Pakistan, Saudi Fund discuss development cooperation, energy risks amid Middle East conflict
aurang zeb meets Sfd cEo, reviews ongoing suppor t, bilateral ties and impac t of conflic t on global energy securit y
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb, held a meeting with Mr Sultan bin Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development (SFD) on the sidelines of the World Bank-IMF Spring Meetings 2026 The two sides discussed the implications of the ongoing conflict in the Middle East on global energy security and its potential economic impact The finance minister expressed hope for an early resolution of the conflict and emphasized the importance of continued cooperation between Pakistan and Saudi Arabia The meeting reaffirmed the strong and longstanding partnership between the two countries and their shared commitment to further strengthening economic and development cooperation The finance minister thanked Mr Al-Marshad for the Saudi Fund for Development’s continued support and its ongoing and future development cooperation with the Government of Pakistan Senator Aurangzeb also recalled his recent meeting with the Finance Minister of the Kingdom of Saudi Arabia prior to his departure for Washington, D C , noting that the interaction was productive and reflected the strength of bilateral relations
Pakistan s mutual fund industry reduced exposure to equities
Delay in cottonseed impor t SOPs limits impac t for current crop season
imported seeds will be evaluated for fibre quality, yield characteristics and resistance to factors such as cotton leaf curl virus, temperature variations and water stress Only seeds meeting performance benchmarks after multi-year trials
policy restricts imports and production to registered seed companies and research institutions excluding individuals and unregistered entities Industry representatives said broader challenges in the cotton sector extend beyond seed quality They pointed to the expansion of sugarcane cultivation in traditional cotton-growing areas which has altered local conditions and contributed to the spread of crop diseases Regions with limited sugarcane cultivation including parts of Sindh Balochistan and Cholistan continue to produce higher-quality cotton, indicating that environmental and policy factors remain critical to output Stakeholders have called for enforcement of crop zoning regulations to limit sugarcane expansion in cotton zones citing a decline in cotton acreage in key districts such as Rahim Yar Khan They also questioned the effectiveness of relying on imported hybrid seed alone, noting that consistent performance has yet to be established globally Officials said timely policy implementation and structural reforms would be required to improve cotton output in the coming seasons
COMMENT
Keeping ratings as they are
TH E retention by Pakistan for its B+ rating for its sovereign debt, issued by Fitch, the rating agency, was probably tougher than it seems, as it indicates that Pakistani sovereign debt is considered safe Well, not really gilt-edged, but safe enough; at least not junk bond status It should be noted that It did not downgrade Pakistan’s rating even though the Us-Israel-Iran war gave it a perfect excuse and especially as the country’s foreign exchange holdings have come under pressure as oil prices go up The price has gone up to $100 per barrel, to reflect the breakdowm of thwe Us-Iran talks over the weekend in Islamabad However, Fitch mentioned two important things in its report First that recent policies and the resulting build-up of foreign exchange had led to the country’s foreign exchange reserves having a buffer to absorb the oil shock resulting from this war second it said that Pakistan would benefit tangibly from its mediatory role, and this would partially ease external pressures However, it duly noted that if the oil shock led to a sharp decline in foreign exchange reserves, there would be a major risk It is difficult to say that Fitch’s approval of Pakistan’s following the IMF programme sedulously is evidence that the IMF is merely a glorified credit agency or whether it is
USA-Iran talks collapse, illusions remain
At
ment in the waterway falls under its control and that its forces had challenged the Us presence Regardless of which version is accepted the strategic conclusion is unavoidable: the UsA cannot exercise uncontested control over the strait This not only weakened Washington s negotiating position but also injected additional mistrust into an already fragile process
As the dust settles over Islamabad the much-anticipated direct negotiations between the UsA and Iran have ended not with a breakthrough, but a pause one that exposes the structural fault lines of this conflict After an intense 21-hour uninterrupted diplomatic marathon there was no agreement Despite urgency pressure and global attention the gap between the two remains wide The Us delegation, led by JD Vance, acknowledged the deadlock with unusual clarity Despite what he described as “intensive” and “substantive” discussions Iran “chose not to accept” American terms
This was not a procedural delay or technical pause it was a strategic failure to reconcile competing visions of the post-war order The talks did not collapse abruptly; they exhausted themselves, which in many ways is even more revealing What makes this outcome more striking is the contradiction at the highest level of Us leadership Even as negotiations were ongoing and indeed as they stretched deep into the night Donald Trump maintained that the sA had already won the war His assertion that we win regardless now stands in sharp contrast to the reality of failed negotiations If victory had truly been secured, diplomacy would have been a formality Instead it has become a necessity one that has so far failed to deliver results
At the centre of this deadlock lies the strait of Hormuz the world s most critical strategic chokepoint Control over itremains the primary point of contention The UsA insists on restoring full navigational freedom and removing Iranian leverage, while Iran views control as its most powerful bargaining chip This tension was dramatically illustrated during the talks themselves Washington announced that two Us Navy destroyers had entered the strait to begin mine-clearing operations, signaling an attempt to project authority and normalize passage Iran, however, rejected this narrative, asserting that any move-
The future of the Middle East amid the talks
Tof Hormuz
The UsA would want to reach a pre-warlike scenario and devise a mechanism that would give it control over the strait of Hormuz and prevent Iran from gaining any leverage from it in the future On the other hand Iran would want to make sure that its leverage over the strait of Hormuz does not go away and in future events of betrayals of trust, it can gain leverage over the strait of Hormuz Amid the sequence of events, the deadlock is bound to persist In the coming days the UsA would exert pressure on Iran in the form of a naval blockade along with infrastructure destruction and strikes on the leadership Iran s confidence during the talks however suggests that it is prepared for the worst and would not give away their leverage Here, the role of mediators becomes even more complex and important As the direct talks are over the back-door diplomacy will be the key
We might see a breakthrough in a couple of days, but for that to happen, a lot will depend on how good a mechanism is devised regarding the strait of Hormuz And to what extent both parties would concede
Another major factor shaping the outcome of the talks was the rigidity of core demands on both sides
The UsA insisted on a binding commitment that Iran would not develop nuclear weapons a position still non-negotiable in Washington Iran presented equally firm red lines: ceasefire in Lebanon reparations lifting of sanctions, release of frozen assets, and recognition of its sovereign rights under international frameworks These positions were not merely negotiating stances, but strategic doctrines, leaving little room for compromise within a single round of talks
Compounding this complexity is the evolving regional dynamic particularly the role of Erdoğan Early in the conflict the UsA explored leveraging Kurdish groups operating in and around Iran as proxy forces This approach, however, was swiftly blocked by Turkey Viewing Kurdish factions as extensions of the PKK insurgency Ankara issued strong warnings that any Us support for such groups would directly threaten Turkish national security
President Erdoğan leveraged Turkey s NATO position and his direct engagement with President Trump to force a policy reversal The UsA ultimately stepped back from arming Iranian Kurdish groups and offered assurances to Turkey This episode is crucial it demonstrates that even in wartime Us strategic options are constrained by alliance politics and that regional actors like Turkey can decisively shape the trajectory of conflict
Equally telling was the hesitation among Kurdish groups themselves, many of whom feared becoming disposable instruments in a larger geopolitical struggle Their reluctance further undermined Washington’s proxy strategy leaving it with fewer tools to exert pressure on Iran
Meanwhile the economic narrative surrounding the war has taken an unusually blunt turn President Trump has openly framed the disruption of the strait as beneficial to the UsA, arguing that it forces global markets to turn toward Us oil and gas In this interpretation the war becomes a commercial advantage a mechanism for redirecting global energy dependence
This perspective suggests that geopolitical conflict is being evaluated not in terms of stability or human cost, but through the lens of economic gain Thousands have been killed, infrastructure devastated and entire populations displaced To frame such destruction as economically advantageous raises profound moral and strategic questions about the nature of modern warfare
For the UsA anything less than control of the strait of Hormuz is a defeat that it will not be willing to accept while for Iran any gain regarding the control of Hormuz will be a victory for now The UsA in order to achieve the abovementioned objective has announced the naval blockade of the strait of Hormuz This will mean no ship will pass through this sea route
around the strait and limit the Iranian leverage over the strait
The naval blockade of the strait of Hormuz is not as easy as it looks Yes, it will affect the aspirations of Iran but on the other hand it will have a devastating impact on the global economy The countries that are most likely to be affected by the closure of the strait of Hormuz would try to bring an end to this war more than ever because they can no longer stay irrelevant Having said that, this might be a tactical ploy of the UsA rather than an actual threat so the best possible scenario is an agreement in the foreseeable future with mediation efforts from Pakistan as Pakistan seems to be the go-to option for both some other countries may also take part in the mediation process as well For instance, Iran could get assurance and trust that it would not be attacked in the future along with other bargains while the strait of Hormuz opens for all as it was before the war While the other scenario looks devastating for the region The clashes will intensify over the strait of Hormuz And, this will be devastating for the region The Islamabad talks have shown that there is still hope of negotiations and past examples are proof that negotiations can make the hardest of tasks easy
The writer is freelance columnist
Dying for justice
Tensions over Venezuela
MuhaMMad ali alvi
Lpressure surrounding the country
If the current conflict significantly degrades Iran’s military infrastructure or halts its nuclear trajectory and missile capabilities not to mention cause regime change Israel could emerge with a stronger security envi-
ronment, one that Israeli leaders have sought for decades For the USA the stakes extend beyond Israel s security Washington s interests include protecting freedom of navigation through the Strait of Hormuz safeguarding global energy markets and preserving US strategic influence in a region that has historically shaped global politics
A limited conflict that weakens Iran without dragging the USA into a prolonged war could reinforce US credibility in the region But history suggests caution From Iraq to Afghanistan, conflicts that began with limited objectives often expanded into far longer and more costly engagements Iran, unsurprisingly, faces the greatest immediate risk Years of sanctions have already strained its economy War threatens further damage to infrastructure disruptions to energy exports and increased domestic pressure on the regime depending how long the war lasts Yet Iran is not defenseless as demonstrated over the last weeks Over decades it has deliberately built asymmetric capabilities designed to offset conventional military disadvantages Its ballistic missile arsenal cyber warfare capabilities and network of allied militias allow Tehran to exert influence across the region even when under severe pressure Even a weakened Iran could retain the capacity to destabilize the Middle East
Beyond the immediate participants however the conflict could produce unexpected beneficiaries Russia may gain economically Instability in the Middle East tends to push global oil prices higher, increasing revenues for one of the world’s largest energy exporters At a time when Moscow remains locked in confrontation with the West over the war in Ukraine higher energy prices provide a significant economic cushion China could benefit in a different way Beijing s long term strategy centres on ex-
panding its economic and geopolitical reach across Eurasia Through initiatives such as the Belt and Road China has deepened ties across the Middle East including with Iran A USA increasingly absorbed by crises in the region may find its attention diverted from the Indo-Pacific, where the most consequential strategic competition of the 21st century is unfolding This broader rivalry is often described through the concept of the Thucydides Trap the structural tension that arises when a rising power challenges an established one The term originates with the ancient Greek historian Thucydides, who argued that the rise of Athens and the fear it instilled in Sparta made the Peloponnesian War nearly inevitable Many analysts see echoes of that dynamic today in the relationship between the USA and China As China s economic and technological power expands the USA faces the challenge of maintaining leadership without triggering direct confrontation with its principal rival
The current Middle East conflict is not that confrontation But it forms part of the geopolitical environment in which that rivalry unfolds In that sense the war involving the USA, Israel and Iran sits at the intersection of regional conflict and global power transition
The economic implications alone could be profound Nearly one-fifth of the world’s oil passes through the Strait of Hormuz the narrow maritime corridor separating Iran from the Arabian Peninsula Any disruption to this chokepoint would ripple through the global economy and we were already seeing its implications in the first ten days of war Energy prices would surge inflationary pressures would intensify and fragile economic recoveries across Europe and the
The war involving the USA, Israel and Iran may reshape the Middle EastÊs strategic landscape But the future of the international order will likely be decided less in the deser ts of the Gulf than in the broader dynamics of great power competition Regional wars sometimes ignite global transformations. More often, they reveal the deeper historical forces already reshaping the world. This war may not create a new international order. But it is unfolding at a moment when the old one is steadily fading.
Sudden anti-Israel rhetoric in South Korea
has not been followed by action
POLITICAL IMPLICATIONS
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T is disappointing that they do not reflect on the criticisms of people around the world who are suffering and struggling due to ceaseless actions against human rights and international law South Korean president, Lee Jae Myung, stated this in a post on the social media platform X on 11th April
Lee s stance is drawing significant attention beyond political circles and reaching a public that has long remained silent on Israel s continued actions against human rights However, it raises a question: is this really about human rights?
The dispute began suddenly on 10th April Lee shared a video on X showing Israeli soldiers pushing a Palestinian off a rooftop, claiming the victim was a tortured child, and compared the incident to the Holocaust The video, however, does not support such a claim It was taken in September 2024 in Qabatiya West Bank and was widely reported only in connection with the desecration of corpses
The following day, Israel s Ministry of Foreign Affairs responded on X, stating that the incident had already been thoroughly investigated and addressed and criticised Lee s remarks as a trivialization of the massacre of Jews calling them unacceptable and warranting strong condemnation The debate has now largely centered on whether presidential intervention was diplomatically appropriate
Politically Lee appears to have more to lose than gain from this dispute domestically Nevertheless he maintained his stance stating on 12th April that the sovereignty of each nation and universal human rights must be respected, and aggressive war must be rejected ” His remarks have been reported internationally and have received support However caution is warranted So far rhetoric
BEHIND SUDDEN RHETORIC: Israel expressed puzzlement stating that Lee s remarks were made for some strange reason This observation is not without merit South Korea itself has not sufficiently supported Palestinians rights It continues to refrain from recognizing Palestinian statehood and often abstains from UN votes on Palestinian human rights issues including last month s UN Human Rights Council resolution More importantly, South Korea has been involved in the exploitation of Gaza’s offshore gas resources, bypassing the Palestinian government Given these factors a fundamental question arises: when there are many areas in which South Korea could meaningfully advance Palestinians rights, why provoke diplomatic tension with Israel, a strategic partner? It is also difficult to attribute Lee’s conduct to long-standing personal conviction Throughout his approximately 20-year political career he has not taken notable steps in support of Palestinians or in opposition to Israel On the contrary, on 13th February, 2025, as opposition party leader, Lee praised Israeli Ambassador Rafael Harpaz for reaching a ceasefire and returning to a peace framework He also highlighted Israel s remarkable achievements in the defense industry and emphasized the value of bilateral cooperation Notably, he made no mention of indiscriminate mass civilian killing and destruction that Israel has caused What then explains the emergence of this rhetoric? In analysing policymakers, timing is often the most revealing factor South Korea is currently facing serious and urgent energy security concerns due to disruptions in the Strait of Hormuz through which approximately 70 percent of its imported crude oil and up to 30 percent of its natural gas pass Against this background, the government has sought solutions through international coordination while avoiding direct negotiations with Iran particularly out of concern that doing so could set a visible precedent for toll payments in the Strait However on 5th April, Lee signaled a shift toward bilateral engagement by exploring bypass arrangements, such as humani-
tarian assistance On 10th April, he dispatched a special envoy to Iran
This is also the day he made his first anti-Israel remarks and established a dedicated Middle East peace representative position It is difficult to dismiss the possibility that these three developments are connected In negotiating with Iran, South Korea has limited strategic flexibility Explicitly aligning with Iran or paying a toll will face backlash from the United States In such circumstances South Korea seems to be willing to risk its relationship with Israel in order to gain favourable positioning with Iran It is revealing, in this context, that Lee invoked a Palestinian-related past incident to raise human rights concerns rather than addressing Israel’s ongoing operations in Iran or Lebanon which are more closely tied to US responsibility At present there is little indication that South Korea considers shifting its long-term diplomatic position Public and political discourse remains focused on rhetoric either defending or criticising Israel Korea s relationship with Palestine where constructive measures could be taken to support Palestinians rights, remains untouched so far If South Korea continues to struggle to reach an understanding with Iran regarding the Strait of Hormuz would it consider strengthening support for Palestinian self-determination? Unless Iran formally requests it in exchange for opening the Strait which is unlikely South Korea would remain within its current position Taking a concrete step for Palestine would not only aggravate its long-term relationship with Israel but also provoke the United States
A government s diplomatic stance hardly changes overnight Diplomacy lies in an area where conservative caution prevails As a result, foreign policy typically follows social change rather than leading it Rhetoric driven by temporary political considerations is unlikely to bring about such necessary change If the current rhetoric is to be taken seriously, it must be followed by corresponding actions such as recognition of Palestinian statehood or withdrawal from Gaza’s offshore resources Rather
confronting the same gap between legal obligation and political reality That was why Cabinet Secretary Yossi Fuchs’s attempt to invoke IDF Chief of Staff Lt -Gen Eyal Zamir was so striking Fuchs told the court that Zamir had effectively backed the draft package now being advanced by the government The military quickly issued a clarification: Zamir did not endorse any conscription law And if the government wants to cite Zamir, it should cite him accurately In late March, he warned that he was raising “10 red flags before the IDF collapses into itself Days later in a letter to lawmakers dated March 30 and reported on April 1 he warned that without action to address the personnel shortage the army would suffer severe harm, including a shortage of thousands of combat and combat-support troops
These are the words of the chief of staff, warning that the burden on the army especially on reservists has become unsustainable Zamir is Prime Minister Benjamin Netanyahu s own choice for chief of staff So when he speaks this clearly about the gravity of the manpower crisis, the proper response is to listen The High Court sounded exasperated Deputy Supreme Court President Noam Sohlberg said the enlistment figures were “very difficult,” noted that the court had already ruled and had to be implemented and remarked that the ongoing back-andforth seemed mainly to be delaying matters This was
CM MARYAM CLEARS SL-4 RING ROAD, SETS JUNE 30 DEADLINE FOR PUNJAB ROAD PROJECTS
g PUNJAB CM MAKES WEEKLY PROGRESS REPORTS MANDATORY FOR ALL ROAD SECTOR PROJECTS
had to search for the
government but today under Maryam Nawaz s leadership the government is reaching the doorsteps of the people She further highlighted that Maryam Nawaz has not confined development to Lahore alone but has expanded it across the entire province Today Punjab has set unprecedented standards of merit good
governance, and transparency The culture of favoritism has been eradicated and merit now prevails across all sectors The provincial minister emphasized that there is no segment of society left in Punjab that has not benefited from government relief initiatives She noted that development projects are being completed ahead of schedule resulting in savings of billions of rupees for the national exchequer This she said is why every survey shows a consistent rise in Maryam Nawaz s popularity Azma Bokhari reaffirmed that this journey of development and prosperity will continue Over the next three years the pace of progress in Punjab will be further accelerated to ensure prosperity for every citizen and to establish Punjab as a true model province
LAHORE s ta f f r e p o r t
Federal Minister for Communications Abdul Aleem Khan presided over a high-level meeting of the National Highway Authority Punjab Region to review ongoing and proposed infrastructure projects During the meeting several key decisions were approved In the meeting Federal Minister Abdul Aleem Khan stated that the Federal Government aims to bring the GT Road at par with Motorway standards He noted that since the GT Road
NAQVI URGES BUSINESS ELITE TO REPATRIATE BILLIONS BEFORE BUDGET
Gunmen Strike in Quetta:
Nav y chief lauds PAF’s ‘Mark a- e -Haq’ per formance at R isalpur graduation ceremony
ISLAMABAD/RISALPUR
fruit and vegetable market in Quetta killing two members of the Hazara community and injuring three others In a separate incident in March, at least five people were killed and two injured in coordinated terrorist attacks in Panjgur, underscoring the persistent security challenges in Balochistan Imran Khan’s sisters reach Adiala
Chief of the Naval Staff Admiral Naveed Ashraf on Tuesday lauded the Pakistan Air Force’s (PAF) outstanding performance during Marka-e-Haq May 2025 attributing its success to visionary leadership, modernization, and the effective integration of advanced technologies under the dynamic leadership of Air Chief Marshal Zaheer Ahmed Baber Sidhu the military s media wing said According to the Inter-Services Public Relations (ISPR) Admiral Naveed Ashraf was addressing the graduation ceremony of multiple PAF courses held at PAF Academy Asghar Khan Risalpur as the chief guest The graduating cohorts included the 152nd GD(P) 98th Engineering, 109th Air Defence (Alpha & Bravo), 28th Admin & Special Duties (Alpha & Bravo), 11th Logistics (Alpha), and 135th Combat Support Courses Upon arrival the chief guest
was received by Air Vice Marshal Shahryar Khan, Air Officer Commanding, PAF Academy Asghar Khan while Air Chief Marshal Zaheer Ahmed Baber Sidhu Chief of the Air Staff Pakistan Air Force was also present on the occasion Addressing the graduating cadets, Admiral Naveed Ashraf congratulated them on successfully completing their rigorous training and commended the academy for producing officers embodying strong character discipline, and professionalism He expressed confidence that the
has declined due to lower water releases Data from WAPDA showed inflows at Tarbela at 20,200 cusecs and outflows at 8,000 cusecs, while Mangla recorded inflows of 29 100 cusecs and outflows of 8 000 cusecs At Tarbela water levels stood at 1 465 62 feet against a minimum operating level of 1,402 feet, with live storage of 1 526 million acre-feet Mangla’s level was recorded at 1,156 90 feet, with live storage of 1 989 million acre-feet Gas shortages have further constrained generation RLNG supply has dropped to around 80mmcfd against a requirement of nearly 350mmcfd, limiting output from key power plants Earlier the power sector required around 300mmcfd of RLNG but allocations from Sui Northern Gas Pipelines Limited were about 130mmcfd and were being supplied to only one plant Around 3,600MW of RLNGbased power plants near load cen-
tres are currently operating on reduced indigenous gas supply affecting efficiency and output Pakistan operates three major RLNG-based plants: the 1,180MW Bhikki plant in Sheikhupura the 1 230MW Haveli Bahadur Shah plant in Jhang and the 1 223MW Balloki plant in Kasur The cost of alternative fuel has increased, with furnace oil prices rising from around Rs200,000 per ton in February to nearly Rs400 000
Pakistan faces renewed inflation risk as crude oil jumps on Middle East tensions
