SA ELECTS SHAH, ANTHONY AS SPEAKER, DEPUTY SPEAKER AMID PTI, JI BOYCOTT In partnership with
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Monday, 26 February, 2024 I 15 Sha’ban, 1445
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ELECTION FOR CM’S SLOT BEING HELD TODAY WITH MURAD ALI SHAH, AND ALI KHURSHEEDI IN RUN
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KARACHI STAFF REPORT
AKISTAN People’s Party’s (PPP) candidate Awais Qadir Shah was elected the 12th Speaker of the Sindh Assembly and Naveed Anthony as deputy speaker, respectively through the secret balloting held on Sunday. Out of the total 147 votes cast on Sunday, Shah secured 111 votes while his rival MQM-P’s Sofia Shah clinched 36 votes. Meanwhile, Naveed Anthony also secured 111 votes while MQM-P’s Advocate Rashid Khan won 36 votes. The development comes in the second session of the Sindh Assembly a day after as many as 147 legislators-elect of the PPP and Muttahida Qaumi Movement-Pakistan (MQM-P) were sworn in as members of the 16th provincial assembly. The outgoing speaker Agha Siraj Durrani announced the results after the conclusion of the voting process where PPP’s Awais Qadir bagged victory after securing
111 votes meanwhile his opponent MQM’s Advocate Sofia Shah secured 36 votes. Pakistan Tehreek-e-Insaf (PTI) and Jamat-e-Islami (JI) boycotted the polling for election of speaker and deputy speaker of Sindh Assembly. Later, the outgoing Sindh Assembly speaker administered oath to the newlyelected speaker Awais Qadir Shah. Syed Awais Qadir Shah was elected as MPA from PS-23 Sukkur with 69,266 votes defeating GDA’s Inayatullah who secured 21,137 votes. Earlier, Speaker Agha Siraj Durrani administered oath to elected Sindh Assembly members with PPP as the largest parliamentary group in the legislature with 114 seats. MQM-P is the next largest group in assembly with 36 members, while the Sunni Ittehad Council has nine members, GDA-3 and Jamaat Islami one seat. The PPP enjoys a comfortable majority in the house, and it doesn’t need support from any other party to get its chief minister elected. ‘Speaker pledges unbiased attitude’ Soon after taking oath, Speaker Sindh
Foreign investment in Pakistan’s equities, t-bills rises to $98m in January g
TOTAL SCRA INFLOWS FOR FIRST SEVEN MONTHS OF CURRENT FY AMOUNTED TO $324M PROFIT
NEWS DESK
The State Bank of Pakistan (SBP) reported a significant increase in foreign investments in equities and treasury bills (T-bills) for January, reaching $98 million. This marks an increase from December 2023’s $65 million, indicating growing investor interest in Pakistan’s financial markets. Investments in equities accounted for $67 million of the January total, facilitated through the Special Convertible Rupee Account (SCRA), maintaining a bullish market trend for the second consecutive month. December 2023 had seen equity investments alone at $65 million, contributing to a half-year total of $204.8 million in foreign investments. With an additional $16 million in T-bills for the same period, the cumulative investment under SCRA reached $222 million. January also saw a rise in T-bill investments to $30.6 million, attributed to a higher cut-off yield of approximately 21 percent, which proved attractive to foreign investors. Despite these positive trends, experts express caution due to political uncertainties and economic challenges facing the country. The recent general elections have added to these uncertainties, especially concerning the formation of a new government and its impact on investment stability. Bankers view the SCRA inflows as a positive development for Pakistan, suggesting that a stable government in Islamabad could further boost investor confidence.
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Assembly Syed Awais Qadir Shah pledged to show an unbiased attitude towards MPAs, irrespective of their party affiliation. He invited all the MPAs to work together for the welfare of the people. Awais also thanked his party leadership for nominating him as Speaker and expressed gratitude to people for electing him as MPA. The speaker said that it was a proud moment for him as this assembly passed a resolution for the creation of the country. “The father of the nation, Quaid-e-Azam Mohammed Ali Jinnah, sat in this assembly while Liaquat Ali Khan waved the Pakistani flag here”, he said. He said that the assembly, in line with the constitution, would complete the next five years. PTI-supported nine members take oath in SA The Sunni Ittehad Council’s (SIC) PTIsupported nine members and a Jamaat-e-Islami member took oath in Sindh Assembly on Sunday. Murad Ali Shah welcomed the members who take oath today and said, “We hope we all will play a role for betterment of the province”. People’s Party’s candidate for Speaker’s office, Awais Qadir Shah also held a meeting with the PTI’s independent members and welcomed them in the house. “Hopefully you will sit in a better environment in the house,” he added. The PPP had nominated Awais Qadir Shah as its candidate for Speaker and Naveed Anthony as Deputy Speaker for Sindh Assembly. The MQM-Pakistan has nominated Advocate Sofia Shah and Advocate Rashid Khan as the party’s candidates for speaker and deputy speaker’s offices. The election for Sindh’s chief minister will be held on Monday (tomorrow) and Murad Ali Shah is the PPP’s pick for the CM office. Sindh Assembly Secretariat has announced that the candidates for chief minister could submit their nomination papers
AWAISE QADIR SHAH INVITES ALL MPAS TO WORK TOGETHER FOR WELFARE OF PEOPLE
Maryam Nawaz ‘poised’ to become first female CM today
LAHORE: The Punjab Assembly is set to witness a one-on-one contest for the post of chief minister (CM) on Monday (tomorrow) as nomination papers of PML-N nominee Maryam Nawaz and Sunni Ittehad Council’s (SIC) Rana Aftab were declared valid after scrutiny. Sunday noon was the deadline, announced by newly-elected Punjab Assembly Speaker Malik Ahmed Khan for submission of nomination papers for the post. Malik Ahmed Khan scrutinized the nomination papers and announced the election for the coveted slot will be held in the assembly session on Monday. Maryam Nawaz, the political scion of PML-N supreme leader Nawaz Sharif, was nominated as the party’s candidate for the coveted position of the chief minister of the
from 1:00pm to 3:00pm today. The scrutiny of candidates will be completed by 6:00pm and final list of the candidates will be displayed at 7:00pm this evening. Shortly after, the election for the deputy speaker was held, which saw PPP’s Naveed emerging victorious. Naveed, who was felicitated by members of the House on his win, took his oath of office in Urdu and then pro-
country’s most populous province, Punjab. Meanwhile, PTI – at the eleventh hour – named Rana Aftab Ahmed Khan as its new candidate for the post following the provincial police’s attempt to arrest its earlier nomMian inee, Aslam Iqbal. PTI leader H a m m a d Azhar noted that party founder Imran Khan had earlier nominated Mian Aslam Iqbal for the post but heavy contingents of the police force were deployed outside the Punjab Assembly to arrest him. Citing the situation, Hammad Azhar said that the party leadership decided to nominate Rana Aftab after holding consultations with the former. Earlier, both the candidates filed nomination papers in the PA secretary’s office on Sunday afternoon and PA Secretary Chaudhry Amir Habib received the nomination papers.
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ceeded to embrace and shake hands with Shah as pro-Bhutto slogans again rang out in the hall. Once the elections were wrapped, PPP’s Murad Ali Shah congratulated the new speaker and deputy speaker. At the same time, he also sang the praises of Durrani, saying that he had served as speaker for 10 years.
CCP sanctions strategic Constitution binds President to mergers to boost Saudi summon NA session on Feb 29: Dar Pakistani steel industry collaboration
LAHORE
STAFF REPORT
Senior leader of PML-N Senator Ishaq Dar on Sunday asserted that constitutional prerogative allows the Speaker to convene the National Assembly on February 29 if President Dr Arif Alvi fails to summon a session. Addressing the media persons outside the Punjab Assembly, the former finance minister emphasised that according to constitutional mandates, a session of the National Assembly must be called within 21 days from the date of general elections, thereby underscoring the urgency of the matter. “We were thinking that the first session of the National Assembly will be held on Feb 27,” he said. “The Ministry of Parliamentary Affairs has forwarded summary for the session on February 17, but the President has yet to sign it,” Ishaq Dar said. “If President Arif Alvi didn’t sign the summary, the NA session will mandatorily be held on Feb 29,” Dar said. To a question that if Governor Khyber Pakhtunkhwa didn’t convene the provincial assembly’s session, the PML-N stalwart highlighted that this principle extends to provincial assemblies as well, clarifying that if a governor fails to summon the session of a provincial assembly, similar procedures can be followed.
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ACQUISITION PART OF STRATEGIC INITIATIVE TO CONSOLIDATE PIF'S INVESTMENTS IN STEEL INDUSTRY PROFIT
NEWS DESK
The former finance minister refrained from delving into the intricacies of economic strategies, suggesting that such discussions are better suited for more appropriate forums. Meanwhile, another PML-N leader Atta Tarar demanded the formation of a committee against President Dr Arif Alvi for ‘violating’ the constitution and his oath. Addressing a presser, Atta Tarar said that the National Assembly session has to be summoned within 21 days of the general elections. “President Dr Arif Alvi is violating the constitution and his oath by not calling the assembly session,” he added. Atta Tarar alleged that the President’s House has become a ‘hub of conspiracies’. The PML-N leader and MNA-elect from NA127 Lahore said a committee should be formed against the Pres-
ident for ‘misusing’ his powers. “If the President does not summon the National Assembly session within 21 days of the elections, the speaker can do the same,” he added while quoting the constitution. It is pertinent to mention here that despite receiving a summary from the Ministry of Parliamentary Affairs, President Alvi has not yet called a meeting of the National Assembly. The president maintained that the National Assembly is still incomplete as a decision on some reserved seats is yet to be announced. Although political parties have been granted reserved seats by the Election Commission of Pakistan (ECP), the Sunni Ittehad Council (SIC) has not received a reserved quota since independent candidates backed by the Pakistan Tehreek-eInsaf (PTI) joined their ranks.
The Competition Commission of Pakistan (CCP) has recently approved a series of mergers involving the Saudi Iron and Steel Company (Hadeed), marking a significant development in the steel industry’s landscape within Pakistan. This approval facilitates a complex restructuring process involving two entities through three distinct transaction phases, aimed at enhancing operational efficiencies and market presence in Pakistan. Hadeed, headquartered in Saudi Arabia, is recognized for its comprehensive range of steel products and its role in the Pakistani steel market through spot sales and exports via international traders. The initial phase of the transaction involved the Public Investment Fund (PIF) of Saudi Arabia, a sovereign wealth fund with diverse global investments, acquiring 100% of Hadeed’s shareholding from the Saudi Basic Industries Corporation (SABIC). This acquisition is part of a strategic initiative to consolidate PIF’s investments in the steel industry. Following this, the second phase of the transaction saw Hadeed acquiring 100% shareholding of Al Rajhi Steel Industries Company from Mohammad Bin Abdulaziz Al Rajhi & Sons Investment.
‘Water terrorism’ intensifies as India stops Ravi River water to Pakistan CONTINUED ON PAGE 03
ISLAMABAD
STAFF REPORT
India has stopped the flow of the Ravi River to Pakistan after the completion of Shahpur Kandi barrage, situated on the borders of Indian Punjab and the state of Illegally Occupied Jammu and Kashmir, as per Indian media reports. According to a report in India Today, the allotted 1,150 cusecs water of Pakistani share will now benefit the region of Indianoccupied Jammu and Kashmir (IIOJ&K). The water will be benefiting 32,000 hectares of land in the Kathua and Samba districts. India since long has been committing the water terrorism agenda against Pakistan and now executing the latest project of Shah Kandi barrage that would supposedly be used for ‘irrigation and hydro power gener-
ation’ but at the cost of blocking the water flow towards Pakistan. India already has constructed many dams like Bhakra Dam on Sutlej, Pong and Pandoh Dam on the Beas and Thein (Ranjitsagar) on the Ravi. The Indus Waters Treaty is a water-sharing agreement between India and Pakistan, arranged by the World Bank, signed on September 19, 1960. The treaty divides the rivers into two categories: Eastern Rivers (Sutlej, Beas, and Ravi) which are allocated to India, and Western Rivers (Indus, Jhelum, and Chenab) which are allocated to Pakistan. According to reports, India has marked the completion of the Shahpur Kandi Barrage on the Ravi River, stopping the water flow to Pakistan, and signifying a strategic shift in water management on February 25,
2024, according to various media reports. This long-awaited project, overcoming delays spanning over three decades, now redirects 1,150 cusecs of water towards irrigation purposes in the Kathua and Samba districts of Jammu and Kashmir. This development is reportedly going to bolster agricultural opportunities in the region while also marking a significant change in water allocation in India. This will translate into the Jammu and Kashmir region now benefitting from the 1150 cusecs of water that was previously allocated to Pakistan. The water is expected to be utilised for irrigation purposes, benefiting over 32,000 hectares of land in the Kathua and Samba districts. The Shahpur Kandi Barrage is a dam on the Ravi River in Pathankot district, Punjab, India. Previously, under the 1960 Indus Water
Treaty, a portion of the Ravi River’s water flowed into Pakistan via the Lakhanpur dam. However, the Shahpur Kandi Barrage effectively ceases this flow, allowing India to fully utilize its allocated share of the river’s resources. This move aligns with the treaty, which grants India exclusive control over the Ravi, Sutlej, and Beas rivers, while Pakistan manages the Indus, Jhelum, and Chenab. In 2018, December the Central government approved the Shahpur Kandi Dam project on the River Ravi in Punjab. The Shahpur Kandi Barrage project was incepted in the 1950s, but construction did not begin until 1992. The project was originally supposed to be completed in 2002, but it was delayed due to many factors, including funding issues, land acquisition problems, and environmental concerns. The project was finally completed in 2022.
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Indian media reported that Shahpur Kandi dam completion allows India to make maximum use of the River Ravi water previously flowing towards Pakistan from the Lakhanpur dam. It is pertinence to note that former Indian Prime Minister Narsima Rao laid the foundation stone for the Shahpur Kandi in 1995 and remained disputed for almost over four and a half years. Earlier, addressing the UN Security Council, Pakistan Permanent Representative in the United Nations Ambassador Munir Akram said Pakistan aims to reinvigorate the Indus River basin which provides food security to over 225 million people. Pakistan has called for strict implementation of the 1960 Indus Waters Treaty to address the looming water crisis. He said that to this end, Pakistan has launched the multidimensional Living Indus projects.