Profit PM, PRESIDENT XI AGREE TO UPGRADE CPEC, ADVANCE DEVELOPMENT IN SECOND PHASE In partnership with
Saturday, 8 June, 2024 I |1 Zil-Hajj, 1445
CHINESE PRESIDENT SPEAKS HIGHLY OF SINOPAKISTAN TIES, CALLS FOR CLOSER CHINA-PAKISTAN COMMUNITY WITH A SHARED FUTURE
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Rs 20.00 | Vol XIV No 339 I 8 Pages I Islamabad Edition
BEIJING
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PM SHEHBAZ ASSERTS PAKISTAN’S COMMITMENT TO FOSTERING SYNERGY BETWEEN DEVELOPMENT STRATEGIES OF TWO COUNTRIES THROUGH CLOSE COORDINATION
HINESE President Xi Jinping on Friday spoke highly of ChinaPakistan relations and called for more efforts to build a closer China-Pakistan community with a shared future in the new era during a meeting with Pakistani Prime Minister Shehbaz Sharif in Beijing. China and Pakistan are good neighbors linked by mountains and rivers, good friends who share faith and righteousness, good partners who help each other, and good brothers who share weal and woe, Xi said. The China-Pakistan all-weather strategic cooperative partnership has continuously deepened, and enjoys solid public support with a strong internal driving force and broad prospects for development, he said. Xi said China stands ready to work with Pakistan to firmly support each other, strengthen cooperation, deepen strategic coordination, accelerate the building of an even closer China-Pakistan community with a shared future in the new era, and make greater contributions to regional peace, stability, development and prosperity. Prime Minister Shehbaz Sharif and Chinese President Xi Jinping held a productive meeting on Friday, reaffirming their commitment to the high-quality development of the China-Pakistan Economic Corridor (CPEC) and the timely completion of ongoing projects. They also agreed on upgrading CPEC and advancing its second phase. The prime minister briefed President Xi on Pakistan’s policies for economic reform, industrial development, agricultural modernisation, and regional connectivity. He em-
BEIJING/ISLAMABAD STAFF REPORT
phasised the critical role CPEC plays in Pakistan’s development, asserting Pakistan’s commitment to fostering synergy between the development strategies of the two countries through close coordination. The meeting took place at the historic Great Hall of the People, with both leaders accompanied by federal ministers and senior officials. This was PM Shehbaz’s first meeting with President Xi since assuming office in 2024. The encounter was marked by traditional warmth, reflective of the strong friendship and close strategic ties between the two nations. The prime minister thanked President Xi for the warm welcome extended to him and his delegation. He recalled President Xi’s historic visit to Pakistan in 2015, which marked the formal operationalisation of CPEC, ushering in a new chapter in bilateral relations. The leaders reaffirmed the “All-Weather Strategic Cooperative Partnership” and ex-
pressed their resolve to deepen cooperation across diverse domains, including political, security, economic, trade, and people-topeople exchanges. They also discussed regional and global developments, including the situations in Afghanistan, Palestine, and South Asia, particularly the human rights situation in Indian Illegally Occupied Jammu and Kashmir (IIOJK). Both sides reiterated their longstanding support for each other’s core interests. Commending President Xi’s Belt and Road Initiative (BRI) and Global Development Initiative (GDI), Prime Minister Shehbaz highlighted CPEC’s significant contributions to Pakistan’s socio-economic development as the flagship project of BRI. He reiterated Pakistan’s commitment to ensuring the safety and security of Chinese nationals, projects, and institutions in Pakistan. The prime minister also noted that Pakistan’s agenda for people-centric socio-eco-
JCP recommends names of three judges for elevation to SC
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Pakistan, China vow to ‘protect’ CPEC from detractors
STAFF REPORT
NAMES OF SHC, LHC CHIEF JUSTICES AMONG THOSE RECOMMENDED FOR ELEVATION TO APEX COURT ISLAMABAD
STAFF REPORT
The Judicial Commission of Pakistan (JCP) in its meeting on Friday recommended the names of three high court judges for elevation to the Supreme Court for final approval by the Parliamentary Committee. The recommendations were made during a meeting of the Judicial Commission held under chairmanship of Chief Justice Qazi Faiz Isa and the three high courts’ judge will be elevated to the Supreme Court against vacant seats. During the meeting, the names of Lahore High Court Chief Justice Malik
Shahzad Ahmad, Sindh High Court Chief Justice Aqeel Abbasi, and LHC Justice Shahid Bilal have been proposed, the sources said. CJP Isa had, last month, convened the JCP meeting for deliberations over the appointment of three judges in the SC. The JCP was constituted under the 18th Constitutional Amendment mandated to appoint judges in the superior judiciary. It was tasked to consider names of nine judges, including LHC chief justice and SHC chief justice, for filling the three vacant posts in the apex court. Chaired by the CJP, the meeting was to be attended JCP members —Justice Syed
Mansoor Ali Shah, Justice Munib Akhtar, Justice Yahaya Afridi, Justice Aminud Din Khan, Justice (retd) Manzoor Ahmed Malik, Federal Minister for Law Azam Nazir Tarar, Attorney General Mansoor Usman Awan and Pakistan Bar Council representative advocate Akhtar Hussain. As per the Constitution, the actual strength of judges of the Supreme Court is 17 while at present the apex court only has 14 judges including the CJP. The three posts are to be filled after the retirement of former chief justice Umar Ata Bandial and resignations of Justice Ijazul Ahsan and Justice Syed Mazahar Ali Akbar Naqvi.
the official announcement would be made by the central committee. Addressing a press conference in Karachi later, Central Ruet-i-Hilal Committee Chairman Maulana Abdul Khabeer Azad said Eid will be celebrated on June 17 after testimonies of moon sightings were received from various cities all over the country, including Peshawar, Attock, Kohat, Mianwali, Taxila, Murree, Narowal and Lahore. “You know this is a very blessed month and the merits of these 10 days [of
Haj] have also been explained,” he said and urged people to spend the days in worship. Maulana Azad said the country was moving forward and called on the nation to unite to foil the schemes of its enemies. He also said the nation’s prayers were behind law enforcement agencies working to ensure the country’s security. A day ago, Saudi Arabia’s Supreme Court announced the sighting of the Zilhaj moon with the last month of the Islamic calendar beginning today.
Eidul Azha to be celebrated on 17th as Zilhaj moon sighted KARACHI
STAFF REPORT
The Central Ruet-e-Hilal Committee on Friday announced sighting of Zilhaj moon, saying the Eildul Azha will be observed on June 17 in Pakistan. The meeting took place at the Pakistan Meteorological Department building in Karachi with simultaneous zonal meetings in the provincial capitals and Islamabad. Officials from the Peshawar zonal meeting said the moon was spotted but
Pakistan and China on Friday reiterated their commitment to protect the ChinaPakistan Economic Corridor (CPEC) from its detractors and adversaries with Prime Minister Shehbaz Sharif assured Beijing of providing complete security to personnel working on multi-billion projects. PM Shehbaz is visiting China from June 4 to 8 at the invitation of President Xi Jinping, seeking to upgrade cooperation under the multi-billion dollar China-Pakistan Economic Corridor (CPEC), a key part of Beijing’s Belt and Road Initiative. According to a PM’s Office statement on Friday, during a meeting, the two sides discussed the significance of Gwadar as an important pillar of CPEC and agreed to expedite the timely completion of all related infrastructure projects to transform Gwadar into a regional economic hub. “They also expressed their firm commitment to protect CPEC from its detractors and adversaries and to upgrade CPEC in the form of enhanced cooperation,” the statement said. The prime minister also reaffirmed Pakistan’s unflinching resolve to ensure the safety and security of Chinese personnel and projects in Pakistan.
nomic development aligns with China’s concept of ‘shared prosperity.’ President Xi Jinping hosted a banquet in
During the talks, the two leaders discussed the entire spectrum of bilateral relations and discussed regional and global developments of mutual interest. They noted that the Pakistan-China All-Weather Strategic Cooperative Partnership was characterised by mutual trust, shared principles and strategic convergence. Premier Li congratulated Prime Minister Shehbaz on Pakistan’s election as a non-permanent member of the UN Security Council. The two leaders reaffirmed unwavering support for each other on core issues and expressed continued commitment and support for the high-quality development of CPEC. They also emphasised the timely completion of all ongoing projects with a special focus on industrial development, agriculture modernisation, Science & Technology and the development of Special Economic Zones for mutually beneficial and socio-economic development of Pakistan. The two sides agreed to maintain high-level exchanges including strengthening institutional linkages at all tiers and in all spheres of bilateral cooperation. Pakistan and China will also continue to consult closely on issues of regional and global significance and multilateral fora, especially during the two-year tenure of Pakistan as a non-member of the UNSC.
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honour of Prime Minister Shehbaz, during which another round of discussions on matters of mutual interest took place.
Nepra hikes power tariff by Rs10/unit for Karachiites
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TARIFF INCREASED ON ACCOUNT OF FCA FOR NINE MONTHS, JULY 2023 TO MAR 2024 PROFIT
AHMAD AHMADANI
Bad news for Karachiites as the National Electric Power Regulatory Authority (NEPRA) has increased the electricity price by Rs 10.1022 per unit. NEPRA has notified the power tariff hike on account of the fuel charges adjustment (FCA) for nine months, spanning from July 2023 to March 2024, and will be recovered from K-Electric (KE) consumers over four months from July to September 2024. According to the notification, KE will charge its consumers Rs 2.6761 per kilowatt hour (kWh) in June 2024, Rs 3.1057/unit in July, Rs 3.2242/unit in August, and Rs 0.9980/unit in September 2024. The increase in power tariff will apply to all consumer categories except Electric Vehicle Charging Stations (EVCS) and lifeline consumers. The adjustment will be shown separately in consumers’ bills based on units billed in the respective months to which the adjustment pertains. KE will reflect the fuel charges adjustment in the billing month according to the specified schedule. Additionally, KE must comply with court orders while implementing these adjustments. Earlier, KE had requested fuel charge adjustments (FCA) for nine months, proposing an increase in electricity prices for seven months and a reduction for the remaining two months within the period from July 2023 to March 2024. According to KE, the proposed FCA could impact customers by Rs 1.6 to Rs 2 per unit per month over nine months, compared to an average FCA of Rs 2.83 per unit
applied by other power distribution companies (DISCOs) during the same period. KE proposed three scenarios for calculating the FCA: the first scenario suggested calculating the FCA as the difference between the actual fuel cost and the reference monthly fuel cost as per the interim tariff. The second scenario proposed considering the difference between the actual and reference monthly fuel cost per the tariff petition filed by KE and currently under NEPRA’s deliberation. The third scenario proposed using the difference between actual fuel cost versus annual weighted average fuel reference costs as per the tariff petition filed by KE and currently under NEPRA’s deliberation. It’s crucial to note that FCAs are routine procedures reflecting changes in the generation mix and global fuel prices used for electricity generation. NEPRA makes and notifies final determinations regarding FCAs, preventing individual distribution companies from unilaterally determining or modifying FCAs. Pursuant to Section 31(7) of the Regulation of Generation, Transmission and Distribution of Electric Power Act, 1997, as amended by the 2011 and 2018 Acts, and following the monthly, quarterly, and annual adjustment mechanisms in the K-Electric Tariff Determination of July 5, 2018 (notified in the official Gazette via SRO No. 576(1)/2019 on May 22, 2019), the National Electric Power Regulatory Authority (NEPRA) has adjusted the approved tariff for K-Electric Limited to account for variations in fuel charges from July 2023 to March 2024. Given that these FCAs cover nine months, NEPRA has decided to stagger their recovery over four months.
President issues ordinance to restructure power distribution companies g
GOVERNMENT GAINS TEMPORARY AUTHORITY TO REMOVE BOARDS OF LOSS-MAKING DISCOS PROFIT
MONITORING DESK
President Asif Ali Zardari promulgated an ordinance to eliminate a legal barrier preventing the government from dismissing the boards of all loss-making power distribution companies (DISCOs). The State-Owned Enterprises Governance and Operations Amendment Ordinance 2024, effective from June 5, 2024, was issued a day before the National Assembly and Senate sessions. This move reflects the government’s preference for using ad hoc measures rather than introducing a bill in parliament to
amend the law. The ordinance, which can remain in effect for up to eight months with a fourmonth extension from the National Assembly, grants the government temporary legal powers to remove independent directors appointed to the boards of state-owned enterprises (SOEs). The government has amended three sections of the SOE Act 2023, which had previously hindered the implementation of Prime Minister Shehbaz Sharif’s decision to dismiss the boards of eight DISCOs. On May 2, the board nomination committee, led by Power Minister Sardar Awais Leghari, recommended the removal of di-
rectors of all 10 DISCOs. However, the PM approved the dismissal of directors from eight companies, excluding Hyderabad and Sukkur DISCOs. However, the plan to eliminate political influence from the boards of eight DISCOs faced significant pushback. The SOE Act, effective from January 2023, initially protected the three-year tenures of the boards appointed during the Pakistan Democratic Movement (PDM) government. Additionally, the government amended Section 4 of the SOE law, reducing the SOE policy’s scope by excluding performance evaluation of ex-officio and independent directors.