G A I N S T D E C A D E S O F I N D I A N O C C U PAT I O N
Kashmiris, and implement UN Security Council resolutions The president said October 27, 1947, marked a dark chapter in South Asian history when India sent troops to occupy Jammu and Kashmir For decades the people of Indian Illegally Occupied Jammu and Kashmir (IIOJK) have endured brutal repression by Indian forces Over the years, he said India had transformed IIOJK into one of the most militarised regions in the world Thousands of innocent Kashmiris have been killed while their legitimate leaders remain imprisoned and local media is heavily censored Prime Minister Muhammad Shehbaz Sharif has said Pakistan has always expressed its unwavering solidarity with Kashmiri brothers and sisters and it will continue to extend its full moral, diplomatic and political support to them until the final resolution of the Jammu and Kashmir dispute in accordance with the relevant UN Security Council resolutions
taining to military courts,’ which was in fact included in the 26th amendment but was later dropped following the opposition from JUIF chief Maulana Fazlur Rehman According insiders in both the parties, both the leaders expressed their commitment to “strengthen democracy and Parliament through collaboration Bilawal Bhutto-Zardari arrived at the PM s residence in Model Town, Lahore, accompanied by Punjab Governor Sardar Saleem Haider and former prime minister Raja Pervez Ashraf Leaders from the PML-N including Azam Nazeer Tarar Rana Sanaullah and Sardar Ayaz Sadiq were also present at the meeting On the occasion, the Prime Minister and the PPP chairman B lauded the recently passed 26th Constitutional Amendment as historic emphasizing that the amendment aims at bolstering democracy and countering undemocratic forces in the country During the meeting, Bhutto
Zardari hailed the amendment as a historic step towards strengthening Pakistan’s democracy and countering undemocratic forces He emphasized the need for continued cooperation among coalition parties to safeguard parliamentary institutions
The discussions focused on the next constitutional amendment with plans to engage JUI-F Chairman Maulana Fazlur Rehman the Muttahida Qaumi Movement-Pakistan (MQM-P), and more political parties to seek their support for the initiative
A day earlier, Adviser to Prime Minister on Political and Public Affairs Rana Sanaullah confirmed that the proposed 27th constitutional amendment would include provisions for the establishment military courts
RAWALPINDI
S TA F F R E P O R T Four terrorists of the Fitna alkhawarij were killed in fire exchange with security forces in two operations conducted separately in Khyber Pakhtunkhwa s North Wazirstan and Khyber districts on Sunday the military s media wing said According to a statement issued by the Inter-Services Public Relations (ISPR), an intelligence-based operation was conducted in North Waziristan District where after an intense exchange of fire two khawarij including Kharji Insaf Ullah, were sent to hell The ISPR added that in another operation in Khyber District own troops effectively engaged the khawarij location and resultantly two khawarij were killed, while three got injured” Weapons and ammunition were also recovered from the killed khawarij who remained actively involved in numerous terrorist activities against the law enforcement agencies as well as the innocent civilians , according to the ISPR The military’s media wing said that sanitisation operations were underway to eliminate any other khariji found in the area [The] security forces of Pakistan are determined to wipe out the menace of terrorism from the country, the ISPR stated On Saturday, at least eight people including four policemen and two security officials embraced martyrdom and several others were injured in a suicide bomb blast at a joint police and security forces checkpoint in the Eidak area of North Waziristan officials said The attack took place when personnel were inspecting vehicles they said, adding that the suicide bomber, travelling in a motorcycle rickshaw, blew himself up at the Aslam checkpoint “Four policemen two security personnel and two civilians have been martyred an official said The injured were initially shifted to a Miramshah hospital before being airlifted to the Combined Military Hospital in Bannu district
E G A R D I N G T O D G I & I C U S T O M
Javed Hashmi calls for fresh elections to resolve political crisis
Nvidia over takes Apple as most valuable
exposure limits for the next three years He acknowledged ADB s support for a $500 million Policy-Based Loan for the Climate & Disaster Resilience Enhancement Programme, which
UZBEKISTAN HOSTS PAKISTANI DELEGATION FOR ELECTIONS, FOSTERING CLOSER BIL ATERAL REL ATIONS
fairs Senator Irfan Siddiqui led a Pakistani delegation to Uzbekistan as international observers for the country’s parliamentary elections During the visit the delegation met with Chief of the Uzbek Central Election Commission Zayniddin Nizamkhdjaev who expressed appreciation for their participation and underscored the growing cooperation between the two nations The Pakistani delegation which included Senators Sarmad Ali and Amir Chishti, was warmly received by Nizamkhdjaev, who highlighted the strong ties between Pakistan and Uzbekistan and the value of collaboration across various sectors The senators visited multiple polling stations, observing an organized and well-conducted electoral process Senator Irfan Siddiqui conveyed the delegation’s gratitude for the hospitality extended by the Uzbek government express-
Peace in South Asia depends on just resolution of Kashmir dispute: Dar
after August 5 2019 Dar criticized Indian attempts to alter the demographic and political landscape of IIOJK actions he described as violating UN Security Council resolutions and the Fourth Geneva Convention Despite these measures, he acknowledged the Kashmiri people’s enduring resolve reiterating Pakistan’s stance that peace in the region depends on addressing the Kashmir issue through fair peaceful means
Moshiri, Forugh Farrokhzad, Ahmad Shamlou, Sohrab Sepehri, Hushang Ebtehaj Sayeh, Mehdi Akhavan-Sales Jaleh Esfahani Yadollah Maftun Amini Rasul Yunan
Siavash Kasrai Nosrat Rahmani Rahim Moeini Kermanshahi et al The translator s preface and introduction to the collection serve to enlighten the reader on his mission and vision vis-à-vis the book in hand He rightly ascribes the reason of their ignorance or constricted knowledge of modern Persian poetry to dearth of translation and thinks that classical Persian poets have a larger following in non-Persian linguistic circles such as English, thanks to the translations by famed orientalists, Edward Fitzgerald, RA Nicholson AJ Arberry WM Thackston and Alan Williams But there are few multilingual
ing a profound sense of connection to Uzbekistan Uzbekistan feels like our second home he remarked, reflecting the warm sentiment shared by the delegation Nizamkhdjaev voiced his optimism for sustained cooperation emphasizing the importance of deepening ties beyond parliamentary relations and strengthening people-to-people connections
This visit underscored a mutual commitment to advancing Pakistan-Uzbekistan relations and fostering closer collaboration across diverse areas
New Gwadar Int ’l Airpor t set to attrac t loc al and international investment: Repor t
ISLAMABAD i N p
China-funded New Gwadar International Airport (NGIA) is set serve as strong transportation link to attract local and international investment says a report published by Gwadar Pro on Sunday Equipped with the spirit of inclusive connectivity with state-of-art airway features, NGIA is going to serve a dynamic precursor for spin-off effects on development horizons of Gwadar as well as Balochistan One of impactful roles of NGIA in the development lies in attracting local and international investment Since inception of Pakistan, Balochistan and Gwadar areas have direly needed modern air connectivity Scattered businesses locations afflicted by lack of air transportation system have also marred the development pace in Gwadar and Balochistan Indeed, good air transport links play a role to influence where companies choose to invest Since many projects have been completed to revamp airways roadways and railways under CPEC framework Balochistan has seen improvement in
investments signaling the region s potential for growth Infrastructure projects including NGIA have chartered new course of connectivity to help link Balochistan more effectively with the rest of Pakistan and neighbouring countries Owing to its geostrategic and geoeconomic position NGIA is also set to furnish a positive role in boosting international trade It will create a crucial link between businesses and various global markets, greatly expanding their potential customer base This is especially important for tech-driven knowledge-based industries and time-sensitive product suppliers By reaching more customers through air travel at NGIA, companies will achieve abundant economic gains Increased exposure to global competition also pushes local businesses in Gwadar and Balochistan to improve their efficiency to stay competitive
Many industries use air transport to support their just-in-time production processes, providing flexibility in the supply chain and cost savings by reducing the need for large inventories NGIA stands prepared to meet such trends in befitting manner
Moreover airports are crucial in the global supply chain especially for
PPP ’s M anzoor Wasan predic ts Imran K han will stay in jail through winter
Senior Vice President of the Pakistan People s Party (PPP) Sindh and former provincial home minister, Manzoor Hussain Wasan, has predicted that former prime minister Imran Khan will likely remain in jail through the winter “It appears he’s in serious trouble and after spending the summer in jail he may also spend the winter there Wasan remarked while speaking to the media during his visit to the newly constructed Pakistan Law College in Khairpur Wasan addressed the recent constitutional amendments, clarifying that the provisions of the 18th amendment are preserved within the 26th amendment He stated, “The 26th amendment doesn’t harm anyone including the judiciary or the public ” Dismissing allegations of PPP s alignment with the establishment Wasan emphasized that the PPP remains pro-democratic and committed to the people s interests We are with the people and will remain so, he added Regarding provincial matters, Wasan highlighted the Sindh government s dedication to maintaining peace and expressed opposition to the construction of six new canals from the Indus River in Punjab He also underscored the importance of education urging education advocates to establish more institutions
Dengue crisis worsens in Punjab as 827 cases recorded in one week
LAHORE
s tA f f R e p o R t
Punjab reported 116 new dengue cases on Sunday, raising the total number of cases to 5 041 as health authorities intensify monitoring efforts particularly in Rawalpindi which reported 104 of the new cases The situation in Rawalpindi has worsened considerably in recent weeks, highlighting the need for urgent containment measures According to the health department’s latest report, 827 dengue cases were recorded across Punjab in the past week alone In addition to Rawalpindi four new cases were reported in Lahore with Mandi Bahauddin Faisalabad Attock Bahawalpur, Bahawalnagar, Chiniot, and Dera Ghazi Khan each confirming one case The health department has assured the public that public sector hospitals are adequately stocked with resources and medicines to handle the increasing cases
O f Translated Persian Poetr y
writers who could be credited with translating modern Persian poetry in other languages Renowned Urdu poet Noon Meem Rashid took the lead by translating some sixty-one modern Persian poems by twentyone modern Iranian poets into Urdu (Cf his book Jadeed Farsi Shayeri - 1987) In the second edition of the book (2010), he added another twenty poems Fahmida Riaz, Moeen Nizami Uzma Aziz Khan and Ahmad Shehryar are purported to ha ve followed him in the venture Malik Muhammad Danish (translator o f t
gence to his erstwhile teacher and mentor Dr Muhammad Athar Masood, a serving civil servant a reputed musicologist and scholar of Persian He also expresses his
renowned Pakistani poet of English who reviewed these translations with due care a n
Nazia Barani Entezarhojat at the University of Salamanca, Spain for advising and guiding him on the intricacies of modern Persian verse In his Introduction to the book the translator briefly traces the history of Persian poetry from the classical period when the Arabs conquered Iran in the 7th century AD, and cast their linguistic and literary influence on the local language Pahlavi which gradually evolved into Persian (c 224-651) Ferdowsi Khayyam Rumi Saadi and Hafiz were the cream of this period (940-1390) The transition from the classical and neo-classical forms of poetry to a modernistic jargon and construct took place around the turn of the 19th century when Nima Yooshij (1897-1960), also called the father of modern Persian poetry, broke with the formal tradition of versification and wrote poems with hemistiches (mis ra) of unequal size and length in regards to meter Thus he is regarded as the exponent of She r-e Nau (New Poetry) in Persian Deviating from the formal rules of rhyme and prosody, he followed the rhythm
and rhyme emanating from the inner recesses of his own psyche and soul He was supported in his poetic endeavours by his peers and contemporaries such as Ahmad Shamlou Sohrab Sepehri Mehdi AkhavanSales Forugh Farrokhzad and Shafiei Kadkani A group of so called avant-garde poets in the latter half of the last century comprising Ahmad Raza Ahmadi, Yadollah Royaee, and Majid Nafisi composed poetry of ‘sheer symbolism and hyper-ambiguity’ as a postmodernistic reaction to the contemporaneous poetic compositions that was unacceptable to the readers and the connoisseurs alike The Islamic Revolution of 1979 was a major event that among others, also impacted the literary intelligentsia and their creativity In the given political scenario diasporic literature came to attain a distinctive status in modern Persian poetry Translation of modern Persian poetry into some major European languages is a welcome trend issuing from this change The titles - Still Its Night, Canary Bird Birth Tears on the Procession of History Grandeur of Growth Honeyed Poison Roots in the Ground The Hidden Fire Sin Mirage Life Hour of Tryst Lament The Unsaid, Song of Red Rose, Falling into Oblivion, My Heart Yearns for You etcof the translated poems are quite meaningful in the context of modernism with concomitant issues The general pattern of verse in translation is iambic with little rhyming concord Nonetheless the lines are lucid racy and rhythmically affluent The spirit of romantic love is the
The Smog Dilemma
like Karachi and Delhi, has become a stark reminder of the environmental challenges that both nations face As air quality deteriorates with Lahore consistently ranking as one of the world s most polluted cities recording Air Quality Index (AQI) levels that soar to 394 nearly four times above healthy thresholds the urgent need for a robust and comprehensive response has never been clearer The origins of this smog crisis are well-documented and include vehicular emissions, industrial pollution and perhaps most notoriously the annual burning of crop residue Farmers in their race to clear fields for the next planting season resort to this ageold practice primarily due to a lack of viable alternatives and inadequate support from agricultural policies The incentive structure in place often leaves them with few choices, and while states like Punjab and Haryana in India have implemented punitive measures against stubble burning these approaches have proven largely ineffective Rather than fostering sustainable practices they often push farmers into further economic distress, perpetuating the cycle of pollution that envelops these cities
In Pakistan, the situation mirrors that of its neighbour, yet the response has been alarmingly reactive rather than proactive Recent years have seen the government roll out measures such as adjusting school timings banning fireworks and promoting public awareness campaigns about the dangers of smog
However, these actions fall short of addressing the root causes of the issue For instance, the establishment of ‘Anti-Smog Squads’ in Pakistan, aimed at monitoring and educating farmers about the risks associated with stubble burning has yet to gain widespread traction These squads can only be effective if coupled with substantial governmental support for sustainable farming practices To navigate this smog dilemma effectively, a multifaceted approach is essential Both countries must invest in innovative agricultural technologies that provide practical alternatives to burning Subsidizing machinery for residue management like super-seeders that can plant crops directly into the stubble could offer a long-term solution while alleviating the burden on farmers Furthermore, collaboration between India and Pakistan on climate initiatives could yield significant benefits Shared technologies and strategies such as joint research and development programmes could help both nations tackle their air quality issues more effectively Moreover it is crucial to recognize that agriculture is not the sole contributor to this environmental crisis Industrial emissions and vehicular pollution also play
Hast y Amendments Undermine Our Judiciar y
significant roles in degrading air quality Transitioning to renewable energy sources, such as solar and wind, can help reduce reliance on fossil fuels a key contributor to air pollution Investing in infrastructure that supports public transport can significantly reduce traffic congestion and emissions By enhancing public transportation systems, both countries can promote a shift from private vehicle use to more sustainable modes of transit, which is vital for addressing air pollution in densely
c a l i n n ova t i o n , p ro m o t i n g i n t e r n a t i o n a l c o l l a b o r a t i o n , a n d e n h a n c i n g p u bl i c aw a r e n e s s , w e c a n a s p i r e t o b r e a t h e cl e a n a i r ag a i n T h e h e a l t h a n d w e l l - b e i n g o f m i l l i o n s d e p e n d o n t h e a c t i o n s w e t a k e t o d ay T h e t i m e fo r ch a n g e i s n ow, a n d t h e p a t h t o a cl e a n e r, h e a l t h i e r f u t u r e l i e s i n o u r w i l l i n g n e s s t o c o n f ro n t t h e s
AkhtAr
A New Era of Reforms
ON October 20 Bilawal Bhutto Zardari, Chairman of the PPP, achieved a significant milestone in Pakistan’s political and judicial history with the successful passage of the 26th Constitutional Amendment This amendment introduced transformative judicial reforms including the creation of Federal Constitutional Benches within the Supreme Court of Pakistan, aimed at improving the efficiency and transparency of the country’s judiciary This accomplishment a result of Bilawal’s tireless efforts and his ability to build consensus across political divides marks a pivotal moment in Pakistan s evolution as a democratic state Bilawal Bhutto Zardari has inherited a legacy of public service and political struggle As the son of the first female prime minister of Pakistan Shaheed Mohtarma Benazir Bhutto and President Asif Ali Zardari he grew up in an environment that was steeped in the political history of Pakistan His upbringing was shaped by the ideals of democracy, social justice, and the vision of his grandfather, Zulfikar Ali Bhutto the founder of the PPP Since taking over the leadership of the PPP Bilawal has made efforts to modernize the party while staying true to its founding principles His rise to political prominence has not been without challenges but he has shown a strong commitment to the causes that define the PPP: democracy workers’ rights and social equality His leadership has rejuvenated the PPP s base especially among younger voters, and he has emerged as a significant player in Pakistan s political landscape
The passage of the 26th Constitutional Amendment under Bilawal’s leadership marks a pivotal moment in Pakistan’s journey toward greater democracy and political reform This amendment addresses several key issues that have long plagued Pakistan s governance, including electoral transparency, provincial autonomy, and judicial reforms
For decades Pakistan’s judicial system has struggled under the weight of inefficiency and a massive backlog of cases Public frustration with the judiciary has stemmed from delays in legal proceedings, unequal access to justice, while there was no concept of check and balance on the judges and merit was compromised The 26th Constitutional Amendment will make sure that judges must focus on timely justice and their performance will be evaluated by their judgements The 26th Constitutional Amendment has introduced a series of reforms designed to address the inefficiencies and limitations of Pakistan’s judicial system The prime among these was the creation of Federal Constitutional Benches within the Supreme Court a move that will have profound implications for the administration of the justice system in Pakistan
ment also aim to reduce the backlog of cases that has hindered the judicial system for years By expanding the number of judges and improving case management systems, the amendment ensures that justice is delivered in a timely manner This is particularly important in a country where delayed justice has often led to public disillusionment and a lack of faith in the legal system To understand the significance of Bilawal s achievement with the 26th Amendment, it s essential to revisit the Charter of Democracy, a landmark political document signed by Benazir Bhutto and Nawaz Sharif in 2006 The Charter was a mutual agreement between two of Pakistan’s major political parties to put an end to the cycle of any sort of interference in politics and to work together for the restoration of democracy The Charter was a reflection of Shaheed Mohtarama Benazir Bhutto’s unwavering commitment to democratic principles and her desire to see Pakistan transition from a state marred by autocracy and dictatorship to one governed by the rule of law and a strong judiciary Shaheed Mohtarma Benazir s vision for a democratic Pakistan was rooted in her belief that an efficient judiciary was the cornerstone of a functioning democracy She saw the judiciary not as a tool of the ruling elite but as an institution that should serve the people and ensure justice for all regardless of status or political affiliation Under her leadership, the PPP consistently advocated for reforms that would strengthen the judiciary and ensure that judges could operate without fear of retri-
The reforms introduced by the amend-
bution her efforts laid the groundwork for future reforms, many of which are being carried forward by her son, Bilawal With the successful passage of the 26th Constitutional Amendment Bilawal Bhutto Zardari has solidified his position as a forward-thinking leader who is capable of navigating the complexities of Pakistan s political landscape His ability to bring together political rivals for a common cause reflects a level of political maturity and statesmanship that is rare in contemporary politics The passage of the 26th Constitutional Amendment is a significant achievement for Bilawal Bhutto Zardari but it is also a sign of the political maturity he has gained over the years By pushing through these reforms, Bilawal has shown that he is not just a leader who relies on the legacy of his family but someone who is capable of forging his own
v e r s e p o l i t i c a l f a c t i o n s h i g h l i g h t s h i s l e a d e r s h i p a n d v i s i o n fo r a m o r e j u s t l e g a l s y s t e m . A s h e c o n t i n u e s t o c h a m p i o n d e m o c r a t i c va l u e s a n d i n s t i t
Will the IMF sur vive to 100?
TH E International Monetary Fund has been operating for almost 80 years yet its decision-making still reflects the era of Western colonialism in which it was founded Although virtually all sovereign states are formally represented in its governance structure, a small cohort of Western nation-states, representing 15% of the global population, calls the shots THE BRUTES NEW SUITS
James Livingston asks why so many observers now believe that institutions central to modern economies are running a con game Yet the world has become much more “multipolar” over the past decade, and China has begun to challenge America’s longstanding hegemony by building “infrastructure alliances with many developing countries In a deepening new cold war the United States is going all out to contain China, even as the two maintain a high degree of economic interdependence (making this conflict fundamentally different from the one with the Soviet Union)
The US and Europe for their part are determined to preserve their dominant positions within powerful international organizations like the IMF and the World Bank, which they intend to use as geopolitical instruments Countries that comply with their wishes will be rewarded whereas those that show resistance or hostility will struggle to unlock financial support even if they are willing and able to pursue robust macroeconomic-stabilization and structural-adjustment programs For example, after Russia’s annexation of Crimea in 2014 the IMF extended Ukraine a very generous financing package on terms that many saw as overly lenient Likewise Argentina has benefited massively from the IMF s serial forbearance As for the IMF s withholding assistance from countries hostile to the West, little public information is available because these cases are never brought to the Board they are decided backstage; and the countries themselves have no incentive to speak about it in public lest it hurt their standing in financial markets But it has come to be known that Syria, Venezuela, and Mali (after it ousted the French) were recently all turned down (a staff agreement reached with Mali earlier this year has not yet been approved)
The long-term consequence of these trends is that the IMF s decision-making has become increasingly inconsistent with advanced economies own desire to maintain
The two top positions at the Fund – the managing director and the first deputy managing director – are de facto reser ved for a European and an American, respectively (mirroring the US-European agreement that an American will always lead the World Bank
the Fund s global standing After decades of proclaiming universalist principles, its legitimacy is now on the line To keep under-represented countries engaged, the IMF must reduce the imbalance between the relative “weight” of a country (or set of countries) in the world economy and the relative weight of a country within its governance structure
The most glaring case of course is China given the massive gap between its (large) share of world GDP and its (small) quota, which determines a country’s voting power and allocation of Special Drawing Rights (SDRs) the IMF s international reserve asset While China s share of world GDP (in terms of purchasing power parity) is estimated at 19% for 2024, its quota (and vote share) has remained at 6 4% since the 14th General Review of Quotas in 2010 – though its “calculated quota” under the current IMF formula is 14% While this is an extreme case the entire bloc of emerging markets and developing countries (EMDCs) is also underrepresented relative to their GDP share If the imbalance were corrected, China and EMDCs would gain significantly more influence at the expense of European countries in particular
The big question then is how a rebalancing could ever be achieved given that the Americans and Europeans wield veto power If the US and Europe see China as an existential threat to the international rules-based order,” why would they let it call the shots in an international financial organization that they have controlled for the past 80 years?
In fact neither US nor European officials can spell out exactly what they mean by the international rules-based order The concept remains only vaguely defined, as does the “existential threat” from China
Both claims serve as glue for the ruling Western coalition which now takes the form of a stop China project As Giordano Bruno exclaimed while he was being burned at the stake in Rome in 1600: To ask power to reform itself, how naive!
WEIGHTS AND MEASURES
The single most important variable here is the quota A country’s quota determines how much it must contribute to the IMF’s capital base how much it can borrow from the Fund and how many votes it has on the Executive Board While formal votes are rarely taken, the chairperson (almost always the managing director or a deputy managing director) will offer a “sense of the meeting,” and this assessment is inevitably shaped by the skewed voting distribution on the board Under the so-called rule of silence those who do not object to (or abstain from) a decision proposed by management are counted as being in favor Thus, while some commentators argue that changing the vote distribution would make little difference the truth is that a significant enough rebalancing would alter the board s decisions beyond recognition In the Fund s formula to determine each country s calculated quota, GDP (60% as-
sessed at market exchange rates and 40% at PPP exchange rates) accounts for 50% of the weighting, scores of openness to the global economy and economic variability (volatility) account for 45%, and international reserves for the remaining 5% (A compression factor is applied to benefit smaller countries ) The significant weight given to openness and variability helps to skew the allocation in favor of developed countries EMDCs on the board have long pressed for a change to increase the weight of GDP (specifically as measured by PPP) and to remove or lower the weight of openness and variability but to no avail In the 14th review, some EMDCs, including China, did manage to increase their quota shares, and European member states agreed to give up two of their seats on the 24-seat board But while these changes were considered forward-looking at the time they now call for three points of clarification First China was still dramatically underrepresented given its share of global GDP Second, the US Congress declined to ratify the quota changes, and its procrastination lasted until 2015 Third Western European member states managed to ensure that the two seats they gave up went to EMDCs in Eastern Europe leaving Europe overall with the same representation While the executive directors agreed on a 50% “equiproportional” increase in overall quotas the distribution between states remained unchanged LISTING DANGEROUSLY
Still with almost no change in the distribution of quotas in favor of EMDCs the allocation has become increasingly detached from economic reality To see just how overrepresented Europe is, consider that Luxembourg – a minnow of a country – has a much higher calculated quota share than Colombia the Philippines or Egypt Similarly Argentina South Africa and Nigeria each have smaller shares than Ireland, and Brazil and Indonesia have smaller shares than the Netherlands
In fact the European bloc is over-represented across all three dimensions of influence First in terms of quota shares and votes the European Union s 27 countries produce 15% of world GDP (at PPP) and have almost 30% of quotas and voting power If the United Kingdom is added, Europeans have over one-third of quotas and votes Second European countries hold 7-9 positions on the 24-seat board And third the two top positions at the Fund – the managing director and the first deputy managing director – are de facto reserved for a European and an American, respectively (mirroring the US-European agreement that an American will always lead the World Bank)
How much does it matter that the 15th and 16th reviews failed to change the distribution of quotes despite their (ambiguous) commitment to do so? The consequences de-
pend on how EMDCs react Should they keep trying to promote piecemeal reforms, pursuing marginal changes that avoid American and European vetoes? Or should they shift their attention to creating alternative financing mechanisms over which they have more control?
The BRICS-led New Development Bank and Contingent Reserve Arrangement along with the Chinese-led Asian Infrastructure Investment Bank, already bypass Western-controlled institutions EVOLUTION OVER REVOLUTION
For all the difficulties of changing the distribution of influence within the Fund there are still incremental reforms that could improve matters They would not challenge the US, European, and Japanese grip on influence, but they would improve how the Fund works in practice, as well as disproportionally benefiting smaller and poorer countries Such a reform agenda might include the following elements First the IMF can reform its macroeconomic adjustment programs so that they are more flexible, even-handed, and precisely tailored to financially distressed countries’ circumstances This means avoiding the biases that are evident in the Fund s current approach such as its preference for sharply restrictive fiscal and monetary policies even in cases that call for gradualism A second reform would reduce surcharges – the higher interest rates that the IMF charges on larger, longer-term loans Most people don’t realize that borrowing from the Fund is typically quite expensive for middle-income countries in crisis Some countries have paid an annual interest rate of 8% or higher even when market interest rates are much lower (but which countries in crisis cannot access) The Fund justifies high surcharges by pointing out that it is assuming additional risk when it lends large amounts on longer maturities to a country in crisis But this argument ignores a key fact: the risk of lending to any one country is spread among a large number of creditor countries In any case, the Fund holds large liquid reserves that can be quickly mobilized A third reform is to increase concessional finance for low-income countries If Western member states cannot be persuaded to increase their financial contributions to the Fund s Poverty Reduction and Growth Trust for low-income countries, perhaps middle-income countries like China, Indonesia, Brazil, and Mexico could do so in return for a larger share of votes Fourth the IMF should expand its lending resources True as matters stand any proposal to do so will face opposition from US authorities (both the Treasury and Congress) Americans have long been suspicious of international public bureaucracies, and there is also a strong desire to preserve the US Federal Reserve’s powerful role as an emergency lender to friendly client countries (such as South Korea during the East Asian financial crisis in 1997)
But remember that the 16th review delivered a 50% equiproportional
How Bilawal Bhutto Zardari is Shaping Pakistan’s Future
Unit y
Newage clinch Lahore Smar t City Polo in Pink title in thrilling final
Samiullah fired in four fabulous goals, while Adnan Jaleel Azam Alman Jaleel Azam and Jade Wheeler contributed one goal each For FG/Din Polo Raja Mikael Sami hammered four goals while Raffay Shaikh and Abbas Mukhtar scored one goal each Earlier
sidering it a positive gesture
Prominent Muslim leaders endorse Trump at Michigan rally over Biden’s Gaza stance
SINDH ENCOURAGING CULTURAL ACTIVITIES: CULTURE MINISTER
Federal Minister for Information, Broadcasting, National Heritage, and Culture, Attaullah Tarar, reaffirmed Pakistan’s unwavering support for Kashmiris’ right to self-determination on Sunday, commemorating October 27 as Black Day in solidarity with Kashmiris Tarar emphasized that October 27 1947 marked a darkest day in subcontinental history when India against the will of the Kashmiri people occupied Jammu and Kashmir In his statement, Tarar condemned India s ongoing policies in the region but praised the resilience of Kashmiris who continue to resist “Despite the Indian government’s brutal policies the courageous Kashmiri people are determinedly fighting for their freedom he said expressing optimism that Kashmiris dream of freedom would soon be realized Tarar commended Prime Minister Shehbaz Sharif s firm stance on the Kashmir issue, describing it as a testament to Pakistan’s commitment to a just resolution “Pakistan has consistently advocated for the legitimate rights of Kashmiris at international forums ” he remarked asserting that Pakistan would continue to stand by Kashmiris He emphasized that a UNsupervised plebiscite remains the only acceptable solution to the Kashmir dispute, underscoring Pakistan s call for a peaceful and just resolution to the conflict show-cause notice to Zain Qureshi does not imply
his expulsion from par t y: shaheen
ISLAMABAD
S TA F F R E P O R T
Pakistan Tehreek-e-Insaf (PTI) leader Shoaib Shaheen has clarified that the issuance of a show-cause notice to Zain Qureshi does not imply his expulsion from the party Addressing the media Shaheen stated that the notice was part of an internal investigation and emphasized that the matter relates to a period of noncommunication rather than a disciplinary dismissal The notice, sent to nine members, including four National Assembly representatives was issued as PTI examines members stances and communication regarding the recent 26th constitutional amendment Shaheen highlighted that the issue with Qureshi was his lack of contact with party leaders over a critical four-day span Our concern is that he was out of touch, Shaheen noted, underscoring PTI’s respect for Qureshi and confirming that an inquiry would proceed if necessary Zain Qureshi Deputy Parliamentary Leader in the National Assembly resigned from his position following the show-cause notice reiterating his commitment to PTI and a transparent inquiry I will remain loyal to PTI and my father, he stated The show-cause notices, signed by Additional Secretary General Firdous Shamim Naqvi on October 23, required responses within seven days
LAHORE S TA F F R E P O R T
Pakistan People’s Party (PPP)
Chairman Bilawal Bhutto Zardari on Sunday expressed his support for the 26th constitutional amendment which aims to prevent the premature dismissal of prime ministers Bilawal made these comments while attending a polo event in Lahore where he refrained from engaging in political discussions but addressed his absence from the recent Chief Justice s swearing-in ceremony Explaining his absence, Bilawal stated, I chose to spend my weekend here in Lahore It’s everyone’s right to take a break and I exercised mine this weekend ”
The PPP leader also took the opportunity to highlight the gender inclusivity at the polo tournament, praising the event for featuring female polo players “Seeing women participate alongside men in polo
is refreshing and aligns with our party’s commitment to gender inclusivity ” he said Additionally Bilawal emphasized the importance of breast cancer awareness which was a focus of the event This month is significant for breast cancer awareness, and this tournament plays a crucial role in conveying this vital message globally ” he remarked
The event titled Lahore Smart City Polo in Pink concluded with Bilawal and several female ambassadors distributing awards to the participants Bilawal shared his appreciation for the sport and the historical significance of the club, along with his pleasure in seeing international female players involved
Imran Khan to be released from jail soon: Dr Alvi
Former President of Pakistan and PTI leader Dr Arif Alvi on Sunday claimed that PTI founder Imran Khan will be released from jail soon, clarifying that the former PM s release would be result of peaceful struggle and not any deal He was addressing PTI rally outside Karachi press club on Sunday for the release of Imran Khan PTI workers also staged protests against 26th constitutional amendments Arif Alvi told the protestors that 26th Constitutional Amendment was passed with rigging and PTI MNAs were picked up He said PTI mandate was stolen He said PTI leaders and workers were arrested from their homes and police violated sanctity of
chador and the four walls of the houses He also highlighted the problem of missing persons in Balochistan Alvi said that PTI struggle will continue Meanwhile Karachi police have arrested PTI leader Alamgir Khan and three others and shifted them to artillery police Station PTI leader Alamgir Khan was arrested in an old case PTI to challenge 26th amendment in court’ In related development, PTI Secretary Information Sheikh Waqas Akram disclosed that decision to challenge the 26th constitutional amendment would be made on Monday He stated this while addressing a private TV channel He said that t the PTI legal committee would decide on challenging amendment
and called for a protest against the amendment Talking about rumors of deals behind Bushra Bibi and Imran Khan s sisters release he clarified that these baseless allegations were futile attempts of political opponents and asserted that Imran Khan had stressed to not involve women of his family in the politics Akram also reiterated that Bushra Bibi was a housewife and fake and illegal cases were made against her There was no political consultation of party leaders with her The PTI leader revealed that Zain Qureshi had not tendered any resignation and baseless claims were being made It may be noted that the PTI rejected the 26th amendment in the constitution and boycotted voting process in the parliament
