Panic and fear gripped Karachi’s II Chundrigar after four suspected terrorists tried to storm into the Pakistan Stock Exchange building Monday morning. All terrorists have been killed.

One police officer and two security guards were martyred in the attack, said the spokesperson of the Karachi police. Three policemen, two security guards and a stock exchange employee have been injured and shifted to a hospital.

According to the Shaheed Mohtarma Benazir Bhutto Accident Emergency and Trauma Centre, a total of seven bodies and eight injured people were brought to the hospital. All of these people were men.

The police said that two men came in a car near the building’s entry point and tried to enter it. They, however, were stopped by the security guards after which the suspects threw a hand grenade at them and opened fire.

“In the morning, some armed terrorists tried to attack the Pakistan Stock Exchange building,” said Interior Minister Ijaz Ahmed Shah in a video statement. “They tried to enter the building through the parking lot but they were stopped by the security agencies.” The masterminds of the attack will be arrested soon, he added.

There were reports that some people were still inside the building when the attacked occurred and they locked themselves in their offices. The building has now been vacated.

Immediately after the attack, the police and Sindh Rangers reached the site and cordoned off the area. The security personnel vacated the building. The bomb disposal squad reached the site too.

The Sindh Rangers have said that all terror suspects involved in the attack have been killed, adding that a clearance operation is underway.

Four bags have been seized from the terrorists which included four SMGs, hand grenades, weapons, water bottles and dates.

City SSP says there were four alleged terrorists and all of them were killed during an exchange of fire with the security forces.

The Balochistan Liberation Army has claimed the responsibility for the attack.

“I was on my way to my office when I received a call from a colleague saying something has happened near the Pakistan Stock Exchange building and shots can be heard,” said Abbas, who works in a building close to PSX, told SAMAA Digital. “At first, we thought it was a fight between two brokers. I heard gunshots when I reached the office, then I came to know it was actually a terrorist attack.”

The PSX is located on II Chundrigar Road, one of the busiest roads of the metropolitan city. Branches of multiple banks are also located inside the building.

‘Brave security guards‘

Ahmed Chinoy, the director of the Pakistan Stock Exchange, said that ‘brave’ security guards played a big role in stopping the terrorists from storming the building.

PSX Managing Director Farrukh Khan said that a security guard reportedly lost his life in the attack. “Two other security guards and a civilian were injured,” he told SAMAA TV. He lauded the efforts of the security forces and guards in responding to the attack. “They didn’t let the attackers enter the PSX compound and held them back successfully,” Khan added.

Prime Minister Imran Khan has offered his condolences and regret over the attack. He said that the nation should be proud of its security forces and lauded their successful effort to hold back the terrorists.

Sindh Governor Imran Ismail has taken notice of the attack and summoned a detailed investigative report summoned. This is an attack on the economy of the country, he said.

On June 10, two people were injured in two separate attacks on Rangers in Karachi, the police said. The first attack targeted a Rangers vehicle in Gulistan-e-Jauhar, according to police officials. A paramilitary soldier was injured in the attack. The second cracker attack occurred near a Rangers post at Manzil Pump

Trading remains unaffected

The trading at the Pakistan Stock Exchange remained indifferent to the terrorist attack.

BMA Head of Research Faizan Ahmed said that the KSE-100 Index has been moving up.

At the time of the attack, approximately 10am on Monday, the index was at 33,939. The index lost 219 points within 15 minutes but recovered within one hour and then gradually moved up.

DNA

ISLAMABAD, JUNE 29 –  The Ministry of Finance has refuted news reports appearing in a section of the press claiming that the first audit report of the present government reveals irregularities and corruption amounting to Rs. 270 billion by 40 government departments and ministries during FY 2018-19.

Describing these reports categorically as baseless, misinformed and erroneous, the Ministry of Finance in an official statement has said that the Audit Report for FY 2019-20, like all audit reports, consists of preliminary observations: it identifies some gaps in completing formalities while processing different cases by government entities and indicates various shortcomings in the provision of documents to the audit teams in certain other instances. But to conclude that each procedural deficiency is tantamount to corruption is incorrect and misleading.

The Ministry of Finance would like to make it clear that by their very nature audit reports identify procedural deficiencies, and are not evidence of corruption – let alone ‘conclusive proof’ of corruption as certain sections of the media have attempted to portray. Furthermore, these audit reports are subsequently considered exhaustively at several forums, including by the departmental audit committees and the Public Accounts Committees, where ministries and other government institutions are given an opportunity to defend their cases and rectify the procedural shortcomings. Even these forums are not competent to establish whether or not corruption has been committed.

It must also be understood that on provision of the requisite documents – and occasionally completion of the requisite approval processes – the vast majority of audit paras are settled at these forums. Only in a few instances, where the deficiencies cannot be met, has punitive action been necessary.

Moreover, within the above-clarified context of the nature of audit reports, it is very important to note that the audit report of the incumbent government actually reflects vast improvement in governance. For instance, comparing earlier audit reports, as covered by the press in previous years, with the one in question reveals that while audit paras related to expenditures of only Rs. 270 billion in FY 2018-19, the Audit Reports of FY 2015-16, FY 2016-17 and FY 2017-18 presented audit paras on expenditures as huge as Rs. 3.2 trillion, Rs. 5.8 trillion and Rs 15.7 trillion respectively.

The Ministry of Finance, therefore, strongly rejects the misleading conclusions presented by certain sections of the press on the basis of the Audit Report for FY 2018-19.

DNA

Lahore: JUNE 29 –   The World Bank has said that Pakistan is not immune to the economic shock caused by the coronavirus and its exports have been hit hard, as the country recorded $1.39 billion in merchandise exports in May 2020, showing 34 percent drop with respect to the same period in 2019.

The World Bank Senior Economist Gonzalo Varela, in an online interaction session with the members of APBF, observed that every crisis presents an opportunity, whereas the COVID-19 provided the world and Pakistan an opportunity to initiate the structural reforms in institutions. The All Pakistan Business Forum had arranged this meeting with him to discuss the current economic situation of Pakistan and recommended some key steps with a view to revive and sustain the economic growth in post-corona slowdown.

The World Bank Senior Economist said that the short-term global trade prospects don’t offer room for optimism as experts forecast contractions in exports in the months ahead. At such a time, exports are crucial to Pakistan’s recovery because they are labor-intensive and provide plenty of good jobs for Pakistanis. He said that global and regional trade integration offers Pakistan tremendous potential in driving and sustaining growth and poverty reduction.

He suggested the need for protecting the exporters through smart export promotion, whereas structured reforms were going to be crucial for recovery. He said that the government needs to take actions to help speed up its export recovery by making it competitive by lifting barriers to exports – including easing up import restrictions. Firms need to import to export successfully.

APBF President Maaz Mahmood, on this occasion, appreciated the debt relief measures taken by the G20 countries, IMF and the World Bank for the developing countries including Pakistan. He urged the multilateral development partners, including WB, to play their due role by investing in social sector rather than mega development projects only, which would help in bringing the focus of member governments back to social sector development. He said Pakistan’s health care system was not equipped to handle such emergencies, whereas WB was working with the government to help enhance health capacity to respond to the challenge effectively, which is appreciable.

Maaz Mahmood observed the initial relief packages of $1.4 billion by the IMF and $1 billion by the World Bank would have substantial impact and provide much needed fiscal space to Pakistan which should be used for the wellbeing and welfare of the public.

While noting that the Covid-19 pandemic has posed unprecedented health and economic challenges, he underlined that a global recession might become worse than the Great Depression. A global pandemic cannot be contained without strong, coordinated and well-crafted global response, he stressed.

On this occasion, APBF national and provincial board members called for announcing special incentives for cash-strapped SMEs, which represent more than 90% of around 3.2 million business enterprises in Pakistan.

They suggested the significant cut in import duties, announcing zero tariff for basic industrial raw materials which is not available locally and waiver of sales tax, income tax and additional income taxes. They asked the government to simplify the complicated system of obtaining loans from the banks for the SMEs, besides sizable reduction in fuel prices, major cut in key policy rate to at least 4%, regionally competitive energy rates and quick refunds payment.

The government should adopt a procedure to extend interest-free finance to SMEs to meet the running operations, including salaries, building rent and utility bills etc.