he State Bank of Pakistan (SBP) on Tuesday received $500 million from the Asian Infrastructure Investment Bank (AIIB), confirmed Finance Minister Ishaq Dar.

“Asian Infrastructure Investment Bank (AIIB) has transferred today, as per their Board’s approval, to State Bank of Pakistan/Government of Pakistan US $ 500 million as program financing,” tweeted the finance minister. 

Earlier this month, Dar had announced that AIIB would extend $500 million as co-financing for a development programme in Pakistan.

“These funds will be received by the State Bank of Pakistan within November 2022,” Dar had tweeted, as cash-strapped Pakistan desperately seeks financing to cushion the impact of floods.

The BRACE (Building Resilience with Active Counteryclical Expenditures Programme) is an Asian Development Bank (ADB) financing programme to counter the social fallouts of economic crisis.

The funds would help shore up forex reserves held by the central bank.

The reserves are crucial for the country amid the current situation, where it has to also import edibles after the cataclysmic floods devastated the agricultural crops and dealt damages estimated at over $30 billion.

In October, The Asian Development Bank (ADB) also approved $1.5 billion in financing to help Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.

The loan, provided under ADB’s BRACE programme, will help fund the government’s $2.3 billion countercyclical development expenditure programme designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.

ISLAMABAD: A court in Islamabad on Tuesday approved the four-day physical remand of PTI leader Senator Azam Khan Swati for controversial tweets against senior military officers. 

The PTI leader was once again arrested for speaking against senior military officers early Sunday morning from his farmhouse located in Chak Shahzad, Islamabad. He was later presented before a court which had approved Swati’s physical remand for two days.

FIA’s Cybercrime Wing had arrested Swati for using foul language for the army chief and other senior military officers.

During the hearing today, Senior Civil Judge Muhammad Shabbir Bhatti announced the verdict, handed him over to the FIA till December 3. 

The court also approved the senator’s lawyer Babar Awan’s petition to not present Swati in court citing security concerns. 

“Azam Swati should not be produced before the court under further order,” Judge Bhatti remarked. 

He said that Swati should be presented before the court through a video link in the next hearing. 

The prosecutor asked the court to write it in the order that Swati was not produced in court at the request of his lawyer. 

The FIA had requested a six-day physical remand of the senator for further investigation into his Twitter account and mobile phone. 

IHC’s directives 

Meanwhile, Islamabad High Court (IHC) ordered the deputy attorney general to seek directives from the home secretary on the cases against the PTI leader.

Swati had approached the IHC via a plea on Monday, fearing “custodial killing”.

At the outset of the hearing of Swati’s plea, his lawyer Babar Awan appeared before Justice Aamer Farooq.

“Azam Swati is currently in physical remand, while 50 cases have been registered against him across the country,” Awan said.

He requested the court to seek the details of all cases against the PTI leader through the home secretary.

“Until all details regarding the cases against my client are not received, he shouldn’t be given into anyone’s custody,” the lawyer requested.

He said that most of the cases against Swati are registered in Sindh and Balochistan.

At this, the court inquired how does the home secretary have control over the provincial inspector generals of police (IGP).

Responding to the question, Awan said that the home secretary has authority over the provincial IGPs.

At this, the court ordered the deputy attorney general to take directives from the home secretary.

“Check if the home secretary has the authority as it is being stated, and inform the court,” the court said, before adjourning the hearing till Friday.

The Supreme Court on Tuesday completed the hearing of a reference filed in the Reko Diq case by President Dr Arif Alvi.

A five-member larger bench — headed by Chief Justice of Pakistan Umar Ata Bandial — heard the case and will give its verdict on the presidential reference next week. 

Before reserving the verdict, the chief justice, during the hearing, said that the president has sought the opinion from legal channels.

“The court will be careful while giving an opinion on the matter of basic rights in the presidential reference,” said CJP Bandial.

He said that Pakistan is facing a fine of a billion dollars, adding that the federal government followed the constitution and the law concerning the Reko Diq agreement.

CJP Bandial said that he is happy Reko Diq agreement ensured international standard protection.

Justice Ijazul Ahsan said that it is a positive factor that no party signed an illegal agreement in the Reko Diq project.

“All the lawyers agree that Reko Diq is a transparent and public contract,” he added.

Meanwhile, the deputy attorney general said that the negotiations on the agreement took place for three years.

The apex court held 17 hearings on the Reko Diq presidential reference. The chief justice thanked all the judicial assistants, additional attorney general and lawyers. 

On October 18, President Alvi filed the reference on the advice of Prime Minister Shehbaz Sharif to seek the top court’s opinion on the Reko Diq settlement agreement under article 186 of the Constitution of Pakistan.

The president asked two legal questions in reference. 

• Whether the Government of Balochistan or Government of Pakistan can enter into an international agreement as per Supreme Court’s Judgment, in the Molvi Abdul Haq vs Federation of Pakistan 2013 Case. 
• If the proposed Foreign Investment (Protection and Promotion) Act 2022 would accord to the constitution. 

In March 2022, the-then finance minister Shaukat Tarin announced that an agreement for the development of the Reko Diq mine had been reached with a foreign company Barrick Gold, according to which Balochistan would have a 25% share.

Pakistan and Tethyan Copper Company (TCC) had agreed to divide shares with each side getting 50% of them, contrary to 25% shares for Pakistan in the previous deal.

In 2019, Pakistan managed to get a reduced penalty from a massive $16 billion to $6 billion in the Reko Diq case. In a 700-page ruling, the Washington-based International Centre for Settlement of Investment Disputes (ICSID) awarded a $4.08 billion penalty and $1.87 billion in interest to Pakistan. The amount will be paid to TCC.

The firm had been granted a licence for gold and copper mining at Reko Diq, area of Balochistan, but the former chief justice of Pakistan Iftikhar Chaudhry had cancelled the agreement with the company.

LAHORE: The PML-N Tuesday hinted at imposing governor’s rule in Punjab in order to stop the PTI from dissolving the assembly.

After holding another round of talks with the coalition partner PPP, PML-N’s Attaullah Tarrar Tuesday said that the opposition parties in Punjab will reveal their strategy in a day or two to counter PTI’s bid to dissolve the provincial assembly.

“When the resolution comes from the National Assembly and the Senate and goes to the President, the governor’s rule can be imposed,” the PML-N leader said.

The PML-N and PPP are making hectic efforts to save the Punjab Assembly after the senior PTI leadership greenlighted former prime minister Imran Khan’s decision to quit all assemblies to force an early election.

The PTI chief, in a surprise move last week, announced that the party doesn’t want to be part of this “corrupt” system and will opt out of the assemblies.

Soon after the announcement, the PDM parties started consultation to foil PTI’s plan and a meeting was held yesterday at the PML-N’s Model Town office.

Today, a PPP delegation, headed by PPP parliamentary leader in Punjab Assembly Syed Hassan Murtaza visited PML-N’s secretariat where both parties discussed the evolving political situation.

Speaking to the media after the meeting, SAPM Attaullah Tarar said that the PPP leaders met with Hamza Shehbaz on the directions of Asif Zardari as part of the consultative process.

“We exchanged views on no-trust motion in the Punjab Assembly,” Tarrar said, adding that they will use all options to stop PTI from dissolving the assembly.

“If the Punjab Assembly is dissolved at the behest of Imran Khan, it will be unconstitutional.”

Tarrar said that the assembly should complete its tenure and warned the ruling party from robbing people of their mandate.

“Various options have been discussed in detail. The government members of the Punjab Assembly are also anxious over the developments and several MPs are also in touch with us.”

He claimed that the parliamentary party of PTI is disintegrated.

According to the law, no member can be prevented from tabling a no-confidence motion or from voting on it, Tarrar said.

After further consultation, all the coalition parties will announce in a day or two, he further said.

PPP stands by PML-N

Speaking on the occasion, PPP leader Hassan Murtaza thanked the leadership of PML-N for including allies in the consultation process.

It is clear now who wants to strengthen the parliamentary system and who wants to weaken it, Hassan Murtaza said.

“PPP will stand side by side with its allies.”

He also questioned the reason behind dissolving assemblies.

Islamabad, NOV 29 /DNA/ – The Islamabad Chamber of Commerce and Industry has expressed deep grief and sorrow over the said demise of renowned business leader S.M. Munir who passed away in Karachi, terming it a great loss to the business community of the country.

Ahsan Zafar Bakhtawari President, Faad Waheed Senior Vice President and Engr. Muhammad Azhar ul Islam Zafar Vice President, Islamabad Chamber of Commerce & Industry (ICCI) expressed their heartfelt condolences with the bereaved family and prayed that may Allah the Almighty keep the departed soul in eternal peace and grant the bereaved family the courage to bear this loss with patience. They said that S.M. Munir was a great business leader who rendered valuable services for the business community as Chairman TDAP, President FPCCI and Patron-in-Chief, United Business Group.  

Khalid Iqbal Malik Group Leader, Khalid Javed, Tariq Sadiq, Abdul Rauf Alam, Zubair Ahmed Malik, Muhammad Akram Farid, Mian Shaukat Masud, Muhammad Ejaz Abbasi, Zafar Bakhtawari, Ahmed Hassan Moughal, Nasir Qureshi, Ch. Abdul Waheed, former Presidents, Executive Members and members of ICCI also expressed their condolences over the sad demise of S.M. Munir and paid tribute to his services for the business community. They also prayed that may Allah the Almighty keep the departed soul in peace and give courage to the bereaved family members to bear this loss with fortitude.  

• Gen Asim Munir becomes 17th COAS of Pakistan.
• Gen Bajwa hands over command to Gen Asim Munir in ceremony at GHQ.
• General Bajwa presented guard of honour for last time as COAS.

RAWALPINDI, NOV 29: General Qamar Javed Bajwa on Tuesday handed over the command of the Pakistan Army to his successor General Asim Munir in a ceremony held at the General Headquarters in Rawalpindi.

With the change of command, Gen Munir has become the 17th army chief of the Pakistan Army when Gen Bajwa handed over the baton to him. Before handing over the command, Gen Bajwa, in his last address, congratulated his successor Gen Asim Munir for being promoted to the four star rank and as the head of the army.

“I have full faith that under his leadership army will reach new heights and his appointment will prove to be a positive for the country,” said Gen Bajwa. He added that he was happy to know that he was retiring by handing the army to an able officer like Gen Munir.

Gen Bajwa said that his journey in the army started 44 years ago and has ended today.

“I am thankful to Allah that he not only gave me an opportunity to work in the courageous and great army but also honoured me to command this army,” he said.

Appreciating the Pakistan Army, Gen Bajwa said that his prayers will always be with it in difficult times.

“I am proud that the army protects the borders from Siachen to Thar despite having limited resources,” he added.

Gen Bajwa said that the army defends regardless of language, colour, caste and religion.

“I will soon go into oblivion, but the spiritual connection will always remain with the army,” said General Bajwa.

Earlier, General Bajwa was presented guard of honour for the last time as the chief of army staff during the ceremony.

The change of command ceremony marks the time-honoured tradition that symbolises the seamless transition of military leadership.

The ceremony was attended by the Chairman Joint Chiefs of Staff Committee General Sahir Shamshad Mirza and chiefs of the armed forces. It was also attended by senior serving and retired military officers with their families.

Chief ministers, federal ministers, secretaries and foreign military officers deployed at embassies were also present at the ceremony. Before the ceremony, Gen Bajwa visited the Yadgar-e-Shuhda for the last time as chief of army staff. Gen Munir had accompanied him during the visit.

Gen Munir was chosen to lead the country’s army by Prime Minister Shehbaz Sharif on November 24. The summary of his appointment was approved by President Arif Alvi the same day.

Gen Asim Munir

Gen Munir was commissioned in the 23rd Frontier Force Regiment in 1986. He passed out with the 17th Officers Training course, Mangla and was awarded the coveted sword of honour.

Before taking charge he was posted as the quartermaster general at the General Head Quarters.

Before taking charge as COAS, Gen Munir was also posted as a directing staff in Command and Staff College, Quetta, brigade major of a deployed infantry brigade in Kel, general staff officer, grade-2, CGS secretariat and chief of staff of Mangla corps.

Gen Munir has commanded the 23rd Frontier Force Regiment, Infantry Brigade, remained as a force commander in Northern Areas, Gilgit.

The incoming army chief has also served as the director general of Military Intelligence (MI).

In 2018, Gen Munir was appointed as the director general of the Inter-Services Intelligence (ISI) and later transferred as corps commander Gujranwala.

After heading the Gujranwala corps, he was posted as quartermaster general which was his last assignment before becoming COAS.

Gen Munir graduated from Fuji school Japan, Command and Staff College, Quetta, Malaysian Armed Forces College, Kuala Lumpur and National Defence University, Islamabad.

The general also has M Phil in Public Policy and Strategic Security Management from National Defence University.

Gen Munir has become the first army chief who has headed both — MI and ISI. He is also the first army chief awarded the Sword of Honour.

Gen Munir is a keen sportsman, avid reader, traveller and also a Hafiz e Quran.