Day: January 12, 2022

National economy moving progressively: Governor tells summit

KARACHI:The country’s national economy is moving progressively on a higher inclusive and sustainable growth path on the back of various measures and resultant achievements despite a myriad of challenges.

This was expressed by Governor Sindh Imran Ismail while addressing The Future Summit organized jointly by Nutshell and Martin Dow at a local hotel here today. The Governor State Bank of Pakistan, Dr. Raza Baqir, Sohail Aman, (Rtd) Air Chief Marshal; Ali Akhai, Chairman Martin Dow; Ehsan Malik, CEO Pakistan Business Council; Ghias khan, CEO Engro, Dr Shamshad Akhtar, former Governor SBP and others also attended the summit.

Ismail observed that during the past three years of the incumbent federal government, it had faced numerous economic challenges which were somehow aggravated by the pandemic. However, the federal government has quite successfully progressed from recovery and stabilization of the national economy to its sustainable growth. “The impact of the federal government’s timely and appropriate measures is very much visible in the form of an economic recovery on the back of broad-based growth across all sectors”, he maintained.

The Governor Sindh said that the national economy of Pakistan already had a volatile growth pattern over the years, marked by regular up and down cycles, which posed challenges in achieving long-term and inclusive growth. “The present government has focused on an economic vision of securing sustainable economic growth through improved efficiency, ease of doing business, better regulatory environment, enhanced productivity, and increased investment,” he added.

The Governor Sindh while appreciating the efforts of organizers said that the future summit allowed leading business figures from around the world to present their ideas and effective business strategies in a comprehensive discussion to address economic and business concerns.

The Governor SBP Dr. Raza Baqir also spoke on the occasion. He spelled out the economic outlook from the central bank’s perspective, and said that Pakistan remained successful in containing Covid-19 waves that had opened new vistas of prosperity. “SBP’s policy support measures during Covid were “aggressive, protective, flexible and targeted”, he added.

He cited interventions like Temporary Economic Reform Facility (TERF) that had helped shore up industrial productivity in a demand depressed environment. The Principal Loan Extension Programme and Rozgar Scheme to Prevent Layoffs, provided timely loan relief and working capital to businessmen, as well as the worker class. He also mentioned about the current account and fiscal deficit state in detail with the help of slides along with the timely decisions/steps of the government.

(PM briefed on national security, regional dynamics at ISI Secretariat)

ISLAMABAD:Prime Minister Imran Khan along with key Federal Ministers visited Inter Services Intelligence (ISI) Secretariat Islamabad.

According to a statement issued by the Prime Minister office here on Wednesday, General Qamar Javed Bajwa, Chief of the Army Staff was also present in the meeting. Lieutenant General Nadeem Ahmed Anjum, Director General ISI welcomed the dignitaries. A comprehensive briefing followed by discussion on national security and regional dynamics with focus on ongoing situation in Afghanistan was held.

The Prime Minister appreciated the efforts of ISI for national security, stability and prosperity and expressed satisfaction over the professional preparedness to safeguard the Pakistan’s National Interest.

(President directs NBP to pay Rs0.5mln to bank fraud victim)

ISLAMABAD:President Dr Arif Alvi has upheld a decision of the Banking Mohtasib advising the National Bank of Pakistan (NBP) to pay Rs500,000 to a citizen who had been the victim of a bank fraud at the hands of a former branch manager.

He ordered that the bank must return the lost money to the victim and expressed dismay that the bank refused to own up to its responsibilities when a fraud had been committed by the employees of the bank against its customers.

According to a statement issued here on Wednesday, Muhammad Abdul Rasheed (the complainant), a resident of Faisalabad, had opened a bank account with the Hassan Road Branch, Jaranwala, and had handed over cash of Rs 500,000 to the then manager, Akhtar Hussain, who gave the complainant a duly signed and stamped deposit slip.

Later, upon visiting the Branch to get his cheque book, the complainant came to know that an internal fraud had been committed by the then branch manager and he was one of the many victims of bank fraud and his money had not been deposited in his account by the manager. As many as 56 affected accountholders submitted their claims to the bank amounting to Rs98.018 million for refunding their defrauded amounts.

Abdul Rasheed also approached the bank to receive his claim but has was not provided with any relief. Subsequently, he sought the assistance of the Banking Mohtasib to retrieve his lost amount who ordered that the bank pay the complainant his lost money.

The NBP then filed representation with the President against the decision of the Mohtasib. President Dr Arif Alvi rejected the representation of the bank on the grounds that the deposit slip carrying the manager’s signature and stamp constitutes a valid receipt and binds the bank to honour it.

He upheld Mohtasib’s observation that although the bank manager had been dismissed by the bank and the Federal Investigation Agency (FIA) was investigating the matter, the proceedings of the Mohtasib are of civil nature and are independent of any criminal prosecution by the FIA.

He further noted that the complainant was dealing with the authorized agent of the bank who was not only in active service of the bank as the Branch Manager but had received the cash during banking hours within the premises of the bank against a valid deposit slip.

While terming the act of the ex-manager an act of maladministration and malpractice, the President further observed that the perusal of the relevant sections of the Federal Ombudsmen Institutional Reforms Act, 2013 shows that in matters falling within the jurisdiction of the Banking Mohtasib, the jurisdiction of other courts or authorities is excluded.

He wrote that the bank was given ample opportunity to refute the claim of the complainant and it failed to discharge the burden and statutory liability cast upon it under the law. Since no justification has been made to upset the original order of the Mohtasib, therefore, the representation of the bank is devoid of any merit and deserves to be rejected, he ordered.

PM launches National Security Policy on Friday)

ISLAMABAD:Prime Minister Imran Khan will launch the first ever National Security Policy of the country on Friday.

According to reports quoting the official sources, the original version of the policy will remain classified, however a public version of the document will be released. The policy provides overall direction about national security, focusing on increasing national resource pie to strengthen Pakistan’s traditional and non-traditional security.

Sources said the national security policy is a comprehensive document prepared with input from relevant federal departments, provincial governments and experts. The policy gives guidelines for economic, military and human security. It also dilates upon hybrid warfare, internal security and foreign policy.

In foreign policy, peace and economic diplomacy will be focused. Human security consists of population, health security, climate and water, food security and gender mainstreaming. An implementation framework has been prepared to ensure execution of the policy. The policy will be reviewed every year and every new government may also review it.

To a question, a senior official involved in preparing the National Security Policy draft, said such policies all over the world are kept classified. The economic security has been given a central position in the national security policy. For the first time in Pakistan, a comprehensive policy on national security has been formulated. The government will be bound to submit an implementation report to the National Security Committee every month.

(IHRA carries out inspections of 37 Healthcare Establishments in ICT)

ISLAMABAD:Islamabad Healthcare Regulatory Authority (IHRA) inspection teams carried out inspections of 37 Healthcare Establishments in different areas of Islamabad Capital Territory (ICT) during the past two weeks.

According to IHRA, Gulzar hospital Bharakahu, Medicare Hospital, Abbas Clinic, Biotech Medical Lab-Collection Point, Quality Lab and Al-Falah Lab were sealed by IHRA due to different malpractices including lack of qualified staff, keeping expired reagents and kits, lack of emergency rooms and unhygienic conditions.

The IHRA suspended the services of seven healthcare establishments over different non-compliances. Chughtai Lab PCR, Excel Labs Collection Point, Capital Diagnostic Center, Advanced Diagnostic Centre, Amin Homeopathic Clinic, Fatima Clinic and Save the Life Clinic services were suspended. Besides, 10 Healthcare Establishments were served notices for minor non-compliances.