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Tuesday, 30 April, 2024 I |21 Shawwal, 1445
UNDERSCORES URGENT NEED TO ADDRESS REVENUE LEAKAGES DUE TO SYSTEMIC LOOPHOLES
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RIYADH
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SAYS PAK-SAUDI ECONOMIC TIES ENTER A ‘NEW ERA’ WITH TRADE-BOOSTING STEPS AHEAD
STAFF REPORT
RIME Minister Shehbaz Sharif on Monday highlighted Pakistan’s commitment to implement deep-rooted structural reforms and meaningful austerity measures, expressing determination to address the nation’s challenges amid challenging circumstances. He was speaking at the plenary meeting of the special World Economic Forum (WEF) session on the theme of “Rejuvenating Growth”. The prime minister underscored the urgent need to address revenue leakages, citing a staggering loss of revenue due to systemic loopholes. “Our revenue sector is in tatters and what we receive annually in revenue, we lose four times due to leakages in the system. Unless we plug loopholes we will not recover from our problems in revenue collection,” he explained. PM Shehbaz identified inflation and the debt trap as critical concerns, describing the latter as a “death trap.” “Unless we tackle these issues head-on, we cannot achieve sustainable economic growth,” he added. Expressing gratitude for support from Saudi Arabia and the UK, the premier acknowledged assistance in overcoming economic challenges, particularly in sectors like health and education. “A friend in need is a friend indeed. We are grateful for the unwavering support of our allies during these trying times,” he remarked. Shehbaz lamented the state of Pakistan’s power sector, citing widespread
electricity theft and an elitist culture. “The power sector was in shambles due to massive electricity theft and an elitist culture was doling out to those who did not deserve it.”
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He highlighted significant steps taken, including the removal of underperforming high-level officers, based on credible agency input. “We are committed to ensuring accountability and effi-
ciency in our institutions,” he stated. Shifting to global concerns, PM Shehbaz emphasised the importance of permanent peace in Gaza for global stability. He received applause as he called for global efforts towards peace in the region, declaring, “The world will not be in peace unless there is a permanent peace in Gaza.” He cited the conflict in Ukraine, which led to soaring commodity prices, hampering Pakistan’s ability to import vital raw materials. He also addressed the devastating floods of 2022, which inflicted significant economic losses and required substantial relief efforts. “We faced unprecedented challenges, but through resilience and cooperation, we will emerge stronger,” he asserted.
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PM attends Special Dialogue hosted by Prince Muhammed bin Salman RIYADH
STAFF REPORT
Prime Minister Shehbaz Sharif attended the Special Dialogue and Gala Dinner on Sunday evening hosted by Saudi Crown Prince Mohammed bin Salman during the ongoing Special Meeting of the World Economic Forum (WEF) in Riyadh. During the event, the prime minister exchanged views with the crown prince on matters of bilateral interest. He congratulated the Saudi leadership on the
Pleas seeking Justice Babar Sattar’s recusal from audio leaks case disposed of ISLAMABAD
STAFF REPORT
The Islamabad High Court (IHC) disposed of on Monday pleas by federal authorities seeking the recusal of Justice Babar Sattar from the audio leaks case. Justice Sattar heard the applications and also fined the petitioners Rs0.5 million each. The petitions were submitted by the IB, FIA, PTA and PEMRA. During the hearing, the justice inquired who gave the federal agencies authority to file the pleas. “The IB, FIA, PTA and PEMRA are serious institutions, who gave them the authority to file the pleas? I will decide after listening to their arguments?” argued the judge. Additional Attorney General (AAG) Munawar Iqbal Dogal replied that the FIA requested to transfer the case to another court, as the agency had objected to Justice Sattar hearing the case as he was one of the six judges who penned a letter alleging interference in judicial matters by intelligence agencies. To this, Justice Sattar inquired what was the link between the FIA and ISI and asked if the FIA was a “proxy” of the ISI? “The judges of this court support Justice Shaukat Siddiqui’s allegations, the judges also backed the demand for a probe into the allegations, the part of the letter you read is related to the ISI and not the FIA. Does the FIA have anything to do with installing hidden cameras in judges’ houses?” The AAG, however, replied in the negative and stated that he read the mentioned portion of the letter as it discussed the role of agencies. “Is this how you will define conflict of interest,” the judge asked while referring to the pleas. “If the executive blackmails the judges, will the judges then have a conflict of interest,” Justice Sattar inquired. The court then disposed of the petitions with a fine and also hinted at contempt of court action against DG FIA. The court, expressing annoyance, sought a reply from the IB regarding who directed the bureau to file the plea and also summoned the joint DG. Expressing annoyance on the petitions, the IHC sought the IB’s reply on who directed the filing of the applications and also summoned the Joint DG IB. Justice Sattar stated that the purpose of such pleas was to influence judicial proceedings. Members of the legal faculty present in the courtroom also lauded the move by the IHC justice. The FIA, PTA, PEMRA and IB had moved the court on Saturday seeking Justice Sattar’s recusal from the case. The applications contended that another IHC bench had already issued a verdict in a similar case.
successful organisation of the WEF special meeting and the excellent arrangements by the hosts. Recalling his recent meeting in Makkah with the crown prince during his visit to Saudi Arabia in Ramazan, the prime minister thanked Crown Prince Mohammed bin Salman for sending a high-powered delegation to Pakistan led by Foreign Minister Prince Faisal bin Farhan bin Abdullah. The prime minister said that he had brought with him a high-powered delegation to Riyadh, including key minis-
ters responsible for investment, so that follow-up meetings could take place between relevant officials. The prime minister conveyed his good wishes for the health, happiness and long life of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud. In addition to bilateral ties, the regional situation, particularly the crisis in Gaza, also came under discussion. Shehbaz reiterated his invitation to Crown Prince Mohammed to undertake an official visit to Pakistan at his earliest convenience.
COAS, Turkish military chief discuss measure to enhance defence cooperation
RAWALPINDI STAFF REPORT
Commander Turkish Land Forces General Selcuk Bayraktaroglu on Monday called on Chief of Army Staff (COAS) General Syed Asim Munir at General Headquarters in Rawalpindi, the military said in a statement. During the meeting, according to Inter-Services Public Relations (ISPR), matters of mutual interest and measures to further enhance bilateral defence cooperation were discussed. Both sides expressed satisfaction over deep-rooted relations between the two countries, based on historic, cultural and religious affinity. COAS emphasised the need to further strengthen existing military-to-military cooperation between the two armed forces. The visiting dignitary appreciated the role of Pakistan army in ensuring peace and stability in the region. Earlier, on arrival at GHQ, Commander
Turkish Land Forces, laid floral wreath at the martyrs’ monument. A smartly turned out contingent of Pakistan army presented the guard of honour to the visiting dignitary. GENERAL BAYRAKTAROGLU CALLS ON CJCSC : Meanwhile, General Selcuk Bayraktaroglu, Commander Turkish Land Forces also called on General Sahir Shamshad Mirza, Chairman Joint Chiefs of Staff Committee (CJCSC), at Joint Staff Headquarters, Rawalpindi. Besides security and regional issues, matters relating to enhancing the level and scope of bilateral military engagements and cooperation were discussed. The dignitary lauded the high professionalism of Pakistan Armed Forces and acknowledged their sacrifices in fight against terrorism. Earlier, upon arrival at Joint Staff Headquarters, a smartly turned-out tri-services contingent presented ‘Guard of Honour’ to the visiting dignitary.
Fazl backs PTI’s right to hold protest demonstrations ISLAMABAD
Chief of his own faction of Jamiat Ulema-e-Islam (JUI-F), Maulana Fazlur Rehman, has spoken out in support of Pakistan Tehreek-e-Insaf’s (PTI) right to hold a rally, while also raising objections to the integrity of recent elections. Fazl’s remarks came during a session of the National Assembly chaired by Speaker Sardar Ayaz Sadiq on Monday. He affirmed, “It is the right of PTI to hold a rally. I support the demand of Asad Qaiser. We also objected to the 2018 election and we object to this (February 8 polls) one too. If 2018 poll was rigged, why the current one is not rigged today?” The session saw Asad Qaiser, the opposition leader from PTI, raising concerns regarding human rights and advocating for the party’s right to organise a rally. Following Qaiser’s address, Maulana Fazlur Rehman took the floor, stating, “The demand of Asad Qaiser is correct and it is the right of PTI to hold a rally.” He added that while talks with PTI have not yet commenced, his party harbours no opposition to them. Fazl urged a thorough examination of the country’s current situation, expressing dismay over what he perceived as a diminishing role of the establishment and bureaucracy. “The establishment and bureaucracy had no role in achieving this country… where does the bureaucracy and establishment stand today and where are the people?” He stressed the need for transparency and fairness in the electoral process, cautioning against compromises that could undermine democratic principles. Expressing dissatisfaction with the conduct of recent elections, the JUI-F chief criticised what he described as flaws in the electoral system. He remarked, “What kind of election is this where the losers are not satisfied and the winners are also upset… the winners’ own leaders are rejecting their mandate.” He drew parallels with neighbouring India, highlighting economic challenges faced by Pakistan and questioning the nation’s adherence to its Islamic identity. “Where does democracy stand today? We compromised on the original and sold our democracy… we made our ‘masters’ with our own hands… today, we cannot even make laws of our own will. Just compare India and ourselves… both countries were freed on the same day… today, they (India) are dreaming of becoming a superpower and we are on the verge of bankruptcy… the forces behind the wall that control us make decisions but it us who are humiliated in front of whole world.” He lamented the failure to implement recommendations from the Council of Islamic Ideological (CII), emphasising the importance of upholding Islamic principles. “Every individual Pakistani owes Rs300,000 debt… we’ve turned the nation into a crowd. Obtained in the name of Islam, today we have become a secular state. Since 1973, not a single recommendation of the Council of Islamic Ideological (CII) has been implemented. How can we be an Islamic country? We are begging to avoid bankruptcy and the IMF tranche is being celebrated today.” Earlier in the session, Asad Qaiser had questioned the existence of basic human rights in the country and criticised the imposition of Section 144, which restricts public gatherings. He also expressed concerns about the weakening of the assembly, comparing it unfavuorably to the Majlis-e-Shura of 1985.
IMF approves final $1.1bn tranche for Pakistan
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GLOBAL LENDER’S BOARD SUPPORTS NEW BAILOUT FOR CONTINUED ECONOMIC STABILIZATION AND STRUCTURAL REFORMS IN SOUTH ASIAN NATION PROFIT
NEWS DESK
The Executive Board of the International Monetary Fund (IMF) on Monday approved the final tranche of $1.1 billion for Pakistan under the $3 billion Standby Arrangement (SBA). The funding is the second and last tranche of a $3 billion standby arrangement with the IMF, which it secured last summer to avert a sovereign default and which runs out this month. The IMF Board supported Pakistan’s plan to pursue another bailout package to continue economic stabilization and advance structural reforms. This development came shortly after Prime
Minister Shehbaz Sharif, at the closing session of the World Economic Forum in Riyadh, described Pakistan’s debt situation as a severe challenge for his administration. The South Asian nation is seeking a new long-term, larger IMF loan. Pakistan’s Finance Minister, Muhammad Aurangzeb, has said Islamabad could secure a staff-level agreement on the new program by early July. Islamabad says it is seeking a loan over at least three years to help macroeconomic stability and execute a long-due and painful structural reforms, though Aurangzeb has declined to detail what seize of programme the country seeks. Islamabad is yet to make a formal request,
but the Fund and the government are already in discussions. If secured, it would be the 24th IMF bailout for Pakistan. The $350 billion economy faces a chronic balance of payment crisis, with nearly $24 billion to repay in debt and interest over the next fiscal year – three times more than its central bank’s foreign currency reserves. Pakistan’s finance ministry expects the economy to grow by 2.6% in the current fiscal year ending June, while average inflation is projected to stand at 24%, down from 29.2% in fiscal year 2023/2024. Inflation soared to a record high of 38% last May.
STAFF REPORT