Kissan Package’ was given It was principally decided to establish a Punjab Kisan Bank for granting loans to the farmers on soft terms Approval was also granted for CM Punjab Green Tractor Scheme” for the farmers The CM turned down the proposal with regard to disbursement of mere Rs 6 lakh subsidy on a tractor The Chief Minister directed to give 70 percent subsidy on a small tractor and 50 percent subsidy on a big tractor On the proposal of Muhammad Nawaz Sharif, the number of tractors under Punjab Green Tractor Scheme has been enhanced by 10 thousands
CM Maryam Nawaz Sharif di-
rected to complete first phase of Punjab Green Tractor Scheme within one year It was principally decided to increase the number of tractors under the Punjab Green Tractor Scheme every year It was apprised during the briefing that owners possessing land from 6 acres to 50 acres will be eligible to apply in the Punjab Green Tractor Scheme The CM also approved high tech mechanisation programme being prepared at a local level International companies in collaboration with the local companies will manufacture harvesters and others tools in Punjab The proposal to grant incentives to the international companies for manufacturing latest agricultural tools was reviewed in the meeting Approval to launch oil seed promotion programme in Punjab was
Published by Asad Nizami at Plot No 66-C, 1st Floor, 21st Commercial Street, Phase-II (Extension), DHA Karachi and printed at Ibn-e-Hassan Printing Press, Hockey Stadium, Karachi, for PT Print (Pvt) Limited Ph: 021-32640318 Email: newsroom@pakistantoday com pk PR OFIT N E W S D E S K The Sensitive Price Indicator (SPI) for the week ending on June 6 2024 showed an increase of 0 45% According to the latest data released by the Pakistan Bureau of Statistics (PBS) the rise was driven primarily by higher prices for onions, which surged by 33 21%, and tomatoes, which rose by 15 34% Other notable price increases included bananas (4 93%) pulse gram (3 69%) potatoes (2 62%) chicken (1 84%) georgette fabric (1 57%) gur (1 45%) pulse mash (1 07%) lawn fabric (0 66%) cigarettes (0 41%) and energy savers (0 38%) Conversely price decreases were observed in bread (3 02%), garlic (2 00%), petrol (1 74%), pulse masoor (1 43%), diesel (1 42%), rice basmati broken (1 32%), chilies powder (1 31%), eggs (0 94%), wheat flour (0 77%) and mustard oil (0 46%) As per PBS data out of the 51 items monitored 19 (37 26%) items experienced price increases 14 (27 45%) items saw price decreases and 18 (35 29%) items remained stable On a year-on-year basis, the SPI showed a 21 69% increase compared to the same week last year This YoY rise was influenced by an extraordinary 570% increase in gas charges for Q1 along with substantial price hikes in onions (100 37%) chilies powder (57 89%) garlic (43 40%) and tomatoes (36 23%) Other items with notable year-on-year price increases included salt powder (31 30%), shirting fabric (30 52%), gents sandals (25 01%), pulse mash (25 00%), beef (21 86%), energy savers (20 53%) and sugar (19 85%) However some items recorded price decreases over the year such as chicken (29 00%) wheat flour (28 35%) bananas (25 69%) cooking oil 5 litre (17 05%), vegetable ghee 2 5 kg (15 12%), vegetable ghee 1 kg (14 19%), mustard oil (9 73%), eggs (8 73%), and LPG (5 47%) The SPI, based on the 2015-16 index year, covers 17 urban centres and 51 essential items for all expenditure groups and combined providing a comprehensive snapshot of the weekly price changes affecting consumers Weekly inflation rises by 0.45%, driven by higher prices for onions, tomatoes 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 Saturday 8 June 2024 NEWS ISLAMABAD S TA F F R E P O R T F O U N D ER of Pakistan Tehreek-eInsaf (PTI) Imran Khan on Friday that he would only engage in dialogue with those who hold “real power ” “Even during Musharraf’s era I did not negotiate with Shaukat Aziz but with those who had power Khan declared while replying a question about the Supreme Court s recommendation to negotiate with political parties Speaking to the media after the hearing of the £190 million scam case in Rawalpindi’s Adiala Jail the PTI founder stated that despite the fact that he had been kept in a death cell he did not request any favours or facilities in prison I cannot tweet from jail; I instruct my lawyers to tweet on my behalf He criticised the government, saying, “The Hamoodur Rahman Commission was established for two purposes: to prevent the repetition of past mistakes and to identify those responsible The commission held General Yahya Khan accountable for prioritising his power and today the same mistakes are being repeated leading to economic collapse Khan highlighted the achievements of his government, stating, During our three and a half years in power, NAB collected Rs450 billion An additional Rs1 100 billion was expected but due to amendments in NAB laws only Rs300 000 was collected once and Rs1 5 million another time These amendments have cost the country Rs 1,100 billion, a loss it cannot afford Khan praised PTI’s social media activists as heroes and demanded an apology from FIA for fabricating a false cypher case against him Political vendetta is ongoing in the country, he said I will respond to FIA only in the presence of my lawyers Mohsin Naqvi is orchestrating all this ” Imran said that they negotiated with other political parties on the suggestion of then-Chief Justice of Pakistan (CJP) Umar Ata Bandial According to the law elections were supposed to be held within 90 days, but Justice Bandial succumbed to the opposition’s pressure,” he alleged Responding to a question about his previous comments on Nawaz Sharif referencing Sheikh Mujib and the Hamoodur Rahman Commission Khan said At that time I had not read the Hamoodur Rahman Commission report Now, I have When questioned about an alleged anti-state video posted from his X handle, Khan replied, “How can I post a video from jail? I take responsibility for the tweet but I have not seen the video and will not comment on it PR OFIT G H U L A M A B B A S After years of contention and multiple interventions by the Council of Common Interests (CCI) the federal government and provincial food authorities have finally reached an agreement on the enforcement of food quality standards in Pakistan This consensus comes after a prolonged struggle for authority and control over food quality regulations Since the inception of Provincial Food Authorities (PFAs) across all four provinces, there has been a continuous dispute with the Pakistan Standard Quality Control Authority (PSQCA), the national standards body under the Ministry of Science and Technology (MoST) The core of the disagreement lay in which entity had the authority to enforce quality standards for food items a power associated with significant control and potential financial kickbacks for officials Despite multiple CCI meetings over six years, the issue remained unresolved The 18th Amendment to the Constitution, which devolved many powers to the provinces exacerbated the tug of war between PFAs and PSQCA While PFAs lacked the mandate to create standards and quality rules for food items a prerogative of the PSQCA they sought the authority to enforce these standards, leading to a standoff Manufacturers caught between complying with both PFAs and PSQCA pushed for a resolution This pressure culminated in a recent breakthrough during a National Standards Steering Committee (NSSC) meeting at the Ministry of Science and Technology Attended by representatives from PFAs, PSQCA, and other stakeholders, the meeting marked a significant step towards harmonizing food standards The Agreement According to documents reviewed by this correspondent PFAs and PSQCA have unanimously agreed on a mechanism for enforcing quality standards and a revenuesharing formula Key points of the agreement include: Implementation and Enforcement: PFAs will now implement and enforce the quality standards for food items as notified by PSQCA PSQCA’s role will be confined to setting these standards issuing certificates and granting logo usage rights Operational Changes: PSQCA officers will no longer inspect factories and industrial units; instead, PFA staff will undertake these inspections within provincial limits Revenue Sharing: Revenue from PSQCA’s certification marks for the food sector will be shared with PFAs to enhance their testing facilities after deducting international membership fees and other expenses Loose Food Products: For loose food products lacking current standards, PFAs will propose draft standards based on health and safety considerations PSQCA will provisionally adopt these until they are finalized Standard Harmonization: The remaining seven food standards will be harmonized within three months with PFAs implementing the finalized standards Background After devolution in 2011, food became a provincial subject Overtime, the provincial food authorities developed their own food standards which resulted in multiple standard regimes Hence compliance to different sets of standards across provinces required extra resources including time effort and money to make themselves eligible to sell This was an extra burden for food manufacturers who wished to expand their operations across provincial borders Ce n t r e, p r o v i n ce s f i n a l l y a g r e e o n f o o d q u a l i t y e n f o r ce m e n t . W hy d i d i t t a ke t h e m s i x ye a r s ? PR OFIT M O N I T O R I N G D E S K Moody’s Ratings has projected that Pakistan will draw on its foreign exchange reserves to repay maturing foreign debt maintaining high near-term default risks According to a report published by the global rating agency, Pakistan, along with Argentina and Tunisia, faces market debt repayments over the next two years compared to their foreign exchange reserves Without new or additional foreign currency financing from development partners, these countries are expected to use their reserves for debt repayment, reducing their foreign exchange liquidity buffers The report highlighted that large interest payments will limit the government s fiscal space to absorb economic shocks It also noted that the Pakistani government is actively engaged with the IMF to secure a new loan program after the conclusion of the $3 billion standby arrangement in April 2024 The State Bank of Pakistan (SBP) reported that the country s foreign exchange reserves rose by $16 million to $9 11 billion as of May 31, 2024 However this amount remains lower than the maturing foreign debt of $10 billion which is due by the end of July 2024 Authorities may roll over a portion of this debt, leaving a smaller amount to be financed through reserves or new loans Moody’s indicated that high global interest rates would prevent Pakistan from opting for commercial borrowing to finance debt repayments and did not expect the US central bank to cut its key rate soon Moody’s projected that interest payments for countries including Bahrain Egypt Nigeria and Pakistan are likely to exceed a third of their total revenue by 2028, limiting budgetary resources to respond to economic shocks or invest in long-term policies The rating agency suggested that emerging economies like Pakistan might maintain high interest rates to attract foreign investment in local currency-denominated government debt securities Pakistan’s central bank is scheduled to review its policy rate on June 10 with financial markets expecting a rate cut of up to 200 basis points to 20% Pakistan likely to use foreign reser ves to repay maturing debt, says Moody ’s g RATING AGENCY WARNS OF HIGH DEFAULT RISKS AMID DEBT REPAYMENT CHALLENGES g YEAR-ON-YEAR SPI REFLECTS A 21 69% INCREA SE WITH HIKE IN GA S CHARGES SC orders issuance of newspaper ad to summon Suri in polls irregularities case ISLAMABAD S TA F F R E P O R T The Supreme Court (SC) on Friday ordered the publication of an advertisement in newspapers to summon former national Assembly deputy speaker Qasim Suri in the electoral irregularities case Supreme Court Chief Justice Qazi Faez Isa issued the directives during hearing of the electoral irregularities case The apex court observed that during the hearing of the appeal against the de-seating of former deputy speaker National Assembly Qasim Suri Suri once again did not appear before the court despite a summons issued to him The court ordered an advertisement in the newspaper to summon Suri and asked to paste the notice outside Suri s house During the hearing, Chief Justice Qazi Faiz Isa remarked that according to the record Suri’s brother Bilal had refused to receive the notice “Suri is deliberately not appearing in the Supreme Court The former deputy speaker s refusal to receive the notice is unfortunate, said the CJP The chief justice, while talking to Suri s lawyer Naeem Bukhari, said, “Your client is very active on media and social media Naeem Bukhari replied, “I don’t watch TV ” The chief justice remarked “You are a TV personality yourself and do not watch television Are you familiar with X or Twitter? the CJP asked Bukhari replied I do not use social media nor do I know how to use it The chief justice asked, Why are you considering yourself
PTI Core Committee condemns delay in justice to Khan, his wife ISLAMABAD
TA
O R T The Pakistan Tehreek-e-Insaf (PTI) Core Committee vehemently condemned the inordinate and unjustifiable delay in the provision of justice to PTI Chairman-for-life Imran Khan and his wife, and rejected the transfer of the fabricated and baseless iddat case to a new court deeming it a blatant violation of their rights and a travesty of justice PTI Core Committee meeting categorically rejected the false and baseless allegations against Imran Khan and his wife and demanded their immediate release and all other political prisoners from unlawful detentions The forum expressed dismay over the snail-paced court proceedings in the cases against Imran Khan after sensing that he would be exonerated from all the fake fabricated and politically motivated cases In stark contrast when the intention was to exact political revenge and keep him imprisoned unjustly, the trials were expedited at an unprecedented pace, blatantly disregarding laws and regulations, they added g W H Y D I D I S S U E R E M A I N U N R E S O LV E D F O R Y E A R S D E S P I T E I N T E R V E N T I O N O F C C I ?
TV
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WITH THOSE WHO
POWER’ Treasur y benches spar over hours-long Karachi loadshedding in NA ISLAMABAD A P P The treasury benches in the National Assembly on Friday had an altercation over hours-long electricity loadshedding in Karachi as various areas in the metropolis grapple with extended power outages in scorching hot weather Korangi Lyari North Karachi and Surjani are among the areas witnessing over 12 hours of loadshedding daily During today s NA session Minister of State for Finance, Revenue and Power Division Ali Pervaiz Malik apprised the legislative that K-Electric had achieved zero load shedding on 1,500 out of 2,109 feeders in Karachi The claim came in response to a Calling Attention Notice in the lower house of parliament as the minister maintained that 6 to 10 hours of loadshedding was being conducted on the feeders with higher losses “The losses of ten feeders have exceeded 25% and the efforts are being made to reduce these losses with the help of local administration and public representatives Malik said He further clarified that there was no loadshedding of 16 hours , instead the duration for the blackouts was 6-10 hours At this, Pakistan Peoples Party (PPP) MNA Nabeel Gabol took an exception, saying that the minister of the state had been misinformed that the duration of loadshedding was 6-10 hours My constituency in Lyari is facing 16-hour loadsheding he said adding that the departments give false briefings to the ministers He challenged Malik that he would resign as a member of parliament if the loadshedding was 10 hours long or the federal minister should resign if the duration was more than 10 hours At this Malik said that the electricity tariff was regulated by the National Electrical Power Regulatory Authority (Nepra) following a prescribed procedure LAHORE S TA F F R E P O R T
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HOLD ‘REAL
granted under which the farmers will be persuaded to produce oily edibles in various parts of the province The CM said For the first time in the history of Punjab, Rs 400 billion Kissan Package is being granted The farmers besides being granted agricultural revenue will
be given other privileges
facilities through the Kissan Card T h e p r o s p e r i t y o f e v e r y f a r m e r a l o n g w i t h e n h a n c e m e n t in agricultural production is part of our foremost tasks Launchi n g S o l a r i z a t i o n o f Tu b e We l l s a n d D r i p I r r i g a t i o n S y s t e m w a s a l s o r e v i e w e d i n t h e m e e t i n g T h e p a r t i c i p a n t s w e r e a p p r i s e d t h a t 4 7 t h o u s a n d f a r m e r s h a v e g o n e t h r o u g h t h e i r r e g i s t r a t i o n process in 48 hours for acquiring Kissan Card
also
and
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