Election Commission of Pakistan calls upon electors of Constituency No. NA-151 Multan-IV to elect a member to fill the seat which has fallen vacant due to disqualification of Syed Yousuf Raza Gilani

Islamabad, June 22, 2012 (PPI-OT): The Election Commission of Pakistan has called upon the electors of the Constituency No. NA-151 Multan-IV of National Assembly of Pakistan, to elect a Member to fill the seat from the said Constituency, which has fallen vacant due to disqualification of Syed Yousaf Raza Gillani, Member of the National Assembly of Pakistan and specifies in relation thereto, the following dates for Bye-Election:

PROGRAMME

Sl. No. EVENTS DATE
(a) Public Notice to be issued by the Returning Officer on 22-06-2012
(b) Dates for filing of nomination papers with the Returning Officer by the candidates and 26-06-2012 25-06-2012
(c) Dates for Scrutiny of nomination papers by the Returning Officer

And 29-06-2012

28-06-2012
(d) Last date for filing of appeals against decisions of the Returning Officer  ejecting/accepting the nomination papers 02-07-2012
(e) Last date for deciding appeals by the Tribunal 04-07-2012
(f) Last date for withdrawal of candidature 05-07-2012
(g) Publication of revised list of candidates 06-07-2012
(h) Polling day 19-07-2012

2- The Election Commission of Pakistan has also appointed the following as District Returning Officer, Returning Officer and Assistant Returning Officers for the purpose of holding Bye-Election in Constituency No. NA-151 Multan-IV of National Assembly of Pakistan:

No. and Name of District Returning Returning Officer Assistant Returning
Constituency Officer Officers
1 2 3 4
NA-151 Multan-IV Acting Joint Provincial Regional Election 1) District Election
Election Commissioner, Commissioner, Multan Commissioner, Multan
Punjab, Lahore.
2) Assistant Commissioner,
Saddar, Multan.
3) DEO, (Colleges), Multan
4) DEO, (Elementary), Multan.

For more information, contact:
Election Commission of Pakistan (ECP)
Election Commission of Pakistan Secretariat
Election House, Constitution Avenue G-5/2,
Islamabad
Tel: +9251 920 1975, +9251 920 6062
Fax: +9251 920 5402, +9251 920 5300

United States concern about their diplomats in Pakistan

Islamabad, June 22, 2012 (PPI-OT): Responding to a question with regard to media reports on a US State Department’s report on alleged harassment of US diplomats in Pakistan, the Spokesman clarified that all foreign diplomats in Pakistan who have been duly notified by their Embassies and accorded accreditation by the Ministry of Foreign Affairs are extended full courtesies and privileges in accordance with the Vienna Conventions on diplomatic/consular privileges and immunities. The same courtesies and privileges are also extended to duly accredited US diplomats/consular representatives in Pakistan.

For more information, contact:
Syed Haider Ali Jafri
Personal Secretary
Ministry of Foreign Affairs
Government of Pakistan
Tel: +9251 921 0335 and 9056604

Sindh Chief Minister Qaim Ali Shah expresses sorrows on demise of Ubaidullah Baig

Karachi, June 22, 2012 (PPI-OT): Chief Minister Sindh Sindh Syed Qaim Ali Shah has expressed his deep sorrows and grief on sad demise of renowned scholar, comparer and intellectual Ubaidullah Baig who had died today at Karachi.

Syed Qaim Ali Shah said that the pair of Ubaidullah Baig and Quresh Pur had played a positive role in various programmes of PTV particularly in Kaswatti and their educational, literary and cultural efforts will ever be remembered. Chief minister Sindh has condoled with his family members.

For more information, contact:
Mr. Allah Bachayo Memon
Press Secretary
Chief Minister House
Tel: +9221 99202019
Cell: +92300-3524057 (Ext: 336)

United States Embassy Sponsors Teachers Training

Islamabad, June 22, 2012 (PPI-OT): The U.S. Embassy hosted Thursday an orientation for 40 Pakistani public school English teachers, half of them women, at a local hotel. The teachers will travel to the United States for six weeks of intensive training as part of the U.S. government-funded Teaching Excellence and Achievement (TEA) program.

The teachers were selected from hundreds of Pakistani public secondary school teacher applicants. The TEA program provides educators a unique opportunity to develop subject expertise and enhance their teaching skills. Participants will engage in group training seminars and internships at U.S. secondary schools. The U.S. Department of State pays for all travel, living stipends, health insurance, and tuition for the entire period of study.

U.S. Embassy Cultural Affairs Officer, Brent Beemer, encouraged the teachers to take advantage of the opportunity granted them and to return to Pakistan prepared for a challenge: “to teach your students to write and speak excellent English, nothing less.” Beemer told the teachers that the TEA program is part of the U.S. government’s commitment to education in Pakistan, and in particular the enhancement and encouragement of its teachers. “With 70 percent of its population under age 30, the future of Pakistan, and its role in the world, is dependent on the success of its children in school right now.

The job of educating that generation relies on teachers like you, and what an opportunity. Imagine tens of millions of educated, multi-lingual young Pakistani men and women serving as soldiers, politicians, diplomats, engineers, lawyers, doctors, scientists, businessmen, and teachers: what a great nation and a great world they—through you— will build.”

For more information on educational opportunities to study in the United States, students and parents can contact the United States Educational Foundation of Pakistan (USEFP) at http://www.usefpakistan.org/.

USEFP, a bi-national commission established in 1950 by the governments of Pakistan and the United States, is one of 51 ‘Fulbright Commissions’ located throughout the world. Since its inception more than 61 years ago, nearly 4,000 Pakistanis and more than 800 Americans have participated in USEFP- administered exchange programs.

In addition to the Fulbright program, USEFP administers a number of scholarship programs for undergraduates, teachers, journalists, and other professionals. In addition, USEFP offices in Islamabad, Lahore, and Karachi assist students interested in applying to study in the United States by offering free advising services. USEFP also runs testing centers in Islamabad, Lahore and Karachi administering the TOEFL, SAT, GRE, and other standardized examinations.

For more information, contact:
Public Affairs Section
Embassy of the United States of America
Diplomatic Enclave, Ramna 5
Islamabad, Pakistan
Tel: +9251-208 0000
Fax: +9251-227 8607
E-mail: webmasterisb@state.gov

Human lives and National Assets will be protected at any cost and miscreants involved in anti-state activities during load shedding demonstrations would be dealt with iron hand: Inspector General of Police

Lahore, June 22, 2012 (PPI-OT): Human lives and National Assets will be protected at any cost and miscreants and subversive elements who are involved in anti-state activities during load shedding demonstrations would be dealt with iron hands.

It was said by Inspector General of Police, Punjab, Mohammad Habib-ur-Rehman in his official statement issued at the Central Police Office here today.

IGP further said that peaceful demonstrations are citizen’s fundamental rights however, it is our responsibility to take care of the human life and the public property.

He told that 738 demonstrations against outage were held in the Punjab during the last 3 weeks, resultantly 89 persons got injured whereas, 205 had been arrested and 49 cases had been registered against the rioters. Similarly across the Punjab including Lahore 97 thousand seven hundred and 16 rioters were founded to be involved in these demonstrations.

Provincial Police Chief further said that police force has been directed to follow “restrained policy” but directed to deal strictly with the persons who take law in their hands.

For more information, contact:
Punjab Police
5th Floor, Police Headquarters (PHQ),
Punjab, Lahore
Tel: +9242 99213019
Fax: +9242 99213013
Email: adc@punjabpolice.gov.pk

Morning Buzz for June 22, 2012 – MR Securities

Karachi, June 22, 2012 (PPI-OT): Banks becoming major beneficiary of sustained govt borrowing

Commercial banks have increasingly become a major beneficiary of the federal government’s relentless borrowing from the banking system.

According to MR Securities, which is not only choking private sector credit off-take but also brings into question the role of banks as financial intermediaries.

SBP allows microfinance providers to mobilise funding from non-bank sources
The State Bank of Pakistan (SBP) on Thursday allowed microfinance providers (MFPs) to mobilize funding from non-bank sources / capital market under the microfinance credit guarantee facility (MCGF) by issuing revised guidelines to all banks / development finance institutions (DFIs) / microfinance banks (MFBs)

World Bank to provide aid for Dasu Hydel Project
Following the signing of an agreement with government of Pakistan for providing 840 million dollars for 1410MW Tarbela 4th Extension Project, the World Bank has also agreed to provide financial assistance for 4320MW Dasu Hydropower Project.

MSCI maintains Pakistan’s position
MSCI, a leading provider of investment decision support tools world-wide, has announced the results of the June 2012 Annual Index Review for MSCI Equity Indices with no major change for Pakistan.

Pakistan to ink $448m deal with Chinese EXIM Bank
Pakistani authorities and Chinese EXIM bank top management are to sign a buyersÕ credit line deal worth $448 million in the second week of July. The deal aims to help the country complete the Neelum-Jhelum hydropower project before the completion of the Kishanganga project that is underway in held Kashmir

Power generation declines in five years
Pakistan is the only regional country where power generation has declined in the last five years, as disclosed by the BP Statistical Review 2012.

SBP’s reserves fall by $1 billion in 20 days
Rising current account deficit and foreign debt payments have ate away some $1 billion from State Bank of Pakistan’s reserves in 20 days. Sources in banking sector said after the second payment of Stand by Arrangement (SBA) program of the International Monetary Fund (IMF), the country’s foreign exchange reserves continue to decline. The second SBA instalment worth $394 million was paid on May 25, 2012

SBP issues guidelines for micro-financiers
SBP has allowed microfinance providers (MFPs) to mobilize funding from non-bank sources or capital markets under the microfinance credit guarantee facility (MCGF) by issuing revised guidelines on MCGF to all commercial banks, development finance institutions (DFIs) and microfinance banks, according to a circular released on Thursday

OGRA to cancel pipeline allocation of LNG importers
The LNG import programme is facing major hiccups as the Oil and Gas Regulatory Authority (Ogra) has decided to cancel the pipeline capacity allocated to LNG importers after taking the petroleum ministry into confidence because of the failure of the importers to meet commitments within the set timeframe.

Artificial T&D losses: Discos held responsible for massive over-billing
Pakistan Electric Power Company (Pepco) has accused Distribution Companies (Discos) of massive overbilling to establish that their Transmission and Dispatch (T&D) losses are within targets fixed by the National Electric Power Regulatory Authority (Nepra).

Import of 1.4 BCFD LNG by three companies: Ogra requests Ministry to cancel capacity allocation
The Oil and Gas Regulatory Authority (Ogra) has requested Petroleum Ministry to cancel capacity import allocation of 1.4 Billion Cubic Feet Per Day (BCFD) Liquefied Natural Gas (LNG) to three companies encompassing Global Energy (500MMCFD), Engro Corporation (500MMCFD) and Gasport (400MMCFD).

Budgetary support: government borrowing reaches Rs 1.2 trillion mark
The government sector borrowing for budgetary support has hit a new peak of Rs 1.231 trillion, up by 75 percent, during the current fiscal year because of slow foreign inflows and rising fiscal deficit.

Germany asks Pakistan to implement conventions
German Consul General in Karachi Dr Tilo Klinner said the European Union (EU) has finalised framework of Generalised System of Preferences (GSP) Plus scheme and it is now up to Pakistan to benefit from it.

Five hydropower projects for Khyber-Pakhtunkhwa
The Khyber-Pakhtunkhwa government has allocated Rs5.13 billion for five hydropower generation projects to inject around 200 megawatts electricity into the national grid

State-owned enterprises discuss way forward
A majority of the SOE representatives seem to approve of the overall thrust of the Public Sector Companies (Corporate Governance) Regulations 2012 draft.

World Bank agrees to provide funds for 4,320MW Dasu project
The World Bank has agreed to provide financial assistance for 4,320MW Dasu hydropower project, following the signing of an agreement with the government of Pakistan to provide $840 million for 1,410MW Tarbela 4th extension project

Morning Briefing for June 22, 2012 – Standard Capital

Karachi, June 22, 2012 (PPI-OT): PSO, KP Govt Plan Rs45bn Refinery

The government of KP, PSO and a private investor would form a joint venture company to share 20 per cent equity while the remaining 80 per cent funds would be arranged through commercial banks.

According to Standard Capital, with its receivables in excess of Rs215 billion leading to cut back on oil imports, the Pakistan State Oil (PSO) is contemplating setting up a refinery of 36,000 barrels per day of refining capacity in Khyber Pakhtunkhwa at an estimated cost range of $500‐750 million (Rs45‐65 billion).

Standard Capital considers PSO is at a significant given FY12 forecasted earnings of Rs 58 – 59 (enunciating PE of 3.8x – 3.9x) wherein Standard Capital recommends BUY despite lingering issues of its ballooning receivables.

Moody’s Discomfort with Pakistan External Debt Payments
Moody’s expressed discomfort with Pakistan’s external payment position. It is said that Pakistan’s external payments in under strain from rising trade deficit i.e. US$ 19.4bn and decline in capital inflows (current a/c deficit swells to US$ 3.8bn; which was in positive zone last year).

Some of the reasons of increase in trade deficit include weakening of real economy such as trade and industrial activity given perennial power shortage that has engulfed overall Pakistan. As for current a/c is concerned, one reason that could be sited for ballooning deficit figure is continuous outflow of foreign portfolio investments. This outflow in foreign private investments have international connotations such as crisis in Greece & Spain to name a few which has forced foreign fund managers to sell Pakistani cherry like equities that are available discount (as far as corporate earnings is concerned).

To cut short, key issues contributing this distress were include weak government finances, structural inflationary pressure, domestic political uncertainty, compounding downward pressure on sovereign creditworthiness.

MSCI classification of Pakistan may be diluted due to Morocco addition
MCSI has announced the annual market classification review in which Pakistan failed to consider for upgrade despite better liquidity in equity market in last six months. One of the reasons why Pakistani weightage may dilute from the present level is because MSCI Morocco shall be included in Frontier Market index in which Pakistan was also one of the contributories.

This entails that foreign participation may be insignificant as far as Pakistani market capitalization is concerned which Standard Capital feels is not even a bad idea. Standard Capital has always said that Pakistan should always get permanent FDI rather than short term natured portfolio investments since any outflow at the time when country braces for political crisis also prove to be counter productive.