Profit NEITHER WILL MAKE FALSE PROMISES NOR DEVIATE FROM OBLIGATIONS TO IMF: PM In partnership with
Rs 15.00 | Vol XIV No 62 I 8 Pages I Islamabad Edition
friday, 1 September, 2023 I 14 Safar, 1445
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Clarifies armed forces not using a single free unit of electricity, usage by Wapda employees to be rationalised
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GOVT HIKES PETROL PRICE BY NEARLY RS15, HSD BY RS18
Claims govt to come up with solution within next 48 hours to provide relief to public
ISLAMABAD
Staff RepoRt
ARETAKER Prime Minister Anwaarul Haq Kakar on Thursday said the matter of inflated electricity bills is being discussed with the International Monetary Fund (IMF) and the government has given proposals to the fund, saying the government would “fulfill its obligations towards the global lender at all costs”. “We will not make false promises nor would we deviate from our responsibilities. We will let everyone know the measures we cannot take and why,” Caretaker Prime Minister Anwaarul Haq Kakar said while speaking to senior journalists and anchorpersons in Islamabad. The caretaker premier said the consumers will have to pay the electricity bills. The statement came days after the IMF refused to immediately approve Pakistan’s
request for recovering August’s electricity bills over a period of six months amid raging protests in many parts of the country that continued against back-breaking bills. So far, the caretaker government has failed to come up with any solution. It is trying to avoid breaching the conditions of the IMF programme that require keeping the overall circular debt at Rs2.310 trillion and timely passing on the increase in electricity prices on account of annual, quarterly and monthly adjustments. PM Kakar said that the Election Commission of Pakistan (ECP) will give the final date for holding the elections and the interim setup would conclude following the elections. The interim prime minister acknowledged being informed recently about protests concerning inflated electricity bills. He said that the interim setup does not have any “hidden agenda, plans or ambitions”. “It is not like some oppressive rulers
have come to power and were draining the resources of the impoverished,” he added. ‘GOVT TO COME UP WITH SOLUTION IN 48 HOURS’ PM Kakar said that the government has minutely looked into the problem of inflated electricity bills and would come up with a solution within next 48 hours, adding that the authorities were considering various options to provide relief to the people. To a question, he clarified that the Pakistan army, navy and air force were not using a single free unit of electricity and their bills were paid from the allocated financial budget. While employees of WAPDA were using free electricity units and their usage would be rationalised, especially of the higher grade officers as some of them were getting huge quantity of free electricity, he added. Over the years, he said, the generation and transmission system of electricity remained flawed and the government had to
ISLAMABAD
Staff RepoRt
The caretaker government has pushed through a sharp hike in the price of petrol by Rs14.91 per litre and high-speed diesel (HSD) by Rs18.44 per litre. The increase brings the price of petrol to Rs305.36 per litre and HSD to Rs311.84 per litre, the Ministry of Finance said in a post on X (formerly Twitter) after midnight. No revision was specified in the rates of kerosene of light diesel oil. The price increase comes on the heels of an already massive hike on August 15 when the interim government raised fuel prices by up to Rs20 per litre. That jump in petroleum prices had come after similar hikes by the previous government on Aug 1. The price hike is based on existing tax rates and import parity prices, mainly because of currency depreciation and a slight increase in international oil prices. The rupee yet again continued to extend losses on Thursday sliding another Rs1.09 against the US dollar in the interbank market. It closed at a record low of Rs305.54. Since the induction of the caretaker set-up, the rupee has shed 4.6pc. Through August, the rupee lost 6.2pc.
deal with serious issues of line losses, power theft, high circular debt, use of expensive imported fuel and capacity payments to electricity companies. “These issues cannot be ignored by just closing eyes. We need to diagnose treatment for the disease.” He made it clear that the government would fulfil its agreements with the international financial institutions. He lamented that the country was faced with economic stag-
nation and there was less investment in sectors like manufacturing, real estate and stock exchange, and the trend was to only take up profit from certain businesses. He said that the caretaker government was formed for the continuity of constitutional order, and was dealing with economic and security challenges.
SC dismisses ECP plea seeking review of verdict on Punjab elections ISLAMABAD
Staff RepoRt
The Supreme Court (SC) on Thursday dismissed the Election Commission of Pakistan’s (ECP) petition, seeking a review of the top court’s order regarding holding elections to the Punjab Assembly on May 14. Chief Justice of Pakistan Umar Ata Bandial said that court would intervene whenever there was a constitutional violation because the “Constitution was not someone’s property”. “No institution can transgress the Constitution and under the Constitution, the ECP is bound to hold elections within three months,” the CJP said. “The court will intervene whenever the Constitution is violated,” Chief Justice of Pakistan (CJP) Umar Ata Bandial remarked while heading a three-member bench, comprising Justice Ijazul Ahsan and Justice Munib Akhtar, hearing ECP petition for a review of the verdict regarding elections to the Punjab Assembly on May 14. In a unanimous judgment on April 4, the bench had quashed the electoral body’s decision to extend the date for polls in the province from April 10 to Oct 8 and fixed May 14 as the new date. It had earlier directed the government to release Rs21 billion for the elections in Punjab and Khyber Pakhtunkhwa and provide a security plan to the ECP regarding the polls. Moreover, the court had instructed relevant authorities to
keep it in the loop. However, in reports submitted to the apex court in subsequent days, the ECP had said the then ruling coalition was reluctant in releasing the funds. It had contended that staggering polls by holding them in Punjab and KP separately, before elsewhere, was not feasible since it would incur significantly more expenses compared to holding the exercise on one day. It had further said that an already depleted security apparatus would require weeks in advance for its mobilisation. On May 3, with fewer than two weeks to the May 14 election date ordered by the court, the election commission had filed its plea seeking a review of the court’s April 4 order. At the outset of the hearing, the ECP lawyer sought one more week for preparation. However, the CJP asked the lawyer to inform the court of his stance, saying that the bench would review the case. The lawyer responded that he required time to
ECP hopeful about general elections by mid-Feb ISLAMABAD
Staff RepoRt
In a bid to dispel the speculations being spread about the conduct of general elections, the Election Commission of Pakistan (ECP) on Wednesday assured the leadership of ANP, BNP and the BAP that the elections would be held by January end or most probably in the mid-February if delimitation of constituencies is completed earlier. The ECP statement came after separate consultative meetings of the Chief Election Commissioner and other officials with the leadership of ANP, Balochistan National Party (BNP) and Balochistan Awami Party (BAP) held at the commission to discuss matters regarding general election. Chief Election Commissioner (CEC) Sikandar Sultan Raja chaired the meetings, which were attended by the commission members, the secretary and senior ECP officers. The ANP delegation was led by its Secretary General Mian Iftikhar Hussain, comprising central spokesperson Zahid Khan, Khushdil Khan and Abdul Rahim Wazir. On behalf of the BAP, Naseebullah, Manzoor Kakar, Noor Muhammad Domar, Sardar Abdul Rehman Khetran appeared and BNP was represented by Abdul Karim Noshrawani, Sana Jamali and Danesh Kumar. The commission, ANP leaders said, assured them of squeezing the timelines of delimitation to the maximum possible extent. The commission also assured them elections would not go beyond mid-February.According to a statement released by the commission, the ANP team insisted on the date and schedule for the electoral exercise, if conducting the election within 90 days was not feasible.
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prepare additional grounds in the case. He said that the most important question was regarding the power to give a date for elections. After amendments to Section 57 and 58 of the Elections Act 2017, the power now rests with the ECP, the lawyer argued. “Vakil sahib, keep in mind this is a review (plea),” Justice Akhtar remarked. “Don’t raise points that were not raised in the original case,” he said. The ECP lawyer then said he wished to highlight the Workers Party case, to which Justice Akhtar said that the court had given its opinion in this regard. “Tell us from the record about mistakes in the order for which a review is required,” the judge told the ECP lawyer. PTI announces to file a contempt petition against ECP Meanwhile, Pakistan Tehreeke-Insaf (PTI) Spokesperson announced that the party would file a contempt petition against Election Commission of Pakistan
(ECP) in the Supreme Court (SC) after the apex court dismissed the electoral watchdog’s review petition asking the top court to revisit its order of holding elections to the Punjab Assembly on May 14. Reacting to the SC verdict, the PTI spokesperson said that the PTI would approach the apex court and file a contempt petition against the ECP by delaying polls in Punjab and Khyber Pakhtunkhwa in sheer violation of the constitution. The spokesperson said that the PTI had taken a constitutional and democratic step to dissolve the provincial assemblies of Punjab and KP and the ECP should have held elections in the provinces within the constitutionally mandated 90 days of the dissolution. However, he stated that the ECP took the criminal step of postponing elections for an indefinite period instead of following the intent of the constitution and the order of the apex court, adding that today’s verdict had brought forth ECP’s real intent, as the commission even completely failed to satisfy the court about its unconstitutional actions during the hearing on the review petition. The spokesperson stated that the top court indicted the electoral body by dismissing its review petition for having violated the constitution. He announced that the party would file contempt pleas against the ECP and its members, including the chief election commissioner, so that they could be held accountable for their crime.
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Suicide attack on military convoy leaves nine soldiers martyred in Jani Khel RAWALPINDI
Staff RepoRt
A Motorcycle-borne suicide bomber on Thursday exploded himself on a military convoy in general area Jani Khel, Bannu District, leaving nine soldiers martyred. “On 31 August 2023, a Motorcycle borne suicide bomber exploded himself on a military convoy in general area Jani Khel, Bannu District. Resultantly, nine soldiers including Naib Subedar Sanobar Ali, embraced shahadat, while five soldiers were injured,” an ISPR handout said. The area has been cordoned by security forces and sanitization is being carried out to eliminate any terrorists found in the area. “Security forces of Pakistan are determined to eliminate the menace of terrorism and such sacrifices of our brave soldiers further strengthen our resolve,” the statement added. Prime Minister Anwaarul Haq Kakar has condemned the attack and expressed grief over the martyrdom of the soldiers. Taking to social media platform X, formerly Twitter, he said: “Heartbroken by the loss of 9 valiant soldiers in Bannu Division, KP, to a cowardly terrorist act that injured many.” The premier called such acts “utterly reprehensible” and said his thoughts were with the families of the martyred and injured. “Pakistan stands resolute against such terror,” he added. Pakistan has witnessed an uptick in terror activities in recent months, especially in Khyber Pakhtunkhwa and Balochistan, after the outlawed TTP ended its ceasefire with the government in November last year.
Bearish sentiment prevails as PSX tumble over 1,700 points on rupee’s steep decline
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Rupee's persistent fall pushes KSE-100 Index down by 1,784 points, breaching 45,000 level ISLAMABAD
Staff RepoRt
Bears dominated the Pakistan Stock Exchange (PSX) today, causing a sharp decline in the benchmark KSE100 index by more than 1,700 points during intraday trading. This decline was fueled by the Pakistani Rupee’s significant drop below the 300 mark earlier in the week. Right from the start of the trading session, the benchmark KSE-100 index exhibited a bearish trend, immediately entering negative territory and shedding over 700 points as trading resumed on Thursday. In a concise market analysis, Mohammed Sohail, the CEO of Topline, attributed the ongoing slump in stock prices to the continuous devaluation of the Pakistani Rupee. The main index suffered a substantial loss of 1,784 points, equal to a 3.72 percent drop, causing it to plummet below 45,000 points to reach 44,459 points at 2:52 PM. At 3:02 PM, the KSE-100 was down by 3.59 percent or 1,661 points, reaching a level of 44,582.9, with a trading volume of 125,151,879 shares. During the trading session, the benchmark KSE100 index reached an intraday low of 44,459 points,
recording a decline of 1,784 points. The index later halted its decline, recovering by -1,242 points to reach 45,002 points. Additionally, the KMI 30 index saw a decrease of 1,961 points, closing at 74,969 points, while the KSE All Share index experienced a drop of 777 points, settling at 30,041 points. The negative sentiment was further fueled by factors such as the continuous slide of the Pakistani Rupee and rising fuel prices, leading to investor pessimism. Economic analyst A H H Soomro emphasized the need
for decisive action to control the open market and curb grey market activities. Concerns over potential interest rate hikes added to the government’s fiscal challenges. Expectations regarding Muhammad Bin Salman’s visit on Reko Diq and refinery developments were also seen as factors that could change market sentiments. Several sectors, including technology, automobiles, cement, chemicals, commercial banks, fertilizer, oil and gas exploration, and OMCs, witnessed significant selling pressure and experienced negative trading. Companies such as United Bank Limited (UBL), Worldcall Telecom Limited (WTL), Meezan Bank Limited (MEBL), Lucky Cement (LUCK), and Mari Petroleum (MARI) contributed to the index’s decline. Out of a total of 315 traded scrips, 38 advanced, 258 declined, and 19 remained unchanged. Today’s market losses were influenced by Finance Minister Dr. Shamshad Akhtar’s remarks during Wednesday’s meeting of the Standing Committee on Finance and Revenue. Her candid statement about efforts to undermine the economy added to existing concerns. The historic decline of the Pakistani Rupee and expectations of a substantial 2-3 percent interest rate hike by the State Bank of Pakistan further aggravated the selling pressure on the benchmark KSE-100 index. On a related note, the PKR/$ exchange rate at the interbank level had dropped to 304 on Wednesday, while rates in the open market and black market had plunged to as low as 312 and 325, respectively.