Epaper_23-03-17 ISB

Profit Friday, 17 March, 2023 I 24 Shaban, 1444

Despite global downturn, ed-tech sector sees hope with Maqsad’s $2.8m round

PM Shehbaz, IMran droP hInt at talk to ‘end Standoff’

g pm calls For national unity among the political leadership to address challenges

LAHore StAff report

W

pti chief imran Khan on his social media account on twitter stated that “i can sacrifice anything for the development, interests and democracy of pakistan.”

the remarks by the two leaders come a day after pm shehbaz extended an ‘offer’, emphasising that all political forces would have to sit together for dialogue to steer the country out of the ongoing political and economic crises.

“i will not refrain from any sacrifice for the sake of pakistan’s uplift, interest and democracy,” imran tweeted today. “in this regard, i am willing to talk to anyone and take every step towards it.”

the former premier further

hatis being described as reconciliatory tone in the midst of worst political crisis of the country’s history, former prime minister and pakistan tehreek-e-insaf (pti) chairman imran Khan on thursday said that he was ready to talk to anyone for the sake of the country, coinciding with pm shehbaz call for national unity among the political leadership to address the country’s challenges.stated, “i am ready to talk to ‘anyone’ for the sake of the country’s development and interest.

he expressed heartfelt gratitude to the party supporters and workers for joining his haqeeqi azadi tehreek.

imran, who has a number of cases against him, has been resisting arrest and is holed up inside his Zaman park residence surrounded by thousands of supporters, who have fought “pitched battles” with the police and rangers over the past few days.

shehbaz calls for unity

meanwhile, pm shehbaz called for national unity among the political leadership to address the

country’s challenges. he made the remarks while speaking in the senate during a session to mark its golden jubilee celebration.

in his speech in senate, the premier said economic stability could not be achieved without political stability. he said that the coalition government had sacrificed their politics for the country’s sake by taking up the mantle during tough economic times.

he told the upper house of parliament that a staff-level agreement with the international monetary Fund (imF) was expected soon. at the same time, he accused the previous government of knowingly aban-

doning the agreements it made with the money lender.

“the fact of the matter is that when we took over, our economy was facing very difficult challenges. we had negotiated and signed the agreement with the imF but we did not adhere to it. we didn’t respect the terms and conditions [and] flouted them which damaged pakistan’s image, trust and confidence.” the prime minister said the country was facing serious political and economic challenges but stressed that all parties needed to align their goals for a better pakistan.

“let us brighten the future of pakistan. we should strive, not conspire, remove hurdles instead of creating the [and] unite the nation instead of creating division,” the prime minister advised.

a day earlier, pm shehbaz had extended an olive branch to him, emphasising that all political forces will have to sit for dialogue to rid the country of the ongoing political and economic crises.

“all political forces will have to sit together to take the country forward,” the premier had said while addressing a meeting held with a delegation of the council of pakistan newspaper editors (cpne) at the pm house.

Default watch: Chinese bank may refinance $500m as Dar interrogated in Senate

g Finance minister says materialisation oF commitments made by ‘Friendly countries’ with islamabad remains “only delay” in resumption oF stalled programme

Profit rePort ISLAMABAD

Finance minister ishaq dar was made to sweat in a senate session on thursday over the continued delays in the resumption of pakistan’s programme with the international monetary Fund (imF) on the same day that a chinese bank provided assurance that it will provide another refinanced $500 million loan

within the next few days. this brings the total of commercial loans up to $1.7 billion out of the total committed amount of $2 billion. pakistan is currently undergoing a massive liquidity crisis due to a constantly delayed imF programme. the refinancing news comes on the same day that finance minister ishaq dar admitted that the fund was asking for the materialisation of commitments made by ‘friendly

countries’ with islamabad, which remains the “only delay” in resumption of the stalled programme. speaking during the senate’s session today, dar said: “at the time of previous reviews, certain friendly countries made commitments to bilaterally support pakistan. but the imF is now asking that they should actually complete and materialise those commitments.

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NEPRA reserves judgment on govt’s request to raise power surcharge

LHC bars police from arresting Imran until today

LAHore StAff report

the lahore high court (lhc) extended the postponement of the police operation for the arrest of imran Khan until Friday (tomorrow) as teams arrived at mall road neighbourhood in lahore on thursday, less than a five-minute drive from pakistan tehreek-i-insaf (pti) chairman’s Zaman park residence. separately, the court also barred the opposition party from holding a scheduled public rally in lahore on sunday, directing the caretaker government and Khan to resolve the issue through negotiations, according to dunya news.

the operation was part of executing non-bailable arrest warrants issued by a sessions court for Khan, who has skipped hearings four times. islamabad police, supported by punjab police and the rangers, have faced resistance from pti workers since tuesday, leading to violent exchanges with petrol bombs and tear gas. subsequently, on wednesday, the police paused the operation during the hbl pakistan super league (psl) session and until 10:00 am thursday after an order by the court.

on thursday, pti workers gathered outside Zaman park and blocked the residence with shipping containers and chanted slogans in favour of their party chief. Khan’s supporters also placed rocks along multiple sections of the road leading to his residence. before adjourning the proceedings, the high court ordered authorities to halt the police operation as requested by Fawad chaudhry, senior vice president of pti, who had filed a petition to stop alleged “atrocities” against his party members. the court’s written order said that the injunctive orders issued on the previous day would remain in force until the next hearing on march 17. the containers were placed after party leader musarrat Jamshed cheema, in a series of tweets, issued a warning, saying the pti will continue to defend the leader of the nation and will not let the “future of pakistan be pledged to a few families.”

Pakistan, Us seek to strengthen climate cooPeration

iSLAMABAD Staff RepoRt

PAKISTANand the United States held their second meeting of the Climate and Environment Working Group in Islamabad. The delegation, led by Pakistan’s Minister for Climate Change Sherry Rehman and the U.S. Department of State’s Assistant Secretary for the Bureau of Oceans and International Environmental and Scientific Affairs Monica Medina, discussed various climate and environmental issues, including climate change, energy transition, water management, climate-smart agriculture, air quality, biodiversity, and waste management, including plastics recycling.

The meeting highlighted the importance of building resilience to climate change and discussed the impact of the devastating

floods that hit Pakistan in 2022. The United States expressed support for Pakistan’s “Living Indus” initiative to restore the ecological health of the Indus River Basin in Pakistan. Both governments pledged to continue their cooperation on climate change mitigation and adaptation.

The two countries also resolved to deepen their partnership through the U.S.Pakistan “Green Alliance” framework, which will focus on agriculture, water, and clean energy. The delegations discussed the importance of adopting modern farming practices and innovative seed varieties to bolster resilience against climate change. On water management, the governments identified technical assistance, governance, and water efficiency mechanisms as areas ripe for cooperation. Both governments emphasized the importance of supporting nature-based solutions and building

Police remained without firearms during imran’s arrest operation: igP

LAHORE

Staff RepoRt

Inspector General (IG) Punjab said Thursday that the police force was without any firepower during the arrest operation of PTI chairman Imran Khan at his residence Zaman Park.

As per details, the IG Punjab clarified that police forces from two provinces and people who wear a uniform can never fight with each other. He said that the police will ensure the supremacy of the law but it should never be considered a weakness.

The IG Punjab maintained that this was planned earlier too that DIG will take the warrant to PTI chief Imran khan’s residence. He refuted rumours about police weapons and clarified that throughout the operation the police had no weapons with them.

The operation was stopped because of the PSL Match which the police secured properly, he added. IG Punjab further said that when petrol bombs are thrown from the other side and stones are pelted too then the police fire shells.

Earlier, Pakistan Tehreek-e-Insaf (PTI) Chairman and former prime minister Imran Khan claimed the real intent of the LEAs behind the entire episode was to “abduct and assassinate” him. In a series of Tweets, Imran Khan had written: “Clearly arrest claim was mere drama because the real intent is to abduct & assassinate. From tear gas & water cannons, they have now resorted to live firing.”

Pakistan expresses grief over loss of lives from floods in turkiye

iSLAMABAD anadolu agency

Pakistan on Thursday expressed grief over the loss of lives and infrastructural destruction due to massive rains and floods in the southeastern provinces of Adiyaman and Sanliurfa in Turkey, which are already struggling to recover from the February 6 twin earthquakes. Prime Minister Shehbaz Sharif said in a statement that Islamabad stands in solidarity with Ankara in its efforts to handle the natural calamity, which has so far claimed 14 lives.

Offering condolences to the families of the deceased, Sharif said Islamabad will do whatever possible to assist Ankara in this trying hour.

Heavy downpours caused a river, especially in Adiyaman’s Tut district and in Malatya’s Dogansehir district, to overflow causing flooding, Interior Minister Suleyman Soylu told reporters.

The Sanliurfa Governor’s Office announced on Twitter that education at all levels was suspended on Wednesday and Thursday.

Around 300 rescuers, including divers, continue their search and rescue efforts in and around the river.

Disaster teams, police, gendarmerie, and municipality staff continue to evacuate areas at risk of flooding. This comes after Adiyaman and Sanliurfa were hit last month by twin earthquakes that devastated southern Turkey and left nearly 48,500 dead.

community resilience to climate change. In addition to advancing their sustainable economic growth cooperation, the United States announced new programs in Pakistan,

including a $4.5 million program from the U.S. Department of Agriculture to strengthen fertilizer efficiency and effectiveness for Pakistani farmers. The U.S. Agency for

International Development (USAID) announced new activities in Pakistan to promote climate-smart agriculture and climate finance. The U.S. Army Corps of Engineers will start sharing weather data on glacial melt with the Ministry of Climate Change and other local stakeholders to strengthen Pakistan’s flood forecasting and disaster response capabilities. Pakistan informed the United States about the approval of its new National Clean Air Policy and explained its recent waste management actions, including on plastics.

Finally, the United States and Pakistan pledged to collaborate on a successful year as the 2023 co-chairs of the Green Climate Fund Board. The Climate and Environment Working Group has made new commitments to partner together, continuing to advance their cooperation in agriculture, water, and energy transition through the U.S.-Pakistan “Green Alliance” framework.

Imran charged with terrorism, attempted murder in violent police raid on home

LAHORE Staff RepoRt

Imran Khan and members of his Pakistan Tehreek-eInsaf (PTI) party have been charged with attempted murder and terrorism during violent clashes between police and former prime minister’s supporters that occurred in the aftermath of an attempted arrest at his residence in Lahore.

The standoff on Tuesday resulted in four separate cases being filed against the former prime minister. These complaints have been registered under charges of terrorism, attempts to murder, burning and damaging government property, and other provisions.

According to the first information report (FIR) filed at Lahore’s Race Course police station, the violent riots were orchestrated by a criminal conspiracy led by Imran Khan himself. The FIR alleges that PTI workers, incited by Khan and other party leaders, attacked police with batons, bricks, stones, and petrol bombs, resulting in injuries to Shehzad Bukhari, the deputy chief of operations for the Islamabad police team.

But reports citing eyewitnesses said overenthusiastic Bukhari was poisoned by police tear gas.

Military denies drone attack after two children killed in S. Waziristan offensive

iSLAMABAD the aSSociated pReSS

The army attacked a militant hideout near the Afghanistan border Wednesday, prompting a shootout that killed eight of the insurgents and two children and wounded two soldiers, the InterServices Public Relations (ISPR) said. It was unclear whose fire killed the two children during the raid on the outpost in South Waziristan, a district in Khyber Pakhtunkhwa.

Manzoor Pashteen, the leader of the Pashtun Tahafuz Movement (PTM), a group advocating for Pashtun rights in Khyber Pakhtunkhwa, alleged that the children were killed in a drone attack, a claim which the military refuted.

Anchorperson Ameer Abbas confirmed the deaths as a result of “a drone attack”, citing “local sources”. He tweeted: “Deaths are confirmed [by the ISPR] whereas drone attack isn’t.”

The military, in its statement about the violence, did not identify the militant group to which the slain insurgents belonged. South Waziristan served as a base for Tehreek-iTaliban Pakistan (TTP) and other militants until a few years ago when the army said it cleared the region of insurgents. But occasional attacks have continued.

The TTP are a separate insurgent group from the Afghan Taliban, although Pakistan’s militant groups are often interlinked with those across the border in Afghanistan.

Court upholds arrest warrant of Imran in Toshakhana case

iSLAMABAD Staff RepoRt

Imran Khan has had another setback in his legal stand-off with the government after a request to cancel the non-bailable arrest warrant issued against the chairman of Pakistan Tehreek-e-Insaf (PTI) in the Toshakhana case was rejected.

The verdict was announced by Additional District and Sessions Judge Zafar Iqbal after the hearing of the Election Commission of Pakistan (ECP) reference, which seeks to initiate criminal proceedings against the former prime minister for withholding information about foreign gifts.

The judge ruled that the warrants could not be cancelled on the basis of an undertaking promising to ensure his appearance in court on charges of misusing his office to sell state gifts.

Earlier in the day, Judge Iqbal had offered to prevent the police from arresting Khan in the case if he surrendered in court.

The case centres on a government department known as Toshakhana — which during the Mughal era referred to the treasure houses kept by the subcontinent’s princely rulers to store and display gifts lavished on them. Government officials must declare all gifts to the Cabinet Division, but are allowed to keep those below a certain value.

More expensive items must go to Toshakhana under the administrative control of the Cabinet Division, but in some cases, the recipient can buy them back at around 50 percent of theirvalue — a

discount Khan raised from 20 percent while in office.

The ruling coalition of the Pakistan Democratic Movement (PDM) parties has for months alleged Khan and his wife, Bushra Maneka, received lavish gifts worth millions during trips abroad. They included luxury watches, jewellery, designer handbags and perfumes.

The sessions court had initially planned to indict Khan in the reference on February 28, but his lawyer requested an exemption from the hearing, citing his client’s need to appear in several other courts. Khan’s indictment was repeatedly deferred following this.

Subsequently, the judge issued non-bailable arrest warrants for Khan and instructed the police to present him in court by March 7. However, Khan managed to evade arrest and approached the Islamabad High Court (IHC) to request the cancellation of the warrants.

During the hearing, Judge Iqbal asked whether the election commission should be notified of the case’s maintainability. The judge also expressed his dismay about Khan’s absence from the court and inquired about the concept of an undertaking.

The counsel for Khan, Khawaja Haris Ahmad, asked if his client could be brought to court without an arrest. The judge refused to cancel the nonbailable arrest warrant, but said that he would halt any attempt to arrest Imran if he surrendered in court. The hearing was adjourned until 12:00 pm, and notices were issued to the ECP and the Secretariat police.

The situation escalated when additional personnel of Lahore police and paramilitary Rangers were called in to control the disorder. PTI workers, protesting against the expected arrest of their leader, became even more violent, chanting slogans and throwing stones and petrol-filled bottles. As a result, public and private property, including police vans, water cannons, and browser vehicles, were destroyed and burnt, and staff members were injured.

The charges against Khan and other PTI leaders and workers have serious implications for their political future and the stability of the region.

Khan has been charged under multiple sections of the Pakistan Penal Code (PPC) and the Anti-Terrorism Act 1997. The charges include punishment for abetment, criminal conspiracy, rioting, armed rioting, obstructing public servants, and attempting to commit murder.

Provisions for the case against Khan also include charges of criminal intimidation, causing a public nuisance, and mischief by fire or explosive substance with the intent to destroy property.

argentina considering procurement of JF-17 fighter jets

BEiJiNG agencieS

Argentina is considering procuring the JF-17 aircraft, with Chinese analysts saying that the fighter jet jointly developed by China and Pakistan is the best choice for South American country in terms of performance and availability. Argentine Ambassador to China Sabino Vaca Narvaja recently held a work meeting with Argentine Defense Minister Jorge Taiana and his team in Buenos Aires to promote cooperation with China in the field of national defense, the Argentine embassy in China said in a social media post on Weibo.

During the Airshow China 2022 held in Zhuhai, South China’s Guangdong Province, Narvaja spoke with representatives from the China National AeroTechnology International Engineering Corp about the possibility of Argentina procuring the third-generation JF-17 aircraft jointly developed by China and the Pakistan Air Force, the embassy said. Other defense cooperation with China includes the possible procurement of 8×8 armored vehicles from Chinese arms firm NORINCO, according to the post.

china-Pakistan joint exhibition begins at Palace museum in Beijing

BEiJiNG agencieS

A China-Pakistan joint exhibition on Gandhara culture & art kicked off here at the Palace Museum, which will showcase the cultural heritage of Gandhara, an ancient region. Hu Heping, Minister of China’s Ministry of Culture and Tourism (MCT), inaugurated the exhibition titled “Gandhara Heritage along the Silk Road”. The exhibition will remain open up to June 15, according to China Economic Net (CEN). At the occasion, Fareena Mazhar, Federal Secretary, Ministry of National Heritage & Culture Division, Pakistan, said that Pakistan is a unique country whose strategic location has given it importance not only in the past, but also in the present era, and it will continue to enjoy the same status for all the time to come. Its location makes it a veritable gateway between the East and the West and enhances its geopolitical pre-eminence. “Over 170 masterpieces were brought from seven museums of Pakistan,” she told China Economic Net. “I wish this endeavor of the Palace Museum a very fruitful event and it will be beneficial not only to the general visitors but also to Chinese scholars and professionals to understand the cultural heritage of Pakistan. The exhibition will be a landmark in cooperation between China and Pakistan and will open new vistas of cooperation for further cementing our relations and joint endeavors,” she added.

Microsoft unveils AI for its office suite in increased competition with Google

Word documents, Excel spreadsheets, PowerPoint presentations and Outlook emails. Microsoft said AI can offer a first draft in these applications, speeding up content creation and freeing up workers’ time. The company, outpacing peers through investments in ChatGPT’s creator OpenAI, also showcased a new “business chat” experience that can pull data and perform tasks across Microsoft’s applications simply on a user’s written command.

“We believe this next generation of AI will unlock a new wave of productivity growth,” Satya Nadella, Microsoft’s chief executive, said in a livestreamed presentation. This week’s drumbeat of news including new funding for AI startup Adept reflects how companies large and small are locked in a fierce competition to deploy software that could reshape how people work. At the center are Microsoft and Google-owner Alphabet Inc, which on Tuesday touted AI

features for Gmail and a “magic wand” to draft prose in its own word processor.

The frenzy to invest in and build new products began with the launch last year of ChatGPT, the chatbot sensation that showed the public the potential of so-called large language models. Such technology learns from past data how to create content anew, powering in part Microsoft’s new copilot and evolving rapidly. Just this week, OpenAI began the release of a more powerful version

known as GPT-4. In one of Microsoft’s biggest updates, the company showed how AI can open up the computational wizardry of its Excel spreadsheet software – long the domain of trained analysts – to any person able to describe a calculation they would like in plain text. Microsoft also showcased how its AI can summarize email threads and even virtual meetings as they occur live in its Teams collaboration software.

canaDa high commission introDUces amBassaDor

For a Day to celeBrate Women’s Day

iSLAMABAD Staff RepoRt

tO celebrate International Women’s Day 2023 the High Commission of Canada in Pakistan hosted its firstever Ambassador for the Day on March 15. This initiative aimed to provide the opportunity for a young Pakistani woman to step into the shoes of a Canadian diplomat and experience the dayto-day responsibilities of this important role. The Ambassador for the Day had the chance to meet with Canadian diplomats, engage with international donor agencies, and foreign and Pakistani officials and participate in a range of activities that gave her unique insights into the workings of a

diplomatic mission.

She also joined in various meetings with the High Commissioner where she had the opportunity to ask in-depth questions and meet the changemakers who are working to create positive change in Pakistan.

“We are thrilled to launch the Ambassador for a Day event and to provide a unique opportunity for a young woman to experience the world of diplomacy firsthand,” said the High Commissioner of Canada to the Islamic Republic of Pakistan, Her Excellency Leslie Scanlon.

“Canada has a long and proud tradition of supporting gender equality and women’s empowerment. Guided by Canada’s feminist foreign policy, we are advancing and investing in a suite of feminist policies, programs and

canal tragedy: rescuers fish out all 18 bodies of devotees

DERA GHAZi KHAN

Staff RepoRt

The divers of Rescue 1122 on Thursday culminated its operation with fishing out of all 18 bodies of devotees drowned after a tractor-trolley plunged into DG Canal at Basiti Bhanda near Choti Zareen last Friday. According to Asad Mustafa, the spokesperson for Rescue 1122, the rescuers recovered bodies of Ruqqia, 40, five-year-old Wafadar and three-month-old Abdullah on Thursday, taking the number of recovered bodies from the canal to 18. He informed that the operation was completed on seventh day of the tragedy in which 18 devotees who were travelling to Sakhi Sarwat to attend a fair, had drowned after the tractor-trolley they were travelling in, skidded of road and plunged into the canal. According to initial investigation, speeding and failure of brakes of the vehicle resulted in the tragedy. The report added that the driver lost control of the tractor-trolley at a speed-breaker on the road due to which it skidded off the road and plunged into the canal.

British council doubles number of scholarships for Pakistani students

iSLAMABAD Staff RepoRt

International Development Minister for the Scottish Government Neil Gray has announced to double the amount of scholarships for the Scotland Pakistan Scholarship Scheme for Young Women and Girls administered through the British Council. The £500,000 additional funding will double the number of school and university scholarships available to women and girls in the worst flood-affected areas, ensuring they can continue their education with minimal disruption, said a news release of the embassyissued here on Thursday. Launched in late 2013, the Scotland Pakistan Scholarship Scheme for Young Women and Girls’ aims to make education at the higher education and secondary level more accessible to underprivileged girls across Pakistan by providing them with scholarships. The scheme funds graduate studies for Pakistani women in any HECrecognized university across Pakistan. This scholarship is also offered to young girls at the secondary level (grades 8-12) providing underprivileged school-going girls at secondary level with scholarships, ensuring that their education is not hindered due to financial constraints – an issue that is faced by the majority of girls in Pakistan. At the higher education level, the scheme provides scholarships in the fields of education, sustainable energy, agriculture and food security, health sciences and STEM education (only applicable at Master’s). The International Development Minister Neil Gray said: “We know that during a crisis, such as we have seen in Pakistan, the impacts can too often affect women and girls. We hope by doubling the number of school and university scholarships available, this funding for British Council Pakistan will ensure more women and girls can study and help bolster the country’s long term economic recovery.” Country Director British Council Pakistan Amir Ramzan said: “Since its launch in 2013, these scholarships have allowed talented women and girls from disadvantaged backgrounds to complete their secondary education and pursue bachelors.

initiatives that promote women’s socioeconomic empowerment, encourage gender equity in climate change mitigation, and empower communities to address gender norms. Through this initiative, we hope to encourage and inspire young girls and women in Pakistan to pursue their dreams and show

them that they can make a difference.”

“This year’s Ambassador for a Day is Nida Khan, a young and ambitious student from Chitral, who will be joining us at the High Commission. Nida aspires to become a diplomat one day, and represent Pakistan.

As a passionate advocate for women’s rights and inclusion, especially in sports, Nida hopes to learn more about the role of diplomacy in addressing these crucial issues. We are confident that Nida will bring fresh perspectives and ideas to the table and we look forward to a fruitful and engaging day with her,” noted Her Excellency, Leslie Scanlon.

Nida was also given the opportunity to manage Canadian High Commissioner’s’ Twitter account for the day, sharing her unique

PPP to form government in Balochistan after winning next general elections: NA Speaker

iSLAMABAD Staff RepoRt

Speaker National Assembly Raja Pervaiz Ashraf here on Thursday said that Pakistan Peoples Party (PPP) would formits government in Balochistan province after winning the next general elections. Talking to a delegation of PPP Balochistan, the Speaker said that President PPP Balochistan chapter Mir Changez Khan Jamali would lead the Party in the province. He also assured that the PPP government would prioritize the prosperity of Balochistan in line with the vision of Chairman Bilawal and former President Asif Ali Zardari.

The Speaker expressed the hope that the Pakistan Peoples Party (PPP) in Balochistan would be reactivated and the people of Balochistan have great regard for the Party’s Chairman, Bilawal Bhutto Zardari. Ashraf praised Bilawal for his significant role at both regional and international diplomatic levels.

Ashraf also highlighted the need for strong leadership to lead the country out of political and economic turmoil. He expressed the confidence that the PPP’s special committee, headed by himself, was working excellently to resolve the issues of Balochistan on a priority basis.

Balochistan, being an important province of Pakistan, is faced with numerous challenges that require immediate attention. However, through the vision of PPP’s leadership, the province will

witness progress and development in the near future, the Speaker said.

The Speaker National Assembly emphasized that the PPP was a party of the federation, representing not only Balochistan but also Azad Jammu and Kashmir and Gilgit-Baltistan.He highlighted that PPP, being a party of the middle class, enjoys the support of a vast majority of the people.

Speaking on the occasion, the Party’s provincial chief Mir Changez Khan Jamali expressed his support for the Speaker’s efforts, lauding the PPP’s active role in Balochistan. He also acknowledged the strong affiliation that the people of Balochistan have with PPP.

The delegation, which included Qasim Achakzai, Imran Bangalzai, Mir Khalid Jogaizai and Ghulam Ali Jamali, praised the Speaker’s impartiality while conducting proceedings of the Lower House of the Parliament and making record legislation during his tenure. They also expressed their hope that the special committee, headed by the Speaker NA, would play an important role in giving rights to Balochistan.

He said the PPP leadership, including Chairperson Benazir Bhutto Shaheed and Chairman Asif Ali Zardari, have always emphasized the importance of the rights of Balochistan. With the support of the people and strong leadership, the PPP is poised to bring positive change to the province.

NEPRA reserves judgment on govt’s request to raise power surcharge

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Is it a right act that the ministry is controlling the power sector, Chairman NEPRA questioned.

In the current situation, the tariff of the industrial sector will reach Rs 50 per unit, Tanveer Bari, representative of Karachi Chamber of Commerce and Industry said.

Bari further added that the Karachi Chamber of Commerce and Industry rejected the request for a power surcharge increase. Power division officials trying to respond to these concerns stated that the government was facing problems in paying off dues to expensive Chinese coal-fired power plants.

They said that the power division had also submitted a payment plan to IPPs to the Finance Division. According to the petition, the federal government has requested that the already approved surcharges of Rs 1.43 per unit was not enough to meet the electric services obligations of the government.

It is relevant to note here that the NEPRA has already allowed the Federal Government to impose an additional surcharge of Rs 3.39 per unit and Rs 1 per unit from March-June 2023 and July 2023 to June 2024, respectively, with a cumulative impact of Rs 149 billion on power consumers.

With the application of an additional Rs 3.39 per unit, the total surcharge becomes Rs 3.82 per unit for the four months of 2022-23, having an impact of Rs 75 billion.

For FY 2023-24, the additional surcharge of Rs 3.39 per unit will be reduced to Rs 1 per unit to

Default watch: Chinese bank may refinance $500m as Dar interrogated in Senate

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“That’s the only delay,” the finance minister told the Senate.

Dar was responding to queries raised by Pakistan Peoples Party (PPP) Senator Raza Rabbani pertaining to the delay in agreement with the IMF. “The moment the staff-level agreement (SLA) and Memorandum of Economic and Financial Policies (MEFP) [of IMF] will be finalised, it will be put on the website of the Ministry of Finance,” Dar said.

The State Bank of Pakistan (SBP) received $500 million last week from the Industrial and Commercial Bank of China (ICBC) just days after it had received $700 million from the China Development Bank. The upcoming refinanced loan of $500 million would bring the total of commercial loans to $1.7 billion out of the total committed amount of $2 billion.

Now, Pakistani authorities are anxiously waiting for confirmation from

other ally countries like Saudi Arabia, UAE, and Qatar, as well as from the World Bank and the Asian Infrastructure Investment Bank, for fulfilling the external financing needs of $6 billion until the end of June 2023.

IMFBaIlout Pakistan and the IMF have been negotiating the resumption of an installed $7bn IMF programme for months now but are yet to reach an agreement. The country had been able to secure the last tranche of $1.17 billion back in August 2022 under the leadership of former finance minister Miftah Ismail. The disbursement had been achieved by ending a massive fuel subsidy introduced by former prime minister Imran Khan and by agreeing to other terms of the IMF. The state bank at the time had more than $8 billion in foreign reserves.

In September 2022, however, Ishaq Dar took charge of the finance ministry and further negotiations with the IMF took a different turn. Dar, who during a

cover the additional markup charges of PHL loans not covered through the already applicable FC surcharge of 0.43 per unit.

The total surcharge becomes Rs. 1.43 per unit for FY 2023-24, having an impact of Rs. 74 billion.

In view thereof, the Authority (NEPRA) has decided to allow the application of the surcharge to be recovered from different categories of consumers of K-Electric, for the period from March to June 2023 and for FY 2023-24, to cover the markup charges of PHL loans.

The Power Division said that the additional surcharge is intended to cover the markup charges of PHL loans not covered through the already applicable FC (financing cost) surcharge of Rs 0.43/unit. It was also explained that with these additional surcharges, an additional amount of Rs 75 billion will be billed for the period from March to June 2023, against which around Rs 68 billion will be recovered at an expected recovery rate of 90%.

Similarly, for FY 2023-24, with the additional surcharge of Rs 1 per unit, an amount of around Rs 74 billion will be recovered, assuming a recovery rate of 90%

According to sources, if the government imposes Rs 3.23/unit surcharge then electricity consumers across the country will face an additional burden of approximately Rs 335 billion in 2023-24. It is pertinent to mention that NEPRA will issue its detailed judgment after scrutiny of the data and this surcharge will be applicable on the power customers of the K-Electric.

conditions.

In the meantime the government has been trying to receive loans from friendly countries to try and shore up forex reserves and avoid default. Pakistan has previously received a $700m loan from China to help in this regard.

experiences with the public, in line with the Government of Canada’s theme for this year’s International Women’s Day “Every Woman Counts”. The theme is a reminder that all women, from all ages and walks of life have a place in every aspect of a society, including the economic, social and democratic spheres. Gender equality, inclusion, and the promotion and protection of human rights are key Canadian values, which the Government of Canada is committed to promoting through its bilateral international development initiatives. The Ambassador for a Day event is a part of the High Commission’s ongoing efforts to engage with local partners and communities to achieve the overarching goal of nurturing inclusion, equitable access, and equal opportunity.

What’s happening at credit suisse — swiss bank that had at least 1,400 Pakistani accounts

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The bank’s woes include the collapse of Greensill, costing the bank around $10 billion and leading to fines and remedial measures from Swiss financial regulator Finma. Credit Suisse also lost more than $5 billion from the implosion of US hedge fund Archegos, and was fined $475 million for involvement in a bribery scandal in Mozambique. In addition, former Chairman Antonio Horta-Osorio resigned after violating Switzerland’s Covid quarantine rules, and a media investigation alleged that the bank held billions of dollars in dirty money for decades.

Credit Suisse was also fined in a money laundering case linked to a Bulgarian cocaine network and has settled old disputes in the US and France. The bank was forced to postpone its annual report and acknowledged “material weaknesses” in its internal controls. Market panic ensued after comments from Credit Suisse’s main shareholder that it would not invest more money in the bank.

Previously a leak from Credit Suisse had exposed the hidden wealth of major clients, including hundreds of Pakistanis, according to media reports. The leaked data revealed that the bank catered to criminals, dictators, intelligence officials, and political actors with outsized wealth.

Compliance experts said many of these customers should not have been allowed to bank at Credit Suisse. The leak identified $8 billion in potentially problematic assets. 1,400 Pakistani citizens were linked to around 600 Credit Suisse accounts. The head of Pakistan’s intelligence agency was listed as holding amounts worth millions of dollars in Credit Suisse accounts.

china’s eastern province to relocate industries to Pakistan

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The minister later assured full support of the Pakistani government to the Chinese Companies to enhance export volume of the country.

The relocation of Chinese industry to Pakistan has been in discussion since the launch of the multibillion dollar China Pakistan Economic Corridor (CPEC) program. However, Pakistan has so far failed to woo Chinese industries as many have gone to Cambodia, Laos and even Ethiopia, though their cost of labor is higher than the cost in Pakistan and their markets are far smaller in terms of population, as per Pakistan Business Council’s study. But this time Pakistan is more likely to seize the opportunity given the impact it will create on the exisitng foreign reserves. The study also reveals that Beijing is shifting its industrial units beyond borders to remove the “Made in China” label from many products to win back US markets.

Despite changing patterns, cash remains biggest competition for contactless payments in Pakistan: survey

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In 2021, Pakistan’s Safepay was among the winners of Visa’s Everywhere Initiative (VEI) program. These fintechs have the potential to make a significant impact, and financial institutions and banks are incentivizing customers to use digital payments.

television interview said “he knew how to deal with the IMF” since he had been doing it for decades, decided to artificially keep the price of the rupee high. However, this strategy failed within a few months and by January 2023 Pakistan was staring down the possibility of default. The country began facing a shortage of forex reserves that has led to a curb of imports and skyrocketing inflation.

Since then Dar has been trying to keep his chin-up and convince the nation that we are out of the water, negotiations with the IMF have not been so simple. The IMF team left Pakistan on the 9th of February without signing a staff level agreement, since when the government has been scrambling to meet the fund’s demands and get the vital $1.1 billion released.

On February 11th, the government bulldozed a mini-budget through the national assembly to placate the IMF and agreed to impose Rs 170 billion in additional taxes to meet the fund’s

Pakistan had been able to secure the last tranche of $1.17 billion back in August 2022, after the IMF approved the seventh and eighth reviews of the package. The state bank at the time had more than $8 billion in foreign reserves but the agreements could not bring about macroeconomic stability. The ninth review is facing major roadblocks due to non fulfillment of conditions, specifically in the energy sector, untargeted subsidies, and pegging the foreign exchange at a lower rate than the market. The cash-strapped nation felt an added pressure due to devastating floods that caused a damage of $30 billion. During this time foreign exchange reserves have dropped from $8 billion to a dangerously low of less than $3 billion. However, subsidies such as the Kissan package have also been slashed and the government has been trying to make concessions to receive the longoverdue tranche.

It has also partnered with banks, merchants, and processors in Pakistan to strengthen its market share. UBL became the first bank to sign the Visa Ready BIN Sponsorship program agreement, enabling fintech clients to issue Visa card credentials. HBL and Visa launched a mobile Point of Sales (mPOS) and QR Payments solution, JS Bank and Visa rolled-out a loyalty cashback service for cardholders, and Bank Alfalah launched Visa Corporate Credit Card. Visa’s collaboration with Daraz University has also launched a ‘Practical Business Skills’ program to help small and micro-business owners make informed decisions to grow their businesses. Overall, Visa’s partnerships and strategic initiatives have helped strengthen its market share and drive digitization in Pakistan.

The way forward

WHERE Prime Minister shehbaz sharif has said that there must be talks among political forces on the economy and on elections, which he said to the CPnE delegation which called on him on Wednesday, Pti chief imran Khan responded indirectly but positively in a tweet on thursday, saying that he was willing to talk to anyone in the interest of the country. Mr Khan did not indulge in his usual knee-jerk reaction of calling opposition politicians ‘thives’ and ‘dacoits’. He also did not indicate that he was going to lay any of the preconditions that have sunk previous attempts at talks, such as the holding of elections on a given date. He also did not indicate that freedom from arrest was being sought, even as he had spent the previous three days holed up in his residence in lahore’s Zaman Park, outside which his followers engaged in pitched battles with the police, to prevent Mr Khan’s arrest so that he could be produced before an islamabad sessions court.

Prime Minister sharif did indicate that Mr Khan would have to obey the court’s order and appear before it, when he said that PMl(n) leaders had appeared in court even though the charges against them were politically motivated. However, what he did not mention was that if talks are held in right earnest, they would not be possible if Mr Khan was held in prison. the cases against him all involve prosecutions by the federal government. there is enough leeway in the criminal justice system for the prosecution to make the running. there are greater obstacles than this, however. Mr Khan will have to guard against those who might press for a hardline refusal to talk to the corrupt (even though when in government he failed to make any charge stick in court).

Another danger comes from those forces which supported Mr Khan when he was in office, and which are accused of supporting him even now. it is a fact that the establishment enjoys power because of a lack of unity among politicians, and any dialogue among them which excluded the establishment would leave those politicians able to exclude the establishment. Mr Khan had taken this refusal to dialogue to new heights, and had even tried to sidestep the Constitution whenever it assumed the government and opposition would maintain minimal relations. Mr Khan needs to watch for extremists, and keep in mind that they might have interests other than his own to promote.

Dedicated to the legacy of late Hameed Nizami

A diplomatic revolution

A

chapter is closed in the old Arab-Iranian rivalry

BECAusE Pakistan was roiling with political and economic crises of its own, it missed what has been one of the epochal moments in the region, the rapprochement of saudi Arabia and iran. Earth-shaking enough as that may be, even more significant, especially for Pakistan, was who brokered the deal: China.

is that a moment of transition? Depending on how matters develop, this could be seen as the moment when the baton as the world’s leading superpower passed from the usA to China. it is interesting that China took such a prominent role in the announcement, with its Foreign Minister taking the place hitherto normally reserved for the us secretary of state.

More interesting is why saudi Arabia was willing to use Chinese good offices in this deal with iran. saudi Arabia does not normally even act without a us go-ahead. However, it should be noted that the usA and saudi Arabia have been drifting apart. this was symbolized by the recent saudi refusal to increase production to bring down oil prices, and thus bring back some of the us inflation so damaging to us President Joe Biden, which was reflected in his party’s loss of control of the us House of Representatives in last year’s election. Ever since the famous meeting in 1943 between us President Franklin Roosevelt and saudi King ibn saud, saudi Arabia has not only guaranteed the us oil supply but has been the usA’s best ally in the Middle East, except for israel.

Another strain on the relationship is China. the usA and China are engaged in a trade war, which is actually a manifestation of the greater rivalry over which country is to lead the world. After the fall of the ussR, it seems, the aim is to become the sole superpower. saudi Arabia should side with the usA, but China is its biggest customer. However, as the rest are the usA and us allies (india, Japan, and south Korea), it must be counted as being in the us camp.

China is also iran’s biggest customer. However, iran is under us sanctions and is also a fierce opponent of israel. indeed, one of the areas for a us-iran clash has been the strait of Hormuz, with iran engaging in one attack on a saudi oil refinery, as well s on its oil tankers.

iran is more firmly in the Chinese camp. it recently signed a multidimensional cooperation deal that includes military matters and the development of Chabahar port. it has sided with Russia against ukraine in alliance with China.

there are two major differences between saudi Arabia and iran, to the point where they may be said to be at opposite ends of the spectrum. the first is that the saudis are proponents of sunni islam, and though not of any of the four traditional schools, their Wahhabi strain has found acceptance among sunnis. On the other hand, iran is shia, but that does not indicate the school the population follows, but the direction of the state. iran is attempting the implementation of

the wilayat faqih, the concept of how to rule before the coming of the imam. it should be noted that the saudis have not adopted the title of Caliph, which is the wilayat faqih sunni equivalent. (the shia do not oppose the Caliphate as such, with Ali ibn talib a Rightly Guided Caliph even of the sunnis, imam Hussain martyred at Karbala because he opposed the accession as Caliph of Yazid, and then the establishment of the Fatimid Caliphate in Egypt. they have a different view of it.) the Arab-Persian rivalry is ancient, probably dating back to the pre-islamic era, but the conquest of Persia by the Arabs, recently converted to islam, seems to have started the modern rivalry. it has been quite intense. there was the removal of the Bani umayya by the Bani Abbas. Apparently an intra-Qureshi struggle, the Bani Abbas had mainly Persian forces. the building of a new capital, Baghdad, and its shifting from the Mediterranean city of Damascus, was symbolic of the greater importance of Persia. Another symbol is the Arab use of the word Ajami, originally limited to Persians, to mean any foreigner. the fall of the Abbasids from real power saw the rise of the Bani Buwaih, a Persian dynasty. ultimately, most recently, the Ottoman-safavi rivalry, which saw turkey pitted against Persia, manifested this sectarian rivalry. Both dynasties were turk, but the Ottomans were sunni and the Qajar shia. the Ottomans became leaders of the sunni world by being Caliphs. When the Caliphate was abolished, the saudi Kings became leaders of the Muslim world by virtue of their oil wealth and being the ‘Khadimul Harmain Ash-Sharifain. this allowed a step towards its domination of the OiC, to the extent that it is now just a tool of saudi foreign policy. Even now, saudi Arabia and iran are jockeying for position all over the Middle East. syria, iraq, lebanon and Yemen representarenas of conflict, with the last having seen 500,000 killed.

it is soft to the extent that it has conveyed conditions for recognition, like a civilian nuclear deal, and fewer restrictions on arms sales. However, there is no indication that the deal with iran is a us precondition to recognizing iran.

At the same time, it should be noted that saudi Arabia nudged the Abraham Accord countries towards China, as they are both members of the Gulf Cooperation Council, with Chinese President Xi Jinping meeting a GCC summit at the end of his recent visit to saudi Arabia. China, after all, is the Gulf’s biggest customer.

Prince Muhammad bin Salman building up support for a future when his father passes away, can be discerned

the saudi nuclear deal has sent alarm bells ringing in Washington, especially because of its difficulties with iran over its nuclear programme. though netanyahu does want recognition, he cannot restrain the rightwing elements of his coalition, who have sparked an increase against Palestinians recently. saudi Arabia may not be able to recognize israel because of that. Pakistan can only welcome the iran-saudi deal, mainly because it might see an ebbing of the sectarian conflict it is experiencing. As sectarian activists are influential in the tehrik taliban Pakistan, it is all the more welcome because of the recent upsurge in terrorism that it has experienced. it will also be happy to see that some of its most important relationships are coming together. China is an old ally, and saudi Arabia is not just tied to it because of Pakistani expatriates, but an important helper in times of need. Pakistan would also look to saudi Arabia to invest in Gwadar, which has become likelier now that saudi Arabia is drawing away from the usA.

Another big difference is the attitude towards israel. iran is fervently still opposed, and while saudi Arabia does not recognise it, it has played a major role in getting recognisers like israel and Jordan a revival of their Arab league membership, which was suspended. saudi Arabia also played a key role in the Abraham Accords, in the uAE and Bahrain recognizing israel, as well as in Morocco’s later recognition. While it is unlikely to do any recognising soon, it is definitely ‘soft’ on israel.

Anti-Muslim content and its counter-measures

as a tool to incite violence and discrimination against the Muslim-minority Rohingya population. Despite efforts to combat anti-Muslim content through education and advocacy, the problem remains widespread and continues to affect Muslim communities around the world. in contemporary times, there are several states and regions where anti-Muslim content is prevalent. the severity and extent of this content can vary depending on political, social, and cultural factors. Here are a few examples:

Anti-MusliM content refers to any form of communication, media, or discourse that promotes negative stereotypes, prejudices, or discrimination against Muslims or islamic beliefs and practices. this type of content can take various forms, including hate speech, derogatory comments, false information, and discriminatory policies. Anti-Muslim content is often associated with islamophobia, a term used to describe an irrational fear or hatred towards islam and its followers. this type of content can have serious consequences, including inciting violence, promoting social exclusion, and perpetuating systemic discrimination against Muslims.

Anti-Muslim content has a long history that spans several centuries, dating back to the time of the Crusades in the 11th century. During this period, European Christian armies waged a series of military campaigns against Muslim territories in the Middle East, and these conflicts fueled negative stereotypes and prejudices toward Muslims that continue to this day. in the modern era, the rise of islamophobia can be traced back to the 20th century, particularly after the iranian Revolution of 1979 and the events of 11 september 2001. Following the attacks on the World trade Center, there was a sharp increase in anti-Muslim sentiment in the usA and other Western countries, with Muslims often depicted as terrorists or extremists in popular media.

the use of social media platforms has also contributed to the spread of anti-Muslim content in recent years, with far-right groups and individuals sharing false information and hateful rhetoric with their followers. this has led to a rise in hate crimes against Muslims in many countries, including the usA and Europe. Governments have also been accused of promoting anti-Muslim content through policies such as the “War on terror,” which has been criticized for targeting Muslim-majority countries and perpetuating negative stereotypes of Muslims. in some countries, such as Myanmar, the government has used anti-Muslim content

IndIa: in recent years, india has seen a surge in anti-Muslim content and violence, particularly under the Hindu nationalist government led by Prime Minister narendra Modi. this has included mob attacks on Muslims and the spread of false information on social media platforms. the controversial Citizenship Amendment Act, passed in 2019, has also been criticized for discriminating against Muslim refugees.

The USa: the usA has a long history of islamophobia, but the problem has been exacerbated in recent years by the rise of far-right groups and political leaders who promote antiMuslim sentiment. this has included attempts to ban Muslims from entering the country, as well as the spread of false information and conspiracy theories about islam and Muslims.

eUrope: islamophobia is also a growing problem in several European countries, with far-right parties and politicians often stoking anti-Muslim sentiment for political gain. Countries such as France, Germany, and the netherlands have seen a rise in hate crimes against Muslims, and there have been controversies over policies such as the ban on burqas and other islamic veils.

MyanMar: the Rohingya Muslim minority in Myanmar has faced decades of discrimination and persecution, fueled in part by

anti-Muslim content spread by the government and Buddhist nationalist groups. the military coup in 2021 has also led to renewed violence against the Rohingya population. these are just a few examples of states where anti-Muslim content is prevalent, but the problem exists in many other parts of the world as well. there are several ways in which the Muslim world can counter anti-Muslim content and agenda:

edUcaTIon: Education is one of the most powerful tools for countering ignorance and misinformation. Muslim communities can work to educate people about islamic beliefs and practices, as well as promote understanding and dialogue between different communities.

SocIal MedIa acTIvISM: social media platforms have become an important battleground for the spread of anti-Muslim content. Muslim activists can use these platforms to challenge false information and promote positive messages about islam and Muslims.

polITIcal engageMenT: Muslims can engage in the political process to advocate for policies that promote equality and justice for all. this includes voting, running for office, and engaging with elected officials to raise awareness about issues affecting the Muslim community.

InTerfaITh dIalogUe: interfaith dialogue can help build bridges between different communities and promote understanding and tolerance. Muslim leaders can work with leaders of other faiths to foster positive relationships and promote shared values.

legal acTIon: in some cases, legal action may be necessary to combat hate speech and discrimination. Muslim organizations can work with legal experts to challenge discriminatory policies and practices and hold individuals and organizations accountable for spreading anti-Muslim content.

these are the ways in which the Muslim world can counter anti-Muslim content and agenda. it is important to approach this issue with a multifaceted and nuanced approach that takes into account the political, social, and cultural factors that contribute to the problem.

The writer is a Researcher at CISS-AJK

After three centuries of rivalry, the Ottomans and the Qajars (who had by then supplanted the safavis) finally signed the treaty of Erzerum, which brought peace, in 1823, after the turks had lost the Battle of Erzerum in 1821. that was also a ‘diplomatic revolution’, as the Ottomans and Persians did not fight one another again. However, geography is an unforgiving master, and the sectarian divide crossed over into post-Ottoman, post-Qajar times, and saudi Arabia and iran squared off, especially as both grew immensely rich from oil.

Hopefully, this peace will last, but it is likelier than not that the Arab-iranian rivalry will resume in the future. At moment, there have been no confidence-building measures, though the pattern of Crown Prince Muhammad bin salman building up support for a future when his father passes away, can be discerned. The writer is a member of staff

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

A critical mind is a blessing indeed

As a passionate educator, i am often surprised — pleasantly, i must add — by our own school-going eight-year-old child who every now and then keeps throwing at us his innocent queries regarding the value of education and how and why it promotes, or is at least supposed to promote, tolerance and understanding.

Especially interesting are his questions about our sociocultural and even religious differences. the ‘why’ and ‘how’ and ‘for what’ in such questions keep us, his parents, on our toes. We attach much importance to his school homework and class performance, but he surprises us by striking up a conversation about the need for environmental conservation. We explain to him in simple words why every parent wants to give the best education to their children, which is not confined to the textbooks alone; education goes much beyond that. there is a reason why parents focus on extracurricular activities and value education as a holistic process rather than being academics alone. More than his questions, it is the pace, frequency and intensity of his questions that leave us gasping for breath. But we continue to encourage his attitude to the extent that we can. today, when there is a huge crisis of moral values around us, in a society where degradation of merit and endurance is rampant, this budding mind is a whiff of fresh air for us.

My heart goes out to those who are deprived of this most essential part of growing up in a child’s life. A character-building moment that many parents cannot provide to their children owing to a variety of reasons.

nelson Mandela rightly said that education is “the most powerful weapon through which you can change the world”. We have a child with potential and curiosity, and we try to nurture his instincts. We, the parents, truly believe that value education at a tender age has the power to change the world. Parents who accompany their children to and from schools may use the drive to talk about various things rather than simply keeping the conversation limited to whether or not the home assignments have been completed. Most of the interesting conversations with our child actually take place during that very drive. try it if you will.

SIBA affairs

tHE sukkur iBA testing service (siBA) is one of the major platforms to qualify for the youths of sindh in order to gain their desired jobs after passing tests conducted for different cadre. But, unfortunately, the testing service has become controversial in the last few months as tests are held with delays and the final results are often not uploaded on the web portal.

Recently, on the instructions of the sindh High Court (sHC), the testing service conducted test for General Administration and Coordination in sindh government for grade 5-15 in the graduation category. instead of announcing the results on the portal, newer positions are being advertised, which is injustice to the aspirants.

Millions of rupees are collected in the form of challans from various candidates against various categories, but the results are not announced on time. the youths of the province have not only spent their hard-earned money on applying for jobs, they have also become overage owing to waiting for these jobs and are still waiting for result of the test in the hope of getting employed. the sHC should also have instructed the administration to give relaxation in age limit.

Besides, candidates for intermediate and matriculation categories are still waiting for the tests to be conducted. Most such candidates are once again in doubt about whether or not the test will actually be taken. Will their studies and preparation be fruitful or once again it will be only a way of earning money in the shape of collecting fee challans worth millions?

Shehbaz makes an offer of talks, Imran accepts, but no modalities

Hopefully, this peace will last, but it is likelier than not that the Arab-Iranian rivalry will resume in the future. At moment, there have been no confidencebuilding measures, though the pattern of Crown

It is important to approach this issue with a multifaceted and nuanced approach that takes into account the political, social, and cultural factors that contribute to the problem

The problem is still there

PAKistAn is facing the alarming issue of mismanagement and improper disposal of hazardous waste. Absence of a clear policy direction and weak enforcement of legislation on ban of import of hazardous waste has escalated this issue in Pakistan. to protect the public health and environment is the sole responsibility of the Government of Pakistan. therefore, pragmatic steps are needed to manage the menace of hazardous waste. lahore has been repeatedly ranked as the top most polluted city in the world. it all in all generates about 500,000 tons of waste a year, causing new heights of public concern these days. this problem is a stumbling block strengthening its roots in lahore. the public and media did not perceive hazardous waste to be a major environmental and public health risk seriously until about 1978. till date, many countries have taken steady steps and come up with significant policies to tackle this issue. However, despite the policies and regulations regarding solid waste management, Pakistan still lacks a proper waste management infrastructure and urgently needs a waste road map to cope up with this challenge.

Hazardous waste means any waste which, by reason of its chemical activity is toxic, explosive, flammable, corrosive, radioactive, poisonous, infectious or by other hazardous characteristics, causes, or is likely to cause, directly or in combination with other matters, an adverse effect to human health and/or the environment.

there is no systematic mechanism in Pakistan for the collection and disposal of hazardous waste generated from hospital, industrial, transport, energy, mining, andagriculture activities. in practice, local authorities are handling and disposing ofsignificant quantities of HW, often without any consistent procedures, and sometimeswith no knowledge of the serious problems they may create. industrial pollution is a- major problem in Pakistan.

The ticking time bomb in our midst COMMENT 05

The environmental and health hazards of e-waste in Pakistan

the minimal response of industry tohazardous waste is mainly due to the poor performance of the sector, lack of informationabout new technologies and high investments required for changing the processescoupled with weak regulatory mechanisms. industries dispose of their effluents intonearby streams, rivers, lakes and agricultural fields, which on the one hand cause diseasesand on the other degrade the overall water quality. the major industries among theminclude inorganic and organic chemical manufacturing, pesticide manufacturing,textiles, pharmaceutical manufacturing, tanneries, cement, electrical equipment, glass and ceramics, pulp and paper, and petroleum refining.

the Rules for Hospital Waste Management were prepared and notified by the thenMinistry of Environment in 2005, giving detailed information and covering all aspects ofsafe hospital waste management in the country. However, its enforcement remains amatter of concern. there are no systematic approaches to medical waste treatment anddisposal in the country. Hospital waste is simply mixed with the municipal waste incollecting bins at roadsides and subsequently disposed of. some wastes are simply buriedwithout any appropriate measures. A common practice in Pakistan is the reuse ofdisposable syringes. People pick up used syringes from the hospital waste and sell them.

the local plasticmanufacturers, for instance, use imported hazardous plastic scraps and waste to producefinished plastic goods and articles. these scraps are not tested for contaminants beforebeing cleared for manufacturing. this is a clear violation of the import Policy Order putin place by the Government. in-addition, this violates the Basel Convention, which specifies that endof-life plastic products containing contaminants and constituents thatfall under hazard class 6 and 9 of the Convention are to be sent back to the countryfrom where the plastic waste was imported.

Technical guidelines for the reuse, recycling, treatment and disposal of each kind of hazardous waste should be prepared and adopted.

Plastic waste’s imports into Pakistan have shown an exponential growth in the past fewyears. According to a study on “Plastic waste management in Pakistan: baseline report,2020”, Pakistan has been importing plastic waste from different parts of the world withan average annual tonnage of around 46,000 tons. Between 2012-2020, Pakistanimported plastic waste totalling $115 million. in 2017-2018 alone, more than80,000 tons of the plastic waste was imported. these imported plastic scrap contains higher amounts of contamination residuals, pest dumps, germs and infections, pesticides andfood particles, including many other hazardous chemicals and additives.

Despite being a party to the Basel Convention, Pakistan is being used by many developedcountries around the world as a dumping ground for their e-waste, which creates environmental and health hazards. According to united nations university, Bonn,Germany, there is no inventory or exact data on e-waste generation in Pakistan; butmany such items are being imported to Pakistan as secondhand products. One of the studies has attempted to estimate illegal annual average import of e-waste to Pakistan ofaround 954,000 tons (mostly computers and related products). similarly, according to thestudy on “Plastic waste management in Pakistan: baseline report, 2020”, Pakistan alsogenerates around 30 million tons of solid waste a year, which has been increasing at arate of more than 2 percent annually. these types of waste and products containsignificant quantities of hazardous substances which contaminate the general waste andmake it all hazardous. Moreover, the information on the quantity of the generationof hazardous waste from other sectors in the country is deficient, because Pakistan hasyet to conduct the first level generation inventory of hazardous waste in the country.

Hazardous waste issues cut across national boundaries due to their import and export, thus becoming a huge global pollution crisis. Waste dealers and brokers shall ensure that the waste they buy and sell shall be managed in such a way that environmentally sound manage-

How Israel is affected by Saudi-Iranian rapprochement

little research, they would have found that their “scoop” had already appeared in i24 in israel last December and the Jerusalem Post this January.

understandably, for israeli media, these stories were timely. Prime Minister Benjamin netanyahu had just won reelection, having campaigned on making saudi normalization a priority. Of course

ment is assured. they shall have an understanding of proper implementation of and compliance with the Basel Convention for trans-boundary movements of hazardous waste. the Federal Government shall prohibit the import of hazardous waste for disposal purposes, but for reuse, recycling, recovery and processing, it shall allow it in a manner which ensures the protection of human health and the environment. Moreover, the Federal government shall ensure proper record and maintenance of data for import, export, transit, and illegal traffic of hazardous waste. Prevention, however, will not solve all the problems associated with hazardous waste management. some wastes are already, or will inevitably be, generated. Hence, for such waste as prevention and minimization possibilities have been exhausted then reuse, recycling, and reclamation are ways of managing hazardous waste which, if properly conducted, can avoid environmental hazards, protect scarce natural resources, and reduce the nation’s reliance on raw materials and energy. technical guidelines for the reuse, recycling, treatment and disposal of each kind of hazardous waste should be prepared and adopted. if the options for reuse, recovery, or recycling are exhausted for a waste then depending on the category of that waste, possible options for chemical/biological treatment, incineration, or any other mode of safe and environmentally sound disposal can also be adopted. An efficient hazardous waste management system must include strict measures governing the collection and storage of hazardous waste at the generator’s site or at any other transfer or disposal facility. Government, producers, and retailers shall coordinate and develop integrated citizen-friendly take-back systems in order to achieve effective collection and management of HW such as, household hazardous waste, expired medicines, tires, and e-waste. the hazardous waste shall be properly segregated from non-hazardous waste and stored in containers, tanks, or containment buildings. safe and closed containers must be kept closed and marked with the date on which hazardous waste accumulation began. tanks and containers are required to be marked with the words “Hazardous Waste”. the HW to be transported must be packaged and labeled according to its category or type. the transport agency must employ and use safe and closed container for the transportation of hazardous waste.

The writer is a freelance columnist

What the World Bank needs to do now

I’VE BROUGHT TOGETHER GOVERNMENT AND BUSINESS TO SECURE OVER $4BN IN COMMITMENTS TO INVEST IN ECONOMIC OPPORTUNITIES IN CENTRAL AMERICA AND ADVISED AN INVESTMENT FUND THAT CHANNELLED OVER $800MN INTO EMERGING GREEN TECHNOLOGIES, INCLUDING IN DEVELOPING COUNTRIES. I BELIEVE THAT IS EXACTLY WHAT THE WORLD BANK NEEDS AT THIS CRITICAL MOMENT IN TIME

and an acknowledgment that they have a well-earned reputation for never missing an opportunity to miss an opportunity.

AMiD the barrage of saudi-related news since last Friday, a peculiar us media “exclusive” about the Kingdom’s “price” for normalizing ties with israel went unnoticed. unsurprisingly, this “news” — i use the term loosely — was overshadowed by the groundbreaking saudi-iranian pact mediated by China.

the so-called “price” isn’t news because there’s nothing new about it. More precisely described as ideas, they have been discussed since the era of Donald trump, whose senior adviser and son-in-law Jared Kushner led efforts to resolve the israeli-Palestinian conflict. A senior saudi official confirmed to Arab news that the latest leak of these terms did not come from the Kingdom, which means the source was probably a senior us adviser with ties to israel or a national security role.

i myself heard some of these saudi “conditions” at a high-level briefing last year, where it was made clear that they could be discussed only AFtER a solution was found for the rights of Palestinians — which has always been the first condition for saudi Arabia.

the context is for the Kingdom to be treated in the same way as some of the countries that have peace treaties with israel when it comes to rights and privileges. issues such as the right to peaceful use of uranium, joining nAtO in some capacity, and being named as a us strategic ally, could all be discussed after a Palestinian solution is found.

Moreover, had editors at the Wall

and the new York times

“news”

— as a senior saudi official told me at the time — that element of netanyahu’s rhetoric was for internal israeli campaigning and consumption. netanyahu also raised the issue in an interview with the saudi media outlet Al Arabiya December last year. the appearance was paraded by some of netanyahu’s enthusiasts as a first (wrongly, since he had also given an interview to Al Arabiya in August).

so if there’s nothing new here, why am i writing about it? two reasons: first, because the pact with iran (assuming the regime in tehran sticks to it) has given the saudi relationship with israel new salience; and second, because the saudi terms themselves need to be discussed. those reasons are intertwined.

it has been suggested that the deal with iran is harmful to possible saudi normalization with israel, with the Biden administration culpable of so alienating the Kingdom that it chose the Chinese as mediators. that is partly true, but not wholly. As i said in my last column, China was chosen purely because Beijing has leverage over iran, and this has nothing to do with the relationship with America. Moreover, the White House has said it was aware of the discussions and secretary of state Antony Blinken has welcomed the agreement.

Of course, it can be argued that if tehran behaves itself going forward, then israel loses the important card of “the enemy of my enemy is my friend.” But i would argue that this card was never going to be sustainable, it relies on too many variables.

What is sustainable, however, is what saudi Arabia has long been advocating: a fair and just solution to the plight of Palestinians. this country has argued for decades that it views the israeli-Palestinian conflict as a land dispute, not an ideological war. unlike the iranians and their proxies, we have no wish to throw Jews into the sea or abolish the state of israel. Clearly, a just solution requires bold and capable Palestinian leadership,

On the other hand, netanyahu’s new far-right government has gone too far in oppressing and intimidating Palestinians. Condemnation has come from their closest allies in Washington, from members of the American Jewish community, and even from israel’s own citizens who have taken to the streets in protest. israel’s actions also embarrassed signatories to the Abraham Accords (the uAE condemned israeli aggression at Al-Aqsa Mosque and Jenin refugee camp), which makes it harder for other countries to even consider taking the same route.

As for the other saudi conditions, the way i see them is a natural result of normalizing ties with israel. After all, no one has anything to fear from saudi exploitation of its uranium reserves. As for joining nAtO in one capacity or another, i do believe the issue is bigger, and has to do with flip-flopping us policy. On one hand, American officials give repeated oral reassurances that they are committed to the security of the Kingdom, but refuse to put that in writing or in a formal framework.

the declassification of the Houthis as a terrorist group and withdrawal of Patriot missile batteries — while saudi civilians were being attacked — still leave a bitter taste in the mouth of the Kingdom. When the Biden White House denies saudi Arabia the means to defend itself, refuses to guarantee saudi security in writing (when it knows all too well that this is in its own interests), and negotiates with iran about everything apart from the security of its own allies, then Riyadh cannot be blamed for seeking alternatives to defend its people, such as accepting the Chinese offer to mediate. israel, meanwhile, is a victim of collateral damage as a result of strained saudi relations with the us, and self-inflicted wounds from its treatment of the Palestinians. the good news is that despite the deal with iran, there is still hope for israel to normalize ties with the Kingdom. However, israel should first take a leaf out of the Old testament: “thou shalt love thy neighbor as thyself.”

EXtREME poverty leaves people in hunger, without housing or medical care, robbing them of dignity. Deprivation of opportunity has no place in a world with the resources and technology that so many enjoy in abundance. since its inception nearly eight decades ago, the World Bank has played a transformational role in lifting living standards in every corner of the globe. But as we confront rising poverty and crisis after crisis — from pandemic to conflict to the ravages of a changing climate — the need for a high-performing bank is more urgent than ever.

the institution must now evolve to tackle challenges that its founders couldn’t imagine — in the keen understanding of how these priorities intersect. Climate change, pandemics and forced migration are eroding progress for the very people whom development efforts benefit. the tasks ahead of us are intertwined. their scale means that no institution can do it alone.

We should seize this moment to convert these challenges intogreater opportunities for the most vulnerable. Meeting ambitious climate goals doesn’t mean sacrificing development or inclusive economic growth. new technologies can help bypass the emissionsheavy pathways of the past — something i recently saw in Kenya, which generates the overwhelming majority of its energy from renewable sources.

Public-private partnerships and investments have enabled renewable energy to become cost efficient. We now need to invest in developing infrastructure, agricultural productivity, food security, and expanding shipping and trucking in a resilient and sustainable manner. We must particularly focus on unlocking the potential of young people, especially in the global south. they deserve economic opportunities and the resulting optimism to better their lives and their countries.

the World Bank can, and must, play a critical role as a force multiplier in coordinating

global action. its talented staff do vital, and often unsung, work every day. the scale of investments required for fighting inequality and climate change, and boosting productivity and growth, is in the many trillions of dollars each year. the bank should build on the recommendations of the G20 Capital Adequacy Framework to stretch every dollar it has. But working alone, it will fall short of what’s required. All multilateral development banks must work in tandem to maximise impact. still more will be required. the private sector, with its capital and innovation, will be key, as will the partnerships that need strengthening between governments, civil society and private enterprise. the bank can deploy technical knowledge, policy support and financing to serve as a catalyst for mobilising the private sector to help address these challenges. Managing this will require skills that i believe my background has given me. in the private sector, i’ve led organisations spanning the globe with tens of thousands of employees and close engagement with the public sector. i’ve delivered on ambitious goals that required me to transform teams to meet the demands of a constantly-changing world. i’ve brought together government and business to secure over $4bn in commitments to invest in economic opportunities in Central America and advised an investment fund that channelled over $800mn into emerging green technologies, including in developing countries. i believe that is exactly what the World Bank needs at this critical moment in time.

Effectively leading the bank also requires a deep understanding of the challenges that countries and people face. Right now, i’m on a tour to meet with government officials, development experts, civil society organisations and entrepreneurs to hear their vision for the institution’s future. in ivory Coast and Kenya, i had the privilege of hearing from those who have benefited from the World Bank’s work. Residents of Abidjan told me their lives have been transformed by an investment in expanding access to electricity. Young entrepreneurs in nairobi showed me how they’re benefiting from expertise and financing to launch clean tech start-ups. the opportunity to lead the World Bank would be the culmination of my life’s work. i grew up in india in a middle-class family. i received a good education and learnt the value of hard work. But too many people don’t get the opportunities i did. All of the world’s citizens deserve a chance to better their lives. We must offer people — and indeed countries — the opportunities they need to succeed, so that everyone can feel the hand of good fortune pushing them forward.

The writer is the US nominee for president of the World Bank.

WHEN THE BIDEN WHITE HOUSE DENIES SAUDI ARABIA THE MEANS TO DEFEND ITSELF, REFUSES TO GUARANTEE SAUDI SECURITY IN WRITING (WHEN IT KNOWS ALL TOO WELL THAT THIS IS IN ITS OWN INTERESTS), AND NEGOTIATES WITH IRAN ABOUT EVERYTHING APART FROM THE SECURITY OF ITS OWN ALLIES, THEN RIYADH CANNOT BE BLAMED FOR SEEKING ALTERNATIVES TO DEFEND ITS PEOPLE, SUCH AS ACCEPTING THE CHINESE OFFER TO MEDIATE

GLobaL cocaiNe producTioN hiTS record LeveLS aS demaNd SurGeS afTer covid SLowdowN: uN aGeNcy

UNITED NATIONS Agencies

GLOBALcocaine production has soared to record highs after declining during the coronavirus pandemic, the United Nations Office of Drugs and Crime (UNODC) said in a compelling report issued Thursday.

Between 2020 and 2021, cocaine production jumped 35%, the sharpest yearly increase since 2016, said UNDOC, which is based in Vienna, Austria.

“The surge in the global cocaine supply should put all of us on high alert,” UNODC Executive Director Ghada Waly said in a statement. “The potential for the cocaine market to expand in Africa and Asia is a dangerous reality.”

Criminal networks are now diversifying with alarming results alongside record levels of production, moving beyond the pandemic and its related global shutdown, which had appeared to have temporarily hobbled the illicit trade, UNODC said in its Global Report on Cocaine 2023.

To best respond, Ms. Waly urged governments and others to closely examine the report’s findings to determine how this transnational threat can be met with transnational responses based on awareness raising, prevention, and in-

ternational and regional cooperation.

The report details how coca cultivation soared 35 per cent from 2020 to 2021, a record high and the sharpest year-to-year increase since 2016.

The rise is a result of both an expansion in coca bush cultivation and improvements in the process of converting coca bush to cocaine hydrochloride, the drug which is then sold on the streets.

The supply surge matches a steep growth in demand, with many regions showing a steady rise in cocaine users over the past decade. While the cocaine market remains quite concentrated in the Americas and parts of Europe, the

fishermen shower flowers, sing rhymes on indus to celebrate international rivers day

MUZAFFARGARH stAFF rePort

A large number of men, women and children from the fishermen’s community expressed their love in style for the mighty river Indus, here, on Thursday by singing rhymes as they walked to the river at Taunsa Barrage to shower flowers on its waters in commemoration of the 26th anniversary of the international day of action for rivers, celebrated every year on Mar 14.

“We showered flowers to convey the message to the people that they should love rivers and avoid polluting them with garbage, and plastics,” said Khadim Hussain, the coordinator of ‘Sindhu Bachao Tarla’ (Save River Indus). The rally participants including fishermen, civil society representatives including lawyers and people from other walks of life walked up to Taunsa Barrage established on Indus, the biggest river of Pakistan, where they threw countless roses to turn water surface red and then sang rhymes in native Saraiki language:”River O River, Your Water Is Deep, You Are Our Father, Our Mother and We Are Your Small Fish).”

The rally participants were holding banners, and placards inscribed with messages:”Rivers are life, keep rivers clean, their absence would hurt lives in a big way, put flowers in rivers, not the pollutants.”

Journalist’s alleged harassment: ihc seeks fia, police comments

ISLAMABAD stAFF rePort

The Islamabad High Court (IHC) on Thursday sought comments from the Federal Investigation Agency (FIA) and Inspector General of Police (IGP) Islamabad in a petition regarding the alleged harassment of journalist Siddique Jaan.

Chief Justice Aamer Farooq heard the case filed by the said journalist who appeared before the court with his lawyer. The representatives of journalists’ bodies also attended the proceeding. The lawyer adopted the stance that there was a risk of the arrest of his client by the police or FIA. The journalist had surrendered before the court, he said and prayed to the court to seek details of cases against him. The court also clubbed the petition with identical cases of other journalists while serving notices to the respondents. The further hearing of the case was then adjourned. Meanwhile, a local court extended the interim bail of PTI’s leader Shandana Gulzar till March 29, in a case of inciting the public against state institutions. The bail was extended due to the leave of the relevant judge of the district and session court.

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addition to North America. Arrests and seizures have also skyrocketed. Interceptions of cocaine shipments by law enforcement around the world recorded seizures reaching a record high of nearly 2,000 tons in 2021.

The report shows a criminal landscape fragmented into myriad trafficking networks. Examining these groups’ modalities, the report found new traffickers filling gaps and an array of socalled “service providers” lending supply-chain services “for a fee”.

LAHORE: Bedding and clothing items put on display during Fashion & Textile Design Thesis Display – 2023

report warns that there is a strong potential for a large expansion in Africa and Asia. The report examines the emergence of new hubs for cocaine trafficking, noting that countries in Southeastern Europe and Africa – particularly those in West and Central Africa – are increasingly being used as key transit zones for the drug.

Ports on the North Sea like Antwerp, Rotterdam, and Hamburg, meanwhile, have eclipsed traditional entry points in Spain and Portugal, for cocaine arriving in Western Europe.

Traffickers are also diversifying their routes in Central America by sending more and more cocaine to Europe, in

For instance, the demobilization of fighters from the Revolutionary Armed Forces of Colombia (FARC), which had previously controlled many of Colombia’s coca-growing regions, created an opening for others to step in. This includes new, local actors, ex-FARC fighters, and foreign groups from Mexico and Europe, the report showed.

Angela Me, Chief of the UNODC Research and Analysis Branch, said the report contains a wealth of more information about the phenomenon.

“With its latest knowledge and trends on the routes, modalities, and networks employed by criminal actors,” she said, “it is my hope that the report will support evidence-based strategies which stay ahead of future developments in cocaine production, trafficking, and use.”

US arrests Chinese tycoon who backed Trump advisor Bannon

WASHINGTON AFP

A Chinese tycoon wanted in China and closely tied to president Donald Trump’s former political advisor Steve Bannon was arrested in New York Wednesday and charged with bilking some $1 billion from supporters of his anti-Beijing activities.

The US Justice Department accused Guo Wengui and stillat-large British co-conspirator Je Kin Ming of stealing funds from participants in an investment scheme so they could buy luxuries, including a yacht, a 50,000 square foot (4,645 square meter) mansion and a $3.5 million Ferrari.

A court official said late Wednesday that Guo pleaded not guilty but consented to detention in an initial arrest hearing. Hours after his 6:00 am arrest at his Manhattan penthouse apartment overlooking Central Park, a fire broke out in his building, raising suspicions the two could be linked.

Guo’s arrest came nine years after the one-time property billionaire fled China in 2014, having faced charges of fraud and corruption even as he became an outspoken critic of graft inside the Chinese government.

Using his Cantonese name, Ho Wan Kwok, the Justice Department said Guo leveraged his prominence as a critic of Chinese leader Xi Jinping’s government while exiled in New York to build a large following of supporters online. Those supporters were encouraged to donate to, or invest in, Guo-controlled nonprofits and businesses, including GTV Media Group, of which Bannon was a director.

That activity spread into other avenues to raise hundreds of millions of dollars, including a luxury club, the Himalaya Exchange cryptocurrency issuer, and the Himalaya Farm Alliance, which promised investors discounted shares of GTV.

But the Justice Department said Guo and Je diverted funds for their own use, including for

Passing-out of 49th STP held at IRS Academy in Lahore

IsLAmAbAd: The 49th Specialized Training Program (STP) of the Inland Revenue Service (IRS) of Federal Board of Revenue Pakistan concluded with a grand passing-out ceremony in Lahore on Wednesday. The event was held at the IRS Academy in Lahore which was attended by Chairman FBR Asim Ahmad and other distinguished guests including senior officers of the Board. The Governor Punjab Mr. Muhammad Balighur Rehman was Chief Guest on the occasion. Pr

Key role of women entrepreneurs stressed at IBA event

KARACHI: The IBA Aman Center for Entrepreneurial Development (CED) organized an "Unlocking The Power of Women Entrepreneurs" summit, in collaboration with the Click Sindh Investment Department and IBA’s Alumni Affairs Department at the JS Auditorium, IBA City Campus the other day. The event was graced by the Federal Minister for Poverty Alleviation & Social Safety & Chairperson Benazir Income Support Programme Shazia Marri as Chief Guest while dignitaries from World Bank, and Sindh Investment Department, and esteemed Women Entrepreneurs. Around 300 individuals joined the summit. Pr

Guo’s New Jersey estate and yacht, a custom-built Bugatti sports car, and two mattresses that cost $36,000 each.

In 2021, US financial authorities called GTV‘s investment solicitation an illegal public offering and forced Guo to repay investors nearly $500 million and pay nearly $40 million in fines. Since then, in successive actions, authorities have seized around $634 million in funds raised by Guo and Je, and on Wednesday charged the two with multiple counts of securities fraud, wire fraud, money laundering and obstruction.

“Fraudulent investment scams make victims out of innocent people, ultimately harming the public’s confidence in the integrity of financial systems,” said FBI Assistant Director Michael Driscoll.

Fled crackdown on billionaires: Guo arrived in the United States in 2015 after fleeing a crackdown on China’s racy billionaires and corrupt officials by Xi’s administration.

Banned from school, Afghan girls turn to madrassas

KABUL

AFP

In a madrassa in the Afghan capital, rows of teenage girls rock back and forth reciting verses of the Quran under the watchful eye of a religious scholar.

The number of religious schools has grown across Afghanistan since the Taliban returned to power in August 2021, with teenage girls increasingly attending classes after they were banned from secondary schools.

“We were depressed because we were denied an education,” said 16-year-old Farah, a veil covering her face and hair.

“It’s then that my family decided I should at least come here. The only open place for us now is a madrassa.”

Instead of maths and literature, the girls focus on rote-learning the Quran in Arabic — a language most of them don’t understand.

Those who want to learn the meaning of the verses study separately, where a teacher translates

7th PARCO T20 Cup comes to a thrilling close

KARACHI: The 7th edition of Pak-Arab Refinery Ltd. (PARCO) T20 Cricket Tournament reached its conclusion with an exciting final between Oil and Gas Development Company Ltd. (OGDCL), and Pakistan State Oil Ltd. (PSO) at Moin Khan Academy, Karachi. The much-anticipated match saw a thrilling display of cricketing talent and sportsmanship from both sides, as they battled it out to claim the coveted trophy. The grand closing ceremony was attended by distinguished guests from sports and media fraternity, and top executives of leading companies. In a nail-biting finish, OGDCL emerged victorious by defeating PSO by 14 runs, Muhammad Bilal played a pivotal role in his team’s success. Pr

Last-gasp defeat motivates Sri Lanka for second New Zealand Test

WELLINGTON AFP

Captain Dimuth Karunaratne says Sri Lanka will use their agonising last-gasp defeat to New Zealand as motivation when the second Test starts on Friday in Wellington. Kane Williamson sealed a thrilling New Zealand win by running a bye as the first Test went to the final ball in Christchurch.

and explains the text in their local language.

AFP visited three madrassas in Kabul and in the southern city of Kandahar, where scholars said the numbers of girl students have doubled since last year.

For Farah, her ambition of becoming a lawyer was dashed when Taliban authorities blocked girls from secondary school — and months later banned women from attending university.

“Everyone’s dreams are lost,” she said.

Still, Farah — whose real name has been changed to protect her identity like other students AFP interviewed for this story — counts herself lucky in that her parents allowed her to attend classes at all.

Education dEadlock: The Taliban government adheres to an austere interpretation of Islam. Rulings are passed down by the reclusive supreme leader Hibatullah Akhundzada and his inner circle of religious advisers, who are against education for girls and women, some officials say.

The hosts’ two-wicket triumph scuppered Sri Lanka’s chances of making the World Test Championship final, handing the spot to India, who will face Australia.

“Unfortunately we aren’t in a position to progress (to the final), but it’s a two-Test series and we have to play for our pride,” Karunaratne told reporters on Thursday.

“I can see the boys in the dressing room still want to win this match and draw the series.”

Karunaratne knows his team paid a heavy price for fielding errors in Christchurch, particularly when danger man Williamson was dropped on 33. He went on to make a match-winning century. “There were small things we couldn’t do well, that is the only concern, but we’re trying to correct the mistakes,” said Karunaratne.

The Sri Lankan skipper says his seam bowlers can cause problems for Williamson and New Zealand’s top order.

Asitha Fernando took seven wickets in the first Test. “We can challenge the Kiwi top batters every time, even some of their players said to me that they didn’t expect that kind of bowling pressure from the Sri Lankans,” said Karunaratne.

Zalmi’s pacers roar back to out Islamabad United in first eliminator

LAHORE

stAFF rePort

Peshawar Zalmi’s pacers Aamer Jamal and Salman Irshad roared back to restrict Islamabad United to 171/6 in the run chase and powered their side to a scintillating 12-run victory in the first eliminator of the Pakistan Super League (PSL) season eight.

Following an astonishing victory in the eliminator, Zalmi next face Lahore Qalandars in the second eliminator on Friday.

The United had an unwanted start to the run chase as the side lost their hard-hitting opener Rahmanullah Gurbaz (10) cheaply for just 13 runs in the second over.

Following an early setback, Sohaib Maqsood joined hands with Alex Hales and anchored the run chase with a sensational 115-run partnership for the second wicket with both scoring half-centuries.

It was all going United’s way until the first 14 overs as Aamer handed Zalmi a much-needed breakthrough on the first delivery of the 15th as he castled Maqsood.

The veteran right-handed batter topscored for the United with 60 off 48 deliveries with the help of seven boundaries and two sixes. Salman then castled Azam Khan (2) in the next over and strengthened Zalmi’s comeback into the game.

Aamer then struck again in the next over to claim the crucial wicket of Hales and pushed the United to the backfoot as they slipped to 137/4 in the 17th over.

The United then kept losing wickets at an alarming rate which also halted the flow of runs for the two-time champions as Zalmi managed to edge them by 12 runs despite Shadab Khan’s unbeaten 26 off 12.

Aamer and Salman led the bowling attack for Zalmi with two wickets each, while Azmatullah Omarzai made one scalp.

Put into bat first in an all-important clash against United, Zalmi were off to a flying start; courtesy of a brilliant opening partnership between Babar and Saim Ayub.

The pair charged the United bowlers right from the start and put them under immense pressure.

United were deteriorating against the baton charge led by Babar with Saim also supporting. However, Mohammad Wasim Jr struck in the fifth over of the innings to draw the first success for his side as he dismissed Saim, who scored 23 off 16 with the help of five boundaries.

Babar then joined hands with Haseebullah Khan, who was promoted ahead of wicketkeeper batter Mohammad Haris and maintained his side’s momentum with a valiant 36-run partnership.

The pair added 36 runs in just 24 balls before Shadab Khan broke the budding partnership by getting young Haseebullah stumped in the ninth over. He scored an 11-ball 15.

Babar then put on yet another vital partnership for his side as he, alongside Haris put on a 41-run partnership and made sure to score at a decent pace before Shadab trapped him plumb in front to trigger United’s comeback into the game.

Babar top-scored for Zalmi with 64 off just 39 deliveries, hitting 10 boundaries. After Babar’s dismissal, Zalmi were

137/3 in 13 overs and they could only add 46 runs in the last seven overs at the expense of five wickets with Haris also falling short in the collapse. The wicketkeeper batter scored a 17-ball 34, which featured three

boundaries and two sixes.

Shadab led the bowling attack for the United with 2/40 while Wasim Jr, Hasan Ali, Faheem Ashraf and Fazalhaq Farooqi struck out a batter each.

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Consumers Association of Pakistan organized joint ceremony on World Consumers Rights Day & International Women Day at local hotel. On the occasion Chief Guests - Minister Local Government Nasir Hussain Shah, Minister for Women’s Development Syeda Shehla Raza, Minister Archeology Tariq Hassan, MPA Mangla Sharma, Chairman Consumers Association of Pakistan Kaukab Iqbal, CEO Essa Laboratory Dr Farhan Essa, Vice President Sindh Supreme Court Bar Association Javed Ahmed Chattari and Hon. Consul General of Morroco Mirza

HABIBMETRO collaborates with VISA to introduce IDEMIA

KARACHI: In continuation of its innovation journey, HABIBMETRO, in collaboration with VISA, commenced its Tokenization & Digital Card programme by introducing IDEMIA as a solution provider in Pakistan. This initiative was taken to further enhance HABIBMETRO customers’ digital payment experience and make it more secure and convenient. Tokenization replaces sensitive bank account information, such as the 16-digit primary bank account number, with a unique digital identifier called a ‘token’. Tokenization allows transactions to be processed without exposing account details for a more secure digital payment experience. Moreover, with a ‘Tap To Phone’ feature, HABIBMETRO customers will be able to make contactless payments by tapping their mobile phones on devices enabled with contactless payments, hence opening up a world of convenience. PR

ABHI onboards Naveena Group to provide AbhiSalary to 5,000 employees

ISLAMABAD: ABHI, an embedded fintech company, has signed an agreement with Naveena Group and its subsidiaries to provide AbhiSalary, an Earned Wage Access facility, to their 5,000 employees. AbhiSalary will financially empower the group’s workforce by enabling them to access their earned salaries before their payday and have the freedom to spend, save and invest with their own salaries. With AbhiSalary, the fintech company aims to reduce financial stress for thousands of employees working at Naveena Group and its subsidiaries. Established in 1989 as a textile manufacturer, the group now operates in the textile, energy, steel and real estate development sectors with a focus on sustainability. On the day of signing, Mr Mohammad Zaidi, Director of Business Development and Sales at ABHI said. PR

PSX signs MoU with CISI & IFMP

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PROFIT

Miftah isMail cautions against any forM of debt restructuring

ISLAMABAD

NEWS DESK

fORmERfinance minister Dr

miftah Ismail has cautioned against any kind of debt restructuring, warning that it would have far-reaching repercussions on Pakistan's economy.

In an interview with Business Recorder in Karachi, Ismail, a two-time finance chief, stated that the cons of restructuring outweigh the pros. He pointed out that countries like Sri Lanka that had opted to take this route had experienced a contraction in their GDP, which shrank by 10% during the first year. If Pakistan were to follow suit, and it took 2-3 years, its GDP would shrink as well. Ismail believes that Pakistan's interest payments on dollar-denominated debt are low, and a majority of the loans, due to the nature of their creditors, cannot be restructured. He added that commercial debt, which is not much, is the only component that can be restructured.

However, restructuring this debt would lock Pakistan out of the commercial debt market, which would result in Pakistan's inability to benefit from future debt. These comments from Ismail come as talks of debt restructuring gather pace, with many analysts recommending effective management of upcoming payments. Pakistan needs to repay around $3 billion of debt by June, while $4 billion is expected to be rolled over, according to Bloomberg. Its foreign exchange reserves currently stand at $4.3 billion, courtesy of loan inflows of $500 million from Industrial and Commercial Bank of China (ICBC) and $700 million from China Development Bank. Pakistan expects another $800 million from ICBC after it renewed its $1.3-billion facility, which the country had repaid earlier. However, the import cover is around one month, with February's bill coming in at $4 billion, according to data available with the Pakistan Bureau of Statistics. Pakistan's worries are also compounded by the delay in

reviving its bailout programme with the International monetary Fund (ImF), a facility that has been stalled since November last year.

Ismail, who was the finance minister to successfully negotiate the combined seventh and eighth reviews with the ImF before being unceremoniously removed to make way for Ishaq Dar, said Pakistan has the added worry of getting its creditors, including China and Western institutions, on one table.

He questioned how Pakistan would get China, the Western countries and their institutions to sit on one table, calling it a difficult task. Ismail added that Pakistan is already looking to manage China versus the West.

Last month, US State Department Counselor Derek Chollet expressed concern about debt owed to China by Pakistan and other countries, saying that it was in talks with Islamabad about the "perils" of a closer relationship with Beijing. Chollet added, however, that Washington would not ask Pakistan to choose between the two major powers.

ISLAMABAD PR

Despite a 24.3% YoY growth in overall revenues in local currency, Jazz’s revenue decreased 2.6% in USD terms during the fourth quarter of 2022, mainly due to PKR devaluation, whereas the margins are hampered by an exponential increase in operational costs, including fuel, electricity, interest rate and forex.

Increase in fuel and electricity prices by 71% and 53% YoY, respectively, was offset by a one-time effect to the reversal of a provision.

Despite macroeconomic challenges, Jazz contin-

ued to lead the market with an unabated focus on driving digital inclusion while enhancing quality of services for its customers by investing over PKR 52 billion under its ‘4G for all’ ambition in FY 22, taking its overall investment in Pakistan to US$10.4 billion.

During the reporting period, Jazz’s total mobile subscriber base reached 73.7 million, with 41.3 million 4G users and 10 million Voice-over-LTE (VoLTE) users offering a more immersive communication experience. The performance of its digital services during the quarter solidified Jazz’s position as a preferred lifestyle partner for 123 million mobile broadband users in Pakistan. JazzCash, the most popular mobile

Comprehensive report ‘State of Pakistan’s Agriculture’ launched

KARACHI

PR

A comprehensive study, “The State of Pakistan’s Agriculture 2023” has been launched by Pakistan Agri Coalition and Pakistan Business Council.

The report paves the way for growth of agricultural sector in the country and launched in a conference named Agri Connections 2023.

Speaking as a key note speaker in the conference, Former Governor State Bank Saleem Raza has said that agriculture is not performing well as its growth is mere 2.5% which should be around 6%. He was speaking at ‘Agri Connections 2023’ which was organized by Pakistan Agricultural Coalition at a local hotel here on Thursday.

“The only way out of the current economic cri-

Progress

KARACHI: Pakistan Stock Exchange (PSX) and Institute of Financial Markets of Pakistan (IFMP) signed a Memorandum of Understanding (MoU) with Chartered Institute for Securities & Investment (CISI) UK, marking a landmark agreement amongst the three organisations for the development of capital market’s human resource. PSX and IFMP, under the guidance of Securities and Exchange Commission of Pakistan (SECP), initiated this effort which focuses on training and upgrading the skill-sets of the human resources engaged in the capital markets that will enable market intermediaries to provide enhanced quality of services to their clients and augment investor confidence. CISI is a globally recognised not-for-profit organization and a professional body for financial services practitioners within the securities and investment industry. PR

PNSC links M/S IMGC Group & Waheed Group for shipping edible oil

ISLAMABAD Staff REPoRt

Pakistan Bureau of Statistics (PBS) has been conducting 7th Population and Housing Census digitally for the first time in the history of the country with the purpose of collecting information that will inform planning and development.

The process includes option for self-enumeration, which was made available from February 20, 2023 till march 10, 2023, and field operations of house listing and enumeration commenced from 1st march, 2023 and will continue till 4th April, 2023. Conducting the census digitally ensures transparency, data driven procedures, real time monitoring of progress through geotagging using GIS systems, and wider acceptability of census results.

It is pertinent to mention that structures have

PNSC, ENAR Petroleum Refining Facility ink MoU

KARACHI: PNSC on Thursday signed a Memorandum of Understanding (MoU) with the consortium of M/S IMGC and Waheed Group of Industries for transportation of edible oil from Far-East to Pakistan. Every year Pakistan imports edible oil for more than 3 Billion USD out of which substantial portion is paid on account of freight charges in USD. With the signing of MoU, edible oil importers will be in a better position to reduce the cost of imports which will overall benefit the local populace. This venture will open

sis to stability is through the development of agriculture. If Pakistan's agricultural sector is developed on modern lines, the food trade deficit will be eliminated in three years and the production surplus can be achieved in another three years,” said Saleem. He added that Pakistan needs 1960s like measures for agricultural revolution because Pakistan's production per acre is half and less than the world average in many crops.

“Pakistan's agriculture sector needs financing of 2700 billion rupees. Agriculture is the only way for Pakistan to address problems like ex ternal deficit and declining exports for a lasting solution,” said Saleem. Chief Executive PAC Arif Nadeem delivered welcome speech on Pakistan's Agriculture and Opportunities in the Global Economy.

The debt burden in the local currency and interest payments are higher, making a haircut in this case troublesome, according to Ismail. He concluded that debt restructuring is not the way and called for a focus on stabilizing the economy. He stated that the ImF programme's revival is now contingent on the support of "friendly nations" as Pakistan has completed the items on its to-do list. Pakistan has been faced with a barrage of woes in recent months, including a perceived default risk and downgrade by international ratings agencies, reflecting the state of the economy, which has also had to bear major political turmoil and frequent changes in key leadership.

Last year, the country was also devastated by record monsoon rains and melting glaciers that submerged nearly a third of the country, displacing some 8 million people and resulting in at least 1,700 deaths in a catastrophe blamed on climate change.

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wallet in Pakistan, reached 16.4 million monthly active users and 186,000 active merchants, recording 2.1 billion transactions in FY22, with a Gross Transaction Value of PKR 4.2 trillion. On the other hand, self-care app Jazz World continued to enjoy strong customer adoption levels, with monthly active users reaching 12.7 million. At the same time, Pakistan’s largest homegrown OTT platform Tamasha now has 4.3 million monthly active users.

Aamir Ibrahim, CEO of Jazz, said, “Despite an unprecedented increase in operating costs and restrictions on importing essential telecom equipment, we are making an all-out effort to optimize and enrich customer experience through consistent network investments and our robust digital services portfolio. Higher user engagement in digital services and recognition of Jazz as the fastest mobile broadband provider, by Ookla, in Pakistan further validates our commitment to offering the best-in-class services to our customers.”

Mastercard, Digitt+ to promote financial inclusion in agri sector

KARACHI: Aktkar Fuiou Technologies (AFT) has signed an agreement withMastercard, marking its commitment to participate in the Mastercard Community Pass Program. Digitt+, Pakistan’s first regulated agri-fintech company, powered by AFT, intends to connect untapped agricultural markets with digital payment solutions and become the first entity to launch Mastercard Commerce Pass in Pakistan. PR

HDF Pakistan inaugurates Afaf Dam

been listed across the country from 1st march to 10th march, 2023. During the listing phase all the residential and economic units has been geo tagged along-with classification of economic activities as per international standard.

The self-enumeration portal was very well received by people who have enumerated themselves using the portal launched and this method was optional. The verification of data is being confirmed during enumeration phase using the UTN.

CSCEC chief calls on Housing and Works Secretary

KARACHI: In pursuance to explore avenues for reduction in operational costs of the corporation, a Memorandum of Understanding (MOU) has been signed between Pakistan National Shipping Corporation and ENAR Petroleum Refining Facility on March 16, 2023. ENAR Petroleum and Refining Facility will provide Very Low Sulphur Fuel Oil (VLSFO) for PNSC vessels. All PNSC vessels calling at Karachi Port will lift fuel oil locally which will reduce PNSC’s dependency on lifting fuel oil from foreign Ports. This arrangement comes at a time when Pakistan is facing acute shortage of foreign exchange reserves and will prove to be a step in the right direction to put a stop on drain of foreign exchange from the country. PR

ISLAMABAD: The Human Development Foundation (HDF) held the inaugural ceremony of Afaf Dam in Soon Valley here the other day. The dam is located in the village Siddiqueabad (old name Kufri), Soon Valley, and is built by HDF with the support of Qayyum family, who generously donated towards the project. The inauguration ceremony was attended by representatives from local departments, the Qayyum family, local authorities, HDF and community members. Mehboobul Haq, the CEO of HDF, stated in his opening remarks: ‘With the construction of the Afaf mini dam, we are taking a crucial step towards addressing the challenges of climate change and groundwater depletion. This dam will not only provide a reliable source of water for the local community but also contribute to the conservation of the environment in the region. Speaking at the ceremony, Mr. Zulfiqar Ali, GM Projects and Programs Implementation, highlighted the organization’s commitment to creating sustainable solutions to address social and environmental challenges. PR

IoBM student becomes youngest Pakistani to summit world's highest peaks

ISLAMABAD: Mr. Chang Chun, CEO China State Construction Engineering Corporation Ltd, (CSCEC) called on Iftikhar Ali Shallwani, Federal Secretary, Ministry of Housing and Works. During the course of meeting, detailed discussion was carried out regarding construction of low cost housing units as well as upgradation of slums for the low income citizens of Pakistan across the country. In this regard, anMoU has already been signed in September 2021 between CSCEC and Ministry of Housing and works. The said MoU remained effective for one year. Mr. Chang Chun, requested for the renewal of MoU and inclusion of housing and construction sector within the scope of CPEC. PR

KARACHI: Asad Ali Memon, a student at the Institute of Business Management (IoBM) in Karachi, has made waves in the climbing world by becoming the youngest Pakistani to summit several of the world's highest peaks. With the support of IoBM and other corporate organizations, Asad is now setting his sights on the ultimate prize: Mount Everest. Asad's journey began in 2019 when he became the youngest Pakistani to climb Europe's highest peak, Elbrus, followed by South America's highest peak, Aconcagua, in 2020. He then went on to climb Africa's highest peak, Kilimanjaro, in just 20 hours, becoming the first Asian and only Pakistani to achieve this feat. In 2022, Asad became the youngest Pakistani and only the third Pakistani to climb North America's highest peak, Denali. PR

Despite challenges, Jazz invested Rs52b to expand, upgrade network in FY22

WHAt’S HAPPENiNg At CREdit SuiSSE —SWiSS BANk tHAt HAd At LEASt 1,400 PAkiStANi ACCouNtS

PROfIt REPORt LahoRe

Ayear after it faced a massive data leak, Credit Suisse, one of the world’s largest private banks, is facing a sharp fall in the price of its shares. And while the Swiss National Bank has agreed to cushion the bank’s fall with a $50 billion loan aimed at avoiding default, the bank continues to be in the line of fire over questionable practices.

The current crisis comes as the result of a string of scandals over many years, top management changes, multi-billion dollar losses and an uninspiring strategy can be blamed for the mess that the 167-

year-old Swiss lender now finds itself in.

The bank’s troubles began when a whistleblower gave an insight into the bank’s dirty businesses.It revealed the hidden fortunes of its wealthy clients in 128 countries, ranging from business owners to politicians and those probed, and sometimes convicted, in connection with various criminal activities.

Many Pakistani names were also found in the leaked data. To be more precise, around 1,400 individuals in Pakistan were linked with around 600 accounts opened in Credit Suisse. These included individuals who were under the radar of the National Accountability Bureau (NAB). The list also included the former head of the Pakistani intelligence agency,

China’s eastern province to relocate industries to Pakistan

LABOUR-INTENSIVE INDUSTRY OF SHANDOG PROVINCE WILL BE SHIFTED TO PAKISTAN TO SAVE COSTS

ISLAMABAD GhuLam abbaS

China’s eastern province, Shandong, is set to relocate its labour-intensive industries to Pakistan to reduce production cost, as revealed in a meeting between Ministry of Commerce and Chinese business delegation on Thursday. The meeting was headed by Minister of Commerce, Syed Naveed Qamar, Hou Jianxin, Chairman Shandong Xinxu Group Corporation China. As per official sources, while taking the benefit of the decision of Shandong government, Jianxin came up with the vision to build an industrial park in Pakistan. The industrial park will serve as a focal point for all the industrial requirements of Pakistan from China and vice versa, he elaborated.

The Chinese delegation has informed that the projects like solar panels assembly plant, metal refining plants, fertilizer production plant, food processing plants (dry milk production, seafood processing, meat processing) are being considered for future investment. Pakistan and China enjoy strong relations and expressed the hope that the trade and economic ties between the two countries would be further cemented with the passage of time.

Meanwhile Qamar appreciated the decision of the Shandong government to shift its industry to Pakistan, which would not only save foreign reserves of the country but also create job opportunities in the country. The minister sought comprehensive proposals from the Chinese companies who are interested in shifting their businesses to Pakistan. It will then be forwarded to the Board of Investment (BOI) for expediting the investment process. The minister was of the view that the barter trade model, which has already been approved by the federal cabinet, could be used to enhance exports. China is playing a significant role in the economic development of our country and the barter trade model will further strengthen the bilateral trade.

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PCB reschedules HBL PSL 8 final for Saturday

LAHORE

Staff RepoRt

The Pakistan Cricket Board (PCB) on Thursday announced that final of the ongoing HBL Pakistan Super League (PSL) season 8, will be played on March 18 (Saturday), at Gaddafi Stadium with Sunday and Monday to be treated as reserve days.

Earlier, the final match was scheduled to be held on March 19 (Sunday).

Taking to his twitter handle, Najam Sethi, chairman of the PCB management committee, announced that the final of the ongoing Pakistan Super League (PSL) season eight has been rescheduled due to the rain forecast on March 19.

Keeping the rain forecast into account, PCB and franchises agreed to reschedule the final from March 19 to March 18, tweeted Sethi.

“Rain looms over the HBL PSL 8 Final. [The PCB] and Franchises are anxious that the Final should not be disrupted,” Sethi wrote on Twitter.

“Therefore, we have decided to reschedule the HBL PSL Final from 19 Mar ’23 to Saturday, 18 Mar ’23,” he announced. The PCB management committee chairman also shared that the tickets already bought for the final will also remain valid despite the change in schedule.

POWER

General Akhtar Abdur Rahman Khan. As reported by The New York Times, Khan “helped funnel billions of dollars in cash and other aid from the United States and other countries to the mujahideen in Afghanistan to support their fight against the Soviet Union.” Credit Suisse denied the allegations soon afterwards. Similarly, several politically exposed persons opened their accounts at a time when they were public office holders and they didn’t mention it in their assets declaration submitted to the Election Commission of Pakistan. One such individual received a substantial amount of funds in Credit Suisse at the prime of his political career. One of the richest accounts held at the bank was of a Pakistani politician.

Average maximum balance in accounts held by Pakistanis was 4.42 million Swiss francs (Rs 841 million) compared with the overall average of the leaked data which stood at 7.5 million Swiss francs (Rs1.42 billion).

Decades of dirty money

When a bank collapses, it borrows money from other solvent banks or governments to pay back its depositors. That’s essentially what Credit Suisse is headed towards as it takes a loan from Switzerland’s central bank. Credit Suisse has been plagued by a series of scandals, leading to a significant decline in its shares and a perception that it is the weakest link in the Swiss banking industry.

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ISLAMABAD ahmad ahmadani

The National Electric Power Regulatory Authority (NEPRA) on Thursday reserved its judgement on a petition filed by the federal government requesting another increase in electricity prices for consumers. During the hearing, the representatives of the power division faced severe backlash from the regulator in light of its request for a hike in the rate of power surcharge from the next financial year (FY24). The amount that will be recovered through this additional surcharge is earmarked to reduce the circular debt and pay for power theft costs at the end of the power distribution companies (DISCOs). Though NEPRA has already allowed the government to recover Rs 1.43 per unit surcharge from the power consumers in the upcoming financial year, the government in a petition said that it was not enough to meet the requirements.

PROfIt REPORt

LahoRe

As many as 85% of people shopping online changed what website they were using to buy a product depending on whether or not there was an option to pay through debit or credit cards. The data was revealed as part of a survey conducted by Visa.

The survey shows changing consumer attitudes towards online payments. Despite being a cash-intensive economy, Visa has seen a significant shift towards digital commerce, mobile, and internet banking over the past few years. The COVID-19 pandemic has accelerated this shift in consumer behavior, with Pakistani consumers increasingly opting for digital payments over cash.

The survey also revealed that 67% of consumers chose to pay online instead of Cash on Delivery (COD) because of the security of the payment facility. In 2021, almost 50% of businesses were looking to offer digital payment services and eight out of ten small businesses considered it an essential part of doing business in Pakistan.

Keeping up with the rest of the world, Pakistan is fast adopting cashless transaction methods. The State Bank of Pakistan (SBP) processed 1,611.8 million e-banking transactions amounting to Rs 137.9 trillion, in the financial year 2022. This figure indicates an increase of 36% in volume and 59.4% in value of the translation on year on year (YoY) basis.

In conversation with Leila Serhan, Group Country Manager and Senior Vice President to North Africa, Levant and Pakistan (NALP) region, Profit learned that fintechs are pushing towards financial inclusion. “Over the last few years, we have forged new partnerships with fintechs such as Tez Financial Services, SafePay, TAG and NayaPay to provide access to convenient and secure digital payments to underserved and underbanked segments of the Pakistani population,” she said.

“Our Visa Everywhere Initiative (VEI) and Fintech Fast Track Program (FFTP) were created to empower more fintechs to showcase their groundbreaking solutions, which can help solve the payment challenges of the future. In 2021, Pakistan’s Safepay was among the winners of the VEI program,” she highlighted.

Pakistan offers immense opportunity and potential for the seamless shift towards digital pay-

ments. Last year, the rise of smartphone users and internet banking reached 8.4 million and 12.3 million respectively. Despite the figure, a huge population of 81% remains unbanked. The country’s cash-intensive economy, coupled with a highly unbanked population and limited digital infrastructure low point-of-sale penetration.

“We have seen some positive recent developments such as the State Bank of Pakistan has recently issued licenses to five new digital banks. We believe this is a very positive development to drive more use cases and address underserved segments in the market,” added Serhan.

Visa’s Pakistan journey Given that Pakistan is a cash-intensive economy, cash remains the biggest competition. Having said that, Visa has seen a significant shift towards digital commerce, mobile and internet banking over the last couple of years. COVID-19 has accelerated a shift in consumer behavior. According to Visa’s 2022 Stay Secure consumer survey, 85% Pakistani consumers would switch stores or online shopping sites and apps, based on the payment methods offered, with most consumers indicating a strong preference for digital payments over cash.

The COVID-19 pandemic has highlighted the instrumental role that fintechs play in championing small businesses, accelerating financial inclusion, and catalyzing economic recovery. As a trusted engine of commerce, Visa’s top priority has been to help businesses, especially small and medium sized businesses (SMBs), keep pace with and operate in a rapidly evolving world.

Over the past few years, Visa has made impressive strides in expanding its market share in Pakistan. With over 31 million credentials created and more than 104K terminals deployed, Visa has become a key player in the digital payments industry in Pakistan. The State Bank of Pakistan’s introduction of Electronic Money Institution (EMI) and upcoming Digital Banking licenses has further empowered fintechs to reach underserved and unserved segments of the population, and Visa has been a key partner in this mission.

Visa has forged new partnerships with fintechs such as Tez Financial Services, SafePay, TAG, and NayaPay to provide access to convenient and secure digital payments to the underserved/underbanked segments of the Pakistani population.

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Therefore, another request for an increase of Rs 1.80 per unit was made by the government which would take the total to Rs 3.23 per unit to be charged from electricity consumers in the coming year to pay off debt and cost of power theft of inefficient power companies. In order to arrive at a just and informed decision on the request of the federal government regarding imposition of the additional surcharge on electricity consumers, on Thursday Nepra conducted a hearing headed by NEPRA chairman Tauseef H. Farooqi.

The representative of Khyber Pakhtunkhwa in NEPRA, Maqsood Anwar questioned “how far will this matter go”? He further expressed his fear that the government will submit more applications to raise the price even further.

Chairman NEPRA questioned and pleaded with the federal government representatives stating, “let the people breathe a sigh of relief”. He also questioned why the government is so eager to jack up prices intended for next year.

The problems of our power sector are serious and circular debt is increasing rapidly, officials said.

The representative of Sindh at NEPRA, Rafiq Ahmad Shaikh lashed out at power ministry officials over requesting further increase in power surcharges. Shaikh also took a jab at the DISCOs stating, “Why should people be punished for the poor performance of DISCOs?” He called for resolving the problems of electricity companies which would somewhat remedy the ailing power sector and also highlighted that NEPRA is also here to protect the rights of the users in order to prevent any form of injustice.

Member Balochistan NEPRA, Mathar Niaz Rana, seconded Shaikh’s concerns over poor performance of power distribution companies and called for addressing the governance issues within the companies. There is a lot of criticism of us, Rana said. Casting a dark cloud over the preceding he added that what confidence can we give to the customers about when the situation will be fixed?

Amina Ahmed, the representative of Punjab at NEPRA, asked the power division official not to mislead the authority and the public regarding imposition of this additional surcharge.

She said that the federal government can levy a surcharge but asked for an explanation of the matter. Power division officials said that circular debt stood at Rs 2.6 trillion which included payments to IPPs and Power Holding Company’s debt. It is not NEPRA’s job to impose this surcharge, Chairman NEPRA said, adding that imposition of power surcharge will not resolve the issue of circular debt any more.

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Speculations about Pakistan’s nuclear, missile programme misleading: PM

ISLAMABAD

Staff RepoRt

Prime Minister Shehbaz Sharif on Thursday said the misleading speculations about Pakistan’s nuclear and missile program were unfortunate as stringent, fool-proof and multi-layered security safeguards, duly testified by International Atomic Energy Agency (IAEA), were in place.

In a tweet, the PM said, “Stringent, fool-proof and multi-layered security safeguards, duly testified by IAEA, are in place. Our nuclear program represents the unwavering consensus of the nation and is for deterrence.”

Earlier, the Prime Minister Office (PMO), in a statement on Thursday, said Pakistan’s nuclear and missile programme is a national asset, which is

jealously guarded by the State. “Pakistan has made it categorically clear that its nuclear and missile programme is totally secure, foolproof and under no stress or pressure, whatsoever”, the statement said. The statement was issued in wake of all the recent statements, press releases, queries and various assertions regarding Pakistan’s nuclear and missile programme, being circulated on social and print media.

The government said the country’s nuclear and missile programme continues to fully serve the purpose for which this capability was developed. ‘Federation, provinces will have to work together for public welfare’ Prime Minister Muhammad Shehbaz Sharif has said the Federation and provinces will have to work together for welfare of the masses.

He expressed these views while meeting with Sindh Chief Minister Syed Murad Ali Shah, who called on him here in Islamabad on Thursday.

Overall political situation of the country besides issues related to Sindh province came under discussion in the meeting. The Prime Minister said ongoing development projects initiated by the Federal government in Sindh will be completed at the earliest.

He said Thar Coal project will not only meet the country’s energy needs but it will also open new avenues for development in the region. Minister for Planning Ahsan Iqbal and Minister for Economic Affairs Sardar Ayaz Sadiq were also present in the meeting.

Meanwhile, Dr Fowzia Siddiqui, sister of Dr Aafia Siddiqui, called on Prime Minister Muhammad Shehbaz

Sharif here in Islamabad on Thursday.

During the meeting, she appreciated the measures that government is undertaking for Dr Aafia’s well-being and requested the government to speed up efforts for the early release of Dr Aafia.

The Prime Minister assured Dr Fowzia Siddiqui of the government’s full support. He lauded Dr Fowzia’s untiring efforts in the pursuit of justice for her sister and prayed for the well-being and good health of Dr Aafia.

The Prime Minister also instructed the Foreign Ministry to remain fully engaged with the US government, as well as Pakistan’s Mission in Washington, for Dr Aafia’s well-being and for her early release. It merits to mention that former Prime Minister Muhammad Nawaz Sharif also had made robust efforts for release of Dr Aafia.

Despite global downturn, ed-tech sector sees hope with Maqsad’s $2.8 million round

PROfIt REPORt LahoRe

Despite a global slump in venture financing and an abysmal year for Pakistan’s startup ecosystem, ed-tech startup Maqsad has managed to raise $2.8 million funding in its seed round. The startup raised $2.1 million in a pre-seed round in 2021 which brings the total capital raised to $4.9 million.

The seed round was led by Speedinvest and returning investor Indus Valley Capital.

Other participants included Stellar Capital, Alter Global, Johann Jenson (SVP Product at GoStudent) and other strategic angels. Incoming investor Speedinvest is one of Europe’s largest seed funds and already has an edtech unicorn in its portfolio, Vienna-

based GoStudent.

Maqsad behind Maqsad

The Karachi-based ed-tech startup was founded by two high-school friends Rooshan Aziz and Taha Ahmad in 2021.

The founders’ launched the startup with the vision of making quality education accessible to 9-12 graders. Pakistan has one of the highest student to teacher ratio, of about 44 students to only one teacher due to which a lot of students rely on after-school tutoring.

The app covers syllabuses of Sindh, Punjab and federal text book boards and teaches math, physics, chemistry and biology and will be adding English lectures soon. Maqsad claims that the app has been downloaded over a million times, answered 4 million student queries. It further claims

that the app’s interactive query solving technology and improved assessment features led to greater than 150% month-onmonth growth in questions attempted.

For now, the app is largely free, however the cofounders are planning to introduce some premium features in the future. According to the co-founder Aziz, the app offers various packages but on average, a student can have full access to the entire range of subjects at a monthly fee of around Rs 500-600. He further stated that the startup would hit break even within two years.

Ed-tech potential in Pakistan

The most valuable startup in India is an educational technology company. EdTech companies, as they are known in financial

circles, have a grip on India. Byjus, which also has its brand logo on the Indian cricket team’s kit, has been valued at $18 billion and have been given a ballpark estimate of a valuation over $50 billion if they go public by next year. And they aren’t the only massive edtech out there either.

India has four unicorns just in the EdTech sector – Unacademy, Vedantu, UpGrad and Eruditus – in addition to 3,500 other startups. But then why isn’t the same happening in Pakistan?

In the world’s fifth most populous country, there are only a handful of edtech startups purely homegrown trying to digitise learning at and out of schools. These startups have only caught the eye recently, with their funding announcements. The un-

sung heroes for the industrious work they are doing are EdKasa, Maqsad, Out-class, Taleemabad, and Sabaq – a few names you might have heard about. Then there are others like Noon Academy, Knowledge Platform and Educative which are not purely home grown.

Except Knowledge Platform and Educative, all others are consumer facing EdTech startups; they are providing learning to end students directly. Both Knowledge Platform and Educative are B2B startups, targeting schools to digitise them for learning at school. Among the B2C startups, the prominent ones are EdKasa, Maqsad, Noon Academy and Taleemabad, which have made a headway in the space and have created their own apps.

Despite changing patterns, cash remains biggest competition for contactless payments in Pakistan: survey

NEPRA reserves judgment on govt’s request to raise power surcharge

SURCHARGE SOUGHT IN FY24 TO PAY OFF INEFFICIENT POWER COMPANIES’ DEBT, COST OF POWER THEFT

CREDIT SUISSE HAS BEEN PLAGUED BY SERIES OF SCANDALS, LEADING TO SIGNIFICANT DECLINE IN ITS SHARES

PAKISTANI NAMES HAVE REGULARLY BEEN ASSOCIATED WITH THE BANK’S SCANDALS