In partnership with
Profit
NO CONTRIBUTION FROM CENTRE FOR PUNJAB’S ELECTRICITY RELIEF, PM CLARIFIES Wednesday, 21 August, 2024 I | 15 Safar, 1446
g
Rs 20.00 | Vol XV No 52 I 8 Pages I Islamabad Edition
g CABINET APPROVES ‘PM’S SKILLS DEVELOPMENT URGES OTHER PROVINCES TO ANNOUNCE POWER RELIEF PACKAGE COMPANY’ TO GENERATE, AND MANAGE FUNDS FOR THEIR PEOPLE LIKE PUNJAB FOR TECHNICAL AND VOCATIONAL TRAINING
Meta’s VP for Asia Pacific Simon Milner meets PM Shehbaz ISLAMABAD
STAFF REPORT
P
ISLAMABAD STAFF REPORT
RIME Minister (PM) Shehbaz Sharif urged other provincial governments to follow in the footsteps of the Punjab government and announce power relief packages in their respective provinces. “The Punjab government’s package for electricity consumers, using electricity between 200 to 500 units, is from the provincial budget and there is no contribution by the federal government to it”, PM Shehbaz clarified while addressing the federal cabinet meeting on Tuesday. “Punjab government allocated Rs45 billion for the relief package for electric-
ity consumers using up to 500 units monthly,” the prime minister said and added that the federal government has no contribution to the package. The prime minister said that other provincial governments should also come forward and announce relief for the people just like the Punjab government. He said provincial governments are being provided funds through the National Finance Commission (NFC) for development projects. PM Shehbaz said that sufficient resources are available with the provincial governments for development works. PM Shehbaz asked those who are criticising the Punjab government’s package not to ‘politicise’ relief efforts. He said that the federal government in consultation with provincial govern-
ATC discharges Bushra Bibi from 12 cases of May 9 riots ISLAMABAD
STAFF REPORT
Rawalpindi's Anti-Terrorism Court (ATC) on Tuesday discharged Bushra Bibi, the wife of Pakistan Tehreeke-Insaf (PTI) founder and former prime minister Imran Khan, from 12 cases related to May 9 riots. ATC Judge Malik Ejaz Asif presided over the hearing held at Adiala Jail, where the Rawalpindi police had requested the physical remand of Bushra Bibi for further investigation into the May 9 incidents. During the hearing, the court examined the police’s request for physical remand to investigate Bushra Bibi's alleged involvement in 12 cases, including the attack on the General Headquarters (GHQ). However, after careful consideration, the court rejected the police's plea and discharged Bushra Bibi from all related cases. Barrister Salman Safdar, the counsel for Bushra Bibi, expressed satisfaction with the ATC's decision to discharge her from the cases related to May 9 events.
FDI rises by 64% to $136.3 million in July PROFIT
STAFF REPORT
Foreign Direct Investment (FDI) in Pakistan increased by 64% in the first month of the fiscal year 2025 (FY25), according to data released by the State Bank of Pakistan (SBP). The country attracted net FDI totaling $136.3 million in July 2024, up from $83.2 million in July 2023, marking a rise of $53 million. The total FDI inflows for the month stood at $198.3 million, while outflows amounted to $62 million. China was the largest source of FDI, primarily through projects related to the China-Pakistan Economic Corridor (CPEC), with investments rising from $21.2 million to $45 million in July 2024. Hong Kong and Sweden followed, contributing $44.4 million and $24.2 million, respectively. Portfolio investment also saw an increase, rising by 45.4% to reach $23.6 million in July 2024, compared to $16.3 million in the same month last year. Overall, Pakistan’s total foreign investment, including FDI, portfolio investment, and foreign public investment, surged by 189%, reaching $305 million in July 2024, up from $105.5 million in July 2023.
A five-member delegation from technology giant Meta, led by Vice President for Asia Pacific Simon Milner, met with the Prime Minister in Islamabad on Tuesday to explore potential collaboration opportunities in Information Technology (IT) and Artificial Intelligence (AI) in Pakistan. In a discussion with the delegation, the prime minister highlighted the immense potential in Pakistan’s information technology and digital media sectors. He also noted that, for the first time in the country’s history, a record budget has been allocated to promote information technology. The prime minister expressed his intention to leverage Meta’s expertise
ments is working on a comprehensive plan for reforms in different sectors of the economy. He said that the power sector, agriculture, digitalization of FBR, commerce and trade are the key focuses of the plan. The prime minister said the federal government is doing its part to
in information technology and artificial intelligence. He also instructed the relevant authorities to address and resolve all issues related to Meta’s operations in Pakistan. The Meta delegation informed the prime minister about the company’s services in Pakistan and the Asia Pacific region. They also highlighted that Meta has organized the region’s first artificial intelligence competition in Pakistan. Both sides reiterated working together for the development and promotion of digital media and artificial intelligence sectors in Pakistan. Minister of State for Information Technology and Telecom Shaza Fatima, Deputy Chairman Planning Commission Jehanzeb Khan, Tania Aidrus and relevant senior government officials participated in the meeting.
provide relief to people across the country. He mentioned the Rs 50 billion subsidy package in electricity prices to consumers across the country, using up to 200 units of electricity for three months from July to September.
Imran’s fear of military trial not mere concern, but certainty: Irfan Siddiqui ISLAMABAD
STAFF REPORT
Pakistan Muslim League-Nawaz (PML-N) leader Senator Senator Irfan Siddiqui on Tuesday claimed that PTI founder Imran Khan’s fears of being tried in a military court might be justified following the arrest of ex-spymaster Lt-Gen (retd) Faiz Hameed. “This is not mere a concern rather a certainty as the entire story revolves around the events of May 9. What happened, who was involved, where the planning took place, and which messages were sent — all of this is known,” Siddiqui elaborated on while speaking to a private television channel on Tuesday. “While others might have doubts, Khan himself has none”, he added.
CONTINUED ON PAGE 03
“The mention of [former chief justice] Saqib Nisar’s name after Faiz Hameed is significant. The continuous flow of news suggests that Saqib Nisar played a role somewhere. We have clear evidence that Faiz Hameed had a personal interest in preventing Gen Asim Munir from becoming the army chief, for which he made significant efforts.” Siddiqui further claimed that ex-CJP Saqib Nisar played a key role in destabilising the country, removing Nawaz Sharif from office, and bringing another individual to power. “His audio tapes have also surfaced, showing his influence over NAB courts to ensure Nawaz Sharif’s conviction before the elections, even ordering hearings on holidays,” Siddiqui said. Responding to a question, Sid-
diqui said, “We do not want the matter to expand so much that the person who is already in custody might escape accountability.” The senator reiterated that Faiz Hameed had a personal stake in preventing Asim Munir from becoming army chief and that he influenced the extension of General Qamar Javed Bajwa’s tenure. “On Faiz Hameed’s suggestion, Imran Khan attacked Rawalpindi on November 26. There was a motive behind it.” He also mentioned the testimony of the then Prime Minister of Azad Jammu and Kashmir, Tanveer Ilyas, who claimed that Imran Khan was asked to postpone the protest due to local elections. Khan allegedly responded, “What’s the point then? By that time, Asim Munir would already be the army chief.”
ficers from the Strategic Plans Division and Army Strategic Forces Command, as well as scientists and engineers of strategic organizations. Shaheen-II is capable of carrying both conventional and nuclear warheads up to a range of 1,500 kilometers (932 miles) The Director General Strategic Plans Division appreciated the technical prowess, dedication and commitment of scientists who contributed towards this landmark achievement. President Asif Ali Zardari, Prime Minister Shehbaz Sharif, Joint Chiefs of Staff Committee Chairman Gen. Sahir Shamshad Mirza, and
services chiefs congratulated the scientists and engineers on their achievement. Arch rivals – Pakistan and India – are among a small handful of countries with nuclear arsenals. India joined the nuclear club long before Pakistan, in 1974, prompting Islamabad to follow suit. Pakistan became a declared nuclear power after it conducted nuclear tests in response to India, which carried out a series of its own tests in 1999. Pakistan conducted six successful tests in the remote Chaghi district near the Afghanistan-Iran border, stoking fears of a nuclear war between the longtime rivals.
Pakistan conducts successful training launch of Shaheen-II ISLAMABAD
STAFF REPORT
Pakistan on Tuesday conducted a “successful” training launch of surface-to-surface ballistic missile Shaheen-II, the military said. “The training launch was aimed at training of troops, validating various technical parameters and performance evaluation of different sub-systems incorporated for improved accuracy and enhanced survivability,” the military’s media wing Inter-Services Public Relations (ISPR) said in a statement. It said that Tuesday’s training launch was witnessed by senior of-
Loan approval uncertain as Pakistan absent from IMF board’s latest agenda g
EXECUTIVE BOARD’S AUGUST 28 MEETING SCHEDULE RELEASED WITHOUT INCLUDING PAKISTAN ON AGENDA PROFIT
STAFF REPORT
The final approval of Pakistan’s $7 billion bailout package from the International Monetary Fund (IMF) remains uncertain, as the IMF Executive Board’s schedule until August 28 has been released without including Pakistan on the agenda. This omission has raised concerns about the timeline for the loan’s disbursement. However, sources indicate that the IMF Executive Board has the discretion to add agenda items outside the official schedule, leaving some room for optimism. Pakistan and the IMF signed a staff-level agreement on July 12 and Finance Minister Muhammad Aurangzeb anticicpated earlier this month that the board could approve the loan program by the end of August. Typically, after a staff-level agreement, the Executive Board meets within four to six weeks to finalize the agreement. The new IMF loan program, which is expected to span 37 months, aims to provide crucial financial support to Pakistan, stabilizing the economy, boosting foreign reserves, and addressing ongoing fiscal challenges. However, until the Executive Board formally approves the agreement, Pakistan’s financial outlook remains uncertain.
‘Good news on IPPs soon’: Leghari concedes electricity in Pakistan most expensive in region PROFIT
STAFF REPORT
Pakistan’s Federal Minister for Energy, Awais Leghari, has candidly admitted that the country has the highest electricity costs in the region. Speaking at the National Youth Convention in Islamabad, Leghari emphasized the government’s commitment to addressing these high costs, particularly through resolving ongoing issues with Independent Power Producers (IPPs). Leghari revealed that, contrary to the commonly cited figure of 45,000 MW, Pakistan’s actual power generation capacity stands at 29,000 MW. He pointed out that the nation’s year-round electricity demand is only 7,000 MW, with peak demand reaching up to 24,000 MW. The minister highlighted the financial burden of maintaining an excess capacity of 1,845 MW, which is only needed for about 85 hours each year. This surplus capacity costs the national exchequer Rs 50 billion annually. Leghari suggested that by tolerating 85 hours of load shedding spread over 40 days, the country could save these significant costs. Furthermore, he noted that enduring 874 hours of load shedding per year—roughly 10% of the year—could potentially save Pakistan up to PKR 100 billion in capacity payments, which are the costs incurred to prevent load shedding. “Capacity payments are the price we pay to avoid load shedding,” Leghari explained, reiterating the high cost of electricity in the region and underscoring the need for strategic reforms. The minister also announced that within the next one to two months, the government, in cooperation with intelligence agencies and other institutions, will unveil positive developments regarding IPP agreements. These changes are expected to benefit both the public and industrial sectors, ultimately leading to a more balanced and cost-effective energy landscape for Pakistan.
Imran urges UK PM to uphold ‘freedom and fairness’ in Pakistan’s political crisis g
IN A WRITTEN RESPONSE TO QUESTIONS FROM ITV, KHAN DETAILS HIS EXPECTATIONS FROM UK GOVT REGARDING HIS IMPRISONMENT ISLAMABAD
STAFF REPORT
Former prime minister Imran Khan, who has been incarcerated for more than a year on multiple charges, has expressed concerns about the state of democracy in Pakistan, urging the United Kingdom to take a stand for “freedom and fairness.” Speaking through his lawyers, who conveyed questions from ITV News, Khan congratulated Starmer on his recent election victory but asked him to consider a scenario where senior Labour Party members were “abducted in the dead of night” during the UK election campaign to grasp the gravity of the situation in Pakistan. Khan, who led Pakistan from 2018 until his removal in a parliamentary no-confi-
dence vote in 2022, has been imprisoned since August 2023. Although his initial sentences were overturned, new charges have kept him behind bars. Khan remains determined despite his ordeal, saying, “I am both mentally and physically prepared for the struggle ahead. True democratic change and freedom in Pakistan were never going to be easy.” He emphasised that prayers, reading, and exercise have been sources of strength during his imprisonment. Reflecting on the recent British general election, Khan urged Starmer and his cabinet to imagine if their electoral triumph was unjustly taken from them. “I urge PM Starmer and his cabinet, who assumed power through the genuine will of the people without any electoral manipulation, to imagine if their
overwhelming victory was stolen,” he said. Khan’s supporters claim that his imprisonment just six months before Pakistan’s February 2024 elections is part of a politically motivated effort to prevent his Pakistan Tehreek-e-Insaf (PTI) party from returning to power. Due to restrictions imposed by the Election Commission of Pakistan (ECP), PTI candidates had to run as independents yet managed to secure 93 seats in the National Assembly, far exceeding expectations. Khan alleges that the ruling Pakistan Muslim League (PMLN) legitimately won only a small number of seats, a claim the party denies. Describing the challenges faced by his party, Khan said, “Picture a scenario where a party that barely won 18 seats usurped your mandate, where your party symbols were
stripped, and your leaders were imprisoned or tortured until they switched allegiances or left politics altogether. Imagine homes broken into and women and children abducted in the dead of night.” He lamented that his party has been “brutally suppressed,” adding, “The people of Pakistan yearned for change, for democracy, and for the rule of law to prevail. Their votes were a cry for justice, self-determination, and freedom.” When asked whether the new British government should advocate for his release, Khan warned that the administration carried “tremendous responsibility and high expectations” on the world stage. “The world is watching them and looking to them for leadership, especially in light of the horrific situation in Gaza and the ero-
sion of democratic principles globally,” Khan remarked. “We have a collective duty to uphold the values of peace and strive for freedom and fairness for everyone. Where the UK stands in its commitment to these values will speak volumes,” he stated. Khan expressed concern over the rise of Islamophobia in the UK, saying, “Having spent much time in the UK during my cricketing days, it saddens me to see the rise of Islamophobia over the past decade. I hope the newly appointed government can curb the bigotry that has affected Muslims and people of all faiths.” The former premier also described his ‘harsh’ conditions in Rawalpindi Jail, where he claims to be confined in a small cell under constant surveillance, with no privacy.