In partnership with
Profit
imports PM DIRECTS FOR THIRD PARTY VALIDATION Pakistan $1.62b goods from India despite tense OF UPLIFT PROJECTS WORTH OVER RS2B relations Sunday, 25 August, 2024 I | 19 Safar, 1446
g
Rs 20.00 | Vol XV No 56 I 8 Pages I Islamabad Edition
g E-PROCUREMENT PROJECT LAUNCHED WITH SAYS GOVT TAKING STEPS TO INTRODUCE TRANSPARENT PROCEDURES WB $45M FUNDING BEING IMPLEMENTED IN FOR ALL TYPES OF PURCHASES 37 MINISTRIES, 301 PROCURING AGENCIES
PM demands immediate action on UN report on Palestinian humanitarian crisis
P
ISLAMABAD STAFF REPORT
RIME Minister Muhammad Shehbaz Sharif on Saturday directed the relevant authorities to conduct third party validation of all the development projects worth over Rs2 billion. Chairing a review meeting regarding Electronic Procurement, e-Pak Acquisition and Disposal System/e-PADS at the PM House, the prime minister directed the relevant authorities to ensure third party validation to make the grievances and concerns redressal system effective in relation to the procurement process. The grievance redressal system with respect to procurement process should
not be under the procuring agency, he said. He also directed measures for amendments in the rules and regulations in this regard. He said the government was taking measures to introduce transparent procedures for all types of government purchases. The prime minister expressed anger over delay in implementation of the project and also showed concerns over its quality. He also ordered to complete the project within a month. In the meeting, the prime minister was also briefed on e-procurement. He was told that the e-procurement project was launched by Public Procurement Regulatory Authority in 2017 with World Bank funding worth USD 45 million. The prime minister was informed that e-procurement had been imple-
Two kid, woman killed, 13 injured in Pishin explosion PISHIN
STAFF REPORT
Two children and a woman were killed on Saturday and 13 others, including two policemen sustained injuries in a blast at the main market near Surkhab Chowk in Balochistan’s Pishin district, the police and health officials said. According to state broadcaster PTV News, the blast occurred near the Pishin deputy commissioner’s office. The explosion, which occurred close to the police lines, also caused significant damage to a vehicle and a motorcycle. The attack comes days after two pedestrians were injured in a roadside explosion in Noshki district, which the police said occurred when a convoy of Frontier Crops was passing by. It is the latest in a string of attacks on police officials and checkposts, particularly in Khyber Pakhtunkhwa and Balochistan. According to a list of the casualties issued by Pishin Civil Hospital medical superintendent Dr Wakeel Sherani, two children were killed in the blast while 14 were initially injured. Thirteen of the wounded were referred to the Quetta Trauma Centre, where a woman succumbed to her wounds, according to the list issued by the hospital’s managing director Dr Arbab Kamran. Five injured people were in serious condition, two had minor injuries, the treatment of three was under way and two had been discharged from the Trauma Centre, the list stated. According to Pishin City Station House Officer (SHO) Mujibur Rehman, the two injured policemen were in critical condition. “Apparently, the explosive material was planted in a motorcycle,” SHO Rehman said, adding that as a result, three vehicles were damaged. The Counter-Terrorism Department (CTD) and the Bomb Disposal Squad reached the blast scene and collected evidence for a probe, the official said. Last month, a blast in Pishin caused by an improvised explosive device (IED) left three CTD officials and three pedestrians injured. Police officials had said the attack was aimed at a CTD vehicle carrying the department’s personnel. The same day, in a similar incident, a soldier of the Quick Response Force of the Frontier Corps South was martyred and seven others were injured in Kech district’s Buleda area. Balochistan government spokesperson Shahid Rind condemned the terrorist attacks in Pishin and Noshki, expressing sorrow over the loss of innocent lives. “Anti-society and anti-state elements do not deserve any concession,” Rind asserted. “Terrorists are targeting innocent and sinless people to achieve their nefarious goals,” he added.
ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Saturday urged the international community to take immediate action on the recent UN report by the Office for the Coordination of Humanitarian Affairs (OCHA) highlighting the forced displacement of Palestinians and food insecurity among children. The report serves as fresh evidence of Israel’s crimes against Palestinians, with the UN revealing that not a single day passes without the bloodshed of innocent Palestinians. The report also notes that Israeli forces are targeting Palestinian children, with a clear intent to eradicate the Palestinian population, the prime minister said. It has been 322 days since the genocide of Palestinians began, PM
mented in 37 ministries and 301 procuring agencies of the federal government. PPRA has so far trained some 8,988 officials of procuring agencies. Furthermore, it was told that federal government’s e-procurement volume
Shehbaz Sharif said adding that the forced evacuation of 250,000 Palestinians from their homes in the month of August was a challenge to international institutions, international conscience and international law. Furthermore, he highlighted that the pace of Israeli oppression could be gauged from the unjust eviction of 146 Palestinians from their homes in just two days. “The report of the United Nations agency confirms that on the one hand, the genocide of Palestinians with deadly weapons continues, on the other hand, hunger is being used as a weapon.” The prime minister said only one percent children in the Northern Gaza while six percent children in southern part of the city were getting food. STAFF REPORT
was about Rs1551 billion. MoUs have also been signed with the governments of Punjab, Sindh, Khyber Pakhtunkhwa and Azad Jammu and Kashmir regarding e-procurement, the meeting was informed.
g
IMPORTS PRIMARILY CONSIST OF PHARMACEUTICAL RAW MATERIALS NECESSARY FOR MANUFACTURING LIFE-SAVING DRUGS PROFIT
STAFF REPORT
Pakistan has imported goods worth $1.62 billion from its Eastern neighbor over the past five years despite strained relations between the two nations since 2019. According to documents presented by the Commerce Ministry to the Standing Committee for Trade, Pakistan imported goods valued at $380 million from India in the financial year 2019-20. This was followed by imports of $327 million in FY20-21, $352 million in FY21-22, $276 million in FY22-23, and $278 million in FY23-24. Pakistan halted trade with India in 2019 following deteriorating relations, which were exacerbated by India’s decision to revoke the special status of Jammu and Kashmir, a move that has remained a point of contention between the two nations. Commerce Ministry officials stated that the imports primarily consisted of pharmaceutical raw materials necessary for manufacturing life-saving drugs. Despite these imports, Pakistan has not exported any goods to India for the past four years. Islamabad has consistently linked the resumption of dialogue with India to the restoration of Kashmir’s special status, a condition that New Delhi has refused to entertain, considering the matter as an internal and settled issue.
Imran’s May 9 cases Govt gears up for review of might go to military Chinese IPP contracts with debt court: Barrister Malik reprofiling, coal sourcing: Leghari ISLAMABAD
STAFF REPORT
Power Minister Awais Leghari on Saturday revealed that Pakistan was embarking on a major renegotiation of its energy sector deals with China, aiming to achieve a more sustainable and cost-effective energy landscape. “The focus of this review is on two key areas – debt reprofiling and coal sourcing”, Power Minister Awais Leghari outlined during an interview with a private channel. “Pakistan has already embarked on an entire economic or power sector reform as desired by China and the IMF”, the minister stated. He said that in debt Reprofiling, Pakistan is reviewing the terms of debt repayment with Chinese Independent Power Producers (IPPs), seeking to restructure the repayment schedule to alleviate the burden on the country’s finances. “Similarly, we aim to shift
from imported coal to locally sourced coal for power generation to potentially reduce energy costs and enhancing energy security”, he went on to say. The minister emphasized that the renegotiation was aimed at achieving a mutually beneficial outcome for both Pakistan and Chinese investors, ensuring continued investment while addressing Pakistan’s needs. “The investments made by Chinese IPPs are under a government-to-government (G2G) framework, which enables this review process”, the minister pointed out, claiming the review and study were being conducted collaboratively with the Chinese government, fostering a spirit of cooperation. The minister emphasized: “The review goes beyond just IPPs, encompassing the entire power sector, including government-owned plants, ensuring a holistic approach to energy reform.”
He said that a task force with experts had been formed to conduct the study, ensuring technical expertise and a thorough analysis. “It’s going to be a win-win situation for everyone,” he underscored. “We are not beginning but have already begun the review together with the Chinese government in debt reprofiling and coal conversion to local coal.” “We are reviewing and studying the overall landscape of the power sector’s entire generation, including IPPs and governmentowned plants.” “We have already begun reviewing them (IPP contracts) from two different angles — one is debt reprofiling and the other is of the investments they made to produce energy through imported coal.” “We have begun conducting its study together with the Chinese from only these two angles. Working groups have also been established to do the same.”
ISLAMABAD: Government spokesperson for legal affairs Barrister Aqeel Malik on Saturday hinted that incarcerated PTI founder Imran Khan’s cases concerning the violence on May 9 last year might go to the military courts. In an interview with a private TV, Barrister Malik was questioned whether he thought Imran could be trialled in a military court following the arrest of former intelligence chief LtGen (retired) Faiz Hameed to which he said: “Yes absolutely.” He said the events and vandalism seen on May 9 invited the application of the Army Act since military installations were attacked and damaged. He alleged that the PTI founder orchestrated and “properly operated” the riots that took place last year. “This was premeditated. This was preplanned,” Malik said. He further said regarding military courts that “it is entirely possible that Imran Khan’s trial is held in a military court and the reason for that is because the Army Act will be applicable.” He said that a lot of people were saying that any conviction by a military could be appealed at the high court, but he added neither the high court nor the Supreme Court could entertain it. “According to the legal provisions, the appeal for the case would be taken by the military court of appeals,” Malik explained. He added that once the options of appeals were exhausted, then only the mercy appeal could be submitted to the army chief or the president as a last resort. Imran has previously claimed that there is a plan to try him in the military court. MONITORING REPORT
President Zardari visits Maulana Fazl, discusses ‘political scenario’ ISLAMABAD
STAFF REPORT
President Asif Ali Zardari visited the residence of Jamiat Ulema-e-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman in Islamabad for a meeting on Saturday. He was accompanied by Federal Interior Minister Mohsin Naqvi, according to Radio Pakistan. On the occasion, Maulana Fazlur Rehman gave President Zardari a warm welcome upon his arrival. The two leaders discussed various issues, including the current political situation in the country and matters of mutual interest, according to sources privy to the development. During the meeting, President Zardari presented Maulana Fazlur
Rehman with a rifle as a gift. JUI-F spokesperson confirmed that the meeting centred on the country’s political scenario. JUI-F leaders Maulana Abdul Ghafoor Haideri, Maulana Asad Mehmood, Aslam Ghauri, and Engineer Ziaur Rehman were also present. The meeting comes day after a delegation from Pakistan Tehreek-e-Insaf (PTI) visited Maulana Fazlur Rehman’s residence in Islamabad and sought cooperation once again. Both parties are mulling to end differences and explore possibilities of collaboration, the sources privy to the development said. During the meeting, discussions were held on the formation of committees to facilitate joint efforts. PTI reportedly re-
quested in-house cooperation within the Parliament, expressing their stance that they could give the government a tough time if the two parties worked together. In response, JUI-F representatives stated that any decision would be made only after thorough consultation within the party. Both PTI and JUI-F spokespersons addressed the media, confirming the on-
going dialogue and the formation of committees to oversee parliamentary affairs. PTI spokesperson Raoof Hasan highlighted that discussions included cooperation on important legislation within the Parliament. He added that the parties agreed to continue their talks, with the aim of working together on parliamentary matters.
Pakistan seeks additional $1.5b loan from Saudi Arabia to secure IMF bailout g
ISLAMABAD AIMS TO BRIDGE FINANCING GAP; ONGOING TALKS WITH UAE BANKS FOR FURTHER SUPPORT PROFIT
STAFF REPORT
Pakistan has requested Saudi Arabia to increase its lending by approximately $1.5 billion, adding to the existing $5 billion portfolio, to help meet the external financing requirements necessary for the International Monetary Fund’s (IMF) 37-month bailout package. The IMF requires confirmation from Pakistan’s three key bilateral partners—Saudi Arabia, China, and the UAE—regarding their $12 billion loan rollovers before its executive
board can approve the bailout package. Currently, Saudi Arabia has a $5 billion exposure to Pakistan, followed by China with $4 billion and the UAE with $3 billion. Dawn reported, citing informed sources, that Pakistan has asked Riyadh for an additional $1.5 billion, which may be provided as a bilateral commercial loan or a safe deposit. Saudi Finance Minister Mohammed Al-Jadaan has assured his Pakistani counterpart of the additional support, but the process is taking time to finalise. Meanwhile, Finance Minister Muhammad Aurangzeb and his team have begun
reaching out to commercial banks in the UAE for further financial support. They have also been in discussions with Western banks, although the offered interest rates are less favorable given the current political and economic conditions in Pakistan. The finance minister has recently held talks with the chief executives of Mashreq Bank and Dubai Islamic Bank, as well as with the Saudi finance minister. These banks are reportedly willing to provide $300-350 million each in credit for the current fiscal year, to be supplemented by sukuk bonds in the next fiscal year.
The government has also established a finance minister-led committee that includes Power Minister Awais Leghari and Minister of State Ali Pervez Malik. This committee will lead negotiations with Chinese authorities and energy sector investors, with assistance from a Chinese financial advisory firm. Last month, the government officially began the process of reprofiling over $27 billion in debt and liabilities with Saudi Arabia, China, and the UAE. The reprofiling of $12 billion is a key condition set by the IMF under the $7 billion Extended Fund Facility. Islamabad has also asked Beijing to re-
profile more than $15 billion in energy sector liabilities and to convert imported coalbased projects to local coal, aiming to ease the burden on the fiscal budget and reduce foreign exchange outflows. Pakistan’s budget for the current fiscal year includes a target of $20 billion in foreign borrowing, with an additional $3 billion rollover from the UAE for balance of payments. The government expects to raise $4 billion through foreign commercial borrowing and another $1 billion through international bonds. The IMF board is now expected to approve the bailout package in September.