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South Africa wants to further enhance bilateral trade with Pakistan: envoy

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ISLAMABAD, AUG 8 (DNA) – South Africa considered Pakistan an important market for business cooperation and wanted to further enhance bilateral trade with it as the two countries have good potential to do trade in many areas.

This was observed by Mthuthuzeli Madikiza, High Commissioner of South Africa in Pakistan while addressing the business community during his visit to Islamabad Chamber of Commerce & Industry (ICCI). Mr. C.J.Janse Van Noordwyk, Deputy Head of Mission also accompanied him at the occasion.

Mthuthuzeli Madikiza said that South Africa was now focusing on South-South cooperation whereby Pakistan and South Africa could assist each other by sharing technical and economic knowledge and skills to facilitate reciprocal economic development.

He said that South Africa has launched many construction and infrastructure development projects and Pakistani investors should explore them for investment and JVs.

He said that South Africa was further improving ease of doing business to facilitate entrepreneurs and it could be an additional attraction for Pakistani investors to focus on his country.

He assured that the South African High Commission would facilitate Pakistani business community in linking up with South African counterparts for promoting business collaboration in areas of mutual interest.

Speaking at the occasion, Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry said that the existing level of bilateral trade between Pakistan and South Africa was not reflective of the actual potential of both countries and more efforts from both sides were required to improve it.

He said that Pakistan has formed a “Look Africa Plan” and hoped that it would help in improving Pakistan’s trade relations with African countries. He said that many Pakistani products including textiles, marble, furniture, pharmaceuticals, surgical instruments, cereals, rice, pink salt have good potential to penetrate the South African market and stressed that South Africa should rationalize its tariffs for Pakistani products that would further improve bilateral trade between the two countries. Similarly, many South African products including machinery & equipment, steel scrap, tin sheets and others could find good market in Pakistan. He urged that Pakistan and South Africa should sign a free trade agreement to remove trade barriers and boost two-way trade volume.

Muhammad Ahmed Waheed said that frequent exchange of trade delegations and organizing single country exhibitions on reciprocal basis should be the way forward for both countries to strengthen trade and investment relations.

Saif ur Rehman Khan Vice President ICCI thanked South African High Commissioner and Deputy Head of Mission for visiting Chamber and said that South Africa should share its technology and knowledge with Pakistan that would benefit our economy.

Muhammad Aslam Khokhar, Muhammad Ilyas, Haji Zafar Iqbal, Usman Khalid, Mian Arif Hussain, Amin Pirzada, Abbas Hashmi, Faad Waheed, Muhammad Shakeel Munir, Khalid Chaudhry and others were also present at the occasion.=DNA

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Several Karachi areas deprived of power even on third day of rain

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KARACHI, AUG 08 (DNA) – Several parts of the metropolis have been deprived of electricity on third day of the rainfall in Karachi. Many feeders and PMTs have been tripped in Karachi after a downpour caused a massive power breakdown in the city.

The areas facing power outages include Saddar, M.A. Jinnah Road, Khudadad Colony, SITE, Qayyumabad, Shah Faisal Colony, Gulistan-e-Johar, Korangi, Quaidabad, Gulbahar, Khamosh Colony, Federal B Area, North Karachi, New Karachi, Liaquatabad, Saudabad, PECHS, Defence, Keamari, Lyari, Soldier Bazaar, Saddar, Malir, Landhi, Old City Area and North Nazimabad.

Several areas of the city also facing voltage fluctuations and other power woes damaging electronic appliances and other equipment.

A spokesperson to K-Electric, yesterday said that the process to restore electricity supply is continued across the city, adding that the power restoration was not possible in some areas until the complete drainage of rainwater.

The presence of rainwater causes accidents and affects underground cables, said the spokesperson, adding that the concerned institutions are being appealed to expedite drainage of water in the areas as the presence of rainwater in sub-station and other instalments could result in more damages.

The rain has played havoc in the city, whereas the majority of the roads are submerged with rainwater. Different parts of the city also received rain on Saturday adding to the woes of citizens and crippling the city life.

The power supply in many areas could not be restored even on Saturday which was disrupted after Friday’s rainfall. According to reports more than 500 feeders of the K-Electric (KE) tripped yesterday. =DNA

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270 Chinese technicians to take part in Suki-Kinari hydropower project

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DNA

Islamabad, August 8  – Pakistan has allowed as many as 270 Chinese technicians  under a special protocol to provide expertise for the Suki-Kinari hydropower project, being built alongside Kunhar River in the Khyber Pakhtunkhwa province, officials said.Technicians from Chengdu will arrive via Air China’s chartered plane on August 12.The Civil Aviation Agency (CAA) has made special arrangements for their arrival as a gesture of goodwill towards the ‘iron brother’ – as China is known in Pakistan.

Official said the Chinese embassy has promised that nucleic acid testing for COVID-19 will be conducted for all passengers before departure and only those who test negative will be allowed to travel.The Suki Kinari HPP is an under construction run-of-the-river hydropower project located on the Kunhar river in the Kaghan valley of Mansehra District, Khyber Pakhtunkhwa.It will generate 870 megawatts of power when it will be completed in 2022. The completion of this hydropower plant will play an important role in promoting Pakistan’s industrial development and economic recovery.

‘Moody’s upgradation of Pak outlook affirms sound policies’

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ISLAMABAD, AUG 08 (DNA) – At the conclusion of the review for downgrade initiated on May 14, 2020, Moody’s on Saturday confirmed Pakistan’s B3 credit rating with a stable outlook, which the Finance Ministry termed as affirmation of the government’s sound fiscal and financial policies.

“This is an affirmation of the government’s sound fiscal and financial policies in these times of unprecedented hardship and uncertainty,” the ministry said in a statement issued here.

Federal Minister of Industries and Production, Hammad Azhar also termed the development an encouraging sign. “Moody’s confirmation of Pakistan’s B3 rating with stable outlook during pandemic was an encouraging sign,” he said in a tweet.

The federal minister said that the country’s rating was downgraded to B3 negative in June 2018 based on data/policies of Pakistan Muslim League-Nawaz (PML-N) government. In December 2019, he added, after economic stabilsation by the Pakistan Tehreek-i-Insaf (PTI) government, rating was upgraded to B3 Stable.

Moody’s Investors Service (Moody’s) confirmed the government of Pakistan’s B3 local and foreign currency issuer and senior unsecured debt ratings with a stable outlook.

Concurrently, Moody’s has also confirmed the B3 foreign currency senior unsecured ratings for The Third Pakistan International Sukuk Co Ltd, according to press statement received here which added that the associated payment obligations are, in Moody’s view, direct obligations of the government of Pakistan.

“The review for downgrade reflected Moody’s assessment that the country’s participation in the G20 Debt Service Suspension Initiative (DSSI) raised the risk that private sector creditors would incur losses. In the last few weeks, Moody’s has considered the evidence of implementation of DSSI for a range of rated sovereigns, and statements by G20 officials,” the statement added.

While Moody’s continues to believe that the ongoing implementation of DSSI poses risks to private creditors, the decision to conclude the review and confirm the rating reflects Moody’s assessment that, at this stage, for Pakistan, those risks are adequately reflected in the current B3 rating.

It said that it remained unclear what influence is being applied to Pakistan and to other participating sovereigns to treat private creditors in a comparable manner to official sector creditors. However, a number of elements suggest that the probability of broad-ranging private sector involvement has diminished.

These include the apparent absence of progress in discussions about how private sector involvement (PSI) would be effected in DSSI in general; indications by the G20 that PSI would require the support of the borrowing government; the government of Pakistan’s continued assertion that PSI is not contemplated; and evidence of some debt payments being made to private sector creditors under a DSSI regime.

The risks that remain relate to the possibility that, in particular cases DSSI is implemented with private sector creditors also being drawn in to provide debt service relief and incurring losses in doing so.

Should the probability of default and losses to private sector creditors increase as implementation of DSSI for Pakistan becomes clearer, Moody’s would reflect any related changes in risks to private creditors in further rating announcements.

The stable outlook reflects Moody’s view that the pressures Pakistan faces in the wake of the coronavirus shock and prospects for its credit metrics in general are likely to remain consistent with the current rating level.

In particular, while Moody’s sees downside risks to Pakistan’s economy because of movement and activity restrictions related to the pandemic, which would in turn intensify the government’s fiscal challenges, strong support from development partners including for external financing, coupled with effective macroeconomic policies started ahead of the crisis, contain external vulnerability and liquidity risks.

Pakistan’s Ba3 local currency bond and deposit ceilings remain unchanged. The B2 foreign currency bond ceiling and the Caa1 foreign currency deposit ceiling are also unchanged.

The short-term foreign currency bond and deposit ceilings remain unchanged at Not-Prime. These ceilings act as a cap on the ratings that can be assigned to the obligations of other entities domiciled in the country. =DNA

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India sponsoring state terrorism from Afghanistan into Pakistan: Munir Akram

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NEW YORK, AUG 08 (DNA) – Pakistan’s Permanent Representative to the United Nations Munir Akram says India has been sponsoring state terrorism from Afghanistan into Pakistan.

In an interview with a foreign journal, Newsweek, he said Pakistan has plenty of evidence which we have presented to the UN and more will be provided.

Munir Akram said India is the fountain head of terrorism in the region and Pakistan will continue to make all efforts to expose the ominous role of India at the UN Security Council.

He said the recent attack on Pakistan Stock Exchange in Karachi was the work of such Indian sponsored mercenary terrorists.

Earlier, in an open Council debate on ‘Threats to international peace and security: Linkage between international terrorism and organized crime’, Pakistan has told the United Nations Security Council that effective border controls are a “prerequisite” to clamping down on the twin threats of terrorism and organized crime.

Ambassador Munir Akram said that only through collective regional and international efforts could the world community choke off the various sources that support terrorist outfits through organized crime.

“We will continue to play our role to sever the vicious link between terrorism and organized crime in our region,” the Pakistani envoy said. “This is critical for our own people, as well as for our neighbourhood and indeed the rest of the world,” he said.

Ambassador Akram said the crime-terrorist nexus varies across different contexts, with several common areas of confluence, including financing tools, recruiting vulnerable youth and operating in areas outside Government control.

“Being one of the principal victims of terrorism, Pakistan’s resolve to eliminate this scourge is clear and unwavering,” the Pakistani envoy told the 15-member Council.

Terrorist organizations like Tehrik-e Taliban Pakistan (TTP) and Jamaat-ul-Ahrar (JuA) attack Pakistan using their bases outside of borders, he said, adding these are mercenary terrorist groups and work with third country’s state patronage for profit generation.

“This nexus of mercenary terrorists and their patrons generate finances through proceeds from narco-trade, kidnapping for ransom, extortion and smuggling of natural resources like timber,” Ambassador Akram said.

“One example of this patronage was proven by the arrest of Commander Kulbhushan Jadhav, an Indian intelligence agent,” he said, pointing out that he was running a syndicate of criminals and terrorists to foment terrorism in Pakistan.

Similarly, Pakistan also submitted the names of four other terrorist facilitators to the Security Council’s1267 Sanctions Committee. “Such Indian terrorism facilitators, hiding in plane sights, in our neighbourhood, continue to fuel terrorism inside Pakistan.”

The recent attacks on Pakistan Stock Exchange in Karachi, which was condemned by the Security Council, was the work of such Indian-sponsored mercenary terrorists, the Pakistani envoy said.

“Pakistan will continue to make all efforts to expose the ominous role of India, the fountain head of terrorism, in our region.” Ambassador Akram also said that Pakistan’s law enforcement agencies continued to make record drug seizures every year.

He said it was a “tangible manifestation of our consistent and dedicated efforts to not only protect our own country, but also protect the rest of the world from this scourge.” At the regional and global levels, he said, Pakistan has remained constructively engaged with various counter-narcotics related forums and initiatives, citing its constructive engagement with some countries.

As regards the world drug problem, Ambassador Akram called for focusing on reducing both the supply and the demand of narcotics drugs through a well-integrated, comprehensive and balanced approach. However, he said that strategies must be tailored to each situation, with the United Nations playing an effective role.

Earlier, presenting the Secretary-General’s report on actions taken by member states to address the links between terrorism and organized crime, Ghada Waly, executive director of the UN Office on Drugs and Crime (UNODC), said it reflects the contributions of some 50 Member States and 15 Counter-Terrorism Coordination Compact entities, as well as the Counter-Terrorism Committee Executive Directorate and the Analytical Support and Sanctions Monitoring Team.

She said Member States highlighted a range of links, often in connection with the financing of terrorism. Some could not confirm the existence of links, due to constraints on their investigative capacities.

Head of the UN Office of Counter-Terrorism, Vladimir Voronkov told the virtual meeting that terrorists are exploiting the significant disruption and economic hardships caused by COVID-19 to spread fear, hate and division and radicalize and recruit new followers.

The increase in internet usage and cybercrime during the pandemic further compounds the problem. Both speakers highlighted the support of the UN to assist member states in implementing measures such as anti-money laundering and counter-financing of terrorism, strengthening border security and more.

Voronkov concluded with a call to “continue our fight against terrorist groups and criminal networks to deny them the opportunity to exploit the COVID-19 crisis. =DNA

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Pakistan remains steadfast in support of inclusive Afghan political settlement: FM

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ISLAMABAD, AUG 08 (DNA) – Foreign Minister Shah Mahmood Qureshi Saturday said that Pakistan remained steadfast in support of an inclusive political settlement in Afghanistan.

“Good to speak (with Mike Pompeo) and to reiterate Pakistan’s continued stand for regional peace and security. We remain steadfast in support of an inclusive political settlement in Afghanistan,” the foreign minister said on Twitter today.

Shah Mahmood Qureshi said Pakistan look forward to strengthening bilateral relationship with the US and to continuing as anchors of stability.

He was referring to his Friday’s telephonic conversation with US Secretary of State Mike Pompeo wherein in the two sides discussed the bilateral and regional matters including Kashmir dispute as well as Afghan peace process.

Qureshi said Pakistan looked forward to strengthening bilateral relationship with the US and to continuing as anchors of stability.

The foreign minister’s tweet came in response to an earlier tweet by Pompeo saying, “Productive call with Pakistani Foreign Minister Shah Mahmood Qureshi about continued cooperation on Afghan peace and the importance of supporting regional stability. I look forward to advancing our shared goals and increasing partnership.”

Referring to the holding of Loya Jirga, he expressed the hope that a conducive environment would be created for the earliest convening of the intra-Afghan negotiations.

In a telephonic conversation with the US Secretary of State Mike Pompeo, the Foreign Minister also said India’s regressive policies in the Indian Illegally Occupied Jammu and Kashmir manifest with massive violations of basic human rights and fundamental freedoms.

Qureshi said that the continued commitment of the international community will help generate the necessary momentum towards resolution of the Jammu and Kashmir dispute in accordance with the wishes of the Kashmiri people and the relevant UN Security Council resolutions.

The Foreign Minister thanked him for the US participation in the debate in the UN Security Council on August 5, 2020 on the completion of one year of India’s unilateral and illegal actions in Kashmir.

He said the Security Council’s deliberations, once again, reaffirmed the disputed status of Jammu and Kashmir. Meanwhile, Foreign Minister Shah Mahmood Qureshi says Pakistan will continue to deepen and further strengthen political, economic and cultural ties with ASEAN and its members in line with its ‘Vision East Asia’ policy.

In his message on 53rd ASEAN Day, he said Pakistan enjoys close friendly ties with all ASEAN members. Our historic and deep-rooted relations pre-date the modem era, harkening back to abiding linkages forged during the time of the Gandhara Civilization.

He also commended the ASEAN members for effectively and admirably handling the Covid-19 Pandemic. The Foreign Minister extended, on behalf of the government and people of Pakistan and on his own behalf, warm felicitations to the Association of South East Asian Nations (ASEAN) and its Members, on the occasion of the 53rd ASEAN Day. =DNA

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Tourists arrive in Naran, Kaghan and Murree as lockdown ends

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PESHAWAR, AUG 08 (DNA) – Tourists have arrived in Naran, Kaghan and Murree as coronavirus lockdown for tourism sector has ended after five months today.

According to details, small businesses have opened along with transport and the locals as well as the visitors have expressed joy over the government’s decision.

Weather is extremely pleasant in tourist spots like Shogran, Saif-ul-Maluk Lake, Babusar Pass and Siri Paye where sightseers have reached without wasting any time.

Tourists have also arrived in Hunza Valley and Gilgit to enjoy the weekend. However, the government has advised all to follow the precautionary measures as the COVID-19 threat is not completely over.  =DNA

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Youth must be ready to help oppressed people in IOJK: AJK President

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DNA

MUZAFFARABAD, August 8: The Azad Jammu and Kashmir (AJK) President Sardar Masood Khan has said that war, if broke out, would be fought by not Pakistan Army alone but the whole nation as well, and the youth will be the frontline fighters in this war.

He was talking to a student’s delegation which called on him here on Friday under the leadership of Secretary-General Islami Jamiat-e-Talaba Azad Kashmir Mehran Maroof.

He stressed the youth to besides focusing on their education, prepare themselves to rid their brother and sisters of the Indian subjugation. “The youth side by side with paying attention to their character building in the light of Qur’ran and Sunnah should also equip themselves with the modern and contemporary sciences in order to play their role in the progress and prosperity of Pakistan and Azad Kashmir on the one hand, and to prepare themselves to respond to the threats posed by the enemies to the security and existence of the country on the other hand,” he added.

The AJK President asserted that keeping in view problems being faced by the students, 4G internet facilities will be extended to the liberated territory shortly, and this will greatly help the students get online education and to utilize digital resources.

He said that the government was fully aware of the problems erupted due to disruption of curricular activities in the public sector universities and other educational institutions following the outbreak of coronavirus and efforts are underway to resolve these problems and issues.

Keeping in view the financial constraints of the students,  fee for the period of the lockdown has been curtailed to provide relief to the students, he said adding that 4G internet facilities would be extended to the whole of liberated territory soon except in some areas of Haveli, Neelum and areas along the Line of Control.

The State President said that the government had launched Ehsas scholarship and need based scholarships to help the students facing financial hardships.

On this the occasion, the students’ leaders suggested that the history of Kashmir and the Kashmir liberation movement should be included in the academic syllabus of Azad Kashmir to apprise the new generation of their past and the sacrifices being offered in the liberation movement.

The students delegation also demanded necessary steps to restore the role of Azad Kashmir as the real base camp of Kashmir liberation struggle to.

FPCCI for withdrawal of oil price hike as decision to hit industry hard

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DNA

KARACHI, AUG 8 – The Federation of Pakistan Chambers of Commerce and Industry has urged the government to withdraw the decision of hike in prices of petroleum products, as the move will hit the industry hard. 

In a statement issued here today, the chief of apex body of all Chambers & Trade Associations Mian Anjum Nisar called for withdrawal of unwise and anti-industry decision. “In response to the demand of business community, the government gave the industry a gift of fuel price hike on the eve of Eidul Azha, contrary to general expectations that the prices would be maintained in the wake of last month’s big jump of about 66 percent,” FPCCI President Mian Anjum Nisar said. 

He observed that the last month’s step had taken the trade and industry by surprise because it was out of schedule and was not prompted by any summary moved by the Oil and Gas Regulatory Authority, which was the legal procedure. 

He argued that 6.25 percent drop in interest rate in recent days have started to cut cost of production and bolster the debt repayment ability but the decision of hike in oil products’ prices for the second successive month will fade away the all relief announced by the central bank earlier for the business community. 

He said the business community was already facing severe problems due to destruction of COVID-19 and in such a situation making hike of almost 70 percent in the prices of petroleum products in two months period is unjustified. He said that the price of crude oil in the world market is still around $43 per barrel and as per calculations the ex-refinery price of patrol is worked out at around Rs50 per litre but the government increased the rate of petrol to more than Rs104 per litre, which is great injustice. 

Why is the government reversing its decisions? The economy is already in a precarious situation, this constant back and forth will only increase volatility, when we ought to be heading for stability, he added. 

He said that the cost of doing business and cost of production have shot up to the level of un-competitiveness. The cost of borrowing was huge and capital financing has become more expensive. 

The FPCCI had praised the SBP positive move of relief in mark-up rate, easing the impact of the coronavirus’ shock on growth but the move of continued hike in petroleum rates would seriously harm the trade and industry, he added. 

The burden of the surge in oil price in the international market is immediately transferred to masses by the government but the process of reduction in the prices is always very slow, he noted. 

Mian Anjum Nisar said that there is no denying the fact that oil rates have been on the rise in the international market now, but the government instead of passing on this surge to the public, can reduce the number of taxes on petroleum products as the fuel is the engine of growth. He said that if fuel would be heavily taxed, the entire economy would suffer unprecedentedly, as the government continued to charge Rs30 per litre petroleum levy on petrol and diesel, besides charging 17 per cent general sales tax (GST) on all petroleum products. 

He said Pakistan exports cannot compete with China, Bangladesh and India where power tariffs were 7-9 cents, particularly in the post-corona economic slowdown as the country’s exports have been witnessing a major setback in present days due to high cost of electricity, which has become a major stumbling block in industrial development and boosting exports. 

He said that fuel and electricity are regarded as the lifeline of any economy and play a pivotal role in socio-economic development of a country.  

Mian Anjum Nisar said that industries need low cost energy to bring down their cost of production, keeping their goods competitive in the international market. He said that the FPCCI was expecting that the government, in present circumstances would reduce the price of electricity in proportion to the cut in the prices of petroleum products to bring down the cost of doing business and to promote industrial activities. 

He said that due to the COVID-19 pandemic, business activities were already in decline and in this situation the government should take serious steps to cut the cost of doing business, as hike in oil rates would further enhance the cost of production, making transport more expensive. 

NEPRA increases electricity prices by Rs2.06 in Pakistan

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The National Electric Power Regulatory Authority (NEPRA) has issued a notification that the electricity price per unit has been increased by Rs2.06 to adjust for an increase in fuel prices.

According to the notification, the price increase was made from November 2019 to June 2020. The increase in the price of electricity is expected to impose a burden of more than Rs20 billion on consumers, who will have to pay their August and September bills.

NEPRA has stated that electricity prices have been increased for five months while it has been reduced for three months.

In August, consumers will be charged an additional Rs1.16 per unit while in September, consumers will pay an additional Rs0.90 per unit.

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