PM SHEHBAZ REITERATES INVITATION TO TURKIYE TO JOIN CPEC In partnership with
Profit
thursday, 3 august, 2023 I 15 Muharram, 1445
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Says Pak-Turkiye celebrate each others’ success stories, stand together in face of challenges
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KARACHI
Staff RepoRt
RIME Minister Shehbaz Sharif on Wednesday reiterated his invitation to brotherly country Turkiye for joining the ChinaPakistan Economic Corridor (CPEC), citing the latter as a “natural partner”. The premier made the remarks while addressing the launch of the fourth Milgem class corvette at the Karachi Shipyard, where Turkiye Vice President Cevdet
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Yilmaz was also present. In November last year, the premier had invited Turkiye to join CPEC to bring about regional prosperity, alleviate poverty and empower people through better education and health facilities. Months earlier, he had proposed turning CPEC into a “trilateral arrangement” between China, Pakistan and Turkey so that all three nations could benefit from its potential. Addressing the ceremony in Karachi on Wednesday, the premier said that Port Qasim was a hub but there was a need to link it
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‘ CPEC bound to increase
quantum of Sino-Pak business, and Turkiye is a natural partner ’ with Gwadar, where business had “just started”. “CPEC is a roaring success,” the premier said, as he noted that Pakistan and China had recently agreed to launch the second phase of the project. “This will be in multiple directions […] and this is bound to increase the quantum of business transactions through sea and land between China and Pakistan, and in that Turkiye is a natural partner. “I would like to once again renew this invitation that let us join hands in this wonderful story of mu-
tual, joint progress and prosperity,” Shehbaz said. At the outset of his speech, the premier said that the relations between the two countries were “deeprooted and historic”. “We are united by a common faith, heritage and civilisation and we share our perspectives on regional and global issues. The relations between our two countries predate the establishment of Pakistan,” he said. “We celebrate each others’ success stories and stand together in the face of challenges,” the premier said
SC rejects plea seeking full court to hear petitions
as he recalled the visit of Turkiye President Tayyip Erdogan during the 2010 floods. PM Shehbaz further said that Turkiye also stood by Pakistan during last year’s devastating floods, saying that it was “very valuable and timely help”. He said that the launch of the
warship was another example of the countries’ commitment to supporting the other and to strengthen trade, industry and economic cooperation. “I think it is high time we further enhance our strategic cooperation and add onto this wonderful joint venture in many other areas,” he said.
MILITARY TRIALS OF CIVILIANS
ISLAMABAD
Staff RepoRt
The Supreme Court of Pakistan (SC) on Wednesday rejected the plea seeking the formation of a full court bench against military trials of civilians. The development came as a six-judge larger bench, headed by Chief Justice of Pakistan (CJP) Umar Ata Bandial and consisting Justice Ijazul Ahsan, Justice Munib Akhtar, Justice Yahya Afridi, Justice Sayyed Mazahar Ali Akbar Naqvi and Justice Ayesha A. Malik, resumed hearing the plea. Delivering the reserved verdict, CJP Bandial remarked the judicial holidays are currently in progress, leading to some judges being unavailable and others on vacation. “In light of these circumstances, the court had already established a 9-member larger bench comprising available judges to address the matter,” added CJP. Rejecting the plea for the formation of a full court, the top judge emphasised that the unavailability of a full court bench until September was a constraint. TODAY’S HEARING During the hearing, the Chief Justice of Pakistan, Umar Ata Bandial, turned to the Attorney General, inviting him to
share his thoughts. In response, the Attorney General highlighted that Faisal Siddiqui’s request had been addressed the previous day. He assured the court that all necessary arrangements and assurances have been provided to the detainees involved in the case. The detainees are being granted the opportunity to meet their families and have access to legal representation, ensur-
ing a fair trial process. Rejecting the plea for the formation of a full court to examine the issue of conducting trials of civilians in military courts, Chief Justice Umar Ata Bandial emphasised that the unavailability of a full court bench until September was a constraint. He further asserted that the judiciary would continue to carry out its responsibilities diligently, irrespective of anyone’s
for future election(s)”. Referring to its earlier notices, the ECP said the PTI’s intra-party elections were due on June 13 in 2021 under the party’s constitution. It said the PTI was intimated/reminded to conduct intra-party elections within the timeframe provided under sections 208, 209 and 215 of the ‘Elections Act,2017 but the party failed to “provide the requisite certificate to this effect”. The polls organising authority also said it issued final notice to the PTI in May last year for ensuring the conduct of intra-party elections on or before 13.06.2022 (extended date), with the observation that no further extension
shall be allowed. Subsequently, the notice PTI submitted a copy of the amended party’s constitution which was deemed insufficient by the electoral body. The ECP referred to Section 209(1) of the Election Act saying every registered political party is bound to provide the ECP with a certificate regarding the conduct of the intra-party elections as provided by law. “[…] if any political party fails to comply with the provisions of the said section 209, this Commission is empowered to declare the said political party ineligible to obtain an election symbol,” the notice added.
preferences, and affirmed that it is the people who ultimately determine the laws that govern the nation. AGP presents list of 102 people under military custody During the last hearing, the AGP told the court that the 102 people under the military’s custody were involved in attacks on military installations, alleging that seven of them were involved in the attack on the GHQ, three attacked the army institute, 27 attacked the Lahore Corps Commander House, four were involved in attacking the Multan garrison, and 10 Gujranwala garrison. Moreover, he told the court, eight of the suspects were involved in the attack on the ISI office in Faisalabad, five for the Mianwali base, 14 in the Chakdara attack, seven Punjab Regiment Center in Mardan, while three were involved in the attack on the Abbottabad garrison and 10 on the Bannu Garrison. The AGP further told the court that the suspects were arrested on identification through CCTV cameras and other evidence. Earlier, the petitioner’s lawyer said his client did not want chief justice to be affixed with his name. at this, the CJP said that was why he was respected.
ECP drops hint at terming PTI ‘ineligible’ for partaking in upcoming elections ISLAMABAD
Staff RepoRt
Election Commission of Pakistan (ECP) on Wednesday fired another salvo to target Pakistan Tehreek-i-Insaf (PTI), informing the former ruling party that it “could be declared ineligible to obtain election symbol over its failure to hold intra-party elections”. In a notice issued on Wednesday, the ECP summoned PTI Chairman Imran Khan to appear before it on August 4 (Friday) at 10am, warning that failing which the Commission under Section 215 (5) of the Elections Act, 2017, may declare the PTI “ineligible to obtain election symbol
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Last month, the ECP instructed political parties to submit their applications for the allotment of elections symbols ahead of general polls in the country scheduled for later this year. The ECP had directed the parties to attach a list of symbols they prioritise along with their applications, adding that the signature of the party leader is a must. “Every application must include the address of the head office of the political party,” the election commission said. It also added that the body would check the eligibility of the parties after receiving the applications. In 2018, the PTI was allotted a ‘bat’ symbol to contest the general elections.
COAS Gen Munir lauds PLA’s role in China’s defence, security and nation building
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FELICITATES PLA ON 96TH FOUNDING ANNIVERSARY RAWALPINDI
Staff CoRReSpondent
Chief of Army Staff (COAS) General Syed Asim Munir on Wednesday said that Pakistan Army and People’s Liberation Army (PLA) were “brothers in arms”, emphasising that the relationship between the two armies will continue to contribute towards safeguarding the collective interests of both the countries, the military said. Military’s media wing, the InterServices Public Relations (ISPR), said in a statement that the army chief expressed these remarks on the 96th anniversary of the founding of PLA commemorated at General Headquarters (GHQ) in Rawalpindi. General Munir was the chief guest on the occasion. Chargéd’Affaires of the embassy of the People’s Republic of China Pang Chunxue, Defence Attaché Major General Wang Zhong, Chinese embassy officials, and officers from tri-services of Pakistan attended the event. Speaking on the occasion, the Chinese Chargéd’Affaires thanked the army chief for hosting the event for the 96th anniversary of the founding of the PLA. “This all-weather strategic cooperative partnership between China and Pakistan has stood the test of the time and change of international landscapes,” the Chinese Chargéd’Affaires remarked. “China and Pakistan have just jointly celebrated the 10th anniversary of the launch of CPEC and in the past months, COAS and other military leaders paid successful visits to China, which has strongly promoted the relationship between the two militaries,” he added. According to ISPR, the COAS felicitated the PLA and lauded the PLA’s role in China’s defence, security and nation-building. While highlighting various facets of the deep-rooted ties between the two states, militaries and the people, the army chief said: “Pakistan-China relationship is unique and robust that has proven its resilience in the face of all challenges.” “The PLA and Pakistan Army are brothers in arms and our relationship will continue to contribute towards safeguarding our collective interests,” the COAS concluded.
NA body fears majority of TERF loans parked in real estate
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Machiner y imported with TERF money was allegedly sold in local market ISLAMABAD
Shahzad paRaCha
The Chairman National Assembly Standing Committee on Finance and Revenue Qaiser Ahmed Sheikh stated that he fears that the $3 billion loans obtained by 628 businessmen under Temporary Economic Refinance Facility (TERF), might have been parked in the real estate sector. He stated this while chairing a meeting of the National Assembly Standing Committee on Finance held at the Parliament House on Wednesday. Chairman of the committee MNA Qaiser Ahmed Sheikh expressed a serious concern that the loans might be invested in the real estate sector. He further stated that this needs to be probed by the State Bank of
Pakistan (SBP). He said that the National Assembly needs the precise details of the businessmen who obtained these loans. If a loan has been given to companies, the names of these companies will be provided. It has been alleged that machinery was imported for industrial use with this money but was subsequently sold in the local market. Sheikh further alleged that the serious violations have been committed while giving these loans to the businessmen. “We will not refer the matter to the National Accountability Bureau (NAB) or Federal Investigation Agency (FIA), but appraisal of the loans must be done by the SBP. MNA Ali Pervez questioned whether the amount has been remitted abroad? If any
kind of over-invoicing has been committed, what kind of due diligence has been done by the central bank to check the misuse of these loans? MNA Ch Barjees Tahir stated that despite repeated requests, the government is not ready to provide a list of the individuals/businessmen who obtained $3 billion loans. In protest, he walked out of the committee along with other members including MNAs Chaudhary Khalid Javed, Khalid Hussian Magsi. The SBP officials informed the committee that the Temporary Economic Refinance Facility (TERF) along with its Shariah compliant version was introduced by SBP in March 2020 to support economic growth in the backdrop of challenges being faced by the industry during COVID-19 pandemic.
Under the facility, concessionary refinance was available for purchase of plant and machinery. SBP officials further stated that the TERF was a rupee based scheme and no interest free loans were provided under this facility. During most of the period, financing under TERF was provided at an end user rate 2% below the policy rate. Initially, the maximum end-user rate was 7% when the scheme was launched on March 17, 2020. The SBP reduced the end user mark-up rates on TERF from 7% to 5% on July 08, 2020 when benchmark SBP policy rate was reduced to 7%. Further, financing under TERF was provided by banks/DFIs as per tests and conditions of the scheme and in line with their credit policies. The SBP did not
have any role in selection of borrowers and disbursement. Further, there was no risk sharing from GoP and SBP. The entire credit risk was borne by banks/DFIs. The scheme has already expired on March 31, 2021. Under TERF, a financing amount of Rs 435 billion was approved by banks/DFIs for 626 borrowers, added the SBP officials. Apart from TERF, the committee looked at problems pertaining to registrations and transfers of real estate. The representatives of the real estate sector from all major cities informed the National Assembly Standing Committee on Finance and Revenue that over 95 % of the registrations and transfers of immovable properties have stopped after implementation of section 7E (tax on deemed rental income basis) from July 1, 2023.
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