BP Mag

Volume: 03 Issue: 01 August 2016Reg: MC1402 Construction & Real-Estate Industries in Pakistan Govt Bans Fresh Investments In Power Generation Construction is one of the Investment Trust (REIT) swinger truck conveyors, Substantial decrease in interest fortunate sectors in Pakistan Development Scheme formed concrete placing trucks, dump rates, oil, electricity and coal ISLAMABAD: Federal support (LoS) for existing proposals or issue new ones for that has gained major relief in to develop housing sector are trucks, crane lories, truck prices will further favour the Government has banned fresh power plants of imported fuel. “No LoI or LoS be issued or the Federal Budget 2015-2016. not taxable till June 30, 2018. mounted lories, mobile canal sector. Experts are of the view private sector investments in extended by the PPIB for any power plant on imported fuel The government has given Furthermore, if any REIT lining equipment and transit that reduced interest rate power generation on imported except agreed bilaterally by the Government of Pakistan with special tax relief to the builders Scheme for housing sector is miners acquired from regimes always prove positive fuels owing to surplus the Chinese government and are part of the priority list of in order to facilitate the real setup up to June 30, 2018 it will construction firms registered for the construction sector. capacities contracted so far that China-Pakistan Economic Corridor projects,” read an estate industry. As a result, gain 50 percent tax waiver on with SECP and the Pakistan All in all, 2016 outlook for are enough to meet electricity order issued by Secretary Water businesses related to chargeable dividend income. Engineering Council is slashed construction sector is positive demand beyond 2022. ------- Contd. page # 02 ------ construction, sale of houses and As for the construction from 30% to 20%. as all the relief measures for The federal government has other buildings not only gained industry, government has The construction industry in builders and developers would issued written instructions to an exemption on minimum tax, relieved supply of crushed Pakistan is already mounting give a significant boost to the the Private Power and but received incentives too. stone and bricks from Sales Tax on the back of increasing multi-billion dollar industry. Infrastructure Board (PPIB) not To begin with, Capital Gains of up till June 30, 2018. infrastructure activities, rising To the extent the real-estate is to extend expiring letters of any person who sells his/her Furthermore, Custom Duty on demand of houses and concerned, the industry intent (LoIs) and letters of property to a Real Estate the import of used super construction recovery. ------- Contd. page # 02 ------ Major Factors Affecting The Shortfall of Housing Units Real Estate Industry Of Pakistan There is an annual shortfall of measures to give impetus to 270,000 housing units at this Sector which have helped Real estate is an important and industry in Pakistan Major single housing units. The tax its stable law and order present while the backlog of reviving construction activities around 7.0 million units is in in the Country. promising sector of the factors affecting the real estate will be charged on the cost of situation, recently Lahore addition. The Prime Minister Huge investments are pouring has issued a number of policy in from international investors economy of Pakistan. The industry of Pakistan New taxes: land, excluding other expenses. experienced a migration wave guidelines under “HOUSING from UAE, Singapore, FOR ALL” program for Malaysia, China etc. who have property market in Pakistan has A blow to real estate This served as a blow to real from rural regions. Migration launching housing schemes for committed for US$ 43 billion Government employees & on two islands of Bin Qasim, been developing rapidly in both development Despite fuelling estate development, as the and an ever-increasing provision of infrastructure to US$68 billion on a New City the housing development Project in Hawks bay, Karachi the commercial and residential the economy and creating developers and contractors population are factors that lead schemes. The Government has and are also executing mega identified housing and housing projects in Lahore, sectors. This not only attracts employment, housing and needed tax relaxation and other to the real estate market in construction as one of the Gwadar, Mangla & DHA major drivers of growth and has Karachi and Islamabad. local investors but also construction has not been incentives in order to double Lahore marching to new undertaken a number of ------- Contd. page # 02 ------ expatriates and overseas viewed as a major industry yet. their contribution to GDP. heights. A glance at the real Pakistani’s. Moreover, Their 2.3% contribution to Internal migration flows to estate market Lamudi shows investment in real estate is the GDP is still below the required Lahore Amongst the plethora of DHA is on the lead with a 1 most common way to protect 5% threshold. With the cities offering investment Kanal house having a price capital and earn a handsome elections, private developers options, Lahore is definitely the range of Rs.35,000, 000 to amount of monthly rent. were looking forward to most popular one due to its Rs.70,000,000, seconded by Following are some of the incentive plans but instead have secure environment and Bahria Town where the average factors impacting the real estate been levied with a 16% tax on modern luxuries. As a result of ------- Contd. page # 09 ------

August 2016 2 Pak Arab Provides Govt Bans Fresh The order said it was also observed that Interestingly, the government had put a Investments the “power generation already financed ban on setting up of power plants based on Complete, concrete and cost and under various stages of execution will high-speed diesel because it is the most ------- Contd. from page # 1 ------ also bring further capacity of 20,380MW expensive power. However, the fresh baneffective solution for any Project and Power Mohammad Younas Dagha to by 2022, bringing the total installed on new investments for all the imported the heads of PPIB and Central Power capacity to 53,405MW”. fuels — coal, furnace oil and liquefied ------- Contd. from page # 3 ------ Purchasing Agency (Guarantee) Ltd. On the basis of these commitments, “it was natural gas — has been made by the board The order said the power generation decided that no further financial of directors of PPIB.Pak Arab Spiro Pipe materials Pipes can be stored in capping plan approved by the PPIB board commitments would be justified for was based on a presentation that already purchasing power from the private sector,and the installation process stockpiles on flat, even contracted power projects were enough not especially on imported fuels”, the order only to meet power shortages but also to conveyed.are low cost. The intelligent ground, free of sharp rocks provide reasonable surplus reserve. It was explained that although the decision It said that 2632 megawatts of new was made on May 3 by the PPIB board anduse of material in the design of and objectives which may hydropower plants and 3960MW of conveyed to the relevant agencies, the coal-based power plants (both local and power ministry was displeased to knowthe profiles provides for high cause damage. Pak Arab Spiro imported) and other renewable energy that PPIB officials were still encouraging projects already under construction will private investors about furtherstrength to weight ratios, Pipe is UV resistance pipe, bring in 13207MW of new generation investments. capacity by end-2018. This is “sufficient The ministry expressed displeasure thatmeaning less material is used therefore safely stored in not only to meet our power shortages, but “PPIB officials were still giving mixed also to provide comfortable spinning signals to investors about these decisionsthan a solid wall alternative. direct sunlight. reserves”. who are still pursuing this office for allowing the PPIB to facilitate moreMore over besides the Connection to Pits, Access projects on imported fuels”.principle benefits mentioned Chambersabove, Pak Arab Spiro Pipe When connecting Pak Arabsystem offers many other Spiro Pipe to a rigid structureadvantages, such as: such as concrete manhole, theSpeedy Installation pipe should be either castPipeline from manhole to in-situ into the concrete wall,manhole or securely mortared theLightweight & Ease of T-shaped ribs of the pipe act asTransportation “weep flanges” to provide Construction & Real-Estate Industries in PakistanSimple & Compact restraint and preventMachinery longitudinal movement. ------- Contd. from page # 1 ------Ease of Installation Pipe CuttingAPPLICATIONS OF PAK Pak Arab Spiro Pipe can be witnessed a largely positive first month in Investment Opportunities in Lahore: any impressive numbers in February 2016. 2016. Therefore, many started to hope that According to experts, DHA Phase VIII and Prices of 1 kanal plots in all majorARAB SPIRO easily cut with any of the February too would remain positive for the Prism 9 in Lahore are one of the potential societies, like Bahria Town, Sector F-11Pak Arab Spiro Pipe offers a following tools: for the real-estate sector. Unfortunately, localities in the city that proffers attractive and Defence Housing Society, remainedunique solution for Quick cut or demolition saw this expectation didn’t materialize across returns on investments in commercial unchanged.non-pressure, gravitational Angle grinder the board, but encouraging price ascents properties both in short and long-term. On the contrary, the 10 marla category insubstructure applications: Hacksaw were observed here and there. Most of all, Whilst for home builders, DHA Phase 5, 6 DHA Islamabad and Sector E-11 showedSewage and Drainage Jigsaw no sharp declines were observed. Lahore’s and 7 seems more promising. restricted growth. The good news is noRainwater Circular saw with metal Real-Estate Market: The first two months People who are not too keen to invest in major plunges were observed during the of 2016 have remained generally positive DHA can look into projects like Bahria month. So experts believe that stabilityGravitational Conduits cutting blade for Lahore’s real-estate market. During Town, Sukh Chayn Garden, Valencia will only smooth the path for growth andReplacement for boxed Spiro Pipe Quality System February 2016, major shift in prices were Town, Tariq Garden, NFC Phase 1, enable the market to gain momentum in theculverts in highway and Pak Arab is a quality endorsed recorded in Bahria Town Lahore where 1 Khayaban-e-Amin and DHA Rahbar Phase days to come.motorway constructions company with ISO kanal plots have seen a sharp 5% increase. 1 & 2. But, societies located between Investment Opportunities in Islamabad:Collector medians along certification. The quality For many it may have been an unexpected Thokar Niaz Baig and Hadiyara Drain Many real-estate businesses in the capitalhighways system incorporates systems, surge since the society is embroiled in the seems more attractive. Considering the fact city believe that Sector G-6, 7, 8, 9, 10 &Conduits for power plants & procedures, work instructions controversy of Lahore Ring Road cutting that Chief Minister of Punjab Mian 11 are great for short-term investment.industries and forms addressing all through it. But those who were of the view Shahbaz Sharif has now approved the plan Apart from these Sectors B-17, C-14, that Malik Riaz won’t leave this issue to widen the road from Thokar Niaz Baig C-15, C-16, C-17, D-13, E-11/1, E-11/3Irrigation Canals functional areas and activities. unresolved and believed the authenticity of to Hadiyara Drain in an important meeting. F-17 and I-12 can also be considered toHandling For the production of Pak recent public notification from Bahria Under the plan the new road will be made make good proceeds in short time. SinceAn important advantage of Arab Spiro Pipe systems, Town’s management reading that Higher of four lanes in order to improve the traffic the Margalla Road is expected to completePak Arab Spiro Pipe is its light procedures and work Authorities have discarded their plan to flow. Fazaia House Scheme Phase 2 also within a year that can kick up the prices inweight, which makes handling instructions for quality control have the Ring Road pass through Bahria promises great potential in the long-term. nearby sectors.easy and economical. of: Town, never lost their confidence in the At present, the slow progress on the As for the long-term, localities like BahriaConsiderable savings can be Raw materials locality. After Bahria Town, Wapda Town southern loop of Lahore Ring Road is Enclave 1, Park Enclave 2, Mulit and Defence Housing Society (DHA) averting investors from investing Residencia & Orchards, a farmhousemade if pipes can be moved Mixing of uPVC dry blend for Phases 1 to 6 posted healthy gains in the aggressively in the society. But, it is society, can prove lucrative for investors.by hand, or by light lifting extrusion last month, with investors seeing limited anticipated that once the route is completed The latter is probable to give possessionsequipment in the case of larger Extrusion of strips growth in 1 kanal category. Whereas, 10 the strategic interchanges and roads in Block A from April 2016.pipes. Testing of strips marla plots in DHA Phase 7, 8 & 9 sprouting from Lahore Ring Road will Other lucrative investment opportunitiesStorage Packing and transport of strips registered more than 1% rise in prices. make the housing scheme well within can be found around the New Islamabad 100 Kilowatt Biomass In contrast, LDA Avenue 1 that has gained reach. Islamabad’s Real-Estate Market: International Airport, which includes a lot of traction in January 2016, failed to Unlike the first month of the year, federal Pakistan Employees Cooperative HousingGasification Power Plant Installed At UAF excite investors much in February 2016. capital’s real-estate market fails to depict Society, Mumtaz City and Top City. ------- Contd. from page # 3 ------ Shortfall of Pakistan’s Construction Sector Growing Rapidlyactively working on solar energy. It has developed solar grain Housing Units The construction industry in Pakistan overall GDP growth rate was estimated atdryer, solar cooker, solar assisted milk pasteurizer, and solar witnessed 11.31% y/y growth in the a recent National Accounts Committeetunnel dryer. ------- Contd. from page # 1 ------ current fiscal year on the back of (NAC) meeting, chaired by Asif Bajwa,Dr Xiaobo Wang stressed the need to utilize renewable energy The new home financing schemes by increased government spending, while the Chief Statistician. The agriculture sectoras substitute of fossil fuels. He said that provision of clean local and foreign leasing and financial country’s GDP surpassed projected witnessed 2.12% growth (against aenergy would not only improve living quality but also improve institutions, through aggressive estimates, rising by approximately 4.14%. projected target of 3.8%); the industrialthe local environment and further to global environment. marketing, are playing an important role Ishaq Dar, Finance Minister, told local sector saw 5.84% growth (against a for the growth in this sector. Also, there news sources that the country was on track projected target of 4.8%); and the serviceNew Regulatory Regime are numerous infrastructure development in terms of achieving its GDP growth sector grew by 4.29% (against a projected For Brokers projects in progress in the Country that targets. target of 4.26%) for the current fiscal yearFresh Regulations To Enhance include a large number of flyovers, Officials had hoped for 4%+ growth in the (FY14). The construction sector grew byInvestor Protection: Experts underpasses, highways, tunnels, dams, first fiscal year (FY14) and are forecasting 11.31% in FY14 due to increased govern- roads and industrial projects which have 5% growth in FY15 and 6% growth in ment investments (50% increase), lead this industry to surpass its past status FY16. surpassing revised estimates of -1.68% and glory. The contribution of individual sectors to growth in the previous fiscal year. ------- Contd. from page # 6 ------ New Approach To Privatization Of Power CompaniesExperts appreciated that thegovernment has the right idea ------- Contd. from page # 5 ------that reforms stem from the necessary. and brought it up to the ‘restructured’ said. Most other market participants He pointed out that the PC had put in a lot stage. Although the outstanding stock of admitted that due to lack of depth,entities responsible for of effort and energy to restructure, power sector arrears remained, new arrears investors were chasing very few shares on particularly state-owned entities that were accumulating at a significantly most sectors of the stock market.creating the first impression of churned out losses year after year. reduced pace. The PC chairman contended Neither the thunder of the chairman of the Financial advisors were appointed and due that already savings of Rs61bn was Securities and Exchange Commission ofour market for any investor diligence was carried out. As workers’ achieved by reducing transmission and Pakistan that he would order forced unions agitating against privatization distribution (T&D) losses and improved listings, nor the lollipop of extending taxi.e. the brokers. The intention resisting mandatory vowed to turnaround the sick units given revenue collection. credit of 20pc for new listings at the bourse ample time of a year or two, the Arif Habib, the former chairman of the to two years decreed by the Finance Actof allowing flexibility and requirements of law, even government decided to float 10 to 20pc of Karachi Stock Exchange, termed the offer 2016-17, could lure companies to float an their shares at the stock market. of equity through the stock market a good IPO. Incidentally, the new listings in thechoice to brokers in selecting when they are to their benefit “The government expects to improve tiding. He said fresh listing of power current calendar year to-date have been governance and proper disclosure by companies would satiate the appetite of the just two: Awwal Modaraba and Hi-Techthe services they intend to in the long run. putting a part of those companies under the investing public. Small investors could get Lubricants Limited, against seven new vigilant eye of the corporate regulators” an opportunity to make money by entrants a year ago.undertake and the level of There is greater need now for said Zubair. The PC would then proceed to investing in IPOs just as they did in case of Aside from a bevy of reforms and code of sell the remaining three-quarters of stock earlier divestment of Oil & Gas corporate governance compliance whichinvestment and risk they the brokerage industry to itself of a hopefully disciplined and stronger Development Company and Pakistan frightens them away, the private firms also Fesco to the strategic buyer within two Petroleum. are loath to go public so as to be able toassume, is not misplaced. The realize its responsibility as years. “It would help in ‘price discovery’ of the keep all profit to themselves instead of The PC chairman said that it should be power stock for offer to strategic buyer; sharing it with outside stakeholders. Andnew regulations differentiate public custodian and deliver appreciated that after more than two deepen market capitalisation and increase they understandably find comfort in cloak decades, the privatization of power ‘free float’ which is a major attraction for of secrecy wrapped around the firm’sthe level of operational and on its due role as the companies was taken up in right earnest institutional and foreign investors”, he workings.infrastructural capacity and guardians of marketregulatory commitment reputation. Openness torequired by a broker, based on reform has been a majorthe activity being performed. advantage and on the adventIndependent analysts believe of further reforms, thethis would greatly reduce cost country’s brokers need toof doing business for small accept internationally testedbrokers and also enable them models and migrate to larger,to reduce risk and focus on better-capitalized andcore competencies. financially soundSurprisingly, brokerage organizations as beingindustry is adopting a envisioned in the newshort-sighted approach by regulations, they added.

August 2016 3100 Kilowatt Biomass Pak Arab Provides100 Kilowatt BiomassGGaassiiffiiccaattiioonn in China by 2010. Totally about PPoowweerr PPllaanntt IInnssttaalllleedd AAtt UUAAFF 4 billion m3 biogas was Complete, concrete and cost produced each year.FAISALABAD: The and 15-18 percent in food Dean Faculty of Agrieffective solution for any ProjectUniversity of Agriculture grains. He said the plant will be Engineering Dr Allah BukshFaisalabad (UAF) has installed used for the research and said that in Pakistan, 26 million100 kilowatt biomass development activities as step hectare is under the cultivation. Pak Arab is the Pakistan's compressors which allow the ease of installation, durabilitygasification power plant meant towards to reach it out to every He suggested using the largest manufacturer of plastic best quality pvc pipes with and chemical resistance offor promoting alternative way pipes and fittings, we provide supreme endurance and plastic pipes has been majorof energy to overcome power corner of the province. He said strength. factors in their rapidly growingshortfall touching 5000MW. that plant is installed by the \"absolutely complete system Pak Arab Making Spiro Pipe acceptance.UAF Vice Chancellor Prof Dr China whereas the UAF staff is Pak Arab uPVC Spiro Pipes are FEATURES ANDIqrar Ahmad Khan inaugurated trained to handle it in this for any project\". obtained by forming pipes with BENEFITS OF PAK ARABenergy plant established at regards. the state of the art winding SPIRO PIPEPunjab Bio Energy Institute, Dr Hai Bin Li said that China is Our plastic pipes and fitting's technology of specially The two major benefits of PakPostgraduate Research Station, producing 650 million formulated uPVC strips. These Arab Spiro Pipe are the low riskUAF in collaboration with agricultural wastes. Fifty plants in Karachi have strips are produced through an and low cost of installation.China as an initiative of the percent of the wastes were extrusion process and rolled to Low RiskPunjab government. being used for producing the state-of-the-art facilities, with a special drums. Pipe production In Concrete pipes as diameterDr Iqrar Ahmad Khan said the energy. He said that forest can be executed in factory as increase, the risk andcountry was producing a huge waste was also touching 270 total production capacity of well as “on-site“. consequence of failure ofquantity of biomass and crop million tonnes in China which On-site production is carried performing an installation withresidue every year that must be 30 percent is used for the over 10,000 m.t.p.a. Pak Arab out by transporting Spiro pipe a cured in Place productconverted into electricity as an energy purposes. He said that making units and strips. This increases exponentially. This isalternative way. He termed the they are meeting 10 percent of is a leading plastic pipe pipe is so lightweight that it can because the mass of uncuredproject a solution to meet the the power demands from the be lowered manually into theneed of the electricity, bioenergy. He said that the manufacturers in Pakistan to be trench. uPVC Spiro Pipe is material increases proportionally.especially at the village level. promotion of such technology produced in sizes from 300mm It is fair to say that in concreteHe said that it is an initiative of would promote the country to certified by IS/ISO 9001:2008. to 3000mm. pipes, as the diameter increasesPunjab Chief Minister who had meet its energy demands. He It is well known that concrete so does the risk.invited China to set up biomass said 4,700 scaled land poultry Pak Arab plastic pipes and pipes can fail after some years Whereas Pak Arab Spiro Pipe isplant to promote the technology farm biogas plants and 1600 of services due to the corrosive the best solution for mediumfor which UAF was selected for scaled industrial organic waste fittings are available in vast nature of the liquid that flows and large diameter pipesthe purpose. biogas plants were in operation through them. Most countries because all the strips areHe said the plant converts the range (sizes, pressure classes have underground pipelines delivered to site in its finalagricultural waste into the that are reaching to the end of form. It has been produced in apower through the gasification and diameters) for diverse their lives. As well as the risk of factory environment accordingprocess. He was of the view pipeline collapse exists. This to tight quality controls. Therethat though 100KW plant, we applications in agriculture, can lead to unacceptable are no risks associated withcan provide the power to 50 problems such as wastage of curing the material at thehouses. housing, telecom, construction water, or pollution through project site where theHe stressed upon the need to infiltration from sewer mains. environment and conditions areadopt the model at the every and industries. Plastic pipes have, in the last 20 uncontrollable.village level. He added that the years, taken over from In addition, the process can becombination of biogas, agricultural wastes for the PRODUCTION traditional pipes in many started and stopped as needed.biomass, and solar energy production of energy. He said At state of the art different applications. Once Pak Arab Spiro Pipe is thewould help to become that reserves of fossil fuels can manufacturing plant equipped water, sewage, gas, telephone clever solution being sought forself-sufficient in the energy end up after half a century. with modern European and electrical cables were only the medium to large diametersector. He said in Pakistan, Therefore it is the need to find Extruders and with unique carried in iron, steel or concrete market.post-harvest losses in fruits and out the alternative way of distinction of producing four pipes, but today uPVC pipes Low Costvegetables are 25-40 percent energy. He said that the pipes simultaneously, Pak Arab have largely taken over. The In addition to being low risk, University had launched a production touches the mark of ------ Contd. page # 02 ------ programmed of energy system 6000 tons per annum, which engineering that would also reaches customer across varied help to fight the challenge with destinations. the help of trained manpower. They are equipped with fully Dr Anjum Munir said that automated robotics system, Pakistan spends 14 billion US $ where they reduced the human yearly on import of oils. He involvement at every level of said that electricity shortfall manufacturing. was greater than 5000MW Pak Arab has a capacity to resulting daily load shedding. produce over 10,000 m.t of He said available energy PVC pipes per annum with no resources are unable to meet compromise on quality system. the required energy demand of Pak Arab believes in unique the country. quality product, they are one of He said that besides the the exclusive manufacturers biomass and biogas, the UAF is equipped with 200 tons chillers with German heavy duty ------- Contd. page # 02 ------

August 2016 4 Renewable Energy Expertise: Brazil OffersLAHORE: Brazil monalities and good exports have fallen in exporting various types Brazil. agro products includ-meets more than 42 per diplomatic relations, terms of value from of consumer goods like He highlighted the ing rice, pulses, fruitscent of its energy needs trade volume between $87m to $56m in the ready-made garments, huge potential that the and vegetables etc. Forthrough renewable Brazil and Pakistan is given period. fabrics, knitwear, country offers for the this, we need to worksources and is ready to meager. Almas Hyder said that towels, leather and exports of high quality closely with yourshare knowledge with He said that mutual the private sector of leather products, phar- footballs made in Paki- office to find the rightPakistan, said Brazil trade volume in 2015 Pakistan can definitely maceutical, surgical stan. partners.” said theAmbassador Claudio was hardly $369 take advantage of instruments etc to “We can also supply LCCI Vice-President.Lins. million, which is waySpeaking at the Lahore below the potential thatChamber of Commerce exists.and Industry, he said “Brazil is looking forthat Brazil was ready to new trade partners inextend cooperation to Asia while PakistaniPakistan in the renew- products are of goodable energy sector. quality and can easilyBrazil has also had make their way into thesuccess in improving Brazilian market”,per hectare yield added the Brazilianthrough modern tech- envoy.nology and double LCCI Seniorcropping and is also Vice-President Almasone of the largest Hyder said thatexporters of poultry B r a z i l - P a k i s t a nmeat. relations are friendlyLins encouraged Paki- and cooperative.stani businessmen to Although trade figuresbenefit from Brazilian do not match the actualexpertise in these potential of trade, theysectors. Brazil is now are following anthe ninth biggest econ- upward trend; the twoomy of the world with way trade has surgeda GDP of $1.7 trillion. from $227m in 2013 toHe said that despite $316m in 2015.having various com- However, PakistaniDevelopment Partners To Back: Census Exercise To Cost Around Rs14bn: Dar ------- Contd. from page # 5 ------The census data serves as the which is credible, transparent deployed to ensure the security terrorists. The issue he said has interventions are identified to indicators have been showing and which helps the nation to of census men and materials as since been reviewed and it has further improve the economy. positive progress over the pastbasis for all administrative and move ahead. well as to provide credibility to been decided to postpone the He said the country’s all the three years. He said as Pakistan is going to the data collection operation. census to a date when the economic indicators were on He expressed thank to Pakistandevelopment planning and conduct of 6th Population He said resources were required force could be made slide when the present Bureau of Statistics (PBS) and Census, the conference would allocated and made available to available. government came to power in UNFPA for organizing thisevaluation in the country. address how to hold the census the PBS and preparations were Dar said the health of all 2013 but now macro-economic conference and bringing in a manner which is credible, on, however, the necessary economic indicators also situation is stable. He said he together experts andHe added that in Pakistan, as transparent and acceptable to army strength required for the directly depends on the total was very pleased to share with stakeholders from Pakistan and all the stakeholders. We have task could not be made population of the country; this house that Pakistan is now abroad to discuss and shareelsewhere, census is a gigantic decided that the 1998 model available on the proposed dates therefore, it is imperative that a firmly on the path of their views on an issue that is would be followed and the due to its commitments in the correct population number is sustainable and inclusive of considerable importance forpeace time exercise. Presently, Pakistan Army would be Zarb-e-Azb operation against available so that policy growth. All economic the general public in Pakistan.the country has over 166,000census blocks which requireposting and training of nearly200,000 enumerators andsupervisors. Supply of censusmaterial and retrieval of thefilled in forms from Khunjerabto Karachi and from Chaman toWagha is a huge logisticaleffort.With the process of devolutionof power to local levels, therole of provincial as well aslocal governments has gainedimportance and suggested thata mechanism must be devisedwhereby provincial and localgovernment functionaries mayactively contribute in thecensus process.He urged all relevant federalgovernment ministries,Divisions, departments to alsoextend their whole heartedsupport and cooperation toPakistan Bureau of Statistics inthis huge task.Finance Minister stated that hewas happy that necessarycensus planning andpreparation has already beenmade. The main focus,however, should be to hold afree, fair and transparentcensus to produce reliableresults. For that lessons frominternational best practices toomay be sought. He said that hehopes recommendations of thisconference would go a longway for undertaking a census

August 2016 5New Approach To Privatization Of Power CompaniesAFTER disengaging itself appointment of financial Development Partners To Back: Census Exercise To Cost Around Rs14bn: Darfrom the widespread workers’ advisors for strategic sale with ISLAMABAD: Financeprotests, the government has management control of four Minister Ishaq Dar has statedembarked on the stalled utilities. “Under the that census exercise is estimatedprivatization process. circumstances, it picked up the to cost the country around Rs 14Under consideration were the middle way solution” — billion in addition to the supportPakistan Steel Mills, PIA and Privatization Commission being provided by thePower Sector entities. The Chairman Mohammad Zubair development partners. SpeakingCCoP approved the sale of “The CCoP allowed the at international conference onresidual 40.25pc shares in the Privatization Commission (PC) population census, organized by and sustained higher growth asstock market listed Kot Addu to initiate the process for listing the Census Division of Pakistan, well as adequatePower Company Limited of shares of qualified power Bureau of Statistics, Dar stated socio-economic planning.(KAPCO). The government distribution companies that in order to successfully He said that holding of census iscalled for Expression of (Discos) on the stock exchange carry out this exercise, all an important national task as itInterest (EoIs) in the country’s through Initial Public Offering available resources will have to impacts directly on variouslargest Independent Power (IPO) starting with the be mobilized. He further stated facets of national life.Producer (IPP) on July 15. Faisalabad Electric Supply that way. Earlier the brought about a change of heart that development partners, The Minister stated the censusWhile the investors at the Company (Fesco) and government had completed the on the part of the government? especially the United Nations provides benchmark data onmarket are looking forward to Islamabad Electric Supply process of appointment of “This was the preferred option Population Fund (UNFPA) have socio-economic andthe prospects of a larger Company (IESCO).” financial advisors for strategic but under the circumstances, long supplemented Pakistan’s demographic characteristics offree-float post privatization of “The controlling stake and sale with management control the government picked up the efforts through financial, population and housing. It alsoKapco, their joy is the management of companies of four utilities. The IESO; middle way solution”, material and technical support. provides basis for distribution ofgovernment’s intent to divest would continue to be vested Lahore Electric Supply Privatization Commission Dar said that a firm population parliament seats amongst thepart of holdings in power sector with the government”, a Company (Lesco); Faisalabad Chairman Mohammad Zubair number obtained through a provinces, distribution of fundsentities through the stock spokesman for PC announced Electric Supply Company told fast-track privatization transparent census will further to the federating units andexchange. at the conclusion of the July 14 (Fesco) and the National Power was replaced with sale after support the government’s employment quotas to all civilEarlier the government had CCoP meeting. Generation Company Limited ‘Transaction restructure’ where policies and help in devising federal postscompleted the process of But it wasn’t supposed to be to a single buyer. So what ------- Contd. page # 02 ------ plans to achieve an inclusive ------- Contd. page # 04 ------WORLD NEEDS 31,000 NEW PILOTS A YEAR: BOEINGNEW YORK: Global airlines maintenance technicians, the rise of low-costwill need an average of 31,000new pilots every year for the 679,000. carriers usingnext two decades as the airtransport industry expands, Those numbers are needed to single-aisle aircraftBoeing said.In its annual forecast of serve a global fleet Boeing has like the Boeing 737industry staffing needs, the USaircraft builder said staffing predicted will rise by nearly and the Airbus A320.needs at carriers will also growquickly for cabin crew -- a total 40,000 aircraft in the same New aviationof 814,000 people neededthrough 2035 -- and period. markets in Cuba and The pilot estimate was 10.5 Mexico will drive percent higher than last year's, stronger demand in Boeing said in a statement. North America, Forecast growth is strongest in Boeing added. the Asia-Pacific region, with 40 percent of global need due to

August 2016 6 New Regulatory Regime For BrokersFresh Regulations To Enhance Investor Protection: ExpertsISLAMABAD: The new operations, commit to investors. on the principles pertaining to hand and enforce tougher for ensuring businessregulations of the Securities compliance standards and keep Independent experts believe regulation of market regulations accompanied with continuity of existing securitiesand Exchange Commission of interests of the client foremost. that heinous instances of small intermediaries, with most of strong compliance mechanisms brokers through a plan forPakistan (SECP) would The jurisdictions with strong investors being deprived of these principles rated ‘partially and enforcement powers to phased implementation of theenhance investor protection track records of market their savings due to implemented’. This indicates ensure zero tolerance policy new requirements. Thethrough a clear distinction for performance and a consistent exploitation by a few handful that upgrade in standards of the towards unfair trade practices, 2016-18 capital marketbrokers intending to maintain history of safeguarding brokers in the past are a core brokerage industry has been market abuses and any development plan recentlyclient asset custody, enhanced investors’ interest generally factor for poor growth figures overdue and not kept pace with activities that may exploit publicized by the SECP alsodisclosures including have a much lower ‘number of for number of retail investors in international developments.reconciliations and reporting of brokers to market capitalization our market. The new regulations go a longclient asset segregation, ratio’ as compared to Pakistan. The SECP as the apex regulator way in bridging this gap bycomplaint handling procedures Such jurisdictions have seen of the country’s capital markets bolstering requirements forand policies for internal consolidation of brokerage and corporate sector is improved risk management andcontrols and compliance. houses with only a few firms entrusted with the enhanced investor protectionExplaining the new broker’s meeting pre-requisites for responsibility of ensuring through a clear distinction forregime at stock exchange, undertaking custody of client adequate protection of brokers intending to maintainexperts told that the apex assets. Brokers with lower investors and maintaining their client asset custody, enhancedregulator, ie, Securities and capital base and infrastructural confidence in the market. disclosures includingExchange Commission of capabilities have restricted Although market has came a reconciliations and reporting ofPakistan (SECP) has also been themselves to performing only long way since the 2005 and client asset segregation,actively pursuing a structured trading functions. A change in 2008 fiascos, it has in the past complaint handling proceduresapproach for putting in place mindset is also required to been plagued with instances and policies for internalsubsidiary rules and regulations ensure that the concept of large where the common investor has controls and compliance.for implementation of the and small brokers does not suffered due to market They said that the regulationsSecurities Act, 2015. Pakistan’s remain relevant in the context malpractices and misuse of have already become a bone ofcapital market has entered a of responsibilities of brokers as assets entrusted to market contention and are being investors or damage confidence reinforces a structurednew era of governance and custodians of public money. intermediaries in good faith. vocally opposed by members of in market. approach towards introducing atransparency and is It is expected that while the Experts said that Pakistan’s the brokerage community. It is The trend over past years vibrant reform agenda. Withwell-positioned to capture a brokerage industry may country review of the therefore yet to be seen how exhibits that market regulators inclusion of Pakistan in thestrong foothold in today’s experience initial challenges International Organization of effectively the apex regulator have matured in pursuing MSCI Emerging Marketshighly competitive global upon implementation of the Securities Commissions manages implementation of investor protection and market Index, the country iscapital market landscape. new regime, these difficulties Objectives and Principles of these regulations to ensure its development initiatives by establishing itself as a premierThere is a growing need both are only those inherent to any Securities Regulation showed mandate of investor protection being conscientious of the investment destination.locally and internationally for change from the status quo. The dramatic improvement from the and stated target of curtailing interest of the market and its Coming at par with this elitebrokers to have better qualified new regulations are a vital earlier assessment conducted in instances of misuse of client participants. It is heartening group of countries howeverresources, produce quality foundation for ensuring 2004. However, it is interesting assets by brokers. It is need of that an announcement by the requires still more work to beresearch, deliver highest stronger investor protection to note that Pakistan could not the hour for the apex regulator apex regulator duly done.standards of ethics in measures for the small report significant improvement to deal this matter with an iron acknowledges considerations ------- Contd. page # 02 ------

August 2016 7 Foreign Investors Now Less Punjab Investment Board Signs Concerned About Security Mou For $5bn Oil RefineryKARACHI: Improvement in security being held outside Pakistan because of securityenvironment has raised the comfort level of concerns. The Punjab Board of substantially substitute oil would have a positive impact onforeign investors, according to the findings of a OICCI President Shahab Rizvi commended thesurvey conducted by the Overseas Investors relevant authorities, especially Sindh Rangers Investment and Trade(PBIT) imports in the country and both the economy and localChambers of Commerce and Industry (OICCI). and the Karachi Police, for playing a key role inOverall survey results were considerably improving law and order. signed a memorandum of generate around 50,000 to population.positive for Karachi, Lahore and Islamabad, However, Mr Rizvi said foreign investors stillespecially regarding major security risk and consider security situation as their top concern understanding with Grace 70,000 direct and indirect Under the MoU, PBIT wouldthreats to business. However, foreign investors in doing business in Pakistan.are still concerned about growing number of Refinery, an international employment opportunities in act as one window facilitator forstreet crimes, especially in Karachi.The survey, conducted in June, found nearly 90 petrochemicals company, for South Punjab. the Grace Refinery forper cent of the respondents believed that thegeneral threats to the business have dropped as establishing an oil refinery with She added the project would fast-track facilitation andcompared to the period before August 2013.Moreover, 97pc respondents believed that $5 billion investment near Kot take three to five years to necessary support for earlysecurity concerns have become less for generalbusiness, customer business, suppliers and Addu. complete but the company was commissioning of the project,employees. Besides, 87pc investors reportedthat their staff now feels more comfortable in PBIT CEO Amena Cheema and trying to channelize the adding the board would alsotheir everyday commute to and from theworkplace. Another significant feedback from Grace Refinery CEO Uzma investment during the present help the foreign company inthe survey was that more foreigners are nowtravelling to Pakistan and hardly any meeting is Bashir signed the MoU on government’s regime. acquisition of necessary behalf of their respective she said Pakistan’s refining licenses and land for their organizations at the PBIT production was around 800,000 market entry. head-office. barrels a day, but the existing Ms Uzma, said her company refineries were catering only up was going to introduce the latest to 350,000 barrels a day while Euro 6 standard oil refinery rest of the refined oil was technology in Pakistan that imported to Pakistan. She added would reduce carbon emissions her refinery would help meet from fuels. The refinery, with the shortage. 220,000 barrels per stream day Ms Cheema said the MoU was a (bpsd) capacity, would part of an ambitious venture that

August 2016 8 Allege It Favors Punjab 3 Provinces Challenge Gas Distribution Formula,ISLAMABAD: Sindh, of current arrangement of gas (CNG) requirements were change to the gas allocation domestic gas is supplied to all Punjab’s domestic consumers supply that allowed provincial concerned. because it appeared to have the residential citizens as a top currently face over 40pc gasBaluchistan and Khyber governments to let all The nutshell of the response been designed to benefit priority because the gas shortage in winters. Gas supply consumer sectors in that from the three smaller consumers in Punjab. shortage had now expanded to in Punjab at present is aboutPakhtunkhwa opposed a province where it is produced provinces was that they would At 68pc, Sindh has the largest all the provinces and all need to 60pc of demand in the as enshrined in Article 158 of not surrender their rights that share in overall gas production find a solution together on a residential sector and there isproposed change in natural gas the Constitution. were protected under Article of the country, followed by permanent basis. no gas for any other category Mr Abbasi, these sources said,distribution formula that could argued that Pakistan was a 158 of the Constitution. around 15pc in Baluchistan, This would be a departure from of consumers who are now federation and natural gas Baluchistan pointed out that 5pc in Punjab and around 12 pc the existing arrangement under being supplied imported LNG.benefit household consumers should be provided to all its the said article remained part of in KP. Consumption-wise, which provincial government The ministry has been at odds citizens. “All domestic the original 1973 constitution Punjab tops the list with 45pc could provide fresh gas finds to with the Sindh government forin Punjab and affect industrial consumers should be treated as but was activated at the time of share, followed by about 42pc industrial, commercial and gas supply to CNG stations equals irrespective of their the 18th amendment four in Sindh, 7pc in KP and 6pc in CNG sectors within their while domestic consumers inand commercial consumers in provincial location,” he was decades later when its gas Baluchistan. The petroleum provincial territories even if Punjab suffer. Likewise, there quoted as saying. production had declined ministry believes that the CCI domestic consumers of other is no gas load-shedding forother provinces. The sources said smaller drastically. should adopt the new province, particularly Punjab, CNG consumers in KP and provinces accused the federal The provinces opposed any arrangement to ensure that face serious shortages. Baluchistan at present.At a meeting presided over by government of violating their constitutional rights on theMinister for Petroleum and issue of gas consumption even at present. For example, KP hasNatural Resources Shahid been criticising the centre for creating hurdles in utilisationKhaqan Abbasi, the 3 of 100 million cubic feet per day (mmcfd) of natural gasprovinces also accused the developed after the 18th Amendment to thecentre of violating their Constitution for establishment of power plant.constitutionally protected right The petroleum ministry also proposed that after meetingto have control over gas they needs of the domestic consumers with domesticallyproduce. produced gas, surplus should be left at the provincialThe minister convened the discretion on the basis of production.meeting for brainstorming on It also proposed that liquefied natural gas (LNG), whoseredefining the natural gas quantity would keep on increasing with time, could beallocation policy to treat shared with the provinces as far as their commercial, industrialequally all the residential and compressed natural gasconsumers across the countryirrespective of gas produced inone province or the otherbefore seeking its approvalfrom the forthcoming meetingof the Council of CommonInterests (CCI).The meeting was also attendedby Federal Minister forInter-Provincial Coordination(IPC) Riaz Hussain Pirzada,Chief Minister BalochistanSanaullah Zehri andrepresentatives of the Sindhand KP governments.Informed sources, however,said the centre was seekingdedication of natural gasproduced in all provinces toresidential consumers as a“first priority” to overcomeacute winter shortages, instead

August 2016 9 Major Factors Affecting The PBIF Chief Says Some FTAs Proved CounterproductiveReal Estate Industry Of Pakistan ------- Contd. from page # 1 ------ KARACHI: President, Pakistan Bangladesh, Indian and nations,” said Hussain. Businessmen and Intellectuals Vietnam was less than Pakistanprice is around Rs.50,000,000. Regular property prices are expected to be more stable Forum (PBIF), Mian Zahid due to cheap electricity. He also expressed concern over Hussain, has said that many “Our investment laws are verymonitoring of the property price developments but investing in the Karachi market still free trade agreements have liberal but it’s not helping as continued fall in exports and proved to be counterproductive more and more investorsin Lahore remarks an increase by a whopping remains an unsafe option. and against the national continue to prefer trading over said that exports had slipped interests but nobody was manufacturing which doesn’tRs.4 million in just a month. Favorable investment climate for expats blamed and satisfactory steps require heavy investment and from 25.3 billion in 2011 to 22 were not taken to fix the issue. space,” he added.Law and order situation in Karachi community. The government has recently He also pointed towards The rise of stock market, billion in 2015 which shows a structural weaknesses, policy commodity market and landThe law and order situation in Karachi has had approved an investment scheme for overseas hiccups, high transaction cost, market also reduced interest in drop of three percent in lack of infrastructure, and manufacturing sector whilea drastic impact on the property prices. They Pakistani’s, who are keen to invest in small improper mechanism to there is no bank in the country comparison to the GDP. safeguard local export industry to support industrial sector, hehave remained stagnant in safer areas and medium-level businesses in Pakistan. Due as many sectors are at the observed. “Commercial banks Hussain said that country used mercy of international market. continue to prefer investment incompared to low income areas where the to this favorable attitude of the government, He noted that non-payment of government papers and avoid to spend 11.3 percent of the refunds had damaged the industrial sector which is asituation is fragile. The prices in DHA have the investors and expats are returning to the competitiveness of export reason behind fall of GDP on debt servicing in 2008 sector and pushed up cost of manufacturing, which isremained steady and those of Phase 6 and 8 market and the land prices are expected to doing business at a time when considered as backbone of which had now swelled to 19.1 cost of production in economy in many developedare even on the rise. Whereas property prices escalate in the coming weeks. percent due to unprecedentedin Gulshan, North Nazimabad, New Karachi, As mentioned above, the real estate economy loans. He said that fall inLyari and Mauripur have dropped drastically. positively contributes to the economic growth exports can be attributedThe government is taking stern actions to of the country and it is the duty of the primarily to its non-competentimprove the condition and has appointed government to formulate legislation for the department, decade-longrangers and law enforcing agencies to provide investors to have an even playing field and energy crisis, rising cost ofa secure environment to Karachiites. The avoid risks to the sector. production, political Cement Sales Rise, uncertainty, ignoringExports Continue to Suffer value-addition and preferring export of raw material, and inability to capitalise on GSP Plus.KARACHI: Total cement dispatches in July tones and from the south contributed 192,0002016 increased 9.82 per cent to 2.483 million tones. Dispatches to Afghanistan fell 15.87pctons compared with July 2015. from last July. Exports by sea alsoThere was healthy off take in domestic substantially declined by 27.43pc over thedispatches despite heavy rains that affected same period last year.construction activities in many parts of the A spokesperson of the All Pakistan Cementcountry. Manufacturers Association (APCMA) saidLocal sales went up by 12pc to 2.018m tones exports had continuously been falling for theas compared to 1.8m tones in the same month last few years 3pc in 2013-14, 11.57pc inlast year. While exports remained stagnant at 2014-15 and 18pc in 2015-16.465,102 tones as against 465,369 tons lastJuly. Sales in the north zone were 1.67m tonesup from 1.52m tones in July 2015 whiledispatches in the south zone were 0.35m tonesas compared with 0.279m tones in the samemonth last year.Manufacturing units in the north regionregistered growth both in local dispatches andexports at 9.85pc and 11.82pc, respectively,while the south region registered 26.15pclocal growth but exports declined 17pc.Quantitatively, the north zone contributed306,000 tones and the south zone 159,000tones to exports during the month. In July2015 exports from the north were 274,000Smuggling of Vehicles From Afghanistan Continues UnabatedPESHAWAR: As the federal government has used to bring smuggled vehicles to the bargain personnel at different check posts in tribal area An official in Parachinar, Kurram Agency saidintroduced border management system with centers in Fata and Malakand. and Khyber Pakhtunkhwa, non-custom paid that 10,000 vehicles were locally registered fromAfghanistan to regularize cross-border The Afghan car dealers have set up sale centers vehicles are smuggled to Malakand easily. 2012 to 2014. The number of vehicles hasmovement, the flow of non-custom paid vehicles in the towns close to the border in Nangarhar, Dealers alleged that they were paying handsome rapidly increased in Kurram since thefrom across the border continues unabated. Paktia, Khost and Paktika provinces owing to amount to the personnel of the law enforcement administration relaxed rules that multipliedNotified check posts and unfrequented routes growing demand of non-custom paid vehicles in agencies to pass non-custom paid vehicles pressure on roads in the valley.along the border are used to smuggle Fata and Malakand. through the check posts in Peshawar and Mardan Vehicles are brought from Sheher-i-Nou, a smallnon-custom paid vehicles into the tribal A source said that Maskani in Lower Dir district divisions. town in Afghanistan via Kherlachi and Borki,borderlands and then driven to Malakand had become a hub of smuggled vehicles where The police stations concerned are locally border towns in Kurram Agency. Sheher-i-Noudivision of Khyber Pakhtunkhwa, according to dealers from Bajaur, Mohmand agencies and registering smuggled vehicles in all seven is the nearest market for the car dealers aftersources. districts of Malakand division were buying districts of Malakand division where according Khost.Customs laws have not been fully implemented non-custom paid vehicles. to the officials over 120,000 vehicles have been Smugglers charged Rs18,000 for bringing a carin Fata and Malakand division. Therefore, these A dealer in Khyber Agency said that smugglers registered while around 150,000 additional from Sheher-i-Nou to Parachinar, said a driver,two regions have become major hubs of the charged up to Rs60, 000 to take a non-custom vehicles have been put on display at the bargain who recently visited bargain centers insmuggled vehicles in the country. paid vehicle from Jamrud near Karkhano centers. Afghanistan. He had purchased a JapanRegistration of non-custom paid vehicles major Market, Peshawar, to Sher Garh in Malakand Situation in tribal agencies is chaotic. Few years assembled 2400CC car at Rs460,000.challenge for provincial govt district. He said that a vehicle was smuggled ago political authorities had introduced local “A dealer from Swat purchased 16 vehicles inTribal areas and Malakand have witnessed from Nangarhar province of Afghanistan to registration of non-custom paid vehicles at the Sheher-i-Nou,” he said, adding that smugglersunprecedented increase in the number of Jamrud in Khyber Agency at the rate of agency level. gave surety to the owners to deliver vehicles atvehicles during the past three years, because of Rs70,000. He said that smugglers were using The owners of vehicles paid a token of money to their desired places in Pakistan. “Smugglers“soft border policy” for the smugglers. Bazaar Zakhakhel route and Shalman Khule the political authorities as registration fee and strike deals with the officials in advance toThe registration of non-custom paid vehicles in route or ferried the vehicles in small boats in the they were allotted local number plates. Now it provide safe passage to bring vehicles fromMalakand and Fata has become a major Kabul River at Malagori. has been withdrawn. Afghanistan to Parachinar,”challenge for the provincial government. The Despite deployment of paramilitary force andissue came under discussion in the provincial khasadars at several check posts and checkpointsapex committee meeting following security along the roads, vehicles are easily smuggledagencies reports that unregistered vehicles were from Afghanistan to Jamrud and then proceed toused in terrorist activities and the government Malakand division and down parts of theshould work out a registration plan. country.Sources said that the committee had “All non-custom paid vehicles are transported tounanimously decided to start proper registration Malakand via motorway or Grand Trunk Roadof smuggled vehicles in Malakand, but the passing through Peshawar valley with theprovincial government retracted from its earlier connivance of police and other agencies,” saidstance when political groups including the ruling the dealer.parties started agitation against extension of the Frontier Corps, which was raised primarily forCustoms Act to the area. Security establishment the security of western border, has been givenhas serious reservations over the retraction of the anti-smuggling powers. The force backed byprovincial government on the policy. Khasadar and Levies is manning trade routes,“The provincial government could not sustain check posts and unfrequented routes along thepolitical pressure on the issue only for six days. border and main roads passing through differentWhat else can we expect from the government,” tribal agencies to check smuggling of goods andsaid a senior security official. During movement of non-custom paid vehicles frombackground interviews, the car dealers said that Afghanistan too.notified check posts along the Afghan border and Despite heavy deployment and checking ofmain highways in Khyber Pakhtunkhwa were documents by police, Levies and Khasadar

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‫‪August 2016 11‬‬ ‫‪250/-‬‬ ‫‪60,000/-‬‬ ‫‪30,000/-‬‬ ‫‪15,000/-‬‬ ‫‪8,000/-‬‬ ‫‪7,000/-‬‬ ‫‪J.I Khan‬‬ ‫را�ارى �� ‪�� �  � �� ����� �:‬اوار  �� ا�� �  ���‬ ‫� � � �� �  ‪� �٥ �٠  ���٢ �٢‬ار � � ��‪� �� � � �� �� ،‬ا� وار�  �� � ��� اوا�ر�ى � ��ڑ � �� � ‬‫     ا ��‪٤‬ا���  ‪�١‬ا�� � ‪ �٠‬د� � � ‪�٢‬و� ‪ :‬در �ار�� آا��� � ن � د� ند � ‪٢‬ر�ر�آآ� � ��ن ��� �ا ��� ��  �� ى �� �‪٥‬ا� � �‪�� �� � ���٤‬ر اوات وا�ادى ر ا� ر� ��ا � آ �وا��� ر �� ��ر ا� � � ى ������� ر�� �زاز�اى � � �ن�  ��� � ��� �ا�۔ � ��� ��� �ر� ��� ���ں� ل ���� � ا� ر�ص ‪� �� ٤‬ى ‪ ��١‬ف ��‪� ٠‬د�� ر� ‪٢٢‬ر� �‪١‬آ�� � � ���� � � �  ��� � ��  ����  ��ل� ��� ا�۔ � � ا� م � وا�  �ر � �� د���� و‪١ � �٥‬ر���ا�� ‪���٠‬و����  � ن ‪ ٢‬ل ��‪�٢‬د �‪٥ �١‬ا �‪١‬د� �� � رن ‪٠‬آا�‪ � ��� ��� ��٢‬ن ى � � � ا‪ � �٨‬د�و� ��ر� ا� �� � � ھ ن � �‪�٥‬اا� ��� � ‪� � ��٦ �٧‬ص ‪٣‬ا� � �ر� ��  � �������� � ر�و ل ��  ��� ‪ ���� �٢� � ��٠ � ��١ � � �٤‬ا� ۔����� �� ا� � ��  �� د�� ر� � �آ۔ ��‪٤‬اد���ا� ���ف‪ ٧‬ر �ى � �ى ‪٢‬ااد�‪ �٦‬ا �� � �ا ��� ا�� ار �ر� � �� � � � � � ا���دا�  ر��آ� �۔۔� ررد� ا� � ر�آ �� �� � �� �۔ د�ل ��ر �آن ��� � � � � ول �� � �ھ  ‪�٢�٨ � � ٢ � �٠ � �١٤‬ر � �ا��  �ل واات  ��ر �� ‪٢��٠�  ���١٥‬ل�� ‬ ‫��  �‬ ‫�رہ ‬ ‫ �  �ا�  �� ‬ ‫��‬ ‫� ‬ ‫ ا��  ��  �ب ‬ ‫�‬ ‫ا��  ���� ��� � ���� � � ‬ ‫�  �  �  �م  �رى  �۔‬ ‫�  ��  �  �  د ��  ��  �‬ ‫   ����ر�� �ك ى  � ��  ��  �ر� � ا� ا�� � د� �ى ۔ ��ارواا� ر�ا�ى ر���ى ����  ����ا� ���ں  � ��� � � ‬ ‫���  ۔  �  ‪�  ٣‬وڑ  ڈا�  �  �� ��‬ ‫��  �  �  ا�  � ���اوارى  � � ��‬‫ آ��۔  �ل  ‪  �٢٠١٦‬ا�ا�  �ت  �ہ  �رى  �  ���  �  دوران  ‪�٣٢  ��٢‬ار  �  �  زا�  ا ��  �  �  درآ�  �  ��  �  �  ا�  دوران  ��  �  �  ‪�٢٧  ��  ٣‬ار‬ ‫     د �� ��� � ��   �� ��‪��� ٢‬م � ‪� �٢‬ا�� � � �� ر�� ‪ �٠ ١ �٢‬ك ���‪  ٥‬و �ڑ � �� ��  �ا‪١ �٠٣‬۔  ر �ا‪ ٥‬ا�� �س � � ا��ر د���� ى �� �� ح �ر��اا��  ������ اا�و� ا� ر�را�� ى  ���ى ����� ا�� و��ار�ر�� � �ى� � � �ں � �� � �  �� �۔ � �� � �ا� �۔ ���� �� ��� � � ��  �� ا�� ��� �� �� � ��  �  �� �ر� �� ���  � ��� � �ر� � ۔� �ى � �ا� ��او�� ا�� ر �ب�ى��‬‫�  �  �‬ ‫��  �۔  ا�ں ‬ ‫��� � �� ���� ���اں �� � ‬ ‫آ�  وا�  � ����� � ��ں ‬ ‫�  �  �ر � ��  � � ���  ‪ ��  �  �  ��  �  �  ��� �  ٣٦‬‬ ‫�  ا ��  �  �  � � ��ا  �  �۔‬‫��  ��‬ ‫ا�رہ  دارى  �ے ‬ ‫�  درآ�  ��  � ‬ ‫�را  ��  ��  ا�  �دار  ادا  �ر�  �۔  ا ��  �  � ‬ ‫ اس  �ح  �ل  ‪  �٢٠١٦‬دوران  درآ�ى  ا ��  � ‬ ‫ درآ�  �ہ  ا ��  �  �  �  ��  ��  �  �  � ‬‫    اڈد� �ا ���� � � � � ���� � � � �ر� �  �� � � �  ����� ����۔ �د�����  ��ر �آ�و� ��ا� � ر� �ن رى � �ر�� �  ��ا� رن و� � ر ‪٠‬ى ‪٦�١‬ڈ� ��  اڈ�او� ا�� ��  �� � ل � � ا� �� �� زاا� ��� � ��� س ���  �ور���� � �ا� اوٹ �و � در ر ررا�اا�آ����� ا� ‪ ،‬ا� ام �و�� � س ت ���  الد وا ا� � � � � د��ار��آ��� �� ر� � ��او� ں�  � � ر ا����� � ����۔ر��� ��ا� ااوٹ د� ر �  � � �� ����ر� ں � � � � � � �وا���� �۔� �� �ر‪٣� � ٥‬ى � �ر�� �ا� �� و�ار  ا�� � ا�ا���وو�ا� ر وت � � � ا� � ��� �ر�� ى�  � و� �� �� � و�� �ان �� دل  �� �� ��� � � �   �و�ا� � ى � در�آ� ‪  ،‬ا�د� رآى س � � � � �� ����ں �ں �� ن �د� ر�� ؤ ��ہ � �� ر� �‪٩‬ے�‪�٢‬‬ ‫ �ا  ا�  �رز  )��ن(  � � ���  �  ’’�ا  ا � ����  �  �رڈ‘‘  �  �  ��ن  ��  ا�‬ ‫  ��� �� � �� �د � �و� �اآ�م ���ا � � او �ام ى �اا ��� � ���ر  ڈ �� ���رڈ � �و� �ا�م � �ر� ف � �وا  د� ��۔�  �  �ز‬ ‫�  ���  اس  ��‬‫ا�‬ ‫  ا ��  � �� �  ����ا � رو� �� ر �� �رد� رى وآار��  اى �� �د� �ا� � ر � ����  � ا �و �� ر ��ااوار� �رى  ��ٹ �  ���� �� ��� � � � �ر� � � �ا�ورر � رت ا �� � �� و و����ا���د�  ��� �د رآ� ��� �اى  ا� �ن � �� �� �� �� � ��� �ت ر�ا���ى  � � ��� ر � �� �  د ����� وا�ى ۔�ا��وت � � �  �� �� �  ��  ا۔  �ا� �� ں � � � �در� آ� �� � �� �ن � ‬ ‫)��ن(  � � ����‬ ‫��  � ‬ ‫��ا��  �� ا ‬ ‫�  ر ���ارڈ ‬ ‫�وڈ�  اور  �و� ‬ ‫ �ا  �  �م ‬‫�‬ ‫ا�  �رز ‬ ‫�رٹ ‬ ‫�  �  � ��  اپ ‬ ‫ �و�ام  � ‬ ‫  ا����� ��  ا� ���� �اوور پ ا����� �� ��� وا �پ � � ��ہ�   اى � او ���� ان � �۔  � �� �ا � � ���ہ ر  او� ر د�� وا � ��� ى  ا� و د��‬ ‫� � ��  � � � ��ں � �ڑ��ں �  � ���������� �� � ا�ر د�‬ ‫�  ۔‬ ‫�ھ ‪:‬‬ ‫       ���� ����� �د������و�� � � �ر� ���ہ � �� ����  ��� � � ا �� �� آ��  �ا�� �و� �� �ر ھ �ا�� ں � �� �� �� � ر � ��� اآ��ڈ ا �� � وآر � � �و�ف � �� ا�� � �� ��� �  ��  �� �����  � � ن م � � ں �  � ��� �  �� �� � د� وو�ز� ر �ہ  �� و�ا�  �� � � � � � د �� ��� �� ى �� ۔�ا � د� ں ر �� � ت � � � �  �� � �� � اھ �  �� ���� �� � ہ � اا� ۔ � � ڑ� ا �� �� اس � س ں �ز ��و��  ��ن�‬ ‫         اا�  �� �� � �� �� � ��  �� � ول ۔��  �ا�� اں ��� � �� ��� ز� و� �‪ � � � ،‬آ� ن � ر � � � � �  �آن و� زر ا� � و� � � و�� ڈن� ا��ے  � �  �� � � �ا � � ��  �� ��� ��� ����  ��� ���� �� ‪  �� ���،‬ر ��� ا�ں � ��ى � ��  �� � � � � � � �ز زر وو �� �� �  �� ز� � � و�م ���  �ڈا ا� �ن � و� د� �� � ى �ون� ن �� �اآ�� � � ت و�ر � �� د� ���  � ‪،‬ى ��� ں  � � � �� ز� � ر� �رھ اى � � �� ��� � �� � ‪� �� �� �،‬ر � �� � �� ى ۔� �‪،‬ا۔كى ے  � ��‪��،‬د� � � ���  ����  � ا ر �� وزس � �� ��ر � ���ا� � � � ��و ��و ا ر ى� � �ر� � د�ڈ�� ا��� � ى آ ����  � �� ��  ا���� آ�و �� �����������ر‬ ‫ اس  �  ��  �  �  �  �  �  اور  د ���  �  م  �ورى  �  م  ورك  �  �  �  ��  ا ��‬ ‫�  آ�  �  �  ون  �  � ��  ادا  ��  ۔‬

‫‪Volume: 03 Issue: 01‬‬ ‫‪August 2016‬‬‫ڈ�ى �و� رں� ���� � ���اد �� �  �‪�  :‬ا ا�  ت����   �� � ��‬‫ا��� ق  را� � �زہ  ��� �� ���� �  ���  ر�  � �وا�  ا�  � � �� �� ��  ��� ُ���� ہ ‬ ‫ذرا� ‬ ‫اا �رآ�����������ر�د�� �د ڈ��  ��� �� �� آ� ام ت ا‪�����8‬ا� � �� اف آ�‪������1‬ر �ہ دا۔��� �� ‪ �� ����:‬د�� وا���ت ر��� ن و�۔ �و�ںا و��ور��� و�� �����ں ر ��ں� �� �ں �ا��ا�را� �� ���د�� �ورا�� � و� ز�� ��  � � ا��� �ا�� �نر ر��ت  اا� �ا���ا ������ �� � �اا��و� ���وڈ� � � � ں � ات � اى �ن ���آو�ا�� �����ر  �������� ��� ���ا�ق ر � رق د�۔��� � �� ڈار� �ا� ��ار�دا� � ��ور�� � ���ا�� د� ��� دو و ���� �� زر ز ر� ادذ���������� ��و����� ��� �� ���� �آ � ںن د�ا�ر �  ��و ���و � � ��  ��زت ��ررورو�۔�� �����ہر �ر �ى اں ا� ����  � � ���� ااا �آ� ��  � ا�� � ر ���ا��ات �ار�و�م�ل���رت����‬ ‫�� ‬ ‫� � ��  �  ُ ��  ���  اور  ��  �  �  اوا�  ا�  ��  ��ى‬‫�ذ�۔�� ��ا�� ���رڈ��  � � � � �سى  ى ادا����د����ر���و� � � � ل � ى � ا��و ��و��م �����س� ����  ��ار����۔ � � ��� ف ا� ��� ��  �� د� � �� و��ى� اا� ا�� ��و� ���� س ر � � ا� �  �ا�ات �آ�����ر���۔����ن �ر � د�� �ن �� � �� و� � ا� دڈ� ا� �� � �آا� �ا��ر ���� � ���  �� � � ا��� و���� اا��ر���ا ��� �� �� س س �ر���ڈ� � �� �  �� ى�� و���� �� � ������  �ا� � � ��� ل ا�����  وارو�وہ ا�����د ���ا ����و �������� �� � س ا�ا)� �ل ار���ا���� �ا�� ��� ���ڈ �� � � ر��� ى �ا�� �������� �د� ��(ت�ہم�ت�ى‬ ‫د ���۔‬ ‫آ�  او  �  او�  �  ا��  �رج  د � �� ��  ��  �۔‬ ‫��و��� ��������� �� ������� ������ � �رر���ا�� ۔و‪� ��3‬وى ذ�ز�� ��ر ‪1‬ر ر� �ا����� دورا� ���� �و� ����� ر �ت� ۔�و اا�� �� � � �ا� ا� س  �� �� � �� آا���  ۔ �ر��و  �ر� ڈ� ر�ڈ���� ا� �‪��2‬ا�ر��� �اذ��� �� ا�ر��  � � � � �ز��� ������ � ���� �� �� ��� �� آ����و�� � ار��آ ��ڈا�ر � �����و� � �ا���ر �ز����ر��د���� ى ���� �� � � ��ت ر������ ���ا� � ���� ں���� � ا� �� ��ا�د ��  ا�ذر۔� �ر��ا����� �ر� � ���ر����ا� ڈ�� � ��اا� �د ر ���ات� او ��ر�ت � ���ا�� � ى�� س  ����ُ���ا���� ��� ��� ���� ���ہ� ��� ر� � ا�ہ ڈ�����ىت�ت����‬