‘I would like interest rate to be fur ther reduced to
E N U E
in 2026 as part of Honda s push to lead the next generation of electric vehicles (EVs) The Honda 0 Saloon, the flagship model of the series features a dedicated EV architecture and embodies Honda s Thin Light and Wise design philosophy The Saloon includes Level
flexible cabin with advanced driving dynamics supported by 3D gyro sensors Both models integrate Honda’s ASIMO OS, enabling overthe-air updates to continually enhance features such as driver assistance infotainment and vehicle dynamics ensuring vehicles evolve with user needs Honda also announced partnerships with Renesas Electronics for the development of high-performance system-on-chip (SoC) technology to power the next-generation softwaredefined vehicles (SDVs) under the Honda 0 Series The SoC will central-
ize control of critical vehicle systems delivering industry-leading AI performance and energy efficiency Energy solutions were another highlight, as Honda revealed plans for the IONNA charging network, developed in collaboration with eight automakers which aims to deploy 30 000 high-quality charging stations across North America by 2030 Honda also outlined its vision for
that Qesco s transmission and distribution losses increased from 14% to 29 77% while the company’s recovery ratio plunged to just 32% in fiscal year 2024 contributing to
cumulative losses of Rs102 99 billion The hearing, chaired by Nepra’s chairman, examined Qesco’s proposed five-year investment plan worth Rs80 billion for fiscal years 2025–2029 The plan outlines funding sources including 47% from Qesco s internal resources, 24% from federal and provincial contributions, 23% from loans, and 6% from consumer funds Nepra however expressed doubts about Qesco s ability to effectively implement the plan citing its deteriorating financial performance despite past investments Agricultural consumers, who ac-
count for 70% of Qesco s electricity consumption, rely heavily on government subsidies, receiving 4 to 8 hours of power for tube wells daily Nepra emphasised the importance of integrating solarisation efforts into Qesco s load forecasts to reduce dependency on grid electricity The regulator also criticised delays in critical transmission grid projects, warning that such setbacks would escalate costs for consumers The hearing concluded with Nepra demanding immediate corrective measures to address the risks posed by Qesco s underperformance
The Securities and Exchange Commission of Pakistan (SECP) has issued a consultation paper to gather feedback on proposed amendments to the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations 2017 This initiative aims to strengthen transparency in takeover transactions while safeguarding the rights of minority shareholders The proposals include revising timelines for public announcements, updating price
FBR seeks data from foreign countries to combat tax evasion
Federal government rightsizing, and UAE debt rollover both IMF demands
PR I M E M I N I S T E R Shehbaz Sharif may have announced as a triumph of his personal diplomacy the rollover by the UAE of $2 billion in debt, but not only was it agreed in advance but it one of the preconditions for the IMF package to Pakistan That it came through, however, is positive It does mean that Pakistan has got some much-needed relief on its foreign debt, which has been particularly burdensome in the turn of the year just past At the same time, the announcement by federal Finance Minister Muhammad Aurangzeb of the completion of the rightsizing of the federal government by June 30, is in compliance with another IMF benchmark Mr Aurangzeb said as much while disclosing that the review exercise had been completed for 15 or 16 ministries and divisions, and would be completed for all 42 by June 30 This would mean the abolition of 150 000 posts which were 60 percent of posts against which recruitments were not being made Also, non-core positions like gardeners, peons and sweepers would be outsourced, and permanent posts abolished through attrition Though Mr Aurangzeb did not put a financial value on the changes, he did say that the ministries and divisions involved had a budget of Rs 678 billion this year and there should be a reduction in this figure in the coming budget
These are in addition to the recent revision of the pension rules for government servants designed to lower the burden on the budgets The IMF seems to have seen too many privileges given to a bloated bureaucracy Not only has it become more difficult to get into government service but there is less benefit in doing so This might strike at health and education, two sectors in which the government employs the most people and where the private sector has been looming larger These are areas in which the government is obliged to provide quality services at cost, because if it does not, two very important sectors are left to people motivated by profit and the purpose of the organization shifts from dispelling ignorance or disease,
Bolstering Bangladesh’s ties with the D-8
IMuslim nations on issues of justice, whether
N order to strengthen Bangladesh s relationship with the D-8 member nations and foster a spirit of multilateral collaboration, Chief Adviser (CA) Prof Muhammad Yunus visited Egypt on December 19 and 20 to attend the 11th Developing-8 summit Members of the D-8 economic group include Iran Malaysia Nigeria Pakistan, Bangladesh, Egypt, Indonesia, and Turkey It was founded in 1997 in Istanbul The D-8 is a potent forum for diplomacy and collaboration between regions Prominent figures such as Iranian President Masoud Pezeshkian Turkish President
Prabowo Subianto Pakistani Prime Minister Shehbaz Sharif and Egyptian President Abdel Fattah
be the Middle East or Gaza Bangladesh also expects further D-8 assistance in resolving the Rohingya refugee situation All things considered; the current D-8 summit has opened up a fresh avenue for bilateral talks with Bangladesh on how to address the Rohingya crisis It has also helped identify alternate solutions for trade, food, and energy problems, as well as initiatives to eliminate market uncertainty worldwide The D-8 and the Muslim nations ought to keep helping and working with the Rohingya On the sidelines of the summit Dr Yunus met with the leaders of member nations and participating foreign delegations on the sidelines in an effort to strengthen Bangladesh s relationship with these international partners In light of the South Asian regional scenario and India’s hegemonic attitude toward Bangladesh Yunus attendance at the summit and strengthening Bangladesh s relations with these other nations was extremely important for commercial relationships as well as Bangladesh s international involvement and vibrant diplomatic dance Bangladesh might have several options to diversify its trade mechanisms and lessen its reliance on certain export commodities thanks to Dhaka s growing economic relations and cooperation with D-8 countries
Given Bangladesh s growing significance on the international and regional stage as a politically and economically stable nation within the South Asian geopolitical environment, these nations’ strong foreign direct investment can help Bangladesh realize their full potential for prosperity Investors from the D-8 member nations may find Bangladesh s 100 Economic Zone as a viable destination of safe investment Bangladesh strengthens its diplomatic efforts
member nations Bangladesh is well-positioned
other members The recent political
majority of the world s population founded the D8 with the goal of boosting trade and business between them while also strengthening friendships
T h e s t r u g g l e w i t h i n
Ioffers both promise and despair
Among the most pressing concerns is opioid addiction, which affects over six million people, ensnaring individuals in a cycle of dependence that often begins with seemingly harmless prescriptions but quickly spirals into the abyss of heroin and other opioids The consequences of opioid use are not just physical they are existential Overdoses, the transmission of deadly diseases like HIV/AIDS through needle sharing, and the onset of chronic health problems reflect the broader human tragedy, the yearning for escape and relief from pain often leading to even greater suffering
The increasing demand for services is outpacing Pakistan s rehabilitation infrastructure The 50–60 rehabilitation facilities run by the government are not enough to serve the demands of the millions of addicts Many rehabilitation facilities have been established by the commercial
and private centres frequently struggle with issues including inadequate financing overcrowding and a dearth of adequate medical facilities Detoxification is the main emphasis of many centres but they lack long-term rehabilitation programmes, psychological support, and vocational training, all essential components of a long-lasting recovery The problem is made more difficult by the shame associated with drug use especially in conservative and rural communities Families frequently hide the issue to preserve their social position and many people put off getting treatment out of fear of social rejection This societal stigma restricts the efficacy of rehabilitation programmes and makes it more difficult for people to get assistance The government has taken a number of actions in reaction to the escalating problem The National Anti-Narcotics Policy was put into effect in 2010 with the goal of lowering drug addiction in the nation by combining law enforcement actions with rehabilitation initiatives The primary agency in charge of keeping an eye on and managing drug use and trafficking in Pakistan is the National Narcotics Control Board which collaborates with international agencies such as the UNODC In order to fight cross-border drug trafficking, the government has also stepped-up law enforcement operations and partnered with Afghanistan, Iran, and relevant foreign organisations Drug shipments have been intercepted via the use of anti-narcotics forces improved border controls and intelligence sharing The porousness of Pakistan s borders especially with Afghanistan, is still a major problem Even though the Anti-Narcotics Force has seized a significant amount of narcotics, including over hundreds tonnes of heroin and methamphetamines in 2022-23 traffickers frequently manage to evade law enforcement The government has also been investing in rehabilitation initiatives recognizing that addressing drug addiction requires not only law enforcement but also effective treatment and recovery support These consist of social reinte-
gration programs, psychotherapy, and medical detox programmes To inform the public about the risks of drug addiction and to promote early intervention and treatment public awareness initiatives have been started
Despite these attempts to address the issue, significant challenges remain, including insufficient funding for rehabilitation programmes, the high cost of private sector treatments and corruption within law enforcement which allows traffickers to operate without consequence Furthermore many addicts particularly in rural areas remain without treatment due to the limited reach of recovery facilities To tackle this growing issue, Pakistan must prioritize expanding and improving rehabilitation services especially in underserved regions Collaboration between federal and provincial governments is crucial to ensure nationwide access to treatment Prevention efforts, particularly targeting youth and addressing root causes such as poverty and ignorance, must also be at the forefront Strengthening law enforcement to dismantle trafficking networks and combat judicial corruption is essential for the success of anti-drug policies
Given the severity of the crisis it is clear that the government s response must be swift, sustained, and comprehensive Effective strategies, combining prevention, treatment, and strict law enforcement, are necessary to curb this pervasive issue Moreover addressing underlying social factors like poverty and illiteracy along with fostering international cooperation will be crucial in breaking the cycle of addiction and ensuring a healthier, more stable future for Pakistan Without coordinated efforts, the societal and economic impacts of drug addiction will continue to hinder the country’s progress
The writer has a PhD in Political Science and is a visiting faculty member at QAU Islamabad He can be reached at zafarkhansafdar@yahoo com and tweets @zafarkhansafdar
Given the severity of the crisis, it is clear that the governmentÊs response must be swift, sustained, and comprehensive. Effective strategies, combining prevention, treatment, and strict law enforcement, are necessary to curb this pervasive issue Moreover, addressing underlying social factors like poverty and illiteracy, along with fostering international cooperation, will be crucial in breaking the cycle of addiction and ensuring a healthier, more stable future for Pakistan Without coordinated efforts, the societal and economic impacts of drug addiction will continue to hinder the countryÊs progress
The
distor tion of
Midlife crisis in corporate Pakistan
Dr zafar Khan safDar
Dr MohaMMaD asaDuzzaMan
Straddling the Fence
JU S T as a skilled craftsman requires freedom to shape a masterpiece a country s economy requires a degree of independence for its central bank In the nuanced realm of economic development, where inflation and fiscal imbalances hang onto a dainty thread, the autonomy of the State Bank of Pakistan is an important factor For a country struggling with a history of economic turbulence like Pakistan this freedom is not merely a procedural detail but a fundamental principle, akin to the artist s freedom to express their vision Central bank independence is the ability of a country’s central bank to operate without political interference This freedom or independence allows the central bank to implement monetary policies directed at controlling inflation, stabilizing the currency, and nurturing economic growth According to the IMF, central bank independence can be branched out into two categories that is instrumental independence which is the ability to choose and use devices for attaining objectives related to monetary policies and goal independence which is the authority to set monetary policy goals, for instance, targeting inflation or employment With regards to our country, strengthening both sorts of independence is very important in order to mitigate the untoward effects of political cycles and earn long-term economic stability Pakistan s economy has traditionally been plagued by large fiscal deficits, chronic inflation, and heavy reliance on external borrowing The interplay between fiscal and monetary policies has repeatedly proved contentious with political influences impacting the SBP s decisions The SBP s capacity to implement independent policies has historically been constrained, leading to procyclical policies, excessive borrowing, and currency instability
However it is important to delve into the fact that central bank independence is crucial for Pakistan One of the key responsibilities of a central bank is to keep the prices stable Our country has experienced inflation like a rollercoaster ride It has not only frequently risen over sustainable levels, eroded the purchasing power, and disproportionately af-
i l l y o u
fected the poor Research from the World Bank indicates that independent central banks are better at controlling inflation because they can resist political pressure to print money for short-term gains Furthermore a study by Cukierman Webb and Neyapti (1992) also found an inverse link between central bank independence and inflation rates Countries such as Germany and Switzerland have consistently lower inflation rates as they have a higher central bank independence With regards to Pakistan, where inflation averaged 8 9 percent from 2000 to 2022 improving the SNP’s independence could help anchor the inflation scenario and stabilize the economy Pakistan s repeated budget deficits averaging more than seven percent of the GDP in recent years have resulted in excessive borrowing This impairs the efficiency of monetary policy and fuels inflation Countries like Chile and South Korea showcase the effectiveness of central bank independence in lowering fiscal dominance These countries have improved their fiscal discipline and macroeconomic stability by limiting central bank deficit financing If Pakistan adopts similar policies, it could definitely encourage budgetary management and lessen reliance on external borrowing In addition to this the country s exchange rate regulations have constantly been influenced by political factors, resulting in currency overvaluation and speculative attacks Independent central banks can carry out consistent and transparent foreign currency policies leading to a market-determined exchange rate that reflects economic
fundamentals Political meddling in Turkey s central bank resulted in erratic monetary policies, winding up to a severe currency crisis in 2018, which was a stark warning against such interference By contrast, countries such as Indonesia characterized by autonomous central banks have demonstrated a greater capacity to withstand external shocks and safeguard currency stability Furthermore, central bank independence elevates the credibility of monetary policy, creating a more favourable environment for attracting foreign investment Foreign investment flows more readily into countries where investors trust that the central bank will prioritize economic stability over shortterm political gains Research published in the Journal of Economic Perspectives in 2016 revealed a positive correlation between central bank independence and improved economic outcomes specifically lower sovereign bond yields and higher inflows of foreign direct investment Given Pakistan s challenges in attracting FDI due to perceived policy instability, a credible and autonomous State Bank of Pakistan could majorly uplift investor confidence International financial institutions like the IMF frequently emphasize the importance of central bank autonomy as a key condition for providing financial assistance to Pakistan The 2021 Extended Fund Facility agreement between the IMF and Pakistan stipulated that enhancing the autonomy of the SBP would constitute a major component of the required structural reforms Adhering to these requirements is important not only for securing external assistance but also for
signalling commitment to reform While the benefits of central bank independence are pretty clear achieving it in our country is inevitable without certain challenges The government in the country may resist losing control of the central bank due to the perceived loss of fiscal flexibility, which allows them to manage short-term po-
While not a silver bullet, central bank independence is an indispensable pillar for PakistanÊs economic reform. By shielding the SBP from political intervention, the country can foster greater price stability, enhance fiscal discipline, and cultivate investor confidence, which are the essential foundations for sustainable growth. Chile, South Korea, and IndonesiaÊs success stories serve as a valuable guideline for Pakistan as it sails through its complex economic landscape . In the long run, an independent SBP will act as a steadfast guardian of macroeconomic stability, insulating the economy from the volatile tides of political cycles and for tifying its resilience against global uncer tainties.
n c r y p t e
m e s s a g e s r e m a i n p r i v a t e i n E u r o p e ?
crypted messaging from government intrusion In an age of surveillance, notes the former Council of Europe commissioner for human rights, encryption is “a vital human rights tool ” In my own work on security and foreign affairs as a member of the European Parliament I have seen firsthand why this is true Activists journalists human-rights defenders and ordinary citizens all rely on the right to privacy, viewing it as a core European value that underpins freedom of expression and democracy itself
Encryption is one of the most important privacy-enabling technologies in today s world which is why most essential online services messaging apps calls emails file sharing payments rely on it The most effective form, end-to-end encryption, ensures that only the communicating parties can decrypt and see the content of their messages, making unauthorized access impossible (as with Signal or WhatsApp) But governments and law-enforcement agencies have been increasingly eager to access encrypted communications even if that means undermining public confidence in privacy protection Across EU member states several governments want to weaken encryption technologies under the guise of fighting terrorism and other crime
The message is clear: Many governments and authorities see encryption not as a human-rights safeguard but as an obstacle The European Commission has established a high-level working group on access to data for effective law enforcement The group composed of law-enforcement representatives, has recommended lawful access by design to data en clair, meaning that communication services would be required to install “backdoors” enabling criminal investigators to access unencrypted data The push to weaken encryption reached a peak in 2022 with the European Commission s proposed Child Sexual Abuse Regulation (CSAR) nicknamed Chat Control This regulation would empower authorities to mandate indiscriminate scanning of private messages, including those on end-to-end encrypted services, to detect child sexual abuse material
Even if adopted with the best of intentions such measures would inevitably create vulnerabilities that could be exploited by malicious actors IT professionals have argued that it is impossible to break encryption safely; backdoors always create exploitable security gaps Recently, news broke that major U S internet service
sions within the Council of the EU have ruled out scanning for accounts deemed critical for national security, revealing a glaring double standard
Nor is cybersecurity the only issue The regulation also would invite a legal challenge The EU Charter of Fundamental Rights explicitly protects privacy in one s communications and the EU Court of Justice has made clear that indiscriminate and comprehensive scanning of private communications constitutes a disproportionate infringement of this right Independent internal analyses by both the Council of the EU and the European Parliament have reached similar conclusions and the European Data Protection Board and European Data Protection Supervisor have raised both privacy and efficacy concerns about the proposed law After all, criminals could easily circumvent detection
The European Commission has also failed to address the broader implications of intercepting encrypted messages under the pretense of combating child sexual abuse Driven by a near-unlimited appetite for data law-enforcement agencies would likely push to extend the surveillance regime to other domains Europol, the EU police agency, has already recommended as much And, contrary to the Commission’s assurances, significant doubts remain about the reliability effectiveness and feasibility of software to detect child abuse
For all of these reasons the European Parliament has settled on a more balanced approach ruling out scanning on encrypted services and limiting surveillance to targeted suspects or groups of suspects
Meanwhile, the Council of the EU is discussing an approach known as “client-side scanning,” whereby messages are intercepted before being sent But while this method has been presented as a compromise between privacy security and child protection what it actually does is compromise the integrity of encryption ultimately raising the same privacy and cybersecurity concerns
Acceptance of this approach would not bode well for privacy protection in Europe Yet, the new European commissioner for internal affairs and migration Magnus Brunner has said that he is “convinced of the necessity and urgency to adopt the proposed Regulation During his hearings before the European Parliament he refused to commit to protecting encryption and he avoided answering questions about the use of spyware by EU governments, another deeply invasive way to circumvent encryption
Encryption is not just a technical safeguard; it is a cornerstone of our digital rights and democratic freedoms As debates on the CSAR proposal continue we must remain vigilant against policies that undermine these values under the guise of safety Weakening encryption jeopardizes not only individual privacy but also the broader digital ecosystem Rather than eroding encryption, the EU must champion robust privacy protections that balance security needs with fundamental rights
visit by Jimmy Carter to the President’s Residence in Jerusalem when Shimon Peres was president I approached the former US president and told him that in my opinion, he was the best American president Israelis had ever had At the time, there was an active anti-Carter sentiment among many Israelis He looked at me with a bewildered expression and asked: “Are you kidding?” I replied that I knew as both a fighter in the Yom Kippur War who lost most of my friends and as someone who served as Peres s close political and diplomatic adviser that he was the best and most important president for our future as a thriving, independent state There were certainly other presidents who helped us greatly – Lyndon Johnson who worked closely with prime minister Levi Eshkol to improve our working relationship and gave us anti-aircraft missiles; Barack Obama who opened US intelligence to us; George H W Bush, who mobilized the Iraqi missile warning system to protect us; and Ronald Reagan, who backed Peres’s inflation reduction and economic rescue plan He initiated and worked hard to impose upon us the peace agreement with Egypt Without that agreement who knows where we would be today His determination encouraged Menachem Begin and Anwar Sadat to rise and end the terrible cycle of violence that culminated with the heavy losses of the Yom Kippur War
JERUSALEM
LAHORE
Fatima Fertilizer marked the sixth Kissan Day with a landmark celebration in Islamabad, uniting policymakers, stakeholders, and farmers to honor the pivotal role of agriculture in Pakistan’s economy The event reflected on the remarkable success of Kissan Day as a national celebration and its evolution into a meaningful platform advocating for the welfare and recognition of farmers across the country What began as a visionary initiative by Fatima Fertilizer in 2019 has now become a national movement officially recognized by the Federal Government Kissan Day celebrated on December 18, honors the resilience and commitment of Pakistan’s farmers, highlighting their struggles and achievements This day stands as a testament to the nation s dedication to supporting its agricultural community The event was graced by distinguished guests, including Rana Tanveer Hussain, Federal Minister for Food Security & Industries, Khalid Khokhar President Pakistan Kissan Ittehad Ms Florence Rolle FAO Representative in Pakistan and General Shahid Nazir Director General GCIPL, who all spoke on the importance of supporting Pakistan s farming community
Khusro Pervaiz Khan, Head of Canpus, and Dr Ahmed Ali Qureshi, Assistant Professor and Focal Person of CHRP featured a meticulously
aimed at equipping
vanced
competencies The
with
delivered a balance of theoretical insights and practical applications, ensuring that participants were industry-ready and equipped to address modern HR challenges The participants expressed their immense satisfaction with the program praising the well-rounded content expert trainers and networking opportunities One participant remarked, The CHRP program at SZABIST has been a game-changer for my HR career The practical insights, interactive sessions, and real-world case studies were exceptional I’m confident in applying these learnings to my professional role With the successful completion of Batch 3 SZABIST Islamabad is now preparing for CHRP Batch 4, commencing on January 25, 2025
ATC declares KP CM G andapur absconder in protest c ase
The court further noted that the SSP Operations had failed to submit a compliance report regarding the previously issued non-bailable arrest warrant for Gandapur As a result the hearing has been adjourned until January 21 with the court reiterating its order for law enforcement to execute the arrest warrant and ensure Ali Amin Gandapur s appearance at the next session
The case stems from an incident on October 31 2016 when Gandapur was booked by Islamabad Police Police reportedly found illegal firearms and alcohol from inside Gandapur ’s vehicle that was parked outside then PTI Chairman Imran Khan s residence after his arrival
ISLAMABAD S ta f f R e p o R t
The Senate Standing Committee on Law and Justice, chaired by Senator Farooq Hamid Naek, convened today to discuss the proposed amendments to Articles 1, 51, 59, 106, 154, 175A 198 and 218 of the Constitution of the Islamic Republic of Pakistan Senator Aon Abbas Bappi the mover of the Bill proposed these amendments for the creation of a new province, South Punjab He argued that 40% of the population of Punjab resides in South Punjab Unfortunately, the people of South Punjab lack basic facilities like health and education Of the total 50 112 primary middle high schools and higher schools in Punjab only 13 446 schools are located in South
