US
Senate ties Pakistan aid to Haqqani crackdown
WASHINGTON: A US Senate committee voted on Wednesday to make
economic and security aid to Pakistan conditional on its cooperation in
fighting militants such as the Haqqani network, which Washington blames for
last week’s attack on the US embassy in Kabul.The Senate Appropriations Committee decision reflected lawmakers’ anger at Islamabad over militants who operate out of Pakistan and battle US troops in Afghanistan.
Washington has pressed Pakistan to go after the Haqqani network, which it believes enjoys sanctuaries in Pakistan’s unruly ethnic Pashtun tribal region on the Afghan border.
The Senate committee did not specify any amount for economic aid to Pakistan for fiscal 2012, leaving it up to the Obama administration to set the level and notify Congress – or provide nothing at all.
“If the administration wants to provide zero, that’d be OK with us,” said Republican Senator Mark Kirk, one of the more vocal critics of Pakistan on the panel.
The committee did approve $1 billion for the Pakistan Counter-insurgency Capability Fund, which was created in 2009 to help Pakistan’s military develop counter-insurgency capabilities to fight Islamist militants within its borders.
But the committee voted to make this aid, as well as any economic aid that is provided, conditional on Pakistan’s cooperating with Washington against several militant groups.
In addition to the Haqqani network, these groups include al Qaeda and the Quetta Shura – the remains of the Afghan Taliban government overthrown and driven into Pakistan by the 2001 US-led invasion of Afghanistan.
They also include Lashkar-e-Taiba, a Punjab-based group blamed for attacks on Mumbai, India, in November 2008.
The restrictions were part of a foreign aid bill that the committee approved and sent to the Senate floor. It will have to be reconciled with the House of Representatives, where lawmakers in one subcommittee have voted similar restrictions.
Pakistan also gets US military aid via the Pentagon budget. But Washington is already withholding $800 million of that aid this year as ties have come under mounting strain.
Many lawmakers have been calling for aid to Pakistan to be reduced since US special forces found and killed al Qaeda leader Osama bin laden in a Pakistan military town on May 2.
Washington has allocated about $20 billion for Pakistan over the last decade. In fiscal 2010, Congress approved $1.7 billion for economic aid for Pakistan, and $2.7 billion in security aid, the Congressional Research Service says.
SECP, PBC talk corporate governance
ISLAMABAD: The Securities and Exchange Commission of
Pakistan (SECP) held a meeting with the Pakistan Business Council (PBC) and
discussed amendments to the Code of Corporate Governance.
The meeting was held at PBC office Karachi, on Wednesday.
The meeting was attended by Asad Umar, Kamran Mirza, Abdul Razzak Dawood, Arif Habib, and other prominent businessmen from the PBC, while the SECP delegation was led by Muhammad Ali, the SECP Chairman, and included all Commissioners, says a statement issued by the commission here today.
It was a very interactive session and detailed deliberations were held on different proposed amendments to the code.
Both parties shared their views on all reposed revisions to the code, including the composition of the board, the role of independent directors, the number of directorships that a director can hold, disclosure requirements for related party transactions, measures required to safeguard the interest of minority shareholders, etc.
Specific PBC recommendations regarding amendments to the code were also discussed in detail.
The SECP Chairman gave a detailed presentation about the steps being taken by SECP for the development of the capital market, corporate sector, insurance sector, debt market, NBFC sector etc.
The PBC made suggestions on various reforms, including amendments to the Companies Ordinance 1984, Takeover Ordinance, cost audit and inter-company financing.
The PBC was assured that due consideration will be given to their recommendations as well as the recommendations received from other stakeholders. (APP)
The meeting was held at PBC office Karachi, on Wednesday.
The meeting was attended by Asad Umar, Kamran Mirza, Abdul Razzak Dawood, Arif Habib, and other prominent businessmen from the PBC, while the SECP delegation was led by Muhammad Ali, the SECP Chairman, and included all Commissioners, says a statement issued by the commission here today.
It was a very interactive session and detailed deliberations were held on different proposed amendments to the code.
Both parties shared their views on all reposed revisions to the code, including the composition of the board, the role of independent directors, the number of directorships that a director can hold, disclosure requirements for related party transactions, measures required to safeguard the interest of minority shareholders, etc.
Specific PBC recommendations regarding amendments to the code were also discussed in detail.
The SECP Chairman gave a detailed presentation about the steps being taken by SECP for the development of the capital market, corporate sector, insurance sector, debt market, NBFC sector etc.
The PBC made suggestions on various reforms, including amendments to the Companies Ordinance 1984, Takeover Ordinance, cost audit and inter-company financing.
The PBC was assured that due consideration will be given to their recommendations as well as the recommendations received from other stakeholders. (APP)
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