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wednesday, 18 January, 2023 i 25 Jamadi us sani, 1444 LSM posts negative growth for 5th consecutive month Story on Back Page
rs 15.00 | Vol Xiii no 200 i 12 pages i islamabad edition
Power regulator allows tariff adjustment hike of up to Rs4.46/unit
Pakistan’s largest Investment Banking firm to acquire EFG Hermes?
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POWER POLITICS
ECP dEnotifiEs 35 morE Pti mnAs As sPEAkEr nA ACCEPts rEsignAtions g
Move coMeS aS Pti announceS RetuRn to na, deMandS SLotS of LeadeR of oPPoSition, Pac chief
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Sh RaSheed of aML, two woMen LawMakeRS aLSo denotified
ISLAMABAD
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Saleem Jadoon
day after Pti chairman imran khan dropped a hint at return to the national assembly, Speaker Raja Pervaiz ashraf on tuesday accepted resignations of 35 Pti lawmakers, prompting the election commission of Pakistan (ecP) to de-notify 35 Mnas – 33 general and two reserved seats. in addition to the 35 Pti lawmakers, the ecP also de-notified awami Muslim League (aML) chief Sheikh Rashid ahmed. according to an ecP notification, 35 seats of the national assembly are now vacant including 33 general and two reserved seats. the 33 Mnas de-notified, include Murad Saeed, na 04; omer ayub khan, na 17; asad Qaiser, na 18; Pervaiz khattak, na 25; imran khattak, na 26; Sheharyar afridi, na 32; ali amin khan, na 38; noor ul haq Qadri, na 43; Raja khurram Shahzad nawaz, na 52; ali nawaz awan, na 53; asad umer, na 54; Sadaqat ali khan, na 57; Ghulam Sardar khan, na 59; Sheikh Rashid Shafique, na 60; Sheikh Rashid ahmed, na 62; Mansoor hayat khan, na 63; fawad ahmed, na 67; M Sanaullah khan Mastikhel, na 97; Muhammad hammad azhar, na 126; Shafqat Mehmood khan, na 130; Malik Muhammad amir dogar, na 155; Makhdoom Shah Mehmood hussain Qureshi, na 156; Zartaj Gul,na 191; faheem khan, na 241; Saif ur Rehman, na 242; Muhammad alamgir khan, na 243; Syed ali haider, na 244; aftab hussain Shafique, na 247; attaullah, na 250; aftab Jehangir, na 252; Muhammad aslam khan, na 254; Muhammad najeeb haroon, na 256 and Muhammad Qasim khan Suri, na 265. aliya hamza Malik and kanwal Shauzab,
who were elected as Pti Mnas on reserved seats for women from Punjab, were also denotified. the de-notification of the lawmakers comes days after Pti chief imran stated that Prime Minister Shehbaz Sharif would be asked to take the vote of confidence. with Pti dissident Raja Riaz holding the parliamentary party leader’s position in the national assembly, Pti fears that he may decide to vote in favour of the prime minister if President dr arif alvi asks Shehbaz Sharif to take the trust vote. Raja Riaz leads the group of Pti Mnas who did not tender their resignations when the party decided to quit the assembly in the aftermath of imran’s ouster. in a meeting with media persons at his Zaman Park residence on Monday, imran said planning and consultations with party leaders as well as legal experts were afoot to strate-
gise how Pti’s turncoats can be stopped from siding with the ruling coalition of Pakistan democratic Movement (PdM). Speaking to the media in Lahore earlier today, Pti’s fawad chaudhry said that the after the dissolution of the khyber Pakhtunkhwa and Punjab assemblies, the party would focus on “sending the government home”. he said that the Pti wanted to sit down with the federal government to work on an electoral framework. he noted that while Pakistan’s economic woes were substantial, they could be solved if political stability was brought. “we want the federal government to sit with us for [formulating] an election framework. But in the current situation, the federal government is adamant on not holding elections.” he said that the Pti had formed a committee headed by Pervaiz khattak that would go to the na speaker and ask for party members to be given the offices of leader of the opposition, parliamentary leader and chairman of the public accounts committee. “we are hopeful that the plan for ousting the federal government will be completed in a few weeks.” ‘Another Attempt to run AwAy from generAl elections’: Reacting to the denotification of the lawmakers, fawad “thanked” the na speaker for accepting the resignations. “But until you accept 70 more resignations, the posts of the na opposition leader and the chairman of the Public accounts committee belong to the Pti,” he said. Pti central information secretary farrukh habib alleged the na speaker had accepted the resignations with “ill intent” because he found out that the Pti intended to remove Raja Riaz as the na opposition leader.
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High-powered Russian delegation set to discuss oil, LNG deals Story on Back Page
stepping closer to imran’s goal: Kp cm signs summary for dissolution of provincial assembly pASHAWAr Staff rePort
khyber Pakhtunkhwa chief Minister Mahmood khan tuesday night signed a summary, advising Governor haji Ghulam ali to dissolve the provincial assembly, stepping closer to Pakistan tehreek-e-insaf (Pti) chairman imran khan’s plan to pave the way for general elections in the country. the kP chief minister’s move for kP assembly dissolution ensued the Punjab assembly dissolved by ch Pervaiz elahi after Governor Balighur Rehman refrained from signing the summary sent to him. the Pti chairman had announced the dissolution of the khyber Pakhtunkhwa and Punjab assemblies in november last year. however, the plans were delayed due to consultations with allies and countermeasures adopted by the ruling allies in the centre. the kP government spokesperson Barrister Muhammad ali Saif confirmed the development, saying that the summary for the dissolution of the assembly has been forwarded to the governor. “even if the governor does not approve the summary, the assembly will automatically stand dissolved
after 48 hours,” he added. the Governor house confirmed receiving the advice to dissolve the assembly. the advice to dissolve the assembly has been received, Governor ali told the media, adding that he would decide on the matter according to the law and constitution. hours before the dissolution of the kP assembly, national assembly Speaker Raja Pervaiz ashraf on tuesday finally accepted the resignations of 35 members of the lower house of parliament — 34 belonging to the imran khan-led Pakistan tehreek-e-insaf (Pti) as well as awami Muslim League (aML) chief Sheikh Rashid. asad Qaiser, Qasim Suri, Pervez khattak, ali amin Gandapur, Murad Saeed, Shehryar khan afridi, and imran khattak are among the lawmakers whose resignations have been accepted. the speaker also accepted the resignation tendered by awami Muslim League (aML) chief Sheikh Rashid. the move to dissolve the legislature was made after an online meeting between party chairman imran khan, the provincial cabinet, and former kP governor Shah farman at the chief Minister’s house.
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ecc moves on Kissan package promises, energy issues profIt report Shahzad Paracha
the economic coordination committee (ecc) of the cabinet has approved ‘duty Reduction’ for import of second hand tractors. the move is a part of benefits meant to be passed on to farmers through the Prime Minister’s kissan Package 2022. federal Minister for finance and Revenue Senator Mohammad ishaq dar presided over the meeting of the economic coordination committee (ecc) of the cabinet. in pursuance of Prime Minister’s announcement of the kissan Package-2022, Ministry of national food Security and Research (MnfSR) prepared and presented a detailed Package to the ecc including a proposal regarding import of up to 5year-old tractors with duty reduction. Kissan package and tractor industry the kissan Package is a Rs1,800 billion support package that the Government of Pakistan announced on october 31. the package was part of a series of measures that the Government had taken on the backdrop of the terrible flooding across the summer
in Pakistan that had cost the economy roughly $40 billion. under the package, the government will give Rs10.6 billion loans to small farmers across the country while small farmers of flood-hit areas would get loans worth Rs 80 billion. in addition to the interest-free and subsidised loans, subsidies will also be given on farm imports such as fertilisers, electricity, seeds, and even tractors. the most immediate impact of the measure will be that it will provide a lifeline to the domestic tractor industry whose current five month sales volume is 52% lower compared to the same period last year. as to how much of this tax relief the companies pass on to the customers is debatable, particularly given how Millat tractors, one of the two major tractor manufacturers in Pakistan, is currently embroiled in a conflict with the office of the federal tax ombudsman over tax fraud as part of a previous Government scheme aimed at the agricultural industry. Ministry of industries & Production shared a proposal/position paper “import of used/old tractors in cBu condition classified under Pct codes
8701.9220. 8701.9320 8701.9400 and 8701.9500 with depreciation allowance in value at not exceeding 50% of value of tractor”: date of first registration of tractor in the country of export shall be taken as date of manufacturing”; (c) “fBR shall make corresponding changes in relevant customs General order (cGo) for finalisation of the customs value of imported tractor”. ecc meeting Sources said that fBR also has proposed to maintain the existing mechanism for depreciation per month and up to a maximum of 60%, to facilitate the end kissan package. Moreover, fBR has also suggested to include Pct 8701.9290 in the proposal to make it all inclusive for agriculture tractors. Sources said that the Ministry of commerce has allowed import of up to 5-year-old tractors, an amendment has to be made in iPo 2022 in order to implement the subject direction of the cabinet regarding kissan Package 2022. it also proposed to allow import of agriculture tractors not less than 5 years. the age of the tractor shall be determined from January 1, 2022 till the shipment as per the date of landing.
for the purpose of determining the year of manufacture for a used tractor, the shipment shall accompany a certificate from oeM or a certificate of first registration or a PSi issued by one of the PSi companies listed at appendix-h iPo 2022, verifying the year of manufacturing. other decisions the finance division also presented a summary on proposals of State Bank of Pakistan (SBP) regarding equity investment of uSd 4.9 million by fauji foundation for acquisition of shares of daharki Power holding Limited and submitted that the Govt allowed fauji foundation to make equity investment abroad of uS$ 12 million in ‘daharki Power holdings Limited’ in 2008. fauji foundation, asian development Bank and daharki Power holdings Limited, Bvi entered into an agreement in 2008, which provided adB the right to exercise the put option in respect of 2,750,000 shares subscribed by it. the ecc considered the proposals of SBP and allowed equity investment of uS$ 4.9 million by fauji foundation for acquisition of 2,750,000 shares (18.64% stake) of daharki Power holdings Limited and granted waiver/exemption to
fauji foundation from the policy enumerated in foreign exchange Manual being incorporated as a trust under charitable endowment act 1980. the Ministry of energy (Petroleum division) presented a summary for assignment of working interest in exploration licences/Blocks. the ecc after discussion approved assignment of 34% working interest of M/s Pakistan oilfields Limited (PoL) and 6% of M/s attock oil company Limited (aoc) to M/s Polskie Gornictwo naftowe i Gazowinictwo S.a (Polish oil and Gas company) (PoGc) in kirthar South Block (Sindh). the power division also submitted a summary regarding amendments in the Standardised Security Package documents (SPds) for the large solar Pv projects, based on the market response on the earlier modifications by the competent forum and in order to ensure the viability of the project. the ecc after discussion approved the proposals that indexation of tariff in the SPds be on an annual basis and payment mechanism for settlement of invoices as per framework Guidelines.
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