Saturday, 17 April, 2021 I 4 Ramzan-ul-Mubarak, 1442 I Rs 15.00 I Vol XI No 289 I 12 Pages I Lahore Edition
Hammad azHar out: sHaukat tarin new finanCe minister kARACHI
i
aRiba Shahid
N just three weeks, the finance minister has been shuffled yet again. On April 16, the former finance minister Hammad Azhar was assigned the Energy Ministry. In his place, Shaukat Tarin, a former finance minister under the Pakistan People’s Party (PPP) government, has been appointed. The decision confirms the rounds of rumours which floated after Azhar’s appointment, which speculated that Tarin would soon replace Azhar. Tarin has confirmed his appointment to Profit. The move is part of a series of cabinet reshuffles. For instance, former energy minister Omar Ayub has been made the minister for economic affairs. Former information minister Shibli Faraz has been made the minister for science and technology. That post used to be headed by Fawad Chaudhry, who has been handed Faraz’s old position instead. This is now the fourth finance minister the Pakistan Tehreek-e-Insaf (PTI) government has appointed since 2018. Asad Umar, Abdul Hafeez Sheikh, and Azhar have held this position before Tarin. DEJAVU: FLASHBACK TO PPP’S REGIME: In October 2008, Tarin had replaced Shaikh. Technically it can be said that Shaikh is replacing Tarin in
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Azhar shortest-ser ving finance minister under PTI
the same way despite the fact that Azhar was guarding the spot. In July 2009, he was elected as a senator from Sindh, and became the federal finance minister. Following his induction in the PPP government, Tarin secured an $11.2 billion bailout package from the International Monetary Fund (IMF) saving the country from default on the repayment of foreign loans. However, considering his position within Silk Bank, In February 2010, Tarin tendered his resignation to the then-PM Yousuf Raza Gillani in order to raise equity for the bank. Speaking to the media, Tarin had said, “I could not get the equity while working as a
finance minister because of a clear conflict of interest.” Tarin still sits on the board for Silk Bank. TARIN THE BANKER: An MBA from the University of Punjab, Tarin worked at Citibank for 22 years. At the highest of his career at Citibank, he served as the country manager for Thailand. Following that, he moved to the US where he worked as a _ at _. It is said that his salary was more than $1 million which he chose to forgo in favor of returning back to Pakistan on the request of the then-prime minister Nawaz Sharif. In 1997, on the behest of Sharif, Tarin returned to help revive Habib
Bank, which was a state-owned entity at the time on the verge of extinction. In addition to Tarin, Sharif had sought help from Zubyr Soomro for United Bank and Muhammad Mian Soomro for National Bank. Tarin managed to turn around Habib Bank from a $230 million loss in 1996 to a profit of $30 million in 1998. In 2000, Tarin left Habib Bank and joined Union Bank as its president. For those that do not know, Union bank was Pakistan’s eight largest bank in 2006. It had 65 branches in 22 cities and around 400,000 customers. Under his presidency of the bank, Union was, Standard Chartered acquired a 95.37 per cent stake worth $487 million. In 2008, Tarin acquired an 86.55 per cent stake in Saudi Pak Commercial Bank from Saudi Pak Industrial and Agricultural Investment Co ltd through a consortium that included Sadeq Sayeed, International Finance Corporation, BankMuscat, Nomura Holdings, and Sinthos Capital. This was later renamed to Silk bank in 2009. This transaction was worth $213 million, Silk bank, however, as of late is in a dismal state. Tarin has been elected twice as the chairman of the Karachi Stock Exchange (now: PSX).
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Social media access PM announces Rs446bn development package for partially restored after Sindh’s backward districts temporary suspension g
Imran promises to uplift the people of Sindh
sUkkUR Staff RepoRt
Prime Minister Imran Khan on Friday inaugurated the Kamyab Jawan Programme in Sukkur and announced a mega-development package worth Rs446 billion for the socio-economic progress of the backward districts of Sindh. The premier, along with Special Assistant to the Prime Minister (SAPM) on Poverty Alleviation Sania Nishtar, Federal Minister for Privatisation Muhammad Mian Soomro, Special Adviser to the Prime Minister on Youth Affairs Usman Dar and others reached Sukkur on a day-long visit. Addressing the ceremony, PM Imran expressed his pleasure over visiting interior Sindh. “[We have been] fighting the biggest mafias in Punjab and could not focus on Sindh,” he added. The premier said that he has been all over the country and saw
massive poverty, especially in interior Sindh and Balochistan. “I have seen people of interior Sindh living in tough circumstances.” On Kamyab Jawan Programme, the premier said that his government will help youth in setting up their own businesses, adding that the materialisation of the package will begin within a month. The PM said that the package that includes Sukkur-Hyderabad Motorway and Nai Gaj Dam, which will greatly benefit the people of Sindh. He maintained that the government will make every possible effort to uplift the backward areas of the country, and help the people of Sindh improve their living standard. PM Imran said that the federal government disbursed 33 per cent of the total funds among deserving families in Sindh under Ehsaas Programme during the pandemic. He said that the network of the Ehsaas Programme is being extended to 12 million people. He said that the Pakistan Tehreeke-Insaf (PTI) government’s primary focus is to enhance the living standard of low-income people. He added that the government has provided mega-development programmes to the backward areas across the country, including Balochistan and the tribal districts. He emphasised enhancing the skillset of the youth, adding that the government will take steps to develop sports grounds across the country.
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RaMaZan kaReeM sehR & iftaR tiMinG fiqah-e-hanfia islaMabad sehR: 4:08 aM iftaR: 6:43 PM
lahoRe sehR: 4:08 aM iftaR: 6:34 PM
kaRachi sehR: 4:50 aM iftaR: 6:55 PM
fiqah-e-JafaRia islaMabad sehR: 3:58 aM iftaR: 6:53 PM
lahoRe sehR: 3:58 aM iftaR: 6:44 PM
kaRachi sehR: 4:40 aM iftaR: 7:05 PM
Coronavirus in
Pakistan
CONFIRMED CASES:
745,182
LAST UPDATED AT 8:57 AM ON APRIL 16, 2021
DAY'S DEATH TOLL:
NEW CASES:
110
5,364
RECOVERED:
DEATHS:
650,775 15,982 SINDH:
PUNJAB:
270,963
261,173
KP:
BALOCHISTAN:
103,419
20,662
AJK/GB: ISLAMABAD: 15,137 / 5,163 68,665 MORE INSIDE
Covid-19 kills 100 for fourth consecutive day STORY ON PAGE 03
News Desk Services of social media platforms Twitter, Facebook, YouTube, WhatsApp and Telegram were restored in the country after being suspended for four hours on Friday. Earlier in the day, the interior ministry directed the Pakistan Telecommunication Authority (PTA) to block social media platforms from 11:00 am till 3:00 pm. The request by the interior ministry to suspend the social media platforms was made in a letter sent to the PTA chairman. The ministry, in the letter, had requested the PTA to take action on the issue “immediately”. The notification issued by the Ministry of Interior It gave no reason for the ban, but it came days after the rallies led by an extremist party that paralysed large parts of the country and left two police officers dead. Political parties frequently use social media to rally supporters and the announcement comes just before Friday prayers, which usually draw
huge crowds to mosques where firebrand sermons have in the past catalysed protests. The authorities have used strategic social media bans and cuts to mobile service in the past in an attempt to head off major protests by preventing leaders from issuing mass calls for demonstrations. “In order to maintain public order and safety, access to certain social media applications has been restricted temporarily,” the PTA had said in its explanation regarding the suspension of services. The suspension came amid protests by a religious party in the country which led to chaos and the killing of three people, including two policemen. The protests, organised in different cities, also caused massive traffic jams and distress to the citizens. Thousands of supporters of the extremist party spilled onto the streets on Monday after their leader was detained following his calls for the expulsion of the French ambassador.
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PM pays tribute to police for ‘heroic stand’ against TLP’s violence STORY ON PAGE 02
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