In partnership with
Profit
PM REITERATES COMMITMENT TO PROGRAMME, REFORMS COMMITTED WITH IMF tuesday, 26 September, 2023 I 9 Rabi ul awal, 1445
Rs 40.00 | Vol XIV No 87 I 40 Pages I Islamabad Edition
Urges UK investors to explore opportunities in financial, capital market of Pakistan g Says administrative actions g Invites overseas Pakistanis to avail strengthened rupee against dollar great investment opportunities
IN TODAY S ISSUE
Some readers have complained that they are not getting the magazine with their newspaper copy. Please call or WhatsApp us at the following number to register a complaint.
g
C
LONDON
Staff RepoRt
ARETAKER Prime Minister Anwaarul Haq Kakar on Monday reiterated his government’s commitment to the IMF programme by undertaking reforms committed with the international lender, inviting the British investors to explore promising investment opportunities in the financial and capital market of Pakistan. The caretaker premier’s assurance came while responding to the British investors who enquired about the continuity of the International Monetary Fund (IMF) programme in Pakistan and reform efforts from short to medium term. PM Kakar said positive indicators, including inflows from the World Bank, Asian Development Bank, and friendly nations, contributed to reduced inflation, stabilized reserves, and revival of industrial growth. The prime minister spoke about the potential for foreign direct investment in Pakistan’s key sectors and the positive impact of the Stand-By Arrangement (SBA) with the IMF, exceeding expectations and stabilizing the economy
and currency. The leaders of the notable investment firms who met the prime minister in London included Fidelity International Limited (FIL), Wellington Management, Ashmore, Jefferies International, Redwheel Capital, Switex Industrial SA, Oxford Frontier Capital, GuarantCo, JP Morgan, Kalrock Capital, and UBL UK. During the meeting, Anwaarul Kakar informed the delegation about Pakistan’s current economic landscape, highlighting government measures for external account improvement. He said that recent administrative actions strength-
After 4 months of disappearance, TV anchor Imran Riaz ‘reaches home safely’ LAHORE
Staff RepoRt
Known YouTuber and television anchor, Imran Riaz Khan — who had been missing for more than four months on Monday “returned and is now safe at home”, his lawyer Mian Ali Ashfaq and Punjab Inspector General Dr Usman Anwar confirmed. In a post on X, formerly known as Twitter, Sialkot District Police claimed that journalist and anchor Imran Riaz Khan had been safely recovered and he was now with his family. Meanwhile, the family of Imran Riaz has also confirmed his recovery. On September 20, the LHC had given the Punjab police chief a “last opportunity” to recover Riaz by September 26 (tomorrow). During the hearing, LHC Chief Justice Muhammad Ameer Bhatti had stated that his patience was “running out”. A known YouTuber and television anchor, Imran Riaz Khan was arrested on May 11, – two days after violent protests erupted across the country following ‘whisking away’ of PTI Chairman Imran Khan from Islamabad High Court’s premises on May 9. He was last known to be taken to Cantt police station after his arrest and later to the Sialkot prison. On May 15, a law officer told the Lahore High Court (LHC) that the anchorperson was released from jail after taking an undertaking in writing. Separately, his lawyer Ashfaq, said in a post on X, “By God’s special blessing, grace, and mercy, I have brought back my prince. “It took a lot of time due to the mountain of difficulties, the last limit of understanding of the matter, a weak judiciary, and the current ineffective public constitution and legal helplessness,” he said. In another post on X in the afternoon, Ashfaq shared a photo with Riaz, the latter’s first since his disappearance.
Mushahid ‘smells mother of all deals’ with PTI chief
CONTINUED ON PAGE 03
LAHORE
Staff RepoRt
Veteran politician and Senior leader of Pakistan Muslim League-Nawaz (PML-N), Senator Mushahid Hussain Syed on Monday hinted at a ‘deal’ with the incarcerated PTI chairman, saying they are ‘unable’ to handle prisoner No 804 and it seemed there would be a “Mother of all deals” with the PTI chief. In an exclusive interview with a private TV channel, Mushahid Hussain Syed, who is also heading Senate Standing Committee on Defence, responded to Western leaders’ queries about the issue between the PTI chief and the Establishment as a matter of ‘quarrel among lovers’, in which there is also a possibility of forgiveness. Mushahid Hussain Syed said Pakistan cannot bear the brunt of any other confrontation. Everyone should work for the betterment of the country. Responding to another question, Mushahid Hussain said the military establishment is ‘against’ accountability of its men by others. They have their own accountability system, he added. The lawmaker said he did not attend the London meeting, in which it was decided to support the extension to Qamar Javed Bajwa as chief of the army staff. He regretted that the PDM government gave new life to the PTI and its chief in 2022 through a no-confidence move. “He (Imran) was down….. and out, but PDM gave him a new life and now they will have to face him”, he pointed out. He advised PML-N supremo Nawaz Sharif to adopt a “generous” and “forward-looking approach” by forgiving and moving forward, cautioning against fixating on the accountability of former army generals. During the interview, the PML-N leader underscored the importance of forgiveness and moving forward, citing counsel he received from the late Nelson Mandela, who believed that generosity was a crucial trait for a statesman. He also referenced the teachings of Hazrat Ali, who advocated for a similar approach to justice and revenge.
ened the Pakistani rupee against the US dollar, fostering optimism for stability. The Interim PM also highlighted economic improvements such as reduced inflation with expected sustained decline, and upcoming growth in agriculture and industry. He mentioned improved trade after removal of restrictions on imports and fiscal measures for monetary support and mediumterm inflation targets. Kakar highlighted Pakistan’s pro-investment efforts, introducing the Special Investment Facilitation Council (SIFC).
This initiative, led by the prime minister himself, streamlines investment processes, attracts investments in key sectors, and fosters long-term growth by simplifying the business landscape. ‘Overseas Pakistanis need to avail investment opportunities’ Earlier, Caretaker Prime Minister Anwaarul Haq Kakar on Monday said that the overseas Pakistanis need to avail great investment opportunities offered by government of Pakistan. Speaking during a meeting with a delegation of prominent British Pakistani businessmen which called on him in London, he invited the diaspora businessmen to invest, especially in Special Economic Zones, to contribute to Pakistan’s economic recovery. Anwaarul Haq Kakar highlighted positive economic indicators resulting from reforms pursued by the interim government, including a strengthening Pak. Rupee, reduced inflation, and expected economic growth. The removal of import restrictions and efforts to restore the business community’s confidence are expected to further boost external accounts, he added. The interim prime minister spoke about Pakistan’s investment-friendly approach, mentioning incentives and easeof-business reforms.
No space for intolerance, extremism in Islam and society: COAS RAWALPINDI
Staff RepoRt
Chief of Army Staff (COAS) General Asim Munir on Monday expressed profound respect for the Christian community, stressing the need for promoting interfaith harmony in society to follow the Quaid’s true vision of a united and progressive Pakistan. The army chief made these remarks during a meeting with President Bishops (Church of Pakistan and Bishop of Raiwind) along with a 13-member delegation of the Christian Community who called on him at the General Headquarters, the Inter-Services Public Relations (ISPR) said in a statement. The meeting comes a month after a violent mob of hundreds ransacked and torched nearly two dozen churches, attacked the residences of members of the Christian community and the office of the local assistant commissioner in Jaranwala, sparking nationwide outrage and condemnation. COAS Munir had denounced the attacks on churches a day later and vowed no leniency for “intolerance and extreme behaviour”. “It’s imperative for the people to discern the difference between truth, half-truth, lies, misinformation and disinformation,” he had said. In a more recent development on Saturday, two human rights activists, who were part of the Christian community and had travelled from Karachi to Faisalabad, were reportedly subjected to a brief detention and alleged mistreatment by the police. In response, police countered the claims, accusing the duo of misconduct.
The incident was brought to light by lawyer and human rights activist Jibran Nasir on Friday through a series of posts on X (formerly Twitter). Today, the Christian community delegation called on the army chief and discussed matters of “mutual interest, religious and inter-faith harmony”, according to the ISPR. The COAS lauded the contributions of the Pakistani Christian community in national development, including promotion of quality education, healthcare and philanthropic services as well as their outstanding role played in defending the motherland. He said that Islam was a religion of peace and there was no space for intolerance and extremism in Islam and society. “No one can be allowed to take law in his own hands in a civilised society,” he added. The 13-member Christian delegation acknowledged the Pakistan army’s efforts in combatting terrorism and providing secure environment to minority communities in the country.
ATTENTION
Contact: 0307-7338168
High energy prices burn steel industry
irfan.farooq@pakistantoday.com.pk
g
Energy tariff increase to trigger significant steel price hike ISLAMABAD
Ghulam abbaS
As prices of electricity rise for industrial consumers along with domestic consumers, large industries are starting to feel the heat. The country’s massive steel industry is one of many facing the heat. Early on Monday a representative association of the steel sector issued a dire warning regarding an imminent surge in steel rebar prices driven by soaring energy costs. The increase in price could be a major blow to the country’s construction industry and negatively affect factory workers, labourers, and cause the loss of jobs. According a letter of Pakistan Association of Large Steel Producers (PALSP) to concerned ministries, the steel sector, a cornerstone of Pakistan’s economic infrastructure, heavily relies on electricity as a primary input, with power costs accounting for over 50% of production expenses. Escalating electricity prices have already forced several steel units to close their operations, leaving the remaining ones operating at a fraction of their capacity. PALSP has repeatedly called on the government to provide the steel industry with electricity at reduced rates, promoting maximum capacity utilization instead of incurring payments to independent power producers (IPPs) for unused electricity. The size of the steel industry in Pakistan has seen significant growth over the years. As of 2019, the steel industry in Pakistan consists of approximately 600 smaller and larger mills with a production capacity of 3.3 million tons. This production capacity accounts for 0.18 percent of the world steel production. Additionally, Pakistan’s steel industry has 20 major players in the organized sector, such as Amreli, Agha, Mughal, Frontier Foundry Steel, Razaque, Bilal, and Aitamad Steels, which collectively make up 80 percent of the2 total market share. These entities generated a combined revenue of PKR 150 billion in FY 2020. It’s worth noting that while the industry has made significant progress, there are still challenges and issues it faces, including underutilization of capacity, rising costs of utilities, energy shortages, financial difficulties, lack of raw materials, and outdated plants. ELECTRICITY WOES Despite the industry’s many cries and complaints they are only the first of many industries that will feel the burden of rising power costs. In the fiscal year 2023-24, consumers collectively face a staggering burden of Rs. 2.025 trillion in capacity charges, exacerbated by the presence of idle power plants. The industry grapples with unfavorable agreements with these power plants, stipulating that capacity charges must be paid even if government utilities fail to draw electricity from them.
CONTINUED ON PAGE 03