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Showing posts from August 25, 2019

BEIJING'S BELT AND ROAD MEANS BIG BUSINESS FOR MEDIATORS

CAPTIONChina’s mammoth global infrastructure initiative won’t just create ports and highways, it’s also sparking a growing demand for mediation services to resolve disputes.SOURCELU BOAN/XINHUA VIA GETTYFAST FORWARDWHY YOU SHOULD CAREChina’s global infrastructure initiative is sparking a growing demand for mediation services to resolve disputes. By Bruce LoveTHE DAILY DOSEAUG 21 2019When in June a Kenyan court blocked construction of the country’s first coal-fired power station, it was not only a blow for the project’s Chinese backers, say lawyers, but also a sign that China’s Belt and Road Initiative (BRI) might benefit from better dispute resolution.Local judges blocked the plant’s construction on environmental grounds after finding that the project owner had failed to consult local communities. Through mediation, the Chinese investors and Kenyan government might have been able to come up with a mutually beneficial arrangement, experts contend.The scope of the BRI, a $1 trillion inf…

BNP-Mengal opposes new coastal authority in Gwadar

Behram BalochAugust 23, 2019
GWADAR: Central leader of the Balochistan National Party (BNP-Mengal) and MPA Mir Hamal Kalmati has opposed the proposed establishment of a new institution named National Coastal Development Authority (NCDA) for Gwadar and termed the move interference in the provincial affairs.Speaking at a press conference along with representatives of other political parties here on Thursday, he said that by establishing NCDA, the federal government was trying to take control of Gwadar, which was not acceptable to the people of Gwadar and their representatives.He said that a similar institution with the name of the Balochistan Coastal Development Authority (BCDA) already existed in the province and there was no need to establish another institution as it would be interference in the affairs of Balochistan.He asked the provincial government to strongly oppose the proposed move and provide required funds to the BCDA for the development of Gwadar and other coastal areas of M…

Public sector enterprises debt increases by 47% in one year

By shahbaz rana Aug.24,2019Significant increase can be attributed to PML-N govt that did not clear circular debt-related liabilitiesISLAMABAD: The government could not stop bleeding in loss-making companies in its first year in power as a cumulative debt of these state entities increased to a record Rs2.1 trillion by the end of last fiscal year – a net addition of Rs656 billion or 47% in one year.Domestic and external debt of the public sector enterprises (PSEs), which stood at Rs1.4 trillion at the end of Pakistan Muslim League-Nawaz (PML-N) government’s term, jumped to a record Rs2.1 trillion by the end of fiscal year 2018-19, showed figures released by the State Bank of Pakistan (SBP) on Friday.But a significant chunk of the increase in the PSEs debt – Rs200 billion or 30% of the addition – can be attributed to the PML-N, which did not clear circular debt-related liabilities before the end of its term. However, the current Pakistan Tehreek-e-Insaf (PTI) government can also be fairl…

Pakistan lacks system for recording, reporting debt

By shahbaz rana Jul.27,2019World Bank draft report finds no mechanism to regulate public assetsISLAMABAD: Pakistan lacks a consolidated system for recording and reporting its debt and there is also no mechanism to regulate public assets that results in discrepancies and non-reconciliation of hundreds of billions of rupees worth of funds.The final draft report of the Public Expenditure and Financial Accountability Assessment (PEFA) 2019 of the World Bank has pointed out glaring deficiencies in the management of government assets and liabilities.These findings are tantamount to charge-sheeting the Ministry of Finance. The report covers three fiscal years from 2015-16 to 2017-18 but the bureaucrats responsible for executing these functions still occupy their positions in the Ministry of Finance. The problems that have been identified in the report also remain largely unaddressed.The World Bank draft report showed that Pakistan performed poorly on the pillar of management of assets and li…

Pakistan economic crisis: Country's debts, liabilities exceed the size of its GDP

File photo: Pakistan PM Imran Khan. Photograph:( AFP )FOLLOW USWION Web Team New Delhi Aug 25, 2019, 06.47 PM (IST)A report by the State Bank of Pakistan has thrown up some very worrying numbers for the Imran khan government. It's been a year since Imran Khan stormed to power promising 'Naya Pakistan'.But the economy continues to remain in doldrums, and according to experts, it is only getting worse.In the latest report by the State Bank of Pakistan, for the first time in twenty years, the total debt and liabilities of Pakistan have exceeded the size of its economy.Pakistan's debt and liability have peaked to a record of 40.2 trillion Pakistani rupees, which is the equivalent of $ 256 billion.This is a sharp increase of over 34% in just the last 1 year that Imran khan has been in charge.Watch: No economic turnaround under Imran Khan governmentAt the time when Imran khan had taken charge, the total debt and liabilities of Pakistan hovered around 30 trillion Pakistani ru…

CPEC contextualised

OpinionFoqia Sadiq KhanAugust 25, 2019

ListenWhat exactly is CPEC? Is it a road? A pipeline? A plan to develop Gwadar as seaport? An effort to increase energy supply to Pakistan? A way to boost the industrial and agricultural development? It is a bit of all of these and some more. Yet, one cannot think of CPEC as a linear road or neatly compartmentalized source of above-mentioned objectives. It is working, evolving, and also fluid to some degree. To further shed light on CPEC, this article refers to some literature (mainly Rafiq 2017; and also Long-term Plan for China-Pakistan Economic Corridor (2017-2030) GoP; Rakisits 2015) to illustrate the discussion.CPEC has a major energy development component as well as some infrastructure building embedded into it, amongst other above-listed components. In terms of infrastructure, it aims to modernize, build, and increase connectivity in many places in Pakistan to develop an ‘integrated transport system’; including the western route of linking …

Prominent Indian-origin Pakistani politician BM Kutty dies

Updated Aug 25, 2019 | 18:55 IST | PTIBM Kutty was the general secretary of Pakistan Peace Coalition, a group that has been working to promote peace process between India and Pakistan.Photo Credit: ThinkstockProminent Indian-origin Pakistani politician BM Kutty diesKarachi: Prominent Indian-origin Pakistani politician and human rights activist BM Kutty died on Sunday in Karachi after a protracted illness. He was 89.  Biyyothil Mohyuddin Kutty, popularly known as BM Kutty, migrated to Pakistan from Kerala 70 years ago in 1949. "He was ill for a while. He spent his life fighting for civil and human rights," Marvi Sarmad, a human rights activist and journalist, said. His wife Birjis Siddiqui died in 2010. The couple has four children. Kutty came to limelight after he launched his autobiography "Sixty years in self-exile: No Regrets; A Political Autobiography" in 2011.In the autobiography, he narrated the story about his journey from Kerala to Karachi, explaining why h…

B.M. Kutty, Kerala born Pakistani politician, dies

Web Report
Last updated on August 25, 2019 at 02.23 pm(Photo: manoramaonline)Kerala born Pakistan political leader and journalist B.M. Kutty passed away on Sunday.His funeral would be held in Karachi by 4pm on Sunday.Born at Tirur in present-day Kerala's Malappuram on July 15, 1930, Kutty had migrated to Pakistan in 1949 and rose to prominence in Pakistan's politics.He was also associated with the Pakistan-India People's Forum For Peace and Democracy.Kutti has been a part of several political movements in Pakistan. He has worked for several Leftist parties in Pakistan including Awami League, National Democratic Party and Pakistan National Party.He also served as the political advisor to Balochistan governor G.B. Bizenjo.




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