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Rs 15.00 | Vol XIV No 84 I 8 Pages I Islamabad Edition
NEW YORK
STAFF REPORT
RIME Minister Anwaarul Haq Kakar on Friday urged the world to counter all forms of terrorism without discrimination including Hindutva fascism in India. Addressing the 78th session of the United Nations General Assembly (UNGA) in New York, he emphasised that the approach against terrorism should encompass addressing the growing menace posed by “far-right and fascist groups, including Hindutva-inspired extremists”. Condemning the assassination of Sikh leader Hardeep Singh Nijjar on Canadian soil, attributing it to Indian agents, he declared his government’s intent to bring this matter to various international fora to reveal the true face of New Delhi. In the opening remarks of his address, PM Kakar emphasised the convergence of global leaders on a “tense and pivotal moment in history,” referring to the ongoing Russia-Ukraine conflict and simmering international tensions among major powers. “We see [the] rise of old and new military and political bloc. Geopolitics is resurging when geo-economics should have primacy,” he said. The premier reflected on the farreaching commitments forged during Thursday’s climate summit, all aimed at the realisation of sustainable development goals (SDGs). He urged for the materialisation of these commitments, emphasising the imperative of rechanneling dormant special drawing rights toward developmental initiatives, alongside the resolution of indebtedness challenges faced by 59 na-
tions entrenched in financial distress. The prime minister underscored Pakistan’s multifaceted challenges encompassing food security, fiscal stability, and energy resource availability, characterising them as a poignant exemplification of the formidable impact exerted by the confluence of the Covid-19 pandemic, global conflicts, and the pervasive effects of climate change on developing nations. In this vein, he mourned Pakistan, as one of the countries, most severely affected by the ramifications of climate change. The premier lamented the catastrophic floods of the previous year, which submerged one-third of the nation, resulting in the tragic loss of 1,700 lives, the displacement of over eight million people, the devastation of critical infrastructure, and economic losses exceeding $30 billion. “We are gratified by the commitment of over $10.5 billion for the comprehensive plan for recovery, rehabilitation, reconstruction with resilience.” PM Kakar assured that the govern-
COAS, Saudi Chief of General Staff deliberate bilateral ties RAWALPINDI
STAFF REPORT
ment remained steadfast in its dedication to swiftly restore economic stability, bolster foreign exchange reserves and currency strength, enhance domestic revenue generation, and foster substantial domestic and international investments. On Palestine, the premier lamented the continued cycle of adversity, marked by Israeli military incursions, aerial bombardments, the expansion of settlements, and the forced eviction of Palestinians. He emphasised that the establishment of lasting peace could only be achieved through the implementation of a two-state solution. The prime minister called upon the world’s major powers to encourage India to embrace Islamabad’s proposal for mutual restraint in the deployment of strategic and conventional weaponry. He emphasised Pakistan’s steadfast commitment to fostering peaceful relations with all of its neighbouring countries. He said that peace serves as the bedrock for development and Pakistan was situated within the world’s least eco-
Finance Minister suggests listing of Govt debt securities at PSX to develop debt market PROFIT
STAFF REPORT
Chief of Army Staff (COAS) General Asim Munir met the army chief of Saudi Arabia, General Fayyadh Bin Hamed Al Ruwaili, on Friday and discussed various areas of mutual interest. According to a statement issued by the Inter-Services Public Relations (ISPR), Gen Ruwaili and his highpowered military delegation called on Gen Munir. “During the meeting, both sides deliberated upon various areas of mutual interest, bilateral cooperation including defence and security matters,” the military’s media affair wing said. It added that the delegation also met Chairman Joint Chiefs of Staff Committee General Sahir Shamshad Mirza at the Joint Staff Headquarters earlier today. The Saudi delegation’s visit to Pakistan comes days after COAS Munir had apprised the business community of Saudi Arabia’s decision to invest $25 bln in Pakistan under the Special Investment Facilitation Council (SIFC) aimed at attracting investment in the agriculture sector by offering land and ensuring exports. Earlier this year, the army chief had also visited Madina where he met the Saudi crown prince and discussed ways to improve bilateral ties between the two countries. During the visit, Gen Munir had also met Saudi Defence Minister Prince Khalid bin Salman and discussed the ways of strengthening cooperation between the two countries. The leaders had discussed military and defence cooperation, and ways to support and enhance them, along with important regional and international issues of common interest.
nomically integrated region. “We believe that regions develop together, therefore, we desire peaceful and productive relations with all neighbours, including India,” he further said. “The resolution of the Kashmir dispute is crucial to resolve all conflicts between Pakistan and India. The UN should implement its resolutions to resolve the Kashmir dispute.” He said that India is promoting extremism in the region and RSS terrorists are a threat to Muslims and Christians in India. The premier said that regional peace is linked to the establishment of peace in Afghanistan. PM Kakar said that humanitarian aid to Afghanistan must be continued. He added that outlawed Tehreek-iTaliban Pakistan (TTP) and other terrorist outfits are using Afghan soil to launch attacks on Pakistan. He said that Pakistan strongly condemns the cross-border attacks and will continue to take actions indiscriminately against all terrorist groups. PM Anwaarul Haq Kakar said due to Islamophobia, Muslims around the world are being attacked and the incidents of the Holy Quran desecration are happening. He added that the Islamophobic attacks are one of the major hurdles in global development. He also condemned the Israeli atrocities on Palestinians. “Pakistan is concerned at Israeli atrocities on Palestinians. The establishment of an independent Palestinian state is necessary for peace.” “Pakistan will fully cooperate with the UN for a peaceful world. The wars must end to bring peace and prosperity to the world.” He also demanded to devise a global anti-terrorism strategy.
The Federal Minister for Finance & Revenue Dr Shamshad Akhtar said that the securities market can play a vital role in the development of the debt market through the listing of Government debt securities on PSX. Speaking at the inauguration ceremony of the Centralized Gateway Portal, Dr Akhtar said that the issuance of securities through public auctions at PSX will facilitate retail participation, provide greater transparency, channelize savings and promote the debt market in Pakistan. The SECP, PSX and other stakeholders need to extend concerted efforts to enable efficient implementation of these reforms. The Minister formally inaugurated the Centralized Gateway Portal, a unique financial initiative simultaneously onboard investors and customers in the securities market, the NBFC sector, and the insurance industry. The CGP also offers standardized, one-time KYC requirements across different asset classes. The SECP Chairman, Akif Saeed and Badiuddin Akber, Chief Executive Officer at CDC also spoke at the launching ceremony. She highlighted that one of the key issues undermining the growth of capital markets is the lack of liquidity which is directly attributable to the small number of investors. She believes that the Centralized Gateway Portal can provide the impetus for the much-needed growth of our investor base. Dr Shamshad appreciated that the CGP provides immense opportunities to investors and great convenience to market intermediaries by removing duplications and streamlining the customer onboarding process. She appreciated SECP for its efforts and constructive reforms for facilitating investors’ onboarding, with the potential of trans-
forming the landscape of Pakistan’s capital markets. However, Shamshad said the successful launch of the CGP should not be deemed the end of this project. Having developed this promising digital platform, we are now faced with the critical part of realizing the potential it offers. This requires focused marketing efforts and promotion on the part of the PSX and other stakeholders like brokers, insurance companies and AMCs, she added. Attracting new investors in the capital market should be one of our primary objectives going forward, which requires coordinated efforts from all Capital Market Infrastructure Institutions (CMIIs), as well as the market intermediaries, especially the brokerage houses, under the guidance of SECP. In addition to the demand-side aspects linked to market liquidity, she suggested concentrating on the supply side simultaneously. In this regard, it is vital to channel efforts towards increasing the number of Initial Public Offerings (IPOs) on Pakistan Stock Exchange (PSX). A greater supply of securities in the market shall enhance liquidity, enabling the generation of higher trade volumes. She asked the SECP and PSX to work aggressively for creating awareness, making the listing process efficient and facilitating businesses in utilizing the stock exchange for capital formation. PSX should maintain an IPO pipeline to ensure maximum results and again targets should be assigned in consultation with the CTIs. Dr Shamshad asked the SECP and Capital market institutions to collectively review the costs of investing in the capital market, particularly to ensure that maintaining an account is not expensive enough to disincentivize small investors. She emphasized on keeping digitalization with international trends. She said it is important to attract entrants in the newly created sub-category of online-only brokers, with the aim to drive greater competition in the industry.
LONDON
STAFF REPORT
Former prime minister and Pakistan Muslim LeagueNawaz (PML-N) supremo Nawaz Sharif has said that Pakistan will not be able to move forward until all the characters of the conspiracy hatched in 2017 against his government are brought to justice. During a meeting with his brother, former prime minister Shahbaz Sharif, former finance minister Ishaq Dar, and his daughter Maryam Nawaz, among other party leaders in London, Nawaz asserted that the 2017 conspiracy had pushed Pakistan to the brink of ruin and imposed a group of individuals he described as “swindlers” on the nation. Sharif once again criticised various key figures, including former army chief Gen (r) Bajwa, ex-ISI chief Gen Faiz Hameed, former chief justice Saqib Nisar, Justice Asif Saeed Khosa, Justice Azmat Saeed, and Justice Ijazul Ahsan, as “criminals of Pakistan”. The three-time prime minister’s assertion that Pakistan cannot move forward until all those involved in the alleged conspiracy are brought to justice has added a new dimension to the already complex political climate in the country. Sharif’s comments have ignited discussions regarding the legal implications and potential repercussions of these claims. However, the PML-N leadership has remained tightlipped about the reasons behind Shehbaz Sharif’s abrupt departure to London shortly after his return to Pakistan. This sudden move has fueled rumours of a possible change in Nawaz Sharif’s travel plans, leaving many within and outside the party questioning the true purpose of this unscheduled meeting. Party leaders in Lahore have attempted to quell speculation by stating that there have been no alterations to Nawaz Sharif’s planned return to Pakistan on October 21. They maintain that preparations to welcome their leader are ongoing as scheduled. Nevertheless, some party insiders have raised concerns and speculations about the motive behind Shehbaz Sharif’s swift return to London. One Member of the National Assembly (MNA) from Punjab suggested that Shehbaz might have departed to convey a message from influential entities within Pakistan’s power structure, although there has been no official confirmation of such communication. Another party leader speculated that the urgency of the London meeting might be related to the PML-N’s legal strategy. This could involve seeking relief from the courts in light of the appointment of a new chief justice and a potential willingness of the establishment to engage in reconciliation. Adding a further layer of complexity to the situation, there have been rumours of former PML-N members contemplating the formation of a new political party, which has added to the intrigue surrounding the party’s internal dynamics.
No change in Nawaz Sharif’s homecoming plan: Shehbaz LONDON
STAFF REPORT
Pakistan Muslim League-Nawaz (PML-N) President Shehbaz Sharif has said that he had arrived in London to discuss his brother Nawaz’s legal and political steps ahead of his arrival in Pakistan on October 21. The former prime minister spoke to the media after holding important talks, attended by Nawaz Sharif, Maryam Nawaz, Ishaq Dar, Talal Chaudhary and others at the Stanhope House in the British capital. Both Maryam and Shehbaz had reached London late on Thursday night. Shehbaz made it clear that there was “zero substance” in the speculations that were going rounds that he had rushed to London, days after reaching Lahore, with “a special message” for his elder brother. The reports had suggested that he had a “special meeting in Gujranwala” earlier this week where he had received that message. The former prime minister said he was in London on Nawaz’s instructions to discuss important matters including the next legal, administrative and political steps of the Sharif family and the PML-N and “we have made decisions”. He added that the reports were false and speculative. "Nawaz Sharif will return to a resounding welcome in Lahore and then address the nation at a rally at Minar-e-Pakistan where he will present the party's plan to tackle poverty, unemployment and improve the economic situation.
PML-N backed Gen Bajwa’s extension to ‘get rid of fitna’: Sanaullah ISLAMABAD
STAFF REPORT
Senior Pakistan Muslim League-Nawaz (PML-N) leader Rana Sanaullah on Friday said that his party had supported the extension for former army chief Gen (retd) Qamar Javed Bajwa to tackle the political onslaught by Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan. “Some decisions are part of a strategy as per the requirements of that time and this [Gen Bajwa’s extension] was one such decision,” he said during an interview with a private TV channel. He termed the decision to support Gen Bajwa’s extension in 2020 as a tactical manoeuvre by the party to combat what he referred to as the “fitna” or anarchy being inflicted upon the nation. This marked Sanaullah’s second consecutive public denunciation of the former military leadership within just two days.
A day prior to this statement, he also criticised former generals Bajwa and Faiz Hameed, branding them as “national criminals” and calling for punitive measures against them. “The way the PML-N brought Gen Musharraf to justice, it will do the same to [both men],” he had said on Wednesday. Earlier, another party leader Khurram Dastgir Khan had blamed some former judges of the Supreme Court and ex-military generals for the current wave of inflation and inflated electricity bills. “The group of judges who had disqualified Nawaz Sharif in 2017 is responsible for the inflation as [the decision] dealt a blow to Pakistan’s economic stability and democracy,” PML-N’s former energy minister Khurram Dastgir Khan said. “This group was supported by (former army chief) General Bajwa and (exDG ISI) General Faiz who imposed Imran Khan on the people of Pakistan
after a long conspiracy,” Dastgir said, adding the PML-N’s track record of taking the country out of energy-related crisis was “superb”.
Nawaz Sharif had previously accused Bajwa of toppling his government, pressuring the judiciary and installing the government of Imran Khan in the 2018 elections
PTI calls for strict accountability of ‘regime change’ conspirators ISLAMABAD: Pakistan Tehreek-e-Insaf (PTI) reiterated the demand of taking to account all the malicious characters involved in the regime change conspiracy, as PML-N leader Rana Sanaullah’s confessional statement further testified and endorsed the PTI Chairman Imran Khan’s stance regarding the heinous objectives of the plot. Reacting to Rana Sanaullah’s statement regarding PML-N’s vote in support of the extension of former COAS Gen Qamar Javed Bajwa and the conspiracy against PTI elected government, PTI spokesperson termed his assertion as an endorsement of PTI Chairman’s standpoint pertaining to the heinous objectives of regime change conspiracy and heinousness the characters involved in it.
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but his younger brother, former PM Shehbaz Sharif has lauded the former army chief’s services when he bid farewell to him in November 2022.
He said that the reality of the conspiracy behind closed door against the elected democratic government in the country and the characters involved in the plot became unfurled before the nation from every angle. PTI spokesman revealed that the entire related details of the broad daylight robbery on the mandate of democracy and the people were being presented before the nation by the conspirators themselves one after another. He recalled that the defense minister of the then PDM government had openly and explicitly admitted that the undemocratic and non-political elements were engaged in conspiracies against the elected PTI government from the day one. PTI spokesperson went on to say that “The Intercept” published the content of the secret message sent by the Pakistani ambassador to the United States exposed the factors behind the regime change conspiracy to the world. He lamented that despite the strong insistence of the former prime minister, a high-level judicial inquiry of the conspiracy was avoided under a well-conceived scheme in order to shield the conspirators and facilitators. STAFF REPORT