In partnership with
STAGE SET FOR PRESIDENTIAL ELECTION AS ACHAKZAI SEEKS DELAY IN LETTER TO ECP
Profit
Saturday, 9 March, 2024 I 27 Sha’ban, 1445
SIC’S NOMINEE SAYS PRESIDENT’S ELECTION WITHOUT RESERVE SEATS WOULD VIOLATE CONSTITUTION
T g
g
ISLAMABAD
SAYS RESERVE SEATS ISSUE IS SUB JUDICE IN PHC, HOPING FOR A FAIR DECISION FROM COURT
STAFF REPORT
HE 14th President of Pakistan will be elected on (tomorrow) with former president Asif Ali Zardari and Mahmood Khan Achakzai in the running. On the other hand, Achakzai, chief of Pakhtunkhwa Milli Awami Party (PkMAP) and presidential candidate for the Sunni Ittehad Council (SIC), has, however, penned a letter to the Election Commission, calling for the postponement of the presidential election. The development comes a day after the ruling coalition including the Pakistan Muslim LeagueNawaz and Muttahida Qaumi Movement-Pakistan (MQM-P) endorsed the Pakistan Peoples Party’s (PPP) Asif Ali Zardari’s nomination for the presidency. Asif Ali Zardari, a joint candidate of Pakistan People’s Party, PML-N and other coalition parties is contesting the presidential election against Pakhtunkhwa Milli Awami Party (PKMAP) chief Mahmood Achakzai, the candidate of the Sunni Ittehad Council. Reportedly, Asif Ali Zardari has submitted two nomination papers for the election, one in Islamabad and the other one in Karachi.
Members of the four provincial assemblies, Senate, and National Assembly will cast their votes to elect the new president, after constitutional term of Dr Arif Alvi expired on March 9. As per constitutional provisions, the Chief Election Commissioner will serve as the Returning Officer for the presidential election. Polling will take place in the National and Provincial Assemblies from 10am to 4pm. The electoral process follows the Electoral College system, requiring voters to present their National and Provincial Assembly, as well as Senate, identity cards. Votes will only be considered valid if marked with an approved marker. During the polling, presiding
officers will oversee the opening of ballot boxes in the presence of candidates or their representatives. They will scrutinize the ballot papers, reject any invalid votes, and tally the valid ones, sealing them in separate bags. Subsequently, the Presiding Officer will record the results on Form 5 and submit them to the Returning Officer, who will then transmit them to the Chief Election Commissioner for official declaration. ACHAKZAI’S LETTER TO ECP: In the letter addressed to the Election Commission of Pakistan (ECP) on Friday, Achakzai highlighted the issue of numerous vacant reserve seats in both national and provincial assemblies. He argued that proceeding with
Moody’s changes outlook to stable for banking sector g
the election without filling these seats would violate the law and the Constitution. “The election should be postponed until the electoral college is completed,” Achakzai stated firmly in his letter to the ECP. Furthermore, Achakzai revealed that the SIC has submitted an application to the Peshawar High Court regarding the matter of reserve seats. He expressed hopes for a fair decision from the court on this issue. According to the ECP schedule, polling for the presidential election will be held on Saturday from 10am to 4pm. Incumbent President Dr Arif Alvi is already on an extended tenure after completing his five-year term on Sept 9 last year. Article 44(1) of the Constitution says that the president will hold office for a term of five years from the day he assumes charge, but he continues to hold the office until a successor is chosen. Alvi is the country’s fourth democratically elected president to complete the five-year term. The three presidents before Dr Alvi who completed their full terms were Chaudhary Fazal Elahi (fifth president, from 1973 to 1978), Asif Ali Zardari (11th, from 2008 to 2013), and Mamnoon Hussain (12th, from 2013 to 2018).
VIEW COMES ON BACK OF MACRO CHALLENGES EXPECTED TO EASE IN COMING YEAR PROFIT
ZAIN NAEEM
Moody’s has changed its outlook on the banking sector to stable from negative. The rating previously had been Caa3 negative which has been revised upwards to Caa3 stable. The Caa rating still means that the sector is of poor standing and carries a substantial credit risk. In simple terms, Moody’s is saying that the credit quality of the sector is still considered to be poor, however, the outlook has become better marginally. The outlook is a view presented by the rating agencies as a predictor for the period going forward. The outlook revision is based on the solid profitability that has been seen by the banking sector and the fact that there is considerable capital and liquidity. This protects it from the macroeconomic challenges and political instability that is being experienced in the country. The buffer created means that in case of any economic or po-
litical shock, there is enough leeway in the sector to be able to absorb such a shock. The recent inflation figures are also quoted where the inflation was recorded at 29% on a year-on-year basis and it is expected to go down to 23% by the end of the year. Similarly, growth is expected to return to 2% for the year which had been much lower in 2023 due to lack of economic activity. There is still a word of caution in the report which states that banks are mostly exposed to government debt as more than half the assets of their balance sheets are made up of debt taken by the government. This means that the banks and their credit quality is dependent on the credit quality of the government. The ability to pay off its creditors is highly linked to the credibility and ability of the government to pay off its debts. Sector Snapshot The banking sector recently closed out its financial year in December with the sector posting
‘Healing Touch’: Mushahid calls for Imran’s release, allocation of reserved seats to SIC
record profits. This was due to the high margins or spread that exists between what the bank is earning on its assets and giving out to its depositors and creditors. Banks being able to access the State Bank for liquidity also means that they can acquire the funds at a much lower cost and then lend it out to the government at historically high rates. It is expected that this trend will continue in 2024. Even if interest rates fall, the banks are expected to maintain their net interest margin which will guarantee another profitable year. “The year CY23 ended with another record-high profitability year for the banking sector owing to a 600bp increase in interest rates and a +30% YoY jump in asset base. Where increasing leverage to avail the high yielding papers amid anticipation of monetary easing cycle was the theme of large asset base expansion for some banks, high deposit mobilization continued across the sector,” read a report by JS Global.
Govt committed to steer country out of economic crisis: PM
CONTINUED ON PAGE 03
MUZAFARABAD
STAFF REPORT
PML-N Senator Mushahid Hussain Sayed on Friday called for the release of former premier Imran Khan from jail, dubbing him a political prisoner and the allocation of reserved seats to the Sunni Ittehad Council (SIC), the new home of PTIbacked winning candidates. Speaking on the floor of the Senate, Hussain recalled he had called for the release of former president Asif Ali Zardari, Yousuf Gilani and Javed Hashmi during late General Pervez Musharraf’s rule, as well as of ex-premier Nawaz Sharif in 2018. “Even today, I have, first of all, demanded that Imran Khan be released. He is a political prisoner; and it should be across the board.” Noting that there was now a “new chapter” after the Feb 8 elections, the seasoned politician said there was a need for a “healing touch”. “Include everyone and give a general amnesty,” Hussain said, claiming that a “general amnesty was even given to the TTP that killed our children”.
Prime Minister Shehbaz Sharif on Friday reiterated the government’s resolve to steer the country out of the challenge of economic crisis by bringing structural reforms in the economic sector to provide maximum facilities to the people of the country. He said that the government was fully committed to increase tax to GDP ratio, tap the huge potential of natural and agriculture resources, stop smuggling, power theft, and losses of the State Owned Entities. Addressing a cheque distribution ceremony among the affected people by torrential rains and snowfall in the area, the prime minister called for setting aside all the differences in the larger national interest to work as a nation to ensure that the country was developing at a faster pace. Currently, he said the country’s tax collection target for the current fiscal year was 1.2 trillion which was not up to the true potential due to tax evasion by certain sections. He said tax evasion was one of the biggest challenge that would to be resolved to increase the country’s resources. “If we have no resources, how we will build the infrastructure of health, education and other important sectors,” he maintained.
CONTINUED ON PAGE 03
CONTINUED ON PAGE 03
ISLAMABAD
STAFF REPORT
Rs 20.00 | Vol XIV No 251 I 8 Pages I Islamabad Edition
Success of Pakistan is interlinked with success of Balochistan: COAS RAWALPINDI
STAFF REPORT
Chief of Army Staff (COAS) General Asim Munir on Friday promised the people of Balochistan that they will be supported by armed forces and law enforcement agencies for peace and prosperity in the province, said a statement issued by the Inter-Services Public Relations (ISPR). “The success of Balochistan is the success of Pakistan. The people of Pakistan are proud of the brave people of Balochistan who have stood tall against all odds. Armed Forces of Pakistan and law enforcement agencies will continue to render their services in support of the people of Balochistan for peace and prosperity,” said the army chief. The army chief made these comments during his visit to the Awaran district of Balochistan where he was briefed on the security situation of the province. According to the military’s media wing, the army chief was also informed about the efforts being taken by the Pakistan Army in the socio-economic development and agriculture potential of Balochistan. During his visit to Awaran, COAS
Munir interacted with the local elders, farmers and families of shuhada and assured them of the army’s unstinting support for their security and welfare while paying rich tribute to the sacrifices rendered by the martyred. While interacting with the notables and farmers of Awaran, the army chief emphasised the importance of agriculture and the army’s commitment to the Green Pakistan Initiative (GPI). “Farmers will be provided with all kinds of agricultural facilities, including the provision of easy agricultural loans, seeds, fertilisers, solar tube wells and guidance by agriculture experts so that they can cultivate their lands and become partners in the progress and development of Pakistan,” said the COAS. Later on, the army chief inaugurated Cadet College Awaran and interacted with faculty members and students. He also appreciated the establishment of another Cadet College in Balochistan for the people of the area. He reiterated his commitment that the Pakistan Army will continue development and relief activities in Balochistan in collaboration with the concerned civil departments. Earlier on arrival, COAS was received by Balochistan’s Corps Commander.