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Pakistan to utilize Chinese currency for funding new CPEC’s projects

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TNT Monitoring Desk
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Pakistan to utilize Chinese currency for funding new CPEC's projects
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ISLAMABAD: Pakistan has agreed with China for allowing utilization of Chinese currency RMB for execution of all new projects of energy sector under multi-billion dollars China Pakistan Economic Corridor (CPEC).

Instead of US dollar, use of RMB will be a major development if this agreement turns into reality. Now a summary will be moved before the Economic Coordination Committee (ECC) of the Cabinet for getting formal approval to this effect.

Sino-Pak Joint Working Group (JWG) is already agreed to use RMB for all new energy projects in Pakistan. The JWGs meetings held last week between Pakistan and China teams prior to upcoming the Joint Coordination committee (JCC) meeting scheduled to be held in Islamabad this week, reports Gwadar Pro Net, quoting official sources.

In the JWG meeting, Pakistan and China evolved consensus that RMB would be used for making arrangement to execute all new projects of energy sector under CPEC. This important development was also shared in a roundtable organized by Pakistan China Institute (PCI) led by Senator Mushahid Hussain Sayed in Karachi on last Sunday.

The delegation of parliamentarians and media persons also participated in this roundtable. The MPs team was on three-day visit to witness different CPEC projects completed at Port Qasim and Islamkot, Thar.

Earlier in a bid to promote trade between Belt and Road countries, China has been encouraging all its partners to trade in Yuan also. For Pakistan, this is a bright prospect since it will reduce pressure on Pakistan’s foreign exchange reserves. However, officials of the two countries considered it necessary that the huge trade imbalance that exists is brought down, through business-business agreements. As part of the China-Pakistan Free-Trade-Agreement (FTA) phase II, Pakistan is now at par with the ASEAN countries.

In order to reduce dependency on the greenback gradually over time, Pakistan decided to use Chinese yuan for bilateral trade as well.Through this move, the two countries aimed to promote monetary cooperation between the central banks, implement existing currency-swap arrangements, research to expand the amount of currency and explore to enrich the use and scope of bilateral currency swap and assign the foreign currency to domestic banks through credit-based bids to support the financing for projects along the China-Pakistan Economic Corridor (CPEC).

This means Pakistani and Chinese banks will, in the course of time, be able to open import letters of credit in rupees and yuan (also known as renminbi, or RMB). Moreover, Pakistan will be able to pay for imports from China in yuan rather than in dollars, and Chinese companies investing in CPEC projects will bring in yuan-denominated funds here and remit back their profits and dividends also in yuan instead of dollars or other foreign currencies.

Industrial and Commercial Bank of China Ltd (ICBC) Pakistan has been allowed to establish a local yuan settlement and clearing setup in Pakistan enabling it to open yuan accounts of the Chinese banks operating in Pakistan and to facilitate settlement of yuan-based transactions such as remittance to/from China.

It is believed that with the opening of Bank of China in Pakistan, the access to Chinese markets will strengthen further. Considering the recent local and global economic developments, particularly with the growing size of trade and investment with China under CPEC, yuan denominated trade with China will increase significantly and will yield long term benefits for both the countries.(Additional Input From INP)

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Death toll reach three as two more Azadi March protesters die

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Our Correspondent
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ISLAMABAD: Two more Jamiat Ulema-e-Islam-Fazl’s (JUI-F) Azadi March protesters on Wednesday morning have lost their lives in Islamabad, taking the toll to three.

According to details, Maulana Saifullah suffered a heart attack at the time of Tahajjud whereas Molvi Akhtar Muhammad died of illness.

Earlier, 55-year-old Larkana resident Abdul Kareem Jan felt a heart attack and was rushed to Pakistan Institute of Medical Sciences (PIMS) where doctors declared him dead on arrival.

Read more: Deadlock persists on Azadi March demands

On the other hand, the protesters at Azadi March sit-in have placed their camps on concrete surface at Kashmir Highway due to intermittent rain in the federal capital. (With additional input from INP)

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Gold biscuits seized from passenger at Islamabad Airport

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Our Correspondent
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ISLAMABAD: The customs authorities foiled a bid to smuggle gold biscuits to abroad from Islamabad International Airport on Tuesday.

As per details, the authorities in an action recovered gold biscuits of 20 tolas from UK’s citizen named Asma Tasaduq. The investigation into the matter was underway.

Meanwhile, in a separate action of the Airport Security Force (ASF), a bullet of the pistol was recovered from the luggage of a passenger traveling to Manchester.

Read more: Drugs found in women’s shoes at Lahore airport

The passenger was identified as Ansar Nawaz, who was set to fly to Manchester when a bullet was recovered from his stuff. (With additional input from INP)

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Speaker NA urges ASEAN Parliamentarians to raise Kashmir issue in respective Parliaments

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TNT Monitoring Desk
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United Nation's OHCHR urges India to restore peace in occupied Kashmir

ISLAMABAD: Speaker National Assembly Asad Qaiser has urged the Association of Southeast Asian Nations (ASEAN) Parliamentarians to raise the Kashmir issue in respective Parliaments.

He was talking to a delegation comprising of members of the ASEAN Region led by Dato Muhammad Azmi Abdul Hamid, President of Majlis Perundingan Islam, Malaysia (MAPIM), which called on him in Parliament House on Tuesday.

The Members of the Parliaments of Malaysia, Indonesia, Brunei Darussalam, Cambodia, Thailand, Myanmar and Singapore are currently visiting Pakistan to get insight of the Kashmir issue.

The ASEAN Parliamentarians have termed Kashmir dispute, a global issue and have assured to raise the predicament of Kashmiris at international and regional forums till its resolution. They condemned the Indian oppression against innocent Kashmiris depriving them of their human rights and identity.

Speaker Asad Qaiser while apprising the delegation about the present state in Indian Occupied Kashmir said that the Kashmiri people were subjected to worst lockdown in global history depriving them of their fundamental rights. He said that the 93-days long lockdown had turned the valley into a jail, aggravating their miseries in terms of blocking communication and non-supply of food items and medicines.

Further apprising, the Speaker said that thousands of youth had been subjected to abduction, torture and custodial killings besides indiscriminate use of arms on innocent women and children. He asked the Parliamentarians to propagate the Kashmir issue in true perspective in their respective countries and Parliaments for putting diplomatic pressure on India to resolve the issue as per its international commitments and aspiration of people of the valley.

Head of the delegation Dato Muhammad Azmi Abdul Hamid said that ASEAN nations strongly support the right of self-determination to Kashmiris which had been constantly been denied by India. He said that the manner, India was propagating the Kashmir issue was a sheer defiance of its international commitments. He informed the Speaker that an ASEAN Kashmir Advocacy Group was being established for highlighting the Kashmir issue in its true perspective. He condemned the Indian forces for obstructing Kashmiris to perform their religious obligations.

Dato Muhammad Azmi Abdul Hamid said that the delegation will visit Azad Jammu and Kashmir and Line of Control to express solidarity with Kashmiri people. He further informed that he along with his other fellow parliamentarians would meet Speakers of ASEAN countries and apprise them about the Kashmir issue.

Earlier, both the sides expressed their satisfaction on the existing bilateral diplomatic and trade relations between Pakistan and ASEAN Region. They expressed the need to further enhancing cooperation between the region in diverse sectors. The Speaker said that the CPEC was a game changer for the region and enhancing inter-regional connectivity could extend its benefits to the ASEAN region. 

Dato Muhammad Azmi Abdul Hamid said that Pakistan was an important country of the region and its efforts for peace and development were commendable. He said that ASEAN area with a six hundred million population could become a huge trading partner of Pakistan.(Additional Input From INP)

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Firdous Awan hopeful to resolve outstanding issues with Fazl

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TNT Monitoring Desk
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Firdos Awan hopeful to resolve outstanding issues with Fazl
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ISLAMABAD: Special Assistant on Information and Broadcasting Firdous Ashiq Awan reaffirmed the government’s commitment to resolving all outstanding issues with the JUI Chief Maulana Fazlur Rehman through dialogue.

Talking to the media persons in Islamabad on Tuesday, she said Maulana Fazlur Rehman is a senior politician and expressed the hope that he will not tread the path which ousts him from the political ground.

Firdous Ashiq Awan said Maulana Fazlur Rehman should be careful in his choice of words for the democratically elected Prime Minister.

She said Maulana Fazlur Rehman should refrain from hurting the sentiments of PTI workers. She said the JUI-F chief should also not hurt national interest and Kashmir’s cause through his narrative.

Alluding to the judicial reforms, the special assistant said the government has initiated the process by bringing amendments in the outdated legislation.

He said, “We have brought eight ordinances pertaining to the basic human rights of the people.” She added these ordinances will be introduced in the parliament to change them into effective legislation, for which she also sought the cooperation of the opposition parties.

She said the PTI government will take the requisite steps to turn into reality the vision of providing speedy and inexpensive justice to the masses.

The Special Assistant said that she has apprised the Prime Minister about the dilapidated condition of the district courts of Islamabad. She said a judicial complex will be established to shift the district courts there.(Additional Input From INP)

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Gandapur challenge Maulana Fazlur Rehman for re-election in his constituency

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Our Correspondent
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ISLAMABAD: Federal Minister for Kashmir and Gilgit-Baltistan (GB), Ali Amin Gandapur, on Saturday announced to hold a public gathering in Maulana Fazlur Rehman’s constituency.

Ali Amin Gandapur challenged Jamiat Ulema-e-Islam Fazl (JUI-F) chief Maulana Fazlur Rehman to face him in the electoral ground and offered to leave his seat for re-election.

While making the announcement, the minister claimed that he will exhibit public power in Maulana’s constituency, adding that a huge number of nationals will participate in the public gathering in the constituency where the opposition parties failed to jointly gather people for any event.

“I am challenging Maulana to win the elections again. If you [Fazlur Rehman] wish, then install a camera inside every polling station to contest the polls.”

“You should stop criticising the national institutions, you should dare to accept my challenge. Maulana will be given a humiliating defeat which he would remember for life,” he said.

“A person who had lost his seat [in the general election] is demanding the resignation of Prime Minister [Imran Khan].”

Read more: Azadi March: Govt dialogue team contacts opposition’s Rehbar Committee

Gandapur urged JUI-F chief to answer his legal notice sent to him as well. He said that the stubbornness of Maulana Fazlur Rehman has caused unbearable loss to the Kashmir cause and Indian media is celebrating over JUI-F’s Azadi March.

He said that PM Imran Khan fought the Kashmir’s case on international fora but Maulana Fazl is trying to sabotage all efforts of the government for the rights of Kashmiris through Azadi March.

(With additional input from INP)

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IHC issues contempt notice to Firdous Ashiq Awan

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Our Correspondent
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ISLAMABAD:  The Islamabad High Court (IHC) on Wednesday issued a contempt of court notice to Special Assistant to the Prime Minister (SAPM) on Information and Broadcasting Dr Firdous Ashiq Awan.

The notice has been issued to the Pakistan Tehreek-e-Insaf (PTI) leader for holding anti-judiciary press conference during which she said that a special hearing was conducted in evening to give relief to former prime minister Nawaz Sharif.

The IHC remarked that Firdous Ashiq Awan must defend herself before the court regarding her statement. The SAPM has been summoned by the court on November 1.  (Additional Input From INP)

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Leaves of doctors, other staff members of hospitals in Islamabad have been cancelled

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Our Correspondent
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Leaves of doctors, other staff members of hospitals in Islamabad have been cancelled

ISLAMABAD: The authorities declared emergency in all hospitals of Islamabad in the wake of Azadi March which is expected to reach the federal capital on October 31.

According to sources, leaves of doctors and other staff members of the hospitals of Islamabad have been cancelled to meet any untoward situation ahead of arrival of anti-government Azadi March participants in the capital.

The long march of opposition parties including, JUI-F, Pakistan People’s Party (PPP), Pakistan Muslim League-Nawaz (PML-N), Awami National Party (ANP) and others started its journey from Karachi on Oct. 27 and will enter Islamabad on Oct. 31 where the JUI-F chief has announced to decide the next course of action.(Additional Input From INP)

Related: PM takes on Azadi March, Nawaz’s health at groundbreaking ceremony

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Stakes-holders to work jointly to develop livestock industry

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Our Correspondent
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Stakes-holders to work jointly to develop livestock industry

ISLAMABAD: Representatives of around 80 stake-holders at their meeting held here decided to work together for promoting livestock and diary industry in the country. 

Under Growth for Rural Advancement and Sustainable Progress (GRASP) it was decided that the small and medium enterprises in Sindh and Baluchistan associated with livestock, dairy and horticulture will be strengthened to achieve the desired results within a short span of time.

According to a report of Gwadar Pro media network, GRASP is funded by European Union in Pakistan and is implemented by International Trade Centre (ITC).

The discussion at the meeting focused on the identification of priority products in the horticulture, livestock and dairy sectors that need urgent attention through the joint efforts of stake-holders.

In addition, key issues such as producers’ capabilities, support services,policy and regulatory environment also came under discussion.

Meanwhile, Abdul Razak Dawood, Advisor for Commerce, Textile, Industries, Production and Investment said in a statement Small and medium-sized enterprises (SMEs) make up the bulk of businesses in Pakistan.

In order to achieve coherent, broad-based and sustainable economic growth, there is a need to focus on SMEs and unleash the potential in livestock and horticulture besides other sectors in the country and GRASP comes at the most appropriate time when Pakistan is geared toward improvement in these sectors.

Milko Van Gool, Head of Cooperation, EU in Pakistan said GRASP aligns with the rural development and economic cooperation initiatives of the European Union in Pakistan as it will help SMEs in horticulture, livestock and dairy sectors become more competitive by making improvements at all levels of the value chains. These consultations will help us adapt to the federal and provincial context in Pakistan for maximum impact on the lives of people in Sindh and Baluchistan.

Speaking on the occasion, Robert Skidmore, Chief Sector and Enterprise Competitiveness International Trade Centre expressed that contributions of partners in this first round of consultations will help achieve a measurable reduction in poverty and increase in economic growth in addition to creation of more job opportunities in the country.

Livestock, dairy and horticulture – which account for 70% of value-added agriculture – have particularly strong potential for growth, climate adaptation and increased participation of women. Small and medium-sized enterprises in these two sectors, face major challenges.

GRASP will help small and medium-sized enterprises in horticulture and livestock become more competitive by making improvements at all levels of the value chain. The nine month inception phase of the project began in June 2019.(Additional Input From INP)

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Internet services fully restored: PTCL

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Our Correspondent
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Internet services fully restored: PTCL

ISLAMABAD: The Pakistan Telecommunication Company Ltd (PTCL) on Wednesday said that internet services have fully been restored, a day after Pakistan faced a countrywide disruption following a fault in its submarine cables.

In a statement by the PTCL spokesman, the company regretted any inconvenience that had been caused by the disruption in services.

In a post shared on Twitter on Tuesday, PTCL had said: “We regret to inform you that due to international submarine cable fault, internet services are impacted across Pakistan.

“Our technical teams are working on fully restoring internet services. We apologise for any inconvenience caused and thank you for your patience.”

Pakistan on Tuesday experienced slow internet browsing owing to a fault in IMEWE, an international submarine cable system which provides internet bandwidth to the country.

Read More: “World’s two major companies setting up solar panel plants in Pakistan”

An internet outage also occurred earlier this year, in June, when services were disrupted due to “multiple cable cuts”.

In 2017, internet users had experience slow internet browsing owing to a fault that occurred in IMEWE near Jeddah, Saudi Arabia.(Additional Input From INP)

More :Around 4000 export containers impounded to counter JUI-F protest

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