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Friday, 20 September, 2024 I | 15 Rabi ul Awwal, 1446
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Rs 20.00 | Vol XV No 73 I 8 Pages I Islamabad Edition
Greets Chinese government, people on 75th anniversary, emphasizing China’s status as a global power and a vital partner in international affairs
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Acknowledges China’s critical role during negotiations with International Monetary Fund IMF
Pakistan to work with China for shared prosperity, global peace: President ISLAMABAD
STAFF REPORT
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ISLAMABAD STAFF REPORT
RIME Minister Muhammad Shehbaz Sharif on Thursday said the second phase of the China Pakistan Economic Corridor (CPEC) would help Pakistan transform its economy, noting the phase will enhance cooperation in various sectors, including agriculture, information technology, and mining between the “iron brothers.” “The friendship between Pakistan and China is higher than the Himalayas and deeper than the oceans,” PM Shehbaz Sharif remarked, highlighting the inseparable bond between the two nations. Prime Minister Shehbaz Sharif said while addressing an event organized by the Chinese Embassy here to commemorate China’s 75th anniversary. President Asif Ali Zardari, federal ministers, diplomats, dignitaries, and senior civil
and military officers attended the event. He congratulated the Chinese government and its citizens, emphasizing China’s status as a global power and a vital partner in international affairs. Both leaders expressed their commitment to working collaboratively towards a prosperous future for both nations, underscoring the strength and significance of the Pakistan-China friendship. In speech the premier also acknowledged China’s critical role during the negotiations with the International Monetary Fund (IMF). “We are entering into the second phase of CPEC which has huge potential of mutual cooperation in the field of agriculture, Information Technology, mines and minerals and many other important areas of mutual interests,” the prime minister said. However, he stressed the need to develop in various fields including agriculture, industry and other areas to ensure
Banking sector grows by 11.5% in H1CY24 g
Deposits increased by 11.7 percent in H1CY24 with a major impetus from savings and current deposits PROFIT
NEWS DESK
The State Bank of Pakistan (SBP) has reported that the balance sheet footing of the banking sector expanded by 11.5% during the first half (January to June) of the CY24, mainly driven by investments in government securities as the government demand for bank credit remained high. The SBP has issued the Mid-Year Performance Review of the banking sector for 2024 that covers the performance of the banking sector and financial markets as well as the results of the Systemic Risk Survey (SRS), which represents the views of independent experts about key current and potential risks to financial stability. Baking sector’s advances posted a contained growth due to the net retirements by the private sector, although long-term financing to SMEs showed some revival. Nonetheless, the decline in private sector advances was significantly lower as compared to H1CY23. On the funding side, deposits increased by 11.7 percent in H1CY24 with a major impetus from savings and current deposits. The higher pace of asset growth, however, necessitated additional funding, which kept banks’ reliance on borrowing intact. The Review notes that the asset quality profile of the sector remained satisfactory, as gross NPLs witnessed a subdued increase.
President Asif Ali Zardari on Thursday reaffirmed Pakistan’s commitment to working together with China for shared prosperity, and promoting peace and stability in the world. Highlighting the importance of the China-Pakistan Economic Corridor (CPEC), the President said that high quality development of CPEC would “help unlock greater benefits for our people, besides enhancing connectivity and prosperity of the region”. He emphasized the importance of advancing the high-quality development of CPEC to unlock greater benefits for the people of two countries. President Zardari was speaking at the “China’s National Day Reception”, hosted by the Chinese Embassy. The event marking the 75th anniversary of the founding of the People’s Republic of China, was attended by Prime Minister Shehbaz Sharif, federal ministers, dignitaries, diplomats, and senior civil and military officers.
development and prosperity in the country. He reiterated that the ongoing partnership not only fostered regional development and peace but also contributed to global stability and progress, aligning with President Xi Jinping’s vision. He also reaffirmed Pakistan’s support for China’s positions on international issues, including those related to Hong Kong and Taiwan. He expressed gratitude for the warm
President Zardari, extending the warmest felicitations to Chinese brothers and sisters on the auspicious occasion, stated that the first October marked the rebirth of a strong, united China, achieved through the heroic struggle of the Chinese people under the visionary leadership of the Communist Party. He reflected on the invaluable contributions made by the successive generations in transforming the Pakistan-China friendship into an All-Weather Strategic Cooperative Partnership. This partnership, he said, had served as a model of inter-state relations and thus become a source of inspiration and strength for both countries. China was an iron-clad brother of Pakistan and the entire nation was proud of the enduring friendship as both countries stood by each other during testing times, he added. The president hoped that China was poised to achieve significant milestones in the coming decades, which would not only bolster its development but also reshape the global landscape in politics, economics and culture in positive ways.
welcome received from President Xi Jinping and the Chinese leadership during his recent visit to China, stating that the relationship between the two countries is indestructible and inseparable. The prime minister said the government was eager to welcome the the Chinese Prime Minister who will participate in Shanghai Cooperation Organization Council of Heads of Government (SCO CHG) meeting to be held in Islamabad.
After amendment no chance of implementing SC verdict on reserved seats: NA speaker ISLAMABAD/LAHORE STAFF REPORT
Speaker National Assembly Sardar Ayaz Sadiq on Thursday wrote a letter to the Election Commission of Pakistan (ECP), stating that the Supreme Court’s verdict on reserved seats “cannot be implemented after the enactment of the Amended Election Act, 2017”. In the letter, the speaker acknowledged the apex court’s verdict, stating, “The Honourable Supreme Court of Pakistan… has directed the [ECP]… to allow successful independent candidates to join another political party months after already joining a political party as a result of the General Elections 2024”. It states that the ruling was issued on July 7, with amendments to the Elections Act, 2017 were passed into law on August 7 with presidential assent. The letter highlighted amendments to Sections 66 and 104-A in particular. According to Section 66, “Provided that if a candidate, before seeking allotment of a prescribed symbol, has not filed a declaration before the Returning Officer about
his affiliation with a particular political party by submitting party certificate from the political party confirming that he is that party’s candidate, he shall be deemed to be considered as an independent candidate and not a candidate of any political party.” In July, the SC declared Imran Khan’s Pakistan Tehreek-i-Insaf (PTI) eligible to be entitled to seats reserved for women and minorities. PTI-backed candidates, who had contested and won the February 8 elections as independents after their party was stripped of its election symbol, had joined the Sunni Ittehad Council (SIC) to form a coalition of convenience. The ECP had raised concerns about who in the PTI should be contacted for verification, given the party’s lack of structure and unrecognised intra-party elections, suggesting that the election regulator might need to seek further directions from the court. Last week, however, the SC rebuked the “misconceived” request by the ECP seeking clarification regarding its verdict and ordered the “immediate implementation” of its original directions. On the other hand, the ECP re-
mained undecided on the implementation of SC’s verdict and held a meeting to deliberate on the apex court’s judgment and its September 14 order in response to the clarification sought by the commission. Meanwhile, Section 104-A states: “Notwithstanding anything contained in this Act or rules or any other law, for the time being in force, or a judgment, decree or order of any court including the Supreme Court and a High Court, the declaration, consent or affidavit, by whatever name called, of an independent returned candidate once given for joining a political party shall be irrevocable and cannot be substituted or withdrawn.” The letter said that in the context of the Amended Election Act, which was passed after the SC verdict, the ruling on reserved seats cannot be implemented under the new law. “As the Judgement of the SC was rendered based on the law prior to the enactment of the amendment, the said judgment is now incapable of implementation.” The speaker’s letter added that the amended act would “supersede” the SC’s ruling and that the apex court recognised this decision.
Power generation drops 17% in August, capacity charges expected to rise g
Electricity generation decreased by 8.9% to 28,059 GWh in first two months of FY2024-25 PROFIT
NEWS DESK
Power generation in Pakistan declined by 17.4% year-on-year in August 2024, falling to 13,179 GWh compared to 15,959 GWh in the same period last year. Power generation also fell 11.4% on a month-onmonth basis compared to July when it recorded 14,880 GWh. This trend marks the second consecutive month of reduced energy output. For the first two months of the fiscal year (2MFY25), power generation decreased by 8.9% year-on-year to 28,059 GWh, compared to 30,798 GWh during the same period last year. This decline is expected to lead to higher capacity charges in the second quarter of FY25, as the actual power generation in August was 13.1% lower than the reference generation. The data breakdown indicates that hydel power generation fell by 10.7% year-on-year, reaching 5,362 GWh in August 2024, compared to 6,006 GWh in the same month last year. Nuclear power experienced a sharper drop of 37.6%, falling to 1,170 GWh in August 2024 from 1,874 GWh in August 2023. RLNG generation also witnessed a significant decrease, dropping by 20.8% year-on-year to 2,100 GWh from 2,652 GWh. Local and imported gas generation declined as well, with local gas recording a 21.3% year-onyear drop to 961 GWh, and imported gas decreasing by 23.1% to 680 GWh. In contrast, coal-based power generation from local sources showed a slight increase of 1.7%, producing 1,263 GWh in August 2024 compared to 1,242 GWh in the previous year. Solar power also increased by 9.9%, generating 110 GWh in August 2024, up from 100 GWh in August 2023. Fuel costs for power generation showed considerable variation, with furnace oil costs decreasing by 33.02% to Rs30.32 per kWh in August 2024. The cost of imported coal, however, rose by 13.55% to Rs25.08 per kWh, while RLNG costs dropped by 13.46% to Rs16.25 per kWh. Local gas saw a modest increase in cost, rising 5.6% to Rs12.48 per kWh in August. Overall, the average fuel cost per kWh stood at Rs7.49 in August 2024, representing an 8.72% reduction from Rs8.21 per kWh in August 2023. The decline in power generation, coupled with fuel cost fluctuations, reflects the ongoing challenges in the energy sector. The downward trend in production and increased capacity charges are expected to continue affecting the sector in the months ahead.
Pakistan rejects speculations about naval base deal with China ISLAMABAD
STAFF REPORT
Pakistan on Thursday dismissed claims that it has reached an agreement with China for the establishment of a naval base in Gwadar port, with the Foreign office spokesperson termed all such speculation completely unfounded. At the weekly briefing here on Thursday, Foreign Office Spokesperson Mumtaz Zahra Blaoch rejected all such claims, describing this speculation as completely unfounded. “There is absolutely no basis for these speculations. Pakistan, as we have said in the past, has no plans to offer bases to a foreign government or military directed against any other country," the FO spokesperson declared. She was responding to a latest report carried by an American website claiming that Pakistan had agreed to let China set up naval base in Gwadar port. The report claimed that it obtained secret documents about the alleged plan between Pakistan and China.
TTP emerging as ‘umbrella body’ for other terrorist outfits worldwide: Pakistan CONTINUED ON PAGE 03
NEW YORK
STAFF REPORT
Pakistan’s Permanent Representative cautioned against the UN Security Council “serious threat of terrorism within and from Afghanistan”, emphasising that Tehreek-iTaliban Pakistan (TTP) was fast emerging as an “umbrella organisation” with potential of causing regional destabilisation. “The Tehreek-e-Taliban (TTP), having Afghan rulers’ protection, is emerging as an umbrella organization for other terrorist groups, whose objectives, are the destabilization in the region. While some of our friends may believe they are only threatened by Daesh, they should also be concerned by the threat they could confront from a strengthened TTP in the not too distant future,” Ambassador Munir Akram warned the 15-member Council during its debate on the situation in Afghanistan. Pakistan, he said, will take national action, cooperating with regional and international organizations to eliminate TTP’s threat.
“The TTP (which we in Pakistan call Fitna Al Khawarij) is an organization of special concern to Pakistan and should be of concern to the entire region and the world,” the Pakistani envoy said, while giving details of its deadly cross-border attacks that resulted in the deaths of hundreds of civilians and soldiers. Even three years after the Taliban assumed the reins of power in Afghanistan, the situation continues to be dire and deeply concerning, Ambassador Akram said. There will be no normalization “until the fundamental issues that trouble Afghanistan are addressed — terrorism, human rights, political inclusion, illegal Afghan migration and the problem of Afghan refugees.” “Terrorism within and from Afghanistan poses the single most serious threat to the country, to the region and to the world, he said, highlighting a recent United Nations report describing TTP as “the largest terrorist group” in that country which receives growing support from Taliban rulers to conduct cross-border attacks in Pakistan.
“While the AIG is fighting ISIL-K (Daesh) – without complete success so far – other terrorist groups such as Al-Qaeda, and the TTP and others, are not only present in Afghanistan; they appear to have been provided safe havens and protection by the AIG (Afghan Interim Government).” At the same time, Ambassador Akram reaffirmed Pakistan’s dedication to supporting a peaceful and stable Afghanistan, echoing the shared aspirations of its neighboring countries and the international community for greater political inclusivity in Afghanistan. Pakistan, he said, firmly believes that such inclusivity was vital for enhancing the prospects of stability and normalization within that country. However, the Pakistan UN envoy expressed deep concern about the ongoing violations of human rights by the Afghan Interim Government (AIG), particularly against women and girls. “The AIG has not only reneged on its commitments regarding women and girls but
has exacerbated the situation by issuing new directives aimed at silencing their voices,” he stated. Ambassador Akram said Pakistan strongly condemns these actions. He said that these backward measures violate the true essence of our enlightened religion, which was among the first to uphold equal rights for both men and women. The Pakistan envoy said that while we remain committed to constructive engagement with the Taliban regime, it is clear that the regime must not be allowed to manipulate regional and international dynamics to avoid its obligations. He also expressed deep concern over the ongoing humanitarian crisis in Afghanistan, three years after the Taliban assumed power. He said that with 23.7 million Afghans in desperate need of humanitarian assistance, Pakistan urges the international community to provide aid without conditions. The Afghanistan Humanitarian Needs and Response Plan, which seeks $3.06 billion in assistance, has received less than 25%
of the required funds, he stressed. “Immediate action is needed to fully fund this plan,” the ambassador emphasized. “It is essential that all possible sources of funding are mobilized to alleviate the suffering of the Afghan people.” In addition to addressing the humanitarian crisis, Ambassador Akram reiterated Pakistan’s support for Afghanistan’s economic revival, highlighting the urgent need to revive the Afghan banking system, resolve the liquidity crisis, and create the conditions necessary for unfreezing the country’s national reserves. “Pakistan is committed to expanding trade and commercial relations with Afghanistan and remains a key partner in implementing regional infrastructure and connectivity projects that will enhance economic stability and growth in the region,” he added. The Pakistani envoy urged the AIG to comply with its international responsibilities, warning that policies fostering internal, regional, and global instability cannot continue unchecked.