ISLAMABAD: Federal Minister for Information and Broadcasting Attaullah Tarar emphasized greater regional cooperation in counterterrorism on Thursday while addressing an event focused on the upcoming Shanghai Cooperation Organization (SCO) Summit, which will be held in Islamabad on October 15 and 16.

The issue of militant violence in Pakistan has cast a shadow over the high-profile summit, following the recent suicide attack in Karachi that killed two Chinese engineers, an act claimed by a Baloch separatist group.

Pakistan has repeatedly accused neighboring Afghanistan of harboring such militant factions, though the Taliban administration has denied these allegations.

The Pakistani government has also handed over summit security to the army and fortified Islamabad’s Red Zone, home to key government and diplomatic installations.

“Regional cooperation on counterterrorism and counterviolence is very important,” Tarar told the gathering, adding that the issue was discussed during the last SCO event in Astana, Kazakhstan.

He pointed out that Pakistan had paid a heavy price due to militant violence over the past few decades, consistently raising the issue in multilateral forums and bilateral dialogue with neighboring countries.

“We always highlight that we have lost 80,000 lives in this effort,” he added. “And this was not just for Pakistan but to ensure and maintain peace across the world.”

He said regional cooperation in counterterrorism would not only help Pakistan but also strengthen peace throughout the neighborhood.

Tarar noted that another issue to be discussed during the SCO summit is sustainable development, which, in Pakistan’s case, is threatened by climate change.

“Pakistan contributes less than one percent to global carbon emissions,” he noted. “But when it comes to climate change implications and losses, we are one of the worst-affected countries.”

He highlighted the losses incurred by the country due to floods, heatwaves, cyclones and other erratic weather events.

“Pakistan can greatly benefit from regional cooperation on this issue,” he continued.

The minister also emphasized the need for greater regional integration, pointing out that more could be done to increase Central Asian trade through Pakistani ports.

“There needs to be more financial integration to increase investment, trade and regional cooperation,” he noted.

“There is a need to promote cultural collaboration and people-to-people contact in the region,” he added. “I think that’s how we can take the people of the region toward prosperity.”

Tarar maintained it was a matter of honor for Pakistan to host a summit of this level after such a long time.

“Holding the SCO Summit at a time when Pakistan’s economy is taking off will further strengthen the country’s image and future prospects,” he said.

KARACHI: Prime Minister Shehbaz Sharif said on Thursday Pakistan was terminating purchase agreements with five independent power producers (IPPs) to rein in electricity tariffs as households and businesses buckle under soaring energy costs.
A decade ago, Pakistan approved dozens of private projects by independent power producers (IPPs), financed mostly by foreign lenders, to tackle chronic shortages. But the deals, featuring incentives such as high guaranteed returns and commitments to pay even for unused power, ultimately resulted in excess capacity after a sustained economic crisis slashed consumption.
Short of funds, the government has built those fixed costs and capacity payments into consumer bills, sparking protests by domestic users and industry bodies.
“After today, the take and pay system of these five IPPs has been finished, it has been completely terminated. The previous obligations of these IPPs will only be paid but without any financial cost, without any interest,” Sharif said in televised comments as he addressed the federal cabinet. 
“This will benefit electricity consumers by Rs60 billion ($215 million) annually. As a result, the national treasury will save Rs411 billion ($1.4 billion).”
The PM said tariffs would be reduced gradually by revising agreements with other IPPs in the electricity sector also.
“Five IPP owners prioritized national interest over personal interest and voluntarily agreed to terminate these agreements with the government,” Sharif added.
In a notice to the Pakistan Stock Exchange, Pakistan’s biggest private utility, Hub Power Company Ltd, unveiled on Thursday the premature termination of its pact for the government to buy power from a southwestern generation project.
The government and market operator the Central Power Purchasing Agency (CPPAG) agreed to settle the company’s outstanding receivables up to Oct 1, the company said. 
The company said its board approved an accelerated expiry date of Oct. 1 for the deal, instead of an initial date of March 2027, in an action taken “in the greater national interest.”
The need to revisit power deals was a key issue in talks for a critical staff-level pact in July with the International Monetary Fund (IMF) for a $7-billion bailout. 
Pakistan has also begun talks on reprofiling power sector debt owed to China and structural reforms, but progress has been slow. It has also vowed to stop power sector subsidies.
With inputs from Reuters