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Tuesday, 16 June, 2026 | 30 ZilHaj, 1447
Rs 50.00 | Vol XVII No 82 | 48 Pages | Islamabad Edition
TRUMP SAYS DEAL WITH IRAN 'ALL SIGNED', ADDING THAT STRAIT OF HORMUZ WILL BE 'COMPLETELY OPENED' ON FRIDAY g g
TRUMP CONFIRMS SIGNING OF LANDMARK US-IRAN AGREEMENT
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VICE PRESIDENT VANCE EXPRESSES CONFIDENCE IN UPCOMING NEGOTIATIONS
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WASHINGTON EYES NEW CHAPTER IN MIDDLE EAST STABILITY AND DIPLOMACY
JERUSALEM
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ANADOLU AGENCY
AGENCIES
NITED States President Donald Trump on Monday said that the peace deal with Iran was already signed and the Strait of Hormuz would be completely opened for all sea traffic on June 19. "I'm very happy to say ... the deal's all signed," he said while addressing a media talk with French President Emmanuel Macron in France ahead of the G7 summit. He said that the text of the Memorandum of Understanding (MoU) with Iran will be released "sometime after Friday". "I think pretty soon. I would say, I mean, I want it to be released, because it's a very powerful document," Trump said. "It's a very powerful document, and I want it to be released. So, probably pretty soon. I would say sometime after Friday." A US official similarly said just ear-
lier that Washington and Tehran had signed a MoU to settle a near four-month war, adding that a signing ceremony would take place on Friday and shipping traffic in the Strait of Hormuz would gradually ramp up. The MoU was signed by Trump, Vice President JD Vance and Iranian parliament speaker Mohammad Bagher Qalibaf, one US official said. Speaking at a briefing with reporters, the US official added that there will also be a signing ceremony on Friday. "You will see significant increase in traffic in the Strait of Hormuz, actually starting already, and that will ramp up slowly over time," the US official, speaking on the condition of anonymity, said. "We probably won't return to normal in two weeks, but we will see a significant increase in strait traffic," the official said. Trump earlier said that ships carrying oil were beginning to move out of the Strait of Hormuz after the US and
Senators warn rising debt is shrinking space for public spending ISLAMABAD
STAFF REPORT
Senators from both treasury and opposition benches on Monday voiced concern over Pakistan’s rising debt burden during the Senate’s discussion on the federal budget, arguing that growing repayments were leaving limited room for development and public welfare spending. The government presented the budget for FY27 on June 12, setting aside Rs8,054 billion for interest payments. Pakistan Peoples Party vice president and Senate parliamentary leader Sherry Rehman said around 42.8 per cent of the federal budget was being consumed by debt servicing, including interest as well as principal repayments. During her speech, Rehman said the scale of debt obligations was reducing the government’s fiscal space for development, social protection and public investment. She also said state-owned enterprises remained a major strain on public finances, stating that their losses had reached Rs832.848bn in FY2025 and cumulative losses stood at Rs6.563 trillion, while another Rs451bn had been earmarked for them in the current budget. She called for governance and expenditure reforms, including rationalising ministries, departments and institutions that continued to place a high operating burden on the national exchequer. Rehman also urged a fairer tax structure based more on direct taxation and a wider tax base, saying heavy dependence on indirect taxes was hurting ordinary citizens and weakening fiscal sustainability. She further raised concern over what she described as a growing reliance on the Petroleum Development Levy and said services, trade and retail should be brought into the tax net to create more fiscal space. Rehman also criticised a decline in climaterelated allocations, saying climate levies were being collected even as climate financing remained insufficient and related budgets were shrinking despite Pakistan’s high vulnerability to climate change.
Israeli Prime Minister Benjamin Netanyahu faced sharp criticism on Monday from both opposition leaders and members of his governing coalition following the announcement of a US-Iran agreement aimed at ending months of conflict, with critics describing the deal as a major strategic setback for Israel. Opposition politicians accused Netanyahu of failing to safeguard Israel’s interests during the negotiations, arguing that the agreement was reached without sufficient Israeli involvement and could undermine the country's security posture. Yair Golan, leader of the Democrats Party, said Israelis had awakened to an agreement between the United States and Iran that was negotiated “over Israel’s head”.
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Iran declared that they had reached an agreement to end the war. "Ships are starting to move, many loaded up with Oil, out of the Strait of Hormuz. They are going along the Southern 'Highway,' which is totally safe,
China welcomes uS-iran Mou BEIJING
STAFF REPORT
China welcomes the memorandum of understanding (MoU) between the United States and Iran and appreciates Pakistan's mediation efforts, Chinese Foreign Ministry spokesperson Lin Jian said on Monday. Iran's Supreme National Security Council said early Monday that a MoU between Tehran and Washington had been finalized and that all military operations on all fronts, including in Lebanon, had ceased immediately and permanently. China hopes that the US and Iran will sign the first-phase MoU as scheduled and that all relevant parties will remain committed to a peaceful solution and resolve their differences through dialogue and negotiation, Lin said. He said China stands ready to work with the international community to continue to play a constructive role in restoring peace and stability to the Middle East and the Gulf region at an early date.
secure, and pristine," Trump wrote on his Truth Social platform. "There are other areas of travel, also!!!" he added.
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Pakistan's leadership welcomes US-Iran Peace Agreement, hails diplomacy as path to regional stability ISLAMABAD STAFF CORRESPONDENT
Pakistan’s top political leadership on Monday warmly welcomed the recently announced peace agreement between the United States and Iran, describing it as a landmark diplomatic achievement that could enhance regional stability, strengthen global economic confidence and pave the way for lasting peace in the Middle East. President Asif Ali Zardari, Prime Minister Shehbaz Sharif, Deputy Prime Minister and Foreign Minister Ishaq Dar, Finance Minister Muhammad Aurangzeb and Pakistan Peoples Party Chairman Bilawal Bhutto Zardari all hailed the breakthrough, emphasizing the importance of dialogue and diplomacy in resolving international disputes. President Zardari welcomed the announcement of a Memorandum of Understanding (MoU) between Washington and Tehran, expressing hope that it would lead to a comprehensive and lasting settlement. In a statement posted on X, the president said the agreement would hopefully pave the way for a final accord and lay the foundation for durable peace across the region. He noted that Pakistan had consistently advocated dialogue and diplomacy throughout the period of heightened tensions, describing the development as a
significant step towards strengthening multilateralism and promoting the peaceful resolution of disputes through engagement and mutual respect. President Zardari expressed confidence that the diplomatic initiative would usher in greater peace, stability and prosperity for both the region and the wider world. Prime Minister Shehbaz Sharif earlier announced that the United States and Iran had reached an agreement after intensive negotiations, with both sides agreeing to an immediate and permanent cessation of military operations across all fronts, including Lebanon. Deputy Prime Minister and Foreign Minister Ishaq Dar also welcomed the breakthrough, calling it a triumph of sustained diplomatic engagement and collective international efforts.
“This significant breakthrough reflects the power of sustained diplomatic engagement and the collective resolve of friendly nations to choose dialogue over confrontation,” Dar said. He described the agreement as a reassuring development for the international community that would help restore confidence in global markets and support economic stability, particularly for developing countries vulnerable to regional conflicts and geopolitical uncertainty. Dar said Pakistan had remained actively engaged with all relevant stakeholders throughout the crisis and consistently advocated restraint and constructive engagement. “Dialogue and diplomacy remain the only viable means of resolving disputes and addressing regional challenges,” he remarked.
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STRAIT OF HORMUZ SHIPPING TRAFFIC SET TO GRADUALLY RESUME
israeli opposition, coalition allies criticise uS-iran peace deal
WASHINGTON
IN TODAY’S ISSUE
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Pakistan will host US-Iran peace signing in Geneva, Shehbaz tells NA irfan.farooq@pakistantoday.com.pk
ISLAMABAD
STAFF REPORT
Prime Minister Shehbaz Sharif told the National Assembly on Monday that a peace agreement between the United States and Iran marked what he described as a major diplomatic breakthrough, saying Pakistan would host the signing ceremony in Geneva on Friday, June 19. Addressing the lower house, the prime minister said the world had reached a historic point for peace. He said the development came after three months and 16 days of sustained efforts, and added that Washington and Tehran had announced an immediate and permanent end to military action, including in Lebanon. Shehbaz congratulated the people of Pakistan, the international community and members of the National Assembly over the development. He also expressed gratitude to PML-N leader Nawaz Sharif, saying his guidance had remained available throughout the process. The prime minister further thanked President Asif Ali Zardari, PPP Chairman Bilawal Bhutto-Zardari and other political leaders. He told the House that the accord was not merely an understanding between two states but a broader success for peace, dialogue and diplomacy.
Pakistan to assume SCO Council of Heads of State Chairmanship in September ISLAMABAD
STAFF CORRESPONDENT
Pakistan will assume the chairmanship of the Shanghai Cooperation Organisation’s (SCO) Council of Heads of State (CHS) in September and will host the next CHS summit in 2027, Deputy Prime Minister and Foreign Minister Ishaq Dar announced while marking the 25th anniversary of the regional bloc. According to a statement issued by the Ministry of Foreign Affairs on Monday, Dar said the SCO has played a vital role in promoting regional peace, security, stability, economic cooperation, connectivity and people-to-people exchanges among member states over the past quarter century. He noted that Pakistan’s engagement with the SCO has evolved from observer status to becoming a proactive full member since joining the organisation in 2017, reflecting the country’s strong commitment to multilateralism and regional cooperation. Highlighting Pakistan’s upcoming assumption of the CHS chairmanship, Dar said the development reflected the trust and confidence of member states in Pakistan’s regional and global leadership role. “Pakistan will continue to pursue a forward-looking and action-oriented agenda focused on strengthening economic collaboration, enhancing regional connectivity and fostering greater understanding among the peoples of the region,” he said. The foreign minister recalled Pakistan’s active contributions to the organisation, including hosting the SCO Council of Heads of Government meeting in Islamabad in October 2024. He also noted that Pakistan currently chairs the SCO Regional AntiTerrorist Structure (RATS) for the 2025-26 period and serves as the permanent chair of the organisation’s working group on poverty alleviation, which aims to improve living standards across the region. Referring to the China-Pakistan Economic Corridor (CPEC), Dar described the flagship project as a model of trans-regional economic and trade integration among SCO member states. “As a frontline state that has made unparalleled sacrifices in the fight against terrorism, Pakistan highly values the SCO’s collaborative framework in combating the three evils of terrorism, separatism and extremism,” he said.
energy disruptions will take time to normalise despite uS-iran deal, says finance minister PROFIT
STAFF REPORT
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb on Monday described the US-Iran peace agreement as a significant development for both Pakistan and the global economy, but warned that disruptions to energy infrastructure would take time to normalise. Addressing the “Gong Ceremony – Service Long March Tyres Limited (SLM)” virtually at the Pakistan Stock Exchange (PSX) to mark the company’s listing, the finance minister said Prime Minister Muhammad Shehbaz Sharif and Field Marshal Syed Asim Munir had earned international recognition for their efforts to facilitate dialogue and mediation that contributed to the agreement. He said the deal would help ease economic uncertainties arising from the regional conflict. The finance minister said Pakistan’s role in supporting de-escalation efforts had
strengthened its position as a constructive partner in promoting regional peace and stability, reflecting the country’s commitment to diplomacy and the peaceful resolution of disputes. Referring to the prime minister’s announcement regarding the signing of a memorandum of understanding later this week, Aurangzeb said the development carried positive implications for Pakistan’s economy and the wider region. He said Pakistan had successfully managed the immediate economic impact of the conflict over the past three months and expressed confidence that the agreement would reduce concerns over potential secondary and longer-term economic consequences. While acknowledging that disruptions to energy infrastructure would take time to normalise, the minister said the agreement had improved the outlook for economic activity and created upside potential for the next fiscal year. Turning to capital markets, Aurangzeb
congratulated the management and board of the Pakistan Stock Exchange on its recent performance and highlighted growing investor participation, particularly from younger investors. He said the listing of Service Long March Tyres Limited marked another milestone for Pakistan’s capital markets, noting that the country had recorded 11 initial public offerings during the current fiscal year, the highest number in nearly 20 years. “The strongest vote of confidence in any economy comes when investors commit capital,” he said, adding that rising participation at the PSX reflected growing confidence in Pakistan’s economic direction. Speaking about Service Long March Tyres Limited, Aurangzeb recalled his association with the project from its early stages and described it as an example of industrial cooperation and export-oriented investment. He noted that the venture was successfully executed during the Covid-19 period and ac-
knowledged the role of Chinese expertise and continued investor confidence in Pakistan. The minister reiterated the government’s commitment to fostering an enabling
environment for investment, strengthening capital markets and expanding international economic partnerships to support sustainable economic growth.