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Wednesday, 13 September, 2023 I 26 Safar, 1445
ASKS GB GOVT TO CONCENTRATE ON SELF g LAYS FLORAL WREATH AT MARTYRS DEPENDENCE FOR ECONOMIC REVIVAL MONUMENT AFTER ARRIVAL ON 2-DAY VISIT
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Rs 15.00 | Vol XIV No 74 I 8 Pages I Islamabad Edition
GILGIT
STAFF REPORT
ARETAKER Prime Minister (PM) Anwaarul Haq Kakar on Tuesday directed the authorities concerned to identify the elements spreading chaos in the name of religion in Gilgit Baltistan and take strict action against them. “Protection of every citizen is the state’s responsibility and the government would not tolerate spreading chaos in the name of religion and a strict action would be taken against such elements”, Caretaker Prime Minister Anwaarul Haq Kakar warned while chairing a meeting of the Gilgit-Baltistan Cabinet here during his two-day visit to the region on Tuesday. The premier urged all the sectors to concentrate all of their attention and energies on achieving self-dependence which was inevitable to put the country’s economy on course to revival. He advised the GB government to fully exploit the potential of the cultivable land of the region instead of depending on the government’s subsidy. In the meeting, the prime minister was apprised of different issues including the non-provision of the subsidy on the wheat crop. The prime minister assured the GB leadership of the federal government’s all-out cooperation. In the meeting, pro-
posals were put forward to improve the performance of the GB police as well as enhancement of investment and business activities in the region. The prime minister directed the relevant authorities to formulate a comprehensive strategy for GB’s economic revival. In the briefing, it was highlighted that the resolution of most of the GB issues was linked with the investment in the region. Interim Interior Minister Sarfaraz Bugti, Interim Information and Broadcasting Minister Murtaza Solangi, Gilgit Baltistan Governor Syed Mehdi Shah, Chief Minister Gulbar Khan, cabinet members, GB chief secretary
Rupee gains strength in open market g
AFTER CRACKDOWN ON ILLEGAL CURRENCY DEALERS, SBP REPORTS CLOSING PRICE OF DOLLAR AS RS301.16, DOWN RS1.79, FROM RS302.95 ON FRIDAY PROFIT
NEWS DESK
The crackdown against illegal currency dealers has proven highly fruitful, as the dollar rate in the open market fell below the price at the interbank market on Monday. Currency dealers have reported that the open market is now flush with dollars and will sell more than $100 million to the banks this week, while they sold $20m in the last two days of the previous week. The State Bank of Pakistan reported the closing price of the dollar as Rs301.16, down Rs1.79, from Rs302.95 on Friday. However, a more interesting situation unfolded in the open market, where the dollar fell by Rs32 in just six days, reaching Rs300. This drop in the dollar’s value in the open market was due to higher supplies and lower demand. The buying rate for the dollar was Rs297, representing a Rs3 drop in the open market. Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan, commenting on the situation, said, “It was not the first time that the dollar fell below the interbank market rate, but this time it was the outcome of the crackdown on illegal currency trading, which eroded the grey market from Pakistan.” He said the continued crackdown against illegal currency traders proved vital for the market and created surplus dollars. He said exchange companies deposited $20m in the last two days of the previous week, and now they expect to sell $100m to $150m this week. Some currency dealers suggested that this situation could have happened earlier and could have saved the country from an extremely dry market.
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and IG Police, and senior officers attended the meeting. ‘Assess scope of ongoing development projects’ Earlier, Prime Minister Anwaarul Haq Kakar chaired a meeting to discuss development projects and law and order situation in Gilgit Baltistan (GB). The premier directed the GB administration and leadership to assess the scope of the ongoing development projects and give a special focus on those of a crucial nature. In the meeting, the prime minister was briefed about the progress on projects in information technology, health, education, and other sectors, as well as the issues.
He was told that steps had been taken to identify and address the problems confronting the education sector in all GB districts, particularly Diamer and Astore. The measures taken for the promotion of education sector included the provision of food to the students, reconstruction of buildings and rehabilitation of dilapidated structures, professional training of teachers, and establishment of smart schools. PM Kakar was also apprised of projects in the GB health sector including the establishment of a 24-hour helpline to address the issue of mental health. Besides the performance of the environment and tourism sectors, the prime minister was also briefed about the sowing of wheat and subsidy on the crop, production and potential of hydel power in GB as well as the budget. It is pertinent to mention here that the caretaker premier is in Gilgit to review progress on developmental projects as well as law and order situation in the region. Earlier on arrival, the Prime Minister laid a floral wreath at the monument of martyrs and a contingent of Gilgit Baltistan Scouts presented guard of honour to the prime minister. Later, the Prime Minister visited an exhibition of science models by students of local schools and evinced a keen interest in the innovative models made by the students.
Shehbaz confirms Nawaz’s ‘homecoming’ on Oct 21 LAHORE
STAFF REPORT
Making the eagerly-anticipated announcement, PML-N President on Tuesday declared that former prime minister and Pakistan Muslim League-Nawaz (PML-N) supreme leader Nawaz Sharif is set to return to Pakistan on October 21, after a four-year of self-exile. “With the arrival of Nawaz, the country’s economy would move on the right track and the journey of development will start again,” said Shehbaz while talking to the media in London, claiming that this would be reminiscent of the span of years from 2013 to 2018, when Nawaz was the premier of the country. He also added that his elder brother would keep the country’s interest at the forefront just like the latter did not succumb to any pressure while carrying out nuclear explosions in 1998. Party’s Central Information Secretary and former information minister Marriyum Aurangzeb, taking to microblogging site X, said that Nawaz will be accorded a grand welcome once he arrives in Pakistan. The PML-N president said that he would give a grand welcome to his party’s supremo in Lahore, adding that the people of the entire country were waiting for Nawaz’s return. Calling Nawaz’s ouster from power a “conspiracy“, Shehbaz said that this became the reason for the country of getting deprived of development and prosperity. “Nawaz was deprived of power under ‘conspiracy’, after
which Nawaz Sharif did not lose power, but the people were deprived of development and prosperity,” he bemoaned. Shehbaz, earlier this month, had already clarified that his elder brother would face cases and lead the PML-N election campaign, negating the impression that the return of the former prime minister was a result of any “settlement”. Nawaz, who is embattled in various cases, left for his current abode in London in December 2019 on the pretext of a medical ailment, will return after almost four years just when the elections are around the corner. His departure from the country followed the relief provided to him by the Islamabad High Court (IHC) in the Al-Azizia reference case on the pretext of medical grounds. The Imran-led government declared Nawaz fugitive in February 2020 and the accountability court proclaimed him an offender in the Toshakhana vehicles reference later in that year. It is pertinent to mention that the preceding National Assembly
and the Senate enacted the muchdiscussed Elections (Amendment) Act 2023, which not only empowered the Election Commission of Pakistan (ECP) to unilaterally announce the election date but was also seen by many to pave the way for Nawaz’s. The act which was dubbed as “person specific” also limits the lawmakers’ disqualification period to five years with a retrospective effect. Earlier this month, PML-N Punjab spokesperson Azma Bukhari said that the PML-N supremo would not adopt an antiestablishment narrative. “Nawaz Sharif’s narrative will not be against anyone. It will certainly not resemble the narrative of the deposed prime minister Imran Khan, who continually criticises state institutions. “The PML-N supreme leader will aim to educate the people about the ground realities and lead the nation out of the existing crises,” Azma stated. “Nawaz Sharif knows a lot [of secrets] but he prioritises national interests above all else.”
Bilawal decries ‘absence of level playing field’ for all political leaders SUKKUR
STAFF REPORT
PPP Chairman Bilawal Bhutto-Zardari on Tuesday decried the “absence of a level-playing field” in the prevailing political scenario, demanding there should be equal opportunities for all political leaders to contest the upcoming general elections. “This is my “objection” to the alleged inequality faced by political stakeholders as the country is heading towards elections”, “former foreign minister Bilawal Bhutto-Zardari said while talking to media persons during his visit to slain journalist Jan Muhammad Mahar’s house in Sukkur on Tuesday. He remarked “it exists for one person” before adding: “The level-playing field is absent, and this is the basis of my objection.” He also expressed his confidence in the ECP, emphasising that the electoral watchdog was the authority to announce the poll date. “We will also request [the ECP] to hold polls timely,” said Bilawal Bhutto while responding to a question regarding the level-playing field available to his party as the two political bigwigs — PML-N supremo Nawaz Sharif and PTI chief Imran Khan — are currently ineligible to contest upcoming general elections owing to convictions in separate corruption cases. The statement from the ex-foreign minister comes days after the Election Commission of Pakistan (ECP) assured political parties that transparent polls would be conducted in the country “as soon as possible” and a level-playing field would be provided to all political parties to take part in the democratic exercise. Concerns on the poll timing have arisen from the ECP ruling out elections this year. It reasons its decision to push elections beyond November 9 on the basis of the notification of results of the new digital 2023 census and Section 17(2) of the Elections Act, which states: “The commission shall delimit constituencies after every census is officially published.” With elections potentially just a few months away, Bilawal has been engaging in public meetings and organising party meetings as part of the party’s electoral preparations of late. One such media interaction in this regard took place in Sukkur today. Bilawal emphasised that the most pressing issue confronting the country today was inflation, which he believed could only be alleviated through timely elections and the election of representatives who would advocate for their constituents in legislative bodies. Expressing his condolences for the recent loss of lives in terror incidents, he said that the country must be moved away from the old ways of governance and rules and must prioritise delivering justice to the people. The former minister also highlighted Pakistan’s successful battle against terrorists following the Army Public School attack in 2014. He subtly referenced the Imran Khan-led PTI government, suggesting that in subsequent years, important decisions were made by only a handful of individuals, leading to the pardon of the nation’s enemies without broader consultation. He pointed out that the economic crisis had exacerbated crime rates across the country and criticised Imran for damaging the national security policy, which had been developed over many years and was, according to him, now undermined in a matter of months.
At $50mn, KE’s new owners offer to shift Jamshoro Power Plant Block 5 to Thar Coal g
ASIAPAK INVESTMENTS OFFERS $50M TO UPGRADE POWER PLANT TO A COMPLETE THAR-BASED PLANT IN-DEPTH PROFIT DANIYAL AHMAD
Hot on the heels of an acquisition spree AsiaPak Investments has proposed an initiative that would convert Block 5 of the Jamshoro Power Plant in Sindh into a coal powered electricity generator powered entirely by Thar Coal. So what does this mean? Essentially, the Jamshoro Power Plant near Hyderabad is a power producer that uses a mix of gas, coal (both imported and local) and furnace oil to produce electricity. The Government has wanted to shift the plant to more affordable electricity options such as local coal, in hopes of which it sought out to build Blocks 5 and Block 6 of the plant. Neither of which is operational as
of yet. More on that later. Since it is close to Karachi it generates power for the port-metropolis. The problem is that since the prices of gas and other imported fuel sources are so high, electricity is incredibly expensive. One possible solution that has been proposed time and again is Thar Coal. Cheap, indigenous, and plentiful — Thar Coal has the capacity to be the fuel source for the production of cheap electricity. The concept of cheap electricity through Thar Coal has been a major talking point of AsiaPak Investments which recently acquired K-Electric. The investment company also owns Daewoo in Pakistan and is an early investor in Block 1 of the Thar Coal fields which is also a project of the China Pakistan Economic Corridor (CPEC). If the Jamshoro Power Plant agrees to the plan AsiaPak has claimed they will have the plant up and running on coal by next year. At present, Block 6 utilises an entirely
Thar based generation architecture whilst Block 5 of the Jamshoro Power Plant harnesses a blend of imported and local coal for power generation. The current coal composition, as per design, leans heavily on imported sub-bituminous coal at 80%, with local Thar lignite coal making up the remaining 20%. The envisaged transformation of Block 5 from a mixed-coal power plant to an entirely local operation comes with a hefty $50 million price tag, a sum that AsiaPak appears undeterred by. The particulars of the financing for this ambitious venture remain under wraps. The Thar potential It is a simple problem. Pakistan relies heavily on imported fuel sources such as reliquified natural gas (RLNG) to produce electricity. Whenever there is an international crisis, such as the Russia-Ukraine war, Pakistan’s energy sector is rocked by the ripple effect. There is a simple solu-
tion. Cheaper fuel — something like coal perhaps. And the source is right there too. Spread over more than 9000 km2, the Thar coal fields are one of the largest deposits of lignite coal in the world — with an estimated 175 billion tonnes of coal that according to some could solve Pakistan’s energy woes for, not decades, but centuries to come. The question is, if this rich natural resource is available, why has it not been utilised more than it is currently? Discovered in the early 1990s by the Geological Survey of Pakistan (GSP), Thar Coal accounts for around 2000 MW of electricity produced in the country. The potential is much greater. If new projects that are currently under construction become operational, in the next year electricity production from the Thar coalfields is expected to be much higher. In short, Thar Coal offers a cheap, alter-
native, local source of energy that can be used to produce electricity and help Pakistan escape its topsy-turvy reliance on international markets to maintain its energy supply. The concept is pretty simple and AsiaPak’s interest in it is obvious. What’s in it for AsiaPak? K-Electric, akin to any other distribution company (DISCO), is unable to impose a separate electricity tariff that deviates from the uniform one established across Pakistan. Therefore, residents in Karachi are not privy to cheaper electricity than those in other parts of the country — at least not on the base tariff. If the cost of generation is reduced, customers benefit from fewer fluctuations in fuel charge adjustments. Moreover, transitioning to local fuel sources is crucial as it diminishes reliance on imported fuels and mitigates exposure to USD/PKR fluctuations.
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