The Financial Daily : 2020-09-05

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Continuati­ons Saturday- Sunday, September 5- 6, 2020 In a statement on Friday, the Prime Minister Office said that all complaints should be re- examined in light of the Prime Minister's directions. The Prime Minister Office asked the officers to demonstrat­e utmost responsibi­lity regarding citizens' opinion received on the portal. It said that over half a million people have confirmed redressal of their complaints through Pakistan Citizen Portal. A circular to all the federal institutio­ns, provincial chief secretarie­s and inspector generals of police has been issued regarding the subject matter. - TLTP tution. He suggested that NDMA and FWO should be given the responsibi­lity to reconstruc­t sewerage lines, rainwater drains, roads specifical­ly the internal roads in all the areas of Karachi as it has been observed that the condition of all the internal roads is really awful and these internal roads either situated in any industrial zone or connected even with Shahrah- e- Faisal have worsened to such an extent that even commuting on a jeep has become impossible of all these roads. Moreover, the task to improve the water distributi­on network must also be given to NDMA and FWO as no water for Karachiite­s is available in pipeline and they are compelled to purchase water from tanker mafia. Referring to massive electricit­y and gas load shedding, Siraj Teli underscore­d that in order to provide relief to the poor masses and the perturbed business & industrial community, the government will have to put an end to KE's monopoly and start negotiatio­ns with other parties as KE's agreement is going to expire in 2023 and the next agreement must be devised in such a manner that it brings an end to KE's monopoly and encourages other players to easily enter the power generation and distributi­on sector. Exorbitant electricit­y and gas tariffs have not only intensifie­d the hardships for business & industrial community by raising the cost of doing business but have also terribly affected the poor masses. Hence, it is the need of the hour to trigger competitio­n in this sector which would certainly ensure uninterrup­ted gas and electricit­y supply to Karachiite­s at reasonable rates. Continued from page 1 Continued from page 1 No # 1 No # 6 the issue is not addressed immediatel­y, the dam might collapse, warned a senior official of the WAPDA. The Hub Dam water reservoir meets 20 percent of Karachi's and 100 percent of Hub's water needs. WAPDA Chief Engineer Muhammad Ehteshamul Haq has said the water is enough to meet the needs of Karachi and Hub for the next three years. It is the third largest water reservoir in the country and plans to generate electricit­y from it have been stalled since the 18th Amendment. Last week, the water level in Hub Dam crossed the 339foot mark and filled to maximum capacity for the first time in 13 years. The water level had risen rapidly due to the recent spell of torrential rains in Sindh. The excess water has begun to flow out from the spillways and into the sea near Mubarak Village. Meanwhile, the water level in Indus River is surging at Guddu Barrage and the inflow of water has reached 400,000 cusecs, according to the flood control room record. The water discharge from Guddu barrage was 394,880 cusecs, as per the flood control room record. The water in Indus surged by 54,000 cusecs at Guddu barrage in the last 24 hours, according to the report. Another 50,000 cusecs flood inflow is expected in the next 24 hours. Sindh Irrigation Department has declared medium flood in Indus at Guddu Barrage. The residents of the area adjacent to the barrage have been directed to move to safer places immediatel­y. The administra­tion has set up a camp to monitor and tackle the flood situation. The administra­tion has also cancelled leaves of employees and initiated strict monitoring of the protective dykes along the river. Nine canals of three barrages in Sindh have been closed due to heavy rainfall. Five off- taking canals of Sukkur Barrage and two canals of Guddu and Kotri barrages have been closed due to likely breaches in canals due to the rising level of water in Indus River. - TLTP per unit to its customers and asked the regulator to allow the utility company to invest more than Rs143 billion. The NEPRA will hear the KE's reasoning behind the request for the price hike in a hearing scheduled for September 16. Earlier this week, the ECC allowed KE to pass on fuel charge adjustment­s to its consumers. The committee had approved the decision during a meeting chaired by Adviser to the Prime Minister on Finance and Revenue Hafeez Shaikh. - TLTP Continued from page 1 No # 9 Continued from page 1 No # 7 faced by the city. The country director said that the World Bank's report highlighte­d that the city needs at least US$ 10 billion to make it a liveable place. It is pertinent to mention here that the recent spell of torrential rains wreaked havoc in the city, causing damages to lives and properties in the metropolis. Prime Minister ( PM) Imran will arrive in Karachi on Saturday ( today) to resolve the city's civic and infrastruc­ture problems. The Prime Minister is expected to reach the provincial capital of Sindh at 12: 30pm and will address a press conference at the Governor House at 1: 30pm. He will also announce the Karachi Transforma­tion Plan. In a tweet on Thursday, Informatio­n Minister Shibli Faraz said that Karachi's developmen­t is a guarantee of Pakistan's prosperity, adding, "PM Imran Khan is committed to restore the glory of Karachi as the city of lights." - TLTP Pakistan rupee gained Rs1.39 against the US dollar during this week. Meanwhile, the foreign reserves of the country increased by $ 120 million during the last one week and climbed up to $ 19.84 billion as of August 28, 2020, said State Bank of Pakistan ( SBP) in another tweet on Friday. The foreign reserves were reported at $ 19.72 billion as of August 21. - TLTP Continued from page 1 No # 8 Transforma­tion Plan to be announced by Prime Minister Imran Khan. Eight sewerage projects costing around Rs162.60 billion and four solid waste management projects with an estimate of Rs14.86 billion will likely be announced by the Prime Minister. The plan also includes repair works of the road infrastruc­ture with an estimated cost of Rs62.30 billion while Rs4.60 billion would be earmarked for two water drain projects. It is pertinent to mention here that Prime Minister ( PM) Imran will arrive in Karachi on Saturday to resolve the city's civic and infrastruc­ture problems. The prime minister will reach the provincial capital of Sindh at 12: 30 pm and will address a press conference at the Governor House at 1: 30 pm. Later in the day, Prime Minister Imran Khan will visit Pakistan Stock Exchange and will meet industrial­ists, businessme­n and traders. The Premier is also expected to meet leaders of the coalition parties. Meanwhile, Prime Minister Imran Khan on Friday declined to accept the resignatio­n of his special assistant on informatio­n and broadcasti­ng Lt Gen ( Retd) Asim Saleem Bajwa. Bajwa, who is also serving as the chairman of ChinaPakis­tan Economic Corridor ( CPEC) Authority, announced to step down as the Premier's special assistant on Thursday last. He presented his resignatio­n to Prime Minister Imran Khan on Friday but the latter refused to accept it and asked him to continue dischargin­g his duty as his aide, the PM Office said in a statement. "PM Imran Khan is satisfied with the proof and justificat­ion given by Lt Gen ( Retd) Asim Bajwa, therefore he has directed him to continue working as the special assistant," read the statement. His resignatio­n followed on the heels of a tweet in which he strongly rejected the allegation­s levelled against him and his family on a little- known website. Bajwa released a four- page clarificat­ion on his Twitter account on Thursday and said that he strongly rebuts the baseless allegation­s levelled against him and his family. He added that another attempt to damage his and his family's reputation was exposed. Bajwa said that he has and will always serve the country with pride and dignity. He said that an ' incorrect and false' news had been broken by a journalist Ahmed Noorani on an unknown website of August 27 which claimed the wrong declaratio­n of his assets and liabilitie­s as SAPM on June 22. It had also been alleged that he has failed to disclose the investment of his wife abroad. The controvers­ial report also made claims regarding the businesses of Asim Saleem Bajwa's brothers in the USA and related its growth to the promotion of him in the Pakistan Army. It also read, "Random mention has been made of companies, businesses and properties, owned by my brothers and children, with sweeping allegation­s regarding their evaluation and propriety." Asim Saleem Bajwa said that the adverse insinuatio­ns levelled in the story were materially false. The retired army officer responded to all allegation­s levelled in the controvers­ial news piece regarding properties, businesses and investment. Meanwhile, Prime Minister Imran Khan has said that a separate annual developmen­t programme for South Punjab will usher in a new era of developmen­t in the region, as the South Punjab Secretaria­t would start its regular functions from October 15. Chairing a meeting about establishm­ent of South Punjab Secretaria­t and its working here on Friday, the Prime Minister directed that devolution of powers should be gradually advanced so that administra­tive matters could be run in a better way. The Prime Minister said the practical steps taken by the government to give identity to South Punjab reflects the PTI government's affiliatio­n with the people of South Punjab and understand­ing of their problems as well as their solution. The Premier emphasised that the government's main focus is to bring about improvemen­t in the lives of common man and directed the administra­tion of South Punjab to work in fulfilling the same vision. He lauded efforts of CM Buzdar and the Punjab government for establishm­ent of South Punjab Secretaria­t, and said solid steps reflected PTI government's will to implement its manifesto in letter and spirit. He regretted that government­s in the past ignored the genuine issue of the people of South Punjab. Stressing on the need for Provincial Finance Commission Award, the Prime Minister said separate allocation for South Punjab would usher in a new era of progress and prosperity. He asked to keep him regularly updated on the progress of the working of new secretaria­t. Speaking on this occasion, Foreign Minister Shah Mahmood Qureshi said with the establishm­ent of South Punjab Secretaria­t, the PTI government has fulfilled its promise with the people of South Punjab. Qureshi highlighte­d the practical steps taken by Pakistan Tehreek- e- Insaf in accordance with the aspiration­s of people of southern Punjab, establishm­ent of South Punjab Secretaria­t, devolution of administra­tive powers, ending sense of deprivatio­n and resolving problems at their doorsteps. Qureshi presented a proposal for allocating budget for South Punjab in next year's Public Sector Developmen­t Programme and reserving a quota for the locals in employment. The meeting informed the Prime Minister that rules of business of the Punjab government had been amended following the establishm­ent of South Punjab Secretaria­t and 16 secretarie­s had been deputed in South Punjab. The Prime Minister was updated that health, education, police, planning and developmen­t, local government, finance and agricultur­e have been transferre­d to South Punjab. An effective structural organisati­on has been put in place in the new secretaria­t equipped with technology, e- governance and paperless culture to facilitate the people. Chief Minister Punjab Usman Buzdar, Finance Minister Punjab Makhdoom Hashim Jawan Bakht, Chief Secretary Punjab, Additional Chief Secretary South Punjab and Additional Inspector General South Punjab joined the meeting via video- link. Meanwhile, Prime Minister Imran Khan has directed to hold a monthly meeting of Pakistan Citizen Portal ( PCP) for effective and prompt resolution of citizens' complaints. Continued from page 3 No # 15 across the province and expressed his concern over the surfacing of polio case. The health department, as well the administra­tion, will have to work hard for the eradicatio­n of polio and dengue and the Commission­ers and DCs should monitor both the campaigns, he directed. He ordered that the dengue surveillan­ce plan should be implemente­d in letter and spirit and made it clear that he will personally monitor the steps taken in this regard. "It is my mission to save the province from both the diseases and line department­s will have to work hard for this purpose," he said. Special attention be paid to indoor and outdoor surveillan­ce and the teams should be available in the field, he said. He stated that SOPs for the eradicatio­n of polio and dengue have been devised in the light of the WHO guidelines, adding that implementa­tion on these SOPs is necessary to achieve the targets. He said that there is no room for any negligence and poor performanc­e will not be tolerated. He warned that department­al action, as well as accountabi­lity, will be held on bad performanc­e while the best performing staff will be encouraged. He reiterated that every step will be audited and ' all is good' type reports will not be helpful. The CM further stated that anti- dengue work will be daily monitored and results will have to be shown by employing collective efforts to overcome poliovirus. - TLT Continued from page 1 No # 10 locust plague through provision of pesticides, machinery and drones. The foreign minister emphasized that Foot and Mouth Disease ( FMD) free zone will help Pakistan in export of meat to China and, in that regard, urged China to send a team of its technical experts to Pakistan to visit relevant facilities and expedite exports of meat to China. Ambassador Yao Jing thanked Foreign Minister Qureshi for holding a meeting on a subject that is of vital national importance to Pakistan and hoped that, with the foreign minister's personal attention, the cooperatio­n between China and Pakistan in the agricultur­e sector will grow and solidify leading to substantia­l economic benefits for Pakistan and its people. He underlined that China would like to collaborat­e with Pakistan in setting up agricultur­e technology centers, joint research centre for plant pest and disease control, and FMD zones in Pakistan. He added that under the Second Phase of FTA, China would also welcome import of agricultur­e products from Pakistan. Qureshi thanked the ambassador for the measures that Beijing is taking to support Pakistan's agricultur­e sector and stressed that the business sectors of both countries must also explore joint ventures in tapping the potential of the agricultur­e sector. - TLTP Continued from page 1 No # 2 issues of the city can be resolved. We need massive support from the federation to pull the city out of these catastroph­ic situations," said Bilawal. The PPP chairman appreciate­d the federal government for showing seriousnes­s as regards to investing in Karachi for its infrastruc­ture and developmen­t. "All the crops and businesses in the province have been destroyed due to the devastated situation caused by the monsoon downpour," he added. He said even Chief of Army Staff General Qamar Javed Bajwa said that no one can face such calamity. Bilawal said that funds from the federal government are the right of the people of Sindh. "Those who taunt us by saying that we will not give Sindh its due share of funds, should know that these are funds that belong to the people of Sindh." He said that recent spells of rains have added to the sufferings of the people of Sindh after facing the coronaviru­s pandemic and locust attacks. He said that the Sindh chief minister and his entire team are working endlessly to provide relief to the people of the province. He said that the National Disaster Management Authority ( NDMA) has provided Sindh with some financial support but emphasised that the province's requiremen­t is far more than the allocated amount. "We are looking forward to our disaster management authority for more funds to reinstate the city," said Bilawal. He said that not much attention was given to the infrastruc­tural issues of the city in the past. The PPP chairman asked the government to immediatel­y address the issue of power outages and the recent price hike in electricit­y tariffs. "Recently, I have heard about the hike in power prices. I am speechless how they made such a decision especially in these times when the institutio­n has failed to deliver," said Bilawal. He appealed to the federal government to retract the decision. He said that appointmen­t of administra­tors in Sindh is the constituti­onal right of Chief Minister Syed Murad Ali Shah and his government. Bilawal also thanked Opposition Leader in the National Assembly Shehbaz Sharif for his visit to Karachi. He expressed happiness at the Rahbar Committee's decision to allow the PPP to host the All Parties Conference ( APC), adding that the platform will be a good one to discuss all issues of the country and to ensure all opposition parties are on the same page. - TLTP Continued from page 3 No # 16 Continued from page 1 No # 11 promotion of Distance Learning Program ( DLPs) and AlHuda CIBE Services and visit to the financial industry. This program will not only strengthen the students' knowledge but will also contribute for Islamic finance industry all over the world for sustainabl­e economic growth. Halal Research Council ( HRC), the sister concern of AlHuda CIBE has also launched the same program to facilitate the students and the industry simultaneo­usly from all over the world. Halal industry gaining momentum and securing prominent place in the globe especially after COVID 19 pandemic. The emergence of Halal industry is high as Halal products are Tayyab as well. 15 scrips remained intact. The ready market volume descended by 17.55 per cent to 758.077 million shares as compared to 919.471 million shares traded on last trading day. Hascol Petroleum Limited topped the list of actives, closed higher by Rs 1.50 at Rs 21.54 on 73.16 million shares followed by Fauji Foods Limited increased by Rs 1.13 at Rs 16.23 on 51.66 million shares and Unity Foods Limited improved by Rs 0.40 at Rs 16.13 on 41.35 million shares. Other actives were Bank of Punjab descended by Rs 0.09 at Rs 9.99 on 26.40 million shares and Maple Leaf Cement Limited enhanced by Rs 0.31 at Rs 40.73 on 25.65 million shares. The overall market capitaliza­tion dipped by Rs 10.1788 billion to Rs 7.85489 trillion against Rs 7.86506 trillion observed on last trading day. Unilever Pakistan Foods Limited and Rafhan Maize Product Company Limited remained the top gainer by Rs 367.00 and Rs 92.50 to close at Rs 12,500.00 and Rs 8,192.50 respective­ly, while Nestle Pakistan Limited and JDW Sugar Mills Limited were among the major losers which lost Rs 65.00 and Rs 18.37 to close at Rs 6,310.00 and Rs 226.63 respective­ly. Continued from page 8 No # 17 has been declared as stable and people of the world are recognizin­g it. He said that with the right policies of the government, Pakistan's economy is now heading towards taking off stage and the business community should have confidence in the future of Pakistan. He said that the government is bringing institutio­nal reforms for sustainabl­e economic growth. He stressed that the business community should focus on branding of products to promote exports. He appreciate­d the ICCI for organizing the Achievemen­t Awards 2020 to recognize the contributi­on of outstandin­g businesses and congratula­ted the awards winners. Speaking on the occasion, Adviser on Commerce Abdul Razak Dawood said the government has taken several steps to ensure ease of doing business in the country which will lead to increasing exports. He said the government is also focusing on Look Africa Policy to increase Pakistan's exports to this larger market. Dawood said, "The Prime Minister has given a vision for the economy and let us work hard to make Pakistan a strong economy." He stressed that the business community should widen the range of products to improve exports as the government is focusing on export- led growth of the economy. He assured that the government would further reduce duties and tariffs, besides removing hurdles to make businesses more competitiv­e. He said that the economy has been put in the right direction and more steps would be taken for ease of doing business. He said that the business community should promote ' Made in Pakistan' and lauded the initiative of ICCI for organizing the Awards 2020.- TLTP Continued from page 2 No # 12 Continued from page 1 No # 3 was issued by the election body. The Election Commission has notified the formation of the committees for delimitati­on of local government constituen­cies. The delimitati­on committee for each district will comprise three members and the district election commission­er will be convenor of the body, according to the notificati­on. The deputy commission­er and district education officer or taluka education officer will be the other two members of the committee. The committee in the first phase will decide fresh delimitati­on of constituen­cies of union councils, union committees and wards. The local councils' polls will be announced after fresh delimitati­on of constituen­cies in the province. Local councils delimitati­on process will be completed from September 9 to September 22 in Sindh and preliminar­y delimitati­on of constituen­cies will be displayed on September 23. The schedule for local bodies elections will be announced after completion of the delimitati­on process, the ECP announced. - TLTP need for a humanitari­an ceasefire," said Lyons. She explained that a humanitari­an ceasefire i s not permanent but intended to allow civilian population­s caught in the fighting t o receive care. She reiterated that holding the intra- Afghan negotiatio­ns is imperative. "As I speak, Afghans representi­ng the Islamic Republic of Afghanista­n are preparing to sit with other Afghans representi­ng the Taliban t o discuss, at long last, a political settlement t o t he conflict. This is truly a historic moment," said Lyons. "The coming days will hopefully bring the formal launch of intra- Afghan negotiat ions." She stated that solutions will not be found on the battlefiel­d and Afghans need to talk to each other. She said the level of violence on t he battlefiel­d remains deeply worrying. On peace spoilers, she said: "The last few weeks have seen near- record numbers of security i ncidents, including egregious attacks by spoilers targeting civilians involved in the peace process." The UN envoy added t hat the conflict continues to kill and injure hundreds of Afghans every week. Despite significan­t progress in the last t wo decades, Afghanista­n remains one of the worst places in the world to be a woman, and one of the worst to be a child," said Lyons. On women's inclusion in the peace process, Lyons said: "We have spoken as well, a great deal, i n this forum about the necessity of including women in t he process." - TLTP Continued from page 8 No # 18 in AJK, GB & Balochista­n. Ninety patients are on ventilator­s, while 1,920 ventilator­s are allocated for COVID- 19 patients across the country. There are 735 hospitals with COVID- 19 facilities with 1,050 patients admitted across the country. Meanwhile, Minister for Planning and Developmen­t Asad Umar has said that the government has adopted a comprehens­ive strategy to control the coronaviru­s pandemic. Talking to a private news channel, Asad Umar said the coronaviru­s cases have decreased but the virus has not been eliminated completely from the country. He urged people to continue following the standard operating procedures ( SOPs) until a vaccine of the coronaviru­s is introduced. He said the second wave of the COVID- 19 could be more dangerous than the first one. Replying to a question, he said schools would be opened with strict precaution­ary measures. He said a final decision in this regard would be taken in a meeting to be held on the upcoming Monday. - TLTP Continued from page 2 No # 13 erodes buying power of masses resulting in unrest, poverty and reduced demand which also hit the productive sector. The government earned an additional 43 percent petroleum levy in 2020 as compared to 2019 despite a fall of almost 20 percent in local production and 25 percent reduction in oil imports. He said that the cost of doing business should be reduced and the industrial sector should get uninterrup­ted electricit­y and gas for rapid economic developmen­t. - TLTP Continued from page 1 No # 4 Continued from page 2 No # 14 The petitioner pleaded with the high court to restrain the KMC from knocking down leased houses. Earlier on Wednesday, Karachi Metropolit­an Corporatio­n ( KMC) anti- encroachme­nt wing launched an operation to demolish illegally constructe­d shops and other structures along the city's natural storm water drains. The government initiated an anti- encroachme­nt drive along the city's Gujjar nullah, a week after record- breaking torrential rains triggered urban flooding in the metropolis. Police and Rangers personnel will also take part in the operation. K- Electric and Sui Gas teams arrived near Cafe Pyala before the operation began. Residents of Liaquataba­d FC area had earlier protested when the deputy commission­er central urged residents to vacate their homes by 7: 00am for the operation. Protesters blocked roads, affecting traffic between Nazimabad and Liaquataba­d. - TLTP rebuilding task do not falls prey to politics. Hence, I would like to request everyone to put their politics aside and the only priority should be to develop Karachi's infrastruc­ture and this should be above politics." He pointed out that the country's affairs are mostly run from the revenue being generated from Karachi, which contribute­s more than 70 percent to the national exchequer and around 95 percent to the provincial kitty. If the infrastruc­ture of the city is not reconstruc­ted and improved in the next three to four years, it would terribly affect government's revenue. "How the government is going to run the affairs if Karachi's infrastruc­ture issue is ignored as the revenue generated by Karachi is utilized for running the entire country", he asked, adding that it is in everyone's interest including the federal & provincial government­s, the armed forces, business & industrial community and the masses that Karachi's dilapidate­d infrastruc­ture must be rebuilt on top priority. Siraj Teli said, "Keeping in view the capability, capacity, workforce, equipment, expertise and resources available with NDMA and FWO who have constructe­d some of the finest roads and motorways all over the country, I am confident that it is these two institutio­ns who can save Karachi by rebuilding its infrastruc­ture. If Chief Minister Sindh Syed Murad Ali Shah can give the task of constructi­ng 10 underpasse­s and flyovers en- route Karachi Circular Railway ( KCR) to FWO, then why not giving the entire task of rebuilding Karachi's infrastruc­ture to the said insti- Continued from page 8 No # 19 NAB Rawalpindi has establishe­d a forensic laboratory having advanced facilities to help the investigat­ors. In 2019, the lab had analysed some 15,747 question documents, 300 fingerprin­ts, 74 devices including laptops, mobile phones, hard disks. In total, the analysis of 50 cases was conducted by the forensic lab. In the previous year, the anti- graft body received 53,643 complaints, of which 42,760 had been concluded. - TLTP Continued from page 1 No # 5 Continued from page 8 No # 20 General ACD Gohar Nafees said. Around 261 kanals of land were transferre­d to DG Khan Municipal Corporatio­n from the housing scheme, the official said. The recovered land has market value to the tune of Rs5.22 billion, he further said. The recovered land will be used for public places in the society, according to the anti- corruption official. The ACD Punjab had been inquiring into the housing society land scam for the last two years, he added. - TLTP cell phone sites have been restored in the port city while efforts are under way to achieve hundred percent restoratio­n. According to PTA, a total of 5,433 cell sites are operationa­l in the city and 136 are being restored as of Friday. Some operators have already made all their sites up and running. The PTA said it continues to monitor the situation and assures the consumers that services in all affected areas will be restored soon. - TLTP PRINTED AND DISTRIBUTE­D BY PRESSREADE­R PressReade­r. com + 1 604 278 4604 O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y . O R I G I N A L C O P Y COPYRIGHT AND PROTECTED BY APPLICABLE LAW

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