Politics

Army urges all stakeholders to play role in revival of economy

Published

1 year ago

Farwa

COAS urges all stakeholders to fulfil thier social responsibility.
Gen Munir invited foreign investors to explore ‘hidden reserves’.
Army chief says there are vast mining opportunities in Pakistan.

Chief of Army Staff (COAS) General Syed Asim Munir has called upon all stakeholders to fulfil their social responsibility of contributing towards the revival of the country’s economy saying, “We must never lose hope”.

Addressing the “Pakistan Minerals Summit” in Islamabad on Tuesday, the army chief invited foreign investors to play their due role in exploring the hidden reserves of Pakistan and to fully utilise this potential as the country is blessed with rich mineral resources.

The army chief said there are vast mining opportunities in our country that will be realised through joint efforts.

He said the authorities will ensure an investor-friendly system to soften terms and avoid unnecessary delays.

Gen Munir said Pakistan’s first mineral summit laid down new rules of ease of doing business for domestic and foreign investors in Pakistan as mineral projects are keys to success.

He said the government of Pakistan in collaboration with all the institutions assured the establishment of the Special Investment Facilitation Council (SIFC), which brings all the stakeholders on one platform.

He said it is our social responsibility to play our role in unison for the country’s economy.

Addressing the ceremony, Prime Minister Shehbaz Sharif called for exploring the untapped resources including the vast natural minerals and reserves and developing the agriculture, information technology and industrial sectors.

The premier regretted that the country’s journey of 75 years was dotted with bitter factors as they could not fully exploit the precious natural deposits estimated at worth $6 trillion.

“The day gives an opportunity to self-contemplation over a journey of last 75 years and the reasons which landed Pakistan into this situation with a begging bowl,” he added.

Elaborating his viewpoint, he said with Russian support, Pakistan Steel Mills was established during 70s while in Reko Diq a hefty penalty of $10 billion was imposed on Pakistan and if it was enforced, the entire country’s foreign reserves would have been depleted.

The prime minister referred to the Thar coal mines reserves and said these were being converted for the development of Pakistan.

The summit was attended by federal ministers, foreign delegates, ambassadors, experts, relevant authorities, and investors.

The army chief was included in a Special Investment Facilitation Council (SIFC) formed by Prime Minister Shehbaz Sharif for economic revival in June this year.

The military’s inclusion in the body — led by the PM and also comprising federal ministers — is aimed at complementing the government’s efforts to deal with economic challenges facing the country.

The government unveiled an elaborate ‘Economic Revival Plan’ with a view to capitalise on Pakistan’s untapped potential in key sectors, fast-track the development projects and facilitate investment in a bid to steer the country of economic crisis.

The total liquid foreign reserves held by the country stood at $13.534 billion.

Last month, Pakistan’s foreign exchange reserves got a boost after the country’s receiving the first tranche of $1.2 billion from the International Monetary Fund, under a shot-term standby arrangement approved by the lender of the last resort. Inflows from friendly countries, including Saudi Arabia and the UAE, also contributed in the increase in the reserves.

SBP reserves had surged by $4.2 billion to $8.7 billion as of July 14, highest level in nine months, thanks to financial support from the bilateral and multilateral partners.

Analysts noted that that was the highest level of foreign exchange reserves seen since October 2022 and hailed as a boost to the nation’s balance of payments and investor confidence in the economy.

Latest News

Bushra Bibi maintains bail as the IHC concludes the FIA’s petition.

Published

16 hours ago

Farwa

The Islamabad High Court (IHC) conducted a hearing about the Federal Investigation Agency’s (FIA) plea for the revocation of Bushra Bibi’s bail.

The court, led by Justice Miangul Hassan Aurangzeb, rejected the FIA’s petition during the hearing.

Judicial Proceedings

Justice Miangul Hassan Aurangzeb sought information regarding Bushra Bibi’s location, to which her attorney, Barrister Salman Safdar, affirmed her attendance in court.

The judge urged the counsel to regard the matters with gravity, underscoring the necessity of adherence to trial protocols.

The court sought details about instances where Bushra Bibi had been exempted from attending trial hearings and clarified that if the High Court grants bail and the accused fails to appear, the trial court holds the authority to cancel the bail.

Justice Aurangzeb assured that such actions would not amount to contempt of the High Court’s order.

Based on these considerations, the court closed the proceedings and dismissed the FIA’s plea.

Latest News

The Supreme Court has granted the appeal of the PTI founder for a judicial probe into the events of May 9.

Published

3 days ago

Farwa

The Supreme Court has officially accepted the plea submitted by the PTI chairman for a judicial probe into the events of May 9 for a comprehensive hearing.

The constitutional bench of the Supreme Court annulled the registrar’s office’s objections to the petition and instructed the office to allocate a case number and arrange the hearing.

The PTI chairman was represented by prominent attorney Hamid Khan, who appeared in court to argue for the petition’s admission.

The Lahore Anti-Terrorism Court (ATC) already convicted Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan in connection with the incidents on May 9 and denied his bail on eight distinct counts.

The court’s finding was delivered in a six-page written order by ATC Judge Manzar Ali Gul.

The written ruling emphasized substantial evidence against the PTI founder, comprising audio and visual recordings of his directives to incite violence.

The court observed that witnesses had provided testimony on the conspiracy planned by Imran Khan at Zaman Park, where he purportedly strategized for his possible arrest by intending to disrupt state functions via his supporters.

Imran Khan’s legal counsel contended that he was in custody at the time of the incidents, proposing that bail be granted in accordance with precedents where bail was awarded in like circumstances following detention.

Nevertheless, the court rejected this argument, underscoring that the case’s nature was not a trifling issue of conspiracy or incitement.

The prosecution established that Mr. Khan had explicitly incited assaults on military and governmental facilities and had galvanized both his commanders and supporters to adhere to his directives.

The decision additionally cited the Lahore High Court’s finding regarding a prior release granted to Ijaz Chaudhry, highlighting Imran Khan’s involvement in the conspiracy. The court dismissed the defense’s challenge over the prosecution’s lack of specificity concerning the date, time, or location of the purported conspiracy, affirming that the scheme was allegedly devised on May 7 and May 9 at Zaman Park.

The prosecution asserts that undercover police officers, masquerading as PTI supporters, intercepted discussions outlining the scheme.

Latest News

188 cases nationwide have been filed against the PTI founder.

Published

7 days ago

Farwa

This increase, according to details, followed the submission of a report to the Islamabad High Court in response to a petition brought by Norin, the sister of the PTI founder.

Punjab has the most cases against Imran Khan (99), according to the Ministry of Interior’s report that breaks down the cases by area.

There are 76 cases in Islamabad, according to the Islamabad Police data, compared to two in Khyber Pakhtunkhwa.

In addition, the National Accountability Bureau (NAB) is investigating three instances, while the Federal Investigation Agency (FIA) is still investigating seven cases.

Cases against Imran Khan also concern the protests in October, November, and December. In addition, there is an ongoing appeal in the Toshakhana criminal case against his sentencing.

Yesterday, Pakistan Tehreek-e-Insaf (PTI) founder along with 60 other PTI leaders were indicted in the GHQ attack case.

Imran Khan and sixty other party leaders were charged in the GHQ attack case by Judge Amjad Ali Shah of the anti-terrorism court.

Imran Khan, who is presently detained at Adiala Jail, was released on bail in the Toshakhana case but was arrested again by the police in the New Town PS case.