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02 NEWS PM IMRan wants tV dEBatE wIth IndIa’s ModI to REsolVE IssuEs
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PRIME Minister Imran Khan said on Tuesday he would like to have a televised debate with his Indian counterpart, Narendra Modi, to resolve differences between the two neighbours.
The nuclear-powered rivals have shared antagonistic relations since gaining independence 75 years ago, fighting three wars, with ties strained recently after New Delhi abrogated the semi-autonomous status of Indian Illegally Occupied Jammu and Kashmir (IIOJK) in 2019.
“I would love to debate with Narendra Modi on TV, ” PM Imran told RussiaToday in an interview, adding that it wouldbebeneficialforthebillionpeopleinthesubcontinent if differences could beresolved through debate.
India’s Ministry of External Affairs did not immediately respond to a Reuters request for comment.
“India became a hostile country so trade with them became minimal, ” the premier said, stressing his government’s policy was to have trade relations with all countries.
The PM’s remarks follow similar comments recently by his aide on commerce, Razzak Dawood, who, according to media, told journalists he supported trade ties with India, which would benefit both sides.
PM Imran said Pakistan’s regional trading options were already limited, with Iran, its southwestern neighbour, under US sanctions and Afghanistan, to the west, involved in decades of war.
Pakistan shares strong economic ties with its northern neighbour, China, which has committed billions of dollars for infrastructure and other projects under its Belt and Road Initiative.
The premier’s interview came on the eve of a visit to Moscow, where he will meet PresidentVladimir Putin – the first visit by a Pakistani leader to Russia in two decades. The two-day visit for talks on economic cooperation was planned before the current crisis over Ukraine.
“This doesn’t concern us, we have a bilateral relation with Russia and we really want to strength it, ” the premier said of the Ukraine crisis.
AhmAd AhmAdAni
K-Electric has requested the National Electric Power RegulatoryAuthority (NEPRA) to approve Rs3.40 per unit hike in power price on account of fuel charges adjustment (FCA) for the month of January 2022.As per details, the K-Electric (KE) has asked NEPRAto jack up the power tariff by Rs3.406 per kilowatt hour under the head FCAof January 2022 while KE has also asked to decrease base power tariff by 30 paisa under the head quarterly adjustment for the quarter October to December 2021. NEPRAis scheduled to consider the proposed adjustment request of K-Electric on March 01, 2022. According to the NEPRA, KE has filed its request for monthly FCA(own and power purchases) for the month of January 2022 which will add Rs3,727 million additional burden on Karachiites. Similarly, KE has requested to approve Rs 30 paisa per unit cut in base tariff for quarter ending December 2021. It is relevant to note that the proposed FCAof January 2022 will be charged in the monthly electricity bill while the proposed negative 30 paisa per unit will be included in the base power tariff. It is also learnt that NEPRA during the course of its scheduled hearing on March 1, 2022 will discuss whether the requested fuel price variation and quarterly variation is justified. Similarly, KE will also discuss whether KE has followed the merit order while giving dispatch to its power plants as well as power purchases from external sources. NEPRAin a public hearing notice in the matter of request filed by KElectric regarding monthly fuel charges adjustment for the month of January 2022 and quarterly adjustment for the quarter ending December 2021 under multi-year tariff (MYT) 2017-2023 has invited all the interested parties to raise written or oral objections as permissible under the law. It is pertinent to mention that MYT determination prescribes mechanism for adjustment in the MYT on monthly and quarterly basis while the decision of theAuthority (NEPRA) in the matter of MYT petition of K-Electric has already been notified vide SRO No. 576(1)/2019 dated May 22, 2019.
Govt asked to grant crop status to tobacco in KP
Aziz BuneRi
The Khyber Pakhtunkhwa (KP)Assembly ’s Inter Provincial Coordination (IPC) committee has recommended the federal government to grant crop status to the province’s major agriculture product, tobacco. The sources said that the federal government provides KP with just Rs220 million out of Rs1.6 billion for tobacco cess, which is an “injustice” to the province. Sardar Hussain Babak, parliamentary leader of the Awami National Party (ANP) in KP assembly said that the province is producing 78 per cent tobacco of the country. He further added that the province is producing 100 per cent export quality tobacco but unfortunately till date tobacco cultivation has not been provided crop status. Babak said that the IPC committee has collected recommendations from all stakeholders and it will now be discussed in the meeting of Council of Common Interest (CCI). TheANP leader added that the IPC committee will also review the rates received by farmers as well as all the expenses incurred on tobacco cultivation so that the farmers could be protected from loss by selling their crop on the government stipulated rates. Babak said that Khyber Pakhtunkhwa is rich in natural resources and every effort will be made to protect the province’s rights against the central government. The committee directed the law department to provide guidance in this regard in a constitutional context. The committee said that the national and multinational companies tobacco board, department of agriculture and other concerned agencies should establish close liaison in this regard so that farmers can be guided in a timely manner and they do not face difficulties in cultivating tobacco crop. The committee also directed that pesticides should not be used on crops without consulting the agriculture department as many pesticides are not only harmful to health but also have negative impacts on the environment.
ITFC signs $1.2bn annual plan for Pakistan
shAhzAd PARAchA
The International Islamic Trade Finance Corporation (ITFC) has signed the Annual Plan for 2022 in favor of the Government of Pakistan, to provide integrated trade solutions to support the energy and agriculture sectors.
As per the information, the $1.2 billion agreement includes financing the import of essential commodities such as crude oil, refined petroleum products, LNG, food and agricultural products; in addition to implementing trade related technical assistance to ensure trade development impact.
The Annual Plan was signed during a ceremony in ITFC headquarters in Jeddah between ITFC and a delegation of the Ministry of Economic Affairs (EAD).
Referring to the agreement, COO, ITFC Nazeem Noordali stated that this annual plan reflects the importance of the long standing cooperation between ITFC and the government of Pakistan “ITFC is continuously working closely with its member countries to meet their requirements through providing integrated solutions that includes financing and capacity building tools that allows for maximizing the development impact of ITFC interventions. We are delighted and we will continue to mobilize financial resources to support Pakistan in its endeavors to achieve its economic targets through our existing Framework Agreement. ”
The EAD delegation, expressed their appreciation for the continued support and partnership with ITFC, and underlined the need for enhanced cooperation through more efficient processes to further promote Islamic trade finance and trade development interventions in Pakistan.
Despite a challenging year due to the Covid-19 pandemic, ITFC provided around $1.1 billion of trade financing in 2021. ITFC has signed the 4th framework agreement with the Government of Pakistan in June 2021 for $4.5 billion. It is worth mentioning that, since 2008, ITFC has provided $6.7 billion to Pakistan.
Pakistan, Australia reiterate desire to further enhance defence cooperation
sTAff RePoRT
General Angus J. Campbell, Chief of Defence Force (CDF)AustraliaTuesday called on General Qamar Javed Bajwa, Chief ofArmy Staff (COAS).
During the meeting, matters of mutual interest including military to military cooperation, overall regional security situation including current Afghan situation and bilateral cooperation in various fields were discussed.
COAS said that Pakistan values its relations with Australia. Both reiterated the desire to further enhance bilateral relations and defence cooperation including efforts for peace and security in the region.
The visiting dignitary acknowledged the professionalism of Pakistan Armed Forces. He appreciated Pakistan’s role in Afghan situation, special efforts for border management and role in regional stability.
He also assured to play his part for further improvement in diplomatic cooperation at all levels and pledged to enhance military cooperation between the two Forces.
Engro Fertilizer highlights Pakistans role in promoting regional food security at Dubai Expo
Agencies
Engro Fertilizers, Pakistan’s premier seed-to-harvest solutions provider, hosted an insightful dialogue at Expo 2020 Dubai to highlight the food security situation in the Gulf and the potential partnership opportunities with Pakistan to overcome the regional food security challenges.
The panel comprised global agricultural and industry experts including Dr. Abdul Rashid (IFA Laureate), Charles Schneider (International Finance Corporation), Ayman Alwadhy (The Corporate Group, UAE), Wasim Halabi (Foodco National Foodstuff Co PJSC), Fredric Favre (MAS Seeds, France) and Khusrau Nadir Gilani (Engro Fertilizers). The event was also graced by Mr. Hussain Dawood (Chairman of Engro Corporation and Dawood Corporation), Mr. Shahzada Dawood (Vice Chair, Engro Corporation), Ghias Khan (President & CEO of Engro Corporation) and Nadir Salar Qureshi (CEO of Engro Fertilizers), along with other members of the Engro leadership team.
The expert panel pointed out that food security in the Gulf region is a growing challenge due to high dependence on food imports, increasing water scarcity, climate change and supply chain interruptions. In 2020, the region’s share of the acutely food insecure global population was 20%, which is disproportionately high compared to its 6% share of the population. By forging partnerships in the agricultural sector with large established sustainable agri-base countries, like Pakistan, the region can benefit from enhanced agricultural output to overcome its food security challenge.
There is significant potential to increase Pakistan’s agriculturaloutputwithfocusonmoderntechnology,seed quality, balanced use of fertilizers, and uplift of infrastructureacrosstheagrivaluechain.Itwasnotedthat if average farmer yields are brought at par with those of progressive farmers within the country, Pakistan will see a dramatic increase in wheat and rice production serving not only the needs for domestic consumption, but also createsignificantsurplusesforexportstotheGulf-Region. The Government of Pakistan was also applauded for its efforts to improve water provision and farm economics, resulting in an increase of approximately 1.6 million hectares in area under cultivation with further growth anticipated with large irrigation projects underway.
According to Nadir Qureshi, “To bridge the agri yield gap and enrich crops with essential nutrients, Engro Fertilizers has introduced innovative products and seedto-harvest solutions, farmer upskilling programs, access to expert advice by leveraging technology, and free of cost soil testing laboratories. We hope that this dialogue will serve as an initial step to encourage Pakistan, Engro and Gulf entities to work together to jointly develop innovative solutions and explore the scope for international partnerships in the agri space. ”
The panel discussion concluded that the food and agriculture sector can be an engine of economic growth for both the Gulf region and Pakistan. Through the adoption of technological innovation and sustainable practices, the agricultural sector of Pakistan can be transformed to reduce dependence on food imports, create surpluses to drive significant exports and meet the Gulf regions’dietary nutrition requirements.
MCB allowed due diligence to acquire 55pc stake in Easypaisa
TLTP
The State Bank of Pakistan (SBP) has granted conditional approval to Muslim Commercial Bank (MCB) to conduct due diligence for a potential transaction for the purchase of 55 per cent shares of Telenor Microfinance Bank Limited (Easypaisa). The development was shared in a notification to the Pakistan Stock Exchange (PSX). “The State Bank of Pakistan (SBP) has granted in-principle conditional approval to MCB to conduct due diligence for a potential transaction for the purchase of 55 per cent shares of Telenor Microfinance Bank Limited held by Telenor Pakistan BV (operates under the Easypaisa brand name), ” read the notice. The Board of Directors of MCB had already, in its meeting held on October 27, 2021, accorded its in-principle approval to conduct due diligence for the potential transaction. MCB back then informed the PSX that the proposed acquisition of a microfinance bank is likely to bring correction in the microfinance sector with the support of a major bank. The development comes days after the central bank also granted in-principle approval to the United Bank Limited (UBL) to commence the due diligence of Telenor Microfinance Bank Limited for the proposed acquisition of 55 per cent sponsor shares in TMB. Telenor Microfinance Bank is jointly owned by Telenor Pakistan andAnt Group, which is an affiliate company of the ChineseAlibaba Group. It was established in 2005 as Tameer Microfinance Bank. In 2009, the bank launched Pakistan’s first mobile banking platform Easypaisa, transforming digital payments in the country. Late in 2018,Ant Financial bought a 45 per cent share of Telenor Bank. Introduced as branchless banking, being a pioneer with the brand of Easypaisa, Telenor Bank has expanded its businesses countrywide with innovative services.According to the financial statement, the bank earned a gross profit of Rs1.245 billion by the end of September 2021.
