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Govt to go for rollover of deposits on maturity: finance minister
Caretaker Finance Minister Shamshad Akhtar on Friday said the interim government would go for a rollover of the deposits from other countries upon their maturity.
Addressing a press conference in Islamabad with other caretaker federal ministers after a meeting of the Special Investment Facilitation Council (SIFC), Akhtar said the interim government needed to revive the economy and it was important to remove import restrictions “across the board” since Pakistan was an import-intensive country.
“Management of foreign exchange reserve is a very high priority for us and we are closely monitoring the situation. We are in discussions that that inflows are brought in on a timely basis and we will also go for the rollover of deposits that we have in place right now on their maturity,” she said, adding that the situation was “reasonably okay” for now.
In July, Pakistan had received much-needed crucial deposits from allied nations to shore up its foreign exchange reserves with $1bn from the United Arab Emirates and $2bn from Saudi Arabia.
China had also rolled over more than $5bn in loans to Pakistan earlier this year with a further rollover in July of a $2.4bn loan to Islamabad for a period of two years.
Questioned about the outflow of dollars from the country, she said the situation was not “unusual” since imports needed to be opened up for industrial revival, exports had declined and there was a shortfall in remittances.
The finance minister said discussions were underway with multilateral development banks such as the World Bank (WB) and the Asian Development Bank (ADB), adding that the government was hopeful of fast-tracking the process.
She also said a review of the International Monetary Fund was due in November, after which the second tranche of its programme with Pakistan was expected, as well as a tranche from the ADB and some loans from the WB.
“What the actual precise amount of [total inflows] will be will take some time in discussions but if you ask for the full year, we are hoping it will be close to about $6 billion cumulative inflows” from various sources.
Commenting on her ministry, Akhtar said the meeting had decided to adopt a “whole-of-government” approach to the finance ministry’s various divisions and would operate “holistically [and] consistently as a team”.
She said it would be an “important change” so the segments in charge of managing the economy would work together. “Our cabinet subcommittees have been institutionalised … so now we are having full-fledged intergovernmental discussions,” Akhtar added.
“We are making a sincere effort to define our roadmap for augmenting the country’s macroeconomic management for which the anchor is fiscal stability and coordination with monetary police, as well as external policy.”
Akhtar further said the government wanted to revive the economy and was beginning the process to determine the necessary steps to “jumpstart” it.
She added that the interim government was also attempting to enhance the various aspects of the social safety net amid the implementation of a structural adjustment reform programme.
Akhtar pointed out that financial inclusion was the most important and “far-reaching” sphere of the social safety net and work on it would be expedited to provide opportunities for financial empowerment to citizens, the agriculture sector and small and medium enterprises.
The finance minister said the government was establishing a central monitoring unit for state-owned enterprises (SOEs) that would help ministries strengthen the corporate governance of SOEs and take forward the entities that were ready for privatisation.
Meanwhile, Interim Information Minister Murtaza Solangi said ordinarily a press release was issued on the particulars of the SIFC meeting for the day but federal ministers would now regularly hold press conferences and provide details on what was discussed.
Solangi said today’s meeting focused on reducing government expenditure, reducing the circular debt, removing obstacles to foreign investment and improving the performance of state-owned enterprises.
“A lot of time was spent today [in discussions] on curbing smuggling in the country, whether of finished products or petroleum products or foreign exchange,” he said.
Solangi said the meeting also had a detailed discussion on the “misuse” of international agreements that the country was a signatory to and measures to stop it.
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Supply chain shortages major cause of inflation: commerce minister
Meanwhile, Caretaker Commerce Minister Gohar Ejaz highlighted that today’s SIFC discussion was centred on strategies to bolster the viability of industries, citing supply chain shortages as a significant driver of inflation.
He emphasised the urgent need to boost exports and generate employment opportunities, underlining the shift from relying on imported materials to becoming self-sufficient as a means to meet financial obligations.
The minister stressed the essential nature of prioritising the revival of industries, saying the SIFC was informed about it. He underlined that detailed talks covering raw material supply chains, energy pricing, and gas availability were also held.
Ejaz said that inflation could only be effectively managed by augmenting exports, suggesting that by reviving the export industry, the burgeoning dollar price of Rs300 could potentially decrease to Rs250, simultaneously mitigating inflation.
However, he insisted on the importance of market-based approaches, cautioning against excessive spending without corresponding earnings.
Govt looking to boost product of fuel supply: power minister
On the other hand, interim Power Minister Muhammad Ali said important discussions were held in the SIFC meeting on the country’s energy issues, particularly on controlling electricity prices.
The minister also stressed the need to boost production of fuel supplies, including gas and oil. He said more LNG terminals would be needed and the country would also need to boost its exploration and production activities, pointing out that they had reduced after 2013.
“We need to focus on gas and oil exploration because if we locally extract them then that will reduce our import bill and improve our supply.”
Ali said bids for 10 onshore blocks would open in November while the caretaker government was also looking into inviting bids for 24 offshore blocks in the first phase in December.
PM Kakar asks ministries to deliver optimal results: PMO
Meanwhile, a statement from the Prime Minister’s Office on the SIFC apex committee meeting said caretaker Prime Minister Anwaarul Haq Kakar asked the federal ministries to deliver optimal results irrespective of the time that was available to the interim government and emphasised laying a strong foundation for the future government.
The meeting was held with a “singular focus to improve the overall business and investment environment” in the country.
The various ministries presented their plans and roadmaps to overcome the macroeconomic challenges, governance-related impediments and voids in regulatory mechanisms in a bid to attract both foreign and domestic investment and stimulate economic growth.
The statement said the committee members deliberated upon various measures to be taken in the short, medium and long term to reap the envisaged dividends.
It added that various practical steps were approved by the interim premier that would be operationalised as soon as possible.
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China thrill in track and field but footballers flop again at Asiad

HANGZHOU: China swept four gold medals in track and field at the Asian Games on Sunday to celebrate national day, but their men’s football team failed to read the script and were dumped out by South Korea.
The hosts are running away at the top of the overall medals table in Hangzhou with 132 golds and still seven days of competition to go.
China is enjoying a long holiday for national day and patriotic fervour filled the 80,000-seater Olympic stadium in the eastern city for the evening’s athletics.
Waving mini flags and roaring on the home competitors, they were not to be disappointed.
Wang Jianan, nicknamed Eddie, leapt an impressive 8.22m on his first attempt in the long jump. It proved enough to defend his title.
Discus thrower Feng Bin, who like Wang was dethroned as world champion in August, also bounced back in style to claim gold with a throw of 67.93m, a Games record.
“I’m really happy. After all, today is national day, a very special day for every Chinese person,” the 29-year-old Feng said.
“To win my first Asian Games medal on this day makes me extremely happy and excited.”
There was more home success through Lin Yuwei in the 100m hurdles and Zheng Ninali in the women’s heptathlon.
China’s men’s football team is often derided at home and they once again failed to get in the holiday mood.
They were outclassed and soundly beaten 2-0 by South Korea in the last eight to disappoint a bumper crowd of nearly 40,000.
The Koreans, who are chasing a third gold medal in a row in the under-23 competition, face Uzbekistan in the semi-finals.
Japan beat North Korea 2-1 and will play Hong Kong, surprise 1-0 victors over Iran, in the last four.
The North Koreans rounded on the Uzbek match officials at the final whistle and at least one furious player had to be held back by his team-mates.
China also suffered a comprehensive loss in the final of the women’s team badminton competition.
The South Korean squad raced onto the court and some players were in tears after a 3-0 win for their first gold in the event for nearly 30 years.
South Korea’s coach Kim Hak-kyun called the gold “precious” and said they were already targeting more success at next summer’s Paris Olympics.
“This is thanks to the determination, mindset, mentality and unity of our players,” said Kim.
China did however recover to win the final of the men’s team competition 3-2 after going behind to India.
The home nation also enjoyed double gold in table tennis, with Sun Yingsha winning women’s singles gold and the duo of Fan Zhendong and Wang Chuqin taking the men’s doubles title.
In some of the first action of the day, Thailand’s Arpichaya Yubol snatched women’s golf gold after India’s Aditi Ashok blew a seven-shot overnight lead.
In the men’s event, rising star Taichi Kho kept his nerve despite a charge by PGA Tour star Im Sung-jae for a one-stroke victory.
It was Hong Kong’s first gold in golf at the Asian Games.
At the shooting range the Chinese women’s trap team of Li Qingnian, 42, Wu Cuicui, 35, and Zhang Xinqiu, 29, set a new world record of 357 points on their way to winning gold, eclipsing the previous world best of 354 points set by the United States in 2018.
In trap competitors wield shotguns and aim at clay-based targets being fired rapidly away from the shooter at different angles.
The silver medal went to India, whose team included Rajeshwari Kumari, 31, daughter of acting president of the Olympic Council of Asia and former Asian Games champion in shooting, Randhir Singh.
In the men’s U23 3×3 basketball, Mongolia won their first ever Asian Games bronze medal in a team event, before Taiwan pipped Qatar 18-16 to win gold and trigger elation on the court and a huge roar from Taiwan journalists in the media centre.
Published in Dawn, October 2nd, 2023
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Pakistanis among 40 nations facing backlash for reporting rights abuses

ISLAMABAD: Pakistan is among the 40 countries across the world where over 220 individuals and 25 organisations faced threats and retaliation from the state and non-state actors for cooperating with the United Nations on human rights, reveals a new report of the UN Secretary-General.
The report titled, ‘Cooperation with the United Nations, its representatives and mechanisms in the field of human rights’ covering the period from May 1, 2022 to April 30, 2023, was recently presented at the Human Rights Council (HRC) session in Geneva. The session will continue till Oct 6.
The report says human rights defenders and other civil society activists are increasingly under surveillance and continued to face legal proceedings, travel bans and threats and they are given prison sentences for cooperating with UN’s human mechanisms.
The UN secretary-general said that the organisation has a collective responsibility to prevent and address intimidation and reprisals, guided by the principle of “do no harm” and a victim- and survivor-oriented approach.
Civil society activists face legal proceedings, jail sentence, travel bans and threats for cooperating with UN’s rights mechanism, says report
“Considerable progress has been made in shedding light on and addressing the issue, including through initiatives on civic space under ‘Call to Action for Human Rights’, the UN chief said.
“The UN is committed to strengthening its efforts to prevent reprisals, including through clear zero-tolerance messages and by awareness-raising among staff, member states and civil society interlocutors. We will further strengthen our response to reprisal cases and ensure appropriate systems are in place to identify, document and report on incidents, including those in the annual reports. We will reinforce the dissemination of information on what reprisals are and how to report incidents, in particular for UN bodies where reprisals are repeatedly reported,” he added.
“A global context of shrinking civic space is making it increasingly difficult to properly document, report and respond to cases of reprisals, which means that the number is likely much higher,” said Ilze Brands Kehris, Assistant Secretary-General for Human Rights, in her presentation to the HRC on Thursday.
“Despite ongoing efforts, regrettably, the number of reported acts of intimidation and reprisal by state and non-state actors remains high and their severity is very concerning,” she said.
“The global trends documented this year are also similar to those identified in previous reports, but with new emerging tendencies,” the UN official said.
Among the growing trends noted in the report is the increase in the number of people either choosing not to cooperate with the UN due to concerns for their safety, or only doing so if their identities remain anonymous.
Victims and witnesses in two-thirds of the countries listed in the report requested anonymous reporting of reprisals, compared with one-third in the last year’s report.
Most of the people who reported facing reprisals for their cooperation with the Security Council and its peace operations, as well as with the UN Permanent Forum on Indigenous Issues did so on the condition of anonymity.
Algeria, Afghanistan, Andorra, Bahrain, Bangladesh, Belarus, Burundi, Cameroon, China, Colombia, Cuba, Democratic Republic of the Congo, Djibouti, Egypt, France, Guatemala, India, Indonesia, Iran, Iraq, Israel, Saudi Arabia, Libya, Maldives, Mali, Mexico, Myanmar, Nicaragua, the Philippines, Qatar, the Russian Federation, South Sudan, United Republic of Tanzania, United Arab Emirates, Uzbekistan, Vietnam, Venezuela (Bolivarian Republic of), Yemen, and the State of Palestine are also on the list alongside Pakistan.
Published in Dawn, October 2nd, 2023
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Trump business empire under threat as New York fraud trial opens

Former US president Donald Trump will appear in a New York court on Monday as a civil fraud trial against him and two of his sons kicks off, with the case threatening the Republican’s business empire as he campaigns to retake the White House.
In Monday’s case, Judge Arthur Engoron has already ruled that Trump and his sons Eric and Don Jr committed fraud by inflating the value of the real estate and financial assets of the Trump Organization for years.
New York Attorney General Letitia James is now seeking $250 million in penalties and the removal of Trump and his sons from management of the family empire.
Trump said late Sunday he planned to be present for the start of the trial on Monday morning.
“I’m going to Court tomorrow morning to fight for my name and reputation,” the 77-year-old wrote on his Truth Social platform. “This whole case is a sham!!!”
In addition to this civil case, Trump also faces several major criminal proceedings in the months ahead.
He is scheduled to appear before a federal judge in Washington on March 4 on charges of trying to overthrow the results of the 2020 presidential election won by Joe Biden.
Trump will then be back in New York state court, this time on criminal hush money charges, and later in a Florida federal court, where he is accused of mishandling classified documents after leaving office.
Finally, he will also have to answer to state charges in Georgia, where prosecutors say Trump illegally tried to get the southern state’s 2020 election results changed in his favor.
In the New York civil case, Engoron ruled that Trump, his two eldest sons, and other Trump Organisation executives lied to tax collectors, lenders, and insurers for years in a scheme that exaggerated the value of their properties by $812 million to $2.2 billion between 2014 and 2021.
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‘Major blow’
As a result, the judge revoked the business licenses that allowed the Trump Organisation to operate some of its New York properties.
Actually enforcing such penalties would be “a major blow to Donald Trump’s ability to do business in the State of New York going forward,” Will Thomas, a professor of business law at the University of Michigan, told AFP.
Under that kind of pressure, Trump — who made his reputation and fortune as a real estate mogul in the 1980s and had promised to bring his cut-throat industry tactics to the Oval Office — could eventually lose control over many of his company’s flagship properties, such as his 5th Avenue Trump Tower in Manhattan.
According to Attorney General James, a Democrat, Trump’s own apartment in that building is among the spaces that were fraudulently overvalued — it was listed as three times bigger than its true size.
Another Manhattan building, at 40 Wall Street, was overvalued between $200-$300 million in financial disclosures, James alleges.
Trump’s luxury Mar-a-Lago resort in Florida — the site of the classified documents drama — and several other Trump Organisation golf clubs also appear in James’s complaint.
High-profile witnesses
Trump has repeatedly dismissed the New York civil allegations, calling James, who is Black, “racist,” and labeling Engoron “deranged.”
On his Truth Social platform, Trump claimed there was no “wrongdoing” in his actions of “fully paying back sophisticated Wall Street Banks in full, with interest, with no defaults, and with no victims.”
There are likely to be dozens of witnesses called to testify at the trial, including Trump himself, and former financial director of the Trump Organisation Allen Weisselberg, who served time in prison after pleading guilty to tax fraud in a separate case brought against the business.
Trump’s children Eric, Don Jr, and his oldest daughter Ivanka — who was initially also targeted by James’s complaint but ultimately not prosecuted — are also likely to present their own testimony.
Trump’s former lawyer Michael Cohen — now an outspoken critic of the former president — and officials from certain Trump-linked financial institutions are also expected to appear.
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