ISLAMABAD, Aug 6 (APP): Geared towards fostering global diversity, achieving mutual growth through cultural exchange and opening doors to opportunities for all, NUST Internship Programme for International Students (NIPIS-24) has finally drawn to a close after providing a learning opportunity to the participants from various countries. 

This year, as many as 15 interns came all the way from Egypt, Ireland, Nepal, Sri Lanka, Turkiye, and the United Kingdom to benefit from the month-long internship.

Entailing a 360 learning opportunity, NIPIS ’24 delivered a sublime internship experience to international participants, advancing their academic competence, reinforcing their professional skills, and simultaneously offering insights into the rich cultural heritage and exposure to the natural beauty of Pakistan.

NUST Placement Office made special arrangements for technical trainings of the international interns, placing them in various NUST schools specialising in Engineering and IT, Applied Biosciences and Social Sciences.

The participants engaged in various research projects and attended industry-specific trainings.

The programme also facilitated industrial visits to S&P Global, PepsiCo and Pak Steel Re-rolling Mills.

Pro-Rector Research, Innovation & Commercialisation (RIC-NUST), Dr Rizwan Riaz, graced the closing ceremony with his presence and distributed certificates among the interns.

Speaking to the interns, he said that they are now part of the NUST family, and put an accent on warmly greeting them again. He hoped that they would act as ambassadors of Pakistan and NUST, and share the knowledge and experience gained during the internship with their friends and colleagues back home.

He also encouraged them to pursue higher studies at NUST.

The closing ceremony witnessed captivating testimonials by the interns, highlighting their experiences and accomplishments, and strong connections and cherished memories they made during the course of NIPIS ’24.

DNA

RAWALPINDI: Jamaat-e-Islami (JI) emir Hafiz Naeem said on Tuesday that the government wasn’t taking any steps instead only making announcements despite our multiple calls.

Speaking to media, the JI emir said that they expected the government to resolve the issues of inflated bills, adding that the capacity payments given to the Independent Power Producers (IPPs) were unacceptable to the people and that the government was not serious in reforming this sector.

He demanded forensic audits of all the IPPs, suggesting that chairman of the Water and Power Development Authority (WAPDA) should also be a member of the forensic committee.

He deplored that people living in rented houses were paying more electricity bills than their house rents.

“The JI’s Peshawar sit-in will be historic. We will also announce strike after Aug 14. We want to give you a message that we don’t accept this bill. The tax net shouldn’t be increased unnecessarily. The government has included those people in the committee who are responsible for the problem. We don’t want committees and announcements rather actions. Our committee can fight the case of 250 million people. We won’t retreat as we plan to move towards the Murree Road on Aug 8”, he announced.

Meanwhile, Jamaat-e-Islami (JI) on Tuesday announced staging a sit-in outside the Chief Minister’s House in Lahore on August 11.

Earlier, the Jamaat continued a sit-in in Rawalpindi for twelve days while in Karachi for four days.

According to the Jamaat spokesperson Qaiser Sharif, the JI emir Hafiz Naeemur Rehman will also address the Lahore sit-in.

The spokesperson said that Jamaat-e-Islami will expand the scope of protest to more cities.

Ziauddin Ansari said that the people of Lahore know how to take someone down whom they lift to power. Hafiz Naeemur Rehman is the only hope of this desperate nation, he said.

Abdul Aziz Abid advised rulers to learn from Bangladesh’s happenings. Ousted PM Hasina Wajid could not subdue the people despite all her dominance. He said that Jamaat workers were die-hard and persistent.

Finance minister indicates Pakistan will engage IMF management board on climate financing

Khayam Abbasi

ISLAMABAD: Minister for Finance and Revenue Senator Muhammad Aurangzeb has said that he is confident that the International Monetary Fund’s (IMF) Board of Directors will approve the staff-level agreement by the end of August.

Addressing the “Climate Action for Pakistan” event organised by Acumen Pakistan on Tuesday, the finance czar also indicated that there would be discussions with the IMF management board regarding climate financing.

Last month, Pakistan and the IMF reached an agreement for a $7 billion, 37-month loan agreement with tough measures such as raising tax on farm income. The staff-level agreement capped negotiations that started in May after Islamabad completed a short-term, $3 billion programme that helped stabilize the economy, avert a sovereign debt default and set challenging revenue targets in its budget to get IMF approval.

Touching on the macroeconomic situation, Aurangzeb also assured that Pakistan’s “economy is on a path to stability”, with ongoing reforms aimed at fostering sustainable economic growth and development.

Pakistan has been struggling with boom-and-bust cycles for decades, leading to 22 IMF bailouts since 1958. Currently, the IMF is the fifth-largest debtor, owing $6.28 billion as of July 11, according to the lender’s data.

The federal finance emphasised the need for expanding the tax system, improving transparency, implementing energy sector reforms and enhancing governance.

Under the IMF deal, the highest effective tax rate can rise to as much as 45% from the current 15%. It will be implemented from 2025, a move that was termed “unprecedented” by analysts.

They added that these changes could contribute to inflation, particularly in food prices, affecting consumers nationwide, adding that larger farmers would be affected more. Inflation averaged close to 30% in FY23 and 23.4% in FY24, which ended on June 30.

“The current government is taking necessary measures in these areas,” he noted adding, “Pakistan requires increased resources to accommodate its growing population.”

Stressing the need for effective projects to address climate change challenges, and advocating for active participation and financing from the private sector, he highlighted that climate change was an international issue impacting many regions globally.

He noted that Pakistan was among the countries most affected by climate change and in 2022 floods, it suffered massive destruction and incurred losses estimated at $30 billion.

Aurangzeb mentioned that at the Geneva conference, various countries, bilateral and multilateral partners, and international organisations pledged over $9 billion in assistance for Pakistan.

However, the country did not receive the promised funds.

Highlighting its crucial role in climate financing,  the finance minister urged the private sector to assume leadership in this area.

Pakistan has lost nearly 10,000 lives and has suffered economic losses worth $3.8 billion due to climate change from 1998 to 2018, while the floods in 2022 further cost life, infrastructure and economic losses of over $30 billion and reconstruction needs over $16 billion.

ISLAMABAD, AUG 6 /DNA/ – Gold prices in Pakistan continued to decline in Pakistan keeping in line with the international market. In the local market, the price of per tola gold fell by Rs500, settling at Rs256,000.

According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 10-gram gold dropped by Rs428, bringing it to Rs219,479.

On Monday, the price of gold per tola decreased by Rs300.

Internationally, gold prices declined by $17 to $2,410 per ounce. Silver rates also saw a reduction, dropping by Rs50 to Rs2,850 per tola.

Last week, the price of gold per tola increased by Rs2,400, to hit an all-time high level of Rs257,300.

The British High Commission has been amongst the earliest organisations to provide relief interventions, following devastating floods in Chitral.

ISLAMABAD, AUG 6 /DNA/ – Between 29 July and August 3, Chitral suffered severe damages from torrential rains, flash floods and glacial lake outburst floods. 14 drinking water supply schemes, 15 jeep-able bridges, 55 irrigation channels, 9 link roads, 3 schools building, protection walls (4,000 feet), and 20 local shops have been fully/partially damaged.

The British High Commission used their existing presence in Chitral to respond to immediate needs through their partners, Concern Worldwide and the Agha Khan Foundation. They are supporting emergency relief and restoration of infrastructure and livelihoods.

So far, the UK has funded essential items like kitchen sets, hygiene kits, water storage containers and more for around 300 families. Partners continue to work on immediate restoration of damaged drinking water systems, the restoration of essential irrigation channels, and debris removal to re-enable access and livelihoods, UK support is expected to benefit over 20,000 people in Chitral. The UK are also considering on longer-term recovery plans for affected areas, in close coordination with government counterparts and humanitarian partners.

Chargé d’Affaires of the British High Commission, Andrew Dalgleish said:

‘The recent floods in Chitral are devastating. Lives and livelihoods have been destroyed. The UK is here to support Pakistan. These floods are a stark reminder that there is much more to be done to improve Pakistan’s climate resilience.’

Floods have already led to 141 deaths, 266 injuries and damage to over 1,000 houses in Pakistan this year. Climate change is a priority for the UK Government. During the devastating floods of 2022, the UK helped over 2.3 million people, dedicating a total of £39 million in UK aid. The British public mobilised, and raised £41.5m as part of the Disasters Emergency Committee appeal. Support included emergency cash assistance, shelter kits, nutritional support, learning kits and infrastructure repair.

The UK’s focus is on improving Pakistan’s climate resilience long-term, rather than purely responding to disasters. The UK has already helped 1.5 million people improve their resilience to extreme climate events, and aims to support a further 3 million people in the next 4-5 years.