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DAWN WIRE SERVICE
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Week Ending : 17 October 1998 Issue : 04/41
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Contents | National News | Business & Economy | Editorials & Features | Sports
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CONTENTS
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NATIONAL NEWS
+ Kashmir issue only: Negotiators identify areas of convergence
+ New CGS appointed
+ Govt looking for 15 votes: NA sends CA-15 bill to Senate
+ Clinton invites PM to visit US
+ PM announces cut in surcharge: 30pc relief to power consumers
+ PM unveils Rs24bn uplift plan for Karachi
+ EB alleges bribery: Contracts with Hubco, Kapco being scrapped
+ Observer says it stands by its story about Nawaz
+ Emergency caused Dhaka debacle: SC
+ System losses to jump to 34pc: WAPDA overbilling provinces
+ PTCL tests coding system to prevent misuse of phones
---------------------------------
BUSINESS & ECONOMY
+ PM seeks proposals : Structural changes to double exports
+ Options to make dollar bonds attractive
+ Govt urged to protect shareholders
+ No more devaluation of rupee, says Dar
+ Investment in Sindh at standstill
+ Punjab unable to generate funds
+ Banks borrow Rs5 billion
+ Fish exports: Pakistan included in EC list II
+ Economic activity slackens: Private sector credit growth recedes
+ KSE index loses 8.53 percent on massive selling in PTCL
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EDITORIALS & FEATURES
+ The man of the hour Ardeshir Cowasjee
+ MQM in a quandary M. H. Askari
+ The search for legitimacy Irfan Husain
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SPORTS
+ Nicol, Jansher head world squash rankings
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NATIONAL NEWS
981017
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Kashmir issue only: Negotiators identify areas of convergence
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Hasan Akhtar
ISLAMABAD, Oct 16: The foreign secretaries of India and Pakistan
who reopened their bilateral talks on Friday after a year�s delay
devoted about three hours to discuss "full range" of Pakistan-India
issues and charged their technical experts to deliberate
elaborately on them and then report back to the principal
officials.
The talks follow the meeting of Prime Minister Nawaz Sharif and
Indian Prime Minister Atal Behari Vajpayee in New York early last
month.
Most of the time, the sources said, was also spent on confidence
building measures to make the talks successful.
The talks were led by K. Raghunath as head of 8-member Indian
delegation and Mr Shamshad Ahmad on behalf of Pakistan. The talks
were held at the Punjab House where the Indian team is lodged.
Mr Ahmad and Mr Raghunath told newsmen at the end of their formal
talks that while the technical experts of the two sides would stay
engaged in discussing other issues they will grapple with the Jammu
and Kashmir issue and it appeared their Saturday meeting will be
devoted entirely to this issue.
The foreign secretaries are scheduled to end the present round of
talks on Sunday with a joint communique.
Foreign Secretary Shamshad Ahmad while conceding there were no
"quick-fixes" in Pakistan-India relations, said that Pakistan
wished to proceed very realistically recognising the complexity of
the relations and issues. Indian Foreign Secretary Raghunath
responded to Ahmad�s observation: "We enter this process in a very
positive and constructive frame of mind".
The significant aspect of the talks, according to informed sources,
was to consider specific proposals which should aim at restraining
the nuclear and conventional arms threat as also an apparent
missiles race which has become obvious in the sub-continent.
Pakistan apparently recognises the present talks most opportune and
valuable opportunity to deal with the nuclear and conventional arms
threat and the missiles race which pose horrendous implications.
The two foreign secretaries at their brief encounter with the media
people appeared to emphasise that the resumption of talks was just
the beginning of a process which they both would like to maintain
instead of repeating the past year�s performance when they parted
in a huff and broke off talks for more than a year.
Immediately after the talks, Indian Foreign Secretary Raghunath
accompanied by Shamshad Ahmad called on Prime Minister Nawaz Sharif
who responding to India�s expressed desire to increase cooperation
with Pakistan across the board, emphasised the linkage of peace and
security with the peaceful settlement of the Kashmiri�s right to
self-determination. The prime minister however, stressed that the
economic and social welfare of the people of Pakistan and India was
a matter of prime concern and urgency priority in his view.
The prime minister after his meeting with the Indian foreign
secretary directed that around 200 Indian fishermen and their boats
which had remained detained in Pakistan for sometime, should be set
free to return to India, as a gesture of goodwill to set level
field for a fresh start in India-Pakistan dialogue.
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981017
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New CGS appointed
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Bureau Report
ISLAMABAD, Oct 16: In another reshuffle in top military hierarchy
on Friday Maj Gen Mohammad Aziz Khan has been promoted to the rank
of Lieutenant General and appointed as Chief of General Staff, the
post vacated by Gen (retd) Ali Quli Khan, ISPR said.
Friday�s reshuffle was the second shake-up in military top brass
since resignation of Gen (retd) Jehangir Karamat in which Corps
Commander Lahore has also been changed.
Corps Commander Lahore Lt Gen Akram has been appointed as the
Quarter Master General and the Command of Lahore Corps has been
handed over to Maj General Khalid Maqbool by promoting him to the
rank of lieutenant general.
Maj Gen Hamid Javed serving at Heavy Industries Taxila has also
been promoted to the rank of lieutenant general.
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981015
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Govt looking for 15 votes: NA sends CA-15 bill to Senate
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M. Ziauddin
ISLAMABAD, Oct 14: The National Assembly has sent the CA-15 bill to
the Senate on Tuesday and according to the officials of the upper
house if not passed within 90 days of its receipt by the Senate,
the bill will lapse.
So, by January 13, 1999, the bill needs to be passed by the Senate
and sent to the president for assent for the 15th amendment to
become part of the constitution.
Meanwhile, the government has launched a hectic campaign to muster
the needed 15 votes to pilot the bill with a two-third majority
through the upper house where it has solid 43 votes against the
required 58 votes.
Prime minister Nawaz Sharif's generous announcements with regard to
development of Balochistan in Quetta on Tuesday are being seen here
as an attempt to win over Sardar Akber Khan Bugti whose JWP has 5
votes in the Senate.
Earlier when the prime minister went to Dera Bugti to enlist the
support of JWP for the CA-15 in the National Assembly, Sardar Bugti
reportedly agreed to let his party vote for the bill in the lower
house if the prime minister agreed as a trade off to amend the
constitution to enhance the quantum of provincial autonomy.
The prime minister is expected to meet the MQM leadership in
Karachi on Thursday to try once again to change the opinion of the
Muttahida's leaders about the CA-15.
The MQM had written a strong note of dissent at the time when the
original draft bill came to the standing committee of the National
Assembly for review. And at the time of voting on the 'diluted'
bill in the National Assembly, the MQM MNAs abstained.
However, lately, the MQM seems to have indicated to the government
that it was willing to be persuaded to review its position vis-a-
vis the CA-15.
The change of heart in the MQM is said to have occurred after the
change in the command in the army which is now being headed by an
Urdu speaking general. The recent changes at the top in the civil
services are also said to have taken care of, to a large measure,
the MQM demand of adequate representation of Urdu speaking officers
in the top civil jobs.
Moreover, the recent changes in the ISI high command is also being
seen here as an attempt by the government to reassure the MQM which
has been consistently criticising the 'agencies' for the woes of
Karachi. Lt General Ziauddin of engineering corps has taken over
the ISI from Lt General Rana Naseem and Major General Shujaat has
been replaced by Major General Ghulam Mohammad.
When asked how it would vote in the Senate, some of the MQM MNAs
visiting the capital to attend official meetings here refrained
from giving a direct answer and said: "Let us wait and see how
things shape up."
They also refused to comment when asked if the changes at the top
in the army and the ISI had caused them to have second thoughts on
CA-15.
In another surprise development, the government is said to have
bagged two PPP votes in its efforts to get the CA-15 passed in the
upper house.
The government already has 26 votes of the PML, three each of its
sympathisers and BNP one each of JUP(N), PML(J) and independent and
8 of FATA totalling in all 43 votes in the Senate.
With the addition of the two PPP votes, one of Shahnawaz Junejo
(Sindh) and the other of Syed Qasim Shah (NWFP) the government
tally has gone up to 45.
JUI(F) which did not vote for the amendment in the National
Assembly is said to have changed its mind and has now declared its
intention to support the bill in the Senate where it has two votes.
This will enhance the government votes to 47.
If the MQM finally decides to go with the government in the Senate,
the CA-15 will get as many as 52 votes, still six short of the
winning figure. And even if the JWP also decides to take the bait
and vote for the amendment, the government would still be short by
one vote.
The PPP (17) and the ANP (7) between themselves now have 24 votes.
The BNP has two votes while PKMAP, BNM and JA each has one. This
raises the anti-bill tally to 29.
Waseem Sajjad who is the chairman of the Senate cannot vote
otherwise he would have taken care of the missing one vote.
Perhaps, those among the opposition who at one point in time had
wanted to replace the chairman must now be thanking their stars for
not having turned their desire into a reality. However, political
pundits predict that if both the MQM and JWP finally decide to vote
for the amendment, the government would not have much difficulty in
wooing at least one from among the 29 of the opposition.
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981016
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Clinton invites PM to visit US
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Correspondent
WASHINGTON, Oct 15: President Bill Clinton has invited Prime
Minister Nawaz Sharif for an official visit to Washington in early
December, seeking a major breakthrough in foreign policy when
domestically he would be facing an impeachment process.
Announcing the visit on Thursday, a high official of the State
Department said no dates had yet been fixed but their talks would
include major US concerns on non-proliferation as well as
Pakistan's economic problems, a major concern for the Pakistani PM.
The announcement of Clinton's invitation to Nawaz Sharif came just
as Congress removed all hurdles in the way of a bill that would
give President Clinton the authority to waive sanctions against
Pakistan and India - something Pakistan has consistently been
demanding to sign the CTBT.
"As the president is acquiring the authority to waive sanctions, he
may be preparing to make serious offers to Pakistan to lift "the
atmosphere of coercion" as Islamabad calls it, so that Pakistan can
sign the CTBT," analysts said.
Analysts also saw the timing of the visit as important for
President Clinton as he would be in the middle of a serious
impeachment inquiry by Congress and by achieving a breakthrough in
foreign policy he would like to checkmate the Congress.
Officials were not prepared on Thursday to discuss details of the
visit but one State Department official told Dawn a series of
meetings were scheduled between Pakistani and US officials before
the summit talks in December.
There was immediate speculation in Washington that a deal on CTBT
could boost the political fortunes of both the leaders and help
them domestically.
"If Clinton gets Pakistan to sign CTBT, he would have snubbed the
impeachment process. If Nawaz Sharif gets sanctions waived, he
would bail out the country from the serious economic morass,"
analysts said.
State Department officials do not rule out anything at this stage
but say everything is on the agenda and they will talk about all
the issues.
Nawaz Sharif had earned some good points from President Clinton in
his UN visit last month when he praised the US President as his
video taped testimony was being shown all over America and Clinton
was under severe pressure.
The only remarks made by Nawaz Sharif in his UN visit that got
printed widely were in praise of Clinton in the backdrop of the
Monica affair.
Dawn asked the State Department official some questions about Mr
Sharif's visit on Thursday. The answers were:
Q: Is there a date for the visit?
A: It is going to be early December but no dates have been fixed.
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981012
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PM announces cut in surcharge: 30pc relief to power consumers
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Mohammad Yasin
ISLAMABAD, Oct 11: Prime Minister Nawaz Sharif on Sunday announced
50 per cent cut in the additional surcharge of electricity, thereby
providing a 30 per cent relief to the consumers, from October 21.
In his address to the nation over radio and TV, he announced that
this was possible as a result of detection of irregularities and
corruption in some of the private power plants established during
the previous government which showed that commissions had been
taken.
The prime minister said because his government's efforts,
irregularities in contract with Hubco had been found and as a
result of legal measures Rs10 billion would be saved annually.
Mr Sharif said that though WAPDA was going through financial
difficulties, the amount of Rs10 billion was not being spent on its
improvement but it was being provided as a relief to the consumers.
Dilating on his statement, he said a bill of Rs100 would come down
to Rs72; of Rs500 to Rs342; of Rs700 to Rs474; of Rs1000 to Rs684;
of Rs5,000 to Rs3,454; of Rs7,000 to Rs5,194; and a bill of
Rs10,000 would come down to Rs6,845.
The prime minister expressed his concern over the increasing power
tarrif which had upset the common folk. He hoped that they would
now pay their bills honestly and would not allow anybody to indulge
in power theft.
He also expressed the hope that they would also keep an eye on
those indulging in power theft and hand them over to law enforcers.
The following is the revised billing pattern:
Current Revised
Rs 100 Rs 72
Rs 300 Rs 210
Rs 500 Rs 340
Rs 700 Rs 470
Rs 1,000 Rs 680
Rs 2,000 Rs 1,390
Rs 3,000 Rs 2,100
Rs 4,000 Rs 2,800
Rs 5,000 Rs 3,500
Rs 7,500 Rs 5,200
Rs 10,000 Rs 6,900
Rs 12,500 Rs 8,516
Rs 15,000 Rs 10,398
Rs 17,500 Rs 11,946
CA-15 BILL: The PM, dilating on 15th constitutional amendment bill,
said that it was not a problem of his ego, obduracy or his person
nor was he completing any personal agenda through it.
He dispelled the impression that he was seeking enhancement of
power through the bill.
He urged the opposition to change their attitude towards the bill
and persuade their colleagues in Senate to vote for it.
The prime minister said that when he talked of enforcement of
Islam, he had in mind the picture of a society free of crime,
exploitation and respect and honour for every individual where no
one would suffer from hunger and starvation, fear or excesses.
APP adds: Mr Sharif told the nation that the transitory phase of
difficulties would soon be over as the legacy of rampant
corruption and mismanagement had been checked and a bright future
of hope and advancement was fast approaching.
He said instead of solving the problems, those at the helm of
affairs earlier, had brought the economy at the verge of disaster.
Corruption, gratification and kickbacks were used to rule the
country. The employment opportunities were eliminated and the
public sector was destroyed.
The PML government inherited an economy which was in total shambles
owing to corruption. It had begun the task of improving the
economy, saying the people would no longer hear tales of
corruption.
NUCLEAR ISSUE: The PM said Pakistan had acquired impregnable
nuclear capability. Nuclear tests were inevitable for national
respect, grandeur and survival, he said.
The government did not knuckle under pressure by any world power
and exploded the nuclear device.
Economic sanctions were slapped on Pakistan in the aftermath of
nuclear tests hence it was not possible to give any relief to the
nation. However Nawaz Sharif said, he still saw a dawn of a bright
morning.
WHEAT IMPORT: Nawaz Sharif said, the government had saved Rs2
billion after it effectively plugged loopholes in import of wheat.
When the wheat was purchased from abroad in the past, those
determining its price and ferrying charges had been involved in
swindling. The government has found this fraud and stopped it, he
said.
TEXTILE QUOTA: Mr Sharif said after abolishing plunder and
discretion in awarding textile quota, the government was able to
earn Rs1.93 billion through its transparent auction.
He said similarly by doing away with oil permit, Rs1 billion had
been saved.
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981016
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PM unveils Rs24bn uplift plan for city
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Reporter
KARACHI, Oct 15: Prime Minister Nawaz Sharif on Thursday unfolded a
Rs24 billion development package for Karachi which envisages
Northern bypass, revamped circular railway and construction of
Karachi-Hyderabad motorway.
Addressing a news conference at the Governor's House, Nawaz Sharif
said his government attached great importance to peace in the city
with which was linked with the country's overall economic
development.
The prime minister, who gave a resume of his meetings in the city
since Wednesday, said at a time when the world was passing through
great depression and recession the nation needed to tighten its
belt, identify wilful defaulters and revive sick industries.
He took stock of the prevailing situation in the city, took
decisions about Civil Aviation Authority, PIA, attended briefing on
the creation of Metropolitan Police Force and held a meeting with
the Muttahida Qaumi Movement (MQM) besides laying the foundation of
a kidney hospital.
In the context of development projects, Nawaz Sharif said a 63-km-
long six- lane Northern by pass, which would be named M10, would be
completed in two-and- a-half-years at a cost of Rs6 billion.
The project would not only ease traffic pressure in the city but it
would also facilitate movement of goods across the country.
The prime minister also announced that the 68-km-long Karachi
Circular Railway project, envisaging dual carriage and more
establishment with more stations would be completed at a cost of
150 million dollars or Rs7.5 billion. This would remove distortions
in the city's transport system.
The 136-km-long M-9, six-lane Karachi-Hyderabad motorway, would
cost Rs7 billion and would be completed in two-and-a-half years.
He said these projects would not only improve infrastructure
facilities for the people of Karachi, they would also generate
employment opportunities and boost economic activity so vital for
making the country self-reliant.
Nawaz Sharif said bids for the Karachi-Hyderabad motorway and
circular railway would be invited in a month and the whole process
would be completed in six months following which in two-and-a-half
years the two projects would be completed.
The prime minister also expressed concern over the shortage of
water and the appalling state of power supply in the city. He said
both WAPDA and the KESC were in dire straits and blamed the IPPs
for the liquidity crunch of WAPDA.
Nawaz Sharif asked the people to avail the facility and help in
curtailing power theft and bungling in other utilities.
Referring to the IMF conditionalities on disbursement of loans, the
prime minister said it had put hard conditions on Pakistan
demanding increase in power tariffs by 25 per cent, devaluation of
currency, and downward adjustment of the rupee value from the
official rate of Rs46 per dollar, which was unacceptable to his
government as it was against the interest of the people.
Nawaz Sharif said Pakistan had neither violated any agreement nor
defaulted yet it was being made the scapegoat for detonating
nuclear device after India altered the security environment.
Asked whether the deal with the IMF was over, the prime minister
said "when the Pakistan negotiating team informed me that the IMF
is putting such stringent conditionalities I asked them to come out
of the negotiations."
He nevertheless said that after that negotiations were revived.
He also referred to international criticism of action against Hubco
and said that it was backed by solid proof and the World Bank or
the IMF should not criticize it.
"Being a sovereign nation we cannot accept such tactics," he said,
adding that the question of US sanctions and criticism was
different but the attitude of the donor agencies was not correct.
Replying to a question about providing package of relief to
portfolio investors, the prime minister said various options were
under consideration to attract investment and in this context said
the government was making bonds more attractive for new and old
investors.
He said the government was also paying attention to increase
exports which had shown improvement when compared with the figures
of corresponding period in the previous financial year.
Referring to the law and order situation in the city, the prime
minister said that "if we have to progress, come what may, we will
have to find a solution," and added that the Muttahida Qaumi
Movement (MQM) also had a role to play in overcoming this difficult
problem.
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981015
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EB alleges bribery: Contracts with Hubco, Kapco being scrapped
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Bureau Report
ISLAMABAD, Oct 14: The government has decided to cancel the power
contracts of Hubco and Kot Addu Power Company (Kapco) on the charge
of their alleged involvement in corrupt practices, and specially
bribing Ms Benazir Bhutto and her husband.
"Power contracts of these companies are being cancelled despite the
concern being expressed by the World Bank and the IMF over
government's dispute with the IPPs," Chairman Ehtesab Bureau
Senator Saifur Rehman said here on Wednesday.
Speaking at a news conference he also said that the Lahore High
Court has drastically reduced the electricity price per unit of
Kapco. It has been brought down from Rs.3.44 to Rs. 1.98 with
immediate effect. He said the court on Wednesday made this order on
a writ petition filed by WAPDA under section 290 of the Companies
Ordinance and investigations of Ehtesab Bureau. "The court was
convinced that agreement with Kapco was patently wrong as WAPDA is
having 64 per cent share holding and still it has no say in the
affairs of the company", he said.
Responding to a question, he said that the government's case was
very strong to face any international arbitration. Quoting
Pakistani legal experts, he said IPPs could not go to international
court of justice and that they could only call for certain
international arbitration to resolve their dispute with the
government of Pakistan.
The senator pointed out that disciplinary action against all the
five WAPDA directors, who were in the board of director of Kapco,
was being taken for having surrendered their directorship after
being bribed by the National Power Company which owned Kapco.
Various other irregularities had been committed in the agreement
between WAPDA and Kapco. "Pakistani law requires that minority
shareholder cannot be given the right to manage the company
perpetually. WAPDA which holds 64 per cent shares had no say in the
affairs of Kapco," he added.
Mr Saifur Rehman said that Kapco which owed Rs. 22 billion to WAPDA
and was supplying electricity to it, included Rs. 1 per unit in
each bill as debt servicing. "It was in fact WAPDA's money being
returned to WAPDA at a surcharge. This situation was absolutely
absurd".
WAPDA has challenged the shareholders agreement and the Power
Purchase Agreement signed during Benazir regime, he said. He said
that similar plant in Muzzafargarh was selling electricity at a
rate of Rs1.98 per unit as compared to Kapco's Rs3.44 per unit.
The LHC held that Kapco's rate be refixed on Wednesday at Rs1.98
per unit. With Wednesday's order WAPDA would be saving Rs20 million
per day. "This amounts to approximately Rs7.3 billion per annum",
he said.
He pointed out that the investigations carried out by the Ehtesab
bureau into privatisation of Kapco had revealed a series of
systematic acts of corruption in financial evaluation and pre-
qualification of bidders. The highest bidder were made to appear as
the lowest. The lowest ones were projected as the highest.
Approval of the prime minister was granted even before the
evaluation of the bid by National Power company. The national
exchequer was cheated to the tune of 80 million dollars. WAPDA was
forced to make repressive payments of Rs. 336 million per year in
excess to the terms and conditions of the original tariff", the
senator claimed.
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981015
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Observer says it stands by its story about Nawaz
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Nasir Malick
LONDON, Oct 14: The management of The Observer said on Wednesday
that it stood by its Sept 27 story in which serious allegations of
corruption had been levelled against Prime Minister Nawaz Sharif.
The newspaper management was contacted by Dawn to comment on a
report released on Tuesday by the government-run Associated Press
of Pakistan (APP) claiming that The Observer had "brushed aside the
allegations" against prime minister "as hard to stick".
Paul Farrelly, city editor of the paper who was authorised by The
Observer editor to speak on his behalf, told Dawn that the
newspaper was still waiting for the prime minister to reply to the
allegations levelled against him.
The APP had picked up a few lines favourable to the government from
an article written by Jason Burke and published in The Observer on
Oct 11. The news story gave an impression as if The Observer had
retracted its Sept 27 story.
In its Sept 27 story, in addition to publishing a report by former
additional director general of the FIA, Rehman Malik, the paper had
claimed that Nawaz Sharif owned four flats in central London which
were purchased through front companies.
"The observer stands by its original story of Sunday, Sept 27,"
Farrelly said.
Referring to Jason Burke's article published on Oct 11, he
clarified that the Burke article was "simply an account of the
political events (taking place) in Pakistan" after the publication
of the FIA report.
He said Mr Sharif had so far "not answered" the allegations made in
the FIA report. "If the Pakistani authorities wish to misinterpret
our latest article for their own purposes all we can do is repeat
that we stand by our original story," Farrelly said.
Asked about the complaint lodged by the Pakistan government against
The Observer with the Press Complaints Commission, he said his
newspaper would defend its position.
Farrelly said Mr Sharif had been given an opportunity to reply to
the allegations when he was met by The Observer reporter outside
his flats in London but he chose not to answer. "They have made a
complaint which we will defend successfully," he said.
Asked whether the newspaper had received any legal notice from the
Pakistan government, Mr Sharif or his family, Farrelly said no such
notice had been received so far.
However, observers believe that considering the tough libel laws in
UK, if the allegations published against him are baseless, he can
file a libel case against the newspaper.
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981014
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Emergency caused Dhaka debacle: SC
-------------------------------------------------------------------
Bureau Report
ISLAMABAD, Oct 13: The Supreme Court on Tuesday said that one of
the reasons for the separation of East Pakistan was imposition of
emergencies and the martial laws and the denial of fundamental
rights of the people.
In the detailed judgment on the petitions challenging the
imposition of emergency and suspension of fundamental rights, the
seven member bench observed: "Up to the fall of Dacca the Pakistani
people had enjoyed the fundamental rights for a total period of 7
years, 6 months, and 14 days out of the total period of 24 years, 4
months and 2 days."
In the short order which was passed in July 1998 the court had held
that president was justified in imposing emergency, but had
declared the order of suspending the fundamental rights as
unconstitutional.
The court noted that unlike Indian constitution there is no check
on the perpetual imposition of emergency in Pakistan. The court
regretted that no amendment has been made so far in the
constitution to check the indefinite imposition of emergency. "The
present proclamation can remain in the field for years to come as
it will depend on the sweet will of the government in power to
advise the president for its revocation or not."
The court observed that most disturbing effect of the imposition of
emergency is that the Parliament can take over the legislative
power as well as the executive power of provincial government,
meaning thereby that the federating units are denied of the
provincial autonomy even to the extent guaranteed by the
Constitution. In consequence the feeling of deprivation are
generated among the people of the federating units which might
impair the unity of the federation, the apex court noted with
concern.
The court also made it clear that even if the joint sitting of the
Parliament had approved the president's proclamation of emergency
under clause 1 of Article 232 and the order under clause 2 of
Article 233 it does not change the character of the original
proclamation of emergency and those can be impugned in the court.
The court held that petitions challenging the proclamation of
emergency and suspension of fundamental rights could not have been
maintained if the court had held the conventional view.
The Chief Justice who authored the judgment observed that material
placed before the bench was sufficient to hold that prima facie
there was some material on the basis of which the President could
issue the impugned proclamation of emergency on account of imminent
danger of external aggression.
The court made it clear that same did not warrant passing of an
order under Clause (2) of Article 233 of the Constitution
suspending the enforcement of Fundamental Rights.
The bench which had heard the petitions challenging emergency
consisted of Chief Justice Ajmal Mian, Justice Saiduzzaman
Siddiqui, Justice Irshad Hasan Khan, Justice Raja Afraisaib Khan,
Justice Bashir Jehangiri, Justice Nasir Aslam Zahid and Justice
Munawar Ahmed Mirza.
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981013
-------------------------------------------------------------------
System losses to jump to 34pc: WAPDA overbilling provinces
-------------------------------------------------------------------
Ansar Abbasi
ISLAMABAD, Oct 12: WAPDA has been overbilling the provinces to
offset a substantial increase in its system losses which are
expected to rise to 34 per cent during this year.
Sources in the prime minister's secretariat told Dawn that in the
financial year 1997-98 alone WAPDA has over-billed the provinces to
the tune of Rs8 billion.
A summary recently submitted by minister for water and power Gohar
Ayub Khan to prime minister Nawaz Sharif disclosed that the
overbilling practice of the Authority has even been proved by the
latest exercise on reconciliation of the bills.
The summary contained a detailed review of WAPDA's financial crisis
and its reasons. According to the sources, the recent change in
WAPDA's top slot was the consequence of this summary.
The minister had sought that secretary water and power Shahid
Husain be given additional charge of this position for three months
to bring about the much needed changes in the organisation.
With regard to the grave financial crisis faced by WAPDA, the prime
minister was told that the gap in its current income and
expenditure was Rs31 billion. The gap has been financed by an
increase in current liabilities which have increased from Rs53
billion at the end of financial year 1996-97 to Rs86 billion at the
end of the 1997-98. The authority has defaulted on debt servicing
liabilities of the government (Rs18.2 billion) and on payments to
fuel suppliers and contractors. "Default on payment of salaries may
be next," the minister warned.
WAPDA's financial position deteriorated despite March, 98 increase
in tariff. In the absence of metering of its agriculture consumers
the losses are conveniently imputed to them, the summary said.
The World Bank, it added, also pointed out a substantial increase
in system losses from 24.1 per cent in 1997 to 26.4 per cent in
1998. These losses are expected to further increase to 34 per cent
when adjusted for WAPDA's overbilling to the provinces. Metering
for flat rate to agriculture consumers and FATA would further
increase these losses.
With regard to WAPDA's thermal plants, the minister said that the
availability from WAPDA's thermal plants (plant factor) had been
much below the desired level. The plant factor of these thermal
power plants during 1996-97 had been 42.48 per cent. On the other
hand, the IPPs are committed to a maximum plant factor of 85 per
cent during the entire period of their contract with WAPDA. "If
WAPDA had run its thermal stations efficiently, its cost of
generation would have been much less."
The minister admitted that the problems in WAPDA have reached to a
crisis proportion. Massive mismanagement is more than palpable.
PEPCO which was designed to overcome inefficiencies and corruption
in the organisation has also been left without a writ.
The sources said in the light of this summary the prime minister
has given go ahead signal to the newly appointed chairman to
completely overhaul WAPDA by using all means including revamping of
its bureaucracy.
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981013
-------------------------------------------------------------------
PTCL tests coding system to prevent misuse of phones
-------------------------------------------------------------------
Reporter
KARACHI, Oct 12: The Pakistan Telecommunication Company (PTCL)
suspended overseas booking call facility from the telephones hooked
on station trunk dialling (STD) over the weekend. It, however,
restored the facility on Monday afternoon.
According to PTCL officials, they suspended the facility on Sunday
on an "experimental basis" in order to test their plan of giving a
code system to digital telephone subscribers to "lock" the system
and prevent it from being misused and overbilled for national or
international telephone calls.
The experiment however caused problems for telephone subscribers
with non- STD telephones throughout the city. A number of
subscribers caught off guard by the PTCL's new decision, repeatedly
dialled 0102 to book overseas calls only to get a recording saying
that their telephone did not possess the necessary facility.
The suspension of the facility also disrupted the inter-city
transmission of faxes from telephones which did not possess
international service dialling (ISD) facility. At the same time,
complaints poured in from subscribers availing of the Internet
through PTCL lines, claiming that they were unable to access their
electronic mail.
A PTCL team, which visited the Gateway Exchange on Saturday as part
of its ongoing inquiry against complaints of excessive billing,
reportedly recommended the suspension of the service as a rehearsal
for the PTCL's proposal to offer a coding system.
Officials claimed that the institution of the code would protect
digital telephones from being hooked on to public call offices,
apartment buildings with or without the convenience of telephone
operators at the Gateway Exchange, preventing the mounting
complaints of excessive billing.
According to them, the system required that telephone subscribers
lock their system by dialling *33*, followed by dialling four
digits (in some cases self- selected and in other cases given by
their divisional engineers), concluding this by dialling *01#. The
system could similarly be unlocked by repeating the procedure,
replacing the 01 at conclusion by 02.
"In effect this would amount to turning the key on and off your
telephone to prevent it from being misused," officials said.
The coding system, which may be advertised in the next few days,
will be relevant for 619,000 digital telephone subscribers with STD
facilities who wish to keep their system locked. At the same time,
it will be available to telephone subscribers who voluntarily made
their system non-STD by dialling in four digits and government
departments which had applied for non-STD telephones in order to
prevent misuse.
The officials said that for the time being they would not institute
the coding system for the remaining 106,000 subscribers with
analogue (six-digit numbers) on account of the problem of matching
the numbers with their present system on the telephone exchange.
Over the next few days, the PTCL plans to advertise the details of
its coding system.
===================================================================
BUSINESS & ECONOMY
981016
-------------------------------------------------------------------
PM seeks proposals : Structural changes to double exports
-------------------------------------------------------------------
Parvaiz Ishfaq Rana
KARACHI, Oct 15: Prime Minister Nawaz Sharif has asked the private
sector to suggest measures which could lead to self-reliance and
would further lessen the dependence on world financial agencies.
The prime minister, who was chairing the meeting of Export
Promotion Board at Governor House on Wednesday, told businessmen
that time has come for Pakistan to attain self-reliance while
giving up the dependence on external loaning agencies.
"I would like you to suggest such structural changes in the working
of the government which could assist in increasing the exports two-
folds by the year 2000," was the request of the PM to the
businessmen and the leading exporters who had come to the meeting.
The PM emphasised that as a sovereign state, it was imperative upon
the countrymen to accomplish self-dependency rather than relying on
foreign donors. He said that the only means available to fulfill
these objectives is the elimination of financial deficits through
enhancement of export earnings.
He asked the President FPCCI, Fazalur Rehman Dittu to form two
separate committees which could finalize within a week proposals
for enhancing exports and for revival of sick units.
"I will be meeting you next Tuesday at the Federation House,
Karachi wherein, I will accept all your proposal and suggestion in
their original form, but you, as a business community will have to
ensure that exports are doubled within two years," PM reaffirmed to
the leaders present.
Nawaz Sharif also told the FPCCI president that he could bring
alongwith him as many as 60 members of the business community in
the forthcoming meeting whereas, he (the prime minister) will be
accompanied by only 20 advisors and ministers to assist him in the
dialogue.
The prime minister said, "I assure you any impediments from the
bureaucracy will be removed on the spot."
In a separate meeting with the APTMA members held earlier on the
same day (Wednesday), the prime minister appointed a committee
comprising Ishaq Dar Minister for Commerce, Fakhr Imam MNA, Humayun
Ellahi Chairman APTMA and others members representing the cotton
trade to formulate a mechanism whereby local cotton prices could be
maintained at the level of international prices.
The committee has been directed by the PM to meet regularly and
effectively to help in resolving the problems relating to cotton
trade.
In respect to issues relating to the revival of the textile
industry, the prime minister formed a three-member committee
comprising Ishaq Dar Minister for Commerce, Dr Hafiz Pasha Advisor
to PM on Finance and Economic Affairs and Chairman BoI. He asked
the committee to ensure effective implementation of "the industrial
restructuring committee on revival of sick units."
The Special Committee on Exports will comprise Fazalur Rehman
Dittu, Maqsood Ismail, Sheikh Jamil Mehboob Magoon, Mahmood Ahmed,
Mian Habib Ullah, Liaquat Jangda, Razzak Teli, Jehangir Anwar,
Iqbal Ibrahim, Riaz Ahmed Tata, Mohsin Aziz, Humayun Ellahi, S M
Nasim, Sardar Raza Mohammad Barrech, S Muhammad Qasim, Shakoor
Dada, Javed Siddiqui, Shabbir Ahmed, Abdul Latif Malik, Hanif Khan,
chairman Pakistan Surgical Instruments Manufacturers and Exporters
Association and chairman Pakistan Sports Goods Manufacturers and
Exporters Association.
The special committee on revival of sick units will comprise
Senator Ilyas Ahmed Bilour, Sheikh Jamil Mehboob Magoon, Al-Haj
Munawwar Khan, Waqar Monnoo, Maqsood Ismail, Humayun Ellahi and
Mian Mohammad Usman.
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981016
-------------------------------------------------------------------
Options to make dollar bonds attractive
-------------------------------------------------------------------
Sabihuddin Ghausi
KARACHI, Oct 15: A meeting of top bankers and stock brokers with
the Commerce Minister, Ishaq Dar at the State Bank of Pakistan on
Thursday discussed various options to make dollar bonds attractive
for the foreign currency account holders.
The meeting, however, remained inconclusive and next session will
be held on arrival of the Governor of State Bank, Dr Muhammad Yaqub
from Washington who is due here this weekend.
These options were discussed in wake of the reports that in the
last about two months hardly 35 million dollar deposits in foreign
currency accounts have been converted into bonds. The minister's
assertion was to launch a vigorous marketing drive of these bonds
so that current foreign currency deposit liabilities on government
are deferred quickly to next three to seven years.
One of the proposal mooted in the meeting was to cut down maturity
periods of these bonds with more attractive rate of returns.
"Instead of having 5, 7 and 10 years maturity period, the proposal
mooted was to offer bonds with 3, 5 and 7 years maturity period,"
one of the bankers who participated in the meeting informed Dawn.
In the existing scheme, the government has offered LIBOR rate on
five years bond, LIBOR plus one per cent on 7 years maturity bond
and LIBOR plus 2 per cent on 10 years bond which is being
considered unattractive.
Instead the proposal mooted in the meeting offered a rate of 2 per
cent above London Inter Bank Offered (LIBOR) on 3 years bond, 2.5
per cent above LIBOR on 5 years and 3 per cent above LIBOR on 7
years bond.
According to few bankers, the government will not incur heavy
liabilities on these bonds if the holders are allowed to trade them
in stock market, offer them in privatization of public sector
enterprises and allow them to adjust their borrowings in the banks
and financial institutions.
At present there are 7 billion dollars deposit in the foreign
currency accounts. Out of this 1.5 billion dollars are
institutional deposits. The government is looking for conversion of
5.5 billion dollar deposits into bonds.
Participants of the meeting are reported to have diverse and
conflicting views on the suggestion to convert foreign currency
deposits into bearer bonds.
Stock brokers and few bankers are reported to have expressed
serious reservations on this proposal.
Stock brokers fear counterfeit bonds in case these dollar bonds are
bearer and therefore" registration of these instruments in name of
the holder is the safest way," Yasin Lakhani, a former President of
the Karachi Stock Exchange told the meeting.
Lakhani said that the bonds be made transferable and endorsable
from the day these are issued and final payment be made to the last
holder of this instrument.
"Bearer bonds may be termed as new money laundering instruments and
invite criticism from the international financial agencies," one of
the participant of the meeting feared.
Other participants spoke of the hazards involved in keeping bearer
instruments of such high denomination as 100,000 dollars.
Registration of such high denominated instruments was considered
safe by many of them.
Liquidity of the banks on conversion of their foreign currency
deposits was the other main issue discussed thoroughly in the
meeting. One of the suggestions was to allow the banks to retain
these deposits with them against a rate of return they get on the
treasury bills.
Bankers appear divided on this issue. While a few consider the rate
on treasury bills too cheap for the funds other believe that
foreign banks stand to gain from this proposal.
Next meeting on this issue is expected to be held sometimes early
next week.
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981013
-------------------------------------------------------------------
Govt urged to protect shareholders
-------------------------------------------------------------------
Reporter
KARACHI, Oct 12: The Board of Directors of Karachi Stock Exchange
has urged the government to protect interest of 97 per cent of the
general shareholders who have a big stake in Hub-Power and have
already suffered massively since March owing to tariff cut issue.
Commenting on the action against its management including
rescinding of previous tariff agreements and filing of corruption
cases against Hubco's top management, the KSE board felt that the
clarification of certain issues was necessary.
The rescinding of the 1994 amendments for instance, allows the
government to revert to original power purchase agreement executed
in August 1992 by the first Nawaz Sharif regime at Rs1.36 per kwh,
the board claims and adds whereas "the agreement was made in US
dollar as per the prospectus".
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981013
-------------------------------------------------------------------
No more devaluation of rupee, says Dar
-------------------------------------------------------------------
Bureau Report
ISLAMABAD, Oct 12: Minister for Commerce Ishaq Dar declared here on
Monday that there would not be any upfront devaluation of the rupee
and the existing dual exchange rate will continue to be adhered to
by the State Bank of Pakistan.
"All policy parameters have been agreed upon regarding the policy
matters with the IMF and the World Bank and there will be no
upfront devaluation and the exchange rate of Pakistani rupee will
continue to be Rs 46 vis a vis a US dollar", he further stated.
Speaking at a news conference he regretted that all kinds of
speculations have been made in the newspapers about the three weeks
long talks with the IMF. "We should not have spoken about our talks
with the IMF unless they are finalized but since the issue
specially the so-called proposed devaluation is hurting the stock
market I thought it necessary to clarify some of the issues", he
said.
"There is no across the board devaluation as is being speculated".
The term upfront is used to convey that there will be devaluation
prior to the agreement with the IMF.
However, it was intriguing that the Commerce Minister Ishaq Dar
addressed the news conference on the issue of negotiations with the
IMF when Prime Minister's Advisor on Finance Dr Hafeez Pasha the
man who has been conducting the negotiations on behalf of Pakistan
was very much in Islamabad.
Dar said that another IMF delegation was expected to arrive in
Islamabad during the next few days time to "re-work the detailed
programme" with the Pakistani authorities. Dar pointed out that
after about week-long discussions, a senior level official will
reach here to finalize the issue. "We hope that by November the
Executive Board of the IMF will approve $5 billion package which
also includes $2 billion debt rescheduling by the Paris and London
Clubs", he added.
The Commerce Minister also said that there would be no increase in
the utility charges. "Again I would say here that there are no
upfront increase in the tariffs of various utilities".
When he was asked if the IMF was not asking for certain
conditionalities to be met to qualify for the resumption of the
assistance then what was the problem in finalizing any agreement
with the Washington based multilateral agency, he said: "I think we
should wait for the conclusion of the talks".
When pressed further to disclose the demands of the IMF, he said,
IMF was asking to revamp the financial system, restructuring of
WAPDA and the establishment of Pakistan Revenue Service (PRS). He
said the general sales tax (GST) rates could be increased by
eliminating octroi and zila tax.
Answering a question Mr Dar denied that IMF assistance had been
linked to the signing of the CTBT and transfer of fissile material
to any third country. "Dr Pasha had met the US Under Secretary of
State on Economic Affairs only to discuss the economic and
financial matters and did not talk about any political issue as was
published in the press," he added.
"We have reached a consensus with the IMF and for the first time
Pakistan has succeeded in selling some thing new to IMF instead of
accepting certain conditionalities as had been the case in the
past", he claimed.
He said Pakistan has told the IMF that Islamabad will not accept
any thing which was against its political and economic interest. He
said Pakistan was a sovereign country and could not be forced to
accept certain dictates by the donors. "Whatever is in our interest
will be accepted and I can tell you that we have said no to IMF on
many issues".
He also pointed out that there would not be any forced conversion
of the Foreign Currency Accounts (FCAs). He said it would continue
to be voluntary and that there should not be any panic in this
behalf.
Dar disclosed that new rules were being framed for selling the
foreign currency bonds to offer better profit - about one or two
cent above London Inter Bank Offered Rate (LIBOR) which will be
transferable and tradable in the stock market. And the time frame
will also be reduced. "This facility will be offered to old holders
of such bonds as well", he added.
To another question Secretary Finance Moeen Afzal who was also
present during the news conference said currently FCAs were in the
range of $550 million to $600 million.
Asked whether Pakistan would commit default in case the IMF did not
offer any thing from the revived ESAF/EFF, he said there might be
some delays but in the meantime "we will try to handle the issue by
having some grace period at our disposal".
He said that it was still to be determined how much this ESAF/EFF
of $1.6 billion could be stretched. This will be finalized in the
next meeting".
The total foreign debt, he told a reporter, stood at about 30 to 31
billion dollars.
Asked whether the International Monetary Fund had asked for
imposing tax on agriculture income, Dar said it was a provincial
subject. But Moeen Afzal said that the government hoped that three
provinces will follow Punjab to fully legislate the issue.
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981011
-------------------------------------------------------------------
Investment in Sindh at standstill
-------------------------------------------------------------------
Aamir Shafaat Khan
KARACHI, Oct 10: The industrial estates in Sindh have not seen any
investment since the last few years for want of basic utility
services like electricity and gas and deteriorating law and order
situation.
Even the industrialists, who have been allotted plots on the
existing estates, are reluctant to utilize them in the absence of
basic facilities.
Not only that, at least 40 industrial units have been closed and
industrial plots have turned into warehouses in SITE Karachi which
is oldest industrial estate.
The price of land in estates like Nooriabad, Sukkur, Nawabshah,
Hyderabad, Kotri and Tandojam, have fallen to under Rs100,000 per
acre but there are no prospective investors. SITE sells industrial
land in Karachi at Rs1.5 million per acre whereas the market price
is Rs10 million.
Managing Director, Sindh Industrial Trading Estates Limited (SITE),
government of Sindh, Nisar Ahmed Siddiqui told Dawn that some
industrialists in interior Sindh complain of law and order
situation but to my knowledge it is still much better than Karachi.
In Nooriabad, only 28 units are operative as against allotment of
around 400 plots. About 4,000 industries were planned to be set up
in that area, he added.
Industrialists are reluctant to go to Nooriabad owing to non-
availability of gas despite the fact the area provides
infrastructure facilities like road networks, electricity, water
and telephone.
He said that gas company is reluctant to provide gas in Nooriabad
saying it is not feasible till the industrialists put up units in
the area. "How can a investor come when there is no gas in the
area," he added.
Similarly, Nawabshah estate lacks facilities like power, gas and
water and only one unit is under operation out of allotment of 12
plots, he said.
In 1,875 acres of Kotri Estate, only 40 industries are currently in
operation out of allocation of 206 plots despite absence of
electricity. Around 515 acres are available for further allotment.
He said that surprisingly WAPDA tells us that there is no
government policy available for power generation for Kotri Estate.
In Sukkur only 24 units operate as more than 150 plots have been
allotted. Road network, water, sewerage and electricity is there
but there is no proper distribution of gas, he added.
The Hyderabad Estate has almost all facilities but around 50 units
are engaged in operation out of allotment of 380 plots and 100
units are closed, he added.
Since ban on allotment of new industrial plots in Sindh for almost
a year, he said we have received only two to three applications for
setting up units in Nooriabad, Sukkur, Kotri etc.
A proposal to remove ban on new allotment is under consideration
with the Sindh government after studying proposals moved by SITE
Limited and Chief Secretary Sindh two weeks back.
He said that two main industrial estates North Karachi and SITE
Karachi still face problems of water and load shedding.
In SITE no land is available for allotment as almost all 2,000
plots have been utilized so far.
Industrialists said that looming recession and political
uncertainty has caused confusion among new investors while others
already in business opt for short term planning under the present
circumstances.
According to KCCI study on investment profile of Sindh, the
province was in the grip of stagflation for the last few years.
The reforms package announced by the prime minister last year have
already had discernible affect on the industrial production
although its full impact will be felt after a longer period.
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981015
-------------------------------------------------------------------
Punjab unable to generate funds
-------------------------------------------------------------------
Shaukat Ali
LAHORE, Oct 14: Punjab has told Islamabad that it would not be able
to generate enough surplus funds from its current budget to afford
province's Annual Development Programme for at least coming two
years, informed sources said here on Wednesday.
The federal government wants provinces, specially the Punjab, to
mobilize additional resources and reduce its dependence on
Islamabad.
The Punjab has obtained from Islamabad around Rs 12 billion since
1997 to fund its development schemes. This is in addition to about
Rs 8 billion which the federal government has given to the largest
province to manage schemes under the Social Action Programme (SAP).
"The Punjab has been struggling to economize its non- development
expenditure. It hopes to save around Rs 7 billion from its revenue
budget during 1998-99 though outcome of the austerity campaign
during the first quarter of the year does not indicate that the
government will be able to achieve its saving target", informed
sources said. In the first three months of the current fiscal,
measures to cut the recurring expenditure did not help the
government to save more than Rs 150 million.
All the provincial tax collecting departments are unable to meet
their tax collection targets. In the area of provincial excise,
property and motor vehicles the collection is reported to be
slightly higher than the targets.
"But Islamabad wants the province to tap more income sources which
under the prevailing recessionary conditions is perhaps next to
impossible", sources quoted senior officials as telling a high-
level meeting of financial experts from all the provinces held
recently in Islamabad.
Nevertheless, they said, the Punjab which levied new taxes on
luxury vehicles, sprawling bungalows and members of stately clubs,
expected to generate additional funds to the tune of around Rs 700
million this year. But all the same, sources argued, the province
was still far from funding all the development projects included in
the annual budget from its own resources.
Punjab, it is understood, has also blamed the financial managers of
the federal government for making wrong projections about revenue
collection last year which upset its budgetary planning this year.
"The tragedy is that at a stage when the province was expecting to
get Rs 97 billion from Islamabad (from the federal divisible pool
of taxes) for the present financial year, it has been actually
given Rs 70.6 billion", official sources said adding that under
these circumstances the province could not remotely promise to fund
the development sector schemes on its own.
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981014
-------------------------------------------------------------------
Banks borrow Rs5 billion
-------------------------------------------------------------------
KARACHI, Oct 13: The liquidity squeeze in the interbank market
forced Pakistani banks to borrow five billion rupees from the
central bank for overnight on Tuesday, bankers said.
They said interbank overnight rates hovered around 16.5 per cent
level in trade of 4.5 to five billion rupees.
The market was short of funds after a central bank auction on
Monday mopped up Rs 2.2 billion from the interbank market.
The State Bank of Pakistan on Monday raised Rs 2.2 billion from the
money market by selling 12-month treasury bills at 15.18 per cent
yield per annum in an auction.
One dealer said trade in the market was largely in the range of
16.45 to 16.50 per cent.Reuters
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981015
-------------------------------------------------------------------
Fish exports: Pakistan included in EC list II
-------------------------------------------------------------------
Aamir Shafaat Khan
KARACHI, Oct 14: Pakistan has been included in Part II list, Annex
I of the European Commission (EC), which authorizes imports of
fishery products to European countries.
According to messages received by exporters, the European
Commission in its official journal has issued the list of various
countries. The list is divided in two parts, I and II.
The EC's journal issued on October 12 said, "Pakistan has shown
that it satisfies the equivalent conditions referred to Article
2(2) of Decision 95/408/EC and the decision is in accordance with
the opinion of the Standing Veterinary Committee."
An exporter told Dawn that the list II enables Pakistan to send
fishery products to Europe by December 31, 1998 but according to
messages from their buyers the EC is expected to extend the date up
to December 31, 2,000.
The EC decision was communicated to the Marine Fisheries Department
(MFD), Ministry of Food, Agriculture and Livestock (MINFAL) and
local exporters on Wednesday.
The MINFAL is expected to issue necessary instruction to the MFD
within one or two days to issue health certificates so that
shipments to European countries could be resumed immediately which
had been suspended since July, 1 1998.
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981014
-------------------------------------------------------------------
Economic activity slackens: Private sector credit growth recedes
-------------------------------------------------------------------
Harris Anwar
KARACHI, Oct 13: The credit to the private sector, a major
indicator of the economic activity, has recorded a negative growth
of about Rs 33 billion in the first quarter of 1998-99,
knowledgeable bankers told Dawn.
They said slowdown in the overall economic activity, banks
hesitation to lend in this depressed economic situation and massive
adjustment against the collateral on the foreign currency accounts
were the major causes behind this sharp contraction.
Traditionally, the first quarter remains slack as it is the time
when stocks deplete and textile sector retires bank credit," said a
head of nationalized bank whose own bank has witnessed a negative
growth of about Rs 4 billion.
This time our bank's credit growth is flat to down, but it'll
definitely pick up in the second quarter when the seasonal
borrowing by sugar and textile sectors start," he said.
But the textile sector has not fared well during the last three
months. Textile exports have fallen by 31 per cent to $168 million
over the corresponding period last year. And at the same time sugar
sector is marred by heavy carryover stocks of around 0.4 million
tons due to failure on export front.
The companies are not utilizing funding available to them due to
deepening recession in the economy," said head of a foreign bank.
He said the money market had the excess liquidity of RSV 15-20
billion against Rs 2-3 billion in the same period last largely
because of low credit demand by the private sector.
This has helped the government to keep its cost of borrowing down
due to fairly liquid money market where short-term interest rates
on T-bills are ranging between 13-15 per cent. But experts say this
trend may reverse as this year government borrowing appetite is
expected to increase due to large funding gap in its finances.
The credit plan for 1998-99 envisages Rs 98.5 billion for private
sector borrowing, and Rs 93 billion for the budgetary support with
13.6 per cent growth in the M2 money supply.
But private bankers say State bank's decision to disallow
collateral against foreign currency deposits had mainly contributed
in the contraction of the credit growth. According to these bankers
around 20-25 billion rupees have been adjusted against the
borrowing on these deposits.
Bankers say highly dismal trade performance has also depressed the
credit demand for trade financing. Imports from July-September have
gone down by 21.4 per cent while exports dropped by 9.3 per cent.
"This is really a matter of concern," said a banker.
The off-take of credit by trade and manufacturing sectors has been
affected due to introduction of multiple exchange rate, which has
increased the cost of imports financing by 15-20 per cent.
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981017
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KSE index loses 8.53 percent on massive selling in PTCL
-------------------------------------------------------------------
Reporter
KARACHI, Oct 16: Massive selling in PTCL on Friday amid conflicting
rumours including default on foreign debt again pushed the market
to new lows as investors saw an erosion of Rs 19 billion from their
market capitalization just in one session despite the presence of
strong financial support at dips. The KSE 100-share index fell 8.53
per cent or 78 points at 841 points.
PTCL, which was heavily traded a day earlier on the plus side and
accounted for 89 million shares, witnessed the worst sell-off as
bears were out to deflate the bull-run in it after spreading
conflicting rumours in the rings.
Holding about 32 per cent weightage in the index, any big decline
in its share value will plunge the entire market into a lowest ebb.
It suffered a fall of Rs 3.65 at Rs 19.20 on 63 million shares, out
of total volume of 82 million shares.
"A decline of 78 points or over eight per cent in a session
reflects panic selling, prompted largely by basic terribly weak
economic fundamentals," said Nasir Ali Bukhari, chief of KASB & Co,
adding "conflicting rumours are there but they could hardly be
termed as a bearish market factor."
There are widespread rumours since Thursday evening, both in the
rings and beyond the corridors of the Karachi Stock Exchange, that
Pakistan has defaulted on its debt repayment for the quarter ending
September 30, 1998, and might not be able to line up required
amount during the grace period also.
"Massive selling in kerb in the PTCL that followed the rumours
seems to have taken steam out of the market, upsetting all official
efforts to keep it in a good shape," Bukhari added.
He said in the developing economic scenario foreign funds might not
be coming and those who hold this perception should think twice
before making fresh commitments.
KSE high-ups said it were rumours that some punitive actions might
be taken against those who indulged in kerb trading in PTCL late on
Thursday evening and their transactions will not be regularized.
"Investors have build-up long positions in the mid-week buying
euphoria created by the strong presence of banks and hastened to
take profits after conflicting rumours gripped the market,"
analysts said.
"The energy issue is another disturbing factor for the market and
until it is amicably resolved any inspired rally could falter half
way as does the current one," said a member of the KSE.
The KSE 100-share index was last quoted at 841.47 as compared to
919.90 a day earlier as leading base shares received massive
battering under the lead of PTCL and Hub-Power.
The PTCL, which turned out a massive activity of 89 million shares
on Thursday, again came in for heavy selling and accounted for more
than a half of the total volume. Hub-Power, though being traded on
spot basis, is attracting large bouts of buying and selling amid
brisk trading. It also turned out a big turnover, totalling about
50 million shares, since the last three sessions following the
government action against its management. Losers dominated the list
as blue chips, notably Lever brothers, Adamjee Insurance, PSO,
Engro Chemical, Fauji Fertilizer, PTCL and Bawany Air and some
others fell sharply by Rs 3.05 to Rs 20.00. Barring an increase of
Rs 3.05 in Shell Pakistan, gains were fractional.
Trading volume fell to 82 million shares from the previous 119
million shares. Out of the 103 actives only nine shares managed to
finish fractionally higher, 76 fell with 18 holding on to the last
levels.
PTCL topped the list of most actives, off Rs 3.65 at Rs 19.20 on 63
million shares, followed by Hub-Power, easy 45 paisa at Rs 8.85 on
6.258 million shares, Engro Chemicals, off Rs 1.85 at Rs 47.35 on
1.723 million shares, Fauji Fertilizer, lower Rs 3.05 at Rs 35.80
on 1.492 million shares, and FFC-Jordan Fertilizer, off 50 paisa at
Rs 13.15 on 1.147 million shares.
Other actively traded shares were led by Bank of Punjab, off one
rupee on 1.026 million shares, ICI Pakistan, easy 55 paisa on 0.956
million shares, Sui Northern, easy 50 paisa on 0.867 million
shares, Japan Power, lower 20 paisa on 0.726 million shares, Sui
Southern, off 55 paisa on 0.679 million shares, and Southern
Electric, unchanged on 0.440 million shares.
Back to the top
===================================================================
EDITORIALS & FEATURES
981011
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The man of the hour
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Ardeshir Cowasjee
GENERAL Jehangir Karamat, chief of our army staff until October 7,
was endowed with one great attribute which no doubt helped him
survive a sense of humour.
Talking to him, several months ago, both agreeing that Nawaz Sharif
was a prime example of all that a prime minister ought not to be, I
asked him, "When are you taking over, General?" Looking me straight
in the eye, he answered with one-word, "What?"
This just about sums up how low this country, gifted to us fifty
years ago, has fallen whilst we, the docile, unthinking, fast-
multiplying millions have sat by.
We started with an area of 451,291 square kilometers, divided
between West and East. A quarter of a century later came a
political adventurer who threw away 143,998 sq.km in the East so
that he could be top dog of the West. We had a proud army which
this selfish man fattened and then disgraced.
In the 307,293 sq.km. left to us lies the second highest mountain
of the world, one of its longest rivers, one of its most fertile
plains, one of its best irrigation systems, and enough flowing
water to generate sufficient hydro-electric power to meet the
growing needs of the entire country. We have a coastline of almost
1,000 kilometers opening up onto a rich sea, an abundance of
untapped oil and gas reserves on and off-shore. We once had a first
class railway system, as good as any in the world, and a network of
serviceable roads. Situated outside the cyclone zone, we are
blessed with good weather. We have a vast reservoir of human
resources, the cream of which has filtered abroad where they hold
their own against the best.
The half we were left with in 1971 was a viable country, governable
even by the mediocre. We had friends around the world. Today we are
friendless.
To call this nation a democracy is to grossly misuse the word.
Exercising one foul means after another, the charlatans who
followed in power after the deaths of Mohammad Ali Jinnah and a
handful of others of that early era, have dug themselves in and
worked purely for their own good, in total disregard of the needs
of the nation. They have concentrated solely on the aggrandizement
of self, family and cronies (a common Third World affliction), and
more often than not have left office in disgrace.
For the past ten years, two families have been allowed a
stranglehold on the fate of this country. There cannot be one
thinking man, here or elsewhere, who will not agree that both are
corrupt to the core. As to which has robbed and impoverished us
more, as to which is more responsible for the present state of
bankruptcy, is not yet certain. We depend totally on foreign loans
and in the money world are now rated amongst the lowest, falling in
the "Speculative Grade". How long can we continue to borrow without
being able to pay back?
In the era of Benazir Bhutto and Asif Zardari, a few months prior
to the January 1996 retirement of Chief of Army Staff General Abdul
Waheed Kakar (�The Man who came to Dinner� and sent home one
president and one prime minister), two generals, down the line in
seniority, were vying for the top slot. One was the husband�s
choice, a corrupt and slimy bully. The other was a crafty spook
adept at feeding funds where needed, and suited the wife.
Fortunately, thanks to the husband-and-wife split, seniority and
merit prevailed and General Jehangir Karamat, upright soldier,
officer and gentleman, was rightly appointed to succeed Kakar.
In November of that year, Benazir Bhutto�s government was dismissed
by her own president, Farooq Leghari, the man appointed to protect
her. He and his caretaker government made noises about initiating a
process of accountability �Ehtesab.� The cry arose: Ehtesab
before Intekhab! The people were convinced that the second family,
obviously programmed to be brought back into power, would not be
able to handle the country. Constitutionally, it was possible to
postpone the elections for a limited period of time in excess of
the stipulated 90 days.
The then Chief Justice of Pakistan, Sajjad Ali Shah, and army chief
General Jehangir Karamat, shared the people�s view, as did those
countries of the democratic world with an interest in Pakistan. The
Times, the mouthpiece of the Mother of Parliaments in London, on
January 8, 1997, editorialized under the heading, "Time for
Pakistan Delaying elections may be better than it appears":
"...A time-limited delay of the February elections would not
necessarily be as damaging to Pakistani democracy as it seems. The
two leading contenders have both been dismissed from office on
corruption charges; three months was always too short a time for
credible choices to emerge from such polluted political machinery.
"Time would also allow the interim government to toughen up its
accountability law, intended to disqualify politicians guilty of
corruption. It was hastily drafted and has allowed too many big
fish to slip through its meshes. In particular, there is need to
tighten the new rules designed to bar politicians who have damaged
the country�s banking system by declining to repay massive personal
loans to which nothing but their political influence entitled
them".
The question the people asked of the diehard democratic
constitutionalists baying for elections was: Do you want a
constitution or do you want a country?
Farooq Leghari selfishly opted for expediency. He felt safe with
Nawaz Sharif. Elections were held, the number of votes cast was the
lowest ever. The people were disillusioned, disinterested.
Nawaz Sharif resumed his rule and started his second round. Having
never batted on an even pitch, being used to playing the game with
the umpire inevitably declaring a no-ball each time he was bowled,
or caught, or run out, he decided to reverse the roles and declare
the umpires �out�. The first to be neutralized was the president,
disempowered by the 13th Amendment. The next to go, in one fell
swoop, were the parliamentarians, all dissent being eliminated by
the 14th Amendment. The judiciary soon followed, Nawaz Sharif
fearing that Chief Justice Sajjad Ali Shah might be the man who
could send him home. Before that could happen, Sajjad Ali Shah was
sent home, together with the disempowered president who had dared
flex a muscle.
What was left? The army. Whether we like it or not, each government
has rightly felt threatened by this disciplined party of half a
million men who can rise at a single command. Nawaz Sharif was
incapable of appreciating that it was possible for a general not to
want martial law, not to want to take over the country, but to
simply want to do his best by tendering professionally sound
advice.
Karamat was intelligent enough to understand that he and his men
could not possibly serve the country and its people any better than
the politicians. But he did his duty and voiced his protest at the
deteriorating all-round situation, and continued to voice his
protest. Finally, on October 5, he spoke out as he did. Can any
reasonable man find any fault with what he said?
Nawaz Sharif could find no fault with Karamat�s statement, but the
fact that he had dared speak up was sufficient for the insecure
prime minister to ask him to go. No one who dares raise a voice
against the designs of the nation�s foremost �Nur da puttur� can be
tolerated. He asked Karamat to retract his statement, which Karamat
could never do. Knowing that he would be sacked before he could get
back to his HQ, the wise army chief there and then opted for
premature retirement.
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981017
-------------------------------------------------------------------
The search for legitimacy
-------------------------------------------------------------------
Irfan Husain
AS THE legislative process to enact the Shariat Bill grinds on, we
are reminded yet again how far Pakistan has drifted from the
progressive, liberal course our founding fathers had set for us.
Over the last half a century, government after government has
groped for a consensus on our identity, but to no avail. And as the
quality of governance declined, increasingly deadly forms of
extremism have converged to hold the state to ransom. The national
agenda has swung like a pendulum over the years, but now seems to
have been permanently captured by the fanatic right. If proof is
needed, just look at the proliferation of armed militias.
Pakistan�s dilemma since it came into being has been that we have
forever tried to establish our legitimacy as a nation-state, and in
this endless quest, we have forced ourselves to undergo countless
constitutional contortions. An entire generation grew up in the
shadow of the "two-nation theory." For younger readers, let me
quickly explain that this thesis provided the basis for the
partition of the Indian subcontinent on the grounds that as the
Hindus and Muslims of South Asia constituted two separate and
distinct nations, they both needed to live separately in their own
physically and legally exclusive areas.
The civil war in East Pakistan and the birth of Bangladesh in 1971
put this theory to rest. But to forestall any questions about the
legitimacy of what remained of Pakistan in the wake of this
wrenching experience, a conscious effort was made to project the
rump state as a Middle Eastern nation. This coincided with the Gulf
boom following the rapid rise in oil prices, and the vast flow of
Pakistani workers to our suddenly rich neighbouring states.
But with this expansion of ties between Pakistan and the Gulf
states came a gradual change in attitudes here. Fanaticism and
zealotry dominated the vocabulary of political discourse, elbowing
out reason and rationality. This period came towards the end of
Bhutto�s failed socialist experiment. The PPP leader was a
nationalist who expressed Pakistan�s identity as a nonaligned state
following the socialist path. But at the end of his stay in 1977,
he tried to play the religious card to survive and unleashed the
storm we are still trying to weather over two decades later.
Zia-ul-Haq was absolutely clear in his mind that Pakistan ought to
be a theocratic state and did everything in his considerable power
to mould Pakistan according to his vision. He encouraged the
proliferation of madressas, and these seminary schools became the
breeding grounds for the Taliban as well as our own homegrown
militias that have turned the cities into battlefields. Zia�s
Afghan policy also made it easy for these fanatics (and assorted
criminals) to get the most sophisticated weapons without any
difficulty.
In this period Arabic and Islamic studies were made compulsory for
students at all levels. Special news bulletins were broadcast daily
in Arabic, irrespective of the fact that few understood them. These
continue to this day as does the lack of comprehension. Religious
programming came to acquire prominence on state-owned television
and radio.
Since Zia�s death a decade ago, power has been divided almost
equally between Benazir Bhutto and Nawaz Sharif, and both have
accepted the agenda established by Zia without a question. While
Nawaz Sharif is trying to extend his mentor�s programme, BB never
tried to dilute it or roll it back. For instance, at no stage of
her two innings did she try to repeal the Hudood Ordinance. Any
difference between the two is in nuance, not in substance.
The one common thread in these different attempts to define a
national identity and to establish Pakistan�s legitimacy has been a
consistently anti-India stance. Indeed, it is almost as though we
could only be accepted through our "un-Indianness." Part of the
reason, of course, is the implacable hostility that we have
encountered from New Delhi since the day Pakistan came into being.
Also, if we aren�t totally different from the Indians, why did we
create Pakistan?
The problem with any state created by carving up an existing
country is that the new entity is bound to feel a certain
insecurity. Its leadership will feel a need to justify its creation
to the world as well as to its own people. In our case, the
original concept of Pakistan being created as a homeland for the
Muslims of the subcontinent has become twisted into an Islamic
state. There is a world of difference between the two, and yet our
politicians have accepted the transition from one ideal to another
without a murmur.
States created in the name of religion also fall prey to internal
divisions as proponents of different schools of the dominant faith
jockey for control of the national agenda and the nation�s soul.
Broadly speaking, the struggle can be seen as a conflict between
orthodoxy and modernism. In Pakistan, the former seems to have won.
Inevitably, the minorities in theocratic states are bound to be
marginalized. In Israel, Muslim and Christian citizens have seen
their rights whittled away, while in Pakistan, the plight of
Ahmadis, Christians and Hindus continues to worsen. Even a
distinguished Parsi like Ardeshir Cowasjee can be made the target
of the present vicious campaign in which he is being accused of
being a Jew and, incomprehensibly, "Clinton�s brother" by a
powerful mafia of builders who specialize in illegal highrise
buildings. It is no coincidence that Mr Cowasjee�s co-accused is
another non-Muslim, Roland D�Souza, a courageous crusader in his
own right.
So more and more, we are defining Pakistan as a closed, inward-
looking state where anybody who does not belong to the mainstream
lives on sufferance as a second class citizen. And if you don�t
like it, you had better keep your mouth shut or leave.
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981014
-------------------------------------------------------------------
MQM in a quandary
-------------------------------------------------------------------
M.H. Askari
DESPITE conflicting reports about the status of the Muttahida Qaumi
Movement (MQM) vis-a-vis Liaquat Ali Jatoi's coalition government,
there are fairly clear indications that the party is aiming to
extricate itself from the trappings of ethnic politics and identify
with the aspirations of more representative political organizations
of Sindh.
MQM volunteers participated in large numbers at Thehri railway
crossing on Sunday along with cadres of the Jeay Sindh Qaumi Mahaz
(JSQM) in the mass sit-in against the proposed Kalabagh dam which
Sindhis regard as damaging to their interests. In several other
demonstrations also, MQM participated alongside Sindhi nationalist
groups. This is a long distance from the position that existed some
years back when Mohajirs as a group were seen to be pitted against
Sindhis.
A major cause of the sense of deprivation among the Sindhis in the
early years of Pakistan was their perception that Mohajirs who held
some key positions in the government were among the architects of
policies detrimental to the social and economic progress of Sindh.
There was also a strong feeling that Mohajirs were unduly pro-
Centre and whole-heartedly supported the ruling cliques in their
strategy of strengthening of the Centre, to the disadvantage of the
smaller provinces.
An active collaboration of the Mohajirs was seen in the takeover of
Karachi and some of its adjoining areas separating them from Sindh
by the central government in accordance with the wishes of Quaid-i-
Azam. At least one Sindhi scholar, Dr Hamida Khuhro attributes the
separation of Karachi to the scheme to "control and disposal of the
rich pickings of evacuee property and settlement of the immigrants"
(who were mainly Urdu-speaking Mohajirs.) Similarly, Mohajirs were
also perceived as a party to the devious scheme for the creation of
the erstwhile One Unit.
To put the record straight, it is relevant to recall that yet
another eminent Sindh scholar, Dr Feroz Ahmad, has quite
unequivocally stated that it was under a Sindhi politician, Pir
Ilahi Bukhsh's chief ministership that Karachi was separated from
Sindh. He also points out that again it was a Sindhi dignitary,
Muhammad Ayub Khuhro, who, in the words of H.S. Suhrawardy, "struck
terror into the hearts of the legislators" and forced them to pass
the notorious One Unit Bill in 1955. All this, according to Feroz
Ahmad, was done to protect the vested interests of Sindhi
landlords.
Press reports of the JSQM sit-in on Sunday have graphically
recorded the blocking by Sindhi protesters in partnership with MQM
volunteers of the National Highway. Pictures of Altaf Hussain and
G.M. Syed were displayed side by side on the occasion and slogans
were also raised of "Sindhi-Mohajir Bhai, Bhai." A Mohajir MPA
emphatically declared on the occasion that the Mohajirs and Sindhis
would "fight side by side" with JSQM in the interest of Sindh and
criticized elements who were "not happy to see Sindhis, Mohajirs
develop friendly ties." Prominent among those who addressed the
rally on the occasion were several veteran Sindhi nationalists such
as Abdul Waheed Aresar, Dr Niaz Ali, Noor Jamali and Shair
Khaskheli.
MQM leader Altaf Hussain, after a telephonic conversation with the
Christian Liberation Front's president, Shahbaz Bhatti, concerning
the Shariat Bill, also expressed the view that Pakistan had not
been created for the "dominance" of any one sect or faith but to
protect the interests of all those, including the minorities, who
live in Pakistan. He criticised what he described as the
exploitative system and the discriminatory practices that have
remained intact in Pakistan.
At the time of writing it is not clear whether the MQM would
abstain from voting on the proposed Fifteenth Amendment bill in the
Senate, as it had done when the bill was voted upon in the National
Assembly. If it supports the bill, it would have to live with the
stigma of serving the interests of pro-centre politicians. The
opposition of the Sindhi masses as of the people of Balochistan and
the NWFP to the proposed amendment is beyond any doubt.
There is a great deal of ambivalence in the PML's overall approach
to the politics of Sindh, in general, and that of the Mohajirs and
the MQM in particular. It appears that there are elements in the
central government who are not too well disposed towards the MQM
and are, therefore, not entirely in sympathy with policies which
could be regarded as pro-Mohajir. It is unfortunate that despite
expectations, Prime Minister Nawaz Sharif has not been able to
personally visit Karachi and see things for himself, presumably
because of his extreme preoccupation otherwise.
The composition of the high-level committee set up by the Centre,
following the rise in militancy in Karachi in the recent months is
also perceived by the MQM as not being sympathetic to its
grievances. The committee has been specifically charged with the
responsibility to probe into the sudden spate of killings and of
incidents of arson during the hartal called by MQM on October 7. It
includes, besides representatives to be nominated by MQM, two MNAs
of the Muslim League, Capt Haleem Siddiqi and Mian Ejaz Shafi. A
press release issued by the MQM central coordination committee has
strongly criticised the inclusion of the two, describing it as
"indicative of the duality of the PML leaders."
For MQM the inclusion of Mian Ejaz Shafi in the committee is like
the red rag to the bull, in view of his persistent criticism of MQM
politics. It was only last month that he blamed the PML government
for what he called its overindulging "the aliens" aliens being
the Mohajirs. The contemptuous remark could not but have infuriated
the MQM, whose partnership in the Sindh coalition has even
otherwise not been exactly welcome to Mian Ejaz Shafi. The MQM
coordination committee lost no time in expressing the view that
whenever the PML and MQM have tried to reach some sort of an
agreement to resolve the problems of Sindh, Mian Ejaz Shafi has
assumed a "subversive" role.
Not surprising, the MQM has made it clear that it would not be in a
position to cooperate with the committee in its enquiry so long as
it continues to have the two PML MNAs in it. It is difficult to
understand why the committee could not have been constituted
without them. It would have carried a greater credibility with all
sections of the people if it had included persons of unbiased
reputation such as retired members of the higher judiciary. However
much one may condemn MQM for its sins of commission and omission in
the context of Karachi politics, any enquiry body set up to probe
the situation should consist of non-controversial members.
While announcing its decision to withdraw its nominees from the
Sindh coalition cabinet last month the MQM coordination committee
gave a detailed checklist of its "grouses" against its coalition
partner, i.e. the PML, which is in power in Sindh as well as at the
centre. Mr Aftab Shaikh, who addressed a press conference on behalf
of the MQM central coordination committee, criticised the PML
leadership for having reneged on the various undertakings given at
the time when the PML-MQM coalition was formed in Sindh. He even
accused PML leadership of adopting "Mohajir-baiting" policies and
resorting to a "state operation" against the MQM.
Mr Aftab Shaikh also claimed that contrary to the specific
undertaking given at the time, the government had not released the
MQM workers and supporters who had been under detention mostly
without trial for considerable time on "fake charges" and that the
"no-go areas" of Karachi had not been abolished. Nor had the
government constituted the judicial commission to investigate
allegations of extra-judicial killings of MQM activists. (The
socalled extra-judicial killings had in fact formed a major part of
the list of accusations levelled by the then President, Farooq
Leghari, while dismissing Ms Benazir Bhutto's government.) Mr
Shaikh also alleged that the "agencies" working against the
interests of MQM had not only not been neutralised but even
strengthened by the PML government. Amongst other allegations
levelled by the MQM leader against the Nawaz Sharif government was
its "failure" to arrange the repatriation of "Biharis" from
Bangladesh, despite a clear undertaking.
In view of its resentment against the policies of the PML
government, it would be something of an irony if the MQM continues
to remain in the Sindh coalition government under Liaquat Jatoi.
One hopes that the late Dr Feroz Ahmad was quite wrong when he
observed that "an overwhelming majority of the Mohajirs supports a
movement which is not only ethnic-exclusivist, but is in
confrontation with all other groups and the state itself."
The MQM's active participation in the anti-Kalabagh dam protest and
its abstaining from voting in favour of the Shariat Bill despite
being a coalition partner of PML clearly give the lie to such
impressions, regardless of whatever ideology the MQM follows. It is
also entirely misleading to believe that the MQM seriously demands
a separate Mohajir province and now it is no secret that the story
about the socalled 'Jinnahpur Plan' was altogether without any
substance.
Why should any Sindhi intellectuals have any misgivings about the
Mohajirs' political motivation when Dr Feroz Ahmad himself also
concedes that "the traditionally Sufist Punjabi, Saraiki, Sindhi
and Baloch people feel obliged to assimilate into the religious
beliefs and practices which are common among the Urdu speaking
people?...."
===================================================================
SPORTS
981013
-------------------------------------------------------------------
Nicol, Jansher head world squash rankings
-------------------------------------------------------------------
Reporter
KARACHI, Oct 12: Scotland's left-handed Peter Nicol and Pakistan's
former eight-time world squash champion Jansher Khan remain number
one and two in the October rankings, anncounced by the Professional
Squash Associaton (PSA).
However, former Asian junior champion Amjad Khan of Pakistan has
come close to regain his place among the top 24 as he is ranked
25th, He was ranked 27th in the PSA September.
If Amjad Khan, a highly potential youth, secure 24th place he would
be directly placed in the main draw of the super series event and
also in a major tournament, Amjad Khan , who was among the top 24,
had lost his ranking a few months back. He has 113. 313 points.
Jansher Khan has 900.688 points against top ranked Peter Nicol's
1147.313 points.
Pakistan's Zubair Jahan Khan is ranked 37 and his elder brother
Zarak Jahan is at number 39 , while Mir Zaman Gul ranked at no 47.
Other Pakistanis, in the 100 rankings are, Kashif Shuja (52),
Mohammad Hussain (60), Kumail Mahmood (61), Mansoor Zaman (64),
Shamsul Islam Khan (65), Ejaz Azmat (80), Umer Zaman (91) and
Humayun Khan (98).
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