ISLAMABAD, Dec 12 (APP):The upper house of the parliament on Monday passed the Foreign Investment (Promotion and Protection) Bill, 2022 aimed to protect investors from unnecessary court proceedings.
Minister for Law and Justice Azam Nazeer Tarar on behalf of Minister for Finance and Revenue Mohammad Ishaq Dar moved the bill in the house which was part of the Senate’s supplementary agenda.
Speaking in the house, he said that foreign investment was very important for the country to progress. Pakistan suffered several fines due to a halting of the Reko Diq project, he said.
The statement of objects and reasons of the bill says that to provide for the promotion and protection of certain qualified foreign investment and for matters incidental thereto it is expedient and in the national interest to attract, encourage, and protect, large-scale foreign investments into Pakistan.
To ensure sustainable economic activity and growth, it is necessary to improve the investment climate in Pakistan by way of providing incentives in direct and indirect taxes and ease of transfer and repatriation of foreign investments to the large scale foreign investment and by protecting such incentives from withdrawal and providing an expedient and efficacious mechanism to address grievances of investors of qualified investment.
It is essential for the federal government, the provincial governments, the local governments and other relevant authorities to work together and cooperate to ensure the provision of incentives and protection for qualified investments.
Later, the house was adjourned to meet again on Thursday (December 15) at 3:00 pm.
KARACHI, Dec 12 (APP): Sindh Chief Minister Syed Murad Ali Shah and USAID/ Pakistan Mission Director Mr. Reed Aeschliman after thorough discussions and deliberations agreed to launch a `Green Cooperation’ programme for flood-affected growers and work together for the reconstruction of damaged houses, and school buildings and strengthening healthcare in the flood-hit areas.
The meeting was held here at CM House and was attended by Chief Secretary Sohail Rajput, Chairman P&D Hassan Naqvi, Secretary to CM Raheem Shaikh, CEO of Peoples Housing Project Khalid Shaikh.
The USAID Country chief was accompanied by Acting Deputy Mission Director Mr. Xerses Sidhwa and Acting Consul General Mr. Liam O’Flanagan.
The chief minister told the visiting USAID Pakistan Director that the unprecedented and devastating floods and rains killed 800 persons, injured 8,422, damaged 2,044,844 houses, perished 436,435 livestock, washed away crops standing over 3,777,272 acres, damaged 19808 school buildings, and 1045 health facilities and caused Rs95 billion losses and damages to the irrigation system.
Murad Ali Shah said that the total financing needs for Sindh were Rs1,688 Billion ($7.860 billion) which was 48.30 percent of the total needs estimated.
He added that if cross-provincial estimates were truncated (only province-specific needs are considered), then Sindh’s needs were 67.60 percent of the total province-specific needs estimates.
The CM said that financing pledged by donors to date was about Rs. 379.56 billion which showed a financing gap of at least Rs. 1,308.44 billion. He added that the significant gap could not be met by the local resources in ‘stressed’ economic conditions.
The USAID/Pakistan Mission Director Mr. Reed Aeschliman said that his organization was ready to help growers by providing them support for the purchase of seeds, pesticides, and urea so that they could start their cultivation. He also seeds that the water courses could also be repaired.
The P&D dept and the USAID team would finalize the programme and it has been named `Green Cooperation’.
Mr. Shah said that the World Bank was providing $500 million dollars and his government has spared Rs50 million and a similar amount is being given by the federal government. He said that the total cost to reconstruct the damaged houses would come to Rs570.167 billion.
The USAID Pakistan chief told the chief minister that his team would sit together with the P&D and Housing project CEO to work out a plan to contribute to the reconstruction of the damaged houses.
The CM said that according to an estimate Rs97.84 billion were required to repair and reconstruct 19808 schools. He added that the provincial government would not be able to bear such a huge expense, therefore donors would have to help the provincial government.
Mr. Reed Aeschliman told the chief minister that USAID would support the Sindh government in the reconstruction of the schools. He added that the USAID and the Sindh government have a partnership in the health and education sectors.
Murad Ali Shah told the visiting USAID team that Rs21.93 billion were required to repair 1045 damaged health facilities.
The USAID Pakistan Director told the chief minister that they would help the provincial government to overhaul its healthcare system.
A meeting between the Chairman P&D Hassan Naqvi and his team was fixed with the USAID team to finalize the modalities for repairing, renovating and overhauling educational, and health facilities.
ISLAMABAD, Dec 12 (APP):Minister of Planning Development & Special Initiatives, Professor Ahsan Iqbal on Monday formally engaged the lawmakers from the country’s 20 poorest districts of Pakistan and sought their input before the execution of the projects.
Last month, the Ministry of Planning, Development and Special Initiatives had launched a 5-year (2022-27) project comprising special development initiatives for the 20 poorest districts across Pakistan at the cost of Rs 40 billion. Identified on the basis of scores in this MPI, the selected 20 districts include 11 districts from Balochistan, five from Sindh, three from Khyber-Pakhtunkhwa and one from the Punjab. Many of these districts have been directly affected by the recent flood disaster, especially in Balochistan and Sindh.
While gearing up the efforts to execute the project, the Minister has invited the relevant lawmakers from the 20 poorest districts which includes- Member National Assembly MNA, Mir Ghulam Ali Talpur, Khalid Hussain Magsi, Nawabzada Shazain Bugti, Maulana Abdul Wasay, Salahuddin Ayubi, Mohsin Dawar, Mahesh Kumar Malani and others.
“The prime objective is to engage you and to get your input before execution of the country’s first ever projects initiated by the incumbent to uplift the 20 backward and poor districts of the country,” said the Minister, while assuring the members that he will personally visit in each district.
It is noted that the Central Development Working Party (CDWP) headed by Planning Minister Ahsan Iqbal had already approved the project. 11 districts are from Balochistan which includes Sherani, Kohlu, Jhal Magsi, Barkhan, Killa Abdullah, Zhob, Musakhel, Dera Bugti, Jaffarabad, Ziarat and Killa Saifullah. Five in Sindh — Sujawal, Thatta, Tharparkar, Kashmore and Badin and three in Khyber Pakhtunkhwa — Torghar, Shangla and North Waziristan and one district of Rajanpur in Punjab.
Speaking on the occasion, the Minister informed the participants that study will be conducted in each district in order to know the critical needs in education, health, infrastructure and other sectors. The Minister further added that in the past the survey was conducted province wise. However, he said that this is the first time in the country’s history that 20 poor districts were identified. During the meeting, the lawmakers appreciated the efforts of the ministry and shared their recommendations.
Earlier, Member Social Sector & Devolution Planning Development & Special Initiatives, Rafiullah Kakar gave a detailed presentation to the lawmakers. He said that the poor district will be uplifted through physical connectivity power digital connectivity, productive sector of livelihood and others. “After consultation with lawmakers and development experts, the Planning Ministry will engage the community representatives before execution of the project, ” said Kakar.
Meanwhile, the Minister also chaired a roundtable with the entrepreneurs and development experts from the 20 poorest districts to register their feedback on addressing inequality in Pakistan. The Minister underscored the importance of intervention from local bodies and stakeholders to make an effective framework to address the issue at hand.
ISLAMABAD, Dec 12 (APP):Meezan Bank, Pakistan’s leading Islamic bank, has been declared the ‘Best Consumer Bank’ at the 7th edition of the Pakistan Banking Awards.
Meezan Bank had earlier won the ‘Best Bank’ award twice – in 2018 and 2020 and the ‘Best Islamic Bank’ award in 2016 and 2017, said a news release.
Ijaz Farooq – Meezan Bank’s Group Head Retail Banking, Commercial, SME & Agriculture received the award from the Chief Guest of the event, Jameel Ahmad – Governor, State Bank of Pakistan, and Mr. Salman Hussain – Territory Senior Partner A.F. Ferguson & Co., amid the presence of key members from the country’s banking fraternity.
Pakistan Banking Awards are a joint initiative of the Dawn Media Group, Institute of Bankers Pakistan (IBP), and A.F. Ferguson, under the patronage of the State Bank of Pakistan, and are one of the most prestigious and definitive recognition of excellence in the country’s banking sector.
Meezan Bank’s recognition is based on a variety of criteria, including its strength in delivering the most efficient services and its attention to customer needs.
The 5-member jury of experts that selected Meezan Bank as Pakistan’s ‘Best Consumer Bank’, was chaired by Former Governor of the State Bank of Pakistan (SBP) – Syed Salim Raza.
The Jury’s decision was based on a detailed evaluation of the performance of the banks that had vied for this award.
ISLAMABAD, Dec 12 (APP): Prime Minister Shehbaz Sharif on Monday said the unconditional apology by the British publication Daily Mail was a vindication of the 220 million Pakistanis, which also thwarted an anti-state conspiracy hatched by Imran Khan and his cronies.
“Finally, after three years, they (Daily Mail) tendered an apology, not to me but all of you. It was an apology to 220 million Pakistanis, and to millions of those mothers and children who were benefiting from the DIFD projects to support their food and health,” the prime minister said addressing a press conference here along with his cabinet members.
Apprising the media of the allegations levelled by the previous government through the Daily Mail article, he said the onslaught was only meant to defame him, Nawaz Sharif and the Pakistan Muslim League-Nawaz.
“He (Imran Khan) was so callous to never think that it will not only malign Nawaz Sharif or Shehbaz Sharif rather it will hurt Pakistan’s reputation,” he remarked. The newspaper also published its apology in Sunday’s print edition, he added.
He told the media that the DFID project’s amount of 600 million pounds was spent transparently and the allegations were also contradicted by the Department for International Development (DFID) itself.
“Consequently, the country was mocked and a message was conveyed that Pakistan should not be given any aid or grant,” he added.
PM Shehbaz said despite the passage of three years, Shahzad Akbar had failed to produce documents to substantiate his allegations, which also led to his (Shehbaz Sharif) vindication by the NCA (National Crime Agency).
The prime minister said by selling a specially-designed watch inscribed with the Holy Kaaba’s model, gifted by Saudi Crown Prince, Imran Khan had committed the “cheapest act”.
He said investigations should be held as to how the former prime minister had destroyed the national economy and foreign relations and strained ties with brotherly countries.
Shehbaz Sharif also mentioned an article published by the Financial Times accusing Imran Khan of spending donations collected for the Shaukat Khanum Hospital on his politics.
He said during his government, Imran Khan got arrested even female politicians like Maryam Nawaz and Faryal Talpur but contrarily, gave an NRO (National Reconciliation Ordinance) to his own sister through the Federal Board of Revenue (FBR) though she had committed misdeclaration.
The prime minister told the media that the incumbent government inherited a shaken economy and that they had to beseech the International Monetary Fund (IMF), which was not ready to trust Pakistan after the previous regime had deviated from the commitments.
He said by passing the burden of the oil price surge to the masses, the incumbent government sacrificed its politics in the state’s interest as the previous regime had laid a trap for their government by not raising the prices.
Prime Minister Shehbaz said the government had disbursed Rs 70 billion among the flood-hit families through BISP (Benazir Income Support Programme) and spent billions of others through the NDMA (National Disaster Management Authority) to supply food packages, tents, and mosquito nets. Besides, Rs 400 million were also given in form of compensation for the life losses, he added.
“With the onset of the winter season, a huge challenge is still ahead. Don’t know where the money will come from (to support the reconstruction),” he added.
He said instead of spreading a rhetoric of Pakistan becoming another Sri Lanka, Imran Khan should give an account for the sugar mill and wheat scandals.
To a question, the prime minister said Finance Minister Ishaq Dar met President Arif Alvi with his permission.
“We will move 100 steps forward for the country’s stability. But it takes two to tango. The nations face such a situation when we have to sacrifice. But what kind of talks can be held with an egoistic and liar person who even defames the army… I want to tell the people that this person is a fraud having nothing to do with the nation’s future,” he said and called for setting aside the differences for the country’s progress.
He said the previous government ridiculed his idea of the Charter of Economy and misconstrued it as a desire to seek an NRO.
To another question, the prime minister said Imran Khan also showed unthankfulness to his benefactor ex-army chief General Qamar Javed Bajwa. He said the new army chief was a professional soldier with a shining career and hoped that he would strengthen the institution and serve the country.
Asked about the firing incident by Afghan border forces, he said he would summon a meeting to review the situation. The killing of the innocent people of Pakistan had been condemned and the government also demanded of the Afghan government to prevent the recurrence of such incidents which could hurt the bilateral ties, he added.
To another query, PM Shehbaz said former prime minister Nawaz Sharif, who had millions of followers in Pakistan, would be back to the country very soon.
About the oil prices, he said the government discussed the matter fortnightly and made its level best not to further burden the people. It would surely pass on the relief as it found some cushion, he added.
