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INDIA’S ‘NETWORK OF EXTRA-TERRITORIAL KILLINGS’ HAS GONE GLOBAL: PAKISTAN thursday, 21 September, 2023 I 4 Rabi ul awal, 1445
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FO Spokesperson says Pakistan has been target of series of targeted killings, espionage by RAW
Says reckless, irresponsible act call into question India’s reliability as credible int ’l partner
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ISLAMABAD
Staff RepoRt
OREIGN Office (FO) spokesperson Mumtaz Zahra Baloch said on Wednesday that Canadian accusation of Indian involvement in a separatist Sikh leader’s killing on its soil showed New Delhi’s “network of extra-territorial killings” had gone global, state broadcaster Radio Pakistan reported. Speaking during a press briefing in Islamabad, the FO spokesperson highlighted that the Indian intelligence agency, Research and Analysis Wing (RAW), had been “actively involved in abductions and assassinations in South Asia” the Radio Pakistan report said. It quoted Baloch as saying that Pakistan had remained a “target of a series of targeted killings and espionage by RAW”. “In December last year, Pakistan released a comprehensive dossier providing concrete and irrefutable evidence of
India’s involvement in the Lahore attack of June 2021. The attack was planned and executed by Indian intelligence,” she said, adding that in 2016, a high-ranking Indian military officer Kulbhushan Jadhav confessed to his involvement in directing, financing and executing terror and sabotage in Pakistan. Canada’s allegation, centring on the killing of Sikh separatist leader Hardeep
PM urges global support for developing nations on climate ambitions g
Says Pakistan adopted first-ever National Adaptation Plan to build climate resilience UNITED NATIONS Staff RepoRt
Caretaker Prime Minister Anwaar-ul-Haq Kakar on Wednesday urged the world to extend financial and technical support to developing countries like Pakistan to help them achieve ambitions on climate change. The prime minister, addressing the Climate Ambition Summit 2023 on the sidelines of the 78th session of the United Nations General Assembly, urged all nations to raise their climate ambitions, regardless of their statuses and geographical locations. He told the international community that the adverse impact of climate change continued to rise in frequency and intensity, disproportionately affecting developing countries. “Pakistan is a prime example. Despite contributing less than one percent to global warming, we are among the top ten vulnerable countries. The unprecedented floods of last year illustrated this vulnerability but these may just be the tip of the iceberg unless we arrest this global warming,” he remarked. The prime minister thanked the United Nations Secretary-General Antonio Guterres for active solidarity and mobilization of global support after the floods. He said due to its “well-established” climate vulnerability, the adaptation was a “critical” priority for Pakistan. He said Pakistan adopted the first-ever National Adaptation Plan to build climate resilience that would follow the projection and casting of interventions identified in the said Plan.
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Singh Nijjar in June in Surrey, was made on Monday, with Ottawa expelling India’s top intelligence agent over the matter. Nijjar supported a Sikh homeland in the form of an independent Khalistani state and was designated by India as a “terrorist” in July 2020. He had denied those charges, according to the World Sikh Organisation of Canada, a nonprofit
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organisation that says it defends the interests of Canadian Sikhs. Canada said it was “actively pursuing credible allegations” linking Indian government agents to the murder of the Sikh separatist leader. Meanwhile, PM Justin Trudeau said in an emergency statement to the House of Commons that any involvement of a foreign government in the killing of a Canadian citizen was “an unacceptable violation of our sovereignty”. He has also demanded that India treat with “utmost seriousness” the bombshell revelation of its probe into the murder. In response, India expelled on Tuesday a Canadian diplomat with five days’ notice to leave the country. New Delhi also dismissed the Canadian accusation as “absurd and motivated” and urged it instead to take legal action against anti-Indian elements operating from its soil. FO spokesperson Mumtaz Zahra Baloch termed “India’s assassination of a Canadian national on Canadian soil a clear violation of international law and the UN principle of state sovereignty”, according to the report. “It is also a reckless and irresponsible act that calls into question India’s reliability as a credible international partner and its claims for enhanced global responsibilities,” she added.
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Elections, reforms likely to restore investors’ confidence in Pakistan’s economy: ADB ISLAMABAD
Staff RepoRt
The Asian Development Bank (ADB) has expressed optimism regarding Pakistan’s economic prospects, highlighting that the reform programme and smooth conduct of upcoming general elections are likely to restore investor confidence in the country’s economy. The regional financial institution, in its report released on Wednesday, underscored the significance of Pakistan’s commitment to an economic adjustment programme until April 2024, which is crucial for reestablishing macroeconomic stability and facilitating the gradual resurgence of economic growth. According to the Asian Development Outlook (ADO) for September 2023, Pakistan’s gross domestic product (GDP) growth is expected to experience a modest recovery, increasing from 0.3% in FY2023 to 1.9% in FY2024, although inflationary pressures are expected to persist. However, significant downside risks to the outlook remain, including global price shocks and slower global growth. The ADB also anticipates a decrease in Pakistan’s inflation trends to 25% in FY2024 from the elevated 29.2% experienced in FY2023 in the wake of base-year effects setting in, normalisation of food supply, and a moderation in inflation expectations. “However, sharp increases in energy tariffs under the economic adjustment programme, and the continued weakening of the rupee will keep inflationary pressures elevated,” it added. Elections, reforms to boost confidence in Pakistan’s economy: ADB According to the Asian Development Bank (ADB), the gross domestic product (GDP) growth of Pakistan is expected to experience a modest recovery, reaching 1.9% in the fiscal year 2024 (spanning from July 1, 2023, to June 30, 2024), marking an improvement from the meagre 0.3% growth recorded in FY2023. This anticipated recovery will come amidst the persistence of increased price pressures, and there remain
significant downside risks to this outlook, primarily stemming from potential global price shocks and the potential for a slowdown in economic growth around the world. ADB Country Director for Pakistan Yong Ye said that the country’s economic prospects are closely tied to the steadfast and consistent implementation of policy reforms to stabilize the economy and rebuild fiscal and external buffers. “Greater fiscal discipline, a market-determined exchange rate, and speedier progress on reforms in the energy sector and state-owned enterprises are key to reviving economic growth and protecting social and development spending,” he added. Pakistan’s economy, in FY2023, has faced a series of challenges, including severe floods, global price shocks, and political instability, collectively leading to weakened economic growth and an increase in inflation. According to the ADO, the implementation of the economic adjustment programme and a smooth general election in FY2024 are expected to boost confidence, while easing import controls is likely to support investment, the ADB said. “Favourable weather conditions coupled with government initiatives such as distributing free seeds, offering subsidised credit, and providing fertilisers are projected to bolster the recovery of the agricultural sector,” the report mentioned, adding that this will have a “positive spillover effect on the industrial sector, which will benefit from improved access to essential imports.”
Govt raises Rs2.4tr against target of Rs2.3tr as yields for all tenures decline
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Participation in auction was huge as bids totaling Rs4.6 trillion were received
PROFIT
URooj ImRan
The State Bank of Pakistan (SBP) raised Rs 2.369 trillion in a treasury bill (T-bill) auction held on Wednesday against a target of Rs 2.250 trillion. Participation remained huge with SBP data showing bids totaling Rs 4.273 trillion were received. This is against debt maturity of Rs 2.43 trillion. Tenders for the sale of three-month, six-month and 12-month T-bills were invited by SBP through primary dealers on September 20, for settlement on September 21. Bids for the shortest-term bill amounted to Rs 3.855 trillion, while those for the six-month and 12-month tenures totaled Rs 364 billion and Rs 358 billion, respectively. According to the auction results shared by the SBP, the central bank was able to raise Rs 2.355 trillion through the three-month T-bills, and Rs 6 billion and Rs 8 billion through the six-month and 12month T-bills. Yields of all tenures declined from the previous auction held on September 6, when it appeared the market was expecting the policy rate to be hiked by around 200 basis points (bps). However, in a surprising move, the central bank’s Monetary Policy Committee in a meeting on September 14, decided to maintain the policy rate at 22 percent. According to today’s auction results, the cut-off yield for the three-month T-bills was 22.789 percent, down 171 bps from the yield of 24.499 percent in the last auction. Similarly, the yields for six-month and 12-month T-bills were 22.8 percent and 22.9 percent, respectively. These showed a decline of 199 bps and 217 bps compared to the cut-off yields for the September 6 auction.
How do T-bill auctions work? T-bills are short-term government securities that are issued by the government of Pakistan and distributed in the primary and secondary markets by the SBP. These highly liquid government securities have sovereign guarantees and a fixed rate of return, which is referred to as a yield. T-bills are a tool for raising short-term cash by governments. Banks are allowed to hold this security in an Investor Portfolio of Securities (IPS) account for their customers. Investors can buy these securities in a competitive auction in the secondary market, or a non-competitive auction in the primary market. On the day of the auction, primary dealers (banks and brokerage houses) offer bids for T-bills with a certain yield. This yield is determined by policy rates, market sentiment and future expectations. A certain cutoff yield is announced that renders all the bids below that rate as accepted. The dealer pays the SBP a discounted amount for the bill, which is returned in full at maturity factoring in the yield of the T-bills.