PSX defies political chaos

The Pakistan Stock Exchange (PSX) showcased remarkable resilience amid political turmoil, particularly protests by the Pakistan Tehreek-i-Insaf. Despite a significant downturn on Tuesday, the KSE-100 Index rebounded impressively, surpassing the 100,000-point mark for the first time. This recovery highlights the strength of Pakistan's financial markets, driven by strong corporate earnings, favorable macroeconomic indicators, and increased investor participation. The market's performance reflects underlying confidence in economic fundamentals, bolstered by the IMF's loan approval and strategic interest rate cuts by the State Bank of Pakistan. Analysts remain cautiously optimistic about continued stability and growth, contingent on political and economic developments.

Rehabilitation after catastrophe

The article discusses the ongoing rehabilitation efforts in Sindh, Pakistan, following the devastating floods of 2022. Despite international financial support from organizations like the World Bank, Asian Development Bank, and Islamic Development Bank, the reconstruction of infrastructure and housing remains incomplete. The floods caused significant damage, displacing millions and destroying homes, crops, and infrastructure. The Sindh government, with international aid, has initiated several projects to rebuild and enhance resilience against future disasters. However, challenges such as rising costs, limited resources, and inefficiencies in government departments have slowed progress. The article highlights the need for improved disaster preparedness and sustainable rehabilitation efforts.

Traders’ travails

The article discusses the severe economic crisis in Pakistan, highlighting the ongoing dollar shortage that has disrupted trading activities in Karachi. The depreciation of the Pakistani rupee, smuggling of US currency to Afghanistan, and delayed IMF funds have exacerbated the situation, leading to commodity shortages and a record low foreign exchange reserve that covers less than three weeks of imports. The IMF has withheld a crucial tranche of funding due to disagreements over reforms, which has further strained the economy. Political instability and the recent internet shutdown have also contributed to the economic downturn, affecting various sectors and causing significant losses. The article quotes Tariq Yousuf, president of the Karachi Chamber of Commerce and Industry, and Majyd Aziz, president of the UN Global Compact Network Pakistan, on the challenges faced by traders and the need for a long-term economic agenda.

Pakistan's Gas and Energy Crisis: A Call for Action and Awareness

Pakistan is facing a severe gas and energy crisis, with shortages becoming a constant issue throughout the year, affecting all sectors including industrial, commercial, and domestic. The crisis is particularly hard on low-income families, who are forced to spend a significant portion of their income on cooking fuel, often at the expense of other necessities. The former minister of state for petroleum, Dr Mussadik Malik, highlighted the depletion of Pakistan's gas resources. The Knowledge Forum's research indicates that many areas lack gas connections, and there are bans on new connections. The crisis has led to increased use of wood as fuel, with negative environmental impacts. There is a call for united action and a shift towards renewable energy, with some awareness in provincial capitals for sustainable solutions. The writer, a senior journalist, emphasizes the need for collective action and understanding of the climate crisis to secure a sustainable future.

Baloch Long March for Justice Marred by Police Brutality in Islamabad – Shujauddin Qureshi

The article discusses the Baloch women's long march in Pakistan, which aimed to raise awareness about enforced disappearances and extrajudicial killings in Balochistan. The march faced police brutality in Islamabad, with 226 women, including leader Ms. Mahrang Baloch, arrested. The march has been controversial, with criticism from Sindhi and Siraiki nationalists over territorial demands. Despite this, the march received support in Southern Punjab. The participants demand a judicial inquiry into the deaths of four individuals allegedly killed by the Counter Terrorism Department in Turbat. The Balochistan Police have registered a case against officials for these deaths. The Counter Terrorism Department claims one of the deceased was associated with the BLA and involved in terrorist activities. The march has garnered international attention despite a media blackout in Pakistan.

Pakistan 2024 Elections: Old Wine in New Bottle

The article discusses the upcoming 2024 general elections in Pakistan, India, and Bangladesh, highlighting the significance of these events in the South Asian region. In Pakistan, the elections are scheduled for February 8, 2024, and will include a large number of young, first-time voters. The nomination process begins on December 20, with expectations of traditional alliances and seat adjustments. The article also addresses the lack of representation for marginalized groups in Pakistan's Parliament and calls for electoral reforms. The use of social media by political parties, particularly Pakistan Tehreek-e-Insaf's virtual Jalsa, is noted as a significant development in political campaigning. The article suggests that the young electorate, equipped with digital tools, may influence the political narrative. It concludes by acknowledging the completion of five-year tenures by the Parliaments since 2008, with the 2024 elections marking the fourth consecutive on-schedule election.

Pakistan's Supreme Court Makes History with Live Broadcast of Proceedings

The Supreme Court of Pakistan, in a historic decision, allowed live coverage of its full court hearing on PTV, marking a significant shift towards legal transparency. This event coincided with the first day in office for Chief Justice Mr. Justice Qazi Faez Isa and the presence of all Supreme Court judges. The move is seen as a step towards increasing public trust and understanding of the legal process by providing direct access to court proceedings. The article discusses the implications of this decision, including enhanced public understanding, increased accountability, and the building of trust, while also considering challenges such as privacy, security, and the complexity of legal matters. Chief Justice Isa's leadership is highlighted as a progressive step for the judiciary, and the article emphasizes the importance of addressing challenges to ensure the protection of individual rights while maintaining transparency.

Jamshed Nusserwanjee: A great benefactor of Karachi and Sind

Jamshed Nusserwanjee, born in Karachi in 1886, is celebrated for his significant contributions to Karachi, Sindh, and Pakistan. Known as 'the maker of modern Karachi,' he played a pivotal role in the co-operative movement and the establishment of the Sukkur barrage, which greatly benefited the region's agriculture. As the first mayor of Karachi, he transformed the city into a well-planned metropolis. He was also a key figure in the Scout Movement and the Pakistan Institute of International Affairs. His legacy is marked by his humanitarian efforts, civic sense, and dedication to social welfare.

The status of women parliamentarians

The article discusses the persistent issue of sexist remarks and misogynistic behavior towards female parliamentarians in Pakistan's legislative bodies. Highlighting specific incidents involving male legislators from various political parties, it underscores the lack of support from both male and female colleagues and the role of social media in demanding accountability. The research by Marvi Sermad, conducted on behalf of the Strengthening Participatory Organisation, reveals systemic obstacles faced by women legislators, including ridicule and denial of development funds. Despite these challenges, women have continued to excel in their legislative roles. The article also traces the historical context of women's participation in Pakistan's legislative bodies and calls for increased representation to meet the universal standard of critical mass theory.

Demands to cancel KESC’s privatisation are surging

The article by Shujauddin Qureshi discusses the increasing demands for the re-nationalisation of Karachi Electric Supply Company (KESC) due to its poor performance post-privatisation. The Muttahida Qaumi Movement (MQM) and other political figures have publicly protested against KESC. G.R. Bhatti, a former KESC general manager, criticises the privatisation process as non-transparent and not in compliance with the rules of the Privatisation Commission of Pakistan and the NEPRA Act. He highlights financial irregularities in the valuation of KESC's assets and the government's decision to write off debts and continue subsidies. Bhatti argues that the privatisation has led to increased transmission and distribution losses, decreased revenue, and no improvements in services. He also points out the lack of experience of the consortium that took over KESC and the subsequent transfer of shares to Abraaj Capital. Bhatti concludes that the privatised management has failed and advocates for the government to take back control to alleviate the power issues faced by the residents of Karachi.