Epaper – August 02-2022 KHI

01 FRONT PAGE (2-8-2022)_Layout 1 8/2/2022 1:32 AM Page 1

Tuesday, 2 August, 2022 i 3 Muharram, 1443 i rs 15.00 i Vol Xii no 392 i 12 Pages i Karachi edition

PM orders coMPensation to flood affectees within 24 hours ISLAMABAD

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Staff RepoRt

RIMe Minister Shehbaz Sharif has directed the NDMA to pay compensation within 24 hours to the families of those people who have died in the recent floodand rain-related incidents. The prime minister gave these directions while addressing on the occasion of his visit to Quetta on Monday where he would review the relief activities in the flood affected areas of Balochistan.

PM Shehbaz also ordered to increase the compensation amount for partially or fully destroyed houses to Rs500,000.

He said that it was our national tragedy that no attention was paid to dams in the country. The challenge before us is gigantic, but we all have to fight it together, he added. He appre-

ciated the restoration and relief efforts of the NHA. Prime Minister Shehbaz said that extraordinary heavy rains wreaked havoc on a vast scale, stressing the need to set up a network of medical camps in the affected areas.

He regretted that besides the loss of precious lives, the infrastructure was also destroyed. He expressed the resolve of the Federal and Balochistan governments for the restoration and rehabilitation of the flood-battered province. He called upon the rich to involve in the philanthropic activities in this hour of need. earlier, Chairman National Disaster Management Authority Lieutenant General Akhtar Nawaz briefed the prime minister regarding relief and rescue activities.

He said that Balochistan received 500% more rainfall during the recent rainy spell which broke 30-year-old

record.

While giving briefing, Balochistan chief secretary said that 136 people died and 70 others sustained injuries so far. He, however, said that 1,100 people received minor injuries in flood- and rainrelated incidents and were given first aid.

He said that 200,000 acre agricultural land had been inundated. As many as 20,500 people have been shifted to safer places, the CS said adding that M8 and Quetta-Karachi Highway had been restored and opened for traffic to a great extent.

Federal Ministers Sardar Israr Tareen, Marriyum Aurangzeb, Maulana Abdul Wasay, Nawabzada Shahzain Bugti, Minister of State Muhammad Hashim Notezai, Member of National Assembly Salahuddin Ayubi and Chairman NDMA accompanied the prime minister.

Army helicopter carrying six officials including Quetta Corps Commander goes missing near Lasbela RAWALPINDI Staff RepoRt

A Pakistan army aviation helicopter which was on flood relief operations in Lasbela, Balochistan lost contact with the Air Traffic Control (ATC) with six individuals on board

including Commander 12 Corps Lt. Gen. Sarfraz Ali, says an official handout issued by the ISPR. Gen Sarfraz was supervising flood relief operations in Balochistan. Search operation is underway.

The armed forces teams’ rescue and relief operations were un-

derway across the country including in the flood-hit areas of Balochistan as the province’s death toll from devastating floods rose to 149 including 46 children on Monday. According to a report released by the Provincial Disaster Management Authority, a total of

13,535 houses have collapsed or are partially damaged due to the ongoing heavy rains and floods while 430 people and 24,000 cattle has died in the flooding.

The rains and flood have also severely affected six highways covering 640 kilometres.

PrAyerS Pour in: Prime Minister Shehbaz Sharif expressed concerns over the disappearance of the military helicopter. “The entire nation is praying to Allah Almighty for the safety, security and return of these sons of the country who were out to help the flood victims,” the premier wrote on his official Twitter handle. ormer prime minister and PTI Chairman Imran Khan in a tweet said: “Disturbing news of army aviation helicopter missing and praying for all those on board.”

“The whole nation is worried about the news of the disappearance of the army aviation helicopter. We pray to Allah that all the travellers are safe,” former foreign minister Shah Mehmood Qureshi said.

PTI leader Fawad Chaudhry also prayed for the safety and recovery of the army officials, saying he has a brotherly bond with Lt Gen Sarfaraz Ali. Other politicians, government officials and people belonging to different walks of life echoed the same sentiments and prayed for the safety and early recovery of the military officers.

Maryam for withdrawal of fixed tax on commercial power bills

ISLAMABAD Staff RepoRt

Pakistan Muslim League-Nawaz (PML-N) Vice President Maryam Nawaz on Sunday urged for the withdrawal of fixed sales tax on commercial power bills.Tagging Finance Minister Miftah Ismael in a tweet, she wrote that the trader community was perturbed and complaining about heavy tax imposed on their power bills. She hoped that Finance Minister Miftah Ismael would find a solution to the problem.

MORE INSIDE

Army chief intervened in economic affairs due to politicians’ failure: Ch Shujaat STORY ON BACK PAGE

BAJWA ON PLA ANNIVERSARY

Pakistan, China will continue to protect shared interests RAWALPINDI Staff RepoRt

Celebrating the 95th anniversary of the founding of the Peoples Liberation Army (PLA), Army Chief Gen. Qamar Javed Bajwa Monday called the militaries of Pakistan and China “brothers in arms” whose relationship will “continue to contribute towards safeguarding our shared interests”.

Gen. Bajwa was the chief guest at a ceremony held at the General Headquarters (GHQ) in Rawalpindi to mark the

founding of the PLA. Nong Rong, the Chinese ambassador in Pakistan, diplomats from the Chinese mission, and officers from the tri-services of Pakistan were among those who attended the event, an Inter-Services Public Relations (ISPR) statement said.

The army chief felicitated PLA and lauded its role in China’s defence, security and nation-building. Highlighting various facets of the deep-rooted ties between the two nations, militaries and the people, he said: “Pakistan China relationship is unique and ro-

bust that has proven its resilience in the face of challenges.”

Speaking on the occasion, Ambassador Rong thanked the army chief for hosting the reception.

“China and Pakistan are iron brothers, all-weather friends and strategic partners. The recent meeting of ChinaPakistan Joint Committee of Cooperation held in China has set up an important platform for military collaborations which will serve effectively for military-to-military relations between the two countries,” he said.

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Tuesday, 2 August, 2022 | KARACHI

NEWS

ABBASI ACCuSEd OF rECEIvING KICKBACKS FrOM INdIAN COMPANy LAHoRe

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StAff RePoRt

AKISTAN Tehreek-i-Insaf (PTI) leader Shahbaz Gill accused Shahid Khaqan Abbasi, former prime minister and vice-president of the ruling Pakistan Muslim League-Nawaz (PML-N), of taking “bribes” from an Indian company.

Addressing a press conference in Lahore on Sunday, Gill said his and Abbasi’s accounts were in the same bank, urging the latter to disclose details of both accounts.

Gill asked Abbasi to explain “under what pretext did he take Rs140 million from the Indian company?”

“The former premier had received three telegraphic transfers (TTs) when he was the petroleum minister,” he claimed.

The PTI leader also said that he has details of the transactions and they can be verified as well, adding that one transaction took place on January 3 and another on January 30, 2017.

“Shahid Khaqan has been giving an impression that he is honest but this is far from reality,” Gill said and added the PML-

21 unidentified dead bodies recovered from several gates of Sukkur Barrage

N MP has served as petroleum minister on more than one occasion.

He also said that former prime minister and Pakistan Tehreek-e-Insaf (PTI) chairman Imran Khan has directed to speed up the relief efforts, adding that a briefing was also given to him in this regard.

He said that Imran Khan will meet MPAs of six divisions. He also said that a meeting also took place for Ehsaas Programme. Earlier this week, Shahid Khaqan Abbasi said he had urged ECP officials to “decide the case of prohibited foreign funding as soon as possible”.

“The prohibited funding case has been ongoing for the last eight years,” he said.

“The election law says that if a party takes money from a foreign individual, it has to be declared.”

The PML-N leader said: “The people of Pakistan have the right to know where Imran Khan was taking money from.” In this regard, he said, the evidence was very clear.

“Money was sourced from outside and used for political purposes in Pakistan,” Abbasi said. “Imran Khan hid records from the election commission. The PTI chairman

China’s SEDA join hands with STZA for boosting technology sector ISLAMABAD APP

StAff RepoRt Sukkur Barrage has become the centre point of the unidentified dead bodies. According to local Police and Irrigation officials on Monday, Twenty one unidentified dead bodies have been recovered from several gates of Sukkur Barrage within last 10 days.

Moreover, sixteen dead bodies were recovered only in three days, among these dead bodies nine dead bodies were found women. While there was no formal team to scrutinize the DNA’s of the dead bodies have been sent and to trace the dead bodies from where these came to Sukkur Barrage. According to the SSP Sukkur, all dead bodies were recovered and handed over to the Edhi service for the burials.

Pakistan, Germany sign €17.5m agreement for development in KP ISLAMABAD StAff RePoRt

Pakistan and Germany on Monday signed an agreement for the Regional Infrastructure Fund (PhaseII) under which the government of Germany will provide a grant of 17.5 million euro for various development schemes in Khyber Pakhtunkhwa (KP).

According to Economic Affairs Division, the signing ceremony for the project named “Regional Infrastructure Fund – II for Khyber Pakhtunkhwa for Resilient Resource Management in Cities (RRMiC)” was held at the Ministry of Economic Affairs wherein Secretary Ministry of Economic Affairs Mian Asad Hayaud Din and Country Director German Bank for Development (kfW) Sebastian Jacobi signed the agreement. With the funds provided by the German Government, KfW Development Bank will support the KP government in investments in community infrastructure, improvements in capacity and service delivery, citizen participation and equality and consultant and contingency services in two districts of KP province. The purpose is to introduce an integrated, multisectoral, resilient, and sustainable water and solid waste management with a participatory approach in selected tehsil towns. It may be noted that Pakistan has been a recipient of German Development Assistance since the founding of German Federal Ministry for Economic Cooperation and Development (BMZ) in 1961. The total development assistance encompassing both technical and financial cooperation since 1961 amounts to €3.8 billion. Country Director KfW Sebastian Jacobi stated that these efforts will result in bringing sustainable and lasting positive impact in the lives of the deserving communities in the country and help mitigate the challenges arisen due to poverty and infrastructure damage due to natural disasters.

Shenyang Economic and Technological Development Area (SEDA) of China and the Special Technology Zones Authority (STZA) of Pakistan have signed a Letter of Intent (LOI) to boost technology sector cooperation between the two organizations.

Established in 1988, SEDA is a production hub of major biotech and automobile organizations including BMW Group, Neusoft, Pfizer, NCR and IKEA. Speaking at the virtual ceremony, the Director of the Management

Committee of SEDA Zhao Yongsheng highlighted their successes, according to a press release on Monday.

Elaborating further, he revealed that SEDA hosts the largest manufacturing facility for BMW in the world, while 84 fortune 500 companies from all over the globe are operating in SEDA in high-tech manufacturing, automotive, research and development areas, and next-generation information technologies.

He hailed the strong relationship between China and Pakistan and pledged his organization’s resolute support to cooperate with STZA in areas of innovation, entrepreneurship, human

capital development and digital economy through the integration of science, technology and economy. Speaking on the occasion, the Chairman of STZA Amer Hashmi stated that Pakistan’s technology sector due to its rapid growth offers globally competitive opportunities for Chinese partners and investors.

He highlighted that Pakistan has a unique demographic advantage, as almost 64% of its population consisted of youth and sees great potential in working with SEDA through STZA’s dedicated China Desk to streamline cooperation with the Chinese technology sector. He expressed his gratitude to

Rs 1 million being provided to each flood-affected family: Murtaza Abbasi ISLAMABAD StAff RePoRt

Minister for Parliamentary Affairs Murtaza Javed Abbasi on Monday informed the National Assembly that the federal government was distributing Rs 1 million to each flood affected family.

Replying to a Calling Attention Notice in the House, the minister said that around 40 percent of the total affected families have received their amount while the remaining 60 percent would get during this week.

He said that the federal government was undertaking joint efforts for the relief and rehabilitation

of flood affected people.

On the direction of Prime Minister Shehbaz Sharif, he said a joint survey would also be conducted to assess the damages caused by the floods to crops, livestock and the infrastructure.

The minister said the National Disaster Management Authority (NDMA) with the help of provincial governments would also constitute survey teams with the task to make assessments to lose of crops and livestock whilst infrastructure damaged by the floods will also be repaired.

Murtaza Javed said that it was the responsibility of the provincial

governments to pay compensations but the federal government would make its contribution up to 50 percent which was decided by the Cabinet.

About the steps to rescue this type of calamity before the time, the minister said Prime Minister Shehbaz Sharif directed the concerned authorities to formulate a comprehensive strategy to control it.

He said that soon after natural calamity, Prime Minister Shehbaz Sharif had also constituted a committee to assess the damage caused by the monsoon rains and floods in different parts of the country.

PTI takes ECP to court for de-notifying only 11 MPs ISLAMABAD StAff RePoRt

The Pakistan Tehreek-e-Insaf (PTI) moved the Islamabad High Court (IHC) against the Election Commission of Pakistan (ECP), accusing it of being a B-team of the ruling Pakistan Democratic Movement (PDM) coalition after the former accepted the resignations of 11 its MPs. PTI MPs had tendered their resignations en masse in April after Imran Khan was ousted as prime minister through a contentious vote of no-confidence. Initially, the resignations were accepted by then-deputy speaker Qasim Khan Suri, but his successor, Raja Pervaiz Ashraf, reversed the decision claiming due process of verification had not been followed. Following Ashraf’s move, the commission Friday denotified the lawmakers.

Ashraf had previously sought to confirm the

resignations by issuing summons for MPs to personally meet him and confirm their decision, but the former ruling party had refused to participate in the process, prolonging the deadlock. According to the media, the 11 lawmakers whose resignations have been accepted had all confirmed their resignations during public speeches.

“A petition has been submitted […] against the election commission for accepting the resignations […] of their choice,” Asad Umar, party’s secretary general, said in a tweet. “All [MPs] resigned in front of the entire nation. All resignations should be accepted at once.”

Earlier, speaking to the press outside the high court, Umar said his party approached the court after suspecting foul play. “On April 11, all 125 of our people [minus turncoat MPs] resigned on the floor of the House, and on April 13, [now-former] Deputy Speaker Qasim Suri accepted those resignation letters,” he said.

Imran Khan gives fresh call for protests outside ECP office on August 4 ISLAMABAD StAff RePoRt

PTI chairman Imran Khan on Monday issued a call for a fresh protest outside the Election Commission of Pakistan (ECP) office in Islamabad on Thursday (August 4) to demand Chief Election Commissioner (CEC) Sikandar Sultan Raja’s resignation.

Addressing his party members at PTI’s national council meeting here, Imran said that the assemblies of Khyber Pakhtunkhwa and Punjab had passed resolutions against the CEC, stating that they had lost confidence in him.

is trying to pressurise the CEC through personal attacks.”

Abbasi also referred to a Financial Times report during the media talk. It investigated how the PTI accrued funds through cricket matches organised under Wootton Cricket Ltd, a company owned by Abraaj Group founder Arif Naqvi.

The report titled ‘The strange case of the cricket match that helped fund Imran Khan’s political rise’ was published on Friday and said: “Naqvi transferred three instalments directly to the PTI in 2013 adding up to a total of $2.12 million.”

“The commission should under no circumstances conduct the next general elections,” he asserted.

At the beginning of his speech, the PTI chief recalled that during his tenure, the government tried its best to introduce Electronic Voting Machines (EVM) to ensure “free and transparent elections”.

“But the CEC sabotaged our hard work to secure the system of rigging for two parties (PPP and PML-N).” He said that during the recently-held Punjab bypolls, PTI’s biggest concern was rigging but “despite multiple attempts, it emerged victorious”.

Imran also claimed that the government had lost its credibility — both nationally and internationally. “It has fallen to an extent that the army chief has to now request for the IMF (International Monetary Fund) loan. Can you imagine?”

The ex-premier’s comments referred to the reports of Chief of Army Staff General Qamar Javed Bajwa reaching out to US Deputy Secretary of State Wendy Sherman last week for help in securing an early loan dispersal from IMF. In his speech today, Imran said that time had exposed the reality and “incompetence” of Prime Minister

Shehbaz Sharif to the people who once thought he was a “smart man”. “It is clear now that these people never thought about the economy or the future of the country,” he said.

“They never came with a plan or a roadmap to stabilise it. All they wanted was an NRO (National Reconciliation Ordinance).

“Today, the economy is inching towards a default,” the PTI chief continued, adding that “the people who witnessed the conspiracy [against the PTI government] and refused to do anything about it” were equally responsible for the crisis in Pakistan.

Moin ul Haque, Pakistan’s Ambassador to China and the leadership of SEDA for enabling cooperation between STZA and SEDA and expressed his support for implementing the shared vision.

Gao Wei the Vice Mayor of Shenyang Municipal People’s Republic stated that China and Pakistan are strategic partners, with a long history of peaceful cooperation in various development sectors. He also explained that Shenyang is creating hubs for scientific, industrial and technological growth – with a special focus on fintech.

He pledged to support cooperation between SEDA and STZA, remarking that the technology sector represented a new avenue for potential cooperation between the two friendly nations.

Pakistan’s Ambassador to China Moin-ul-Haque highlighted longstanding ties between the two countries and appreciated Chairman STZA and his team for their efforts to foster a knowledge economy in Pakistan.

NA-245 by-polls: PTI writes to ECP against MQM-P KARACHI: The PTI candidate for the by-polls on NA-245 has written a letter to the ECP against the MQM-P candidate claiming he is government resources to manipulate the elections. According to details Pakistan Tehreek-e-Insaf (PTI) candidate, Molvi Mehmood has written a letter to the provincial Election Commissioner claiming the Muatthaida Qoumi Movement (MQM-P) candidate is trying to rig elections using government resources.

Molvi Mehmood claimed that the MQM-P candidate is establishing a free medical camp in the constituency to manipulate the polls. The medical camp would be set up in lines area on August 2, he wrote. The camp, set up by Karachi Port Trust, is questionable, the PTI candidate wrote. The activity ahead of the elections is a violation of the elections act, he added. The PTI candidate urged the ECP to take notice of the violation. StAff RePoRt

Fintech company OneLoad announces $11m raise from Bill & Melinda Gates Foundation, others LAHORE: Pakistan’s fintech company OneLoad has announced raising $11 million in new funds as it focuses on the next phase of growth. OneLoad’s round was led by Pakistan’s Sarmayacar and Abu Dhabhi-based Shorooq Partners, with participation from the Bill & Melinda Gates Foundation’s strategic investment fund. The fintech company also has International Finance Corporation (IFC) as its prior funder. OneLoad, owned by System’s Ltd subsidiary EP Systems, is digitising micro retailers for banking functions. The Lahorebased fintech company is also an aspirant for the Electronic Money Institute (EMI) license and received the in-principle approval from the State Bank in January 2020. Muhammad Yar Hiraj, the founder and CEO of OneLoad, tells Profit that they have fulfilled the central bank’s requirements and are expecting approval for the pilot operations in a few weeks. Founded in mid-2014, OneLoad acquired retailers by enabling them to sell airtime of telecom operators digitally. With its retailer base now intact, it has moved on to enable them to accept payments and plans further to equip them for cash-in and cash-out services. OneLoad plans to use the EMI license to convert OneLoad accounts into bank accounts and issue debit cards. “OneLoad trained retailers to keep money with the company as a store of value. With EMI, that store of value is going to become a bank account on which OneLoad will be able to issue a debit card,” Hiraj told Profit. “Since it will become a bank account, retailers will be able to accept payments from other digital wallets as well as through QR codes.” tAimooR HASSAn

Tuesday, 2 August, 2022 | KARACHI

NEWS

03

IMrAN, PErvAIz ELAHI FINALISE PuNJAB CABINET FOrMATION LAHoRe

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StAff RePoRt

AKISTAN Tehreek-e-Insaf (PTI) Chairman Imran Khan on Sunday visited Lahore where he held a meeting with newly-elected Punjab Chief Minister Pervaiz Elahi and his son Moonis Elahi.

According to the source, the former prime minister and the Punjab CM discussed the formation of the provincial cabinet and other issues.

On the occasion, Pervaiz Elahi also apprised the PTI chairman of the government’s measures to help the flood victims. In this regard, Imran Khan issued instructions to CM Elahi to speed up the relief activities in the flood-affected areas.

According to sources the names of MPAs from the PTI and PML-Q were discussed and shortlisted for the Punjab cabinet portfolios.

It is learnt that Raja Basharat will likely get the portfolio of the law ministry, Murad Raas will be given education ministry,

dr. Mukhtar Ahmed assumes charge of Chairman HEC

Yasmin Rashid is likely to get the health ministry while Hashim Jawan Bakht’s name has been finalized for finance ministry.

Moreover, Fawad Chaudhry is likely to get the portfolio of the home minister, said sources. Mian Aslam Iqbal, Mian Mehmoodur Rasheed, Chaudhry Zaheeruddin, Hafiz Muhammad Mumtaz, Samiulllah Chaudhry, Hafiz Ammar Yasir, Yasir Humayun Raja and Taimur Khan Bhatti will also get ministerial slots in the Punjab cabinet.

Furthermore, Muhammad Abdullah Waraich, Muhammad Rizwan, Sajid Ahmed

Khan, Ahsanul Haq Chaudhry, and Khadija Omar will be added to the provincial cabinet as ministers.

According to the press release issued by the Punjab government, the PTI Chief congratulated CM Pervaiz Elahi on the ouster of the Pakistan Muslim League Nawaz-led government. The CM and PTI Chief discussed the political situation and matters pertaining to providing relief to the people of Punjab.

Later, Punjab Chief Minister Ch Pervaiz Elahi chaired a meeting regarding the

Miftah directs for resolving issues of small traders

repercussions of recent floods and rains in the province. The CM announced to provide a relief package for flood-affected families.

An amount of Rs800,000 will be provided to families of those people who died due to floods. A committee would estimate losses and distribute relief packages among the deserving.

The CM also ordered the rebuilding of damaged roads on an emergency basis and established medical camps in the province.

Flood-affected people would also be vaccinated against viral diseases.

10 of family dead in Kashmir roof collapse ISLAMABAD StAff RePoRt

StAff RepoRt

NewS DeSk

Dr. Mukhtar Ahmed has assumed the charge of Chairman, Higher Education Commission (HEC) on Monday. He has previously served as Chairman HEC from 2014 to 2018, Executive Director HEC from 2013 to 2014 and as Member (Operations and Planning) HEC from 2005 to 2011, said a news release issued here. Dr. Mukhtar Ahmed has played a key role during the last two decades to formulate and implement reforms in the higher education, be it increase in the access to university education, strengthening quality assurance systems, convincing federal and provincial governments to raise funding for higher education, development of universities’ infrastructure, promoting national and international collaborations of faculty, researchers and universities, steps to stop and discourage illegal practices in the higher education sector, and a number of other initiatives. Dr. Mukhtar Ahmed has also served as Deputy Director General, Islamic Educational, Scientific and Cultural Organization (ISESCO) based in Rabat, Morocco, where he was responsible for Directorates of Education, Science, Culture and Communication, ICPSR, CPID (Planning and Strategic Division) and ISESCO Regional Centres. With a Bachelors and Masters of Science from University of Agriculture, Faisalabad and Masters in Business Administration and PhD from University of California, Riverside, USA, Dr. Mukhtar Ahmed has over three decades of educational development and management experience at national and international level that includes teaching, research, administration, policy development, linking educational research to industry / commercialization, introducing entrepreneurial approaches to education and a diverse range of educational development programmes. His distinguished career is enriched with diverse academic, research and administrative experience both in public and private sectors of higher education in Pakistan and abroad.

Federal Minister for Finance and Revenue, Miftah Ismail here on Monday directed the concerned authorities to undertake required actions to resolve the issues of small traders at the earliest.

During a meeting with delegation of Chambers of Small Traders and Small Industry (CSTSI) headed by Zafar Iqbal, the minister commended the contribution of this sector in the development of economy and addressed the apprehensions of the traders on the imposition of tax on electricity bills.

Coordinator to the PM on Commerce & Industry Rana Ihsan Afzal, Coordinator to the

IIOJK records highest internet shutdowns globally NewS DeSk Indian Illegally Occupied Jammu and Kashmir (IIOJK) has recorded the highest number of internet shutdowns across the globe imposed by the Indian government during the last two years in sheer violation of the United Nations’ declaration on internet access as a fundamental right. “During the year 2020, out of the total 155 internet shutdowns globally, India alone accounted for 109 which are contrary to the UN’s declaration on internet access as a fundamental right”, an official source revealed. In the year 2021, out of the 182 internet restrictions recorded worldwide, 106 happened in India and alone IIOJK has recorded 85 out of the 106 shutdowns imposed by the Indian government. Pulwama, Srinagar and Kulgam were the most affected areas of the occupied territory in terms of internet shutdowns. According to the Digital Rights experts, internet shutdowns run against India’s commitment to international human rights laws. The internet suspension in IIOJK causes inconvenience to people and affects their businesses. Most of the business activities in current times depend on internet services, but frequent internet blockade is taking a toll on people’s businesses.

Prime Minister on Economy, Bial Azhar Kayani, Chairman Federal Board of Revenue and other senior officers attended the meeting.

Earlier, Zafar Iqbal shared with Finance Minister the contribution and significance of the CSTSI in the economy of the country, the statement added.

He also shared about the various problems being faced by them especially related to sales tax and refunds and imposition of tax on electricity bills.

The delegation thanked the finance minister for comprehensively listening to their concerns and for stated cooperation.

Devastating monsoon rains kill over 430 people, 24,000 livestock across country: NDMA StAff RepoRt The sporadic prolonged spell of heavy monsoon rains have killed 434 people and 24,420 livestock while 605 individuals got injured and 36,469 houses damaged so far in various parts of the country. The National Disaster Management Authority (NDMA) issued a daily 24-hour situation report that detailed various damages and losses reported across the country due to unprecedented rainfall and flash flooding.

The report highlighted that in Khyber Pakhtunkhwa (KP)’s Bajaur District, heavy rain partially damaged 13 houses whereas in Charsadda District on July 29, heavy rains injured three persons, four cattle got perished and six houses got fully and 25 houses got partially damaged.

In Dera Ismail Khan District, heavy rain on July 29 caused 16 houses partially damaged whereas in Malakand District death of three persons was reported along with seven houses partially damaged owing to heavy rain.

The damages reported in Mardan District, due to heavy rain, resulted in partial damage to 14 houses, along with two houses fully damaged, and also 24 kanals maze crops got damaged.

In Mohmand District, death of a person was reported along with a dozen of houses partially damaged after massive rains. In

Nowshera District, heavy rainfall partially damaged a house. In South Waziristan District, two children got injured and a house partially got damaged amid increased rainfall. In Swabi District, two womwn got injured and two houses got partially damaged during monsoon rain.

In Swat District, two cattle died and a cattle farm got damaged by large scale rain.

In Punjab’s Multan District, monsoon rains wounded a child and partially damaged a house.

In Jehlum District, a child was reported to be drowned in the river during rains. In Gilgit Baltistan (GB)’s Ghizer District, five houses got completely damaged due to heavy rains whereas in Azad Jammu and Kashmir (AJK)’s Mirpur District a child was reported to be drowned in the river during rain.

The NDMA also ensured relief activities across the country to assist the provincial disaster management authorities (PDMAs). The NDMA provided 2,400 tents, 4,000 mosquito nets and 2,900 tarpaulins to PDMA Balochistan.

The PDMA Sindh handed over 4,189.5 kilogrammes (kgs) relief items containing 40 Ration Bags, 76.5 Kg Cooking Oil, 400 Anti Snake Vaccines and Medicines and Medical Supplies to Air Force Authorities for further dispatch to Balochistan which was in addition to 600 tents sent earlier for the flood affectees of Uthal, Balochistan.

Moreover, the rehabilitation activities were underway as the restoration work at Lunda Bridge at Uthal and Gaddani Bridge was in progress in Lasbela District.

At least ten died when the roof of a house collapsed in the Tatta Pani settlement in Azad Jammu and Kashmir (AJK) following heavy rains. 10 people, including five children and two women, died and three sustained injuries, according to rescue officials. The officials further said two families were living in the said house, while guests were also present at the time of the incident. The building was owned by an employee of the local tourism department. The bodies and the injured have been shifted to the District Headquarters (DHQ) hospital in Kotli district for treatment and first aid. The identity of the deceased could not be ascertained immediately, however.

Former Kashmir prime minister Abdul Qayyum Niazi expressed grief over the incident and expressed his condolences to the bereaved. In his statement, he said he was heartbroken to hear the news. “I am an equal participant in the grief of the victim’s family in this hour of grief,” he said.

Pakistan to mark youm-eIstehsal on August 5 to show solidarity with IIOJK people StAff RepoRt Pakistan will observe Youm-e-Istehsal on August 5 (Thursday) to mark the third year of Indian military siege of Indian Illegally occupied Jammu and Kashmir (IIoJK) and denounce illegal, immoral and unconstitutional step to strip IIoJK of its special status. The government has planned a series of activities including seminars and conferences to mark the Youm-e-Istehsal and express solidarity with the oppressed Kashmiri people while rallies in their support would be staged across the country with vibrant participation of people from all walks of life. The whole nation will give a message to their Kashmiri brethren that the people of Pakistan would always stand with them in their just struggle for right to independence and against the atrocities committed the Indian forces. Kashmiri people on both sides of the Line of Control and all over the world will also observe Youm-e-Istehsal to condemn unconstitutional step taken by India on August 5, 2019.

The activists of all the political parties of the country will record protest over Indian state terrorism meted out against innocent and unarmed people of IIoJK through rallies and other activities. The civil society organizations will also arrange seminars and other programs to highlight gross human rights violations against the Kashmiri people. One minute silence is to be observed across the country. Traffic to be halted for one minute and sirens will be played. The print media, Radio Pakistan and television channels will play Pakistan and AJK national anthems immediately after one minute silence. Meanwhile, posters and billboards have been displayed at the main roads of Islamabad and other provincial capitals to highlight the plight of Kashmiri people and expose the atrocities being committed by the occupation forces in IIoJK. On August 5, 2019, the Modi-led Bharatiya Janata Party government struck down Articles 370 and 35A of the Indian constitution, thereby scrapping the law that granted Kashmir its special status.

Sino-Pak FMs meetings fully demonstrate close ties: Zhao Lijian StAff RepoRt A Chinese Foreign Ministry Spokesperson said on Monday that three bilateral meetings between Chinese State Councilor Wang Yi and Foreign Minister Bilawal Bhutto Zardari in a span of three months fully demonstrated the close ties between China and Pakistan.

“You are rightly saying that. This fully demonstrates the close ties between China and Pakistan,” Zhao Lijian said during his regular briefing while responding to a question about the meeting between Wang Yi and Bilawal Bhutto on the sidelines of Shanghai Cooperation Organization (SCO) council of foreign ministers meeting held in

Tashkent, Uzbekistan last week.

He said that at the SCO foreign ministers meeting State Councilor Wang Yi met with Foreign Minister Bilawal Bhutto.

The two foreign ministers had an indepth exchange of views on deepening our all-weather strategic cooperative partnership, advancing political cooperation, pursuing high quality Belt and Road Initiative (BRI) cooperation, China-Pakistan Economic Corridor (CPEC) cooperation and stepping up cooperation in various fields, including in multilateral occasions, he added.

The spokesperson said that during the meeting, Wang Yi stressed that the Chinese side would firmly support Pakistan in

safeguarding sovereignty, independence and territorial integrity, supporting Pakistan to exploring a development path suiting its national conditions to realize solidarity, stability, and prosperity.

“We also support Pakistan’s role in regional, international affairs and we will have in depth communication and jointly build a closer China-Pakistan community with a shared future in a new era,” he added.

He said that China supported Chinese business investment in Pakistan and the Chinese side was ready to import more good quality agricultural products.

Both the countries agreed to they would resume and gradually expand air links and

personnel exchanges in orderly manner.

State Councilor Wang also stressed the need for Pakistani side to have the speedy investigation into the April 26 terrorist attack and hold the perpetrators accountable.

Foreign Minister Bilawal said that Pakistani side would always take Pak-China allweather strategic partnership and friendship as a cornerstone for its foreign policy and firmly stand with China in issues concerning China’s core interests and major concerns.

Pakistani side will also advance CPEC construction to show new Pakistan speed and they will also enhance the security work for CPEC, he added.

The two foreign minister also discussed

international issues including the Afghan issue, he said.

Meanwhile, Pakistan Ambassador to China, Moin ul Haque has termed the third bilateral meeting between the two foreign ministers in a span of three months as manifestation of the strong China-Pakistan All Weather Strategic Cooperative Partnership.

This is the third bilateral meeting between the two foreign ministers in a span of three months. These frequent high-level exchanges are manifestation of the strong China-Pakistan All Weather Strategic Cooperative Partnership, Ambassador Haque said in a tweet.

Tuesday, 2 August, 2022 | KARACHI

04 NEWS

CM MuRAD uRgES SHAngHAI gRouP to CoMPlEtE HouSES FoR BloCK-I AFFECtED PEoPlE

S

staff report

INDH Chief Minister Syed Murad Ali Shah on Monday said that the Thar Coal Block-I affected people (PAPs) would be settled properly by establishing their colonies to be equipped with all the facilities.

“The Shanghai Group working in Block-I should expedite construction of the residential colony so that affected people could be shifted there.”

This he said while talking to the delegation of Shanghai Electric Group led by its President Mr Liu Ping here at CM House. The delegation members include Deputy President Mr. Yi Xianrong, Chairman Block-1 Power Generation Co. Mr. Meng Donghai and others. The CM was assisted by Energy Minister

People of Pakistan, Kashmir to mark Aug 5 as Exploitation Day against India: APHC app All Party Hurriyat Conference (APHC) General Secretary Sheikh Abdul Mateen has said that the people of Pakistan and Kashmir will observe fifth August as exploitation day by raising their voices against the unilateral and illegal Indian actions of August five, 2019. Talking to APP on Monday, he said that India after the illegal and unilateral actions of August five in Indian Illegally Occupied Jammu and Kashmir, the proportion of Muslim population was rapidly changing because of the application of Indian laws in the occupied area. He said that India was committing genocide of Kashmiris in a planned-way, adding that Indian extremists under the leadership of Modi had put the peace of the region at stake. He said that the illegal Indian occupation of Kashmir for 75 years and the extreme brutality of the Indian occupying forces have not succeeded in dampening the freedom spirit of Kashmiris. APHC General Secretary said that the resolutions passed by the United Nations regarding Kashmir should be implemented. He said that the Kashmiri people and their determined leadership were engaged in the struggle to achieve the right of self-determination and they will not hesitate to make any sacrifice for the freedom of Jammu and Kashmir from the illegal rule of India. He said that India should withdraw all illegal and unilateral actions of August 5, 2019 and stop its illegal actions to change the demographic structure of the occupied territory. Sheikh Abdul Mateen has said that India was committing serious violations of human rights in Occupied Kashmir but the Kashmiri people would continue their struggle for the right to self-determination despite India’s state terrorism.

On August 5, the international community will be reminded that Kashmir is a disputed region which India has occupied in disregard of all international laws and against the wishes of the people of the disputed region, he added.

Imtiaz Shaikh.

Energy Minister Imtiaz Shaikh briefing the chief minister said that two villages have been affected with the start of work in Block-I. He added that the project has affected families. At this the chief minister said that his government would provide them well planned and built houses in a colony.

Imtiaz Shaikh told the chief minister that the Shanghai Group has paid 50 percent payment for construction of the houses for the affected people. He added that as the work would progress the company would pay the remaining 50 percent amount.

At this the CM directed Mr Shaikh to ensure construction of the houses as per requirement of the area.

“The colony of the affected people of Block-I should be provided all the facilities such as water, electricity,

Schools to remain closed in Balochistan amid severe floods staff report Summer vacations in schools and other educational institutes in Balochistan areas falling under summer zone have been extended till August 14.

The schools in summer zone were to open today, however, a notification issued from the provincial education ministry said that the vacations were extended owing to floods and heavy rainfall.

“The school will now open on August 14,” the notification issued by secretary secondary education Balochistan said.

It is pertinent to mention here that torrential rains and flash floods continued to wreak havoc in different parts of Balochistan, pushing up the death toll to 136, the Provincial Disaster Management Authority (PDMA) said on Monday.

According to a report issued by the

Provincial Disaster Management Authority (PDMA), at least 136 people – including 33 women and 47 children – were killed in torrential rains and flash floods across Balochistan.

The deaths occurred in Bolan, Quetta, Zhob, Dukki, Khuzdar, Kohlu, Kech, Mastung, Harnai, Qila Saifullah and Sibi. A total of 13,535 houses were collapsed or partially damaged due to the ongoing heavy rains and floods.

The report further stated that six highways covering 640 kilometers have also been severely affected in the rains and flood. Almost 16 bridges were collapsed across the province due to heavy rains and flood.

The PDMA added that over 23,000 livestock have also died in rain-related accidents. Meanwhile, large-scale relief and rehabilitation operations are underway in all affected areas of the province.

KP PA passes resolution against CEC amid protest by opposition staff report The Khyber Pakhtunkhwa assembly on Monday passed a resolution demanding resignation of Chief Election Commissioner (CEC) and all members of the commission to pave the way for holding free and fair elections in the country.

The resolution presented by Finance Minister Taimur Saleem Jhagra said that resignation of the CEC was essential so that all political parties unanimously constitute an impartial election commission for holding free and fair elections.

The resolution hoped that all the political parties would act responsibly in the wake of the prevailing situation in the country and concluded that the immediate transparent general elections were the only way to pull the country out of the

present crisis.

Meanwhile, the PPP parliamentarian Nighat Orakzai pointed out quorum but the chair of panel Idress Khattak continued the proceedings of the House and the resolution was passed by the House. She tore paper of the resolution and staged sit-in in front of speak desk in protest.

JUIF parliamentary leader Maulana Lutf ur Rehman condemned the way the resolution was passed by the treasury benches and said that it should have been passed through a democratic way.

PML-N parliamentary leader Sardar Yousaf also condemned the resolution adding that such resolution was against democracy and democratic norms and the government should have to show maturity.

CM Punjab directs to run anti-dengue campaign across province staff report Punjab Chief Minister Chaudhry Parvez Elahi on Monday ordered to run an antidengue campaign to overcome the dengue spread in the wake of the ongoing monsoon season.

He issued these orders while presiding over a meeting here to review measures taken to control dengue in the province.

The chief minister said there should be effective monitoring and accurate reporting of the anti-dengue activities and trained staff should be hired to run this drive, adding that the full focus should be on clinical management and antidengue teams be mobilized at the grassroots to achieve desired results.

He said these teams should conduct regular visits and indoor and outdoor surveillance should be given special attention, asserting that anti-dengue activ-

roads, greenery/tree plantation, community halls, separate for Hindu and Muslims, school and dispensary.

President Shanghai Group Mr Liu Ping told the chief minister that the land acquisition has not been completed. At this Minister Energy said “Most of the land acquisition matters have been solved and only 660-acre of Naqboli land is pending due to some issue. The chief minister assured the Chinese group that the remaining issues of the land would be resolved shortly.”

Mr Shah told the visiting guests that his government has taken special measures to provide security to Chinese nationals working in the province.

It may be noted that Shanghai Group is establishing two 260 MW coal-based power plants at Thar Block-I.

ities should not be limited to the provincial capital, but every city in the province and breeding spots of dengue mosquitoes should be eradicated on a priority basis.

Similarly, a strong awareness campaign should be conducted to involve society, the CM said and added that the hospitals should have the best treatment arrangements for dengue patients.

During the meeting, Health secretary briefed the meeting about measures to control dengue.

Punjab Chief Secretary Kamran Afzal, Principal Secretary to CM Muhammad Khan Bhatti, former P&D chairman Salman Ghani, former principal secretary to CM GM Sikandar, secretaries, commissioner Lahore, experts and others attended the meeting while divisional commissioners and deputy commissioners participated through video link.

Rashid calls out Fazl for ‘threatening’ statements staff report Awami Muslim League Pakistan (AMLP) leader Sheikh Rashid on Monday said that Jamiat Ulema-e-Islam (F) Fazlur Rehman’s statement can ignite anarchy. Taking to twitter, the former Interior Minister Rashid while attacking current government said that country can witness famine of flour and ghee. Calling out the petroleum ministry, he said that decreasing petrol prices by Rs.3 and Rs.9 increase in the price of diesel is joke with the masses. He said that the private factories of the politicians are running well, the house of the poor is ruined. Rashid went on to say that exports have decreased by 25% due to the ban on import raw material. He said that when inflation will increase by 38%, foreign reserves will be reduced and economy will be destroyed.

Sheikh Rashid said, “If you have guts, instead of PDM meeting, ministers should come in public. 200 factories are closing down every month and crime has increased by 100%.”

Bizenjo takes notice of complaints of flood victims, suspends DC Kila Saifullahb staff report Chief Minister Balochistan Abdul Quddus Bizenjo on Monday took notice of the complaints of flood victims who had received no food and relief items in Kila Saifullah. The CM suspended deputy commissioner Kila Saifullah on his gross negligence, inefficiency and incompetence in managing relief camps, said news release. On the instructions of the Chief Minister, the inspection team had been sent to Kila Saifullah to review the complaints of the victims. The team had directed to investigate the complaints and submit its report within 24 hours. The Chief Minister’s inspection team would also audit the relief activities in all the affected districts. CM said any negligence, mismanagement and corruption in relief and rehabilitation activities in the flood affected areas was unacceptable. He added the government had released huge funds for the relief and rehabilitation of the victims in the flood hit areas of the province. Bizenjo instructed for the accurate use of aid funds and to expedite relief activities in all cases.

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Tuesday, 2 August, 2022 | KARACHI

NEWS

163 PAkIstAnI chArtereD to chInA’s YIwu cItY to Promote PAk-chInA trADe NewS DeSk

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S many as163 Pakistani businessmen chartered to China’s Yiwu city to promote Pak-China Trade, Gwadar Pro reported on Monday.

“Yiwu is my second hometown. I am really grateful to the Yiwu municipal government and Zhejiang Eman Logistics for arranging this charter flight. I will work harder and contribute to the economic and trade cooperation between China and Pakistan!” Asif, a Pakistani businessman who had just landed by a chartered plane from Islamabad to Yiwu, said with great excitement.

A Hainan Airlines charter passenger plane carrying 163 Pakistani businessmen has landed at Hangzhou Xiaoshan Airport on Saturday, it has opened a new channel for China-Pakistan trade against the backdrop of the epidemic.

Li Yiman, General Manager of Zhejiang Eman Supply Chain Management Company, and Pakistan’s Honorable Investment Councillor, told Gwadar Pro that this charter flight provides great convenience for Pakistani businessmen returning to Yiwu: “the air tickets were provided at cost price, and the quarantine accommodation expenses after landing were all covered

by the obligatory government.

Moreover, the direct flight to Hangzhou and Yiwu greatly reduces the quarantine time.” KK Afridi, head of the proposed Yiwu Pakistan Chamber of Commerce, which is applying for registration, has lived in Yiwu for 15 years and made a lot of efforts for the coordination of this charter flight.

He termed this charter flight a historical friendly flight and highlighted that, “customers from Pakistan are thrilled to have easy access to cheap tickets to maintain their business in China, especially in Yiwu market, and again to plan for the future. I hope the Yiwu government can do more for our

Pakistani brothers in the future.”

Pakistani businessmen who took this charter flight to Yiwu have expressed their love and expectation for Yiwu. They said that Yiwu market is the world’s largest small commodity distribution center, attracting dealers from all over the world, providing an important stage for Pakistani products to China and the rest of the world.

They also came to expand exports for Pakistan using Yiwu as an international trade hub.

It is learned that Yiwu will continue to organize business charter flights to assist foreign businessmen to return to Yiwu and promote international trade.

Law Minister, SCBA chief brief housing secretary about concerns of lawyers’ community on delay in park road housing scheme ISLAMABAD staff report

Mr. Azam Nazeer Tarar, Federal Minister for Law and Justice and Mr.M. Ahsan Bhoon, President Supreme Court Bar Association (SCBA) held a meeting with Iftihkhar Ali Shallwani, Federal Secretary, Ministry of Housing and Works. During the course of meeting, both sides discussed the matters and issues pertaining to Park Road Housing Scheme, a project of Federal government Employees Housing Authority and Supreme Court Bar Association.

Azam Nazeer Tarar, Federal Minister for Law and

Justice and Mr. M. Ahsan Bhoon, apprised Secretary Housing about the concerns and issues of Lawyers' community and SCBA related to the project and demanded to speed up the pace of work. Iftihkhar Ali Shallwani stated that he is aware of the issues and will do every possible thing to complete and deliver the project in stipulated time.

He said that the lawyers are the backbone of any society and have pivotal role.

Therefore, their concerns and grievances must be resolved on priority basis. Muhammad Tariq Rasheed, Director General FGEHA and other Officials of the Ministry were also present during the meeting.

05

PIA to operate 07 special flights for Iraq to facilitate Zaireen APP Pakistan International Airlines (PIA) will operate 7 special flights to transport intending Zaireen to Najaf (Iraq) for observance of Ashura-e- Muharram. According to schedule the special flights would start from August 2 and continue till August 07. The flights would operate from Karachi to Najaf. While connecting flights would also be arranged from other cities to facilitate pilgrims. Also PIA was planning to operate special flights for observing Arba’een [the Chehlum of Hazrat Imam Hussain (AS)] flights. The booking of special flights has already started.

Diamond Jubilee Independence Day celebrations begin staff report

The diamond jubilee Independence Day celebrations have kicked off in the garrison city of Rawalpindi as the vendors and shopkeepers are witnessing surge in the number of customers buying celebration items. The Independence Day preparations are on the rise in the city as the vendors have set up stalls for the sale of colourful bunties, national flags, banners and pictures of national heroes who struggled day and night to achieve a common goal of a separate homeland for the Muslims. The citizens are playing national songs to revive national spirit that give the message of national cohesion. On the Independence Day, the national flag will be hoisted at important public buildings to celebrate the day in a befitting manner. Sweets will be distributed among the poor whereas special prizes will be awarded for best decoration and illumination of their buildings on the occasion of Independence Day. The educational institutions will also conduct special programmes including speech, debate, essay writing, singing, and painting competitions to mark the day.

Pakistan: A Promising Investment Destination for Overseas Pakistanis amidst Tough Global Economic Climate Zafar Masud

I had composed the following exploration of Pakistan’s economy (and the role of NonResident Pakistanis therein, plus a brief review of viable investment avenues) as a speech that was delivered at the Banquet Dinner of the 45th Annual Convention of the American Physicians of Pakistani Descent of North America (APPNA) on 16th July 2022.

On behalf of myself and The Bank of Punjab, I am grateful to have had the opportunity to address the highly esteemed gathering of 2000-3000 Pakistani-origin American physicians in attendance at the Banquet Dinner.

Our presence at the APPNA Annual Convention was part of the greater North American Roshan Digital Account (RDA) Roadshow, intended to publicize the RDA proposition to potential clients in the North American region – and by extension, to offer gainful investment opportunities in Pakistan to Non-Resident Pakistanis seeking promising investment avenues or simply looking to give back to the motherland. This initiative to stimulate foreign investment and remittance flows into Pakistan via direct outreach was very well-received at all stops. The speech at the event is as follows: ____________ “I would like to begin by thanking the management of APPNA for hosting this most venerable annual convention, and affording the Bank of Punjab the opportunity to reach out to this august gathering of overseas Pakistanis.

At this year’s convention (which is APPNA’s 45th), the Bank of Punjab has set up an exhibition booth, to showcase our presence, our expertise, and our achievements in the Pakistani commercial banking space, as well as in the Roshan Digital Account domain. Despite the fact that this effort marks the first time that BOP has expanded its outreach across the Atlantic to the Pakistani diaspora residing and working in the United States, it is just the beginning. This initiative marks the starting point of our initiatives intended to stimulate foreign investment into Pakistan, by illuminating all the attractive and lucrative investment opportunities on offer for savvy investors, and for those NRP’s who yearn to give back, to contribute to the betterment of their motherland.

In the days to follow, BOP will host Roshan Digital Account Roadshows in New York, Washington D.C., Houston, Chicago, and L.A. Thanks to the logistical support from

the Pakistani Embassy in USA and our Advisor for Diaspora Pakistanis, Mr. Jalil Abbas Jilani.

It is extremely heartening to note that the Roshan Digital Account is already a resounding success story. Due, in no small part, to the consistent support shown by the Non-Resident Pakistani community. RDA is currently standing at over 430,000 active accounts, opened by NRPs from over 120 countries, with funds received totaling over USD 4.8 Billion. The State Bank of Pakistan, and the Pakistan Government, had designed this initiative to cater to the banking needs of overseas Pakistanis, in as complete and thorough a manner as possible.

Principally, the Roshan Digital Account is a means to bolster the flow of foreign investment in Pakistan. As is known by all who are present here, Remittances are a key lifeline of the Pakistani economy.

2022 found the Pakistani economy in dire straits. Not unlike numerous other comparable economies in today’s climate, our country is also going through hard times, due in part to exogenous factors, and in part to internal constraints. Let us take a look at some of these factors.

As you’re aware, the Russia Ukraine conflict has led to supply disruptions and has caused a sharp spike in commodity prices.

Global growth is expected to slump from 5.7% in 2021 to 2.9% in 2022, a sharp decrease from the 4.1% that was projected in January. As a cumulative effect of the pandemic, supply chain disruptions, and the war, the level of per capita income in developing economies this year will be around 5% below pre-pandemic trends.

In Pakistan, GDP growth outperformed expectations in 2022, posting 6% growth as compared to earlier forecast of 4.4%. This is primarily due to higher agriculture output, record exports and higher government spending. Outlook for 2023 and 2024 has been revised lower due to monetary and fiscal tightening measures to reduce the unsustainable trade deficits. Inflation averaged higher at 12.2% compared to forecast of 9.5% due to the commodity super cycle. The Russia-Ukraine conflict has led to significant supply disruptions of energy and food commodities resulting in highest prices since 2011. This has led to higher inflation in Pakistan in 2022 and is expected to lead to higher inflation in 2023. However, with the projected recession in large economies, the situation may change.

Fiscal deficit was recorded at PKR 3.7

trillion (7% of GDP) in 2022 on the new rebased GDP numbers. Current Account Deficit is now projected at around USD 17 billion (4.8% of GDP) in 2022, compared to earlier forecast of USD 12 billion (3.5% of GDP). Higher than projected international commodity prices of oil, food and metals has led to a sharper increase in the import bill than earlier projected. USD/PKR has depreciated much more sharply due to the higher than projected rise in import bill on the back of commodity super cycle and RussiaUkraine conflict. The delays in securing IMF funding and funding from other multilateral and bilateral sources has led to sharp weakness in PKRs. However, with the recent staff level agreement, the PKR is likely to strengthen as the FX flows associated with the IMF agreement begin to get in motion.

Hitherto, weaker PKR and higher commodity prices have led to higher than forecasted inflation numbers. The CPI number will fall once currency and import bill will settle at a reasonable level going-forth.

Pakistan is strategically located to become Asia’s premier trade, energy, and transportation corridor. It is also the gateway to the energy rich Central Asian countries, the financially liquid Gulf States, and the economically advanced Far East. Based on geostrategic significance alone, Pakistan is a market that is full of possibilities.

Additionally, Pakistan has a burgeoning youthful population; more than 55% of our population is below the age of 20, which is highly conducive for long term sustainable economic growth. Pakistan has a booming middle class, and a large portion of the workforce is proficient in English, and is hardworking and intelligent. Pakistan is also home to a large population of trained engineers, lawyers, bankers, and other professionals with considerable international experience. Our consumer market is growing at a fast pace, evidenced by the sharply increasing tele-density and smartphone penetration. Pakistan’s investment policies prioritize the creation of a conducive business environment to attract FDI. To facilitate the aforementioned FDI, Pakistan has an array of commercial banks positioned to cater to every segment. As for BOP’s positioning in the Pakistani banking industry, and the club of RDA banks, BOP is amongst the top 10 commercial banks in Pakistan in terms of balance sheet size, and other key metrics. In terms of Year-on-Year growth, BOP has been significantly outperforming its peer banks in all benchmarks

of note, including profit growth, the recovery of non-performing loans, asset and deposit growth rates, Return on Equity, among others.

The Bank of Punjab is also a market leader in government initiatives, such as, low cost housing, agriculture financing, youth entrepreneurship, as well as initiatives aimed at public welfare. BOP is proud to be offering the first and the only completely free RDA in the market, entailing zero client-side fees and third party charges.

The Bank of Punjab offers a premium banking solution for RDA, under the umbrella of our Priority Banking solution, called BOP Khaas. This offering entails the full premium banking experience, applied across the entire RDA product suite. And as a gesture of our appreciation, and of our recognition of the immense significance of overseas Pakistanis, we would also like to announce that all APPNA members who register for the RDA will be eligible for the BOP Khaas Priority Banking membership, by default.

The Bank of Punjab is also the only commercial RDA participating bank that has an initiative aimed exclusively towards public welfare and corporate social responsibility, in the form of BOP’s Sadqah-e-Jariyah initiative, wherein we have collaborations with leading philanthropic concerns in Pakistan, to enhance their capacity and the reach of their philanthropic endeavors.

The fact that the Roshan Digital Account also enjoys bipartisan political support, from both sides of the house, adds further credence to the viability, and centrality of RDA to our economic wellbeing.

Operating in addition to BOP’s RDA Product Suite, BOP ForeignSe is an in-house home remittance solution developed by the Bank of Punjab to provide its clients with fast, fully secure, and free home remittance transfers. BOP’s wide network of over 640 branches covering 359 major cities across Pakistan ensures excellent coverage and customer support. This product has been effectively serving the needs of BOP’s customers since 2007.

We are here today, predominantly, in support of a national cause: to stimulate/increase foreign investment into Pakistan. We aim to match willing NRP investors with the right investment avenues at the right time, such that the highest possible returns on investment may be realized. Given the audience we would like to highlight the following key sectors for investment:

HealtHcare: Opportunities in the healthcare sector include: medical universities, nursing schools, hospitals, primary and basic healthcare facilities, tertiary care facilities, clinical research facilities, and diagnostic centers.

PHarmaceuticals: Pakistan has a dynamic pharmaceutical industry with ~625 pharmaceutical companies, split into approximately 600 local and 25 multinational companies. The total sales of Pakistan’s pharmaceutical industry in 2021 was PKR 615 billion. The pharmaceutical industry is fulfilling approximately 80% of the country’s demand, whereas the rest is being imported in finished form. Only a few companies are manufacturing Active Pharmaceutical Ingredients (“API”) in Pakistan, resulting in import of approximately 75-80% raw materials – representing a huge potential for investment in this sector.

Some of the key sector features of the Pharmaceutical industry in Pakistan include: multiple acquisitions witnessed in recent years, huge export potential, high gross & net margins, over 9000 marketed drugs with 395 drugs added in 2021, and improving diagnosis infrastructure. laboratories and diagnostic centers: Number of diagnostic laboratories have increased considerably after COVID-19 due to increasing requirement for laboratory tests; however, the market is still under-served as population and number of diseases rise. Increasing trend of medical diagnosis through scientific medical tests has enhanced the requirement for capital investment in this sector. Further investment is required for development of state of the art labs with facilities including MRI, X-ray, CT Scan, PET Scan, Ultrasound, Radiology, Pathology and Bio-Chemistry testing.

Related investment opportunities in the real estate sector and their respective benefits are known to all of us here.

BOP is uniquely well equipped to facilitate the banking and investment needs of resident and overseas Pakistanis alike, through its Corporate and Investment Banking Group, offering Project finance and infrastructure advisory, as well as Equity and debt arrangement services.

To conclude, I would like to say that; We consider our Non-Resident Pakistanis as one of our chief national assets. We hope to continue to serve Pakistan and its people, both at home and abroad, to the best of our abilities.

Please keep up your strong support.

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Tuesday, 2 August, 2022

06 COMMENT

Unresolved mysteries

A bad precedent Using assemblies against constitutional bodies

A random collection

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TI chief Imran Khan knows that Punjab will play a decisive role in coming elections. After getting a PTI government installed in the province he wants the party to act as a well-oiled machine during the polls.

While in Lahore Mr Khan told Chief Minister Pervez elahi to make big announcements regarding relief for rain-cum-flood victims. Former Povery Alleviation Minister Sania Nishter was told to restore and expeditiously work on the ehsaas Programme in Punjab.

Provincial party chief Dr Yasmeen rashid was directed to organize party units all over the province within the next six to eight weeks when, according to Mr Khan elections are likely to be announced. All this was perfectly in order.

But the PTI chief also continues to be haunted by skeletons in his cupboard, particularly the foreign funding case. After the revelations about his nexus with Abraaj Group founder Arif Naqvi the matter has become more worrisome for him. reportedly Mr Khan’s overtures to hold a secret meeting with Chief election Commissioner Sikandar Sultan raja were rebuffed by the latter. A vilification campaign was launched against Mr raja and the other election Commission of Pakistan members after a delegation of PDM leaders called upon them. It was decided to use the KP and Punjab Assemblies against the eCP. A resolution passed the by Punjab Assembly called the aforementioned meeting “undeniable concrete evidence” and demanded that the current CeC and eCP members step down immediately. This, despite PTI leaders having met the CeC several times when the party was in power. even a few days back, PTI senior vice president Shah Mahmud Qureshi had also called on the eCP. The resolution suggested, in clear contravention of the constitutional provisions, that all political parties may form an acceptable and uncontroversial election Commission. This shows that what the proposers of the resolution really wanted was to malign and discredit the eCP so that any negative verdict in the foreign funding case could be explained away and rejected for being prejudiced.

The name of the incumbent CeC was proposed for the office by Mr Khan himself. He wants him to be removed because of a fear that the eCP led by Mr raja might decide against him in the foreign funding case. There is no guarantee that persons chosen for seats of authority will always favour those who recommended them. The sooner the politicians realize this, the better for them as well as the system.

HASAN AFTAB SAEED

O

ver the centuries man has solved many a grand mystery. From complex domains as diverse as relativity and quantum mechanics on the one hand and economics on the other, many questions that defied solutions for a long time have been answered to man’s satisfaction. However, many questions, apparently much more modest when compared to those pertaining to the aforementioned fields, continue to go unanswered.

Here, in one place, but in no particular order, are some such questions along with a few words explaining their backgrounds. It is hoped that some brilliant and ambitious man aspiring to a career as a modern-day Socrates will lock his intellectual horns with them and solve them for the benefit of humanity at large.

Let us start with mothers– as good a place to start as any. Mothers, as we all know, are wonderful souls to say the least. Ask any man or woman, and you are certain to be told how perfect his or her mother is.

(You are likely to be told the same even if you do not ask.) Far be it from any outsider to consider all this overwhelming testimony in favour of mothers as anything but conclusive; but for the more observant fellows, this does raise a pertinent question: If all mothers are perfect human beings (and there can be little doubt that that is the case), who are all these monstrous mothers-in-law?

Our next puzzle is connected to the eid-ul-Azha, and therefore the more perceptive individuals cannot help being reminded of it every year without fail. According to Pakistan Tanneries Association’s estimate (for what it is worth), more than 9 million animals were slaughtered on eid last year. Unfortunately, we as a nation are notoriously poor at record keeping, so the daily average for the rest of the year and the re-

Dire situation in Khyber Pakhtunkhwa

Shehbaz has not kept his promises

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LL is not well in the Waziristan districts of the erstwhile FATA. And there is also spillover into the rest of the province as well. PDM chief Maulana Fazlur rehman went to the extent of claiming the other day that the southern districts of Khyber Pakhtunkhwa province were “ruled” by armed groups.

The Maulana should know a thing or two, what with the aforementioned districts being his party’s stronghold. This particular problem is almost as dire in Dera IsmaiI Khan, Tank, Lakki Marwat and Karak as well.

Not to imply that things are well in the rest of the province either. ANP provincial chief Aimal Wali made some rather shocking claims recently at a PDM press conference, alleging that several key members of the ruling PTI had actually paid off armed groups personally.

If such key figures are reduced to paying bhatta then what hope does the hapless general public of the province have?

Of course, in the larger picture, things much larger than the provincial, or even the federal, for that matter, civil government are the root cause of the crisis. reports of the military negotiating with the TTP are indeed distressing. After being repeatedly told that the military has broken the proverbial backs of the terrorist organization, a befuddled Pakistani public is now hearing that the same military is negotiating with the same organization. But this is news only for the rest of Pakistan. The people of the erstwhile tribal areas and indeed of the larger Pashtun belt, already knew that the supposed victories were more Pr than ground reality. In fact, if the statements of some of the elected representatives of the area were to be believed, there seems to have been some collusion as well; the negotiations are being brokered by the Afghan Taliban, after all.

KHADIJA BILAL

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progressive wave of unprecedented and atrocious policies formed by numerous governments over time, led the state into a critical and crucial pitfall, ultimately deconstructing the country into a whole unstable and deranged state. A state with uncertain political situations, a state with an adverse economic crisis, a state where the plight of injustice is birthed every day and a state that has always been given the status of obnoxious and odious. A state called none other than “The Islamic republic of Pakistan.”

On the 11th of April, 2022 Shahbaz Sharif was “selected” as the 23rd Prime minister of Pakistan and promised the nation that he would surely and soothingly sway the country away from all the economic crisis and gruesome circumstances, but today’s conditions are quite contrary o what he assured us of. In his short tenure of four months, Pakistan has undoubtedly reached its dreadful doom, to which PM Shahbaz delightfully blames the previous government of Imran Khan claiming that he has left a huge mess behind but at the same instance forgets that the economic crisis of our state has peaked since he took charge.

Khan’s government was sabotaged by the alliance called PDM, a union of 11 political parties, formed to end Imran Khan’s government. The PDM accused ex-Pakistan Prime Minister Imran Khan of faulty governance, vile policies, mismanaged foreign affairs, rising inflation and critical situation of Pakistan’s economy, but these words seems to be bitterly true for the PDM government itself, as Pakistan’s economy is now at the brisk of being default and default of a state only occurs when a country’s government is unable or unwilling to repay its creditors.

But if we rewind back in time when Shahbaz Sharif was “selected” in replacement of Imran Khan as a Prime Minister, Khan’s government left about $22 billion in State Bank of Pakistan’s reserves, the highest reserve in Pakistan’s history, that made the account deficit sustainable, a lot of debate roared over the biased media platforms whether this amount was really left behind in the reserves or not? But the real question here rises, if this amount was really reserved by the previous government, where it has been lost now? As no debt was paid in the previous four months and the only reserves left in Pakistan are said

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country that does not leave a great deal to be desired in terms of durability, efficiency and ease of use. In other words, why does all this research output have no correlation whatsoever with tangible results on the ground?

Our next puzzle relates to the ubiquitous prayer mat. In deference to the instructions of the elders, Muslims of the Subcontinent always make sure that they fold one corner of the prayer mat after finishing their prayers. The rationale behind it is that failing to do so apparently allows Satan to start offering his prayers on the mat. While the desire to please the elders is commendable, this practice raises at least two questions. One: Is it too difficult for Satan to unfold the prayer mat himself? And two: If Satan wants to offer his prayers, why is that a problem?

The list of questions awaiting resolution is endless. Why is the frequency of bald men visiting the barber for a haircut directly proportional to the degree of advancement of their baldness? Why is it that the USB device is always inserted the wrong way up on the first attempt? Is Bhutto alive? And if so, what are his whereabouts? Will we get beauty soap in the life after death?... The list goes on and on, and would necessitate much more than a column to catalogue. Suffice it to say that there is enough material available for the most intelligent of men to pit their wits against.

The list of questions awaiting resolution is endless. Why is the frequency of bald men visiting the barber for a haircut directly proportional to the degree of advancement of their baldness? Why is it that the USB device is always inserted the wrong way up on the first attempt?

Is Bhutto alive? And if so, what are his whereabouts?

Will we get beauty soap in the life after death?... The list goes on and on, and would necessitate much more than a column to catalogue.

The author is a connoisseur of music, literature, and food (but not drinks). He can be reached at www.facebook.com/hasanaftabsaeed

Pakistan on the brink of crisis

Thrown to the wolves

Editor Aziz-ud-Din Ahmad

lated figure of the total number of butchers in the country is not known. However, it can be safely supposed that the number of animals slaughtered on the occasion of eid is a far cry from the number of butchers available nationwide.

Granted that in theory, the eid sacrifice can be performed over a period of four days; in practice, most people do it during the morning hours on the first two days.

Considering the non-uniform distribution of butchers in the different areas of the country and the fact that very few individuals have the appetite or the ability to slaughter their own animals, the question to answer is this: Come eid day, where do all these butchers suddenly come from?

The world of research brings its own mysteries.

The last few years have seen a dramatic increase in publication of research articles by Pakistani academicians. Most of this increase is in the physical sciences.

Between 1985 and 2015, there has been an increase of 627 percentt in terms of scientific articles published

by Pakistani institute affiliates. According to estimates compiled for Nature

by Clarivate, from 2017 to 2018, Pakistan saw a 21 percent increase in research output– the highest in the world! One naturally wishes more power to Pakistani academicians.

However, at the same time, one wonders why is it that– despite these wonderful figures– far from taking the scientific world by storm, we have failed to display any discernible signs of life even at the most basic of industrial levels. Let alone discovering or inventing anything worthwhile, little (if any) industrial or domestic hardware is produced in the

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Karachi – Ph: 021-35381208-9

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to be below $10 billion.

According to Moody’s rating of Pakistan in June 2022 “Pakistan is at high vulnerability risk and is unable to secure any additional external finances that are necessary to meet its own needs.” “Pakistan government’s supporting capacity of banks in case of needs is weakening day by day.” The reason Pakistan is facing serious economic challenges, with high inflation, an immense current account deficit, declining foreign reserves and a depreciating currency is the abrupt decline in foreign exchange reserves and increase in internal debt. The Pakistani currency is now at an all-time low as compared to the US dollar due to a widening trade deficit and increasing debts. With the rising current account deficit at $13.2 billion over the previous months and widening external loan repayments pressure, Pakistan requires financial assistance of $9-12 billion to avoid further depletion of foreign currency reserves.

Moreover, the IMF refused to provide any sort of loan or funds for Pakistan’s economic stability, therefore the World Bank and Asian Development Bank have not provided the respective funds either. Now Pakistan is forced to pay its debts through commercial loans pushing Pakistan into more and more external debts. However Prime minister Shahbaz Sharif has recently been lent an amount of $2.3 billion by China, at a very high rate that hasn’t been revealed yet. As China is aware of the downfall circumstances of Pakistan’s economy it’s rather suspicious at what high rate Pakistan is borrowing a large amount of loan from China, as such high rates might be adverse in the upcoming months or might become a distressing challenge for the upcoming months.

Despite such a deranged situation of our economy, a total of $80 billion inundation of imports in June 2022 caused a large current account deficit, when the Shahbaz Government especially banned the imported goods for the stabilisation of the economy, clearly indicating the negligent weaknesses of Pak-

Islamabad – Ph: 051-2204545

istan’s economy. The Shehbaz government is not letting it afloat across the officials or media about the miserable circumstances we are currently facing and are continuing to be led to. The slogans “all is well” and “this is entirely not our fault” is being raised high by the current government but rising inflation, increasing fuel prices and continual devaluation of the Pakistani currency is not indicating as much.

As being at risk even after attaining a substantial amount from the IMF, Pakistan’s situation could be much more horrible than that of Sri Lanka. As recently Shahbaz Government passed a bill whose particulars are not disclosed to the public, but officials claimed that according to that bill “no entity or being would be allowed to interfere with the selling of any sort of national assets” as the current Government is continually without any disclosure cleaning out the national assets.

For clear and fine understanding, if the economic crisis of Pakistan aren’t solved immediately, Pakistan might be torn away into four different states being controlled by God knows how many countries that we are indebted to.

Then Imran Khan’s motto of “Azadi” might attain its true meaning.

The widening havoc of political instability within our state, an insurgency to maintain terrible Pakistan’s economy, survival with zero or null remittances, continuous targetting of the judiciary, unnecessary involvement of the establishment and an abandoned battering government, make it quite obvious we are in the situation of where we as a state or a country stands now but uncertainty within the state affairs led us to question the transparency of information being provided to the public by the current government. The series of questions of whether Pakistan is facing such dire consequences or situation is being created to push the whole nation into despair about what might happen next.

The widening havoc of political instability within our state, an insurgency to maintain terrible Pakistan’s economy, survival with zero or null remittances, continuous targetting of the judiciary, unnecessary involvement of the establishment and an abandoned battering government

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Web: www.pakistantoday.com.pk

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The writer is a freelance columnist

Email: editorial@pakistantoday.com.pk

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Tuesday, 2 August, 2022

COMMENT 07 Editor’s mail 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

Impact of power crisis on business sector

The Persecution Narrative against the Hindu Minority in Bangladesh False information about Bangladesh’s treatment of minorities?

SAmINA AKHTEr

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N the wake of the recent eruption of communal violence in Bangladesh against Hindu minorities, countless arguments and numerous criticisms have been brought to light. Something odd is happening—Bangladesh is being painted by elements as a violent state from which Hindus are being persecuted and fleeing away, into India continuously. Hindus are being tortured in Bangladesh.

Some claimed that Bangladesh has become quite a case of ethnic cleansing- subtly but forcefully pushing Hindu minorities across the border.

Some even went further, claiming that Bangladesh had failed to form a state where different religious and ethnic groups can coexist based on the principle of secularism- one of the four fundamental pillars of the liberation war in 1971.

To seek evidence for those criticisms, most of them point fingers to the continuous decline of Hindu minority population in Bangladesh- a case drawn to demonstrate Bangladesh as a prolific ground of persecution against Hindu. But an objective look at those allegations, especially through comprehensive statistical appraisal, relative systemic endeavors and the broader political landscape, makes them, in most part, lose their strength.

A country of communal harmony like Bangladesh is rare in the world. Despite being a Muslim-majority country, for thousands of years other religions have been living together in a very peaceful and harmonious environment. In the 50 years of independence, there were no communal riots like in another South Asian country. In Bangladesh there were no incidents of killing, oppression or torture of people of different religions. even if there are some isolated incidents, the fuel and motivation of some anti-Bangladeshi people are behind it, only common people can understand. Those who are behind these incidents must be investigated and judicial action must be taken against them. The reason mystery for this is not difficult to understand. Domestic and foreign conspirators always remain elusive.

However, the government should be alert and aware of the fact that those behind the scenes are at worl. Some vested quarters have become active and may try to destabilize the government by questioning the communal harmony in the upcoming national elections.

The Bangladesh government tries to take all measures to maintain communal harmony in Bangladesh. Bangladesh is a country of communal harmony as people of different faiths have been living on this soil in peace from time immemorial. Members of Hindu, Muslim, Buddhist and Christian communities have been living here from time immemorial in amity and peace Bangladesh Home Minister Asaduzzaman Khan has said already the government will ensure strict action against people who disturb communal harmony in the country.

“No communal disharmony will be allowed here. Government is firm to ensure punishment for those who ransack communal harmony creating anarchy,” he said.

Khan said this while addressing Indian media personnel in Dhaka in view of the recent attack on the Hindu community in Narail over a social media post.

He said that Bangladesh was trying to achieve a long-lasting development but a vested quarter was trying to dismantle things.

“Today’s Bangladesh is Bangabandhu Sheik Mujib’s non-communal Bangladesh. We are a united nation. No communal disharmony will be placed here and will never get the opportunity to take root here.”

“The government will take stern action against all such evils,” the Home Minister said, claiming the number of minority communities, including Hindus was increasing in Bangladesh.

According to the BBS (Bangladesh Bureau of Statistics) data, the percentage of Hindu community to total population was 13.5 percent in 1974, on Bangladesh’s first population census, which, as of the latest census in 2011, stands at 8.5 percent, and again increases to 10.7 percent in 2015. Ostensibly, these statistical figures, continuous decline in percentage, seem to confer voice to predominant arguments about the decline of Hindu population. But, mere percentage estimation tells only a half truth about the broader demographic landscape of the Hindu minority in Bangladesh. If we take the increase in total number, other than mere percentage, over the years along with other factors that have contributed to decline, into account, it will substantially clarify the whole picture and weaken the predominant narratives about persecution of Hindus in Bangladesh.

Taking the total number into account, in 1974, the number of Hindus was 10.31 million which hit slightly above 12.7 million in 2011 and was 17 million in 2015. It is seen that the total number has remained increasing whereas percentage of total population has fallen , due to relatively higher growth in the Muslim population from 65.24 million in 1974 to 135.4 million in 2011. It is true that growth in numbers is a little slow among Hindu population and could hit 22 million by 2011 only if it increased linearly in terms of percentage as reported in 1974 (13.5 percent). But that is not because of any systematic persecution against the minority rather, in most part, international economic migration, relatively lower birth and high mortality rate among Hindu population, higher rate of contraceptive use and particular political reality in the history of Bangladesh.

According to the study paper prepared by researchers from ICDDr, B’s Health Systems and Population Studies Division and the University of North Carolina (Chapel Hill), studying the population data of 1989-2016 of Matlab Upazila in Chandpur to find out why Hindus have lower population growth than Muslims, the birth rate of Hindu populace in every thousand falls short by 3 points compared to Muslims. While the probability of having a child among the Muslim women is 35, it is 32 among Hindu women.

The study found that the tendency to late marriage and having not more than two children and relatively higher use of contraceptives also contribute to the low birth rate among Hindus. even higher numbers of deaths, four more than that of Muslims in every 10,000, contributes to the decrease in percentage. Finally, researchers concluded that 71 percent of low growth rate may be attributed to the low rates of fertility and 23 percent to international migration by Hindus.

In the report, they also observed that, since 2006, more Hindus have been opting for countries other than India for migration. Only 36 percent of the migrating Hindus of Matlab went to India between 2005 and 2012, and a bigger portion went to states other than India for better living: evidence against the propaganda that more Hindus have been leaving for India due to persecution.

The percentage of Hindu minority comparing with that of Muslim has declined over last 50 years. But this overlooks a subtle but solid point: a fundamental political upheaval and constitution of Bangladesh from 1975 to 1991.

From 1974 to 1991, percentage of Hindu minority to total population came down from 13.5 to 10.5 in 16 years.

But, after the end of anti-secularism-fueled military rule in 1991 and installation of constitutional democracy, percentage decline got a little slower- 10.5 in 1991 to 8.5 in 2011 within 20 years. In 2011, after the 15th Amendment, secularism was restored which especially which has contributed with an increase of percentage of Hindu people to total populace to 10.7 percent point in 2015. Unlike, its two bordering states, Myanmar and India, the former denying Muslim rohingya minority citizenship since 1982 out of pathological hatred and the latter rendering Muslims stateless through antiMuslim laws, Bangladesh has never, particularly since 1991, intended to promote any discriminatory policy, be it in practice or by laws. Praiseworthy and prompt action by the Government of Bangladesh against the menace of recent Durga Puja incident, is an example.

Minority is such a phenomenon which every country must possess, be it ethnic or linguistic or religious. But state sanctioned discriminatory policy, inherent ethnic or religious tension or historical schism mobilized for political advantage usually contribute to violence against minorities. However, in Bangladesh mostly politically cornered vested groups have played the minority card to stoke a crisis and tame the situation to their ends. Besides long cherished pluralistic sentiment in Bangladesh is, rather in times, menaced by ‘spill-over effect’ of politics and policies in proximate neighbors, of course by political fringe groups.

Minority is such a phenomenon which every country must possess, be it ethnic or linguistic or religious. But state sanctioned discriminatory policy, inherent ethnic or religious tension or historical schism mobilized for political advantage usually contribute to violence against minorities.

The writer is a freelance columnist

THe soaring power crisis in the country in this extreme weather and suffocating conditions is making it difficult for the people to manage their everyday living. Loadshedding in the locality where I live is done every other hour, and it is all but impossible to plan anything.

I have an ailing mother at home whose oxygen supply must be ensured continuously. However, owing to the crippling power crisis, I have to keep the generator running as a backup round-the-clock which is adding to the expenses.

As for the income, it has gone down by more than 30 per cent. I run a small business of atta chakki. With loadshedding of 12 hours every day, operational hours have been reduced, meaning my income has reduced.

Besides, employees in my shop cannot be asked to work 24 hours, and for the eight hours that they spend at work, we do not have power for half that time, which means productivity has gone down drastically.

Adding to my misery is the ever-increasing power tariff, which is further topped up with fuel price adjustments on a monthly basis. Since I am the lone breadwinner of the family, things are fast moving where they would soon be beyond my control; or anybody’s control, for that matter.

The relevant authorities should handle the matter on a priority basis as it is affecting the physical, emotional and psychological wellbeing of the people. The rise in fuel prices, electricity and gas tariffs must be kept in control and subsidised so that the masses may have the capacity to run their households.

NUMRA HASSAN ANSARI LAHORE

Power discrimination STUDeNTS of the University of Balochistan (UoB) in Quetta face a plethora of issues, amongst which loadshedding tops the list. Prolonged power outages disturb the study routine of the students who are compelled to attend classes in darkness and sweltering heat, and to have the same fate while studying at homes or hostels.

It is worth mentioning that the university has its own power generator to maintain electricity supply during loadshedding, but it is only used for the vice-chancellor office, and not for the students and faculty members.

During the lectures, the power goes out for hours, but the administration does not facilitate the students with alternative power supply.

While the classrooms and library plunge into darkness, and the internet stops working for students, everything, including the internet, works smoothly at the offices of the vice-chancellor and his entire staff.

The authorities concerned turn a deaf ear to students’ grievances and do not even let them enter their air-conditioned offices.

How can these officials understand the suffering of students when they do not experience it themselves sitting in their comfortable offices?

The discriminatory attitude of the management is making students and faculty members both desperate and hopeless. It is really getting depressing. The provincial government and the relevant authorities should take notice of the situation, and facilitate the students so that they may continue their academic activities with some peace of mind.

ABDUL BASIT MUHAMMAD HASNI QUETTA

Neocolonialism NeOCOLONIALISM is the dependence of a former colony on the developed world in its economic, cultural, political and other spheres. Such a development has not only manifested itself on the larger international landscape, but in a single political unit as well.

People in the marginalised regions of the country often argue that a few capitalists from the developed parts of the country grab space for their own good in the less developed areas through different tactics.

First, they buy potentially lucrative plots of land from the locals and build industrial units. Then the local population, having been left with no means of livelihood, tries to find employment in the same unit. In the realisation of their industrial unit — be that a tourism spot, a hotel, or a factory — the owners exploit the locals in all possible senses, like cutting down forests, polluting streams of water, threatening local culture, and so on. The capitalists thus having a firm grip on the local population build their political influence in the area. On the contrary, a school of thought argues that the neocolonisation process brings employment to remote areas. The neocolonialists build infrastructure and spend money in the area and this ultimately results in the socioeconomic uplift of the locals.

However, that could be true for the land, but not for the people. These people once enjoyed fresh water and had their distinct culture and no political oppression, but they are now deprived of everything, including their indigenous lifestyle. Once the land and people are fully exploited, their socioeconomic life and culture stand sabotaged. Then they are compelled to migrate and leave their ancestors’ land. Such is the story of the famed northern areas of Pakistan.

USMAN TORWALI SWAT

Life beyond Karachi I hail from Hyderabad, which is about 150km from Karachi. The residents of the city face loadshedding for up to 12 hours every day, but the mainstream media seems to focus solely on Karachi and its problems as if the rest of the Sindh does not exist.

My family and friends living in Larkana, Mirpurkhas, Sukkur and other cities are all suffering from frequent power outages, but none of the socalled popular television channels or newspapers raises the issue. This feels like discrimination, especially because we live in a respectable residential area that is at a stone’s throw from the three main universities of the city. regional channels are doing a great job in this regard, but their factual reports are drowned in the noise generated by the big cities. This needs to be rectified. The print and electronic media should provide equal coverage to the rest of the province so that the government may be forced to find solution to address the issues being faced by people across the province.

WAQAS ALI HYDERABAD

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08 WORLD VIEW

Pelosi’s Taiwan visiT will noT lead To war – yeT TOP US OFFICIALS THINK IT’S ACCEPTABLE TO PUSH AGAINST CHINA’S RED LINES. IT MAY NOT LEAD TO WAR NOW, BUT WILL INCREASE THE DANGER FURTHER DOWN THE LINE RT timur FomENko

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PeAkeR of the US house of Representatives nancy Pelosi appears to be on the verge of a trip to Taiwan, an event which China has vowed to respond to with “forceful measures.” The visit is a rehash of one she originally intended to undertake in April, but was prevented from doing so when she tested positive for Covid-19. Should it go ahead, it would constitute the first visit by a US house speaker to the island in 25 years. The last one was Republican newt Gingrich, but the critical difference was that he did so as an opposition politician to then-President Bill Clinton, a Democrat.

This time around, Pelosi, as part of the majority party, is reportedly leading a delegation on an Asian tour at a time of unprecedented tensions. The trip also coincides with the anniversary of the founding of China’s People’s Liberation Army (PLA). Although President Joe Biden, as well as the US military, have voiced objections to the venture, this does not seem to have deterred Pelosi as of yet, with Republican hardliners now cheering her on and saying that the US will appear weak if she backs down.

This creates an extremely unfortunate dilemma, especially considering a Thursday phone call between Biden and Chinese President Xi Jinping, in which Xi warned Washington not to “play with fire” regarding Taiwan. But in reality, such talk has rarely meant anything given the US has, when it comes to serious actions, never been truly willing to de-escalate tensions with China, act pragmatically, or with common sense.

While it is true that Pelosi is technically not the administration and would not be going there on their behalf, nonetheless, the fact this event is happening signifies how unhinged the broader spectrum of US foreign policy has become. There is no restraint whatsoever or respect for the red lines of other countries, only the push for maximalist aims at all costs.

Many people thought former President Donald Trump was insane and chaotic, yet an unspoken truth is that American foreign

policy has actually regressed further under Biden. While Trump pursued narrow self-interests in the name of ‘America first’, which offended friends and foes alike, the Biden administration has not only embraced this doctrine, but refined it into an ideological crusade which strives to force American hegemony on every single front in a way that is both zealous and uncompromising. We should not be dismissive of Trump’s remarks that, if he were president, the conflict in Ukraine would not be happening right now, and he probably would have cut a deal to prevent it.

As a result, the US has continued to deride and press against China’s red line on the Taiwan issue, while at the same time officially claiming at the presidential level its policy remains the same to reassure China. This is a strategy that has been described as ‘Salami Slicing’ by Beijing, which endeavours to gradually shift the status quo towards Taiwan independence, while claiming not to do so to avoid strategic upsets that can create conflict. It is provocative, yet subtle. however, what Biden has not accounted for is the fact that Congress has even less restraint than he does. The onslaught of propaganda concerning US support for Ukraine has made

many overconfident in the belief that China has been made to ‘think twice’ over Taiwan, and as a result, ultra-hawks, especially in Congress, are now happy to push this button further in believing they can call Beijing’s bluff.

But if this visit happens, will it lead to war? This might be an overreaction for many obvious reasons. China will not invade Taiwan should nancy Pelosi visit. however, such a situation nonetheless forces Beijing into a corner to retaliate in a way which re-legitimizes its claim over the island and prevents political humiliation. If their bluff is called, their red line loses credibility, and the logic of deterrence means something has to be done to re-establish equilibrium. Therefore, when promising countermeasures, China means what it says. however, it remains unclear to what extent exactly Beijing will go to address this.

One thing that is obvious, looking at Taiwan Strait crises in the past, is that China will probably pursue large scale military exercises of some sort. The US is already responding to this by moving military assets into the area. however, there is also speculation Beijing may move further by declaring a ‘no-fly zone’ over the island or making a similar move which dramatically heightens the risk of confrontation. Remember, when Mike Pompeo sent Un Ambassador kelly Craft to visit Taiwan on their last week in office, the flight was cancelled at the last moment after warnings from Beijing. This time around, China will undoubtedly react somehow, yet Pelosi and her supporters seem to think they can ridicule this, just like it was believed Russia’s red line over Ukraine could similarly be ignored.

Ultimately, this only goes to show that US foreign policy has degenerated into a form of strategic insanity. Fearing a loss of status over rival states, the country’s political class has become increasingly reckless and destructive in the moves it is willing to make to retain its hegemony. even if this Pelosi visit does not result in open conflict, which it likely won’t, the damage it will do to strategic trust as a whole will likely be permanent, and could set the stage for conflict further down the line, something many voices in Washington seem to relish.

Congress should not legalize marijuana MARIJUANA, AGAIN, IS NOT HARMLESS. ANYONE WHO SAYS OTHERWISE IS LYING. IT MAY MAKE SENSE TO DECRIMINALIZE THE DRUG FOR SMALL AMOUNTS OF PERSONAL USE, BUT CONGRESS WOULD ERR TO GIVE RISE TO AN INDUSTRY SO POTENTIALLY HARMFUL TO THE PUBLIC WASHINGTON EXAMINER Editorial

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he movement to legalize marijuana has enjoyed an unbroken string of victories on the state level over the last decade. But as Congress considers nationwide legalization, proponents of legal cannabis are making the same empty promises they made to the residents of every state that took their advice.

They spoke of marijuana as a harmless drug that gave a cheap high and nothing more — not at all like the deadlier hard drugs such as meth and opioids, with their unhealthy and even lethal consequences. They also downplayed the idea that widespread drug use would bring about societal maladies.

As of this spring, science and data had borne out the fact that marijuana is actually pretty dangerous for a number of reasons. Based on data obtained since legalization, both medical and recreational marijuana use are associated with a 23% increase in mortality rates from opioid use — an increase that disproportionately affects men and nonwhites. It turns out there might indeed be something to that old saying about cannabis as a “gateway drug.” People have sneered and laughed at this idea for decades, and science shows they were wrong to do so. There is a great deal about drug dependency that science still does not fully understand.

And death is not the only potentially deleterious health consequence. The smoking of cannabis causes lung and heart maladies and testicular cancer, something slick marketing of legalization has left many users unaware of. But even more alarmingly, habitual use of marijuana in one’s teens or early 20s can cause permanent brain damage, affecting a late-forming part of the brain (the frontal cortex) that is critical to “planning, judgment, decision-making, and personality.”

So what happens to young people thus affected, who were convinced by advocates that they were just having

harmless fun? Do they become burdens on society? Do they join, or do they already account for, the growing armies of homeless who suffer from addiction and psychosis? Are they already camping out on the streets of so many West Coast cities and making them uninhabitable?

Do they resort to criminality and violence? It may be some decades before the data exist to tell the whole story, but the field of psychiatry has already produced substantial evidence, in a peer-reviewed environment and based on more than 10,000 subjects, that marijuana use correlates with physical violence in youths. Perhaps it was not an accident that the school shooter in Uvalde was a known pothead.

Legalization is also affecting public safety in ways unrelated to crime, ill health, and drug deaths. Colorado, which legalized marijuana in 2013, has produced enough data to demonstrate as much. According to the state’s Division of Criminal Justice, the number of annual poison control calls related to marijuana increased sevenfold after legalization.

The incidence of impaired drivers who are high from cannabis quadrupled after legalization. The Rocky Mountain high Intensity Drug Trafficking Area program found a doubling of marijuana-related car accidents and a 30% increase in Colorado traffic deaths since 2013.

Marijuana, again, is not harmless.

Anyone who says otherwise is lying. It may make sense to decriminalize the drug for small amounts of personal use, but Congress would err to give rise to an industry so potentially harmful to the public.

Weed has become big business since legalization began. Those profiting from it will be very loath to give up such a stream of revenue, regardless of the broader consequences to society. every day, activists are pushing for new states to join the club and legalize. If the national government throws caution to the wind and legalizes the trade nationally, it will not fix any existing problem facing the nation. It may well exacerbate those problems in ways no one has even anticipated.

Pay attention to the dutch protests because america is next SPECIFICALLY, DUTCH FARMERS ARE PROTESTING A GOVERNMENT PLAN TO CUT FERTILIZER USE AND REDUCE LIVESTOCK NUMBERS SO DRASTICALLY THAT IT WILL FORCE MANY FARMS OUT OF BUSINESS

FEdERAlIST JoHN daNiEl daVidSoN

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MeRICAnS should start paying closer attention to the ongoing farmer protests in the netherlands, which this week transformed long swaths of Dutch highways into what looked like a post-apocalyptic warzone: roadside fires raging out of control, manure and farming detritus heaped across highways, traffic stalled for miles, and massive protests across the country in support of the farmers.

Why is the netherlands, of all places, experiencing such unrest? Americans need to understand what’s happening over there because the ruinous climate policies that triggered these protests are precisely what President Joe Biden and the Democrats have in mind for the United States.

Specifically, Dutch farmers are protesting a government plan to cut fertilizer use and reduce livestock numbers so drastically that it will force many farms out of business. earlier this month, farmers used tractors and trucks to block highways and entrances to food distribu-

tion centers across the country, saying their livelihood and way of life are being targeted by the government.

And they more or less are. The ruling coalition government claims its radical plan, pushed by Prime Minister Mark Rutte, who branded the protests “unacceptable,” is part of an “unavoidable transition” to improve air, land, and water quality. The goal is to reduce emissions of nitrogen oxide and ammonia, which are produced by livestock but which the government is labeling “pollutants,” by 50 percent nationwide by the year 2030.

The only way to do that, many Dutch farmers say, is to slaughter the vast majority of their livestock and shutter their farms. The government knows this and admitted as much earlier this year, saying in a statement, “The honest message … is that not all farmers can continue their business,” and that farmers have three options: “Becoming more sustainable, relocating or ending their business.”

The genesis of the scheme was a court ruling from 2019 that said the Dutch government’s plan for reducing nitrogen emissions violated eU laws protecting its natura 2000 network of supposedly vulnerable and endangered plant and animal habitats — basically a bunch of eU-governed wildlife preserves. These sites span the eU, covering 18 percent of the bloc’s land area and 8 percent of its marine territory.

To protect these wildlife preserves, Dutch farmers are being told they must submit to their government’s ruinous emissions plan.

But the natura 2000 preserves are only part of the

story. european leaders such as Rutte are environmental ideologues who want to transform global food production and eliminate private land ownership, and he sees an opportunity in this court order to reshape agriculture and land use in the netherlands.

Indeed, Rutte — a walking embodiment of the Davos Man if there ever was one — is a big proponent of the United nations’ “Agenda 2030” and its Sustainable Development Goals, which aim to squeeze farmers and ranchers around the world in order to reduce “emissions.” The policies that flow from these goals, such as drastically reducing the use of fertilizer, contributed to the recent economic collapse of Sri Lanka, which triggered mass protests that toppled Sri Lanka’s government and ousted its president earlier this month.

Last year, Rutte spoke to the World economic Forum about “transforming food systems and land use” at Davos Agenda Week, announcing that the netherlands would host something called the “Global Coordinating Secretariat of the World economic Food Innovation hubs,” whose job would be to “connect all other food innovation hubs.”

In Davos-speak, that means agricultural production and the supply of food will be centrally controlled by intra-governmental bodies and “stakeholders” consisting mainly of the world’s largest food corporations and international nGOs. Private farms and independent farmers will be a thing of the past, supplanted by global bodies making decisions about how much and what kinds of food are produced. The private sector and the

independent farmers will have no place in the future that the Un and the WeF are planning.

Dutch farmers understand this. They know Rutte and his ministers want above all to eradicate their farms and way of life. But they’re not going down without a fight.

All of which brings us back to the U.S. This week news broke that congressional Democrats had finally reached a deal on the largest piece of climate legislation in American history. The bill is a tax-and-spend cornucopia of some $369 billion for wind, solar, geothermal, battery, and other industries over the next decade, along with generous subsidies for electric vehicles and incentives to keep nuclear plants open and capture emissions from industrial plants.

After pretending to oppose Senate Majority Leader Chuck Schumer’s climate legislation, West Virginia Sen. Joe Manchin relented this week, clearing the way for the bill to proceed. Senate Democrats say the bill will allow the U.S. to cut greenhouse emissions by 40 percent below 2005 levels by 2030 — matching up nicely with the Un’s “Agenda 2030.”

Understand that the Senate bill isn’t the end, it’s the beginning. Climate activists and ideologues are working at the highest levels to transform not just the global food supply, but the nature of private property and property rights, all in the name of saving the planet. What Rutte and his government are doing to Dutch farmers, Schumer and Biden are planning to do to American farmers and American industries.

So pay attention to the roadside fires and blocked highways and mass civic unrest in places like the netherlands and Sri Lanka. America is next.

John Daniel Davidson is a senior editor at The Federalist. His writing has appeared in the Wall Street Journal, the Claremont Review of Books, The New York Post, and elsewhere.

09 Business 2 August 2022_Layout 1 8/2/2022 12:12 AM Page 1

Tuesday, 2 August, 2022 | KARACHI

NEWS CORPORATE CORNER md of Baitul mal calls on cm sindh

NHA coNtrAct emPloyees FulFilliNg criteriA to Be regulArized Islamabad Pre

F

Managing Director Pakistan Bait-ul-Mal (PBM) Amir Fida Paracha called on Chief Minister of Sindh Syed Murad Ali Shah. In this meeting held at Chief Minister's House in Karachi, the practical measures for the relief and rehabilitation of torrential rains affected people were reviewed. On this occasion, Chief Minister Sindh, Syed Murad Ali Shah said the houses on the right bank of the river have been collapsed due to heavy rains. He told that Qamber, Shahdad Kot and Dadu are also suffered severe damage due to rains; Sindh government has provided ration for 15 days to the displaced people. Chief Minister Sindh also felt the need for PBM support to provide relief to displaced persons. Managing Director PBM, Amir Fida Paracha assured to provide all the possible help to the families affected by the heavy rains and also issued instructions to the staff to visit the affected areas.

Managing Director PBM, said that till now 5 shelter homes have been established in Karachi where around 500 poor, laborers and daily wage earners are living. He said that effective measures are also being taken for free treatment of deserving and poor patients.

ederal Minister for Communications and Postal Services Mr. asad Mahmood presided over the meeting of National Highway Council-Supreme body of National Highway authority, held at Ministry of Communications today to seek ways and means to further accelerate the relief and rescue operations being undertaken in affected parts of the country by National Highway authority and Ministry of Communications.

The council directed the National Highway authority to extend all possible assistance to the provinces and provincial departments engaged in relief and rescue operations during recent rains and floods situations throughout the country. In any emergent situation all the resources of the National Highway authority require to be utilized to facilitate the people in distress.

Besides, on recommendations of the NHa executive Board the National Highway Council reviewed financial and administrative affairs of the authority and took decisions with regard to prevailing conditions of rains and subsequent floods.

The National Highway Council accorded approval for necessary amendments in rules and regulation for extending support by NHa to the provincial departments, working for relief of flood affectees.

Federal Secretary Communications/Chairman National Highway authority Capt (r) Muhammad Khurram agha, senior officers of Ministry of Communications and Na-

Karachi: Pakistan Navy Humanitarian Assistance & Disaster Relief (HADR) operations continue in different areas of Balochistan. In the recent heavy rains spell and flash floods, Pakistan Navy through utilizing its resources is providing support to Civil Administration of Balochistan in undergoing rescue and relief operations.

Pakistan Navy has set up a tent village at Bela near Uthal to provide shelter to the locals who have lost their homes in the flash floods. Food and health facilities are being provided to the displaced persons at the tent village. Moreover, free medical camps have been established in the area to provide first aid and free medical facilities to the locals. A dedicated team of doctors and paramedical staff is providing treatment and free medicines to aggrieved populace. PN helicopters continued their operations in transporting ration bags, cooked food and relief goods at far-flung rural areas of Lasbela Distt. Pakistan Navy, alongwith civil government and various philanthropist organizations is providing continuous assistance to the flood stricken people while transitioning to rehabilitation operation in the worst affected areas. Relief operation in Balochistan is a practical manifestation of PN’s resolve to extend all out support to fellow countrymen in the hour of need.

No restriction on Pakistani doctors & students to work and train in the usA: Pmc denies all false media reports karachi: Pakistan Navy Humanitarian assistance & disaster relief (Hadr) operations continue in different areas of Balochistan. In the recent heavy rains spell and flash floods, Pakistan Navy through utilizing its resources is providing support to Civil administration of Balochistan in undergoing rescue and relief operations. Pakistan Navy has set up a tent village at Bela near Uthal to provide shelter to the locals who have lost their homes in the flash floods. Food and health facilities are being provided to the displaced persons at the tent village. Moreover, free medical camps have been established in the area to provide first aid and free medical facilities to the locals. a dedicated team of doctors and paramedical staff is providing treatment and free medicines to aggrieved populace. PN helicopters continued their operations in transporting ration bags, cooked food and relief goods at far-flung rural areas of lasbela distt. Pakistan Navy, alongwith civil government and various philanthropist organizations is providing continuous assistance to the flood stricken people while transitioning to rehabilitation operation in the worst affected areas. relief operation in Balochistan is a practical manifestation of PN’s resolve to extend all out support to fellow countrymen in the hour of need.

tional Highway authority participated. addressing the meeting, Federal Minister of Communications and Postal Services Mr. asad Mahmood said, human life is the most precious and that it will be a source of pride for us, if the construction machinery, vehicles and other available resources of the NHa are utilised to facilitate the floods affected people on humanitarian grounds.

He said rescue and relief operations will continue till the situation is normalized. It is worth mentioning, that the engineers of the NHa stopped flood waters by placing embankment in Tank region of Khyber Pakhtunkhwa which led to saving thousands of people and hundreds of establishments.

Federal Minister for Communications and Postal Services Mr. asad Mahmood expressed deep sense to gratitude to the construction experts and engineers

of the authority for timely action in emergency.

Practical advancement was also made in the meeting with regard to regularization of NHa’s Contract employees in light of orders of Supreme Court of Pakistan and High Court as well. The meeting accorded approval of the regularization of employees who come up to the criteria. This long standing complicated issue of NHa’s Contract employees has been solved now. regularization of such employees will not affect the privilege and promotion of the regular employees of the authority. The NHC also approved to create special cadre for the employees to be regularized. Mr. asad Mehmood was of the view to follow the philosophy of facilitating human beings. He said, every official is not living alone, but through employment he is earning bread for his whole family. We desire to continue the employment of the officials, he added.

Oil companies look poised to drive economic growth ramish sultan

Pakistan Navy rescue and relief operation continue in flood affected areas of Balochistan

09

Pakistan’s industrial development and economic prosperity are linked closely with the strength of the country’s oil refining industry. The nation’s ability to produce fuel products – like petrol and diesel – is underpinned by the ability of oil refiners to process crude oil and convert it into high-value products.

The refineries have struggled in the past but the recent rise in Gross refining Margins has signaled a turn in fortunes. This bodes well for Pakistan since the refining sector will likely increase investments and drive economic growth in the country.

The devaluation of the local currency, decline in furnace oil consumption, deterioration of fuel demand during the pandemic, and unusually high volatility in oil prices are some of the big-ticket items that have badly hurt the oil refining industry’s performance.

On top of this, the petroleum sector has not been reportedly getting a lot of support from commercial banks. The oil industry’s working capital requirements have shot up due to the drop in Pakistani rupee’s value against the US dollars and the surge in oil prices in the international markets to the range of $90 - $110 a barrel. But the banking sector hasn’t increased the size of financing facilities, which has put a lot of pressure on the cash flows of refiners. although the business environment for oil refiners remains challenging, there has been one noticeable improvement. The Gross refining Margins, or GrM, have risen significantly in the international markets, mainly due to the supply disruptions caused by the conflict between russia and Ukraine and the gradual increase in global demand in the post-COVId world.

The Gross refining Margin is

the difference between the price of one barrel of crude oil and the average price of refined products. If, for instance, one barrel of Brent crude costs $100 a barrel which a refiner can process to produce various kinds of fuels like petrol, diesel, and furnace oil with an average price of $104 per barrel, then, in this case, the GrM will be $4 per barrel ($104 minus $100). In simple terms, it means a refiner can make a gross margin of $4 per barrel by processing one barrel of crude oil.

Typically, refiners need GrM of at least $4 to $5 a barrel to generate profits from their operations. The GrM has touched $3.40 per barrel and lower in the last couple of years, making it difficult for many refiners to turn net profits. But now, the GrM has climbed to historic highs of nearly $30 per barrel, which puts refiners all over the world on track to report a rise in earnings.

Some industry observers, however, have started discussions on capping GrM to bring down pump prices. although this might sound good on paper, in reality, it can have a devastating impact on Pakistan’s oil refining industry.

Unlike many developed countries, the petroleum companies in Pakistan already operate in a tightly regulated market where key aspects of the business are dictated by the government.

The industry faces numerous issues, as discussed earlier, and has incurred massive losses in the past.

Just a few months ago, some oil refineries were forced to temporarily shut down operations due to weakness in furnace oil consumption. To cap margins at this point will be unfair and will severely dent the industry’s confidence since it would take away the industry’s sole chance of recovery.

Besides, it is also important to remember that firstly, despite high

GrM, the final pump price is still determined mainly by international oil prices. Secondly, GrM moves up and down, like commodity prices, in response to the supply and demand situation. although they are currently high, the GrM will move down once supply gets better and demand eases in response to high prices. So there might not be any need to cap GrM since the market forces will push it down anyway.

More importantly, by fully capturing GrM, the oil refining sector will be in a good position to make heavy investments to expand their plants and enhance their oil refining capabilities. The country’s refineries have been planning to upgrade their plants to deep-conversion technology while some like Cnergyico also seek to expand their production capacity. To do this, the sector needs to make investments of billions of dollars, and they can do this only if their profits grow.

Instead of capping margins, if the government concentrates on creating an environment where refiners can invest and expand their operations, then the positive impact on Pakistan’s economy and future generations will be remarkable.

It is easy to see how the large size and scale of investments planned by oil refining companies can create substantial employment opportunities for skilled, semiskilled, and unskilled labor. Once the refiners upgrade their plants, the country’s oil refineries will be able to produce substantially higher levels of euro-V compliant petrol and diesel as well as other high-value products like jet fuel.

That’s going to help reduce carbon emissions and improve the environment as the euro-V fuels are far more environmentally friendly than the fuels that are currently in circulation.

PAF continues relief operations in flood-hit areas of Balochistan News Desk: The Pakistan air Force (PaF) on Monday it was actively participating in the rescue and relief operations in flood affected areas of Balochistan. The PaF helicopter fleet had carried some 16,995 pounds of relief goods to the flood affected areas, which were cut off by roads due to torrential rains spell and flash floods, a news release said. The relief goods, which were airlifted to the calamity hit areas, included flour, ghee, sugar, daal (pulses), tea and life saving medicines . despite inclement weather conditions throughout the country, especially in the flood stricken areas, the PaF personnel were working hard to provide humanitarian assistance to flood affectees, the news release added. Chief of the air Staff air Chief Marshal Zaheer ahmed Baber Sidhu has directed the respective branches of PaF to employ maximum efforts towards relief and rescue operations for the flood affected people of Balochistan.

Hyundai Pakistan announces goal of the century plantation drive Lahore: as a future mobility solution company, Hyundai Nishat Motor (Private) limited (HNMPl) is all set to launch the Hyundai Goal of the Century Test drive from July 26th to September 30th, 2022.

This campaign aims to conduct a plantation test drive and invite customers to be a part of the Goal of the Century (GOTC) program as a supporter by planting a tree in their name. Moreover, this initiative will give supporters a chance to win tickets to doha for FIFa World Cup 2022™ and many other prizes. On talking about the Hyundai Test drive 2022, CeO HNMPl, Mr. Hassan Mansha said, “We have a responsibility to make this world sustainable for the future generations – It’s no longer a task, it’s our goal of the century.”

Civic amenities being ensured in capital sectors neglected in the past: CDA Islamabad Press release

due to the special interest of the incumbent management of Capital development authority (Cda), the provision of civic amenities is being ensured in sectors that were neglected in the past.

In this regard, special attention is being given to the completion of the

residual development works and the provision of civic facilities particularly in the I-series sectors to ensure the provision of all facilities to the residents of these sectors. In this regard, on the direction of the Capital development authority management, street lights are being installed on the main highways and within the sectors to ensure proper lighting arrangements in Sector I-11, I-

10, I-14 and Sector I-16. according to the details, on the direction of Cda new street lights will be installed on main highways and link roads of Sector I-11/2, main highways and link roads of Sector I-16, main highways of Sector I-10, service roads, Faqeer apee road to Victory Pipe Industry and main highways and link roads of Sector I-14/1, 3 & 4. Simi-

larly, it has been decided to install new street lights from Sector H-11, Srinagar Highway to Nust University, Gate No.1. It should be noted that on the direction of the Capital development authority's administration, the Street lights department is speeding up the restoration of the damaged street lights in the remaining areas to ensure a proper lighting system in the city.

10 Foreign 2 August 2022_Layout 1 8/2/2022 12:16 AM Page 1

Tuesday, 2 August, 2022 | KARACHI

10 FOREIGN NEWS

PeloSi’S ASiA toUr Set to kick oFF Under tAiwAn cloUd SINGAPORE

U

AFP

S House of Representatives Speaker Nancy Pelosi was expected to begin her Asia tour Monday in the shadow of diplomatic tensions with China, with no word yet if she will make a stop in Taiwan. Her reported plans to visit the island have sparked strong warnings from Beijing, and even unease in the White House with President Joe Biden trying to lower the temperature with China.

Beijing considers self-ruled Taiwan its territory — to be seized one day, by force if necessary — and would see a visit by Pelosi as a provocation.

“The trip will focus on mutual security, economic partnership and democratic governance in the Indo-Pacific region,” Pelosi’s office said Sunday in a statement, referring to the Asia-Pacific.

“Our delegation will hold high-level meetings to discuss how we can further advance our shared interests and values.”

The statement did not mention Taiwan.

Pelosi is expected to begin the tour in Singapore, where meetings with the prime minister and president are on the agenda.

Her itinerary also includes Malaysia, South Korea and Japan.

Her delegation includes Chairman of the House Foreign Affairs Committee Gregory Meeks, as well as members of the House Permanent Select Committee on Intelligence and the House Armed Services Committee.

Xi warning: The United States maintains a policy of “strategic ambiguity” over whether it would intervene militarily were China to invade Taiwan.

While it recognises Beijing’s claim to the island, it also backs Taiwan’s democratic government.

American officials often make discreet visits to Taiwan to show support, but a Pelosi visit would be higher-profile than any in recent history.

As the House speaker, she is third in line for the US presidency and one of the country’s most powerful politicians.

The last House speaker to visit was

BtS may be able to perform while on military service: minister SEOUL AFP

.K-pop sensations BTS may be allowed to continue performing and preparing for international concerts even while they undertake their mandatory military service in South Korea, the defence minister said Monday. All South Korean able-bodied young men under the age of 30 must perform around two years of military service, mainly due to the fact that the country remains technically at war with nucleararmed North Korea. The spectre of conscription has long hovered over BTS, with its seven male stars ranging in age from 24-year-old Jungkook to Jin, 29, who must sign up by next year or risk jail time. Defence Minister Lee Jong-sup said during a parliament session that it could be in the national interest to find a way to keep the global stars on stage during their time in South Korea’s military. “I think there will be a way to give them time to practice in the military and to allow them to perform together if there is an overseas performance scheduled,” he said “Since many people value the fact of serving in the military itself very highly, it could be more helpful for their popularity,” he added, responding to a lawmaker’s question on the topic.

First grain shipment under new deal leaves Ukraine’s Black Sea port ODESA

Newt Gingrich in 1997.

Biden and his Chinese counterpart Xi Jinping had a tense phone call last week that was clouded by disagreements over Taiwan.

Xi issued an oblique warning to the United States not to “play with fire” over the island.

The feverish speculation about Pelosi’s Taiwan plans has coincided with an uptick in military activity across the region, highlighting the combustibility of the issue.

US officials have sought to play down the significance of a Pelosi visit, urging calm from Chinese leaders.

“We have many differences when it comes to Taiwan, but over the past 40-plus years, we have managed those differences and done it in a way that has preserved peace and stability and has allowed the people on Taiwan to flourish,” US Secretary of State Antony Blinken said Friday.

In Taiwan, there have been mixed views about the prospect of Pelosi visiting, but figures from both the ruling party and the main opposition have said the island should not cave to Chinese pressure.

China again warns of ‘serious consequences’ over Pelosi’s potential Taiwan visit BEIJING Agencies

China will take firm and strong countermeasures to safeguard its sovereignty and territorial integrity, said Chinese Foreign Ministry spokesperson Zhao Lijian on Monday, warning that the Chinese military will not sit back if U.S. House of Representatives Speaker Nancy Pelosi visits Taiwan.

His remarks came amid the high tensions across the Taiwan Straits. Pelosi’s Asia trip schedule, announced on Sunday, includes Singapore, Malaysia, South Korea and Japan with no mention of Taiwan. “The Chinese side has repeatedly made clear to the U.S. side our serious concern over Pelosi’s potential visit to Taiwan and our firm opposition to the visit,” Zhao told a regular news briefing.

“We are fully prepared for any eventuality,” he said, adding that it is the U.S. that has been distorting and hollowing out the one-China principle and making irresponsible remarks on the Taiwan question.

China demands that the United States honor the promise of President Joe Biden that it would not support “Taiwan independence” and should not arrange Pelosi’s visit to Taiwan, he stressed.

During his phone call with Chinese President Xi Jinping on Thursday, Biden reaffirmed the United States’ commitment to the one-China policy.

Chinese President Xi Jinping and his U.S. counterpart Joe Biden held a telephone conversation from their respective capital cities on July 28. This is good news, recognizing the frosty relations that have affected the two nations in recent years. The better news is that the door remains open to a face-to-face meeting between the men in about four months during the G20 meetings in Indonesia.

But storm clouds remain, and both men know that any progress in improving relations could be swept away by one particular self-serving individual.

Not surprisingly, Taiwan was at the heart of their conversation, which lasted for roughly two hours and 20 minutes. President Xi told President Biden in clear terms that the Chinese people “resolutely safeguard China’s national sovereignty and territorial integrity” and “those who play with fire will perish by it,” according to a statement by the Chinese Foreign Ministry.

These are not bellicose words; rather, they reflect China’s unambiguous position that any nation that interferes with

cross-Strait relations risks a host of responses from Beijing.

Biden also “reiterated that the oneChina policy of the U.S. has not changed and will not change and that the U.S. does not support ‘Taiwan independence.'” But it seems that the consensus is facing challenges as U.S. House of Representatives Speaker Nancy Pelosi recently announced her intentions for a Taiwan visit sometime in August, which could inflict major damage upon Chinese-American diplomacy and potentially Asia. Although President Biden and Speaker Pelosi are from the same political party, he cannot approve or deny any travel she wants to make.

Pelosi has not said when she will fly to Taiwan, and she also has not made it clear why she believes such a visit is necessary. Does she want to further demonstrate she is a strong supporter of Taiwan? Perhaps, but she could do that from Washington or her home in California. Does she want to show she is not afraid of China? Perhaps, but, again, she could do that from Washington or from her home in California. Or does she want to generate sufficient domestic and international headlines in order to distract from the recent negative news about her

husband and herself?

In late May, her husband was arrested for runk driving after his car crashed into another one. Fortunately, no one was hurt in the accident, but Mr. Pelosi was charged with two misdemeanors. A short time later, he made a significant stock purchase in a semiconductor company at the time Congress was approving a $52 billion subsidy for the industry. Ms. Pelosi’s office attempted to deflect any criticism of the deal, claiming that she does not own any stocks and cannot tell private individuals what investments to make.

The feeble argument did not satisfy her critics, who wanted to know if any federal insider trading laws might have been violated. Republicans will be especially hot on her trail should they regain the majority in the House of Representatives later this year, and it is not unrealistic to say that they will continue to press the Pelosis for more information.

The stories about the former Speaker of the House being questioned about her personal and professional decisions would come at a time when inflationary, and other economic pressures continue to dog Americans. That would not be a good look for the Pelosis or the Democrats.

Agencies

The first ship loaded with much-needed grain from Ukraine has left the Odesa Port for Lebanon under a landmark deal brokered by Türkiye, the Turkish Defense Ministry said on Monday. Ukrainian Minister of Infrastructure Oleksandr Kubrakov confirmed the information on Twitter, saying, “Thanks to the support of all our partner countries &@UN, we were able to fully implement the Agreement signed in Istanbul. It’s important for us to be one of the guarantors of food security.” The Sierra Leone-flagged ship Razoni set off from the Odesa Port for Lebanon with its cargo of over 26,000 tonnes of corn. Turkish Defense Minister Hulusi Akar said the Razoni would anchor in the Bosphorus off Istanbul on Tuesday afternoon and would be inspected by a joint team of Russian, Ukrainian, United Nations and Turkish representatives. “It will then continue as long as no problems arise,” Akar said. The Russia-Ukraine conflict has led to a worldwide food and energy crisis and the United Nations has warned of the risk of multiple famines this year. Moscow has denied responsibility for the food crisis, blaming Western sanctions for slowing exports and Ukraine for mining the approaches to its ports. Russia and Ukraine account for nearly a third of global wheat exports.

On July 22, representatives of Russia, Ukraine, Türkiye and the UN signed agreements on lifting restrictions on the supply of Russian products for export and the export of Ukrainian grain. Ukrainian presidential officials have said 17 ships are docked in Black Sea ports with almost 600,000 tonnes of cargo, mostly grain. Kubrakov said more ships would follow. Unlocking the ports would provide at least $1 billion in foreign exchange revenue for Ukraine’s economy and allow the agricultural sector to plan next year’s sowing season, he said.

Xi Jinping attends reception celebrating 95th founding anniversary of PLA BEIJING Agencies

Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee, on Sunday attended a reception to celebrate the 95th founding anniversary of the People’s Liberation Army (PLA), which falls on August 1.

The reception was held at the Great Hall of the People by the Ministry of National Defense.

Xi, also Chinese president and chairman of the Central Military Commission (CMC), was joined by other senior leaders of the Party and the state, including Li Keqiang, Li Zhanshu, Wang Yang, Wang Huning, Zhao Leji, Han Zheng and Wang Qishan.

Entrusted by Xi, CMC member, State Councilor, and Defense Minister Wei Fenghe extended festive greetings to all the officers and personnel of the PLA, members of the armed police, and others on behalf of the CPC Central Committee, the State Council, and the CMC.

Wei paid tribute to veterans and heroes who contributed to the development of people’s armed forces and representatives of army role models. He also sent regards to people dedicating themselves to the front of defense-related science, technology, and industry. He expressed gratitude to Party committees, governments, and people’s organizations at all levels that have unrelentingly supported the efforts to strengthen the country’s national defense and armed forces.

The PLA is the people’s armed forces founded by the CPC, Wei said while addressing the event. Over the past 95 years, under the firm leadership of the CPC, the people’s military has made indelible achievements in realizing national independence, liberating the Chinese people, and making the country prosperous and strong, he added.

The PLA has underpinned the efforts to protect the country’s national sovereignty, security and development interests, and made significant contributions to safeguarding peace and tranquility in the world, Wei said.

He called for thoroughly implementing Xi Jinping’s thinking on strengthening the military and speeding up the modernization of national defense and the armed forces. Wei also underscored efforts to build a solid national defense and power-

ful armed forces, commensurate with China’s international standing and meeting the needs of its security and development interests, thus providing strategic support for realizing the great rejuvenation of the Chinese nation.

Tuesday, 2 August, 2022 | KARACHI

SPORTS 11

Pakistan, india CriCkEt fans find COmmOn GrOund at ‘friEndly GamEs’ BIRMINGHAM

P

AFP

AKISTAN and India fans mingled at Edgbaston on Sunday during the muchanticipated Commonwealth Games clash between the arch-rivals, with supporters hailing the occasion as a chance to increase harmony.

Australia’s cricketers are favourites for gold in Birmingham but there is nothing to match the fierce rivalry between the two cricket-obsessed South Asian nations. Political tensions mean cricketers from the two countries currently only meet in multi-nation events.

India cut bilateral cricket ties with Pakistan after attacks in Mumbai in 2008 that New Delhi blamed on Islamabad.

They have not faced each other

in a bilateral men’s series since Pakistan toured India in 2012-13 for a set of one-day internationals (ODIs) and T20 matches during a brief thaw in relations.

But there was none of that tension as thousands of fans from the sizeable Birmingham-based Indian and Pakistan communities gathered at Edgbaston to watch the women’s teams do battle on Sunday.

Spectators tried to keep dry in the steady early drizzle as Birmingham rock band Electric Light Orchestra’s “Mr Blue Sky” blared out.

The sun eventually appeared and the match was reduced from 20 to 18 overs per innings, with Pakistan batting first.

The Pakistani fans impressed with their fancy dress — one dressed in a “Mad Hatter”-style costume in the national colours and another wearing a superhero-style outfit with a shock of green hair.

But it was the Indian fans who had more reason to cheer as their rivals were bundled out for just 99 in their 18 overs.

India then rattled off the runs to win by eight wickets inside 12 overs, with Smriti Mandhana making 63 not out.

‘Banter’: Pharmaceutical consultant Rahul Vyas said the match at the Commonwealths — otherwise known as the “Friendly Games” — was “a wonderful place to increase love, harmony and peace”.

Vyas travelled from London with his two teenage children and his sister.

To him, sporting clashes between Pakistan and India present an opportunity for engagement between the two sets of supporters.

“This can be a uniting force,” the 47-year-old told AFP. “If I cannot interact with my Pakistani friends, how will I be friends with

them?

“This is a great opportunity today — look at that Pakistani boy, he is around the same age as my son.

“They both have the same passion for cricket, too many things are there for the basis of a friendship.”

He added: “There are certain things our two countries are fighting over but let others deal with political issues.

“Us normal Indian and Pakistani people we can form the roots of a bigger friendship through cricket.”

Vyas’s friend, Piyush Somaiya, echoed those sentiments.

Somaiya, who was wearing a court jester hat in the Indian colours, said the players set an example themselves by being friends off the pitch.

“This is the biggest rivalry in cricket, no matter if it is men, women or Under-19,” he said.

“Yet unlike rival football club supporters, we are sitting together.

There is a lot of banter, then again good banter and that is fun.

“At the same time, we appreciate a good shot by an opposing player and they do as well which is nice to see.” The 43-year-old accountant, who had travelled up with his wife and two young sons from near London, also believes the

women’s game will get a big boost from making its Games debut in Birmingham.

“Getting it into the Commonwealth Games is a great idea,” he said.

“This will give women’s cricket a boost. It will be onwards and upwards in the future. Can you believe it is almost a sell-out at a Test match ground.”

‘Ambitious’ Alonso to replace Vettel at Aston Martin News Desk Veteran Spanish Formula One driver Fernando Alonso said he “intends to win again” after Aston Martin announced Monday that he would be joining the team on a multi-year contract from 2023.

The double world champion, who turned 41 on Friday and was coming to the end of his contract with French team Alpine, will replace German driver Sebastian Vettel, a four-time champion, who last week announced his retirement from Formula One at the end of the current season.

Alonso, who won his world titles with Renault in 2005 and 2006, said the Aston Martin team — which is owned by Canadian billionaire Lawrence Stroll whose son Lance drives the other car — “is clearly applying the energy and commitment to win” and is “one of the most exciting teams in Formula One today”.

‘World will change’ as England sweep to Euro 2022 title

“I have known Lawrence and Lance for many years and it is very obvious that they have the ambition and passion to succeed in Formula One,” said Alonso who came eighth in Sunday’s Hungarian Grand Prix and is currently 10th in the world championship standings.

The Spaniard made his F1 debut in 2001. After winning his world titles with Renault — the precursor to Alpine — he failed to add any more in two spells with McLaren and during a five-year stint with Ferrari.

In 2018, he left the sport to try his hand at other forms of racing, winning the Le Mans 24 Hours twice and taking part in the Indianapolis 500 and the Dakar Rally. Alonso returned to Formula One with Alpine in 2021, clinching his 98th and most recent podium at that year’s Qatar GP. His last victory came at his home Grand Prix in Barcelona in 2013, but he is eager to add to his 32 race wins.

“I still have the hunger and ambition to fight to be

McKeon reigns in Commonwealth pool as horror crash mars track cycling

APP England manager Sarina Wiegman said “the world will change” for her players after the Lionesses won Euro 2022 with a 2-1 extra-time victory over Germany at sold out Wembley on Sunday. In front of a record crowd of 87,192 for any match in the history of the European Championships, Chloe Kelly prodded home the winner in the 110th minute to deliver England women’s first ever major tournament win. “The world will change, we know that,” said Wiegman, whose post-match press conference was interupted by the England squad singing “football’s coming home!”.

“We change society and that’s what we want, that’s so much more than football. “Winning is what we are here for, our job is to do as good as possible, but through football you can make changes in society and that’s what we are here for.” Kelly only just made Wiegman’s squad after fighting back from an anterior cruciate ligament tear to be fit in time for the tournament and made herself a national hero by being in the right place to pounce when Germany failed to clear a corner. The Manchester City winger tore off her shirt in celebration in scenes reminiscent of Brandi Chastain’s famous reaction to scoring the winning penalty at the 1999 World Cup for the USA. “This is what dreams are made of, as a young girl watching women’s football,” said Kelly, who broke off a post-match interview to join in a chorus of “Sweet Caroline” with the crowd and her teammates. “Thank you for everyone who played a part in my rehab. I always believed I’d be here, but to be here and score the winner, wow.

These girls are amazing.” England looked set for victory in the 90 minutes when substitute Ella Toone’s sublime chip over Merle Frohms put the hosts in front. Germany showed remarkable resilience to bounce back as Lina Magull levelled 11 minutes from time. But 56 years on from England’s last major tournament win in either the men’s or women’s game, they were not to be denied a major tournament success. Queen Elizabeth II led the tributes to the Lionesses, calling them an “an inspiration for girls and women today, and for future generations”. Fortune did not favour Germany, who lost captain and top goalscorer Alexandra Popp to a muscle injury in the warm-up. German boss Martina Voss-Tecklenburg was also furious that a penalty was not awarded in the first half for a handball by England captain Leah Williamson.

at the front, and I want to be part of an organisation that is committed to learn, develop and succeed,” Alonso said. “I intend to win again in this sport and therefore I have to take the opportunities that feel right to me.”

Vettel, who scored 53 GP wins and won four successive championships with Red Bull from 2010 to 2013, had tipped his friend and protege Mick Schumacher, son of the legendary Michael Schumacher, to be his successor. However, the British-based team which is still developing since Stroll took it over in 2020, have turned instead to the wealth of experience that Alonso can offer. “The whole company is very excited to bring Fernando’s incredible experience and brilliant pace and racecraft to the team,” Aston Martin said in a statement. “The recruitment of a special talent such as Fernando is a clear statement of intent from an organisation that has committed to developing a winning Formula One team.”

BIRMINGHAM AFP

Swimming superstars Emma McKeon and Chad le Clos made Commonwealth Games history on Sunday as Adam Peaty suffered a shock defeat while the track cycling was overshadowed by a horror smash.

McKeon now has 11 gold medals at the Games over her career — more than any other Australian

after her victory in the women’s 50m freestyle.

Silver for defending champion Le Clos in the men’s 200m butterfly gives him an 18th Commonwealth medal, putting him level with shooters Michael Gault and Phil Adams. McKeon’s crowning Commonwealth moment was extra special as her family were there to witness it — they were absent at last year’s Tokyo Olympics, where she won seven medals, including four gold. The 28-year-old has now moved ahead of now retired compatriots Ian Thorpe, Susie O’Neill and Leisel Jones on the all-time list.

“They’re the ones that inspired me when I was young,” she said. “I remember watching them on TV and that lit the fire in me to be where I am now. I’ve got them to thank.” Le Clos finished second behind Lewis Clareburt of New Zealand in his evening race.

Sunday’s final was 10 years to the day since he beat American great Michael Phelps at London 2012 in the same event to become Olympic champion. The South African said he would have gone to extreme lengths to have won in Birmingham. “I would’ve cut my finger off to win tonight,” he said. “It meant everything to me and my family -– everyone’s in the

Olympic swimming champion Peaty miss podium at Commonwealth Games News Desk England’s Olympic champion Adam Peaty couldn’t swim to a podium finish in the men’s 100m breaststroke at the Commonwealth Games as his teammate James Wilby won the race held in Birmingham on Sunday. 27-year-old Peaty fractured a bone in his foot while training in the gym in May and had to pull out of the FINA World Championships held in Budapest from June 18 to July 3. He then had been focusing on recovering and building up his strength ahead of the Commonwealth Games, but Sunday’s final proved that he was still far from his best form.

Wilby touched the wall first in 59.25 seconds, followed by Australian duo Zac Stubblety-Cook and Sam Williamson in 59.52 and 59.82 seconds respectively. Peaty, who has won two golds from the events at the previous two editions of the Commonwealth Games, only managed a fourth finish in 59.86 seconds, nearly three seconds behind his world record of 56.88 seconds.

Ronaldo returns in Man Utd’s friendly draw with Rayo Vallecano MANCHesTeR AFP

Cristiano Ronaldo played for 45 minutes as he made his first Manchester United appearance in 12 weeks during a 1-1 preseason draw with Rayo Vallecano at Old Trafford on Sunday.

The 37-year-old Portugal forward, who missed the club’s pre-season tour to Thailand and Australia for personal reasons, reportedly wants to leave the club he rejoined last year.

Former Real Madrid and Juventus star Ronaldo finished as United’s top scorer last season with 24 goals.

But the campaign as a whole was a

huge disappointment for the club, with a sixth-place finish in the Premier League meaning they missed out on qualification for the Champions League.

Ronaldo was left out of United’s squad for Saturday’s friendly with Atletico Madrid in Oslo.

But, commenting on a post on a fan page about him missing the game in Norway, Ronaldo wrote Friday: “Domingo o rei joga” which translates as “Sunday the king plays”.

Ronaldo applauded fans on both sides of the ground as he led the team out for their pre-match warm-up on Sunday.

The veteran forward had one clear chance during his 45-minute appearance

against United’s Spanish opponents but drove over the bar after running on to Donny van de Beek’s lay-off.

New signings Christian Eriksen and Lisandro Martinez both featured for an hour in a game set up by new United manager Erik ten Hag for the players who did not have major roles in Saturday’s 1-0 defeat by Atletico.

Amad Diallo, who was on loan at Scottish giants Rangers last season, gave United the lead early in the second half when the 20-year-old Ivory Coast winger fired in the rebound after a shot from Alex Telles had been saved.

United’s lead, however, lasted just nine minutes before Alvaro Garcia

equalised in a similar fashion after Tom Heaton had saved Isaac Palazon Camacho’s initial effort.

United start their Premier League campaign at home to Brighton on August 7.

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ARmy CHIEf InTERvEnEd In EConomIC AffAIRs duE To PoLITICIAns’ fAILuRE: CH sHujAAT ISLAMABAD

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staff RepoRt

AKING a dig at his party’s ally Prime Minister Shehbaz Sharif, Pakistan Muslim League-Quaid (PML-Q) chief Chaudhry Shujaat Hussain Tuesday said the army chief had to intervene in the economic affairs of the country due to the “failure of politicians”.

Addressing a press conference here on Monday, Shujaat said only politicians were to be blamed for the prevailing economic crisis.

revealed that PTI Chairman Imran Khan as prime minister had refused to make PML-Q leader Moonis Elahi a federal minister and took up the matter of his “corruption scandal” with him.

“I had urged Imran Khan to make Moonis Elahi federal minister but he offered to make Chaudhry Salik Hussain [son of PMLQ chief] a minister,” he added.

Speaking about the rifts in the famous Chaudhry family of Gujrat, PML-Q Secretary General Tariq Bashir Cheema said that an attempt was made to create rifts in the party and added that no one could remove Shujaat as the president of the party.

“Politicians should have discussed the economy instead of the army chief,” he added. His statement came days after Chief of Army Staff (COAS) Chief of Army Staff (COAS) General Qamar Javed Bajwa reached out to Washington to push the International Monetary Fund (IMF) to immediately release nearly $1.2 billion Pakistan needs to stave off serious upheaval.

The army chief’s ‘appeals’ to the United States are in tandem with his discussions with Prime Minister Shehbaz Sharif over measures for the restoration of confidence in the economy.

Speaking on the occasion, Shujaat also

The PML-Q decided earlier this week to remove party President Shujaat and General Secretary Cheema and hold a fresh election for the top posts within 10 days, senior party leader Senator Kamil Ali Agha said.

The decisions were taken in a meeting of the PML-Q Central Working Committee (CWC), chaired by Senator Agha. The meeting also formed a five-member election commission, headed by Jahangir A Joja, for the intra-party elections.

“How can provincial party bearer summon party’s central leadership meeting, he does not have the authority to remove Chaudhry Shujaat,” he remarked.

SECP to introduce digital asset management companies ISLAMABAD app

The Securities and Exchange Commission of Pakistan (SECP) on Monday introduced the concept of Digital Asset Management Companies (AMCs) to promote financial inclusion and to simplify investment in AMCs. The concept paper has been published on the commission’s website for public consultation, said a press release.

Digital AMCs have the potential to facilitate investors and increase investor base, by reducing paperwork,

ECP to announce verdict in PTI prohibited funding case on Tuesday

providing services remotely, and leveraging customer data.

These companies will provide all AMC services, including launching of allowed Collective Investment Schemes (CIS), online account opening to issuance and redemption of units and inter CIS conversions through digital means, where the investor is no longer required to visit any distribution point physically.

The concept note covers areas like challenges faced by brick and mortar AMCs, potential of digital AMCs in Pakistan, key ambitions underlying the development of Digital AMCs, and

critical regulatory challenges. It also proposes a framework for addressing these identified gaps.

Simultaneously with publication of this Concept Paper, the SECP is also aiming to test the Digital AMC model in a sandbox testing environment.

In Pakistan, there are currently 21 AMCs with asset under management of Rs1.2 trillion. The mutual fund industry in Pakistan has only approximately 320,000 investors, 0.14 per cent of the total population, which means this segment of capital markets is under-penetrated in comparison to other international jurisdictions.

ISLAMABAD staff RepoRt

The Election Commission of Pakistan (ECP) will announce its verdict in the much-delayed prohibited funding case — previously referred to as the foreign funding case — against the PTI on Tuesday (August 2) at 10am. The case, which was filed by party founding member Akbar S Babar, has been pending since Nov 14, 2014. Babar, who is no longer associated with PTI, had alleged serious financial irregularities in the party’s funding from Pakistan and abroad. The PTI has denied any wrongdoing and maintains the funding is not from prohibited sources. Last month, ECP reserved its verdict in the case. According to the ECP website, a three-member bench heaed by Chief Election Commissioner (CEC) Sikander Sultan Raja, comprising Nisar Ahmed Durrani and Shah Muhammad Jatoi will preside over the hearing scheduled for Tuesday. The development comes days after a delegation of the ruling alliance, comprising members of the Pakistan Democratic Movement, PPP, and Muttahida Qaumi Movement-Pakistan, met ECP officials and urged them to release the verdict in the case. On June 21, the ECP had reserved its verdict in the prohibited funding case — previously referred to as the foreign funding case — against the PTI, which has not been issued yet. The petitioner, Babar, had alleged serious financial irregularities in the party’s funding from Pakistan and abroad. The PTI had, however, denied any wrongdoing, and maintains the funding is not from prohibited sources. On January 4, the ECP’s scrutiny committee, formed in March 2018 to examine the PTI’s foreign funding in one month, finally submitted its report after 95 hearings and nearly four years.

Govt to provide feed gas to fertiliser industry at unified rate g

Ministry of industries will hold Meeting with Manufacturing coMpanies to discuss pricing on august 3 ISLAMABAD staff RepoRt

The government will provide a unified price of feed gas to fertiliser manufacturers in the country according to directions given by the Economic Coordination Committee (ECC), it was learnt on Monday.

According to the details, the new plan was discussed during a meeting held at the Ministry of National Food Security and Research here on Monday. The meeting, chaired

by Minister of Food Tariq Bashir Cheema, was also attended by Federal Minister for Industries and Production Syed Murtaza Mahmud and Minister of State for Petroleum Davison Dr Musadik Masood Malik.

According to officials privy to the development, the meeting was informed that fertiliser manufacturing companies are getting gas at different rates whereas participants were of the view that these companies should be supplied gas at a unified rate to create a level playing field.

The meeting was also informed that the government aims to give direct subsidies to the farmers whereas a track and trace system for fertiliser bags can help in this regard.

Food security hinges on agricultural production. To en-

sure food security, all of the relevant ministries and departments should sit together to work coherently, the meeting was told. It was decided that the Ministry of Industries will hold a meeting with fertiliser manufacturing companies to discuss the pricing of gas on August 3.

The Ministry of Industries and Production had submitted a summary to ECC on issues faced by Fatima Fertilizer ( Sheikhupura Plant) and Agritech. Both the SNGPL based plants are operated by provisioning of RLNG on a cost sharing basis.

Gas rate for operation of these plants is worked out on the basis of Variable Contribution Margin (VCM). Due to price increase in fuel prices and other factors, both plants had approached M/o I&P for revision of VCM and capping of GST at the price paid by the plants.

The ECC after discussion approved the proposal to ensure compliance with the earlier decision of the ECC and the Federal Cabinet of shifting both the plants to indigenous gas. The ECC further directed Ministries of Petroleum, Finance, National Food Security and Industries & production to work out the gas price/VCM for the Fertilizers.

The ECC also decided that Sales tax may be charged on the actual price of the gas being paid by the company.

Highest inflation in 14 years, July figures hit 24.9pc ISLAMABAD Ghulam abbas

The Consumer Price Index (CPI) inflation in July 2022 leaped to over a decade high of 24.9 per cent fueled by high energy and food prices.

According to the details, in June 2022, the CPI inflation was at 21.3%, whereas it was recorded at 8.4% in July 2021. On a month-on-month (MoM) basis, inflation increased by 4.3% in July 2022 as compared to an increase of 6.3% in the previous month and an increase of 1.3% in July 2021. A devalued rupee against the US dollar has also compounded the situation resulting in eroding the purchasing power of the Pakistanis.

The State Bank’s interest rate is currently at 15% while there are rumors that

the bank may further jack up the rate; economic pundits are however against the bank’s tight policy saying that it would negatively affect GDP growth.

Food inflation in July rose by 28.77% while utility charges and fuel were also up by 21.8% over a year ago. Transportation charges rose 64.73% against 8.24% in July 2021. Food and beverage prices increased 28.77% against 8.24% in July 2021, restaurants & hotels up 25% (8.5 pc on Jul 21), and alcoholic beverages & tobacco were costlier by 22.5% in July against 3.14% a year ago. CPI inflation urban, increased by 23.6% on a YoY basis in July 2022 as compared to an increase of 19.8% in the previous month and 8.7% in July 2021. On a month-onmonth basis, it increased by 4.5% in July 2022 as compared to an increase of 6.2%

in the previous month and an increase of 1.3% in July 2021.

CPI inflation rural, increased by 26.9% on a YoY basis in July 2022 as compared to an increase of 23.6% in the previous month and 8% in July 2021. On a MoM basis, it increased by 4.2% in July 2022 as compared to an increase of 6.6% in the previous month and an increase of 1.4% in July 2021.

Utility charges including housing, water, electricity, gas, and fuel in July were costlier by 21.8% expensive against the same month last year of 9.2%. Furnishing and household equipment maintenance charges went up 19.7% against 9.8% last year, recreation and culture 15.4% (5.9% a year ago), clothing and footwear 14.57% (9.46pc), health charges 11.22% (8.6%), education charges up 9.8% against 2.04% in July 2021. Interestingly, the Wholesale

Price Index (WPI) increased by 38.5% during the month against the increase of 38.9% in June 2022 and an increase of 17.3% in July 2021. WPI inflation on a MoM basis increased by 2% in July 2022 as compared to an increase of 8.2% a month earlier and an increase of 2.3% in July 2021.

The weekly sensitive price indicator (SPI) also increased 28.2% in the month under review compared to an increase of 21.7% last month and 16.2% in the same month a year ago. Over the previous month, electricity charges increased in July 2022 increased 39.35%, Motor Fuel 7.35%, construction input items 3.18%, washing soap, detergents 2.45%, cotton cloth 2.21%, liquefied hydrocarbons 1.99%, electrical appliances 1.48%, plastic products 1.40% and furniture & furnishing 1.30%.

Govt allocates Rs78bn for giving subsidy on power to exportoriented industries ISLAMABAD shahzad paRacha

The federal government on Monday allocated Rs77.957 billion as a supplementary grant during FY2022-23 for the provision of a concessional electricity tariff for export-oriented industries. Sources said that the Ministry of Commerce has written a letter to Power Division with regard to providing regionally competitive energy rates export-oriented sectors during the current fiscal year. The Power Division stated that in-principle, it agrees with the proposal to provide electricity at an all inclusive rate of 9 US cents per kWh to the sectors including textile, jute, leather, carpet, surgical and sports from July 1 to June 30, 2023 on observing that the Power Division has cleared subsidy claims of zero-rated industrial consumers amounting to Rs26 billion until March and that the package will continue this year too. Similarly, the Commerce Division has initiated a summary for an additional supplementary grant during May on the Power Division’s request, however no decision, allocation or releases were made to the power sector to meet pending subsidy claims. As of June 30, pending claims of zero-rated industrial consumer of DISCOS and KE for FY22 total Rs26.2 billion and need to be cleared from the current year’s allocation of Rs20 billion. Furthermore, the Power Division requires an additional allocation of Rs6.207 billion as a supplementary grant for clearing the previous and current fiscal year’s liability in addition to Rs77.957 billion as additional budgetary allocation for the provision of a concessional power tariff for export-oriented industries in FY23. The package will be notified for billing once the subject supplementary grant of Rs84.164 billion is released to the Power Division. In case the government approves less allocation, the Power Division will reduce the application of package proportionately.

LHC issues notice to PA speaker on plea challenging his election LAHORE staff RepoRt

The Lahore High Court (LHC) on Monday issued notices to Punjab Assembly Speaker Sibtain Khan, secretary law, presiding officer and others on a petition, challenging the election of PA speaker recently. The division bench comprising Justice Muzamil Akhtar Shabir and Justice Raheel Kamran issued notices on a petition, filed by Pakistan Muslim LeagueNawaz (PML-N) MPA Saif-ul-Malook Khokhar and another MPA. During the proceedings, the petitioners’ counsel argued before the bench that as per law, it was mandatory to hold the Punjab Assembly speaker election through a secret ballot. He submitted that balloting had not been secret in Friday’s election of the speaker as the ballot papers and counterfoils were serial-numbered.

He submitted that the choice, exercised by the MPAs, could be traced by comparing the serial number on the ballot paper and the serial number on the counterfoils. “As a result, the secrecy of the ballot could easily be breached,” he added He submitted that it was a violation of the law and constitution to put a serial number on the ballot papers. He pleaded with the court to declare the election as illegal and order re-polling for the slot.

Published by Arif Nizami at Plot No 66-C, 1st Floor, 21st Commercial Street, Phase-II (Extension), DHA Karachi and printed at Ibn-e-Hassan Printing Press, Hockey Stadium, Karachi, for PT Print (Pvt) Limited. Ph: 021-35381208-9. Email: newsroom@pakistantoday.com.pk