IMF’s bailout if
endorsed would be to stabilize the Pakistan economy
IMF director communications said they would put in place the
preconditions for sustained inclusive growth and modalities of that would get
announced once a staff-level agreement was reached
November 3, 2018
LAHORE: The International Monetary Fund (IMF), Director Communications
Gerry Rice on Thursday said the objective of the program would be to stabilize
the Pakistan economy.
While speaking at a press conference on Thursday, Mr Rice said
that Pakistan on October 11th had
formally requested for financial assistance from the IMF during the annual
meetings held in Indonesia.
He added, the discussions with the authorities regarding the
bailout are expected to commence on November 7th,
for which an IMF mission will arrive in Islamabad.
IMF director communications said they would put in place the
preconditions for sustained inclusive growth and modalities of that would get
announced once a staff-level agreement was reached.
Once that is done, Mr Rice said, “Then we’ll go forward to our
board for the formal approval of the program.
“There will be, again as usual — people who follow us know this
— there will be a press release, there will be a communication at the end of
that. Assuming staff-level agreement is reached, there would be a communication
at that point, said Mr Rice.
“So, November the 7th is when the discussions are going to
begin, and the board date would be — the board discussion would be contingent
on an agreement being reached and following again.”
On Tuesday, Finance Minister Asad Umar while speaking in the
National Assembly had defended the move of to approach friendly countries as
well as the IMF for assistance so it wouldn’t be dependent on any single
source.
While talking at the floor of the National Assembly, the finance
minister said, “When we went to Saudi Arabia we signed a $3 billion deal.
Naveed Qamar has stayed in the IMF programme, Ishaq Dar is not here but he must
also know that all the money does not come from the IMF.”
Moreover, Mr Umar rebuffed the impression that the government’s
indecision on the IMF programme had spawned the stock market crash and told the
house that the KSE-100 benchmark index had nosedived by 15,000 points even when
the previous PML-N administration was in power.
He stated during the two months of PTI’s government, the stock
market went down by 4,000 points whereas during the previous seven months of
the PML-N administration it nosedived by 15,000 points.
The finance minister told the house that the trade deficit had
risen from 4.2% to 6.6% and this rise had incurred a loss of Rs1,000 billion.
He acknowledged Pakistan’s highest trade deficit is with China
and reiterated that Beijing is fully determined to “work with us on this.”
Asad Umer said Saudi Arabia has agreed to deposit $3 billion
with State Bank of Pakistan for a period of one year, whilst it will provide $9
billion of oil on deferred payment for a period of three years.
Last week, Pakistan had gained a $6 billion bailout from Saudi
Arabia and the Finance Ministry spokesman Noor Ahmed had told Bloomberg, “Islamabad will now
negotiate with the IMF from an improved position.”
He added, “We’ll have to go to IMF. The Saudi Arabian package
“is something you strengthened your position for talks.”Mr Ahmed said an IMF
programme will help boost discipline in the economy.
For
Tamil cuisine, away in Pakistan
I often have to visit Pakistan where I teach Islamic Theology,
Koranic Studies, Persian and Arabic. Since I’m nuts on idli, dosa, rasam and
sambar, even in Pakistan, I’ve managed to find places across Pakistan where I
can get almost authentic South Indian dishes as I get in Madras (please, no
Chennai for me; it grates). I love the way dosa and upma are made by Malayali
Muslims in Chitral, Pakistan. They migrated to Pakistan from Kerala after
Partition.
But the best and crispiest dosas that I’ve tasted in Pakistan
are served by Tamil Hindus and Muslims, who are concentrated mainly in Karachi
and Lahore. Before descanting on dosas made by Tamils, I must mention that in
1986, The Dawn of Pakistan carried
an article on Tamils of Pakistan. It mentioned that Subrahmanyan Chandrasekhar
(nephew of the Nobel laureate Sir C.V. Raman), who got the Nobel for his
‘Chandrasekhar Limit’ in 1983, was born in pre-Independence Lahore. Mani
Shankar Aiyar was born in Lahore. Emmanuel Nicholas, a former schoolteacher of
Pakistan’s one-time Prime Minister Yousaf Raza Gillani, was born in Sialkot.
And Catholic Bishop Victor Gyanapragasam was from the erstwhile Layalpur, now
Faisalabad.
The newspaper mentioned that the British Frontier Railways in
the NWFP required accountants with sharp mathematical abilities and found
Tamils to be the best-suited for the job, just as Ramanujan, whose mathematical
genius awed the world, not just the British mathematician Sir Thomas Hardy. So
many Tamils were sent there and a few of them chose to stay back even after
Partition.
The Madrasi Para (‘colony’ in Bengali) behind the Jinnah Post
Graduate Centre in Karachi is home to some 100 Tamil Hindu families, who still
speak impeccable Tamil along with Urdu, Punjabi and Sindhi. This is where you
get authentic Madrasi khana, or dastarkhwan (as
it’s known in Pakistan), in Pakistan. Two types of coconut chutneys with a bowl
of piping-hot sambar and a crisp dosa with mildly spicy potato filling (often
containing garlic) can transport you back to Madras if you happen to be a Tamil
or an Indian. The taste is awesome, to use a cliche.
I have tasted food made by Tamils settled in Singapore and
Malaysia also, but the finger-licking taste of original South Indian dishes
that I experienced in Karachi is unique. I had idly with medhu vada and chutney
and sambar, served on a banana leaf.
On one of the visits I also had koottu, which is a stew of
vegetables or greens, usually made with lentils, and spices which makes for a
side dish for a meal consisting of rice, sambar and rasam. This I had at
‘Virundhu’, which means ‘feast’ in Tamil. The owner’s father migrated to
Karachi from Madras in 1946. The owner, Ganesan, served me thayir (curd)
along with poriyal (dry fry of
vegetables). I didn’t have this in India despite my many visits to Madras and
Bangalore.
British culinary expert Gordon Ramsay aptly said the original
taste of a localised cuisine in a faraway place makes the food nostalgically
all the more tasty. This can very well be said of the typical Tamil gastronomic
delights in Pakistan. One feels a home connection and makes a trip down memory
lane. The feeling is indescribable. It’s akin to describing a rainbow to a
sight-impaired person.
After partaking of the wholesome Madrasi dastarkhwan (food
arrangement, in Persian), I said thank you in Tamil. The owner asked me if I
knew Tamil: Tamil pesuweengalaa? I told him I
understood it very well but could speak only a smattering of it. He then broke
into flawless Urdu, much to my amazement. And he wrote his name and address in
Urdu!
Now, I’ve begun to take my Muslim friends to these Tamil joints
and they too swear by the taste of idiyappam, sevai, kozhukattai, aapam and
typical Chettinad chicken. By the way, many Pakistani and Indian Muslim friends
of mine are of the opinion that South Indian Chettinad chicken can beat the
over-hyped butter chicken of Punjab province of India and West Punjab.
My Muslim friends in Pakistan love a certain pink-coloured soft
drink served after food, and thakkali saadam (tomato rice)
in these South Indian eateries in Pakistan’s metros.
Pakistan may
seek unilateral concessions, trade balance with Malaysia
November 3, 2018
· Exports to Malaysia remain highly negligible despite an FTA
signed in 2008
· Pakistan has given 15pc discount in import duty on palm oil
but has not received concessions in return
ISLAMABAD: As Prime Minister Imran Khan is expected to visit Malaysia after
returning from China, the Ministry of Commerce has suggested to revise the Free
Trade Agreement (FTA) or seek unilateral concession on a number of export
items, as the existing bilateral trade was “highly in favour of Malaysia”.
According to sources, the prime minister will take up the issue
of imbalance of trade with Malaysia owing to the huge import of palm oil. The
exports to Malaysia remain highly negligible despite the FTA the two countries
signed in 2008, they added.
Although the PM wanted to visit Malaysia early last week, it was
later decided to postpone the trip until his visit to China. PM Khan will
be leaving for Malaysia on the invitation of his counterpart Mahathir Bin
Mohamad in the second week of November.
The PM will be accompanied by a high-level delegation comprising
Finance Minister Asad Umar, Foreign Minister Shah Mehmood Qureshi and
Information Minister Fawad Chaudhry.
Earlier on October 18, Prime Minister Khan had made a telephone
call to Malaysian Prime Minister Mahathir Mohamad during which both leaders
invited each other to visit their respective states and agreed to extend
cooperation in various sectors.
According to sources at the Ministry of Commerce, the major
reason behind Pakistan’s negligible exports to Malaysia was that the items
which have the highest potential for exports are either not part of Malaysia’s
concession list or they are outright unfavourable for Pakistan, as competitors
enjoy better tariff rates.
Although Malaysia’s exports to Pakistan amount to only 0.52 per
cent of its total exports of $234 billion, the country managed to get
concessions for its most important export to Pakistan i.e. palm oil, sources
said.
As per the documents, 10 items amounted to 86 per cent of
Pakistan’s total exports to Malaysia. These included cereals (rice), cotton,
textiles and articles of apparel, and fish. Meanwhile, the top 10 items
imported by Pakistan from Malaysia contributed to 85 per cent of total imports
from Malaysia. These consisted mainly of palm oil (52%), machinery (7.82%) and
mineral fuels (7.31%).
According to the sources, under the existing trade agreements,
Pakistan has given 15 per cent discount in import duty on palm oil but has not
received concessions in return despite being one of the largest consumers of
the commodity.
The commerce ministry will reportedly suggest the government to
convince Malaysia for more imports of rice from Pakistan. It has been noted
that Malaysia buys 1 million tonnes of rice, however, not even 100,000 tonnes
are exported from Pakistan.
After giving concession and preferential treatment to palm oil
imports, Pakistan may ask Malaysia as well as Indonesia to give it a special
treatment with regard to selected export items like rice.
Unfortunately, Pakistan has been asking Indonesia and Malaysia
for opening the border for Kinnow and some other agricultural items. As per a
report, palm oil is worth $550 per tonne whereas kinnows are not even $50.
Pakistan may not have products worth up to $550 per tonne to balance out
imports, but it does have rice valued at $350 per tonne, which should be
exported instead.
First steps in building consensus for a new rice sector road map
Rising inflation had been very much in the news lately, with a
marked increase in the retail price of rice often cited as one of the major
culprits. Indeed, our rice sector has a long way to go to produce enough to
meet our national requirement at a cost competitive with imports.
However, in fairness to the Department of Agriculture (DA), our
national rice production had been increasing steadily during the last 50 years
(1968–2018) at a respectable rate of 3.18%. In fact, our average palay yield is
higher than that of Thailand from whom we import rice. But Thailand has three
times more riceland and 30 million less people to feed.
Still and all that growth rate in rice production while
commendable was not enough to match our population growth and increasing per
capita consumption that goes with increasing income Thus, during the last two
years, our rice self-sufficiency score is only 91%.
For so long our domestic rice sector has been shielded from
foreign competition with restrictions on volume of rice that may be imported.
That protection had been costly as manifested by the much higher price of rice
Filipino consumers had to bear.
That cost is reflected as well in the huge losses incurred by
the National Food Authority (NFA), the national agency tasked with providing
price support to increase income of the producers while selling rice at a loss
to make rice affordable to the poor.
With the lapse of the exception granted to the Philippines
regarding quantitative restrictions (QRs) on rice imports, we have no choice
now but to make good on the liberal market conditions we have voluntarily
acceded to when we joined the World Trade Organization (WTO) i.e. lifting QRs
but imposing reasonable tariffs.
Thus, the imperative for a new rice industry road map to take
into account the new market circumstances.
Last Tuesday, we had the opportunity to take a first look at the
new rice industry road map drafted by a DA multi-agency panel tasked by DA
Secretary Emmanuel Piñol and chaired by Flordeliza Bordey of the Philippine
Rice Research Institute (PhilRice).
The presentation was made at a policy forum convened by the Asia
Rice Foundation, Inc. (ARF), the Philippine Council for Agriculture, Aquatic
and Natural Resources Research and Development (PCAARRD-DOST) and the Coalition
for Agriculture Modernization in the Philippines (CAMP) to get an immediate
feedback from stakeholders from the science community, the operating units of
DA itself and a few farmers.
The plan is very much a work in progress and the purpose of the
Forum precisely was to harvest comments and recommendations and buy-in to the
plan by significant stakeholders.
Here are the significant impressions:
Here are the significant impressions:
Overwhelming support
to road map key targets
to road map key targets
A detailed plan is yet to be developed so what was presented was
the road map in broad strokes. Basically the draft road map was very well
received. There was overwhelming support for the key targets, namely: 1)
increasing average yield to six tons per hectare through more use of certified
seeds and hybrids, and appropriate level of fertilizers, 2) reducing cost of
producing palay to P8–P10 per kilogram, a big part by more mechanization, 3)
reducing postharvest losses by 12%, with more drying facilities, 4) reducing
marketing margins by P1.00 per kilogram of rice, and 5) assisting rice farmers
and farm workers in low priority provinces in the transition to open market.
The fact that the plan was bold enough to express targets in
absolute but doable numbers reflected well on the rigor that went into the
deliberation of the drafting panel. That the plan was disaggregated into
provinces to take into account big differences in growing conditions was also
well-received.
Paradigm shift from
rice self-sufficiency
to raising farmers’ incomes
rice self-sufficiency
to raising farmers’ incomes
This issue had been the core of the debate all along. To the
relief of many, the draft road map without explicitly saying so, proceeds on
this premise. The first four technical objectives which address increasing
yield and reducing costs will raise farmers’ incomes and enable domestic rice
to be able to compete with imports.
But the 5th target is revealing. Assisting rice farmers and
farmworkers in low priority provinces in transition recognized the fact the
farms that are unproductive for rice due to lack of reliable water supply will
not be able to compete and are better off cultivating something else. It goes
without saying that this diversion of the less productive rice farms will
reduce total national output and effectively preclude self-sufficiency.
No to free distribution
of production inputs
of production inputs
Another key issue raised was whether the plan involves the free
distribution of seeds, fertilizers, and farm equipment to go along with free
irrigation. In response it was made clear that Secretary Piñol’s intention was
to facilitate access of farmers to formal credit with which to acquire the needed
production inputs.
This will be achieved by 1) making affordable credit more easily
accessible, 2) by expanding insurance coverage to protect farmers from
catastrophic losses, and 3) providing more guarantee funds to protect the rural
finance institutions and encourage them to lend more.
However, this should not rule out the opportunity to assist rice farmers to turn around quickly after typhoons and floods with freely available seeds.
However, this should not rule out the opportunity to assist rice farmers to turn around quickly after typhoons and floods with freely available seeds.
Re-engineering NFA
as a logistics service provider
as a logistics service provider
Conspicuously absent in the road map was the absence of mention
of what to do with the NFA.
However, there was a consensus that abolishing NFA does not make sense. The proper direction is to limit NFA’s mandate to 1) maintaining our grain reserves, and 2) emergency food distribution after calamities. With all its trained people, distribution networks, and physical assets, NFA could be re-engineered into a profitable grains logistics service provider as proposed by former NFA Administrator Romeo David during the forum.
However, there was a consensus that abolishing NFA does not make sense. The proper direction is to limit NFA’s mandate to 1) maintaining our grain reserves, and 2) emergency food distribution after calamities. With all its trained people, distribution networks, and physical assets, NFA could be re-engineered into a profitable grains logistics service provider as proposed by former NFA Administrator Romeo David during the forum.
Operational plans and budgets
The crowd in attendance most of whom were operating technical
personnel of the DA regional offices and DA agencies as well as senior
scientists and administrators from CAMP, PhilRice, Southeast Asian Regional
Center for Graduate Study and Research in Agriculture (SEARCA), Philippine
Center for Postharvest Development and Mechanization (PhilMech), Philippine
Crop Insurance Corporation (PCIC), UP Los Banos and other SUCs were basically
supportive of the draft road map. Unfortunately, there were only a few rice
farmers from Batangas in attendance.
As the rice road map gets firmed up, collectively, they look
forward to getting clarity on the operational plans and exactly how, by whom,
when, where, and most importantly, how much it will cost.
Additionally, more forward looking reforms in land markets,
basic data gathering, new institutional arrangements and innovative business
modalities applicable not just for rice but also for the entire agriculture and
fisheries sector were contributed by a distinguished panel which included
Lourdes Adriano (ADB), Leo Gonzales (formerly with IRRI and IPPRI), Leocadio
Sebastian (former PhilRice executive director), Fermin Adriano (World Bank
consultant), Senen Reyes (University of Asia and the Pacific) and Ernesto
Ordoñez (Agriculture and Fisheries Alliance).
Provided the DA takes heed, these first steps in building
consensus for a new rice road map should prove meaningful.
Science: Ring-shaped protein complicated wrangles
DNA [Report]
The team led by Rice postdoctoral
researcher Dana Krepel used a suite of state-of-the-art analysis tools to make
the call: It’s a single ring.
Their work is the first step
toward understanding the activity of proteins over the structure of chromosomes
throughout mitosis and all phases of the cell life cycle. That understanding
will help scientists learn how to better treat genetic diseases, including
cancer.
The results of the Rice team’s two-year study appear in the Proceedings of the National Academy of Sciences.
Condensin does what the word
suggests: It helps condense the chromosomes into the cell’s nucleus. Recent
research has demonstrated that condensin and its protein partner cohesin
extrude DNA. But until now, nobody has settled on how condensin proteins come
together into their functional forms.
Krepel started her analysis from
bacterial condensin complexes made up of five subunits, including two
structural maintenance of chromosomes (SMC) proteins that come together as a
hinge and long kleisin proteins that make up the rest of the ring. Complexes in
human eukaryotic nuclei – a target for future analysis – are similar to their
more archaic counterparts.
Krepel pieced the puzzle together
by combining and comparing existing data about the atomic structures and
genetic sequences of the individual proteins. The structures came from
available X-ray crystallography of protein fragments, and sequence information
through direct coupling analysis (DCA), a statistics-based program introduced
by Onuchic and his colleagues in 2011 that compares amino acid residues in
proteins that coevolve.
“We used DCA to infer coevolving
pairs of amino acids, and we had little bits of protein fragments from
experiments,” Krepel said. “That was a good starting point, and then we had to
put them together like a puzzle. We wanted to get a full structure and settle
the conflict over whether it’s a single or double ring.”
Knowing how proteins evolve
together was key. “This is a modular mechanism made of many proteins,” said
Rice postdoctoral researcher and co-author Michele Di Pierro. “It’s easier to
crystallize one protein, but it’s very difficult to figure out the structure of
this entire complex. That’s why it was ideal to look at coevolution, which lets
us get information about the complex even if we don’t have the structure.”
“Coevolution is basically about
natural selection,” added Ryan Cheng, also a postdoctoral researcher and
co-author of the paper. “As you get random mutations, certain interactions need
to be preserved to keep the function of that complex.”
“We expect that where these two
residues come together and match, they’re going to evolve together,” Onuchic
said. “If this one makes a mutation and has a bad reaction, the other one has
to compensate. Dana asked if can we get this sequence information together with
small crystal structures and determine these gigantic structures, and it turned
out that we can.”
Onuchic’s group at Rice’s Center
for Theoretical Biological Physics (CTBP) has published a series of papers that
extend its theories on protein folding to the much larger genome. He expects
ongoing work will eventually reveal condensin’s mechanisms. “These things have
to condense the chromosomes,” he said. “People know that. But nobody knows how
they do it.”
Onuchic said studies by others
suggest the flexible hinge may help open and close the ring, serving as a gate
that allows DNA strands in and out, a process also hinted at by the Rice study.
But without knowing the position of every molecule in the complex, there is no
way to completely understand its function and dynamics.
“We know the condensin complex is
involved, because if you remove it, mitosis doesn’t happen,” he said. “But
nobody understands the mechanism. Now that we have this structure, we have the
first shot at understanding the molecular details.”
More information:
Dana Krepel et al. Deciphering the structure of the condensin protein complex, Proceedings of the National Academy of Sciences (2018). DOI: 10.1073/pnas.1812770115
Dana Krepel et al. Deciphering the structure of the condensin protein complex, Proceedings of the National Academy of Sciences (2018). DOI: 10.1073/pnas.1812770115
The Rice lab of José Onuchic has
determined the structure of the condensin protein complex. The work settles the
controversy over whether the complex is a single ring that lassos two double
strands of DNA or a molecular “handcuff” composed of two connected rings that
each wrangle a double strand.
The team led by Rice postdoctoral
researcher Dana Krepel used a suite of state-of-the-art analysis tools to make
the call: It’s a single ring.
Their work is the first step
toward understanding the activity of proteins over the structure of chromosomes
throughout mitosis and all phases of the cell life cycle. That understanding
will help scientists learn how to better treat genetic diseases, including
cancer.
The results of the Rice team’s two-year study appear in
the Proceedings of the National Academy of Sciences.
Condensin does what the word
suggests: It helps condense the chromosomes into the cell’s nucleus. Recent
research has demonstrated that condensin and its protein partner cohesin
extrude DNA. But until now, nobody has settled on how condensin proteins come
together into their functional forms.
Krepel started her analysis from
bacterial condensin complexes made up of five subunits, including two
structural maintenance of chromosomes (SMC) proteins that come together as a
hinge and long kleisin proteins that make up the rest of the ring. Complexes in
human eukaryotic nuclei – a target for future analysis – are similar to their
more archaic counterparts.
Krepel pieced the puzzle together
by combining and comparing existing data about the atomic structures and
genetic sequences of the individual proteins. The structures came from
available X-ray crystallography of protein fragments, and sequence information
through direct coupling analysis (DCA), a statistics-based program introduced
by Onuchic and his colleagues in 2011 that compares amino acid residues in
proteins that coevolve.
“We used DCA to infer coevolving
pairs of amino acids, and we had little bits of protein fragments from
experiments,” Krepel said. “That was a good starting point, and then we had to
put them together like a puzzle. We wanted to get a full structure and settle
the conflict over whether it’s a single or double ring.”
Knowing how proteins evolve
together was key. “This is a modular mechanism made of many proteins,” said
Rice postdoctoral researcher and co-author Michele Di Pierro. “It’s easier to
crystallize one protein, but it’s very difficult to figure out the structure of
this entire complex. That’s why it was ideal to look at coevolution, which lets
us get information about the complex even if we don’t have the structure.”
“Coevolution is basically about
natural selection,” added Ryan Cheng, also a postdoctoral researcher and
co-author of the paper. “As you get random mutations, certain interactions need
to be preserved to keep the function of that complex.”
“We expect that where these two
residues come together and match, they’re going to evolve together,” Onuchic
said. “If this one makes a mutation and has a bad reaction, the other one has
to compensate. Dana asked if can we get this sequence information together with
small crystal structures and determine these gigantic structures, and it turned
out that we can.”
Onuchic’s group at Rice’s Center
for Theoretical Biological Physics (CTBP) has published a series of papers that
extend its theories on protein folding to the much larger genome. He expects
ongoing work will eventually reveal condensin’s mechanisms. “These things have
to condense the chromosomes,” he said. “People know that. But nobody knows how
they do it.”
Onuchic said studies by others
suggest the flexible hinge may help open and close the ring, serving as a gate
that allows DNA strands in and out, a process also hinted at by the Rice study.
But without knowing the position of every molecule in the complex, there is no way
to completely understand its function and dynamics.
“We know the condensin complex is
involved, because if you remove it, mitosis doesn’t happen,” he said. “But
nobody understands the mechanism. Now that we have this structure, we have the
first shot at understanding the molecular details.”
More information:
Dana Krepel et al. Deciphering the structure of the condensin protein complex, Proceedings of the National Academy of Sciences (2018). DOI: 10.1073/pnas.1812770115
Dana Krepel et al. Deciphering the structure of the condensin protein complex, Proceedings of the National Academy of Sciences (2018). DOI: 10.1073/pnas.1812770115