Forex reserves to reach $15 bn by Sept 30, says Dar

 

ISLAMABAD: Finance Minister Senator Ishaq Dar on Saturday said that forex reserves have increased to $12 billion and will reach $15 billion by September 30.
He was talking to prominent UK fund managers, including Chief Executive Officer (CEO) London Stock Exchange Xavier Rolet, who called on the minister, says a statement of the Finance Ministry.

The minister apprised them that the country’s macro-economic indicators have shown steady improvement as a result of the stabilisation and structural reforms undertaken by the government.

He also informed the delegation that the capital market in Pakistan grew by over 40% since the government took over and apprised them that the country was open to business and offered attractive investment opportunities with high returns.

Dar said the response of international investors was overwhelming and the subscription was 14 times over the amount originally intended.

He mentioned that with the launch of the Euro bond Pakistan has returned to the international bond market after seven years of absence.

He said Pakistan’s recent dollar bond received bids totalling $7 billion, reflecting the strong demand for Pakistan’s sovereign paper.

The minister also informed that Pakistan will issue an Islamic bond denominated in dollars for Islamic banking institutions and funds.

He informed the group that after initiating home grown economic reforms with successful implementation, Pakistan’s standing in the international markets has improved considerably.

While talking about the energy crisis, the minister told the delegation that the government was launching various energy projects and taking necessary steps to add around 10,000 megawatts generation to the national grid which

will eliminate the energy shortfall in the next four years.

He said the government has already managed to clear the circular debt of Rs500 billion within 45 days of taking oath. He added that the World Bank has approved two concessionary loans to Pakistan after a period of five years and will provide $1 billion for energy and development reforms.

He said the government has secured the necessary financing for the construction of the Dasu Hydropower Project. The financing of the Diamer-Bhasha Dam is in progress and the government has already started acquisition of land from its own resources for this project.

The minister also highlighted the opportunities in the telecommunication sector and informed the group about the recent auction of 3G and 4G licences which has fetched over $1.1 billion recently in a transparent manner.

Speaking about the privatisation agenda of the government, Dar informed the delegation that financial advisers have already been appointed through due process for the disinvestment of shares of United Bank Limited, OGDCL and PPL through London as well as Pakistan’s stock exchanges.

On the occasion, the UK fund managers appreciated the positive steps taken by the Pakistani government to put the economy back on track.

Rolet informed the minister about the institutional appetite of British companies towards Pakistan after the phenomenal growth in its capital market.

While praising the reform initiatives of the present government, he said Pakistan’s economic success story is gaining momentum and now needs to be told in a right way to the right people. He mentioned the ongoing collaboration between the London and Karachi stock exchanges with praiseworthy results.

He added that the London Stock Exchange is looking at ways to maximise partnership opportunities with Pakistan’s corporate sector.

Rolet congratulated Dar on the impressive success of Pakistan’s Euro bond issue in the international market.

Treason case: Court reserves verdict on FIA report plea until May 8

ISLAMABAD: The Special Court, hearing high treason case against former President Gen (retd) Pervez Musharraf, reserved its verdict over the Defence Counsel's demand for provision of inquiry report of Federal Investigation Agency (FIA) until May 8, Geo News reported.

The Special Court headed by Justice Faisal Arab comprising Justice Tahira Safdar and Justice Yawar Ali resumed hearing of the case.

During the course of proceedings, counsel for Pervez Musharraf, Barrister Farogh Nasim withdrew the two petitions relating to section 6-A of the Special Court Act-1976. He submitted that section 6-A of Special Court Act-1976 has expired and his petitions in this regard may kindly be returned and added he would be presenting his reservations verbally.

At his moment, prosecutor Akram Sheikh on objection said that the defence counsel on the one hand was taking back the petitions and on the other continuing his arguments.

Barrister Farogh Nasim prayed to the court not to further proceed in the case until the ruling on the handing over to him a copy of the FIA report announced. He said he would finalize his future strategy in the light of the court’s decision and hastily added that it should not be perceived that the trial proceeding being delayed because of him. The court fixing the date for the announcement of ruling over FIA report plea adjourn the hearing, he submitted.

Later, the court approved the withdrawal of petitions that stated the law under which the accused indicted was superseded by 1981 Ordinance.

The court adjourned further hearing of the case until May 8.

Special court reserves judgment on Musharraf’s plea seeking FIA inquiry report

 

ISLAMABAD: The Special Court hearing the high treason case on Friday reserved the decision on the accused Pervez Musharraf’s plea seeking copies of the inquiry and investigation report of the Federal Investigation Agency (FIA) regarding the action taken on November 3, 2007.
A three-member Special Court, headed by Justice Faisal Arab and comprising Justice Tahira Safdar and Justice Yawar Ali, resumed hearing in the high treason case against former military dictator General (retd) Pervez Musharaf for imposing the emergency rule in the country on November 3, 2007.

Continuing his arguments in rebuttal to the prosecution, Barrister Farogh Naseem, counsel for Pervez Musharraf, questioned as to whether the court and prosecution did not want that the instant trial should be conducted in a fair manner, adding that in order to ensure a fair trial, all the material including inquiry and investigation report of the Federal Investigation Agency had to be provided to the accused so that he could plead his case effectively.

The learned counsel contended that if all this material was not provided to the accused, then the trial could be restarted. He further submitted that the investigation report of FIA does not fall in the ambit of the Official Secrets Act that could be concealed from the defence.

At this, Dr Tariq Hassan from the prosecution side told the court that the investigation report of FIA does fall in the ambit of the Official Secrets Act and that was why it was being kept secret.

Justice Faisal Arab, however, observed that if the investigation report was secret, it would not have been released to the media.Farogh Naseem further contended that he was not asking the investigation report of FIA only but also seeking the whole record pertaining to the instant case, adding that without these, there would not be a fair trial.

He requested the court to issue directives for providing all the record pertaining to the case to the accused so that he could plead the case in an effective manner.Meanwhile, the court reserved the decision on the application and adjourned the hearing till April 28. The court ruled that it would take up other two applications, filed by the accused including seeking the trial of other persons under Article 6 of the Constitution who advised the accused to impose the emergency rule on November 3, 2007.

Treason case: Court reserves order on providing FIA report to accused

ISLAMABAD: The Special Court on Friday resumed hearing the petitions seeking treason case against former president General (Retd) Pervez Musharraf and reserved the order on providing the investigative report of the Federal Investigation Agency (FIA) to the accused, Geo News reported.

The three-judge bench headed by Justice Faisal Arab and comprising Justice Syeda Tahira Safdar and Justice Yawar Ali Khan heard the case today.

During today’s hearing, lawyer of former president Farogh Nasim argued that there is an official secret act in the country. Tariq Hassan said that he is not claiming that the investigative report is secret under the official secret act.

Justice Faisal Arab remarked that had it been a secret, the report would not have broadcasted on the media.

Barrister Farogh Nasim said demanded that not only the FIA report should be handed over to him, but all the relevant documents should also be provided.

He, then, challenged the complete process of the proceedings under Article 6 and questioned that how the inquiry was initiated, who ordered the inquiry and what were the findings of the investigation.

The court, later, saved the order on providing the FIA report to the accused and adjourned the hearing till April 28.

On Thursday, Barrister Farogh Nasim had requested the court to order government to provide him with the FIA report. He had told the court that he will submit his reply on prosecutor Akram Sheikh’s arguments and requested the court to use its authority and order the government to provide him the investigative report submitted by the FIA.

Prosecutor Akram Sheikh, however, denied to hand over the investigative report to the accused party.

Barrister Farogh Nasim argued that the Special Court Act is not comprehensive and that is why the Supreme Court had ordered for criminal proceedings in the case.

On March 31, Musharraf was formally charged for subverting the Constitution by imposing emergency on November 3, 2007. Musharraf had rejected all the charges levelled against him.

PHC reserves decision on jurisdiction in Fata till April 7

PESHAWAR: A full-bench of the Peshawar High Court (PHC) on Friday reserved verdict on a point of its jurisdiction in Fata related to illegal detention and service matters till April 7.

A five-member bench comprising Chief Justice Mian Fasihul Mulk, Justice Mazhar Alam Miankhel, Justice Yahya Afridi, Justice Qaiser Rasheed Khan and Justice Malik Manzoor Hussain reserved judgment after hearing arguments from senior lawyers, additional attorney general of Pakistan and law officers on the point of its jurisdiction in Fata.

During the course of hearing, Additional Advocate General Khyber Pakhtunkhwa Waqar Ahmad Khan submitted before the bench that the high court could send a reference to the Parliament for removal of difficulties related to jurisdiction of the superior courts in Fata.

He pointed out that there was discrepancy between Article 10-A of the Constitution related to fair trial and Sub-Article 7 of the Article 247, because residents of Fata had no chance of fair trial under the Frontier Crimes Regulation (FCR).

However, Additional Attorney General Syed Muhammad Attique Shah submitted that the high court couldn’t ask the Parliament through a reference for amendment to Sub-Article 7 of Article 247 of the Constitution.

He submitted that if there were some missing points in the law, the court could point those out to the Parliament. To the court’s question, he promised to provide records of the Parliament’s debate on Article 247 of the 1973 Constitution to the court in a day or two.

To a court’s query, the additional attorney general said the high court had jurisdiction in service matters in Fata when the employees were serving in Fata on deputation from both the federal and provincial governments.

During the previous hearing, Tariq Afridi as amicus curiae submitted before the bench that the court had jurisdiction to take up petitions filed by tribal people against illegal detention and violation of fundamental rights guaranteed by the Constitution.

Forex reserves cross $10 bn mark: Dar

ISLAMABAD: The foreign exchange reserves of the country have crossed the threshold of $10 billion on March 31 as the government has strengthened the foundation of the economy, said Finance Minister Senator Ishaq Dar in an official statement on Tuesday.

The minister claimed that after repayment of the power sector circular debt of up to Rs500 billion in 45 days and strengthening of the value of the Pakistani rupee, the government had fulfilled its commitment.

The total liquid reserves stood at $10.072 billion, he said, adding the net reserves with the State Bank of Pakistan were $5.365 billion.He said a solid foundation for economic uplift of the country had been laid down and building of foreign exchange reserves will bring in stability and strength to the economy. He said that Pakistan had an encouraging macro-economic framework and this will lead to enhanced confidence in Pakistan by foreign investors, the international community and institutions in energy and infrastructure projects.