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SIFC APEX BODY FOCUSES ON WAYS TO IMPROVE BUSINESS, INVESTMENT ENVIRONMENT Saturday, 9 September, 2023 I 12 Safar, 1445
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Rs 15.00 | Vol XIV No 70 I 8 Pages I Islamabad Edition
GOVT TO GO FOR ROLLOVER OF DEPOSITS g SUPPLY CHAIN SHORTAGES MAJOR CAUSE ON MATURITY, SAYS FINANCE MINISTER OF INFLATION: COMMERCE MINISTER
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ISLAMABAD STAFF REPORT
HE 5th meeting of SIFC’s Apex Committee was held on 8 September 2023 with a singular focus to improve overall business and investment environment in the Country being imperative for ‘Economic Revival’. The meeting was chaired by the Prime Minister and attended by the Chief of Army Staff, Federal Cabinet, Provincial Chief Ministers and high level government officials. Ministries presented their plans and roadmaps to overcome the macroeconomic challenges, governance related impediments and voids in regulatory mechanisms in a bid to attract both foreign and domestic investment, and stimulate economic growth. The Committee deliberated upon various measures to be taken in short, mid and long term to reap envisaged dividends. Various practical steps were approved by the Prime Minister which will operationalise ASP. PM asked the ministries to deliver optimal results irrespective of time
Audio probe commission: SC bins PDM govt’s objections to 5-judge bench ISLAMABAD
that is available with Interim Government and emphasised to lay a strong foundation for the future Government. GOVT TO GO FOR ROLLOVER OF DEPOSITS ON MATURITY: FINANCE MINISTER: Caretaker Finance Minister Shamshad Akhtar on Friday said the interim government would go for a rollover of the deposits from other countries upon their maturity. Addressing a press conference in Islamabad with other caretaker federal ministers after a meeting of the Special Investment Facilitation Council (SIFC), Akhtar said the interim government needed to revive the economy and it was important to remove import restrictions “across the board” since Pakistan was an import-intensive country. “Management of foreign exchange reserve is a very high priority for us and we are closely monitoring the situation. We are in discussions that that inflows are brought in on a timely basis and we will also go for the rollover of deposits that we have in place right now on their maturity,” she said, adding that the situation was “reasonably okay” for now. In July, Pakistan had received much-needed crucial
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Chitral attack ‘isolated incident’, not consented by Afghan govt: FM Jilani ISLAMABAD
STAFF REPORT
STAFF REPORT
The Supreme Court (SC) on Friday rejected the previous PDM government’s objections to the five-member bench hearing a set of pleas challenging the constitution of a three-judge commission set up to probe veracity of audio leaks that had implicated politicians as well as judges of the top court and their family members. Justice Ijazul Ahsan announced the short order, saying that the objections were “an attack on the independence of the judiciary”. The SC five-member larger bench had earlier reserved its decision on the government’s objections. The previous coalition government had formed the commission on May 20 under Section 3 of the Pakistan Commission of Inquiry Act 2017. Led by senior puisne judge Justice Isa, the commission also comprised Balochistan High Court Chief Justice Naeem Akhtar Afghan and Islamabad High Court Chief Justice Aamer Farooq. On May 26, the top court had restrained the panel from going ahead with its task. The verdict was issued by the five-member bench hearing the case. The order was passed on a set of petitions moved by Supreme Court Bar Association (SCBA) President Abid Shahid Zuberi, SCBA Secretary Muqtedir Akhtar Shabbir, PTI Chairman Imran Khan and Advocate Riaz Hanif Rahi seeking to declare the constitution of the audio commission illegal. Subsequently, the government-appointed commission decided to put its proceedings on hold until the SC decided the petitions. However, the PDM government sought the reconstitution of the five-member bench — led by Chief Justice of Pakistan Umar Ata Bandial and comprising Justice Ahsan, Justice Munib Akhtar, Justice Syed Hasan Azhar Rizvi and Justice Shahid Waheed — hearing the pleas against the formation of the commission. In its application, the PDM government had asked CJP Bandial, Justice Ahsan, and Justice Akhtar to distance themselves from the bench since “rules of natural justice” demanded that the “adjudicator should be impartial”.
Caretaker Foreign Minister Jalil Abbas Jilani on Friday said this week’s terrorist attack on two military posts in Khyber Pakhtunkhwa’s Lower Chitral district was an “isolated incident” and not sanctioned by the interim Afghan government. On Wednesday, at least four security men embraced martyrdom while more than 16 fighters were killed as militants’ attempts to enter Pakistan from Afghanistan were foiled by troops deployed along the border with Afghanistan. Militants had attacked two security checkposts in the southern part of the district. The predawn attack had targeted check posts in Astui Pass and Jinjiret Koh situated in the south of Lower Chitral, bordering the Afghan province of Nuristan. Astui Pass is located in the Bumburet Valley, one of the three valleys in southern Chitral where the Kalash community resides. “Terrorists’ movement and concentration in Gawardesh, Pitigal, Barg-i-Matel, and Batash areas of Nuristan and Kunar provinces of Afghanistan had already been picked up and were timely shared with the interim Afghan government,” the military’s media wing had said, adding that the Afghan government was “expected to fulfil its
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deposits from allied nations to shore up its foreign exchange reserves with $1bn from the United Arab Emirates and $2bn from Saudi Arabia. China had also rolled over more than $5bn in loans to Pakistan earlier this year with a further rollover in July of a $2.4bn loan to Islamabad for a period of two years. Questioned about the outflow of dollars from the country, she said the situation was not “unusual” since imports needed to be opened up for industrial revival, exports had declined and there was a shortfall in remittances. The finance minister said discussions were underway with multilateral development banks such as the World Bank (WB) and the Asian Development Bank (ADB), adding that the government was hopeful of fast-tracking the process. She also said a review of the International Monetary Fund was due in November, after which the second tranche of its programme with Pakistan was expected, as well as a tranche from the ADB and some loans from the WB. “What the actual precise amount of [total inflows] will be will take some time in discussions but if you ask for the full year, we are hoping it will be close to about $6 billion cumulative inflows” from various sources. Commenting on her ministry, Akhtar said the meeting had decided to adopt a “whole-of-government” approach to the finance ministry’s various divisions and would operate “holistically [and] consistently as a team”. She said it would be an “important change” so the segments in charge of managing the economy would work together. “Our cabinet subcommittees have been institutionalised … so now we are having full-fledged intergovernmental discussions,” Akhtar added. “We are making a sincere effort to define our roadmap for augmenting the country’s macroeconomic management for which the anchor is fiscal stability and coordination with monetary police, as well as external policy.” Akhtar further said the government wanted to revive the economy and was beginning the process to determine the necessary steps to “jumpstart” it.
obligations and deny the use of Afghan soil by terrorists for perpetuating acts of terrorism against Pakistan.” The outlawed Tehreek-i-Taliban Pakistan (TTP) had reportedly claimed responsibility for the attack through its spokesperson, Mohammad Khorasani. Commenting on the matter while responding to a question on rising terrorism in Pakistan emanating from Afghanistan, FM Jilani told Dawn.com: “It was an isolated incident and we don’t think it had their (Afghan government) sanction.” The foreign minister later reiterated his stance and said ongoing dialogue with the Afghan government on surging militancy was “very positive”. FO CALLS FOR INTERNATIONAL ATTENTION ON WEAPONS IN AFGHANISTAN: Separately, Foreign Office (FO) Spokesperson Mumtaz Zahra Baloch voiced apprehension about the “large amount of weaponry” available in Afghanistan and in the possession of terrorist entities, adding that it posed a threat to Pakistan. Her statement comes two days after White House National Security Council Coordinator for Strategic Communication John Kirby disagreed with the impression that the United States had left behind about $7 billion worth of weapons in Afghanistan and militant groups were now using those
weapons against Pakistan. Instead, he had said the equipment was transferred to and belonged to the Afghan National Army. Caretaker Prime Minister Anwaarul Haq Kakar had recently said that the US leaving behind equipment of war in the war-torn country had a greater role in the recent surge in militancy than the Taliban coming to power in Kabul. UPTICK IN TERRORIST ATTACKS: Pakistan has witnessed an uptick in terror activities in recent months, especially in KP and Balochistan, after the outlawed TTP ended its ceasefire with the government in November last year. In July, as many as 12 soldiers of the Pakistan Army embraced martyrdom in separate military operations in the Zhob and Sui areas of Balochistan. That was the military’s highest single-day death toll from terrorist attacks reported this year. Before this, 10 personnel were martyred in a ‘fire raid’ in Balochistan’s Kech district in February 2022. A report released in July by the think tank Pakistan Institute for Conflict and Security Studies said the first half of the current year witnessed a steady and alarming rise in terror and suicide attacks, claiming the lives of 389 people across the country. Amid the rise in militancy is a backdrop of growing concerns regarding cross-border terrorism by elements based in Afghanistan.
NEPRA notifies Rs1.46 per unit hike under FCA of July PROFIT
AHMAD AHMADANI
National Electric Power Regulatory Authority (NEPRA) has issued a notification of Rs 1.46 per unit hike in the power tariff hike on account of fuel charges adjustment (FCA) for the month of July, 2023. According to NEPRA’s notification, Rs 1.4630 per kilowatt hour (kWh) power tariff hike shall be applicable to all consumer categories except Electric Vehicle Charging Stations (EVCS), lifeline consumers, and consumers of K-Electric. The said adjustment shall be shown separately in the consumer’s bills on the basis of units billed to the consumer in the month of July 2023. DISCOs shall reflect the fuel charges adjustment in respect of July 2023 in the billing month of September 2023, said NEPRA notification. While effecting the Fuel Charges Adjustment, the concerned DISCO shall keep in view and strictly comply with the orders of the courts notwithstanding this order, NEPRA notification added. Pursuant to Section 31(7) of the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997 as amended through Regulation of Generation, Transmission and Distribution of Electric Power (Amendment) Act 2011, the National Electric Power Regulatory Authority makes and notifies the adjustments on account of variations in fuel charges in the approved tariff of DISCOs It should be noted that the people in the country are already protesting against the heavy electricity bills, and in many cities, citizens have burned the bills in protest and refused to pay them. Meanwhile, NEPRA, while taking serious notice of over-billing by DISCOs, summoned the Chief Executive Officers (CEOs) of DISCOs on September 12. According to a statement issued by the NEPRA, a large number of applications were submitted by electricity consumers with the NEPRA headquarters regarding incorrect meter readings. Most of these complaints are about not having a clear picture of the meter reading and recording the wrong date of the meter reading. Taking cognizance of the complaints of electricity consumers, NEPRA has summoned the CEOs of DISCOs on September 12.
Gas tariff to be increased on IMF demand PROFIT INP
After the approval of relief to electricity consumption, the International Monetary Fund (IMF) demanded Pakistani government a significant 45-50 percent rise in gas prices. According to the details, the IMF demanded an increase in gas tariff from 45 to 50 percent in the account of ‘Fuel Adjustment Charges’ from July 01 while emphasizing a crackdown on electricity and gas theft to improve recovery. It is pertinent to mention here that any alteration in gas tariffs is subject to the approval of the federal cabinet.
Global attention needed on US arms left in Afghanistan: FO ISLAMABAD
STAFF REPORT
Commenting on the recent clashes along the Pak-Afghan border, the Foreign Office (FO) spokesperson said on Friday that the weapons left in Afghanistan during the US withdrawal require global attention as they had “fallen in the hands of Afghan terrorists”. In a weekly media briefing, spokesperson Mumtaz Zahra Baloch stated that Pakistan’s security agencies were determined to eradicate terrorism from the country. She added that Pakistan has informed the interim Afghan government about its concerns regarding the recent incident along the border. Mumtaz further said that the issue of terrorist attacks from Afghanistan has been raised with the Afghan authorities. “We do not blame anyone but weapons left in Afghanistan require global attention since they have fallen in the hands of terrorist
groups now,” she said. COMMONWEALTH LONDON CONFERENCE: The FO said that Caretaker Foreign Minister Jalil Abbas Jilani will preside over the Commonwealth Youth Ministerial Conference in London from September 12 to 15 to meet the leaders from various countries. She also addressed the issue of continuous human rights violations in Illegally Occupied Jammu and Kashmir of India (IIOJK). International human rights organisations have written letters to inform G20 countries of the restrictions on freedom of expression and atrocities in the illegally occupied Kashmir, she said. The spokesperson exclaimed that the Indian government should focus on the challenges of its own people, and refrain from passing unnecessary comments on Pakistan. When asked about Pakistan’s economic situation, Baloch abstained from commenting. “Pakistan and Russia have important rela-
tions. The caretaker foreign minister is finalising matters regarding the UK visit,” she added. TORKHAM BORDER CLASH: The Torkham border crossing between Pakistan and Afghanistan remained closed for the second day on Thursday after clashes between security forces of both the countries. A day earlier, a gun battle erupted between Pakistan and Afghan border forces, with each side blaming the other for starting the firefight that shut their busiest trade crossing. The closure caused a lot of difficulties for the people as two bodies of Afghan citizens were lying at the crossing point while dozens of patients were waiting for the gate to reopen. Citizens, including children, women and patients, are trapped, while business activities have been suspended. Due to the closure, long queues of hundreds of freight vehicles have been stranded on both sides of the border. “Afghan forces tried to establish a check
post in an area where it is agreed… that both sides will not establish a check post,” Pak-
istan local administration official Irshad Mohmand said on Wednesday.