Bilawal hits out at PM for K-IV delay
The PPP chairman expressed strong displeasure over the prolonged delay in the completion of the K-IV mega water project by the federal govt. "It is unacceptable to operate with 'Shehbaz Speed' for Lahore and switch to 'Shehbaz Slow' for Karachi," he remarked.
He said water scarcity had been a long-standing issue for Karachi and must be resolved on a priority basis. Alongside the construction of the new canal, renovation of the old Hub Canal was also under way, which would further enhance supply to District Central, District West and Keamari, while a PC-I had been prepared to extend the project's reach to Lyari.
The PPP chairman said he would take up with PM Shehbaz Sharif the issue of non-provision of federal funds for Karachi's development projects and urge early completion of the K-IV scheme. He said he had expected the prime minister to support Karachi's development with the same urgency shown for Lahore.
Turning to India, Bilawal alleged that New Delhi was funding the banned BLA and Majeed Brigade to shed the blood of innocent civilians. He accused India of conspiring to block Pakistan's share of water by suspending the Indus Waters Treaty in violation of international law and said the Modi government intended to construct dams and canals on the Indus River.
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Express Tribune
16 hours ago
- Express Tribune
US trip likely for Roosevelt advisers
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The government has already advertised in local and foreign press, seeking expressions of interest from new financial advisors by September 2nd, following the resignation of the previous advisor due to a conflict of interest. Pakistan had initially hired an American real estate management firm for the privatisation of the Roosevelt Hotel at a total cost of about Rs2.2 billion. It had already paid Rs1.1 billion to the firm, which abandoned the transaction last month citing a "conflict of interest" and offered to return the payments. Jones Lang LaSalle (JLL) had been selected to develop a transaction structure for the hotel's privatisation. The Roosevelt Hotel, located in the heart of a global commercial and tourism hub, is currently owned by the financially struggling Pakistan International Airlines (PIA). PIA owns the hotel through PIA-Investment Limited, which holds its stakes via a subsidiary registered in the British Virgin Islands. Based on the work done by the previous financial advisor, the government has already approved the transaction structure for the Roosevelt Hotel, New York. Of the three options evaluated by the financial advisor — outright sale, joint venture with multiple options, and long-term lease — the joint venture model with multiple options was approved. Last month, the government stated that the joint venture option aims to maximise long-term value for the country while ensuring flexibility, multiple exit opportunities, and minimising future fiscal exposure. Following JLL's withdrawal, there may be doubts among prospective financial advisors about Pakistan's commitment to the transaction, said Muhammad Ali, Advisor to the Prime Minister on Privatisation, explaining the rationale behind the US visit. He said that meetings with at least six prospective financial advisors have already been scheduled for August 21st to 22nd, and the visit is result-oriented. He added that there is a need to reassure potential advisors that most of the groundwork has been completed and the government has finalised the joint venture option. The government has arranged meetings with CitiBank, Coldwell Banker Richard Ellis (CBRE) — a real estate service provider — Savills, Grey Steel, Ankura, and Cushman & Wakefield. Two of these firms had participated in the previous round of hiring for the financial advisor role. According to the financial advisor's report on the transaction structure, Pakistan will not need to contribute additional funds for the joint venture, as its share will be in the form of the hotel's land value. "Based on pre-marketing, due diligence, and analysis of the options, the joint venture structure nets the highest value for the government of Pakistan," the advisor stated in its report. The land value will be calculated based on its full potential, including the 32-storey building. The development partner will make two initial deposits. "This option carries the highest risk but also offers the highest net proceeds to Pakistan," the adviser noted in the report submitted last year. ZTBL transaction On Friday, the Privatisation Commission signed the Financial Advisory Services Agreement for the privatisation of Zarai Taraqiati Bank Limited (ZTBL). It has engaged a consortium led by Next Capital Limited. Other members of the consortium include Ijaz Ahmed & Associates, Baker Tilly Mehmood Idrees Qamar, Executives Network International, Bridge Public Relations, Savills Pakistan (Pvt) Limited, and Prima Global Consulting (Pvt) Limited. Post-privatisation, ZTBL, with its nationwide network of 501 branches, will be better positioned to provide more accessible credit to small farmers and rural communities. It will also introduce modern banking technologies and digital solutions for agricultural financing, according to the Privatisation Commission. 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Express Tribune
16 hours ago
- Express Tribune
GSP Plus talks planned with EU, Senate informed
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Business Recorder
17 hours ago
- Business Recorder
PARTLY FACETIOUS: What's the ‘Nawaz Sharif doctrine'?
'Do you want my philosophy in life?' 'No, not really.' 'You may learn something from it.' 'Doubt it my friend – I mean what are you? A journalist who has never ever won an award, not even when there was a how do I put it? Hamm loot sale…' 'Shut up right now. Anyway, want to hear it or not my philosophy is if someone is stronger than I am then I will capitulate till such a time as I may build capacity…' 'You will be like the Federal Board of Revenue – all capacity building technical assistance by donor agencies have failed.' 'Nonetheless, I stand by my philosophy.' 'The Shehbaz Sharif doctrine…' 'You really don't know when to shut your mouth.' 'OK, so the Nawaz Sharif doctrine is to conform to your type of policy till such a time that it begins to irritate him and…and wait…the time from conforming to non-conforming is at best two and a half years and…' 'Right, and only one year and six months have passed, so I guess 50 percent of the time…' 'One makes more sacrifices for one's children and I reckon…' 'So let's give him another two years, three years…' 'Shut up. Anyway, the Shehbaz Sharif doctrine is valid if and only if you understand the factors at play.' 'What factors?' 'Well, look at the Europeans and Zelenskyy. Do they not understand that Russia is winning the war, and yet they publicly stated their ridiculous terms demanding Russia's capitulation and backing out of all territory won and…' 'Well they are democratically elected, though they certainly don't represent their own public opinion, so I reckon they are all going to be ousted in the next elections…' 'Hmm, but what I would suggest to Shehbaz Sharif is to give awards to mainstream journalists in the West who seem to also be unaware of the fact that they have freedom of the press and can…' 'If wishes were horses…' 'I see beggars flying globally.' Copyright Business Recorder, 2025
