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PAKISTAN NEEDS TO UTILIZE RESOURCES FOR DEVELOPMENT INSTEAD OF WAR: PM Sunday, 9 July, 2023 I 20 Zil Hajj, 1444
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HOPES PAKISTAN, SWITZERLAND MOU g WANTS TO EXPAND TIES IN TRADE, INVESTMENT, RISK TO HELP PROMOTE COOPERATION IN REDUCTION, EARLY WARNING, HIGHER EDUCATION DISASTER MANAGEMENT AND BUILDING TOURISM INFRASTRUCTURE
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RIME Minister Shehbaz Sharif stressed the need for mitigating effects of climate change and utilize the country’s resources for development instead of war, saying MoU between Pakistan and Switzerland over disaster management will help harness technology and expertise in future to tackle natural catastrophe jointly. Addressing a Memorandum of Understanding (MoU) signing ceremony with Switzerland for cooperation on disaster management, the premier emphasized that Pakistan could not afford tension in the region nor would like to waste its resources on war as that has not been of any help in the past. He, however, added, it takes two to tango. Without naming any party, Shehbaz said that the other side would also have to do some introspection and hold the same sentiment. There can be no peace in the region without a resolution on Kashmir, he emphasized. The resolution of all disputes including that of Jammu and Kashmir is impor-
tant for lasting peace in this part of the world, said Shehbaz. The premier termed the MoU signing as a vital step towards promoting cooperation between Pakistan and Switzerland, whereby the two countries could harness technology and expertise to tackle natural catastrophes jointly. He reiterated that Pakistan was facing the impacts of global climate change, despite the fact that the country had very
Senate Standing Committee on Aviation grills PIA g
PIA SCRUTINIZED OVER PILOT LICENCES, FLIGHTS FROM BALOCHISTAN, RECRUITMENT, FAKE DEGREES, AND PENSIONS OWED TO WIDOWS PROFIT
DANIYAL AHMAD
The Senate Standing Committee on Aviation convened a heated meeting on Thursday at Parliament House to tackle various issues pertaining to Pakistan International Airlines (PIA) and Civil Aviation Authority (CAA). Profit reached out to Abdullah H. Khan, PIA’s head of marketing and corporate communications, and Saifullah Khan, the official spokesperson for Pakistan’s CAA, for comment. However, no comment from either of the two could be obtained. Pilot licences It endorsed the report of a sub-committee that resolved the issue of pilot licences, raised by the former aviation minister last year. The members castigated the former minister’s claim of ‘fake pilots’ and said it besmirched PIA’s and the country’s reputation globally. They suggested that CAA should handle the matter according to its rules without FIA and court. Flights from Balochistan Furthermore, the panel scrutinized the details of flights cancelled from all airports of Balochistan in the last two months. PIA officials apprised them that 49 flights were delayed in April and 9 in June due to financial and crew constraints. They assured them that the flights would resume after the Hajj operation. Moreover, they recommended PIA to devise a feasible flight plan for Balochistan and invited private airlines in the next meeting. They expressed their desire to assist Balochistan’s people and provide better air connectivity. They hoped for private airlines’ cooperation.
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sire to further expand bilateral ties with Switzerland in various fields such as the tourism sector as the country is blessed with natural beauty. Appreciating the Swiss foreign minister’s remarks about peace in the region, the PM said that it was important to maintain peace in this part of the world and that Switzerland could play the role of a catalyst to promote peace in the region. The premier added that Pakistan would like to promote progress and prosperity. To this end, the premier highlighted the eradication of unemployment, poverty, investment in education, IT, industry, women empowerment and agriculture as areas of concern. MOU VITAL FOR COLLABORATION AGAINST CLIMATE CHANGE: Speaking on the occasion, Foreign Minister of Switzerland Ignazio Cassis said that signing the MoU between the two countries was vital for collaboration against climate change. He said Pakistan was rich in cultural heritage and breathtaking landscapes, but it had become prone to natural disasters, resulting in last year’s floods, displacement of people with wide destruction.
A district and sessions court on Saturday upheld its previous decision by declaring the Toshakhana case against the Pakistan Tehreek-e-Insaf (PTI) chairman admissible. Additional District and Sessions Judge Humayun Dilawar announced the verdict reserved earlier in the day after rejecting a plea filed by PTI lawyer Gohar Khan, seeking adjournment of the case till Monday. The case has been adjourned till July 12. During today’s hearing, the judge expressed resentment over non-appearance of Khwaja Harris, the main counsel for the former prime minister, saying the court showed exemplary leniency in this case. He said Mr Harris had been summoned to submit arguments after the Islamabad High Court (IHC) referred the case to the trial court and gave seven days to decide on maintainability of the Toshakhana case. Earlier, Gohar Khan submitted two petitions seeking exemption from appearance for the PTI chief and adjournment of case till July 10. However, the petitions were opposed by Election Commission of Pakistan (ECP) lawyer Saad Hassan, saying the PTI chief had filed exemption pleas multiple times. At one point, the judge remarked that Khawaja Harris did not appear before the court even once in the last three days. He later reserved the decision which was announced later. On July 4, the IHC nullified the decision of the trial court that had turned down the Pakistan
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Tehreek-e-Insaf (PTI) chairman’s plea challenging the admissibility of the Toshakhana case. IHC Chief Justice Aamer Farooq announced the verdict reserved on June 23 after hearing arguments on the petition of the former prime minister against the trial court’s ruling. The chief justice sent the matter back to the trial court, ordering it to again hear the arguments of the PTI. He gave the trial court seven days to decide the PTI chairman’s plea in the Toshakhana case. The petition had been filed after the PTI chief was indicted in the case on May 10 – two days after the high court had stopped criminal proceedings in the Toshakhana case. On May 5, Islamabad’s Additional Sessions Judge Humayun Dilawar had announced that charges would be framed against the PTI chairman on May 10 in the Toshakhana case. During the hearing, the former PM’s lawyer had argued on two pleas stating that the ECP’s petition was “non-maintainable” and that the sessions court did not have the jurisdiction to hear the matter. However, the judge rejected both the requests and summoned the PTI chief in person for the indictment. On May 10, Judge Humayun Dilawar indicted him during court proceedings that were held at the guest house of the Police Lines headquarters at H-11. For security reasons, the commissioner’s office had given the status of court to the Police Lines. When the court indicted him in the Toshakhana case, he refused to sign the documents while denying the committing of crime.
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Upholding previous verdict, court declares Toshakhana case against PTI chief admissible ISLAMABAD
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The State Bank of Pakistan (SBP) has issued its annual flagship publication, the Financial Stability Review (FSR) for the calendar year 2022. The review presents the performance and risk assessment of various segments of the financial sector including banks, non-bank financial institutions, financial markets, financial market infrastructures and nonfinancial corporates. Pakistan’s Economic Challenges Pakistan’s economy weathered a stormy year, grappling with pre-existing imbalances that were further aggravated by an unfavorable external environment. A combination of domestic challenges, including fiscal and current account deficits, soaring inflation, catastrophic flooding, and delays in IMF program reviews, coupled with global hurdles such as skyrocketing commodity prices and tightening monetary policies by major advanced economies, resulted in a deteriorating macroeconomic landscape. The Pakistani Rupee depreciated significantly, and average inflation reached 19.9% due to higher international commodity prices and supply side shocks from unprecedented rains and flooding in Q3CY22. Fiscal balance was also strained by lower tax revenue and increased debt servicing costs, leading to increased government reliance on bank borrowing. International credit rating agencies downgraded Pakistan’s sovereign credit rating. To address rising imbalances, the SBP and the government implemented several policy interventions, including increasing the policy rate by 625 basis points to 16.0% during CY22 and implementing macroprudential measures for consumer financing and administrative measures to manage external imbalances. As a result of policy tightening and demand contraction, the current account deficit improved towards the end of the year, and business activity slowed down. The Business Confidence Index (BCI) declined to its lowest level since April 2020, and the average output of Large Scale Manufacturing (LSM) decelerated to 6.0% in 2022 compared to 17.5% in 2021. The estimated economic growth for FY23 was revised down to 0.29% from 6.1% in FY22. Domestic financial markets experienced significant volatility and stress in CY22. The FX market faced pressure due to delays in completing IMF program reviews and reduced external inflows. Money market stress was observed due to increased government borrowings and private sector credit growth, while deposit mobilization slowed down. However, SBP’s liquidity management helped mitigate PKR liquidity pressures. The equity market remained bearish for most of CY22, with the KSE100 index falling by 9.4%. However, amidst these trials, the financial sector emerged as a resilient force, showcasing commendable performance. The sector’s asset base expanded by an impressive 18.3 percent in 2022, with the banking sector playing a pivotal role in driving this growth. Banking Sector Performance Despite challenging conditions, banking sector remained steady during CY22. The asset base grew by 19.1%, driven by increased investment in government securities. Private sector advances also grew, albeit slightly slower, due to higher input prices. However, banks relied more on borrowings as deposits decelerated.
little carbon emissions. His government looked forward to Swiss cooperation in terms of getting an advanced warning system and other gadgets to secure Pakistan as much as possible from natural disasters, said the PM. He reiterated that Pakistan was facing the impacts of global climate change, despite the fact that the country had negligible carbon footprints. PM Shehbaz also expressed the de-
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SBP’s Financial Stability Review 2022 paints dismal picture