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NO COMPROMISE ON SECURITY OF CHINESE WORKERS, PM ASSURES SEG CHIEF
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Thursday, 18 April, 2024 I 9 Shawwal, 1445
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URGES CHINESE FIRMS TO SWITCH POWER PLANTS FROM IMPORTED TO LOCAL COAL, INCREASE INVESTMENT IN COAL SECTOR
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ISLAMABAD
MEETS BALOCHISTAN CM, REITERATES GOVT COMMITTED TO DEVELOPMENT, PROSPERITY OF PROVINCE
STAFF REPORT
RIME Minister Muhammad Shehbaz Sharif on Wednesday assured that the government of Pakistan will make no compromise on the security of the Chinese workers in the country. Speaking during a meeting with a delegation of Shanghai Electric Group (SEG) led by Chairman Wu Lei here on Wednesday, he said that the government would ensure all possible facilitation of the Chinese investors to further expand the ongoing projects. Premier Shehbaz Sharif urged the Chinese firms to switch the power plants from imported to the local coal and increase their investment in the coal mining sector. The prime minister was briefed about the projects being executed by the Shanghai Electric Group during the meeting. Citing cordial and time-tested ties with China, Prime Minister Shehbaz said that Pakistan desired to further promote its friendly ties and strengthen economic partnership with the country. The Shanghai Electric Group was currently working on Thar Coal mine
development and a 1320MW coal power project. It was told that Shanghai Electric Group was one of the biggest firms engaged under the China Pakistan Economic Corridor in Pakistan. The Thar Coal projects executed by the Group were annually saving around $400 million. The meeting was attended by Chairman of Thar Coal Block 1 Power Generation Company Meng Donghai, Economic Affairs Minister Ahad Khan
IMF maintains Pakistan’s economic growth forecast at 2% for FY24 g
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Inflation in Pakistan will reduce to 24.8% in FY24, and slow further to 12.7% in FY25, report PROFIT
MONITORING DESK
The International Monetary Fund (IMF), in its latest World Economic Outlook report released Tuesday, projected Pakistan’s economic growth forecast at 2% for the current fiscal year, unchanged from its revised January prediction, down from an earlier estimate of 2.5%. The IMF also projected a growth rate of 3.5% for FY25, adjusted down from 3.6% forecast in October 2023. These estimates come after a quarterly review of Pakistan’s macroeconomic status under the $3 billion Stand-By Arrangement, culminating in a StaffLevel Agreement on March 20. The IMF’s growth forecast slightly exceeds the World Bank’s early April prediction of 1.8%, but falls below the Pakistani government’s target of 3.5%. The State Bank of Pakistan (SBP) anticipates a growth of between 2% and 3%. The IMF also predicted that average inflation in Pakistan will reduce to 24.8% this year from last year’s 29.2%, and slow further to 12.7% in the next fiscal year. The current account deficit is expected to rise from 0.7% of GDP last year to 1.1% this year and increase to 1.2% next year. Unemployment in Pakistan is forecasted to decline from 8.5% in the previous fiscal year to 8% this year and further to 7.5% next year. Globally, the IMF has increased its 2024 growth forecast to 3.2%, up by 0.1 percentage points from January and 0.3 points from October 2023. Despite this increase, the global economic pace remains historically low due to ongoing high borrowing costs, fiscal support withdrawal, and long-term impacts from the COVID-19 pandemic and geopolitical tensions. Global inflation is expected to decrease from 6.8% in 2023 to 5.9% in 2024 and 4.5% in 2025. The report highlights persistent economic disparities and structural challenges that hinder the movement of capital and labor to more productive sectors. The IMF notes balanced risks to the global outlook but warns of potential impacts from geopolitical tensions and high-interest rates. It emphasizes the importance of central banks achieving a smooth inflation reduction and the need for medium-term fiscal consolidation to maintain economic stability and support necessary reforms.
Rs 20.00 | Vol XIV No 289 I 8 Pages I Islamabad Edition
Cheema, Energy Minister Sardar Awais Khan Leghari, Petroleum Minister Dr Musaddik Malik, Deputy Chairman of Planning Commission Muhammad Jahanzeb and relevant senior officers. ALL-PUT MEASURES FOR DEVELOPMENT, PROSPERITY OF BALOCHISTAN Meanwhile, Prime Minister Muhammad Shehbaz Sharif reiterated that the government is committed for development and prosperity of Balochistan
province and taking all measures for the purpose. Stressing maximum utilization of the natural resources for development of the province, he said that the federal government was taking all possible steps in this connection. These views were expressed by the prime minister during a meeting with Balochistan Chief Minister Sarfraz Bugti who called on him here on Wednesday, the PM Office Media Wing said in a press release. Different matters pertaining to the province came under discussion during the meeting. The meeting was attended by Minister for Foreign Affair Ishaq Dar, Minister for Interior Syed Mohsin Naqvi, Minister for Commerce Jam Kamal and Jaffar Khan Mandokhel, a PML-N leader. Premier Shehbaz Sharif expressing his deep grief over the recent rain related losses assured that the federal government was supporting the provincial government in the rehabilitation of the affected people. He maintained that the federal government would also provide all-out support to the provincial government in the promotion of education, adding that the network of Danish Schools was being expanded to the province.
Pakistan, World Bank agree on 10-year framework plan
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WB assures full support for reforms, digitalisation to stabilise economy PROFIT
MONITORING DESK
Washington DC Finance Minister, Mr. Muhammad Aurangzeb, met with Mr. Ajay Banga, President World Bank Group. Pakistan and the World Bank have concurred on the necessity of establishing a rolling country framework plan for 10 years. According to a press statement issued by the Finance Ministry here, Federal Minister for Finance and Revenue, Muhammad Aurangzeb, met with President World Bank Group, Ajay Banga, and highlighted Pakistan’s progress under the 9-month Standby Arrangement (SBA) program and ongoing reforms in priority areas of taxation, energy and privatisation. The World Bank assured Pakistan of its full support for reforms and digitalisation programmes to stabilise the economy and enhance revenues. Meanwhile, the finance minister met with the President of the Asian Development Bank (ADB) Masatsugu Asakawa and discussed further strengthening Pakistan’s partnership with ADB, protecting the country’s envelope of concessional financing and future project pipeline. The finance minister also met with the Chief Executive Office, the US International Development Finance Corporation (DFC) Scott Nathan. During the meeting, they explored ways for the expansion of DFC’s investments in Pakistan following the amicable resolution of outstanding issues. The minister informed that the government was encouraging innovative financing models to leverage private sector investment and PPP potential. He assured that the government was committed to extending all possible support to
Army orders probe into allegations against former DG-ISI Faiz Hameed ISLAMABAD
MIAN ABRAR
The Pakistan Army on Wednesday greenlighted probe into the allegations of “misuse of authority” against former director-general of the Inter-Services Intelligence (DG-ISI) Lt-General Faiz Hameed. Gen Faiz Hameed had resigned in November 2022, almost four months before his retirement date. An informed official told Pakistan Today that a high-level inquiry committee headed by a Major-General has been constituted to carry out investigations into the allegations against the former DG-ISI. The probe committee has been directed in pursuant to the orders of the Supreme Court and in the light of the directives of the Ministry of Defence (MoD), the sources said. When contacted, a senior military officer confirmed the development, requesting not being named. It merits mention that Gen Faiz was given a clean chit by probe commission in the Faizabad Dharna case recently. However, the army decided to investigate the
former general months after an owner of a housing society accused him of illegally raiding his residence and stealing valuables. On November 8, 2023, Moeez Ahmed Khan, the owner of Top City, filed a petition in the Supreme Court in which he accused Faiz of misusing his authority. The petition filed by in the Supreme Court stated that on May 12, 2017, on the behest of Gen Faiz, ISI officials raided the top city office and his house. During the raid, valuables, including gold, diamonds and money, were seized from the house by ISI officials, the petitioner alleged. The petition also stated that Sardar Najaf, the brother of Faiz, also contacted him to resolve the issue later. The petition also claimed that Gen Faiz later personally met him to resolve the issue, in which he assured that some of the items which had been taken away by the ISI officials during the raid would be returned. However, 400 tolas of gold and cash will not be returned to him. The petitioner also alleged that the ISI officials extorted Rs4 crore cash from him. Considering the sensitivity of the matter and in view
of these serious allegations, a three-judge bench of the Supreme Court, which included Chief Justice of Pakistan Justice Qazi Faiz Isa, Justice Attar Minullah and Justice Aminuddin, heard the case. The Supreme Court observed this was a very serious matter and the serious nature of allegations may damage the image of the entire institution, therefore the matter cannot be ignored. The Supreme Court asked the attorney general to look into the matter and discuss with the relevant authorities. The Attorney General for Pakistan had assured the apex court of full cooperation and said an action will be taken according to law.
PTI blasts as NAB gives clean chit to Nawaz in Toshakhana vehicle reference ISLAMABAD
STAFF REPORT
The National Accountability Bureau (NAB) on Wednesday gave a clean chit to former prime minister Nawaz Sharif in the Toshakhana vehicle reference, while PTI leader and former adviser on accountability and interior to PM termed the decision ridiculous, saying it was an open-and-shut case. The Toshakhana is a government department that stores gifts given to rulers, parliamentarians, bureaucrats, and officials by heads of other governments, states, and foreign dignitaries. The NAB submitted a report to an Islamabad accountability court following its orders to have Nawaz join the investigation. The NAB investigation report stated
that Pakistan Muslim League–Nawaz (PML-N) supremo Nawaz Sharif did not pay the amount via a fake account to buy the vehicle from Toshakhana. According to the report, the vehicle in question was gifted to then-PM Nawaz by the government of Saudi Arabia in 1997 and was submitted in the Toshakhana. It added that later, the vehicle was included in the federal transport pool. In
2008, then-premier Gilani had offered Nawaz to buy the car, at which the latter did so from the federal transport pool and not the Toshakhana, the NAB report said. “This case may attract any other offence but it has no relevancy with the benefit of Toshakhana as the subject vehicle when purchased was not part of Toshakhana, rather than the same was part of the federal transport pool,” it said. It stated that Nawaz had not made the payment for the vehicle from a fake bank account, reiterating that the car was not a part of the Toshakhana valuables when Nawaz bought it. Subsequently, the NAB urged the accountability court to acquit or discharge the former premier from the reference. According to the case filed by NAB, then-prime minister Yousaf Raza Gilani, in order to extend illegal benefits to
Nawaz and then-president Asif Ali Zardari, allegedly allowed the retention of vehicles gifted to them by different foreign states and dignitaries by relaxing procedures related to the submission of gifts in the Toshakhana. The accused, “through dishonest and illegal means for their personal benefit and interest”, retained the vehicles in question “against a nominal payment of 15 per cent of the total value”, the reference stated. In June 2020, an accountability court had issued non-bailable arrest warrants for the PML-N supremo, who had skipped hearings because he had begun his self-imposed exile in London. Months later, Nawaz had challenged the warrants in the Islamabad High Court but withdrew the petition days later.
Misuse of X platform necessitated ban, Interior Secy tells IHC
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SHC ORDERS INTERIOR MINISTRY TO RESCIND ITS FEBRUARY 17 LETTER WITHIN A WEEK ISLAMABAD/KARACHI STAFF REPORT
The interior ministry on Wednesday informed the Islamabad High Court (IHC) that the misuse of X, formerly Twitter, necessitated the need to ban the social media platform while the Sindh High Court ordered the ministry, in a similar plea, to rescind its February 17 letter within a week. The development comes since it has been two months the services of X, formerly twitter, disrupted in the country. Interior Secretary Khurram Agha, on behalf of his ministry, submitted a report on the IHC’s orders on journalist Ehtisham Abbasi’s petition challenging the ban. IHC Chief Justice Amir Farooq presided over the hearing while Advocate Amna Ali appeared as the petitioner’s
counsel. Additional Attorney General (AAG) Munawar Iqbal Duggal was present on the state’s behalf. During the hearing, the AAG informed the court that the interior ministry had filed a report on the matter. Justice Farooq then stated that another petition had been filed on the disruption, on which he was issuing notices to the respondents and sought a reply on the new plea. Subsequently, the hearing was adjourned till May 2. Access to X has been disrupted since February 17, when former Rawalpindi commissioner Liaquat Chattha accused the chief election commissioner and chief justice of Pakistan of being involved in rigging the February 8 general elections. Rights bodies and journalists’ organisations have condemned the muzzling of social media, while internet service providers have
also lamented losses due to disruptions. The United States had also called on Pakistan to lift restrictions on social media platforms. On March 20, the interior ministry informed the Sindh High Court (SHC) that the social media platform was blocked in February pending further orders on the reports of intelligence agencies. The interior ministry’s admission came days after Information Minister Attaullah Tarar acknowledged that X was “already banned” when the new government took over the reins from the caretaker set-up, saying there was no official notification for the clampdown. At the previous hearing, the IHC had rejected a report on digital media outages and summoned the interior secretary along with documentary evidence providing the ground for the disruption of the social media app. The court had also summoned the interior secretary on April 17. “Elections have concluded. Let’s finish this now. Let the interior secretary come,
then we will see. If the secretary is unable [to give reasons], then I will summon the prime minister,” IHC Chief Justice (CJ) Aamer Farooq had warned. The report submitted by the interior ministry, said the “failure of Twitter/X to adhere to the lawful directives of the government of Pakistan and address concerns regarding the
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misuse of its platform necessitated the imposition of a ban”. Detailing the platform’s shutdown, the report said the interior ministry had on February 17 “asked for blocking of X (Twitter) immediately till further orders” on the reports of intelligence agencies. “The decision to impose a ban on Twitter/X in Pakistan was made in the interest of upholding national security, maintaining public order, and preserving the integrity of our nation,” it contended, adding that the decision was taken after considering “various confidential reports received from intelligence and security agencies of Pakistan”. “The ban on Twitter serves as a necessary step to disrupt the activities of these elements and prevent them from achieving their destructive objectives,” the report said. It noted that X was neither registered in Pakistan nor had it signed any agreement to abide by local laws.
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