The Financial Daily Sunday 14 January 2024
The Financial Daily Sunday 14 January 2024
The Financial Daily Sunday 14 January 2024
com
SUNDAY, JANUARY 14, 2024 Rajab ul Murajab - 2 Vol#17 Issue#142 Pages 8 Rs 20 KARACHI EDITION
as Supreme Court
Government Debt to GDP Dec-20 87 86 percent of GDP
GDP
restores ECP order
LAST PREV
allots
points
CPI
Core Inflation Rate
Apr-22 9.1 8.9 percent Justice Musarrat Hilali, symbol citing irregularities party's intra-party polls
Dec-21 161 346
GDP Deflator Apr-22 208 201
points heard the case. The hearing in the party's internal polls. under the Elections Act 2017
points
was broadcast live on the The CJP pointed out yes- or the Constitution.
lantern
Producer Prices Dec-21 1182 968 points
Export Prices
Import Prices
Dec-21 1918 1678 points apex court's website. terday that the high court in He maintained that the
to ANP The Supreme Court staff ration of its intra-party elec- party election and reiterated
office observes a
Trade LAST PREV
said the verdict will be tions. that those challenging were
Balance of Trade Apr-22 -692526 -654396 PKR Million announced at 9:30pm. As the hearing com- not party members.
Monitoring Desk
Current Account Mar-22 -4078 -5566 USD Million However, the announcement menced today, the chief jus- Zafar added that the com-
Current Account to GDP -0.6 -1.7 percent of ISLAMABAD: The Election
Exports
Jun-21
Apr-22 531692
GDP
499724 PKR Million Commission of Pakistan (ECP) was delayed and subsequent- tice said the PHC has issued mission had not mentioned
ly announced at 11:30pm. its detailed order. PTI's any irregularity in its Dec 22
Crude Oil
Price
72.514
%
0.38%
Monthly
1.33%
LHC permits PM Kakar for boosting trade
Elahi's wife
police raid on PTI
USD/Bbl
4 terrorists killed in
Danish Krone 41.3 41.7 agricultural technology, ties and facilitate coopera- Italy's economic develop-
Shoukat, said that allegations of
concealing facts in the nomina-
education as well as tion in various fields. ment.
Euro 307 310 tourism. The Italian ambassador The prime minister wished
tion papers have been made.
Hong Kong Dollar 35.99 36.34 "The accusations include not The bilateral ties were dis- thanked the prime minister the outgoing ambassador
operations in the KP
The lawyer emphasised that
Swedish Korona 27.47 27.77 "according to the law, every-
thing is stated in the papers,
187.89
TT & OD
188.39
The Inter-Services Public Relations
(ISPR) disclosed that an intelligence-
conducted by security forces and the
police in the Kulachi area of Dera missiles, Pakistan.
Talking to a German dele-
ated the METRO Group for
their investment in Pakistan.
expand the business activi-
ties in the country.
based operation took place in the Mir Ismail Khan district, two additional
Canadian Dollar 209.52 210.02 Ali area of North Waziristan district. terrorists met their end, the
See#17 Page7
drones, says gation of international food
wholesaler, METRO
The delegation briefed the
president about business
Besides, the delegation was
of the view that Pakistan
China Yuan 39.09 39.19 In the course of this operation, a sig- Group, led by its CEO Dr and investment of the was an attractive destination
air force Steffen Greubel here at METRO Group in Pakistan. for business, investment and
Pakistan-Afghan trade
Danish Krone 41.21 41.31
Aiwan-e-Sadr, the president The delegation told that tourism. - APP
Euro 306.56 307.16 Monitoring Desk
ISLAMABAD: Ukraine suf-
Hong Kong Dollar 35.85 35.95 fered a large Russian missile
Japanese Yen
Saudi Riyal
1.91
74.81
1.94
74.96
at the Torkham border attack in the early hours of
Saturday, while its air defences
were able to down a far lower
internship program
against illegal stockists/distrib-
technology as key to
Rangoonwala by 34 runs at
KCCA Stadium. Medicam
Group 180 all out in 38.1
overs. Ali Butt 51 6x4 1x6,
economic recovery
Fazal 22. Saad Bin Yousuf
(rls) 4/38, Junaid Ilyas(ob)
3/25.
Rangoonwala all-out 146 in
35.2 overs. Muhammad Afzal KARACHI: The government should cement, paint, cable, marbles, etc, which On the occasion, CEO Al Meeraj
KARACHI: Former President of the Korangi government backing to overcome obstacles and 46 6x4 1x6, Huzaifa Munir 36, resume the affordable house financing ultimately benefits the economy through Marketing, Kashan Siddiqui said the suc-
Association of Trade and Industry, Sheikh Umar support IT experts and freelancers in completing Afroz Hassan 30. Fayyaz scheme through commercial banks to facili- taxes and employment opportunities. cess of any housing project depends on its
Rehan, believes that Pakistan can emerge from its their projects. Hussain (lacm) 4/21, Ali Butt tate masses for purchasing and constructing The real estate is the mother of construction construction, facilities, amenities and pay-
economic crisis by harnessing the potential of The former KATI President stressed the impor- 2/32, Afnan Khan 2/38. residential housing units to revive economic industry, it contributes a significant role to ment structure, which the administration of
information technology (IT). Speaking about the tance of reducing taxes and charges on comput- Z.S. Enterprises beat Bilal activities across the country, says a Press the GDP every year, he remarked. Shangrila City assured to win the trust of its
revolutionary role IT can play at this critical junc- ers, smartphones, and internet services in Chemical by 8 wickets at release. Despite various challenges, the administra- customers.
ture, Rehan highlighted the sector's current con- Pakistan to enhance the skills and capabilities of RLCA Gulberg ground. Bilal This was stated by the real estate tycoon and tion of Shangrila City introduced housing He lauded the role of partners and dealers in
tribution of over two and a half billion dollars to those associated with the IT sector. According to Chemical 91 all-out in 25.3 founder of Shangrila City, Syed Afzal projects for middle income groups, includ- this project to make it successful, which
Pakistan's earnings, achieved without significant Rehan, immediate promotion of the IT industry is overs. Abdul Majid 23.Taha Hameed, at the annual meetup of developers ing an international themed apartment, and began to receive booking of the housing
support, facilities, or cooperation. the most effective way to swiftly lift Pakistan out Iqbal (ob) 3/5, Huzaifa Saud and the launch of one-window solutions for began the process of procession to allotees at units from day one of the launch, receiving
Umar Rehan emphasized that with government of its economic crisis. (sla) 3/23, Muhammad Asif allotees of the international housing project a given time. overwhelming response from the buyers and
attention and support, the IT sector could play a He further urged the government to take positive, 2/15. at a local hotel here on Thursday. He added that owning a decent residential investors.
pivotal role in the country's economy and exports. concrete, and revolutionary steps to foster devel- Z.S.Enterprises 92/2 in 12.5 Speaking to the media, he said the real estate unit is a dream these days, but it had been The annual event was also attended by the
He acknowledged the hard work of individuals in opment in information technology. Umar Rehan overs. Haris Ali Khan 37, Ahad stirs commercial activities in construction made possible through affordable projects city's renowned builders, developers, and
Pakistan's IT sector, emphasizing the need for See#2 Page 7 Ali 26, Muhammad Ahmed 21. and various allied sectors, including steel, launched by Aimal Builders. dealers.
growth, employment & respective organizations. (SECP) has issued draft of proposed been omitted being obsolete. requirement including identifying
The Official amendments to the Non-Banking Furthermore, the necessity for the sub- major shareholders and funding
Spokesperson of Zong 4G Finance Companies (Establishment & mission of an undertaking by the com- sources and providing an undertaking
added, "Our partnership Regulations) Rules, 2003, to solicit pany's promoters or majority share- on fund sources.
PV Project in China
Hussain 121.the tournament is Reducing Imports and Increasing Russia, and Central Asian Countries. Ateeq.
being organized by Regional
Managing process & controlling elections ers belonging to noon league when went to their constituen- your original CNIC and verify it with photograph as it there who shall ensure smooth voting process. For better
P
olitical leaders belong- cy to gain voters favor were not only badly hooted and were appears on the electoral role placed at the polling station. He and smooth polling
ing to different parties rescued with difficulty. This should be an eye opener for all will call your name so that polling agents of various politi- 1. Voters should make single file with CNIC in their hands
are all out in the field to the leaders of all the political parties. Anyone who is relying cal parties sitting inside can score of your name to avoid starting from polling station to polling booth
contact voters to get their on the help of administration may face tough resistance this double voting 2. Likewise woman should also make separate line to enter
support. At the same time time from general public as they all appear to be on one 6. After getting ok from the polling agents, the polling offi- in to polling booth
some anchors are busy in pro- page and may not allow any type of manipulation or rig- cer will mark your thumb with a non-erasable ink and obtain 3. A counter should be placed in each booth the moment bal-
jecting the candidate whose ging.ECP with his staff and forces deployed to maintain law your thumb impression on the electoral rolls as proof that lot paper is handed over to voter the button pressed and the
all sins have been washed off and order must ensure smooth polling and stay absolutely you have exercised your right to vote. number appears on the counter board fixed on the wall as
but getting lukewarm neutral for their own good and that is the only way elections 7. You will now turn to the person next to the polling offi- we witness in the banks. This shall give you exact number
response except arranged can be held smoothly. Voters to ensure following cer called Assistant Presiding Officer. He will provide you of votes polled in the polling booth.
people to say what they want 1. Before going for the polling stations get details of your two ballot papers one for NA and the second for PA and get Once voting time is over and all voters have cast their
to hear. This is an informa- Polling station by sending number of your CNIC at 8300 thumb impression on counterfoil. Make sure back side of votes exact number is in front of you. Now seal is broken
Mukhtar Ahmed Butt tion age no amount of restric- that shall reply you with your polling details the ballot papers are signed by assistant presiding officer. and votes counted the total votes cast must tally with the
tions can obstruct flow of 2. Polling time is from 8 AM to 6PM or as notified by 8. Go to hidden place already marked inside the booth stamp counter total. Result compiled signed by all polling agents
information. Due to wide awakening of the people about the ECP.Try to reach polling station before time your choice on candidate symbol, fold it ensuring ink is dry of the political parties present in the polling both. Photo
value of their votes things are not only getting difficult for 3. As you enter polling station area you will find law before folding. Fold it and put the ballot papers in the two taken and flashed to media for information of the people.
the alleged backed up candidate but also taking ugly turns. enforcement personnel who will guide to see voters list and boxes green for NA and white for PA kept for the purpose Let us prove to the world that Pakistanis are as good as other
People by and large have become much wiser than their polling both. Recheck your name and polling booth number and move out and go back to your home or business. Under countries of the world and can hold free fair and transparent
leaders as a result it has become difficult for leaders to have and move towards your polling booth number no circumstances the voter should be allowed to stay in the elections. Any departure from above shall prove disastrous
clean walk even in their own constituency, that is major 4. Stand in Queue with CNIC in your hand and wait for your polling station area and harmful for the country
reason of crying for postponement of elections. In recent turn Next question is how to maintain discipline and order at
past many incidents have been reported where former lead- 5. In the booth you will find polling officer. Who will check the polling station. Adequate law enforcement people are The writer is a freelance journalist and defence Analyst.
A
change in govern- against the Chinese government, the Indian government lives. China captured a significant territory after this war, friendship between both nations. This camaraderie has
ment may bring about supported the rebels. As a result, the spiritual leader of and the situation became clear. This event had a profound become a dream for the likes of the United States and India.
a change in the sys- Tibet sought refuge in India, and since 1959, India has impact on China and Pakistan, providing a clear understand- The United States has been making efforts in various ways
tem, but if not, it often leads played a significant role in providing the spiritual leader ing of American policy. Unfortunately, Pakistan's foreign to establish Indian dominance in the region, a dream it has
to strengthening ties between with all essential needs. Diplomatic relations between policy had long been influenced by the dominant colors of been pursuing for quite some time. It is hoped that the
China and Pakistan. Whether China and Pakistan were established on May 21, 1951. the United States, particularly evident when American enduring relationship between both countries will contribute
in personal relations or gov- However, witnessing the growing closeness between China planes, flying from Peshawar, were reaching Afghanistan to stability in South Asia, fostering progress in the region.
ernmental systems, change is and India, Pakistan aligned its interests with the United and then heading to the Great Soviet Union in 1960. Pakistan and China, with their policy of peace, are setting an
inevitable, especially in the States. Despite this, the significant role played by the However, when it came to defense considerations, the Ayub example, engaging in economic projects that demonstrate
rapidly evolving world, be it Indian Prime Minister in forging a strong friendship Khan government strongly opposed such involvement, stat- their confidence in each other. Pakistan's friendship with
due to seasonal shifts or between China and Pakistan remained evident. In 1959, ing that Pakistan should not get involved in such closeness. China remains strong, reflecting in its robust international
transformations in states. In when Ayub Khan proposed to India that they join hands in This was a time when the friendship between China and relations and brotherhood with other nations. China has
Ayesha Alam this world of progress, there defense to prevent access to the warm waters of Russia and India had deteriorated, and America's role was more domi- been a steadfast and reliable partner for Pakistan in chal-
is a relationship that has China, and work together to ensure the security of the sub- nating than friendly; an ally does not become a master. To lenging times, particularly during the war against terrorism
grown stronger with changing times, and that is the friend- continent. However, Nehru rejected this offer, stating that elevate Pakistan-China relations, one crucial figure who when Pakistan faced numerous issues. Whether it was the
ship between Pakistan and China. Despite various govern- Pakistan only wants to resolve the Kashmir issue and has played an instrumental role was the former Prime Minister atomic explosions in 1998, natural disasters like floods, or
ments coming and going, the bond between both countries no other motives. Consequently, in 1960, Ayub Khan's gov- of Pakistan Zulfikar Ali Bhutto. Bhutto's efforts were piv- earthquakes, China has consistently stood by Pakistan,
has consistently strengthened. On a public level, the accept- ernment also reconsidered such dealings, realizing that otal in fostering and strengthening Pakistan-China relations. proving to be a supportive neighbor, a big brother, and a
ance of their relationship has endured, and in challenging engaging in conflicts with China was not in Pakistan's best Indeed, in terms of the thawing of relations, Pakistan close friend. This relationship has transcended government
times, both nations have demonstrated solidarity, proving interests. On the other hand, in 1960, the Chinese Premier regained a 750-kilometer territory through the negotiations levels and has deeply connected the hearts of the people in
to be reliable allies with positive outcomes. However, in visited India and emphasized the need to resolve all issues between Pakistan and China. In 1984, both countries signed both countries. The enduring bonds formed at the grassroots
1954, when the Prime Minister of China visited India, between the two countries through dialogue. The Chinese agreements for cooperative projects, and China provided level are lasting and strong. The current friendship between
receiving a warm welcome from people, that same year, Premier suggested that if India accepted China's demands, Pakistan with assistance amounting to 245 billion dollars. China and Pakistan is not just a government-to-government
Indian Prime Minister Jawaharlal Nehru visited China, and peace could prevail in the region. However, China held a After 2011, China played a crucial role in evacuating 176 relationship; it has become a part of the hearts of the people
the Chinese government and people warmly welcome him. firm stance on its territories, and in 1962, when India raised Pakistanis stranded in Yemen, keeping its ship until the last in both nations. This deep-rooted connection is evident in
At that time, it would have been unimaginable that Pakistan concerns against China, India deployed a large military Pakistani was safely brought back. China continues to the continuous support and love that both countries express
and China would later develop a strong friendship. When force to the Chinese border. In the faceoff between around invest in various provinces of Pakistan, fostering economic for each other. The joint effort to connect the world's high-
the slogan of "Hindi-Chini Bhai Bhai" echoed, India and 20,000 Indian soldiers and 80,000 Chinese troops in the cooperation. Currently, discussions of Pak-China friendship est railway, the Khunjerab Pass, between China and
China were fostering peaceful and friendly relations like region, tensions escalated. During that time, India's infra- echo across languages, and the construction of the railway Pakistan, is a testament to the enduring and strong nature of
neighboring countries. However, bitterness crept into their structure and defense capabilities were not substantial, and line from Gwadar to China is underway, named the China- this friendship. In this relationship, both forces stand togeth-
relationship in the year 1956.Now, from a clash of swords India was not part of any defense treaties with the United Pakistan Railway Line, marking significant collaboration er, armed with peace and love, establishing a constant and
to a clash of rocks, the 2020 Galwan Valley clash, where 20 States. However, in response to India's external threat, the between the two nations. The initiation of electricity gener- enduring brotherhood.
Indian soldiers lost their lives in a skirmish with Chinese United States, as well as Russia and Britain, provided sig- ation from Thar Coal reflects Pakistan's progress. Observing
forces over a road construction dispute. In response, the nificant assistance. the infrastructure, especially the well-developed roads, one Writer is a Head Department of Pakistan Studies Hazara
Indian government raised objections, leading to a shift in In 1962, the Indian military engaged in conflict with might mistake Pakistan for a European country. Ongoing University Mansehra.
Global financial crisis in 2007 tions, and derive lessons from the incidents of 2007-2009 $700 billion. tions, more disclosure standards and increased openness
T
he severe downturn in that will strengthen the global financial system in the face Governments all throughout the world responded to were put in place.
economic activity that of future crises. the crisis by implementing previously unheard-of eco- The worldwide economic downturn of 2007-2009 left
began in 2007 and The International Monetary Fund (IMF) reports that the nomic intervention tactics. Interest rates were lowered by deep scars that are still visible in the collective memories
persisted for several years, world economy declined by 0.1% in 2009, the first down- central banks and fiscal stimulus plans were unveiled to of economies around the world. A story of unparalleled
affecting economies turn to hit the planet since the Great Depression. In 2009, increase demand. The Federal Reserve of the United economic decline, skyrocketing unemployment, and
throughout the world, was the GDP of the United States, the center of the crisis, States lowered the federal funds rate to almost zero and enormous financial losses is conveyed by the numerical
known as the global financial shrank by 2.8%. As a result of the aftermath, the countries implemented unusual monetary regulations, such as indicators and percentages. Nevertheless, the crisis also
crisis. During the 1930s that make up the Eurozone had a 4.5% contraction overall. quantitative easing. acted as a spur for improvement, causing a reevaluation
Great Depression, this down- Growth significantly slowed in Asia, whose economies Similar measures were taken by the European Central of international collaboration, risk management proce-
turn is regarded as the most were previously believed to be immune. China's GDP Bank and other significant central banks. The govern- dures, and financial rules.
significant. The official dura- dropped from 14.2% in 2007 to 9.2% in 2009. ment created initiatives to stop foreclosures, put money
To create a stronger and more resilient worldwide
Waqas Habib tion of the U.S. downturn Global unemployment increased dramatically with into struggling financial institutions, and passed laws to
financial system, we must continue to be alert and utilize
was from December 2007 to 5.6% of people without a job in 2007 falling to 6.6% in boost public trust in the banking sector.
June 2009; however, the term "Great Recession" also refers 2009. The unemployment rate in the US increased from The global financial architecture was found to have the lessons gained from the crisis as we manage the
to the subsequent worldwide recession that ended in 2009. 4.7% in 2007 to 10% in October 2009. The effect on shortcomings during the 2007-2008 financial crisis, future. In addition to serving as a historical indicator, the
A worldwide economic downturn that would change housing markets was profound, with an average 30% which led to a review of regulatory frameworks. monetary costs of the 2007-2009 crises should serve as a
economies and redefine financial rules began to engulf the decline in US home values. Following the incident, a determined effort was made to continual reminder of the importance of prudent finan-
world in 2007, signaling the beginning of massive instabil- The crisis was most severely felt by the banking sector. improve financial control and stop such a terrible disas- cial procedures and efficient regulatory frameworks to
ity in the global financial environment. This financial shak- The Bank of England believes that between 2007 and ter from happening again. protect against surprises in the future.
ing originated in the US housing industry, where the burst 2009, losses to international financial institutions came International programs to improve the handling of
of the subprime mortgage bubble set off a chain reaction to a total of $2.8 trillion. The Troubled Asset Relief risks and raise capital requirements for banks include the The writer is MPhil scholar of Economics at Pakistan
that sent tremors around the globe. It is critical that we ana- Program (TARP), which was adopted only in the United Basel III framework. To give regulators and investors Institute of Development Economics, Islamabad. He
lyze the causes of the crisis, consider its broad implica- States to save banking institutions, cost taxpayers almost more understanding of the operations of financial institu- can be reached at: waqas.23@pide.edu.pk
Sunday, January 14, 2024 5
CPEC a bridge to catch rural development
and women empowerment tribute effectively to society as a whole. Through
T
he importance of CPEC connectivity such as roads and railroads,
the China-Pakistan rural and metropolitan areas are connected, empow-
Economic Corridor ering local residents to enhance their quality of life.
(CPEC) for economic Nonetheless, it has been found that women's quality
growth, living standards, of life has increased dramatically since CPEC was
and sustainable develop- initiated but it is recommended to the state that, the
ment goals has made it a public needs to be made aware of the benefits of the
major area of discussion. CPEC program, which might spur additional corpo-
If we look at the bilateral rate growth and the extension of important projects
connection and historical in these regions. Therefore, in order to ensure that
background of China and the poor and disadvantaged are well-off and have
Urooj Aijaz Pakistan then this project access to basic social services. It is therefore, rec-
is the largest economic ommended that,
corridor through which, both nations hope to 1. Policy makers, media and social activists must
achieve different objectives. In particular, Pakistan join hands to address the negative rumors and cam-
wants to overcome obstacles in the areas of social paigns about CPEC. Doing so will both increase the
welfare, energy, and economic development, while effectiveness of projects aimed at reducing poverty
China wants to expand its trade routes and trade equally in both rural and urban regions. If we con- of Pakistan is not possible without participation of and promote the sustainable development of local
periphery in the international market to achieve sider the example of the Coal Power Plant Project its women in the National development process communities.
rapid economic growth. In terms of trade, economic Initiative of the China-Pakistan Economic Corridor because it comprises of more than 50% of its popu- 2. Pakistan being the part of third-world nation fac-
development, and growth, CPEC seems to be the (CPEC), which is not directly linked to sustainable lation. If we go through the obstacles to develop- ing significant issues such as a shortage of skilled
fate-changing project for the economies of China aims but is anticipated to not only enhance the lives ment than we realize the fact that, gender bias is a labor due to the labor force being dominated by
and Pakistan where rural and urban populations in of women involved in farming but also to expand curse for development where removal of gender bias women, the exodus of highly qualified profession-
only meant for equal opportunities but unfortunate- als, a dearth of practical education, and pay stagna-
ly, we witness that, women's role for economic tion, particularly with regard to the proper participa-
development has not freed them from the burden of tion of women in the aforementioned fields.
domestic work but added a burden to their backs and 3. CPEC is the most frequently debated subject that
nerves. If we put another way, they support their is typically associated with efforts related to energy,
family, the nation, and society, but the issues they
roads, and connectivity. Beyond this particular
personally confront are disregarded. They lack the
interpretation, CPEC is preparing the country to
chance to influence events in society in a way that is
constructive, energizing, and well-defined where, welcome a significant influx of Chinese tourists and
CPEC plays its pivotal role in promoting the eco- investors. Building the skills of women in the work-
nomic prosperity of member nations like China and force in a variety of fields, including cultural stud-
their prospects in other plants and projects. Pakistan. The former benefited from the develop- ies, is necessary to achieve this.
both nations would profit from it. As, the
The China-Pakistan Economic Corridor (CPEC) Similarly, megaprojects also have the potential to
has the potential to significantly improve economic benefit society by improving the socio-economic
prosperity and individual well-being, making it a conditions of men and women in different regions
"game-changer" for both Chinese and Pakistani res- so, there is no doubt in the fact that, CPEC not only
idents as well as officials but the question of how bolstered economic and financial coordination but
CPEC would influence the living standards of the has also facilitated people to people connect and
rural population still unanswered where, the cultural ties that obviously promote mutual under-
improvement in the benefits associated with the liv- standing between the nations.
ing standards and the basic facilities available If we analyze the economic dimension of any
focused on the growth opportunities, quality of life nation than we realize the fact that, economic pros-
and self-enhancement opportunities where different perity always require socioeconomic diversity that
economists highlights different national, regional, demand education for all including women but in
and local factors that influences development of developing nations like Pakistan, middle-class and
rural communities but social capital theory empha- upper-class women have relatively direct access to
sis on the role of social relationship as it act as one professional work and higher education but majori-
of the resources that facilitates the accumulation ty of women in rural areas have very limited access
and development of human capital. to jobs, healthcare, and educational opportunities
Due to low social standing, residents of the rural because the nation's tribal communities' have firm
regions face prejudice on both a social and cultural control over these areas where women already con-
level that translates in the form of economic and fronted with the challenges of limited mobility so,
the existing situation of political instability and ment of internal infrastructure that raised living 4. In the framework of the China-Pakistan
social discrimination in the form of limited or non-
existent job prospects; high wage discrimination; inadequate infrastructure makes it difficult for standards within the neighborhood. These measures Economic Corridor (CPEC), Pakistan faces a major
restricted access to socioeconomic chances; restrict- women to regulate their lives which demands a also assist Pakistani women who live in rural and labor shortage unless it can develop competent and
ed access to health facilities and occupational segre- multi-social process in order to facilitate women's urban areas. The advantages of CPEC are felt across diversified human resources in a number of indus-
gation causing urbanization but CPEC being the self-determination. Thus CPEC is a game changer all of Pakistan; for women in particular, they repre- tries. This issue is exacerbated by the lack of edu-
game changer may support Pakistan in the develop- for the country as it generates social and economic sent a means of economic empowerment that is not cated and capable women in the workforce.
ment of local infrastructure that aids in raising the benefits, but for the local rural community it is a limited to any one area. We all are aware that, rural 5. In view of economic globalization, which is
standard of living in the surrounding populations. In fate changing opportunity as many of its projects population particularly women endure several diffi- exemplified by CPEC, a comprehensive human
particular, the efforts provide women in Pakistan move around the local rural community and local culties and disadvantaged in work, education, and resource development policy for women is required
with greater economic options, which benefits them women. As we all knows that economic prosperity health care, especially women. at the national level.
For local community in Pakistan, the scope of 6. The policy paper addresses women's involvement
employment prospects has been greatly increased in small and medium-sized businesses that are
by CPEC. Furthermore, CPEC is a significant initia-
closely related to China-Pakistan Economic
tive acknowledged by millions of jobs across other
Corridor (CPEC), including logistical challenges,
industries which had a noteworthy impact on the
socio-cultural and economic well-being of the local services, and food production, joint ventures in the
Pakistani community which created numerous media and arts, and opportunities for women to
employment opportunities and diverse venues and receive training in higher education.
streams for women through better education that China-Pakistan Economic Corridor (CPEC), that
raised living standards, and fostered development comprises of many termed projects and initiatives
and prosperity. Many critics of CPEC believes that are disruptive to Pakistan's economy. Its success,
there is no impact of CPEC on education but CPEC though, hinges on inclusive policy-making that
also initiates a project centered toward women's takes into account the needs of all workforce seg-
education. Furthermore, CPEC is connected to ments, including women. Because, women, who
numerous education-related projects both directly make up over half of the population of Pakistan are
and indirectly. CPEC projects, often known as uni- the only source that accelerates the pace of growth
versities and vocational training facilities, have also and prosperity of Pakistan.
been established. As a result of the CPEC's develop-
ment, efforts have been made to support and
empower women by giving them access to contem- The writer is a MD IRP/Faculty Department of H&SS,
porary information and skills, enabling them to con- Bahria University, Karachi.
Economic emergency demonstrate to the people through definitive actions cannot create more jobs than they have already done. Circular debt is another big hole in the treasury.
F
or most Pakistanis, that it stands with them in this time of acute econom- More jobs can be created only through industrialisa- The agreements negotiated with the IPPs are clearly
the prevailing eco- ic emergency. tion. Our industry is under pressure not only from loaded against the interests of the people. All agree-
nomic conditions As a general rule, official tours abroad should be the high costs of inputs, but also regulatory bodies ments must be renegotiated, including the recent
have unleashed unprece- suspended. Online mediums are effective in today's whose officials hound industrialists, often in search ones, invoking force majeure. This economic emer-
dented hardship. Steep era, and our ambassadors abroad can represent us. of bribes. gency constitutes more than force majeure; it has the
power tariffs and high There should be no free electricity for anyone - with- True, industrialists make profits, but they also cre- risk of making Pakistan insolvent.
fuel costs have made out exception. No free petrol or designated cars ate jobs, reducing poverty in the process. Barring Let us be clear. There will be no easy money com-
everything expensive. either; only car pools from which vehicles can be those who exploit the system to receive subsidies, ing into our country anymore. Not even in the name
Even the basic necessities requisitioned. when an industrialist expands his business, he does of climate justice. We must learn to stand on our own
are now beyond the reach All loss-making state-owned enterprises should be so because he has the know-how and capital. He is feet. Our leadership needs to have faith in our own
Iqra Liaqat of the public. Spending closed down or privatised in a manner which is not exploiting the nation, but generating employ- experts and our own resources.
consistently more than transparent and judicious for existing employees. ment and economic activity. That is the attitude our We need to do what is most essential: embrace aus-
earning has indebted the country to the core. When East Germany merged with West Germany, a bureaucracy and regulators need to develop towards terity at all layers of the executive, legislature, and
The irony is that while the rest of the country is massive programme of privatisation of East German our struggling industry. China has developed judiciary; privatise dysfunctional SOEs transparent-
expected to bear the economic crunch, for the top SOEs was undertaken. They chose to sell only those because they encouraged industrial and technologi- ly; renegotiate terms with all IPPs; and make poli-
tiers of government, it appears to be business as that were functional; rehabilitated some that were cal growth. The US is also boosting its manufactur- cies that encourage domestic investors to put their
usual. Foreign trips abroad have been in full force, not beyond repair and then sold them; and closed ing efforts. At our end, the long-awaited Special money in industry rather than in real estate. It is
regardless of the expense involved. Let us bear in down the enterprises which were dysfunctional and Economic Zones should be constructed as a top pri- always difficult to untie a complex knot. However, if
mind that foreign policies are made at home, and not could not be set right. ority. these key areas of bad governance are addressed,
through meetings and tours abroad. In this time of emergency, we cannot sustain loss- Red tape and corruption are discouraging foreign much of the rest will fall in place.
It is time our government, an interim one though it making enterprises, because it is not our own money and even domestic investors from setting up indus-
is, led the austerity drive from the front, particularly but borrowed money from which we subsidise their tries in Pakistan. The constitution of the Special
The writer is Masters in Mathematics. She is a
when they expect the rest of the country to bear the existence. The government's primary job is to regu- Investment Facilitation Council seems to be a step in Columnist, a Freelancer and a Researcher. She has
economic pressures. We can take a cue from the late, not build financially unsustainable enterprises. the right direction. This civil-military initiative seeks written books for CSS Exams. Her job is to help people
present chief justice, who has voluntarily given up An even better option is exploring public-private to cut red tape and encourage investors to profit from by providing them online services like Writing, Problem
protocol, privileges and all pomp and show attached partnerships. Pakistan's investment potential in IT, agriculture, Solving, Research and much more. She can be reached
to his high office. The administration, too, needs to The centre as well as the provincial governments energy, and mining. at: pro.iqra.14@gmqil.com
6 INTERNATIONAL Sunday, January 14, 2024
cancelling flights and mummies' in Peru are majority, but their victory is far
from certain this time thanks to
according to Brian Hioe, a fre-
quent commentator on
ing voters that he was a real
contender despite the relative
competition from the KMT and
Kashmir Consultative
Committees set to raise
awareness at grassroots
level: Mushaal Malick
RAWALPINDI: Special Assistant to erings would be organized in various
the Prime Minister (SAPM) for districts.
Human Rights and Women Mullick announced that the inaugural
Empowerment, Mushaal Hussein sessions of the District-level Kashmir
Mullick, on Friday, said that the pri- Consultative Committees in Lahore,
mary objective of the district-level Faisalabad, and Gujranwala were in
consultative committees was to the preparation phase and would be
address the Kashmir issue at the grass- convened shortly.
roots level for comprehensive under- She further said that District-level
standing, engagement with the com- Committees comprise intellectuals
munity and to create a platform for spanning various age groups and
meaningful discussions, advocacy, diverse backgrounds.
and actions that resonate with the local Mushaal emphasized that these gath-
population. erings would play a pivotal role in
Speaking at the inaugural session of organizing and propagating the
the Rawalpindi District-level Kashmir Kashmir cause at the grassroots level.
Consultative Committee, she high- She underscored that Kashmir stood as
lighted the significance of such meet- a symbol of unity for Pakistan,
ings and emphasized that similar gath- See#13 Page 7
diplomatic optical fiber cable: Saif innovation tranche, which also had the contribu-
tion of Pakistan Army and Al-
Khidmat Foundation, an NDMA press
Palestinian people and urged an
immediate cessation of hostilities to
allow for the unimpeded delivery of
services, ISLAMABAD: Caretaker Federal cies and projects. Dr Saif said some 10,000 employ- laboratory release said.
Caretaker Foreign Minister Jalil
Abbas Jilani, Palestinian Ambassador
humanitarian assistance to those in
need.
The Palestinian ambassador, on the
statesmanship Minister for Information Technology
and Telecommunication Dr. Saif on
He said the IT companies were set
to benefit from a new facility allow-
ment centers were being established
where the freelancers would enjoy HARIPUR: Caretaker Federal
to Pakistan Ahmad Rabaie, represen-
tatives of the Al-Khidmat Foundation,
occasion, expressed his deep gratitude
to the people of Pakistan for the ongo-
Saturday said that in order to enhance ing them to keep 50% of their earn- convenient facilities under one roof. Minister for National Heritage and and senior officers of National ing support , expressing their solidari-
ISLAMABAD: The Pakistan connectivity Pakistan was set to initi- ings in dollars in their accounts. The centers would help increase Culture Jamal Shah on Friday visited Disaster Management Authority ty with their Palestinian brothers and
Institute of Development Economics ate a project for laying 200,000 kilo- He said a global standard training annual IT exports to $10 billion, Pak-Austria Fachhochschule Institute (NDMA), Ministry of Foreign Affairs sisters.
(PIDE) paid a glowing tribute to the meters of optical fiber cable. programme had been initiated for besides employing some 100,000 of Applied Sciences and Technology and Armed Forces attended the send- This fourth relief consignment com-
late Sartaj Aziz for his remarkable "The Information Technology 200,000 IT graduates who had recent- freelancers, he hoped. (PAF-IAST), Haripur and praised the off ceremony at Nur Khan Air Base. prises approx 20 tons of aid, including
diplomatic services and statesman- Ministry has exhibited outstanding ly completed their studies from vari- The minister ensured that all obsta- efforts of the institute for education, The relief items were sent through See#14 Page 7
ship at a solemn memorial reference performance during the tenure of the ous universities. cles regarding the 5G spectrum research and innovation.
held here. current government over the past four The minister said the long-standing would be addressed as per the direc-
Caretaker chief minister
Adviser National Heritage and
The event, organized to honour months," the minister said in a state- issue of digital payment gateways for tives of the Action Advisory Culture Muhammad Kashif Irshad,
Aziz's significant contributions to ment. freelancers had been successfully Committee for it auction in July- Director General PNCA Muhammad
Pakistan, brought together distin- Dr. Umar Saif, while giving credit resolved. Starting from February 1, a August.
opens the NICVD Stroke
Ayuob Jamali, Director Lok Virsa
guished individuals, colleagues, to the Special Investment Facilitation pilot project would create 10,000 He viewed that the implementation Anwar ul Haq and Director
friends, and family to commemorate Council, said the forum had played a accounts, allowing freelancers to of the Right of Way Policy had Hunerkada Amna Shah, also accom-
Intervention Programme
his life and legacy, a news release significant role in obtaining timely receive their payments directly resolved disputes between panied the minister.
said on Saturday. approvals for the IT Ministry's poli- through them. See#9 Page 7 The Rector Professor Dr. Mujahid,
In his opening remarks, PIDE Vice- briefed the high officials and guests,
Ayaz's
tion and expertise. and fair conduct of elections. Shakeel Qadir emphasized that to seats of National Assembly and 03 lack of infrastructure in both urban "During the last 2 years, it has treat-
Born in 1928, Aziz played a crucial During his one day visit to Zhob divi- ensure availability and deployment of general seats of Provincial Assembly and rural areas require immediate ed more than 4000 stroke patients pro-
role in shaping Pakistan's foreign pol- sion in connection with preparations staff, basic facilities, availability and in Zhob division, they told. attention in Pakistan. viding acute stroke care services,"
icy during his tenure. His extensive
experience and diplomatic acumen
positioned him as a key figure in
for general elections here Friday,
Shakeel Qadir Khan said that all gov-
ernment machinery had been mobi-
deployment of IT staff and equip-
ment.
The Chief Secretary was informed
They added that there were more than
378000 voters in the three districts of
the division and more than 300
contribution While addressing the guests at the
ceremony, Baqar said through a video
link that there was a high proportion
Baqar maintained.
The CM disclosed that the NICVD
had trained 8 cardiologists to carry out
international relations. Aziz, an econ-
omist by training, brought a unique
lized for the purpose of holding free
elections.
that all facilities would be ensure at
polling stations for the convenience
polling stations would be set up for
male and female. - APP to democracy of young stroke with poor stroke out-
comes. Acute stroke care is scarce in
clot removal procedures and were
now moving forward to start stroke
blend of skills to his role, fostering Pakistan due to few stroke units, and services in SICVD Tando Muhammad
to
He was addressing a special event
commemorate the 100th
on Iranian CG to express
affairs.
Muhammad Sami Saeed, caretaker
Federal Minister for Planning and Monitoring Desk including forests, wildlife, excise, anti- ity of the government. He also directed
Anniversary of Shaikh Ayaz.
The event organized by the
Education Ministry in collaboration
grief over Kerman tragedy
Development; Haroon Sharif, Former PESHAWAR: Chief Secretary (CS) corruption, social welfare and civil tourism, local government, communi-
with the National Heritage and PESHAWAR: Coordinator Pak- Iran, which claimed lives of more than
Minister of State and Chairman Khyber Pakhtunkhwa, Nadeem Aslam defense would assist the police force. cation department and Pakhtunkhwa
Culture Division and the Ministry of Afghan Joint Chamber of Commerce 84 people and wounded many more.
Board of Investment; Farhatullah Chaudhry here Saturday chaired a It was said that CCTV cameras would Highway Authority to liaise and coor-
Information & Broadcasting, was and Industry (PAJCCI), Zia-ul-Haq He said the people of Pakistan are
Babar, Former Senator; Ahmed video-link meeting to discuss security be installed in the sensitive polling sta- dinate for elections in remote and
also attended by federal ministers Sarhadi here on Saturday called on sharing the grief and shock received
Qadir, DG Competition Commission arrangements and review preparation tions and funds have been provided for snowy areas.
Murtaza Solangi and Jamal Shah. Iranian Consul General in Peshawar, by their Iranian brethren over this trag-
of Pakistan; Shahid Kardar, Former for upcoming general elections. the provision of needed facilities in He also directed police force and dis-
Madad Ali Sindhi said that Shaikh Ali Banafshekhah to express his grief ic incident and are standing with them
Governor SBP; Iqrar Ahmed Khan; The meeting was also attended by polling stations. trict administrations to timely com-
Ayaz's role in the intellectual awaken- and condolence over deadly Kerman shoulder to shoulder at this difficult
Professor Ayesha Isani; Shafqat Inspector General Police, Akhtar Addressing the meeting CS expressed plete the arrangements and enhance
ing of the youth of country in general bombings claiming precious lives of time.
Kakakhel; and members of Sartaj Hayat Khan, administrative secre- satisfaction over the arrangements and security measures to avoid any unto-
and those of Sindh in particular could scores of people. He also expressed sympathy with
Aziz's family, including his brother, taries, Additional Chief Secretary, directed necessary arrangements for ward incident on polling day.
not be overlooked. During the visit, Zia-ul-Haq Sarhadi, bereaved families and prayed to Allah
son, daughter, and grandson, also Divisional Commissioners, Regional holding polling in remote and snowy Earlier, CS and IGP visited polling sta-
He said that intellectuals like Faiz who is also President of Abaseen Almighty to grant courage to them to
spoke at the event and underscored Police Officers and other concerned areas according to the code of conduct tions in Charbagh Swat and reviewed
Ahmed Faiz, Habib Jalib and Shaikh Columnist Association Khyber bear this irreparable loss.
Sartaj Aziz's tireless efforts toward officials. issued by the election commission. security arrangements. They were also
Ayaz had done great service for the Pakhtunkhwa, was accompanied by Later, the PAJCCI Coordinator also
the economic development of The meeting was told that an appropri- He also directed the utilization of briefed about security arrangements
country. Imtiaz Ahmad Ali, Director PAJCCI. wrote his condolence remarks regard-
Pakistan. ate police force would be deployed on available resources to timely procure being finalized to monitor egress and
Shaikh Ayaz continued his service Zia expressed his deep grief and con- ing the Kerman bombings in memori-
They emphasized that Sartaj Election Day while volunteers and election material in snowy areas and ingress points of polling stations. -
to the people of Sindh and Pakistan demnation over terrorism incidents in al book at the Iranian Consulate in
See#8 Page 7 workers of other relevant departments said that transparent election is a prior- APP
See#12 Page 7 Kerman, a city of Islamic Republic of Peshawar. - APP
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