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Belgian ambassador urges Pakistan to apply for new GSP Plus regulation

Belgian ambassador urges Pakistan to apply for new GSP Plus regulation

DNA

KARACHI: During a farewell visit to the Karachi Chamber of Commerce & Industry (KCCI), Belgium’s Ambassador Charles Delogne emphasized the need for Pakistan to apply for the new GSP Plus regulation. Although the EU’s GSP Plus for Pakistan has been extended until 2027, new regulations will come into effect sooner. Therefore, Pakistan’s business community should inform political authorities about the upcoming changes.

GSP Plus is an agreement with the EU that includes commitments to human rights, labor rights, and environmental protection. This is important for Pakistan, which faces severe climate change impacts. Delogne noted that Pakistan has benefited from the GSP Plus, making the EU its main trade partner. In 2023, trade between Belgium and Pakistan was balanced, indicating a strong economic relationship.

President of KCCI Iftikhar Ahmed Sheikh highlighted Pakistan’s commitment to GSP Plus, with exports to the EU exceeding $8 billion in the fiscal year 2023. He mentioned that Belgium was one of Pakistan’s largest export destinations in the EU, with exports totaling around $405 million from July 2023 to March 2024. To improve trade, Sheikh suggested Belgium explore opportunities in various sectors like mining, energy, agriculture, IT, and tourism through joint ventures.

Sheikh also stressed the importance of learning from Belgium’s expertise in ports and shipping to enhance Pakistan’s port capacity. Simplifying customs procedures and improving the ease of doing business were identified as ways to reduce trade barriers and boost trade.

Additionally, Sheikh proposed creating links between educational institutions in both countries to enhance the capabilities of Pakistani universities. He also pointed out potential sectors for joint ventures, including automobiles, chemicals, pharmaceuticals, machinery, textiles, and tourism.

Why is the US Responsible for Raisi’s death?

Qamar Bashir

The Iran government has confirmed the death of the Iranian president during the Heli crash after they discovered the charred wreckage of Heli with no survivors..

By: Qamar Bashir

After an arduous search and rescue operation involving 42 ground teams, reconnaissance drones, and Turkish high-tech drones, the charred wreckage of the helicopter was finally located early today in blizzard conditions in an area called Tawal, near the Azerbaijan border. All passengers and crew, including President Ebrahim Raisi, Foreign Minister Hossein Amirabdollahian (60), the governor of Iran’s East Azerbaijan province, officials, and bodyguards, were killed in the crash. May Allah bless their souls and grant them the highest place in Jannah. This indeed is one of the biggest tragedies to strike the Iranian nation in recent history.

This tragedy perhaps had not occurred had there been no sanctions imposed by the USA and the West. The Iranian air fleet, especially those flying machines having any sort of military and defense connotation were obsolete and needed upgradation or replacement which was not possible due to sanctions. It was therefore that  the helicopter carrying the Iranian President Ebrahim Raisi was 45 years old. It has earlier been used for commercial flights and later was earmarked for the presidential errands. Due to the sanction imposed on Iran since 1979, the sale of new helicopters, and provision of spare parts or upgrading of the helicopter could not be made,  resultantly the helicopter was equipped with old age tracking and communication devices faced significant limitations.

The helicopter was equipped with outdated Emergency Locator Transmitters (ELTs), which often failed to activate during crashes and had high false alarm rates, complicating the location of downed aircraft. Radar tracking was limited by range and terrain, creating blind spots in mountainous or remote areas. Manual position reporting by pilots was prone to human error and communication blackouts, lacking the precision needed for pinpointing crash locations. While Flight Data Recorders (FDRs) and Cockpit Voice Recorders (CVRs) are valuable for post-crash investigation, they did not aid in the immediate location of the aircraft.

Sanctions prevented the replacement or upgrading of the helicopter with modern tracking devices. Advanced GPS, ADS-B, and satellite communication technologies, like the Kannad Integra and Artex 345 ELTs, which use integrated GPS and dual-frequency transmitters for precise location tracking, were not available. Devices such as the Garmin GDL 52, offering comprehensive tracking and SOS functionalities, could have ensured effective rescue operations even in remote areas.

Additionally, due to sanctions, the weather forecast system was outdated and failed to provide accurate weather conditions. An accurate forecast might have led to postponing the flight until safer conditions prevailed.

This is not the only tragedy faced by Iranian nations due to the sanctions which had made air travel extremely dangerous and perilous, and have so far resulted in the loss of 2000 precious lives due to the accidents which could have been avoided if the flying objects were upgraded, refurbished or replaced with new ones.

Iranian media very professionally kept on changing the semantic of the incident from hard landing to accident and from accident to crash.  The key differences lie in the severity of impact, extent of damage, likelihood of injuries, and the recoverability of the aircraft, with hard landings being less severe than crashes, which typically involve complete destruction and severe consequences,  thus has prepared the Iranian people for the worst case scenario.

There have also been conspiracy theories circulating not only in the social media but as well as traditional media saying that somehow Israel was involved in this crash and killing of President Raisi (Late) to avenge the  Iranian attack on Israel with drones, rockets and cruise missiles a few days ago.

If this theory holds ground now or at any time in future the entire region will be plunged into total chaos.  Iran would likely react with outrage, accusing Israel of an act of war, which could lead to military mobilization and retaliatory threats. The Iranian proxies in the middle east like Hamas, Hezbollah, Iraq Brigade,  Houthis and in Syria who will do whatever in their power to avenge the death of second most important leaders who was known as ultra hardliner, highly religious and pro revolutionary was most likely the heir apparent of the religious head of Iran Ayatollah Khomeini who is 83 and facing health situations.

The regional implications would be significant, with potential destabilization across the Middle East. Globally, the United States, as a key ally of Israel, would be drawn into the conflict, facing pressure to support Israel while trying to prevent a full-scale war. US-Iran relations would likely deteriorate further, impacting diplomatic efforts and nuclear deal negotiations.  Internationally, powers like Russia, China, and the European Union would call for restraint and engage in intense diplomatic efforts to de-escalate the situation.

The global oil markets would likely see a spike in prices due to fears of supply disruptions, affecting economies worldwide. Long-term effects could include accelerated nuclear proliferation in the Middle East and shifts in geopolitical alliances as countries reassess their security and foreign policy strategies.

This is highly unfortunate that Iran had lost its cherished leader as the Middle East remains unsettled by the Israel-Hamas war, during which Raisi under Supreme Leader Ayatollah Ali Khamenei launched an unprecedented drone-and-missile attack on Israel, pursued Iran’s uranium enrichment dream to weapons-grade levels and supplied bomb-carrying drones to Russia for its war in Ukraine and armed militia groups across the region has heightened tension with the West.

The entire Iranian nation is in a state of shock and mourning, both within Iran and among its proxies around the world. An official mourning period has been declared, with public displays of grief and statements of condolences pouring in from Iran’s allies and proxies.

This tragic event could lead to a period of significant uncertainty and potential power struggles within Iran, impacting both its domestic politics and foreign relations. The loss of such key figures may affect Iran’s regional strategies and stability, with potential repercussions for its foreign policy and relations with neighboring countries. The international community will closely watch how Iran navigates this crisis, as the implications could extend far beyond its borders, affecting the broader geopolitical landscape.

By  Qamar Bashir

Former Press Secretary to the President

Former Press Minister to the Embassy of Pakistan to France

Former MD, SRBC

Why is the US Responsible for Raisi’s Heli Crash?

Qamar Bashir

By: Qamar Bashir

The helicopter carrying the Iranian President Ebrahim Raisi was 45 years old. It has earlier been used for commercial flights and later was earmarked for the presidential errands. Due to the sanction imposed on Iran since 1979, the sale of new helicopters, and provision of spare parts or upgrading of the helicopter could not be made,  resultantly the helicopter was equipped with old age tracking and communication devices faced significant limitations.

It was only equipped with outdated Emergency Locator Transmitters (ELTs) operating which often failed to activate during crashes and had high false alarm rates, making it difficult to locate downed aircraft. Radar tracking was limited by range and terrain, creating blind spots in mountainous or remote areas, while large expanses of ocean and remote regions were beyond radar reach.

Manual position reporting by pilots was prone to human error and communication blackouts due to signal interference and range limitations.

Though ground-based navigational aids like VOR and NDB provided general directional information to the downed helicopter it lacked the precision needed for pinpointing crash locations. Additionally, while Flight Data Recorders (FDRs) and Cockpit Voice Recorders (CVRs) were valuable for post-crash investigation, they did not assist in the immediate location of the aircraft.

Had there been no sanction the helicopter carrying important passengers could have long ago been replaced, or upgraded  with latest tracking devices combining advanced GPS, ADS-B, and satellite communication technologies. These devices include Emergency Locator Transmitters (ELTs) like the Kannad Integra and Artex 345, which use integrated GPS and dual-frequency transmitters for precise location tracking.

It could have been equipped with Portable aviation GPS units such as the Garmin aera 660 and Garmin D2 Mach 1 Aviator Smartwatch providing detailed flight mapping and real-time data, enhancing search efforts.

Additionally it could also have been equipped with the Garmin GDL 52, a portable ADS-B receiver, and the Garmin inReach Mini satellite communicator which offers comprehensive tracking and SOS functionalities, ensuring effective rescue operations even in remote areas.

Moreover, even the weather forecast system due to sanctions is outdated and does not give a full picture to the navigators about the weather conditions. Had it been given the true picture, the president may have advised to postpone the flight, until flying conditions are improved.

This is not the only tragedy faced by Iranian nations due to the sanctions which had made air travel extremely dangerous and perilous, and have so far resulted in the loss of 2000 precious lives due to the accidents which could have been avoided if the flying objects were upgraded, refurbished or replaced with new ones.

There have also been conspiracy theories circulating not only in the social media but as well as traditional media saying that somehow Israel was involved in this crash to avenge the  Iranian attack on Israel with drones, rockets and cruise missiles a few days ago.

If this theory hold ground now or any time in future the entire region will be plunged in the total chaos as the alleged Iranian proxies in the middle east like Hamas, Hezbollah, Iraq Brigade,  Houthis  and Iran friendly armed groups in Syria will do whatever in their power to avenge attack on Iran’s second most important leaders who is known to be ultra hardliner, highly religious and pro revolutionary person, and was the most likely aspirant to replace the religious head of Iran Ayatollah Khomeini.

Moreover, in a scenario which so far has no concrete evidence, but cannot be ruled out completely,  if Israel was blamed for the crash of a helicopter carrying the Iranian president, Iran would likely react with outrage, accusing Israel of an act of war, which could lead to military mobilization and retaliatory threats.

The regional implications would be significant, with potential destabilization across the Middle East. Globally, the United States, as a key ally of Israel, would be drawn into the conflict, facing pressure to support Israel while trying to prevent a full-scale war. US-Iran relations would likely deteriorate further, impacting diplomatic efforts and nuclear deal negotiations.  Internationally, powers like Russia, China, and the European Union would call for restraint and engage in intense diplomatic efforts to de-escalate the situation.

The global oil markets would likely see a spike in prices due to fears of supply disruptions, affecting economies worldwide. Long-term effects could include accelerated nuclear proliferation in the Middle East and shifts in geopolitical alliances as countries reassess their security and foreign policy strategies.

At least as if now (6.07 am,  20 May, 2024) the darkness the weather in the mountainous region of in local language called  Tawal located between Azerbaijan and Iran is still under deep fog, very  cold and raining which as turned the terrain muddy and slippery making ground search almost impossible though at this time there are 42 search teams on the site and  all army and revolutionary guard resources have been committed but there is no good news so far.

The  Turkish drone however succeeded in locating heat emitting objects in the vicinity giving some kind of concrete location but reaching this location will take quite some time.

Meanwhile, the Iranian media has been changing the semantic of the incident from hard landing to accident and from accident to crash.  The key differences lie in the severity of impact, extent of damage, likelihood of injuries, and the recoverability of the aircraft, with hard landings being less severe than crashes, which typically involve complete destruction and severe consequences,  thus preparing the Iranian people for the worst case scenario.

If the Iranian president survived an air crash, the Iranian nation and Iran’s proxies around the world would likely celebrate his survival as a sign of resilience and strength. In Iran, there might be public gatherings, speeches, and displays of support for the president. Iranian proxies in other countries, such as Hezbollah in Lebanon or various militias in Iraq, might also organize events to express their support and loyalty.

On the other hand, if the Iranian president died in the air crash, the reaction would likely be one of shock and mourning in Iran and among its proxies. There would likely be official mourning periods, public displays of grief, and statements of condolences from Iran’s allies and proxies. The death of the president could also lead to a period of uncertainty and potential power struggles within Iran, which could have implications for regional stability and Iran’s foreign policy.

Let us hope and pray that the Iranian President (63) survives.

By: Qamar Bashir

Former Press Secretary to the President

Former Press Minister to the Embassy of Pakistan to France

Former MD, SRBC

BREAKING: Iran Mourns Loss of President Raisi and Foreign Minister

BREAKING: Iran Mourns Loss of President Raisi and Foreign Minister

TEHRAN, MAY 20: Iranian President Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian, along with other officials, have martyred in a tragic helicopter crash. The accident happened on Sunday as they were traveling to Tabriz, the provincial capital city.

The helicopter made a “tough landing” due to dense fog, making rescue efforts difficult, according to national TV reports. The crash occurred near the Sungun copper mine, located between Jolfa and Varzaqan in East Azerbaijan province, about 70 to 100 kilometers from Tabriz.

Since the crash, 40 rescue teams have been sent to the forested and mountainous area. Poor weather has limited access to ground teams only, as flying in is not possible. The rough terrain and natural obstacles have made communication with the president’s team nearly impossible.

As night fell, the rescue crews had to avoid traveling by car because the roads were unpaved and rain had turned the ground muddy.

Among those on the helicopter were Governor of East Azarbaijan Province Malek Rahmati and the Friday prayer leader of Tabriz, Ayatollah Mohammad Ali Ale-Hashem.

Ayatollah Seyyed Ali Khamenei, the Leader of the Islamic Revolution, expressed concern and urged the nation to pray for the group. He assured that there would be no disruption in the country’s work.

Mohammad Bagheri, the chief of staff of the Iranian armed forces, ordered all military and law enforcement resources to be used to find the helicopter.

People across Iran have gathered to pray for President Raisi and his companions.

President Raisi had been in East Azarbaijan earlier on Sunday to open a dam with Ilham Aliyev, the president of Azerbaijan. The crash happened near Jolfa, a city on the border with Azerbaijan, about 600 kilometers from Tehran.

Interior Minister Ahmad Vahidi said the helicopter was forced to make an emergency landing due to bad weather.

The Supreme National Security Council has not held an emergency meeting about the incident, contrary to rumors on social media.

Countries including Turkey, Italy, and Qatar have expressed their support for Iran and offered help after the crash. Azerbaijani President Ilham Aliyev met with President Raisi earlier on Sunday and expressed Azerbaijan’s readiness to assist. The Iraqi government and Yemen’s Supreme Political Council have also offered support.

A Russian Foreign Ministry spokesperson stated that Russia is prepared to help locate the helicopter.

iTFA-free alternatives, reformulation strategies to help Pakistan enable healthier food options for consumers: Dr Vaqar

iTFA-free alternatives

ISLAMABAD, May 19 (DNA): Rolling in from Islamabad, on May 19, Dr. Vaqar Ahmed, the Joint Executive Director of the Sustainable Development Policy Institute (SDPI), gave a shoutout to the potential of kicking trans fats to the curb and whipping up some healthier grub for folks in Pakistan. He was all about embracing iTFA-free alternatives and giving products a makeover to match up with changing rules and keep consumers happy and healthy.

At this jam session hosted by SDPI, named ‘Empowering SMEs; Training on reducing industrial trans fatty acids for a healthier Pakistan’, Dr. Ahmed put the spotlight on the need to dial down on those factory-made trans fatty acids (iTFAs). He made it clear: we need smart plans and solid rules to tackle this issue head-on.

The chat zoomed in on the nitty-gritty – where these bad fats come from, how they mess with our health, and what we can do to kick them out of our kitchens. Dr. Ahmed was all about laying down the next steps for both the little guys (that’s you, SMEs!) and the big guns in the government. SMEs gotta soak up all this know-how and make it part of their game plan, while the government’s gotta keep the support flowing, making sure everyone’s playing by the rules and cooking up new ideas.

Muhammad Salman from Cargill chimed in, saying this pow-wow was all about making life better for Pakistanis. He pointed out that even though there’s no official rulebook in Pakistan, Cargill’s sticking to the World Health Organization’s (WHO) limits and has cut ties with the oily business. He reminded us that the US got on board with labeling laws back in 2006 and gave businesses the heads-up to cut back on iTFAs by 2016.

Dr. Razia Safdar from SDPI jumped in, talking about how what we munch on affects our health big time in Pakistan. She served up the lowdown: our plates should have a bit of everything – carbs, proteins, and fats – but not all fats are made equal. Some are like superheroes (monounsaturated and polyunsaturated fats), but others, like trans fats, are more like villains, causing all sorts of health havoc.

She sounded the alarm on iTFAs lurking in stuff like margarine, banaspati, and baked goodies, linking them to serious health issues like diabetes and high blood pressure. And with Pakistan facing a crisis on that front, cutting back on trans fats could save lives.

Dr. Tahira Siddique from the Islamabad Food Authority pointed out that trans fats have been a hit since way back in the 20th century, thanks to their taste and staying power. WHO stats show Pakistan’s gulping down trans fats like nobody’s business, second only to Egypt in the Eastern Mediterranean Region. WHO’s on a mission to kick these bad fats to the curb through their ‘REPLACE’ program, and lots of countries are jumping on board.

Dr. Syed Muhammad Ghufran Saeed, holding it down at the University of Karachi, shared some strategies for kicking trans fats to the curb. He spilled the beans on how the trans fat content can change depending on how it’s made, and pointed out that more than a quarter-million folks meet their end each year thanks to these bad fats. He broke down five ways to cut them out or dial them down, from tweaking formulas to genetic tinkering.

Farah Ather from the Punjab Food Authority wrapped things up by sounding the alarm on Pakistan’s NCD crisis. She dropped the bomb that six out of ten deaths here are down to NCDs, with heart problems leading the charge.

The whole shindig was about giving SMEs the 411 on trans fat dangers and showing them the road to healthier products. By helping these small fries meet the rules on trans fats, Pakistan’s serving up a healthier meal for everyone.

Deputy PM, Saudi FM discuss robust bilateral relations

Saudi FM

ISLAMABAD, MAY 19 /DNA/ – Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar held a telephone discussion today with Prince Faisal bin Farhan bin Abdullah, Minister for Foreign Affairs of the Kingdom of Saudi Arabia. 

 
The two Leaders discussed the robust bilateral relations between Pakistan and Saudi Arabia, exploring various avenues for further strengthening cooperation across multiple sectors. This dialogue underscored the profound and enduring partnership between Pakistan and Saudi Arabia.

They reviewed preparations for the visit of the Crown Prince and Prime Minister of Saudi Arabia His Royal Highness Prince Mohammed Bin Salman Al Saud to Pakistan. 

Deputy Prime Minister Ishaq  Dar underlined that people of Pakistan are eagerly looking forward to the visit of His Royal Highness at a mutually agreed date.

The Ministers also discussed the grave situation in Gaza and other pressing regional and global developments of mutual concern. The two sides reaffirmed dedication to fostering peace and stability in the region through collaborative efforts and dialogue.

Turkish Foreign Minister Hakan Fidan Arrives in Islamabad for High-Level Talks

Turkish Foreign Minister

ISLAMABAD, MAY 19 /DNA/ – The Foreign Minister of Türkiye, Hakan Fidan (@hakanfidan), has arrived in Islamabad for a two-day official visit. He was warmly received by Additional Foreign Secretary (Afghanistan & West Asia) Ambassador Ahmed Naseem Warraich.

During his visit, Foreign Minister Hakan Fidan is scheduled to meet with Prime Minister Muhammad Shehbaz Sharif and engage in comprehensive discussions with Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar (@MIshaqDar50). The meetings will focus on reviewing the state of bilateral relations and preparing for upcoming high-level engagements between Türkiye and Pakistan.

Generals Campbell, COAS Munir highlight bilateral military cooperation

COAS Munir

RAWALPINDI, MAY 19 /DNA/ – General Angus J. Campbell, Chief of Defence Forces Australia, paid a visit to General Syed Asim Munir, NI (M), Chief of Army Staff (COAS), today. During their meeting, they engaged in discussions on matters of bilateral professional interest, with a particular focus on the global and regional security environment and cooperation between the two Armed Forces. Both parties expressed a mutual desire to further expand military-to-military cooperation.

The Australian Chief of Defence Forces expressed his admiration for the high professional standards maintained by the Pakistan Armed Forces, their notable achievements in the fight against terrorism, and their continued efforts to promote regional peace and stability.

“Navigating the Queer Movement in Pakistan amidst Educational Paradigms”

“Navigating the Queer Movement in Pakistan amidst Educational Paradigms

By: Durre Maknoon

In Pakistan, a traditionally conservative society, there has been a remarkable surge in the visibility and activism of the queer movement in recent years. Research indicates a growing acceptance and recognition of LGBTQ+ identities, particularly among younger generations, challenging traditional taboos and fostering spaces for LGBTQ+ visibility and activism. Digital platforms and social media have emerged as powerful tools for LGBTQ+ activism and community-building in Pakistan. Online forums, blogs, and social networking sites provide avenues for individuals to connect, share experiences, and organize events, contributing to the visibility and mobilization of the queer movement.Although specific statistical data on LGBTQ+ gatherings and events in Pakistan is limited due to the clandestine nature of such activities, broader research sheds light on the challenges and opportunities facing the LGBTQ+ community in the country

Historically, single-gender schools have been prevalent in Pakistan, aiming to provide a focused learning environment. However, this educational model perpetuates gender segregation and reinforces traditional gender roles, limiting opportunities for social interaction and understanding.According to recent surveys, there is growing recognition of the drawbacks of single-gender schools. Many educators and parents advocate for co-educational settings, emphasizing the importance of fostering inclusive environments that reflect real-world diversity and promote gender equality.Ahmed, a young LGBTQ+ activist, shares his experience navigating a traditional single-gender school environment. “Growing up in an all-boys school, I struggled to express my identity and faced bullying and discrimination. Education should empower us to embrace diversity, not reinforce stereotypes.”

While legal recognition and protection of LGBTQ+ rights remain limited in Pakistan.According to,   Section 377: Pakistan’s Penal Code criminalizes “carnal intercourse against the order of nature,” which is often interpreted to criminalize same-sex relationship and Recent court rulings and advocacy efforts have raised awareness and sparked dialogue on issues such as discrimination, violence, and access to healthcare faced by LGBTQ+ individuals.

On the other hand while Pakistan officially recognizes a third gender category on official documents, providing some legal recognition for transgender individuals due to some Legal Loopholes , some individuals may falsely claim transgender identities as a legal workaround to engage in same-sex relationships without facing legal consequences. These cases highlight the legal and societal challenges faced by LGBTQ+ individuals in contexts where their identities are not recognized or protected.

There  have been instances of LGBTQ+ individuals organizing underground parties and events in major cities like Karachi and Lahore, despite the prevailing societal taboos and legal restrictions they’re held discreetly but you can find updates on them on LGBTQ+ advocacy organizations and support groups in Pakistan, such as Queer Pakistan and Naz Male Health Alliance, which may publish articles or updates about community events and gatherings.Moreover International human rights organizations like Human Rights Watch and Amnesty International often report on LGBTQ+ rights issues globally, including instances of discrimination, persecution, and activism in Pakistan. there have been instances of LGBTQ+ individuals organizing underground parties and events in major cities like Karachi and Lahore, despite the prevailing societal taboos and legal restrictions.

For many families , the top priority nowadays  is protecting their kids from influences that might be at conflict with our moral, religious and  cultural norms. Building a solid foundation of faith and values in the family is important to protect our children from the LGBTQ+ movement. Parents should emphasise the value of moral principles and traditional values in their open and age-appropriate conversations about their beliefs. Children can be guided in the development of a solid, value-based worldview by keeping an eye on their media intake and educational content, as well as by being encouraged to participate in community and religious activities that uphold family values.

Written by  Durre Maknoon

About me: I am a 21-year-old student of Television broadcasting and digital media 5 semester at Bahria University Islamabad.

Federal Minister for Finance, Revenue updated on Banking Sector’s Strategic Initiatives in Priority Sectors

Federal Minister for Finance, Revenue updated on Banking Sector’s Strategic Initiatives in Priority Sectors

DNA

KARACHI, MAY 19: Pakistan Banks’ Association (PBA) held a meeting with the Federal Minister for Finance & Revenue, Muhammad Aurangzeb. The meeting focused on enhancing support by the banks for the three key sectors of Agriculture, Small and Medium Enterprises (SMEs), and Digital & Technology in Pakistan. The discussion underlined the banking sector’s commitment to fostering financial inclusion in the Country. 

Federal Minister mentioned at the outset that the idea of this exercise shall be to encourage the entire sector to contribute towards these priority sectors as per their size and unique offerings & strengths. While there will be no “directed lending”; however, there shall be voluntary targets to be set between the banks and the regulator to share the responsibility to contribute towards these critical sectors. He expects the banks to step up and continue to work with the Government in the revival and the growth of the economy. 

During the session, Chairman PBA, Zafar Masud, along with the Steering Committee members on these initiatives, including Vice Chairman PBA, Ahmed Bozai, CEO & SG PBA, Muneer Kamal, Executive Director (Financial Inclusion Group) State Bank of Pakistan (SBP), Syed Irfan Ali, and President & CEO Meezan Bank, Irfan Siddiqui, presented a comprehensive set of recommendations aimed at promoting growth and sustainability in these vital sectors. The proposals were developed in close consultation with SBP to ensure they effectively address the unique challenges and highlight the opportunities within each sector.

The key recommendations in the agriculture sector included, among other steps, restructuring crop loan insurance schemes to integrate crop yield factors, revitalizing agricultural cooperative banks and upgrading provincial agricultural cooperative legislations to facilitate the creation of agricultural cooperative lending institutions. The recommendations also included exploring technology-driven solutions to facilitate the distribution of targeted subsidies through banks, particularly to the subsistence-level farmers, similar to BISP, to promote much-needed financial inclusion.

Similarly, it was resolved in the meeting that banks get actively involved in providing financial and management support to entities such as the Small and Medium Enterprises Development Authority (SMEDA) and National Credit Guarantee Company Limited (NCGCL).  The Minister was apprised that PBA and SBP are actively engaged to revising SME Prudential Regulations, enhancing clean financing limits, and reviewing regulatory retail portfolio limits to facilitate SME financing.

The Minister was informed that PBA is contemplating to establish “SME and Agriculture Index” to target the customers currently outside the documented economy while also enhancing credit risk management.

On the Digital & Technology front, PBA recommended facilitating retail foreign investment through digital micro sukuks/infra bonds and integrating freelancers into payment gateways. It was also proposed to enhance foreign remittance flows via specially developed online portals for overseas Pakistanis. It was emphasized that the banks be allowed to offer products and services in technology space, currently only used for their own operations, to the outside world to harness export flows.  The recommendations related to documentation of the economy through the use of technology were also discussed, and outlined the role that the banks will play in furthering Government’s efforts in this respect. 

The Minister commended PBA’s Steering Committee, and the respective Task Forces for the three identified priority sector, for their thorough analysis and valuable recommendations. He highlighted the crucial role of the banking community in driving economic growth. He stressed upon the banks to enhance their efforts in supporting these priority sectors to foster economic development and prosperity. The Minister consented on the governance structure for the implementation of the proposed recommendations by PBA, jointly with SBP and the Ministry of Finance & Revenue, spearheaded by him and the Governor SBP. 

“PBA and its members are fully committed to working closely with the Ministry of Finance and the SBP to implement these recommendations and ensuring effective contribution of the banking sector to Pakistan’s economic prosperity.” Commented Zafar Masud, Chairman – PBA at the end of the meeting.

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