US to provide $200m for Diamer-Bhasha
project
WASHINGTON: The United States has agreed to provide $200 million for
preliminary work on the Diamer-Bhasha dam project, says Finance Minister Hafeez
Shaikh, who left for Pakistan on Thursday after a weeklong visit to the United
States. The power generation and water conservation project, which is likely to cost $10 billion, is expected to help the country overcome its energy shortages.
At a news conference at the Pakistan Embassy in Washington, the minister presented a rosy picture of the Pakistani economy, saying that in five years the present government had pulled the country back from the brink and put it on the road to stability.
Mr Shaikh disagreed with the suggestion that the production of electricity in Pakistan had decreased during the last five years but conceded that the country was not producing enough energy to meet its rapidly growing needs.
The minister acknowledged that investments in Pakistan had decreased and blamed the deteriorating security situation for this.
“There are causes for this situation that are beyond the government’s control,” he said.
Talking about his meetings in Washington, Mr Shaikh said the US also was funding repair work on four existing dams in Pakistan which would help boost electricity production by 900 megawatts.
The minister said the US would soon release $600 million to $500 million from the Coalition Support Fund, which was meant to reimburse Pakistan’s counter-insurgency operations but had been withheld for more than a year due to tensions between the two countries.
Mr Shaikh said that Washington also agreed to set up a task force to help Pakistan expand its access to the US market.
Commenting on a recent IMF report which warned that structural defects were “sapping the vigour out of the Pakistani economy”, the minister said the reports reflected the Fund’s “own point of view”.
IMF’s assessment that Pakistan’s economy would only grow by a little over 3 per cent was based on old data, while the latest data showed that it would grow at a rate of over 4 per cent, he said.
The minister said the IMF agreed with the assessment that Pakistan’s economy was capable of growing at a higher rate, “although their future forecast may have been a little different” than Islamabad’s.
Mr Shaikh said his team’s meetings with IMF officials had helped “align these variations… and we believe our growth rate can go up to 6 per cent in the next five years if we have political stability”.
He dismissed the impression that the Asian Development Bank had backed out of its commitment to finance the Diamer-Bhasha dam project. Not only the ADB but the United States also would finance feasibility study and surveys for the dam to be built in Gilgit-Baltistan, he said.
Pakistan would complete land survey, feasibility and land acquisition processes to expedite the process, the minister said.
Mr Shaikh, who was in Washington to attend the annual meeting of the US-Pakistan working group on economy, said Pakistan and the United States would soon launch a private investment initiative with seed money of $80 million.
“This will help spur economic activity, generate jobs and contribute to improvement in bilateral ties,” Dr Shaikh said.
The USAID administrator, Rajiv Shah, would soon visit Pakistan to review progress on the ongoing energy and infrastructure development projects, he said.
Recounting a series of positive macro-economic indicators, Mr Shaikh said the government’s reforms had boosted the country’s growth rate from under 2 per cent of the GDP five years ago to 3.7 per cent last year.
Exports brought an unprecedented $25.5 billion in the last fiscal year while tax revenue collection increased by 21 per cent.
The government also brought down inflation from a high of 25 per cent a few years ago to single digits, improved agrarian output and helped achieve a significant increase in foreign remittances.
Presidential reference goes to SC today
ISLAMABAD: President Asif Ali Zardari has given his assent to a
reference seeking an advice from the Supreme Court to resolve a controversy
over the appointment of Islamabad High Court judges. “The president has finally given his assent to a reference to be submitted to the Supreme Court on Friday by invoking the court’s advisory jurisdiction,” a source privy to the development told Dawn on Thursday.
Under Article 186 of the Constitution, the president may refer any question of public importance to the Supreme Court on which he desires to seek opinion.
Law Minister Farooq H. Naek has tried his best to draft the reference in a manner which dispels an impression that there is a confrontation between the executive and the judiciary. The reference has raised 13 questions of public importance and sought opinion of the apex court with a request to report its finding to the president.
One of the questions is whether the president, who has taken oath to protect, preserve and defend the Constitution, is obliged to make an appointment which, in his view, is not in accordance with the Constitution. Another appears to ask whether the Constitution prohibits individual member of the JC to initiate the names of judges for appointment to the superior courts.
On Nov 23, the court had postponed the hearing of a case relating to judges appointment for a fortnight after it was informed by the government that the president intended to move a reference on the matter.
A four-judge bench comprising Justice Khilji Arif Hussain, Justice Asif Saeed Khan Khosa, Justice Ijaz Ahmed Chaudhry and Justice Ejaz Afzal Khan is seized with a petition of Advocate Nadeem Ahmed seeking issuance of a notification about six months’ extension for Justice Noorul Haq N. Qureshi and permanent appointment of Justice Shaukat Aziz Siddiqui of the Islamabad High Court.
The two judges were nominated by the Judicial Commission (JC) and approved by the Parliamentary Committee (PC) under Article 175A inserted in the Constitution under the 18th and 19th Amendments. The JC in a separate meeting also recommended elevation of IHC Chief Justice Iqbal Hameedur Rehman to the Supreme Court.
But the President House returned both the recommendations to the JC with an observation to reconsider the nominations because the commission which had finalised the names had not been constituted properly.
Consequently, terms of the two IHC judges expired on Nov 20.
COMMISSION’S COMPOSITION: The controversy was over the composition of the 11-member JC in which Justice Muhammad Anwar Khan Kasi sat in place of senior judge Justice Riaz Ahmed Khan who was in Saudi Arabia for Haj when the commission met.
The presidential reference is likely to be filed by Law Secretary Yasmeen Abbasy on behalf of the federal government which will be represented by senior counsel Waseem Sajjad whenever the apex court takes up the case.
“The reference contains many questions raised to highlight grey areas in the procedure for appointment of judges, keeping in view the concerns expressed by the bar and other stakeholders,” the source said.
Through a resolution adopted on Dec 3, the Pakistan Bar Council called for strictly adhering to the principle of seniority as laid down by the Supreme Court in the famous 1996 Al-Jihad Trust case on the appointment to superior judiciary, particularly to the offices of chief justices.
“We want to initiate a whole new debate on the judges’ appointment process since questions have also been raised on the nomination procedure of judges by the JC,” the source said, adding that whatever verdict to be issued the court would settle once and for all issues cropped up from time to time over the appointment of superior court judges.
The reference will ask the court what power the president enjoys in selection of judges and whether he needs to apply his mind or just endorse whatever recommendation he receives.
The court had raised four questions: was the JC (which recommended elevation of the IHC chief justice to the apex court and permanent appointment and extension of the high court judges) properly constituted; will the outcome be materially different provided the JC had been properly constituted; can the process be stopped by the president after confirmation by the PC of the nominations sent by majority of members of the JC; and if the president refuses to notify then what is the way forward.
PAKISTAN (Brief News):
o
LHR: 10 kg heroin
found from passengers
o
Six PIA pilots sacked
over fake degrees
o
Resolution in SA
against Kalabagh dam
o
Karachi: Two injured
in firing incidents
o
Four killed in
Karachi violence in last 30 minutes
o
Six arrested during
search operations in Karachi
o
UK police conduct
raid in Dr Imran murder case
o
PM asks US to
find drones alternative
WOLRD(Brief News):
o
Obama, Boehner talk; Geithner prepared
to go off "cliff"
o
Exclusive: New Pakistan Taliban chief
emerging, will focus on Afghan fight
o
Syria says chemical scare
"pretext for intervention"
o
Standard Chartered sees $330 million
Iran fine, profit rise erodes
o
Obama set for "middle-class"
family visit in "fiscal-cliff" campaign
o
Daimler raises $2.2 billion from EADS
stake sale
o
Rivals clash despite tanks at Egypt
presidential palace
o
Guatemala detains McAfee, to expel him
to Belize
o
"Fiscal cliff" would hit New
Yorkers with $43 billion taxes: NY Comptroller
o
Dutch trawl North Sea for survivors
after ship sinks
o
Citigroup cutting 11,000 jobs, taking
$1 billion in charges
o
Republicans weigh swallowing tax hike
on the wealthy
o
Blast hits Syrian Red Crescent HQ in
capital: Syria TV
o
Occupy Wall Street protester whose
tweets were subpoenaed to plead guilty
o
Philippines finds survivors after
typhoon kills 332
o
Brazilian architect Oscar Niemeyer
dies, aged 104
o
Father of slain Florida teen steps
into "Stand Your Ground" battle
o
NATO calls on North Korea to cancel
rocket launch
o
Israel pushes settlement plan ahead;
EU summons envoy
o
Clinton says "desperate"
Assad could use chemical arms
o
Netflix says it won't raise
prices after Disney deal
o
Typhoon kills at least 283, hundreds
missing, in Philippines
o
Storm hits hiring in November but
service sector grows
o
Rivals clash as Mursi's
deputy seeks end to Egypt crisis
o
Both sides dig in on "fiscal
cliff," but "nothing going on"
o
Apple's shares swallow
biggest loss in four years
o
Productivity fastest in two years,
labor costs subdued
o
Darker growth outlook pushes UK
austerity plan off track
o
Private sector adds
fewer-than-expected jobs in November: ADP
o
EU imposes record $1.9 billion cartel
fine on Philips, five others
o
Tesco set to call time on costly U.S.
adventure
o
Iran says extracts data from U.S. spy
drone
o
Osborne tries to sweeten pill for
austerity in Britain
o
Euro zone downturn eases slightly in
November: surveys
WOLRD BUSINESS(Brief News):
o
EADS EGM scheduled for first quarter:
source
o
Daimler raises $2.2 billion from EADS
stake sale
o
Boeing wins $1.2 billion Icelandair
order
o
S.Africa moves closer to iron ore,
steel export tax
o
CIBC profit rises on markets-related
income
o
Insight: Riddle persists of Ukraine
gas deal that never was
o
ArcelorMittal says not permanently
ditching ULCOS plan
o
ArcelorMittal pulls French bid for EU
steel project
o
"Fiscal cliff" would hit New
Yorkers with $43 billion taxes: NY Comptroller
o
Stock futures signal early gains
o
Record Greek jobless rate highest in
euro zone in September
o
PZ Cussons says profit rises, but
Nigeria still a concern
o
Standard Chartered sees 2013 UK bank
tax jump to $330 million
o
Standard Chartered sees $330 million
Iran fine, profit rise erodes
o
S.Africa's business
confidence edges down in November
Business News:
Pakistan
EU approves autonomous trade pact for Pakistan
KARACHI, Dec 6: European Parliament and the European Council
approved special autonomous trade preferences (ATP) for Pakistan on Oct 25,
which would enable export of certain goods from Pakistan to enter the EU
duty-free subject to specific ceilings (Tariff Rate Quotas), said Ambassador of
European Union (EU) delegation to Pakistan Lars-Gunnar Wigemark on Thursday .He said this while addressing a seminar on “EU-Pakistan Trade: Opportunities for Growth” organised by the Karachi Chamber of Commerce and Industry (KCCI) and EU delegation. In addition to the EU’s direct humanitarian assistance to the devastating floods that hit Pakistan over the past three years, the ATP entered into force on Nov 15, 2012 and would be in place until Dec 31, 2013.
He said the ATP regulation is a legally binding instrument and is directly applicable in all EU member states.
Around 26 products have been offered under the Tariff Regulated Quotas (TRQs) while 49 items will be covered under the non-tariff regulated quotas. In total, 75 items have been granted duty-free market access under the concessions.
On Jan 1, 2014 the EU’s new Generalised System of Preferences (GSP) regime will also come into force.
Pakistan is already benefiting from the existing GSP, but it is aspiring to obtain GSP plus status under this new regime.
If Pakistan qualifies for GSP plus, which involves a number of strict conditions, it would be able to export most of its products to the EU duty free/quota free.
He said access to GSP Plus will depend on Pakistan’s record of implementation of 27 international conventions it has already signed and ratified, related to human rights, labour rights, environment and governance.
The EU is the largest trading partner, receiving 21.2 per cent of Pakistan’s total export.
The trade increased by almost five per cent annually between 2007 and 2011 and the total volume now stands at over euro 8.3 billion in year 2011.
Textiles and clothing account for almost 70 per cent of Pakistan’s exports to the EU.
Pakistan’s imports from the EU mainly comprise mechanical and electrical machinery as well as chemical and pharmaceutical products.
To broaden Pakistan’s export potential, which so far relies heavily on a single sector, the ambassador said the EU has launched a Trade Related Technical Assistance (TRTA) programme under which the EU is spending a total of 15 million euro to support greater diversification of Pakistani trade with the EU.
EXCHANGE FOR CURRENCY NOTES:
U.S.A 97.47
S.Arabia 25.99
U.K 156.80
Japan 1.1810
Euro 127.23
U.A.E 26.54
BULLION RATES IN
RUPEES PER 10 GRAMS
KARACHI
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