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Business Recorder
18 hours ago
- Business
- Business Recorder
Beyond poverty alleviation: crafting a comprehensive social policy for all
Social policy, whether taken as a sectoral policy or as a policy of issues depending upon the specifics of the relevant scholarship, inevitably lies at the core of political discourse and at many a time plays a decisive role as a determinant of success or failure of political parties contesting against each other in much of the developed world. During Musharraf's time period, as Pakistan was experiencing somewhat significant economic growth, even though for a variety of reasons, the general public anticipated generous spending on social welfare. However, it is noteworthy that since Pakistan did not have and even today it does not have a comprehensive and well-rounded social policy, the efforts in the direction of ensuring social welfare remained largely scattered and did not bear the much-desired results. Although a free market, which was the story back in the days of Musharraf, aids government in efficient delivery of public services since much of the same are outsourced to the private sector such as employment opportunities and etc., however, it acts as a double-edged sword also as reflected in increasing inequalities in the society. In such circumstances, the government needs to formulate a policy that is capable of mitigating the social inequalities while clearly defining the scope and range of public service delivery at government's end. A sound social policy has an overarching nature and has the elements namely, a clear definition of what social services a government aspires to deliver; the choices concerning those services; the range of those services and most importantly how the government is going to fund them. The housing policy of Pakistan, for an instance, aims at upgrading the existing housing societies in the country while engaging in capacity building of the marginalized sections of the society besides curtailing malpractices, inefficiencies, institutional weaknesses and mafia assaults adding to the miseries of Pakistani have-nots (National Housing Policy, 2001, p. 5). The national education policy is focused on reducing the number of out of school children alongside introducing a uniform education standard, bettering the education quality as well as imparting training for educators and school administrators (National Education Policy Framework, 2018, p. 7). Similarly, the national health vision targets increasing the access and affordability of healthcare services across the board especially for women and children as it promises to fulfill its global health responsibilities and adopting a universal healthcare model (National Health Vision Pakistan 2016-25). A critical analysis of these three policies reveals that none of these has any remotest linkage with a social policy with elements pertaining to definition of services, their range and funding sources. Therefore, Pakistan needs to reinvigorate its existing policies so as to chalk out a plan for devising a viable social policy containing all the elements mentioned before. Moreover, a social policy should not revolve just around the idea of poverty reduction rather it should focus on a more general conception of improving the standard of living across the board which includes entertaining the middle class as well. In Pakistani context, the social policy does not have to start from scratch. A new and broader vision can rather gel together the existing initiatives while addressing the institutional weaknesses and inabilities alongside the issues of financial embezzlement and governance which incapacitate the programmes to deliver on their goals. Governments, across the globe, follow different mechanisms when it comes to public service delivery. Some pay directly, in cash, to the people fulfilling the eligibility criteria for such stipends and patronage while others just improve the system and process of service delivery depending upon the nature of services and funding sources available. Historically, Pakistan has been all- a financier as well as social service provider, which is a persistent burden on Pakistan's financial resources. As a low-income country, Pakistan for sure does not fall in the category of the countries having the capability of adopting a welfare state model since Pakistan has a resource-scarce national treasury and a huge population. Dr Sania Nishtar, former Special Assistant to the Prime Minister on Poverty Alleviation and Social Safety, gives a plan as to how can a viable social policy be devised as per Pakistani dynamics. She suggests formulating an overarching and comprehensive social policy clearly outlining the objectives, range and funding sources for various social services which the government plans to offer to the general public; building on the initiatives already underway, and acting as redistributor (besides as a regulator depending upon the need of the hour). Even though it is in the greater public interest that the government outsources public service delivery to private entities to a larger extent, however, such outsourcing must not be confused with privatization rather the government must remain cognizant of the progress being made too. Furthermore, the partner in such cases does not necessarily have to be a private enterprise instead it can be the local government itself. As far as funding sources are concerned, various avenues can be explored such as raising equity funds as well as private and semi-government channels like Trust for Voluntary Organization and Pakistan Institute of Philanthropy. All that Pakistan needs to do is to revisit its utopian ideals and rationalize its aspirations for bringing about a magnanimous social change. A change that results in an improved standard of living of its citizens taking on a pragmatic and real-time approach jotting down the existing initiatives and defining their scope and range clearly while taking care of the sustainability factor. Copyright Business Recorder, 2025
Time of India
3 days ago
- Politics
- Time of India
Asim Munir meets Trump: From Zia, Musharaff to Munir, what happens when Pakistan's army chiefs meet US presidents
US President Donald Trump will meet Pakistan's Field Marshal General Asim Munir for a private lunch in the Cabinet Room of the White House today. The agenda has not been published, but officials expect the two men to discuss regional security , counter‑terrorism and bilateral ties. The meeting is the first at this level in 15 years and follows last month's India‑Pakistan clash and Israel's strike in Iran. Today's lunch signals a potential thaw in relations after successive administrations — under Barack Obama, Joe Biden and Trump's own first term — largely side-lined Pakistan over its alleged support for militant groups. During that earlier term, Trump suspended nearly $2 billion in military aid to Islamabad, accusing it of harbouring terrorists. A new opening now comes as conflicts across the Middle East grow and South Asia faces fresh friction. What has changed US attitude toward Pakistan? by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cua Duong: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo Observers trace the shift to earlier moments in the relationship built around two military rulers — Mohammad Zia ul‑Haq and Pervez Musharraf . Both leaders aligned with US goals at key times and secured economic and defence support that reshaped ties. Army chief meetings reveal where power lies in Pakistan In Pakistan, the Army Chief dominates national security, foreign policy and nuclear command. US administrations often bypass civilian leaders and engage directly with the army chief to ensure clear communication on Afghanistan, India, counter‑terrorism and nuclear safety. Each presidential meeting with a Pakistani Army Chief has coincided with broader strategic needs or global events. Live Events Zia‑ul‑Haq forged Cold War–era military ties General Mohammad Zia‑ul‑Haq met several US Presidents in the 1980s, including Jimmy Carter and Ronald Reagan. Those meetings took place as Pakistan became a frontline state in the US‑backed push against the Soviet occupation of Afghanistan. Under Zia, Pakistan's military and intelligence services worked with the CIA to fund and train Afghan mujahideen, unlocking substantial US military and economic aid. President Reagan publicly welcomed Zia to the White House in December 1982, praising Pakistan's support for regional stability. Their meetings laid groundwork for the military‑to‑military relationship that would shape future US‑Pakistan ties. Musharraf–Clinton: post‑Kargil outreach after a coup General Pervez Musharraf met President Bill Clinton in March 2000, just months after seizing power in a military coup. Clinton's brief visit followed the 1999 Kargil conflict and heightened nuclear worries in South Asia. Though Washington opposed the coup, the decision to meet Musharraf helped stabilise the region and kept dialogue open with Pakistan's real power centre. Bush–Musharraf alliance deepened after 9/11 President George W. Bush met Musharraf in 2006 during a visit to Islamabad. After 9/11, the US relied on Pakistan's military for logistics and intelligence in the War on Terror. Pakistan received more than $10 billion in military and economic aid, and Washington designated it a 'Major Non‑NATO Ally,' granting privileged access to US military technology. Quiet nuclear‑safety talks began under Musharraf Post‑9/11 worries over Pakistan's nuclear arsenal led Washington to open confidential security talks. Then Secretary of State Colin Powell said the US had invited Pakistani officials 'to see how safety and security is ensured in the United States.' Pakistan's foreign minister replied, 'Who would refuse.' That dialogue marked the start of discreet cooperation on nuclear safeguards. Bajwa–Trump: coordination during Afghan exit plans In another meeting, although not standalone, General Qamar Javed Bajwa met President Trump in July 2019 while Prime Minister Imran Khan visited Washington. The US was seeking an Afghan peace deal and needed Pakistan's help with the Taliban talks. Bajwa's presence underscored the army's sway over Afghan outcomes and revived military coordination after years of strain. Trump–Munir lunch signals a fresh opening in 2025 General Asim Munir's lunch with President Trump on 18 June 2025 is the first such engagement in 15 years. It comes amid regional tensions, including a recent India‑Pakistan clash and Israeli strikes in Iran. Washington is likely seeking Pakistan's cooperation in managing fallout and balancing China's growing influence. The private White House setting suggests the US is again turning to Pakistan's military leadership as a key regional security player.
Arabian Post
10-06-2025
- Business
- Arabian Post
Arqaam Capital Intensifies ECM and DCM Push Amid Gulf Deal Boom
Arqaam Capital is stepping up its equity capital markets, debt capital markets, and loan syndication operations in response to an upswing in transaction volume across Saudi Arabia and the UAE, positioning itself as a more prominent regional player. The Dubai‑based financial services firm, with licenced offices in the UAE, Saudi Arabia, Egypt and Lebanon, has secured permissions in the Kingdom of Saudi Arabia to advise on ECM mandates. Rawad Kassouf, Head of ECM Execution & Syndicate, noted that the Saudi team is undergoing expansion and actively leveraging a 27‑strong research analyst base to deepen research capabilities and strengthen regional and international distribution for issuers. Arqaam, originally a sales and trading brokerage, entered the ECM arena by managing the Dubai Holding REIT as a joint bookrunner. Kassouf, who joined from ADCB in August 2024 to spearhead ECM expansion, said, 'We're getting deals from the UAE, Saudi Arabia and Oman, and we expect to advise on more ECM transactions by year end'. He anticipates increasing activity in Saudi listings, particularly from industrial and real estate sectors driven by large family-owned businesses seeking to list on Tadawul. ADVERTISEMENT Expansion across the debt-markets is being led by Omar Musharraf, newly appointed Managing Director of Debt Solutions and DCM. Musharraf joined less than two months ago from Oman Investment Bank, where he headed structured finance and DCM. At Arqaam, he is tasked with growing the debt platform by anchoring flow business in DCM and loan syndications, as well as higher‑margin structured finance and private credit. GCC debt capital markets had outstanding debt exceeding US$1 trillion by end‑Q1 2025, rising 10 % year‑on‑year, with quarterly issuance hitting US$89 billion—a modest 3 % year‑on‑year decline despite quarterly growth. Musharraf remarked on the sophistication of issuances and tighter pricing, increasing competition and compressing fees: 'Value creation now hinges on structuring complexity and execution'. By year‑end, Musharraf expects a full debt solutions strategy supported by new fixed‑income analysts added to the research team. Arqaam has already supported key transactions, such as the Sobha deal, and is involved in several additional corporate, financial institution, and sovereign debt transactions, also evaluating private credit opportunities. The firm is staging its DCM expansion prudently, targeting high‑quality credit issuers—government‑linked entities or private sector firms aligned with regional priorities, including oil and gas. It is also aiming to tap deeper into sukuk markets and Additional Tier 1 issuances across Saudi and the UAE. New regulatory standards are catching attention: AAOIFI's Standard 62 introduces potential complexities to sukuk issuance, prompting careful monitoring by Arqaam. ADVERTISEMENT Forecasts indicate around US$35 billion of debt refinancing across the GCC in 2025–26, driven by sovereign and corporate maturities as well as infrastructure financing and economic diversification strategies. Musharraf commented, 'Debt refinancing alone will keep us active, with a significant volume of sovereign, corporate and FI maturities on the horizon,' alongside new issuances from regional and global players. Kassouf highlights Oman as a potential growth market: an upgrade from frontier to emerging market status—possibly scheduled for next year—could attract increased foreign direct investment, re‑ratings and valuation boosts. Despite the growth trajectory, both ECM and DCM businesses face pressures. Kassouf points to 'tight fees and stiff competition,' especially in post-launch aftermarket performance, which requires a delicate equilibrium between issuer objectives and investor returns. Musharraf echoes this sentiment, acknowledging fee compression and the escalating demand for intricate structuring. Arqaam is taking a strategic approach in response. The firm is intensifying recruitment across ECM and DCM, enhancing its research infrastructure to include fixed-income analysts and emphasising structuring capabilities that justify its advisory fees. This expansion is underpinned by strong macroeconomic fundamentals in the Gulf region. Saudi Arabia—responsible for 45.1 % of GCC DCM outstanding—and the UAE, with Qatar, are at the forefront. ECM activity is gaining momentum, with growing participation from real estate conglomerates looking to diversify via public listings. Government‑related entities are expected to fuel much of the pipeline in Q3 and Q4, though privately owned firms are increasingly opining on listing possibilities. Oman's evolving market classification adds another source of upside, potentially drawing new players and capital. Looking ahead, Arqaam Capital seems poised to navigate the complexities of Gulf capital markets with a reinforced advisory model, deeper research backing, and a dual‑track strategy across ECM and DCM. The firm is strategically augmenting its teams, refining product offerings, and tracking regulatory and market shifts to capitalise on Gulf investment flows while standing firm against competitive and pricing headwinds.
Economic Times
02-06-2025
- Entertainment
- Economic Times
Why Adnan Sami left Pakistan despite owning property worth crores there? Pervez Musharraf slammed him for abandoning Pak, singer recalls
The Musharraf Letter Blocked from Attending His Mother's Funeral A New Beginning in India Legacy and Personal Losses Singer-composer Adnan Sami , who gave up his Pakistani citizenship and officially became an Indian citizen in 2016, has once again opened up about the many personal and professional reasons behind his decision. In a recent interview, Sami reflected on the challenges he faced in Pakistan—both in his career and personal life—and reiterated that financial gain had nothing to do with his move to in London to a Pakistani father who was a pilot and diplomat, Sami spent a large part of his early life between Pakistan and Canada before eventually settling in India. Despite hailing from a well-established background, he revealed that choosing to live and work in India came at a significant cost. 'I gave up properties worth crores in Pakistan,' he said, noting that material wealth was never his priority. 'Money wasn't my driving force.'During the interview, Sami also addressed the letter his father received in 2005 from the then-President of Pakistan, General Pervez Musharraf . The letter criticized Adnan for allegedly abandoning Pakistan. Sami was still a Pakistani citizen at the time and said the accusation made no sense. He pointed out that the misinformation seemed to have come from multiple levels of government before reaching the top. 'There was no truth to that letter,' Sami said, expressing disappointment over the reaction from the authorities and the also shared that during that period, he had reached out to Musharraf for assistance as he was facing difficulties as a public figure with a Pakistani passport. However, instead of support, he felt disowned by the also revealed the pain of being denied the chance to attend his mother's funeral in 2024. After her sudden death, he quickly sought permission from Indian authorities to travel to Pakistan, which was granted without hesitation. But when he applied for a visa from Pakistan, his request was rejected—even after explaining the reason for his travel. Unable to visit in time, he had to witness her final rites over a WhatsApp video Sami credited legendary singer Asha Bhosle for helping him find his footing in India when he first arrived. At a time when the Pakistani music industry sidelined him, Bhosle encouraged him to move to Mumbai, saying that it was the true hub of Hindi music. Following her advice, Sami moved to India and stayed at the late R.D. Burman's house, which Bhosle had opened up for him. 'I was very lucky because it was like a music temple,' he in India, songs that didn't receive attention in Pakistan—such as Kabhi To Nazar Milao, Bheegi Bheegi Raaton Mein, and Lift Karadey—were promoted with full force and became major hits. Sami said the Indian audience gave him the love and respect he never expected, which was crucial for an artist's on the plight of legendary Pakistani artists like Nusrat Fateh Ali Khan, Mehdi Hassan, and Reshma, Sami expressed sadness over how many of them ended their lives in poverty and neglect despite their global fame. He suggested that the authorities failed to support these icons, a fate he believes he might have shared had he Sami has faced heavy criticism from Pakistan since taking Indian citizenship , he remains resolute in his decision. His journey is marked by emotional sacrifice, cultural rebirth, and a determination to grow as an artist. 'An artist's nourishment is his audience,' Sami said, adding that India gave him the opportunity to start over—and thrive.
Express Tribune
01-06-2025
- Politics
- Express Tribune
JUI-F announces drive against 'un-Islamic' child marriage law
Jamiat Ulema-e-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman on Sunday came out strongly against the recently enacted Islamabad Capital Territory Child Marriage Restraint Act 2025, announcing a nationwide protest campaign to "raise awareness" among the public. Speaking at a press conference in Peshawar, the JUI-F supremo categorically rejected the legislation, claiming it undermined Islamic values and societal norms by criminalising underage marriage while enabling extramarital relationships. "Pakistan is a strange country during the time of General Musharraf, a constitutional amendment was passed in the name of women's rights that decriminalised sexual intercourse outside of marriage," he said. "It took it out of the realm of sin." "Now, they are trying to ban the marriage of people under 18. The CII has already rejected this and all ulemas and their parties have agreed that it contradicts the Quran and sunnah," he added, accusing the government of trampling constitutional guarantees. Fazl announced that his party would launch a series of protest activities in response to the law, including rallies and a major public conference scheduled for June 29 in Hazara Division, Khyber Pakhtunkhwa. "We will stage rallies, but they won't focus on one subject, like Al-Aqsa Mosque," he said. "Now, we will host rallies to create awareness about national sovereignty and Islamic governance." "God willing, we will present our stance to the world freely. Islam is a faith that moves with the world and can be beneficial." The law, which was signed by the president on May 27 following its passage through both houses of Parliament, aims to prohibit child marriage in Islamabad by outlawing marriages involving individuals under the age of 18.
