Saturday, 5 February, 2022 I 3 Rajab, 1443 I Rs 15.00 I Vol XII No 218 I 14 Pages I Lahore Edition
Pakistan, China sign aCCord on industrial CooPeration under CPeC
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AKISTAN and China on Friday inked the Framework Agreement on Industrial Cooperation under the China Pakistan Economic Corridor (CPEC) following Prime Minister Imran Khan’s arrival in Beijing the previous day. The prime minister is in China to attend the opening ceremony of the Winter Olympics and meet the Chinese leadership. State Minister and Chairman Board of Investment Mohammad Azfar Ahsan and Chairman National Development & Reform Commission (NRDC) He Lifeng signed the accord. The objective of the Joint Working Group (JWG) on Industrial Cooperation is to attract foreign direct investment (FDI), promote industrialisation and development of economic zones, and initiate, plan, execute, and monitor projects, both in public as well as the private sector. The engagement with China under JWG is envisaged to increase labour productivity in Pakistan, enhance industrial competitiveness, increase exports, and sustain
diversification in the exports basket. During the 8th Joint Cooperation Committee (JCC) meeting of CPEC held in 2018, both sides had signed a Memorandum of Understanding that formed the basis for future engagements between the parties under the ambit of industrial cooperation. As CPEC entered its second phase, which primarily revolves around the development and industrialisation of Special Economic Zones (SEZs), the need for a comprehensive framework agreement became imperative. Similar agreements have also been signed for Early Harvest CPEC Projects on energy and infrastructure. With continuous efforts of the Board of Investment (BoI), both sides reached the consensus to elevate the existing MoU into a Framework Agreement in 2020. After extensive stakeholder consultations and with the approval of the prime minister, BoI shared the draft framework with NDRC in November 2020, which has been formulated keeping in consideration
Coronavirus in
Pakistan
the needs of CPEC Phase II. The signing ceremony of the framework agreement is a significant outcome of the prime minister’s visit and a top agenda from the Chinese side as a testimony to their interest in CPEC. PM hOLDS MEETINGS WITh ChINESE BuSINESSMEN: Later in the day. Prime Minister Imran Khan held a series of meetings with officials from China’s leading state-owned and private companies. According to the Prime Minister’s Office (PMO), the premier met with executives from China Communication Construction Company, Huazhong Technology, Zhejiang Seaport Group, Challenge Apparel, Hunan Sunwalk Group Royal Group, China Road and Bridge Corporation, Zhengbang Group and China Machinery Engineering Corporation. “The corporate leaders briefed the prime minister on the progress of their on-going projects in Pakistan,” the PMO statement said. The Chinese businessmen showed a keen interest in expanding investment in Pakistan in projects related to recycling of metal and paper, energy, textile, fibre-optic networks, housing, dairy and water management, it said. In his remarks, PM Imran appreciated the keen interest of the Chinese companies to invest in Pakistan. “Highlighting deepening economic and trade ties between the two countries, he informed the Chinese corporate leaders about steps [taken] to create [a] conducive environment for Chinese investment in Pakistan and encouraged them to benefit from business friendly policies for investment in CPEC SEZs,” the statement said. News Desk
Indian COAS’ claim regarding LoC ceasefire ‘misleading’: DG ISPR DG Inter-Services Public Relations (ISPR) Maj Gen Babar Iftikhar on Friday refuted Indian Army Chief Manoj Mukund Naravane’s claim that the ceasefire arrangement on the Line of Control (LoC) was holding because India had negotiated from a “position of strength”. As per the details, the 740-km LoC had seen unprovoked artillery shelling and firing from across the dividing line until February last year when India and Pakistan recommited themselves to the 2003 ceasefire, bringing relief to the lives of the affected population. It is pertinent to note that on Thursday, Indian Army Chief Naravane said the ceasefire continued to hold because India had negotiated from a position of strength, according to a report by Indian news agency ANI. Naravane while speaking about the ongoing military stand-off with China on India’s northern border, stated that the “developments adequately underscore the requirement for ready and capable forces, with an optimal component of boots on ground backed by modern technology”. DG ISPR termed the claim “clearly misleading”. The ceasefire was agreed “only due to Pakistan’s concerns for the safety of people of Kashmir living on both sides of the LoC”, he tweeted. “No side should misconstrue it as their strength or other’s weakness.”
SBP receives $1.05bn from IMF
It is pertinent to note that the surprise truce announced in late February 2021 had brought an end to years of violence along the frontier that saw thousands of skirmishes rattle the Himalayan territory, where the two sides have used artillery, mortars, and small arms. The deal effectively reinstated an earlier ceasefire signed by the two sides in 2003 that had been trampled by thousands of violations in recent years. The ISPR stated that the original deal had largely held until 2016, when tensions exploded in occupied Kashmir, resulting in a surge in violence between the two sides. As fighting along the LoC raged, ties between the rivals went into freefall with India repeatedly accusing Pakistan of sending infiltrators across the LoC, while Islamabad lambasted Prime Minister Narendra Modi’s government for stoking Hindu nationalist sentiment against Muslims. The two sides came close to another all-out war after an attack inside India-occupied Kashmir in 2019 led to tit-for-tat air strikes. But even after stepping back from the brink, fighting along the LoC escalated, reaching an apex in 2020 with thousands of clashes reported. But the damage from coronavirus and slowing economies — along with a geopolitical tug of war — appeared to have convinced both the sides to halt for the time being. News Desk
more inside
PM joins world leaders at Beijing Winter Olympics opening ceremony
CONFIRMED CASES:
1,448,663
STORY ON BACK PAGE LAST UPDATED AT 8:23 AM ON FEBRUARY 4, 2022
DAY'S DEATH TOLL:
NEW CASES:
48
6,377
RECOVERED:
DEATHS:
1,317,385 29,420 SINDH:
PUNJAB:
547,920
485,810
KPK:
BALOCHISTAN:
199,195
34,634
AJK/GB:
ISLAMABAD:
39,894/10,837
130,373
SBP on Friday announced that it has received $1.05 billion from the International Monetary Fund (IMF) following the successful conclusion of the sixth review of the External Fund Facility (EFF). The IMF decided to resume the stalled $6 billion loan programme, after the conclusion of the 2021 Article IV consultation and the sixth review of the extended arrangement under the EFF for Pakistan.
The completion of the sixth review allowed the authorities to draw the equivalent of SDR 750 million (about $1 billion), bringing total purchases for budget support under the programme to SDR 2,144 million (about $3 billion). The EFF was approved by the board on July 3, 2019 for SDR 4,268 million (about $6 billion). The programme aims to support Pakistan’s policies to help the economic recovery
from the Covid-19 pandemic, ensure macroeconomic and debt sustainability, and advance structural reforms to lay the foundations for strong, jobrich, and long-lasting growth that benefits all Pakistanis. The next review (seventh) under the $6 billion EFF programme will be due in April 2022. The last and final eighth review is expected to be done in September 2022. News Desk
Tyrant Indian army, RSS goons couldn’t suppress Kashmiris’ struggle for independence: Rasheed STORY ON PAGE 03
Three terrorists killed in Balochistan’s Kech: ISPR STORY ON BACK PAGE