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‘ColleCTive efforTs To eradiCaTe polio will CerTainly bear fruiT,’ pM kiCks off anTi-polio drive Monday, 9 September, 2024 I | 4 Rabi ul Awwal, 1446
PM SHEHBAZ LAUDS FEDERAL AND PROVINCIAL OFFICIALS, POLIO WORKERS, AND SECURITY PERSONNEL FOR REMAINING STEADY IN THE FIGHT AGAINST POLIO
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ISLAMABAD
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30M KIDS UNDER AGE OF FIVE WILL BE VACCINATED AGAINST POLIO DURING CAMPAIGN TO BE CONTINUED FROM SEPT 9 TO 15
STAFF REPORT
RIME Minister Muhammad Shehbaz Sharif on Sunday reaffirmed his commitment to making Pakistan polio-free, stating that with collective efforts, the disease will be completely eradicated and prevented from re-emerging in the future, ensuring a healthier future for the nation’s children. Speaking at the ceremony after launching the 7-day polio eradication campaign, the prime minister stressed that a unified approach and collaborative efforts are crucial to successfully tackling the polio challenge and achieving a polio-free Pakistan. He expressed optimism that the federal government, in collaboration with provincial governments and partners, will succeed in completely eradicating polio from the country.
“Our efforts to eliminate polio from Pakistan will certainly bear fruit, Insha’Allah,” said the prime minister.
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The prime minister kicked of the antipolio campaign to be carried out across 115 districts of the country, for immunization of
30 million children under the age of five against this debilitating disease. From September 9 to 15, some 286,000 polio workers will go door-to-door to administer polio drops to the children. At the ceremony, the prime minister extended a warm welcome to the attendees and expressed his appreciation for the outstanding collaboration and tireless efforts of federal and provincial government staff, foot soldiers, and security officers, who have worked together seamlessly to drive the polio eradication campaign forward. The prime minister voiced his confidence that by working together with provincial chief ministers, chief secretaries, health ministers, and health secretaries, the government will successfully eliminate polio, paving the way for a polio-free future and eradicating this preventable disease in the years to come. The prime minister assured that the polio
eradication campaign is in capable hands, being led by expert teams, and expressed optimism that the federal government’s joint efforts with the provinces will ultimately lead to the disease’s eradication. He further pledged that once polio is eliminated, the government will ensure it never returns, providing a safer future for generations to come. He urged parents to ensure that their children under five receive the polio vaccine to protect them from lifelong disability. On this occasion, the prime minister personally administered polio drops to children. The ceremony was attended by Prime Minister’s Coordinator on Health Dr Mukhtar Bharath; Prime Minister’s Special Representative on Polio Eradication Ayesha Raza Farooq; representatives from the World Health Organization, UNICEF, the Gates Foundation, and the United Nations; along with other senior officials.
PTI leaders give 15-day deadline for Imran Khan's release at Sangjani rally
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HAMMAD AZHAR HINTS AT MOVEMENT AGAINST MARYAM NAWAZ IN PUNJAB; MARWAT ANNOUNCES MORE RALLIES FOR PTI FOUNDER'S RELEASE ISLAMABAD
STAFF REPORT
HE Pakistan Tehreek-eInsaf (PTI) concluded its highly-anticipated public gathering on the outskirts of Islamabad with a huge crowd from all provinces, amid violation of the NOC and clashes between workers and the police after the deadline imposed by the district administration on Sunday.
The PTI leaders staged the rally in Sangjani on the outskirts of Islamabad, demanding the release of their party’s founder Imran Khan, while criticizing the government for marginalizing PTI as police fired tear gas to disperse the crowd. The rally commenced with PTI leader Hammad Azhar addressing the high-charged crowd from across the Pakistan, asserting that the obstacles imposed by the current rulers indicated their fear of Imran Khan and
his supporters. Azhar also hinted at the initiation of a new movement in Punjab against Chief Minister Maryam Nawaz, urging party workers to "be ready." The former federal minister paid tribute to jailed PTI leaders, such as Shah Mahmood Qureshi and Umar Sarfraz Cheema, highlighting that much of PTI’s Punjab leadership is currently imprisoned. Sher Afzal Marwat echoed similar sentiments, announcing that ral-
SBP poised for another policy rate cut amid easing inflation g
SBP EXPECTED TO REDUCE RATE BY UP TO 1.5% AS INFLATION SLOWS AND ECONOMIC GROWTH GAINS FOCUS PROFIT
STAFF REPORT
Pakistan’s central bank is expected to implement a third consecutive reduction in its key policy rate during its upcoming monetary policy meeting on Friday, September 12. The anticipated cut, likely in the range of 1% to 1.5%, comes on the heels of a decline in inflation to single digits in August and aims to stimulate economic activity for the fiscal year 2024-25. Given the considerable gap between the State Bank of Pakistan’s (SBP) current policy rate and the latest inflation figures—resulting in a real interest rate of 10-11%— there is room for a more substantial reduction. Historically, Pakistan has maintained an average real interest rate of 3-5% to safeguard against unforeseen inflation spikes. Saad Hanif, Head of Research at Ismail Iqbal Securities, expects the SBP to proceed cautiously, favoring gradual cuts over aggressive
ones. He attributes this to two main factors: the SBP’s alignment with the International Monetary Fund (IMF) recommendations as Pakistan negotiates a $7 billion loan program expected in September, and concerns that a larger rate cut could deplete foreign exchange reserves, potentially weakening the rupee, which has remained stable at Rs278-279/$ for over five months. Hanif anticipates a 100 basis point (1 percentage point) reduction in the policy rate this Friday. The SBP previously cut the rate by 250 basis points between June and July, lowering it to 19.5% after maintaining a record high of 22% for a year. Hanif also cautioned that a steeper rate cut might lead businesses to increase borrowing for expansion, potentially driving up import demand and quickly eroding the country’s limited foreign exchange reserves. This could lead to rupee depreciation, with the exchange rate possibly reaching Rs295/$ by the end of the current
fiscal year, compared to the current rate of Rs278-279/$. Tahir Abbas, Head of Research at Arif Habib Limited, anticipates a 150 basis point cut, which would bring the policy rate down to 18%, a level last seen in February 2023. He points to several factors supporting this prediction, including the return of inflation to single digits after three years, improved foreign exchange reserves, controlled current account deficits, and rising largescale manufacturing (LSM) output. The government’s focus on economic growth further bolsters the case for a 150 basis point reduction. Pakistan secured a staff-level agreement with the IMF in July 2024, with official approval from the executive board expected soon. “The IMF’s commitment to fostering disinflation supports our expectation of continued monetary easing,” Abbas noted, adding that a rate reduction aligns with the IMF’s policy stance and ongoing efforts to stabilize the economy.
Local buyers of PIA seek investment safeguards and tax exemptions amid privatisation g
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PROSPECTIVE BUYERS PUSH FOR LEGAL PROTECTIONS AND TAX BREAKS, COMPLICATING PRIVATISATION PROCESS PROFIT
STAFF REPORT
Local prospective buyers of Pakistan International Airlines (PIA) have called on the government to extend the same investment protections afforded to foreign investors under an Act of Parliament. In addition, they have sought complete exemption from taxes related to air travel, fuel, and aircraft leasing, according to sources within the Privatisation Commission. During the ongoing due diligence process for PIA’s privatisation, several shortlisted parties presented their demands to the government. These demands, coupled with their refusal to accept performance benchmarks, have created challenges in advancing the privatisation transaction
smoothly, according to officials. The demands from the bidders clash with an agreement made with the International Monetary Fund (IMF), which prohibits Islamabad from offering preferential treatment to any specific group of investors, according to finance ministry officials. The government has shortlisted several entities, including Airblue, Arif Habib Corporation, Blue World City, Fly Jinnah, Pak Ethanol (Pvt) Consortium, and YB Holdings Consortium, as potential buyers for PIA. Initially, the government planned to finalise the airline’s privatisation by June-July 2024 but later extended the deadline to October 1. According to sources, the prequalified bidders are requesting that they be recognized as in-
vestors under Section 2 of the Foreign Investment Promotion and Protection Act 2022. This section defines covered investments as any asset owned or controlled by an investor that demonstrates characteristics such as capital commitment, profit expectation, and risk assumption. The law also offers immunity from various taxes and grants special legal status to investments. However, no foreign bidders have shown interest in acquiring PIA, with all six shortlisted parties being local entities. Under the IMF’s $7 billion Extended Fund Facility, the government is restricted from offering any special treatment or tax exemptions to attract investment.
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lies would soon be held in Punjab advocating for Imran Khan’s release and the supremacy of the law and Constitution. “We will enter Punjab with 50,000 people from Khyber Pakhtunkhwa within a week,” Marwat declared, adding that they would face any challenges, including tear gas, to achieve their goals. Gandapur gives 15-day deadline for release of Imran Khan Addressing the rally, PTI leader and KP chief Minister Ali Amin
Gandapur said that they will not allow the military trial of Imran Khan, asserting all cases against PTI founder had been ended. He warned that “if the government does not release Imran Khan in two weeks, then they will take him out from Adiala Jail”. He announced that PTI will hold its next rally in Lahore no matter they get NOC or not. The KP chief Minister said that May 9 was lame excuse as (they) wanted to target Imran Khan. He said he will share the details with the masses in Lahore rally. He said PTI and Pathan will come to Lahore with “band bajay and barati” (with full
preparations). Gandapur also flayed media and labeled it corrupt. The KP CM claimed the last PTI rally was adjourned by Imran Khan on their special requests. He pledged that “PTI will fight and die for Imran Khan. We will pray for the founding chairman and for Pakistan. The founding chairman is messiah for Pakistan”. KP Chief Minister also paid tribute to the workers who have come from all over the country. He said PTI founder has always talked about Pakistan. The chairman has always spoken of masses”.
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