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PM AGAIN INVITES OPPOSITION TO ‘CONSTRUCTIVE DIALOGUE’ TO STRENGTHEN DEMOCRACY Friday, 21 August, 2026 | 7 Rabiul Awwal, 1448

ISLAMABAD

SALEEM JADOON

RIME Minister Muhammad Shehbaz Sharif on Thursday once again invited the opposition to sit with the government for constructive dialogue, saying political matters should be resolved through talks to further strengthen Pakistan’s economy and democracy, while highlighting recent economic gains and a Rs32 per litre reduction in diesel prices amid disruptions to global energy supplies. Chairing a meeting of the federal cabinet, the prime minister said the government had always remained ready for dialogue and that he had repeatedly expressed this position on the floor of the

National Assembly as well as before the cabinet, according to a statement issued by the Prime Minister’s Office (PMO). “I once again invite the opposition to come and sit together. Matters should be resolved through dialogue so that Pakistan’s economy and democracy can be further strengthened,” he said, adding that it was now up to the opposition to decide how soon it was ready for constructive engagement. ‘Diesel price cut particularly significant in view of difficult situation’ The prime minister also welcomed the Rs32 per litre reduction in the price of diesel, describing it as particularly significant given the difficult situation prevailing in the Gulf region and disruptions to global oil supplies.

CONTINUED ON PAGE 03

Pakistan, Syria move to revitalise ties as Shehbaz backs Damascus sovereignty ISLAMABAD

MIAN ABRAR

Prime Minister Shehbaz Sharif on Thursday called for translating Pakistan and Syria’s longstanding friendship into stronger bilateral cooperation, as visiting Syrian Foreign Minister Asaad Hassan alShaibani held high-level talks with the Pakistani leadership amid re-

newed regional tensions. Al-Shaibani, who arrived in Islamabad early Thursday on an official visit at the invitation of Deputy Prime Minister and Foreign Minister Ishaq Dar, met Prime Minister Shehbaz, who highlighted the “historic and multifaceted ties” between the two countries.

CONTINUED ON PAGE 03

Rs 20.00 | Vol XVII No 147 | 8 Pages | Islamabad Edition

02 NEWS

PSX NOTIFIES SCHEDULE FOR CRESTWELL HEALTHCARE'S 300% RIGHTS ISSUE

T g

Trading of unpaid righTs begins augusT 24, subscripTion paymenT deadline seT for sepTember 14 PROFIT

news Desk

HE Pakistan Stock Exchange (PSX) has notified market participants of the schedule for the issuance and trading of rights shares by S.G. Power Limited, now operating as Crestwell Healthcare Limited, according to a letter circulated Thursday. The company is issuing 53,499,600 ordinary shares at Rs10 each, at par, representing a rights entitlement of three shares for every one ordinary share held, approximately a 300% rights issue. Entitlements were credited into sharehold-

Pakistan, South Korea wrap up first round of CEPA talks as Seoul conference yields six trade MOUs

ers' CDS accounts based on holdings as of August 19, 2026, meaning physical letters of offer are not required to be issued separately. According to the tentative schedule, unpaid rights were credited into CDC in book-entry form on August 21, with trading of unpaid rights on the PSX commencing August 24 and continuing until September 7. Letters of Right were dispatched to physical shareholders, and PSX was informed of the dispatch, by August 25. The last date for splitting and depositing requests into CDS is August 27. The final date for acceptance and payment of shares, both in CDC and physical form, is September 14, 2026, after which

PROFIT

Pakistan has completed the first round of Comprehensive Economic Partnership Agreement (CEPA) talks with South Korea, with a second round on the horizon, Federal Minister for Commerce Jam Kamal Khan announced at a trade conference in Seoul. Khan said a finalised agreement would give Pakistani exporters fresh market access and deepen economic ties between the two countries. The Pakistan-Korea Trade & Investment Conference drew more than 170 businessmen from both nations and produced six Memoranda of Understanding between Pakistani and Korean firms, according to a statement issued after the event. The event unfolded as the two governments continue working through their CEPA negotiations, and Khan pressed business leaders on both sides to translate the conference's momentum into firm partnerships before the deal is signed. Attendance split roughly evenly, with 91 Korean and 82 Pakistani delegates present, the latter group including members of Korea's Pakistani diaspora alongside representatives from the Sialkot and Gujranwala chambers of commerce and industry. Pakistan's Ambassador to South Korea opened proceedings, followed by remarks from the Daegu Chamber of Commerce and Industry's vice chairman. Representatives of the Special Investment Facilitation Council and the Trade Development Authority of Pakistan then walked participants through the country's export strengths, spanning textiles and apparel, leather, surgical and sports goods, agro-food products, minerals and IT services. The event's business-to-business sessions produced the six signed MOUs, with Sialkot, Gujranwala and other chamber-affiliated companies partnering with Korean counterparts across salt, cosmetics, and oil and sesame seed trade. Organisers said the agreements are meant to serve as a springboard toward more formal commercial contracts between the firms involved. A follow-up conference is already being planned for Seoul in March 2027, intended to build on the momentum once the CEPA is finalised.

BF Biosciences launches Sibionics continuous glucose monitoring devices in Pakistan PROFIT

news Desk

BF Biosciences Limited has launched Continuous Glucose Monitoring (CGM) devices in Pakistan in collaboration with China-based medical technology company SIBIONICS, the company informed the Pakistan Stock Exchange (PSX) on Thursday. The devices have been introduced under the brand name Sibionics CGM as part of BF Biosciences’ strategy to develop an integrated approach to metabolic care, according to a material information notice. SIBIONICS, founded in 2015, focuses on continuous glucose monitoring and digital health solutions. According to information published by the company, its products and services are available in more than 100 countries and serve over four million users globally. CGM technology enables continuous monitoring of glucose levels and trends, providing patients and healthcare professionals with information on glucose patterns and the effects of food, physical activity and other lifestyle factors. BF Biosciences said the technology is intended to complement its existing metabolic portfolio, including Ferulin® (Insulin), Sematide (Semaglutide) and Zeptide® (Tirzepatide), where clinically appropriate and under the guidance of healthcare professionals. The company said the integration of medicines, medical devices and disease-awareness initiatives, including SlimPossible, is aimed at supporting the management of diabetes, obesity and related metabolic conditions.

the rights offer. Non-resident Pakistani or foreign shareholders must send a demand draft of the equivalent amount in PKR to the Company Secretary at Crestwell Healthcare Limited's office in Lahore, along with the Right Subscription Request and a certified copy of their NICOP or passport, before the September 14, 2026 payment deadline. CDC has also introduced an online payment facility via 1Link, allowing Investor Account Holders and Sub-Account Holders to pay for their subscribed rights using the 1Bill Payment ID through internet banking, ATMs or mobile banking across 1Link member banks.

SBP revises housing finance rules with 30-year maximum tenor, 90% Loan-to-Value ratio g

173 businessmen from both countries attend event; second seoul conference planned for march 2027 Monitoring report

allotment of shares and credit of bookentry shares into CDC is scheduled for September 28, the same date physical share certificates are set to be dispatched. Book closure for the exercise is set from August 20 to August 20, 2026 (both days inclusive). Payments for the right offer are to be made to Meezan Bank Limited, the banker to the issue, at any of its branches, payable to "S.G. Power Limited – Right Shares Subscription Account,". CDS account holders must request their CDC Participant or Investor Account Services (IAS) department to initiate a Right Subscription Request, which can be submitted for full or partial subscription of

banks and dfis can finance home purchase, consTrucTion, renovaTion and renewable-energy soluTions; monThly loan paymenTs capped aT 65% of neT disposable income, wiTh renewable-energy financing allowed up To 10 years PROFIT

Monitoring report

The State Bank of Pakistan (SBP) has revised prudential regulations for housing finance, introducing updated requirements for banks and Development Finance Institutions (DFIs) with immediate effect. The revised framework allows housing finance for the purchase of a house, apartment or plot; construction on a plot already owned by the borrower; extension, renovation or expansion of an existing house; and installation of renewable-energy solutions in housing units. The new regulations replace several earlier circulars issued between 2019 and 2021 covering housing and SME finance. SBP has directed all banks and DFIs to ensure compliance with the revised framework. Under the new rules, the maximum tenor for housing finance is 30 years, while renewable-energy financing can have a maximum tenor of 10 years. The

maximum Loan-to-Value (LTV) ratio has been set at 90:10. Banks and DFIs must ensure that a borrower’s total monthly amortisation payments, including the proposed housing finance and other consumer loans, do not exceed 65% of net disposable income. Where applicable, institutions are also required to use Pakistan Banks’ Association (PBA)-approved proxy models to assess informal income and repayment capacity. Banks and DFIs must obtain the latest credit-information report of each prospective borrower from the SBP’s Electronic Credit Information Bureau (e-CIB) or a private licensed Credit Information Bureau. The revised regulations also require lenders to obtain all title and ownership documents from borrowers and provide signed acknowledgement of the documents received. The financed house, apartment or plot must be mortgaged in favour of the lending bank or DFI. For housing finance of up to PKR 5 million, a lien on the property may be accepted if sup-

ported by a Green Property Certificate or an equivalent document issued by the relevant authority. For renewable-energy financing, installed equipment, including solar panels, inverters and batteries, may be hypothecated as security, along with other acceptable forms of security. For housing finance exceeding PKR 10 million, banks and DFIs must obtain a property valuation from at least one valuator on the PBA-approved panel. For financing of up to PKR 10 million, an internal valuation may be used. The regulations also allow a single valuation to be used for similar housing units within the same society or colony where the units have the same category, layout and size. Banks and DFIs must ensure comprehensive insurance or Takaful coverage for financed housing units equivalent to the outstanding housingfinance amount. Borrowers must be clearly informed about the type of coverage, premium rate and all applicable charges.

Govt raises Rs518 billion through treasury bill auction g

bids hiT rs2.192 Trillion as banks park liquidiTy in risk-free papers over privaTe-secTor lending; 12-monTh raTe aT 11.99%, one-monTh aT 11.46% PROFIT

Monitoring report

The government raised Rs518 billion through treasury bill auction and noncompetitive bids on Wednesday, with the highest cut-off yield reaching approximately 12%, while total bids submitted, mostly by commercial banks, touched Rs2.192 trillion, the State Bank of Pakistan (SBP) reported. Of the total, only Rs237.6 billion was raised through the auction itself. For the first time, non-competitive bids brought in more than the auction, at Rs280.3 billion, likely driven by provincial government bids reaching as high as Rs200 billion for three-

month papers. Three-month T-bills attracted the largest share, with Rs118.7 billion raised through auction and Rs230.8 billion through non-competitive bids. The Rs2.19 trillion in bids reflects banks' preference to park liquidity in risk-free government papers rather than lend to the private sector seen as too risky under current conditions. Private-sector investment options remain limited, with businesses relying on banks mainly for working capital and short-term borrowing. Banks and corporates invested barely 11% of their bids, leaving surplus liquidity, as high interest rates continue to deter long-term private

borrowing. The government offered 11.99% for 12-month papers, accepting Rs52.6 billion, while the lowest yield was 11.46% for one-month papers, raising Rs38 billion. The SBP reiterated in its monetary policy statement that stabilisation takes precedence over growth, with policymakers keeping rates high to control inflation. Weak growth over the past three years has fuelled poverty and unemployment, pushing many skilled and unskilled Pakistanis to seek jobs abroad. The government appears untroubled by this trend, banking on higher remittance inflows, for which it has set a target of $44 billion for FY27.

Friday, 21 August, 2026 | ISLAMABAD

Govt raises Rs144 billion through Hybrid Sukuk auction, 1-year yield hits 11.94% fresh fixed-rate sukuk draws rs227.7b in bids against rs75b target; 10-year variable-rate re-opening fetches 11.63% yield PROFIT

news Desk

The Pakistan Stock Exchange (PSX) conducted a primary market auction for Government of Pakistan (GoP) Hybrid Sukuk (GHS) on Wednesday, raising a combined Rs144.15 billion across fresh short-term issuances and a re-opened longterm instrument, according to a notice issued by PSX. In the fresh issue segment, covering 3-month, 6-month and 1-year fixed-rate discounted sukuk, the government had set a pre-auction target of Rs75 billion. Total bids received across all three tenors reached Rs227.7 billion against a combined face value of Rs243.78 billion, reflecting strong investor appetite. Total acceptances came to Rs76.79 billion, spread across the three maturities. For the 3-month tenor maturing November 12, 2026, accepted bids totalled Rs52.98 billion at a cut-off yield of 11.4788%. The 6-month tranche, maturing February 18, 2027, saw Rs4.71 billion accepted at a cut-off yield of 11.6801%, while the 1-year tenor, maturing August 19, 2027, drew Rs19.11 billion in accepted bids at the highest cut-off yield of the segment, 11.94%. Separately, the auction included a second re-opening of the 10-year Variable Rental Rate (VRR) GHS originally issued on July 23, 2026. Against a pre-auction target of Rs50 billion and a reference rate of 11.3904%, based on the latest six-month TBill weighted average yield, total bids received reached Rs325.86 billion on a face value of Rs329.23 billion. Total acceptance for this tranche stood at Rs67.36 billion, with competitive bids accepted at a cut-off yield of 11.6304% and a spread of 0.24% over the reference rate.

Karachi Port awards dredging contract to NDMS to accommodate deeper-draft vessels PROFIT

news Desk

Karachi Port Trust (KPT) has awarded a dredging contract to National Dredging & Marine Services (NDMS) to deepen the Approach Channel, Tipu Sultan Channel and South Wharf, enabling deeper-draft vessels to access and berth at Karachi Port. The agreement was signed at a ceremony at Karachi Port by officials from KPT and NDMS. The project is expected to improve port efficiency, support higher trade volumes and reduce freight and transportation costs while strengthening Pakistan’s capacity in the dredging sector. NDMS is a joint initiative of the National Logistics Corporation (NLC), Karachi Port, Port Qasim and Gwadar Port. The company was established following recommendations approved by the Prime Minister’s Task Force on Maritime Reforms to develop national expertise and capacity in dredging. NDMS had earlier started dredging operations at Port Qasim in May. Speaking at the ceremony, the chairperson of NDMS said the company’s establishment marked a step towards building domestic expertise in dredging, reducing reliance on foreign capacity and improving access for larger vessels. The chairperson of KPT said substantial investment had been made in the NDMS-led dredging project, in addition to the recently completed Upper and Lower Harbour dredging project undertaken by KPT’s partner, KGTL. He said deeper channels would enhance port efficiency, facilitate increased trade, contribute to foreign exchange savings and benefit the business community.

Pakistan freelancers’ export earnings surge 45.5% to $175.4m in July 2026

PSMA member urges govt to allow surplus sugar exports to India

iT freelance receipTs rise To $106.8m and non-iT earnings To $68.7m; pafla says growTh above 50% needed To significanTly lifT annual earnings

ch muhammad waheed says 1.2m Tonnes of surplus sugar could earn $600m in foreign exchange and ease sTocks ahead of november crushing season

PROFIT

Monitoring report

Pakistan’s freelance export earnings increased 45.5% year-on-year to $175.439 million in July 2026, generating an additional $54.883 million in foreign exchange during the first month of FY2026-27, according to State Bank of Pakistan (SBP) data. Freelance export receipts stood at $120.556 million in July 2025. IT-related freelance earnings rose to $106.778 million in July 2026 from $89.872 million a year earlier. Non-IT freelance receipts more than doubled to $68.661 million from $30.684 million in the same month of 2025. Chairperson of the Pakistan Freelancers Association (PAFLA) Ibrahim Amin said the sector had maintained its growth momentum but would need to expand by more than 50% in the coming months to achieve a substantial increase in annual earnings. He said freelancing provided an important income opportunity for young

people and students, but they needed technical and soft skills such as business development, communication and client management to compete in international markets. Ibrahim Amin said government and private-sector initiatives were helping young people develop skills required to participate in the digital workforce. He added that separate freelancers’ awards announced for the first time by the Pakistan Freelancers Association and the Pakistan Software Export Board would help recognise freelancers’ contribution and encourage greater participation in online work, supporting both employment opportunities and foreign exchange earnings. Meanwhile, Pakistan’s technology sector kicked off the new fiscal year on a strong note, recording $417 million in IT exports during July 2026, an 18% increase compared to $354 million in the same month last year. On a month-on-month basis, export inflows remained broadly flat relative to June's $416 million.

PROFIT

Monitoring report

A senior member of the Pakistan Sugar Mills Association (PSMA) has urged the government to allow exports of up to 1.2 million tonnes of surplus sugar to India, saying the move could ease stock pressure, improve mill liquidity and generate foreign exchange up to $600 million, The News reported. Ch Muhammad Waheed, representing Hunza Sugar Mills Ltd, said that carryover stocks exceeding 1.2 million tonnes were creating financial pressure on the industry ahead of the upcoming crushing season. The proposal comes as India considers importing around one million metric tonnes of sugar to contain rising domestic prices. According to Waheed, Pakistan’s proximity to India gives it a freight-cost advantage and could make it a competitive supplier. As of August 15, Pakistan’s total sugar stocks stood at 2.81 million tonnes, while average monthly domestic con-

sumption is around 0.55 million tonnes. Waheed said existing stocks were sufficient to meet domestic requirements until at least the end of December 2026, allowing room for exports while maintaining a strategic buffer. Meanwhile, the Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved international tenders for the export of 108,000 metric tonnes of surplus sugar. Federal Minister for Finance and Revenue Muhammad Aurangzeb chaired the ECC meeting, which considered a summary submitted by the Ministry of National Food Security and Research seeking permission for the export. The sugar covered by the decision is held by the Trading Corporation of Pakistan (TCP) and represents the remaining quantity from the 300,000 metric tonnes imported last year on the recommendation of the Steering Committee on Sugar, constituted with Cabinet approval. The international tendering process will be conducted in accordance with PPRA Rules 2004.

nEwS 03

PSX NOTIFIES SCHEDULE FOR CRESTWELL HEALTHCARE'S 300% RIGHTS ISSUE

Friday, 21 August, 2026 | ISLAMABAD

PROFIT

STAFF REPORT

every one ordinary share held, approximately a 300% rights issue. Entitlements were credited into shareholders' CDS accounts based on holdings as of August 19, 2026, meaning physical letters of offer are not required to be issued separately. According to the tentative schedule, unpaid rights were credited into CDC in bookentry form on August 21, with trading of unpaid rights on the PSX commencing August 24 and continuing until September 7. Letters of Right were dispatched to physical shareholders, and PSX was informed of the

dispatch, by August 25. The last date for splitting and depositing requests into CDS is August 27. The final date for acceptance and payment of shares, both in CDC and physical form, is September 14, 2026, after which allotment of shares and credit of book-entry shares into CDC is scheduled for September 28, the same date physical share certificates are set to be dispatched. Book closure for the exercise is set from August 20 to August 20, 2026 (both days inclusive).

Payments for the right offer are to be made to Meezan Bank Limited, the banker to the issue, at any of its branches, payable to "S.G. Power Limited – Right Shares Subscription Account,". CDS account holders must request their CDC Participant or Investor Account Services (IAS) department to initiate a Right Subscription Request, which can be submitted for full or partial subscription of the rights offer. Non-resident Pakistani or foreign shareholders must send a demand draft of the

Pakistan, South Korea wrap up first round of CEPA talks as Seoul conference yields six trade MOUs PROFIT STAFF REPORT

The Pakistan-Korea Trade & Investment Conference drew more than 170 businessmen from both nations and produced six Memoranda of Understanding between Pakistani and Korean firms, according to a statement issued after the event. The event unfolded as the two governments continue working through their CEPA negotiations, and Khan pressed business leaders on both sides to translate the conference's momentum into firm partnerships before the deal is signed. Attendance split roughly evenly,

Karachi Port awards dredging contract to NDMS to accommodate deeper-draft vessels PROFIT

STAFF REPORT

International Steels seeks shareholders’ nod to sell entire 17% stake in Chinoy Engineering PROFIT

with 91 Korean and 82 Pakistani delegates present, the latter group including members of Korea's Pakistani diaspora alongside representatives from the Sialkot and Gujranwala chambers of commerce and industry. Pakistan's Ambassador to South Korea opened proceedings, followed by remarks from the Daegu Chamber of Commerce and Industry's vice chairman. Representatives of the Special Investment Facilitation Council and the Trade Development Authority of Pakistan then walked participants through the country's

export strengths, spanning textiles and apparel, leather, surgical and sports goods, agro-food products, minerals and IT services. The event's business-to-business sessions produced the six signed MOUs, with Sialkot, Gujranwala and other chamber-affiliated companies partnering with Korean counterparts across salt, cosmetics, and oil and sesame seed trade. Organisers said the agreements are meant to serve as a springboard toward more formal commercial contracts between the firms involved.

PM again invites opposition to ‘constructive dialogue’ to strengthen democracy CONTINUED FROM PAGE 01

He appreciated the efforts of the Ministry of Petroleum and its team in securing the reduction, noting that Pakistan was a net energy importer and was therefore particularly vulnerable to disruptions in international energy supplies. The prime minister stressed the need to expand cooperation in politics, defence, trade, investment, education, and human resource development, according to the Prime Minister’s Office. Reaffirming Pakistan’s support for Syria’s unity, sovereignty, and territorial integrity, Shehbaz said Islamabad would firmly support Syria’s position on the Golan Heights. He also emphasised the importance of restoring direct air links between the two countries, saying flights would promote people-to-people contacts and facilitate Pakistani pilgrims travelling to Syria for religious visits. The Syrian foreign minister conveyed President Ahmed al-Sharaa’s greetings to Prime Minister Shehbaz and briefed him on Syria’s ongoing transition and reconstruction efforts. Al-Shaibani thanked Pakistan for its consistent support for Syria and expressed Damascus’ desire to revitalise bilateral engagement, including through early institutional mechanisms for cooperation. Shehbaz conveyed his best wishes to the Syrian president and invited al-Sharaa to undertake an official visit to Pakistan at a mutually convenient date. Earlier, Dar held delegation-level and restricted talks with his Syrian counterpart, reaffirming Pakistan’s unwavering support for Syria’s sovereignty, unity, and ter-

ritorial integrity. The two sides discussed ways to broaden bilateral cooperation and exchanged views on regional and international developments, including Palestine, the Golan Heights, Afghanistan, South Asia, and the wider Middle East. The talks came a day after Israel carried out airstrikes on a Syrian airbase, prompting Pakistan to strongly condemn what it described as an “unprovoked” attack. The Syrian foreign minister also welcomed the signing of the Makkah Joint Defence Agreement and praised Pakistan’s role in promoting regional peace and stability, particularly during the US-Israeli war on Iran. Both sides reaffirmed their commitment to continued cooperation for peace, stability and prosperity in the region and beyond. The visit is the first by a Syrian foreign minister to Pakistan since Walid al-Mouallem travelled to Islamabad in May 2007 and the first since the change of government in Damascus following the overthrow of Bashar al-Assad in 2024. It comes as Syria’s transitional leadership seeks to rebuild regional and international partnerships while advancing reconstruction efforts. Pakistan has consistently backed Syria’s sovereignty and territorial integrity. Condemning the recent Israeli strikes, the Foreign Office said such “provocative actions” violated international law and risked further undermining regional peace and stability. Islamabad also reiterated its “unwavering solidarity” with the Syrian people and its support for Syria’s peace, prosperity and territorial integrity.

STAFF REPORT

International Steels Limited (ISL) has recommended the disposal of its entire 17% stake in Chinoy Engineering & Construction (Pvt) Limited (CECL) for a total consideration of Rs350 million, subject to regulatory approvals. According to a material information notice issued to the Pakistan Stock Exchange (PSX) on Thursday, ISL’s Board of Directors recommended that shareholders approve the sale at the company’s 19th Annual General Meeting scheduled for October 5, 2026. The proposed transaction involves the disposal of 4,845,000 ordinary shares of CECL, each having a face value of Rs10, at Rs72.24 per share. The proposed sale is subject to all applicable regulatory approvals. The formal notice of the Annual General Meeting will be transmitted in due course. The decision follows a meeting of ISL’s Board of Directors held on August 19, 2026.

Pakistan, Syria move to revitalise ties as Shehbaz backs Damascus sovereignty CONTINUED FROM PAGE 01

Shehbaz conveyed his best wishes to the Syrian president and invited al-Sharaa to undertake an official visit to Pakistan at a mutually convenient date. Earlier, Dar held delegation-level and restricted talks with his Syrian counterpart, reaffirming Pakistan’s unwavering support for Syria’s sovereignty, unity, and territorial integrity. The two sides discussed ways to broaden bilateral cooperation and exchanged views on regional and interna-

tional developments, including Palestine, the Golan Heights, Afghanistan, South Asia, and the wider Middle East. The talks came a day after Israel carried out airstrikes on a Syrian airbase, prompting Pakistan to strongly condemn what it described as an “unprovoked” attack. The Syrian foreign minister also welcomed the signing of the Makkah Joint Defence Agreement and praised Pakistan’s role in promoting regional peace and stability, particularly during the US-Israeli war on Iran. Both sides reaffirmed their commitment to continued cooperation for peace, stability and prosperity in the region and beyond. The visit is the first by a Syrian foreign minister to Pakistan since Walid al-Mouallem travelled to Islamabad in May 2007 and the first since the change of government in Damascus following the overthrow of Bashar al-Assad in 2024. It comes as Syria’s transitional leadership seeks to rebuild regional and international partnerships while advancing reconstruction efforts. Pakistan has consistently backed Syria’s sovereignty and territorial integrity. Condemning the recent Israeli strikes, the Foreign Office said such “provocative actions” violated international law and risked further undermining regional peace and stability.

Govt raises Rs144b through Hybrid Sukuk auction, 1-year yield hits 11.94% PROFIT

STAFF REPORT

equivalent amount in PKR to the Company Secretary at Crestwell Healthcare Limited's office in Lahore, along with the Right Subscription Request and a certified copy of their NICOP or passport, before the September 14, 2026 payment deadline. CDC has also introduced an online payment facility via 1Link, allowing Investor Account Holders and Sub-Account Holders to pay for their subscribed rights using the 1Bill Payment ID through internet banking, ATMs or mobile banking across 1Link member banks.

Dar confirms participation in Istanbul R-4 meeting after call with Turkish FM ISLAMABAD

NEWS DESK

Turkish Foreign Minister Hakan Fidan has invited Deputy Prime Minister and Foreign Minister Ishaq Dar to an upcoming meeting in Istanbul bringing together the foreign ministers of Pakistan, Turkiye, Saudi Arabia and Egypt, according to a statement issued by Pakistan’s Foreign Office. The Foreign Office said Fidan extended the invitation during a telephone conversation with Dar on Wednesday. During the call, the two foreign ministers exchanged views on recent regional developments and discussed efforts aimed at promoting peace and stability in the region. Dar accepted the invitation and confirmed that he would attend the R-4 meeting, which is scheduled to take place in Istanbul later this month. REGIONAL BACKDROP The planned meeting comes as regional countries step up security coordination amid the US-Israel war on Iran, which began on February 28. The conflict has had wider consequences across the Middle East, drawing in several Gulf states and disrupting maritime traffic through the Strait of Hormuz. The four-country meeting is also set to take place weeks after Pakistan, Saudi Arabia and Turkiye signed the Makkah Joint Defence Agreement on August 7. Under the agreement, an armed attack on any one of the three countries would be treated as an attack on all of them. Turkiye has since said the arrangement could be expanded, with Egypt mentioned as a possible future member, while stressing that the pact is not intended to replace existing alliances. TURKISH STATEMENTS ON DEFENCE PACT In remarks carried by Anadolu news agency on August 9, Fidan said the defence arrangement was not aimed at Iran or any other state, but was instead a broader commitment to the security of the three allied countries. He said: "Our president's vision is that we don't remain limited to three countries, that we grow and bring together all (regional) countries under this roof" Fidan added that Egypt could potentially become part of the pact once certain technical issues were addressed. Turkish President Tayyip Erdogan has also said he wants the framework to expand beyond the initial three members. In remarks published by the London-based Asharq Al-Awsat daily, he said: "OUR VISION FOR IT IS NOT LIMITED TO THE THREE COUNTRIES" Rather we aspire for it to grow, and perhaps appropriate conditions will emerge one day for all countries of the region to gather under its umbrella. PLANNED MILITARY COOPERATION The Turkish defence ministry said the agreement provides for coordination among senior officials, including ministers, joint exercises and expanded cooperation in the defence industry. At a weekly briefing in Ankara on August 13, the ministry said the pact’s main objective was to place defence and military relations on a more structured and durable basis.

04 COMMENT

The long road to freedom

Diesel down

Not just a time for celebration, but also introspection

The path determined by the Makkah Declaration

HE deal the government did with the refineries that the reduction of Rs 32 per litre in the price of diesel immediately gives rise to two questions. First, why wasn’t this achieved sooner? Second, is the model applicable to other refined products? This big reduction is still based on the global oil price, which remains elevated. It is only when the crude petroleum is refined that diesel is produced, along with such products as jet fuel, naphtha and liquefied petroleum gas. The shortage of crude oil has led to a shortage of diesel, and its international price has gone up. However, the local pump price being based on that world price, rather than related to the cost of producing the diesel from crude, there was a gap which the government could exploit. The refineries obliged by forgoing the extraordinary profits they were making, and allowed the government to announce what amounts to a substantial reduction. The most valuable aspect of the matter is that the reduction is permanent, unlike decreases linked to the world price of oil, because they can be reversed by any subsequent increases. The reduction in the price of diesel will be felt in a wide range of sectors, but most especially agriculture. Now that land is being prepared for the Kharif crop, there will be a definite effect on the use of tractors. There will also be a positive effect on the cost of goods transport, and this is a welcome development for transporters who have just ended their strike. Though they had not demanded a lowering of the fuel price, they had referred to it as a cause for their discontent. The lowering of the diesel price may also help indirectly to win acceptance for the daily pricing, which has caused so much unrest, but which is intended as a permanent measure, not a temporary one to meet an emergency. The government needs to examine whether some similar lowering of petrol prices is possible. The possibility of a subsidy for motorcycles, as was briefly tried before the July truce broke the relentless rise of prices, should be considered. However, the most solid solution would be a general peace. That the government is aware of this can be seen from the way it continues to pursue mr4diation efforts, the latest being a meeting with Egypt, Saudi Arabia and Qatar.

At Penpoint M A NIAZI

HILE the Turkish Defence Ministry has got down to identifying the methodology by which the Makkah Declaration is to be operationalized, Pakistani Prime Minister Shehbaz Sharif has firmly placed himself at the centre of the chorus of voices saying that the Pact is purely defensive, and not directed against anyone. Meanwhile, in a Truth Social post, US President Donald Trump has said he is ‘very happy’. However, Israel and India took the news badly, Israeli Prime Minister Benjamin Netanyahu telephoning Indian PM Narendra Modi even before the agreement was signed. When formally briefed about the agreement by Sharif, President Asif Zardari echoed the Turkish Defence Ministry by calling for a swift operationalization of the agreement. The agreement must be seen in the context of the threat perceptions of the three signatories. It is worth noting that the earlier Strategic Mutual Defence Agreement between Pakistan and Saudi Arabia was not followed by any of the calls for coordination that came from Ankara and Islamabad. Either the countries felt their policies were already so closely aligned that there was no need for any new forum, or both are simply too slow. Turkiye would be strengthened by its participation in NATO, where it has been familiarized with these issues. The Turkish proposal for the Defence Ministers, the Foreign Ministers and the Chiefs of General Staff’ to coordinate through joint committees shows that there is a clear understanding that an alliance requires a coordination of foreign policy. All three must be on the same page. This would lead to complications, because Turkiye is also part of NATO, and thus is part both of the foreign policy coordination and of the military planning for the alliance. It is not just that Turkey will have to keep in mind its commitments, but also its NATO partners, including the USA. NATO provides an example of why foreign policy coordination is necessary. Turkiye sent a contingent as part of the International Security Assistance Force in Afghanistan, which ousted the Taliban, and was led by NATO. Now, it would be essential for Turkiye to coordinate with these allies. Further, before making any commitments to the new alliance, it would have to inform them of any NATO commitments it might have. The bilateral relationship between Pakistan and Saudi Arabia is also a factor, for the forces Pakistan might have to devote to that, will have to be factored into the tripartite equation. The main question remains unanswered: who is expected to attack? Saudi Arabia is the most immediately at risk, from Iran, but unless something changes very rapidly and in a big way, Iran may attack Saudi military facilities, but only those hosting US forces. Would that constitute sufficient reason for the agreement to be invoked?

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

Saudi Arabia is also committed, like Turkey but unlike Pakistan, to a military alliance, the Unified Military Command, which is the military arm of the Gulf Cooperation Council, and was formed for precisely the present contingency, against Iran. However, its effectiveness can be gauged by its virtually total siolence in this present crisis. Saudi Arabia is not the only signatory with a specific party that might attack it, though it is the only one involved in a shooting war. Turkey has a longstanding dispute with Cyprus, and is the main backer of the Turkish Republic of Northern Cyprus. Behind the splitting of Cyprus is Greece, with which Turkey has long had a difficult relationship, dating back to the time when Greece came into being, winning its independence in 1821 after a war. There was another war a century later, in 1919-1921, after the Allies used Greek forces to act as an occupying force in Turkiye. As Greece had been one of the countries to take Ottoman territory after the Second Balkan War of1912, this was greatly resented, and the successful resistance by Mustaf Kemal led to the establishment of the Turkish Republic, and the abolition of first the Ottoman Sultanate, and then of the Caliphate. Incidentally, it was the medical mission sent by Indian Muslims during the Second Balkan War that is still remembered by the Turkish people. India was under British rule, so even the medical mission was something, and that goodwill transferred to Pakistan. How far Pakistan or Saudi Arabia would be willing to help Turkiye against Greece cannot be calculated. One complicating factor has been that both Greece and Turkiye are members of NATO. However, though Greece is a member of the European Union, Turkey is not. Turkey has long applied for EU membership, but Greece is one of its main opponents. More significant, perhaps, is that both Germany and France oppose it. That has not translated into greater Turkish participation in the Economic Cooperation Organisation. Pakistan has got its own local entanglements. It is presently embroiled in a shooting war with Afghanistan on its west, while not having settled matters over Kashmir in its east over India. With India, it appears headed for more trouble, and it is difficult to see how India’s suspension of the Indus Basin Waters Treaty is going to end well. Incidentally, ECO membership has not been a factor so far with Afghanistan. One country mentioned as a potential member has been Egypt. At the moment, after it went the extra mile with Israel in 1977 in the Camp David Accords,

Babar Nizami Editor Profit

Waiting for Godot

TANZeel KhANZAdA

HERE is something strangely familiar about Samuel Beckett’s play Waiting for Godot. Two men, Vladimir and Estragon, wait beside a tree for someone called Godot. They are told that he will come, but he never does. They return to the same place, have the same conversations, make the same promises to leave, and yet remain where they are. Beckett’s play is often read through the lens of absurdism: the unsettling gap between our desire for meaning and a world that does not always provide clear answers. Albert Camus, writing in a different form and tradition, was similarly interested in the human tendency to search for meaning in an uncertain world. But perhaps the most interesting thing about Beckett’s waiting is not that Godot never arrives. It is that the characters organise their lives around his expected arrival. There is, in that waiting, a quiet lesson for societies as well. Pakistan’s education debate often seems to have acquired its own version of Godot. We wait for better schools, better learning outcomes, better teacher training, more technology, greater literacy and a stronger connection between education and employment. We discuss these things regularly, and with good reason. The latest Pakistan Economic Survey puts the national literacy rate at 63 percent and reports that 28 percent of children remain out of school. These are not merely numbers; they represent millions of individual lives whose relationship with education remains incomplete. Yet the problem is not simply that we are waiting for change. The more difficult question is what happens to a society when waiting itself becomes a habit. This is where Beckett becomes unexpectedly relevant. In Waiting for Godot, Vladimir and Estragon do not possess complete control over their circumstances. They are uncertain, dependent and unsure of what tomorrow will bring. But their inability to move forward is also connected to their belief that something outside themselves must happen first. Education, of course, is not a Beckettian

landscape. Pakistan has millions of students who attend schools, colleges and universities every day. There are teachers who work under difficult circumstances, families which make considerable sacrifices for their children’s education, and institutions that are producing excellent graduates and researchers. It would therefore be unfair to describe the entire education system through a metaphor of failure. The metaphor is useful somewhere else: in our expectations. We sometimes speak about education as if the arrival of one decisive thing will solve everything. Perhaps it is a new curriculum. Perhaps it is digital learning. Perhaps it is more examinations, more classrooms, more devices, more funding or a new generation of graduates. Each of these can matter. None of them, by itself, can substitute for the slow work of learning. A child does not become educated merely because a school building exists. Nor does a student become capable simply because a certificate has been awarded. Education is ultimately an accumulation of habits: reading carefully, asking questions, understanding evidence, expressing an argument, listening to another point of view and being willing to change one’s mind. These things are less dramatic than a new policy announcement. They are also much harder to measure. Perhaps this is why literature remains valuable in an education debate. A play like Waiting for Godot does not give us a policy prescription. It does something more uncomfortable: it makes us examine our own behaviour. Its characters keep talking about leaving, yet they remain. The distinction between intention and action becomes almost invisible. There is a similar distinction in education between wanting change and practising the habits that produce it. We want students who can think independently, but do we always give them room to question? We want young people who can communicate confidently, but how much emphasis do we place on reading and writing beyond examinations? We want universities that produce original research, but are students encouraged to be curious before they are encouraged to be correct? These are not questions directed at one institution or one level of government. They belong to all of us: parents, teachers, students, universities, schools and the wider society.

The answer also does not require us to abandon what already exists. Pakistan has a long intellectual and literary tradition. From Iqbal’s philosophical poetry to Manto’s sharp observations of society, from Faiz’s language of human dignity to the enormous body of Urdu, Sindhi, Punjabi, Pashto, Balochi and English literature produced in the country, there is no shortage of material through which young people can learn to see the world from more than one angle. Perhaps what is needed is to bring some of that intellectual tradition closer to the everyday experience of education. A student who reads literature only to reproduce an interpretation in an examination has encountered the text, but may not yet have encountered its possibilities. Beckett’s play, for instance, can be read as a strange comedy about two men waiting for an absent figure. It can also become a question about human agency: what do we do while we wait? That question is particularly important in education. Waiting has its place. Societies need patience, planning and long-term investment. Education cannot be transformed overnight. But patience should not become passivity. A school can improve one classroom at a time. A teacher can change one student’s relationship with a book. A parent can create a culture of reading at home. A university student can learn something beyond the syllabus simply because it is worth knowing. None of these actions will produce a dramatic finale. That may be precisely the point. At the end of Beckett’s play, Godot still has not arrived. The waiting continues. Yet the audience is left with a question that is larger than the absent character: if we know that waiting may continue indefinitely, what are we going to do with the time? Pakistan’s education challenge deserves the same question. We can continue waiting for the perfect system, the perfect policy, the perfect curriculum or the perfect moment. Or we can accept that education, like most meaningful social change, is built through thousands of ordinary decisions made repeatedly over time. Godot may never come. The classroom, however, is already here. The writer is a freelance columnist

We can continue waiting for the perfect system, the perfect policy, the perfect curriculum or the perfect moment. Or we can accept that education, like most meaningful social change, is built through thousands of ordinary decisions made repeatedly over time.

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it has had no enemy for 50 years. However, like Pakistan, it might face a water shortage because of another country. The Sudan-Ethiopia agreement might place the sources of the Nile under strain, with catastrophic consequences for Egypt’s agriculture. The basic result is that the agreement is not against anyone because there is no congruence of enmities. Pakistan does not expect any attack from Greece just as Turkey does not expect one from India. However, one effect of the Makkah Declaration has been to galvanise Israel. It has reached out to India already, probably seeing it was part of a more live conflict with a Makkah Pact signatory than India has with Greece. However, it should be foreseen that Israel will begin to reach out to both Greece and Cyprus. The uncomfortable part for the signatories, all US allies, is that the real enemy is probably Israel. Neither Turkey nor Saudi Arabia know what twists of events might bring it into conflict with Israel, but given the Israeli track record, they cannot count themselves as safe. They have also set themselves up, forming a Sunni alliance that Israel has already begun talking about.\Instead of the weakening of Iran making Israel feel safer, the attack has led to the Arab states seeking new security partners, and a greater fear of Israel. The ringing endorsement by US President Donald Trump makes it seem that the Declaration is what some have felt it to be: the basis for an anti-Iran alliance, to be followed by a new security architecture for the Hormuz Strait. Another imponderable is the interplay of economic factors. Saudi Arabia sits at the geographic centre of the India-Middle East-Europe Economic Corridor (IMEC)– the grand, multi-billion-dollar transit network intended to bind India, the Gulf, and Haifa’s port to Europe. Turkey was explicitly excluded from the original IMEC route and has actively promoted a rival transit project, which involved China ans its Road and Belt Initiative. Is the Makkah Declaration bringing together Chinese allies? Turkey has certainly got a link because of its BRI role, as well as being terminus of the New Silk Road, Saudi Arabia is of late inclining to China, which is an important customer for its oil, while Pakistan has long-standing ties. Are the Islamic countries either working to substitute one outside power for another? Or will the penny drop, and they will realize that another Islamic country, Iran, is actually more of a friend, has more in common, than either the USA or China? The writer is a member of staff

Are the Islamic countries either working to substitute one outside power for another? Or will the penny drop, and they will realize that another Islamic country, Iran, is actually more of a friend, has more in common, than either the USA or China?

The education we keep waiting for M. A. Niazi

Editor Pakistan Today

Friday, 21 August, 2026

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Psychological effects of climate change

THE link between climate change and mental health is often overlooked. The fact is that the climate phenomenon, more than being merely an environmental challenge, is adding to the mental health crisis. While frequent floods, wildfires, heatwaves and other natural catastrophes dominate headlines, their psychological impact is often ignored, which is not the right approach. Extreme weather events destroy homes, displace communities, and claim hundreds of lives, leaving behind survivors with trauma, anxiety, depression and even posttraumatic stress. This year alone, monsoon-inspired floods killed hundreds of people and displaced millions. These are tragic reminders that climate-related disasters are increasing both mental strain and grief. Moreover, climate-induced migration, food insecurity, and loss of livelihoods add to psychological distress. Farmers and labourers working in extreme weather conditions face not just economic hardship, but also stress and hopelessness. Even those who constantly worry about climate change often experience eco-anxiety, a deep fear of what the future holds. It is time we recognised the mental health aspect of the larger climate change phenomenon. Public awareness campaigns, counselling services, and community support programmes must be integrated into climate adaptation strategies. Protecting the environment also means protecting the minds and wellbeing of those who live and breathe in that environment. ISRA SOLANGI KARACHI

Reviving Pak-Bangladesh ties

I recently spent a week in Dhaka and was deeply moved by the warmth and generosity of our Bangladeshi brethren. From immigration counters to professional circles, every interaction carried a genuine sense of fraternity — a reminder that despite the difficult history we share, the peoples of Pakistan and Bangladesh remain bound by cultural ties and a desire to move forward. The whole experience reaffirmed my belief that the future of our relations lies in goodwill, respect and meaningful collaboration. I had gone there to attend a conference which focused on business and tourism opportunities in the two countries, and the discourse with professionals, associates and clients highlighted the immense potential for expanding trade and investment between Pakistan and Bangladesh. For such a cooperation to flourish, the protection of intellectual property rights (IPRs) has surfaced as a vital element. In today’s interconnected economy, IPRs are no longer peripheral — they represent the very foundation of innovation, investor confidence, and sustainable growth. Robust frameworks ensure that entre-preneurs, creators and businesses on both sides are able to innovate securely, and engage in fair, mutually beneficial partnerships. I returned with the firm conviction that enhanced economic cooperation between Pakistan and Bangladesh is not only possible, but is, in fact, necessary for overall regional prosperity. Trade has the unique capacity to create bonds where politics cannot, and IPR protection provides the tools to make those bonds durable and equitable. My interactions with people in Dhaka left me with a lasting impression of the Bangladeshi people’s readiness to turn a new leaf, and to move towards current and future opportunities. It is now for us to reciprocate and to recognise our shared heritage. Our shared past should not be a reminder of divisions — perceived or otherwise. It should act as a platform for collaboration rooted in respect, creativity and economic growth. If we can anchor our relations in these principles, the years ahead will open a new chapter — one shaped not by the shadows of the past, but by mutual prosperity, trust and enduring partnership. KARIMULLAH ADENI KARACHI

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The next NFC debate

COMMENT 05

Friday, 21 August, 2026

The focus must shift shahid anwar

AKISTAN has spent years debating how national tax revenues should be divided between the federation and the provinces. But perhaps we have been asking the wrong question. The real issue is not who gets a larger share under the National Finance Commission (NFC) Award. The real issue is whether Pakistan’s system of fiscal federalism is helping the country achieve stronger economic growth, healthier public finances and better public services. This debate has gained fresh momentum following the World Bank’s recent report on Pakistan’s fiscal federalism. The report acknowledges that the 7th NFC Award was a landmark reform that strengthened provincial autonomy after the 18th Constitutional Amendment. At the same time, it argues that Pakistan’s fiscal framework now needs to evolve to respond to a very different set of economic realities than those that existed when the Award was introduced. The 7th NFC Award was undoubtedly one of the most significant fiscal reforms in Pakistan’s history. By increasing the provincial share in the divisible pool from 46.5 percent to 57.5 percent, it fundamentally reshaped the country’s fiscal architecture. It also broadened the distribution formula beyond population to include poverty, revenue generation and inverse population density, making the allocation of resources more balanced and equitable. The reform achieved exactly what it was intended to achieve. Provinces were given greater financial autonomy and greater constitutional responsibility for delivering education, healthcare, agriculture, local government and several other public services. But 16 years is a long time in economic policymaking. Pakistan today is confronting an entirely different economic landscape. The country has faced repeated balance of payments crises, multiple IMF programmes, devastating floods, rising debt servicing costs, persistent energy sector losses and prolonged periods of weak economic growth. According to the Pakistan Economic Survey 2025–26, debt servicing has become the single largest component of federal expenditure, leaving increasingly limited fiscal space for development spending. This does not diminish the importance of the 7th Award. It simply underlines that every major reform must evolve with changing economic realities. Fiscal federalism cannot remain static while the economy around it continues to change. Unfortunately, much of today’s debate remains confined to percentages. Should the federation receive a larger share? Should provinces retain the existing allocation? These are legitimate questions, but not those that will determine Pakistan’s economic future. The more important question is: What

should Pakistan expect from its fiscal federal system? Should it merely divide revenues between different tiers of government? Or should it also strengthen fiscal sustainability, improve public services, encourage provincial tax reforms and support long-term economic growth? That is where the next NFC debate should begin. The original purpose of decentralization was to bring the government closer to the people. Provinces were expected to understand local priorities better than the federal government and therefore deliver public services more effectively. The transfer of greater financial resources was meant to improve governance, not simply expand provincial budgets. To a considerable extent, the financial decentralization objective was achieved. According to the World Bank, provincial revenues and expenditure increased from less than 4 percent of GDP before the 7th Award to an average of around 6.5 percent during 2010–2024, giving provinces significantly greater fiscal capacity. Yet decentralization is successful only if it produces better outcomes for citizens. Despite receiving substantially larger fiscal transfers over the past decade and a half, Pakistan continues to struggle with weak learning outcomes, uneven healthcare services, inadequate municipal infrastructure, water shortages and slow improvements in human development. According to the UNDP Human Development Report 2025, Pakistan continues to rank well below many comparable economies on key human development indicators despite higher public spending. This does not imply that provinces alone are responsible for these shortcomings. Population growth, macroeconomic instability, climate disasters and institutional weaknesses have all affected development outcomes. Nevertheless, taxpayers have every right to ask a simple question. Surprisingly, the question of what has been achieved receives far less attention than discussions about revenue sharing. The World Bank’s findings make this question even more relevant. While provincial expenditure has increased significantly since the 7th Award, over 80 percent of provincial expenditure in FY2023 was on recurrent spending, including salaries, pensions and operating costs, leaving relatively limited fiscal space for development and service improvements. Another important trend has received little public attention. Despite greater fiscal decentralization, the share of local governments in total public spending has declined from around 10 percent in 2005 to below 5 percent in 2024, raising fresh questions about whether resources are reaching the level of government closest to citizens. The World Bank also highlights another structural issue. While provinces have received a substantially larger share of nationally collected taxes, the expenditure responsibilities of the federal government have not declined proportionately. Defence, debt servicing, national security, higher education, major infrastructure, disaster response and several national programmes continue to

US conducting stealth operation to transport oil through Hormuz

AXIOS

Barak ravid

HE U.S. military has quietly established a shipping corridor in and out of the Strait of Hormuz to transport millions of barrels of oil each day — a notable success even as the broader war remains at a stalemate, two U.S. officials told Axios. Under the operation, which has been underway for the last several weeks, 15–20 tankers have entered and exited the strait each night through a southern channel along the coast of Oman. About 10 million barrels of oil a day — roughly half the pre-war volume — are being transported out of the strait and injected into the global energy market, the officials said.

WHY IT MATTERS: The U.S.-led operation is mitigating one of the most painful aspects of the war: the disruption to oil supplies that sent crude prices soaring. While the amount of oil coming out of the strait is still below prewar levels, it is making a discernible difference in global supplies, officials say.

HOW IT WORKS: The effort goes beyond escorting outbound tankers with oil on board. The U.S. military is helping empty tankers enter the Gulf from the Arabian Sea through the strait, pick up oil from countries in the region, and then exit. The full details of the operation have not been previously reported. “We have been controlling the southern lane of the Strait of Hormuz for two months now. The Islamic Revolutionary Guard Corps can be a nuisance, but they don’t control the strait. We do,” one of the U.S. officials, who has direct knowledge of the matter, said.

BEHIND THE SCENES: The task force overseeing the Hormuz effort is being run out of the Army headquarters in Fort Bragg, North Carolina. The task force is coordinating with regional Gulf partners. It creates a daily list of ships coming out of the Gulf through the

remain federal responsibilities. As a result, Pakistan faces a vertical fiscal imbalance. The federal government continues to finance many of the country’s largest expenditure obligations while retaining a comparatively smaller share of nationally collected revenues. As debt servicing continues to rise, this structural mismatch is increasingly difficult to sustain. This should not be interpreted as an argument for weakening provincial autonomy. Rather, it is an argument for modernizing Pakistan’s fiscal federalism so that both the federation and the provinces share responsibility for maintaining fiscal sustainability. Another equally important issue is provincial revenue mobilization. Fiscal federalism rests on two equally important principles: greater autonomy and greater responsibility. While provinces now receive 57.5 percent of the divisible pool, their own-source revenues remain modest relative to the transfers they receive. Agriculture contributes more than onefifth of Pakistan’s GDP, yet agricultural income taxation remains significantly below potential. Urban property taxation also remains underdeveloped by international standards. The objective should not be to reduce provincial resources, but to strengthen provincial financial independence. A province that finances a larger share of its own expenditure becomes more accountable to its own citizens, less dependent on Islamabad and better positioned to invest in infrastructure, education, healthcare and economic development. The next NFC debate should therefore move beyond the question of how much provinces receive and begin asking how provinces can generate greater value from what they already receive. Equally important is accountability. For too long, public debate has measured the success of the NFC Award by one indicator alone: how much money is transferred to the provinces. Yet money is only an input. The real measure of success is what that money delivers.

. Have children learned more in public schools? n. Have public hospitals improved patient outcomes? n. Has access to safe drinking water expanded? n. Are cities becoming cleaner, more efficient and more liveable? n. Has agricultural productivity increased? n. Are provinces attracting greater private investment and creating more jobs? n

These are what ultimately matter to citizens. Pakistan now needs to move from revenue sharing to results-based fiscal federalism. This requires a fundamental change in how fiscal performance is measured. Instead of evaluating provinces primarily on the basis of expenditure, Pakistan should establish a National Fiscal Performance Framework under the NFC. Every province should publish an independently audited Annual Fiscal Performance Scorecard measuring agreed indicators such as ownsource revenue growth, student learning outcomes, primary healthcare performance, development project completion, investment facilitation, water resource management, digital governance and climate resilience. These scorecards should be presented

Strait of Hormuz and into the Arabian Sea, as well as a list of rented empty tankers that travel from the Arabian Sea, through the strait and into the ports of Gulf countries to pick up more oil. Each night, the ships are scheduled to move in one big outbound line during a certain time slot and one big inbound line during a separate time slot. The ships then transit through the southern channel based on U.S. military guidance. The U.S. Air Force has fighter jets that protect against Iranian cruise missiles and drones.

ZOOM IN: The operation was made possible by a recent two-week U.S. Central Command military campaign that degraded Iran’s radar and maritime surveillance systems, the officials said. Iran has diminished visibility of the traffic in the southern channel of the strait. Its monitoring is limited to a few radars it managed to reconstitute as well as “spotters” in small IRGC fast boats, U.S. officials say. Because the Iranians are mostly “blind,” they are launching drones and cruise missiles in the general direction of where ships might be transiting. Some ships have been hit by the Iranian attacks, but many were stopped by the U.S. military. Earlier this week, for example, U.S. forces shot down eight Iranian drones and two cruise missiles, one of the U.S. officials said.

STATE OF PLAY: U.S. officials say that over the past two weeks, 15–20 tankers transited in and out of the Strait of Hormuz each night through the southern channel, keeping the exports going. The average daily exports have been growing and are now close to 10 million barrels, U.S. officials say. On some nights over the last few weeks, they note, the amount of oil moving out of the Gulf was 15 million–20 million barrels. On one of the nights this week, more than 20 ships were slated to move in and out of the strait through the southern lane, with approximately 15 million barrels of oil potentially coming out, one of the officials said.

WHAT HE’S SAYING: “There is a tremendous amount of oil coming out of the Strait of Hormuz,” President Trump told Axios on Wednesday. He said the U.S. is not negotiating with Iran at the moment. “They are wasting time. It’s a waste of time to negotiate with them,” he said. “The Iranians still have some fight left, but overall they are a shell of themselves,” Trump said.

annually before the Council of Common Interests, debated publicly and made available to citizens. The next NFC Award should also introduce a bold but practical innovation. Without disturbing the constitutional distribution formula or reducing the overall provincial share of 57.5 percent, up to five percent of future NFC transfers could be allocated through a Performance Incentive Window. Provinces that achieve pre-agreed targets in revenue mobilization, education, healthcare, investment promotion, export growth, digital governance and timely completion of development projects would receive additional incentive-based transfers. This would reward good governance, encourage healthy competition and create incentives for provinces to improve performance rather than merely increase expenditure. Pakistan would not be venturing into unfamiliar territory. Successful federations around the world have demonstrated that fiscal autonomy and fiscal discipline can coexist. Australia combines generous intergovernmental transfers with strong fiscal accountability and independent monitoring of public finances. Canada provides extensive provincial autonomy while maintaining robust fiscal responsibility frameworks. Germany’s constitutional “debt brake” imposes borrowing discipline on both the federal and state governments. In India, every Finance Commission reviews revenue-sharing arrangements periodically while increasingly emphasizing fiscal responsibility, tax effort and public finance reforms alongside equity. These federations treat fiscal federalism as a living system evolv with changing economic realities, institutional capacity and development priorities. Pakistan should adopt the same philosophy. MAKING FISCAL FEDERALISM WORK BETTER: The next phase of fiscal federalism should also encourage provinces to become engines of economic growth rather than primarily recipients of federal transfers. Every province should compete to attract investment, promote exports, simplify business regulations, improve logistics, strengthen technical education and expand employment opportunities. Provinces that build efficient institutions and business-friendly environments will naturally generate higher revenues, reduce dependence on transfers and improve living standards. Healthy competition among provinces can become one of Pakistan’s greatest economic strengths. Climate change adds another compelling reason to rethink the NFC framework. The devastating floods of 2022 demonstrated that climate resilience is no longer simply an environmental issue; it is a fiscal and economic imperative. Water scarcity, urban flooding, coastal erosion and extreme weather events are placing increasing pressure on provincial budgets. Future NFC arrangements should therefore create incentives for investment in resilient infrastructure, watershed management, disaster preparedness, climate-smart agriculture and urban flood protection. Fiscal federalism must evolve to finance tomorrow’s challenges, not merely yesterday’s priorities. Another reform deserves equal attention. Pakistan has not had a new NFC Award for many years, despite repeated changes in the economy. Fiscal arrangements should not remain unchanged for long periods

while economic conditions continue to evolve. A future NFC framework should therefore require an independent review every five years, even if the constitutional formula remains unchanged. Such a review should assess whether transfers are improving fiscal sustainability, strengthening provincial tax effort, enhancing service delivery and supporting national economic objectives. Regular evidence-based reviews would make fiscal federalism more adaptive and forward-looking.

THE WAY FORWARD The next NFC Award should therefore pursue five measurable reforms.

FIRST, establish a Performance Incentive Window by allocating up to five percent of future NFC transfers against agreed performance indicators while preserving the constitutional provincial share. SECOND, require every province to publish an independently audited Annual Fiscal Performance Scorecard, enabling citizens to evaluate governments on results rather than spending alone. THIRD, introduce a mandatory five-year independent review of the NFC framework so that fiscal arrangements evolve with changing economic realities instead of remaining static. FOURTH, create incentives for provinces to strengthen agricultural income taxation, urban property taxation, digital tax administration and other own-source revenues so that greater autonomy is matched by greater fiscal responsibility. FINALLY, establish a transparent National Fiscal Dashboard that publicly tracks province-wise performance on revenue mobilization, education, healthcare, investment climate, climate resilience, development expenditure efficiency and local government empowerment. These reforms would preserve the constitutional principles of the NFC Award while making fiscal federalism more responsive to Pakistan’s economic realities. The debate should therefore no longer be reduced to a contest over percentages. The real challenge is not how national revenues are divided. The real challenge is how public money can generate stronger growth, better governance and better lives for Pakistan’s citizens. The 7th NFC Award successfully delivered the first generation of fiscal federalism by strengthening provincial autonomy. The next NFC Award should deliver the second generation by strengthening performance, accountability and competitiveness. Pakistan does not need to choose between provincial autonomy and fiscal sustainability. It needs a framework that delivers both. That is why the next NFC debate should move beyond revenue sharing and begin focusing on nation building. Only then can Pakistan’s fiscal federal system become not merely a mechanism for distributing resources, but a catalyst for sustainable growth, stronger institutions and shared national prosperity.

The writer is an Economic Analyst and former Secretary General of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI). He has also served as Senior Director Research at the Institute of Cost and Management Accountants of Pakistan (ICMAP). He can be reached at shahid.anwar.writer.26@gmail.com

The long history of Sexpionage

“S

JSTOR DAILY

MatthEw wills

EXPIONAGE,” or sexespionage, describes the intertwining of two things that have probably gone together for as long as somebody wanted information about something from somebody else. Seduction in the pursuit of secrets exploits the intimacy of sex and the sometimes irrational depths of desire: is it any wonder that it’s a tactic in the great game of spycraft?

“COLLABORATE” “Loose lips sink ships” and “Keep mum, she’s not so dumb” sloganeered Allied propaganda on the home front of the Second World War. But it was the Cold War, particularly in its retellings in novels, film, and television, that made “honeytrapping” and “honeypots” familiar phrases. More contemporary espionage dramas like Slow Horses and The Agency show that it is still a staple of the genre. During the Cold War, the Soviets called female honeypots “sparrows” and male ones “ravens.” Honeypots use their sexual allure to gather information, recruit assets, and set up blackmail stings. Honeypots can be any gender: during the Cold War, the Soviets called female honeypots “sparrows” and male ones “ravens.” Such tactics didn’t end with the collapse of the Soviet Union. National security analyst Troy Smith

writes that in the twenty-first century, “sexual honeypots that rely on intimate deception for intelligence gathering give rise to profound ethical dilemmas.” “The violation of privacy, infringement on consent, and psychological harm inflicted raise concerns about the violation of fundamental human rights and dignity. However, consequentialist arguments appeal to the greater public good and security benefits derived from obtaining access to crucial intelligence through such means.” Luminaries from Agatha Christie to Walter Gropius gravitated to London’s “Lawn Road Flats.” So too did a far less conspicuous cohort: assets for the USSR. US Army lawyers/colonels David Wallace and Mark Visage note that “honeypot” has also entered the lexicon of cyber war. Only instead of a seductive agent, this kind of honeypot is “a physical or virtual environment designed to lure the attention of intruders with the aim of deceiving the intruders about the nature of the environment.” In other words, it’s a decoy computer system. The hacking of such a system potentially allows its designers to “gather counter-intelligence about the intruders’ intent, identity, and means and methods of cyber operations.” The honey-trapping here is all about the bytes. “Additionally, the honeypots are weaponized. Destructive malware is incorporated into the honeypots and, upon activation, will cause significant damage to an intruder’s own cyber infrastructure.” Wallace and Visage state that “the legal issues associated with the use of weaponized honeypots under interna-

tional law are complex, multi-faceted, and unsettled.” Scholar Alan Cunningham explains that the CIA made porn films to entrap Indonesian President Sukarno before his overthrow in the mass-murder coup of 1967. The Soviets, meanwhile, tried using agents disguised as airline stewardesses to lure Sukarno, a leading voice in the NonAligned Movement, to their side. Both these efforts “failed because Sukarno never made attempts to hide his sexual appetite nor did the Indonesian populace much care.” Cunningham argues that SEXINT (sexual intelligence), or the monitoring of a target’s internet sex usage, and deepfake porn could and should be used against terrorists at home and abroad. He argues that by their nature, fundamentalists (Christian or Islamist) are particularly vulnerable to exposure, discrediting, and blackmail because of their rigid stated views on sex. “Porn (and sex in general) is a fantastic tool for destabilizing these criminal, foreign, and domestic terrorist organizations if utilized correctly and properly, with an educated, sensitive, and clearly defined implementation.” Ah, there’s the rub: what is an “educated, sensitive and clearly defined implementation” of what is essentially a smear? Speaking of smears, was Mata Hari really Mata Hari? Margaretha Zelle MacLeod’s stage name came to signify the epitome of the seductive female spy after she was executed by the French in 1917. But, as Britannica tactfully puts it, “the nature and extent of her espionage activities remain uncertain, and her guilt widely contested.”

is low. The deficit swelled anyway. The Treasury Department said July’s deficit, the fourth highest on record, was inflated by tariff refunds (the Supreme Court ruled the White House’s emergency tariffs unlawful in February) as well as the early payment of August benefits, a result of calendar quirks. But there’s no one-off explanation for the overall trajectory bringing U.S. debt to the big 4-0. Net interest paid by the Treasury Department so far this fiscal year totals $931 billion. That’s nearly a trillion dollars of taxpayer money spent not on defense or education or scientific research but on servicing the money politicians have already spent. Unrestrained pandemic spending, and the round-the-clock money printing that took place to enable it, contributed to the inflation that followed and has

still not resolved. It will be nearly impossible for the Federal Reserve to deliver on its mandate to return inflation to 2 percent if the government doesn’t rein in its cash flow. Inflation puts upward pressure on interest rates, which makes government borrowing even less sustainable. If deficits continue on their current trajectory, they will cripple Social Security and Medicare. The latter was the largest expense last month, at $174 billion. The military will also have a harder time addressing its munitions shortfalls absent long-term credible spending guarantees. Politicians are addicted to making promises that require sources of money they don’t have. Their failure to control spending remains one of the biggest threats to the country. If only the $40 trillion milestone could be a wake-up call.

Washington’s $40 trillion debt milestone

WASHINGTON POST Editorial

HE national debt is poised to reach $40 trillion this week, months ahead of Congressional Budget Office projections. This follows the federal government’s eye-popping report of a $432 billion deficit for July, the highest monthly level since the coronavirus pandemic. The excuses for this rolling shortfall only highlight the extent to which Washington has lost control of federal spending. The last time the monthly deficit exceeded July’s level was in March 2021, when pandemic relief spending drove the figure to $658 billion. But today, the government is not dealing with the fallout of a historic pandemic, and unemployment

06 NEWS

SYRIA REJECTS ISRAELI JUSTIFICATION FOR STRIKE ON AIRBASE OVER ALLEGED TURKISH MILITARY BUILDUP

Friday, 21 August 2026 | ISLAMABAD

DAMASCUS

AGENICES

YRIAN Foreign Minister Asaad al-Shaibani rejected Israel's justification for striking a Syrian airbase this week, saying Damascus had informed Israel beforehand that there were no plans to establish a Turkish base or permanent military presence at the site, Axios reported Wednesday. Al-Shaibani said rehabilitation work at the Abu al-Duhur airbase in northern Syria was intended for the Syrian Air Force and that Israeli officials had been informed of the nature of the work before the attack. "There was no intention to establish a Turkish base there, nor to establish a permanent Turkish military presence or deploy Turkish forces at the site," al-Shaibani said in written responses to Axios. Israel dropped at least eight bombs on runways and hangars at the airbase early Tuesday, damaging runways that had recently been rebuilt, according to Axios. No casualties were reported. US and Israeli officials told the outlet that Israel had informed the Trump administration that the strike was intended to prevent a Turkish military buildup at the base, located about 45 miles (72 kilometers) from the Turkish border. Israeli Prime Minister Benjamin Netanyahu claimed Wednesday that Israel had warned Syria before the attack against allow-

ing a Turkish presence at the facility. Al-Shaibani, however, said work at the base was limited to repairing the airfield and facilities damaged during Syria's civil war. "There was no Turkish military build-up at the base in any sense that would justify such an interpretation," he said, adding that the facility was largely empty and had not yet become fully operational. "Therefore, linking the strike to a Turkish military presence at the base is not supported by the situation on the ground as it stood at the time," he added. The Syrian foreign minister acknowledged that Turkish military officers had visited the airbase several days before the Israeli attack but said the visit was part of ongoing military cooperation involving training and the exchange of expertise. He said Syria, as it rebuilds its military and civilian institutions, has engaged in similar cooperation with Saudi Arabia, Jordan, Qatar, and Russia. "Syria is a sovereign state, and it has the right to establish relations of cooperation and alliance with any country, including Türkiye," al-Shaibani said. SYRIA, ISRAEL WERE IN CONTACT BEFORE STRIKE Al-Shaibani said Syrian and Israeli officials had been in contact in the days leading up to the attack and that Damascus had explained the nature of the construction at the airbase. Syrian officials made clear that the facility "is Syrian and will remain under Syrian sovereignty and control" and that no per-

manent Turkish presence was planned, he said. "The nature of the activity at the base was known, and there was no basis for interpreting the rehabilitation work as the establishment of a Turkish military site on Syrian territory," he added. Al-Shaibani also said that he had been in contact with the Trump administration before and after the attack in an effort to prevent further escalation. "We made clear to the US that we do not trust Israel's intentions towards Syria, and that we believe current Israeli policy, including its military escalation and actions on the ground, does not contribute to stability in Syria or the region," he said. Following the strike, Damascus contacted Washington and several other countries to protest the attack and seek to prevent its recurrence, according to alShaibani. He said Syria wanted to emphasize the need to respect its sovereignty and prevent its territory from becoming "an arena for settling scores or expanding the regional conflict." DAMASCUS REMAINS OPEN TO TALKS WITH ISRAEL Despite the attack, al-Shaibani said Damascus remained interested in reaching an agreement with Israel to reduce tensions along their border. "But de-escalation cannot be the responsibility of one side alone," he said. "Israel must also reassess its policy towards Syria

and recognise that continued military operations and attacks will not deliver long-term security, but will instead increase instability." He said Syria remained open to negotiations and believed political and security solutions offered the most sustainable path

Israeli opposition leader calls Syria strike dangerous as Lebanon attacks continue JERUSALEM AGENCIES

His comments came after Israeli warplanes carried out eight airstrikes early Tuesday on the runway of the Abu al-Duhur Military Airbase in Syria’s northwestern Idlib province. The strikes damaged infrastructure at the facility. Syria protested the attacks in letters sent to the United Nations and the Security Council. According to the Syrian protest, continuing Israeli strikes, incursions and abductions were hampering efforts to stabilise the situation and risking further regional tension. Overnight attacks in southern Lebanon eparately, Lebanese state media reported that Israeli warplanes launched a series of overnight strikes on several locations in southern Lebanon, while artillery fire continued into early Thursday.

Chinese FM urges strategic cooperation, mutual trust in China-South Korea ties SEOUL

STAFF CORRESPONDENT

Chinese Foreign Minister Wang Yi said on Thursday that China and South Korea should strengthen communication, enhance mutual trust and pursue strategic cooperation in political, economic, trade and security fields. Wang, also a member of the Political Bureau of the Communist Party of China Central Committee and director of the Office of the Central Commission for Foreign Affairs, made the remarks when holding a strategic dialogue with Wi Sung-lac, South Korea's top presidential national security advisor, in Seoul. Wang said that the exchange of visits between the two heads of state since last

year has ushered China-South Korea relations into a new stage of improvement and development. China's policy toward South Korea has remained consistent and stable, always placing it high on China's agenda for neighborhood diplomacy, Wang said. As South Korea's largest neighbor and an important force for peace, China has never initiated or participated in wars and has consistently played a constructive role in promoting the peaceful settlement of international and regional disputes, he added. Wang said that China appreciates the current administration's efforts to bring China-South Korea strategic cooperative partnership back on track, calling on the two sides to reduce unnecessary suspi-

cion and strengthen strategic cooperation to benefit both peoples and contribute to regional peace and security. Wang expressed hope that South Korea will pursue genuine strategic autonomy, refrain from bloc confrontation or taking sides, and develop its relations with China, the United States and other major countries in a mutually compatible manner. For his part, Wi said that South Korea is ready to work with China to implement the consensus reached by the two heads of state, deliver tangible outcomes, improve the well-being of both peoples and advance the strategic cooperative partnership to a new level. Wi added that South Korea is commit-

AGENCIES

US President Donald Trump said on Wednesday that he expects to meet North Korean leader Kim Jong Un later this year, while also saying Pyongyang possesses 57 nuclear weapons. The remarks came after Trump in-

structed Pentagon officials to shorten joint military exercises with South Korea, saying the drills conveyed a message to North Korea that was hostile and inappropriate for a country he described as unthreatening and respectful. Asked whether he expected to meet Kim before the end of the year, Trump replied: Yeah, I will be. Trump had said on Monday that he

The state-run National News Agency said Israeli aircraft hit the Ali al-Taher heights and areas near Al-Dabsha on the northern outskirts of Nabatieh al-Fawqa and Dawhet Kfar Rumman. It added that these areas were also subjected to intermittent artillery shelling until dawn. The agency further reported that Israeli forces carried out explosions overnight and early Thursday in the towns of Majdal Zoun and Al-Mansouri, accompanied by artillery fire on both places. No immediate details were available about casualties or damage. The latest attacks come amid continuing hostilities between Israel and Lebanon since Israel launched a largescale offensive on Lebanon on March 2. The two sides have since been involved in US-led negotiations aimed at ending the conflict and putting security arrangements in place along the border.

CUI Ranked No 1 in Pakistan in US News Best Global Universities Rankings ISLAMABAD

STAFF REPORT

ted to developing relations with different countries in a mutually compatible manner and is ready to maintain close highlevel strategic dialogue with China to join forces for regional peace and stability. During the dialogue, the two sides also had an in-depth exchange of views on regional security issues.

Trump says he plans to meet Kim Jong Un later this year WASHINGTON

toward stability. Al-Shaibani said Syria and Israel spent a year negotiating a security agreement through US mediation and had made significant progress, reaching a formula that had been agreed on paper.

received a response from Kim after trying to reopen contact. The Wall Street Journal has reported that he has been urging aides to arrange an in-person meeting with the North Korean leader as early as this autumn. FRESH COMMENTS AMID MIXED SIGNALS North Korea’s mission to the United Nations in New York did not immediately comment on Trump’s latest statement. His remarks came shortly after Kim’s sister, Kim Yo Jong, said she was not aware of any recent exchanges between the leaders of the two countries. Kim Yo Jong also said that although ties between Trump and Kim were truly great, Washington was still conducting military drills with Seoul and threatening North Korea’s security.During a visit to a helipad under construction on the South Lawn of the White House, Trump told reporters that his relationship with Kim was beneficial.

President Xi congratulates Hichilema on re-election as Zambian president BEIJING

STAFF CORRESPONDENT

Chinese President Xi Jinping on Thursday congratulated Hakainde Hichilema on his re-election as president of Zambia. In his message, Xi said that they have met twice in recent years, and jointly steered the development of ChinaZambia relations. The political mutual trust between the two countries has continued to deepen, practical cooperation has been fruitful, and China and Zambia have closely coordinated and cooperated in multilateral affairs, he said. Xi said he attaches great importance to the development of China-Zambia ties, and stands ready to work with Hichilema to implement the outcomes of the Beijing Summit of the Forum on China-Africa Cooperation. He also pledged to join the Zambian leader in carrying forward traditional friendship, cementing mutual support, and continuously raising the level of mutually beneficial cooperation, so as to take the China-Zambia comprehensive strategic cooperative partnership to new heights and deliver greater benefits to the two peoples.

COMSATS University Islamabad (CUI) has emerged as the highest-ranked university in Pakistan in the U.S. News & World Report Best Global Universities 2026–2027 Rankings, securing 410th position globally with an overall score of 52. CUI leads Pakistani universities in the global ranking, followed by Quaid-i-Azam University at 451st, The University of Lahore at 479th, University of Management and Technology (UMT) at 573rd, and National University of Sciences and Technology (NUST) at 590th globally, highlighting Pakistan’s growing presence in international research-based university rankings. CUI’s national standing is particularly significant as the U.S. News Best Global Universities Rankings emphasize academic research performance, research reputation and global scholarly impact, providing an internationally comparable assessment of researchintensive institutions. The achievement reflects CUI’s sustained focus on high-quality research, impactful publications, international collaboration and increasing global academic visibility. Commenting on the achievement, Prof. Dr. Raheel Qamar, Rector COMSATS University Islamabad, said: “CUI’s standing as Pakistan’s leading university in this prestigious global ranking reinforces our commitment to research excellence, innovation and international collaboration, while motivating us to further enhance the global impact of knowledge produced at CUI.” CUI has also demonstrated notable strength across several subject areas. In the U.S. News rankings, the University stands 28th globally in Mathematics, 67th in Green and Sustainable Science and Technology, 151st in Electrical and Electronic Engineering, 178th in Artificial Intelligence, and 142nd overall in Engineering, while also maintaining a strong international position in Computer Science.

Friday, 21 August 2026 | ISLAMABAD

CORPORATE CORNER

IESCO distribution system restored despite heavy rains, flood situation ISLAMABAD

STAFF REPORT

Heavy rainfall across the IESCO region, coupled with water accumulation at various locations, resulted in a large number of faults, including underground cable faults, overhead transformer faults, feeder faults, as well as individual consumer complaints. Despite these challenging weather conditions, IESCOs Operations and Construction teams demonstrated commendable performance and made every possible effort to ensure the prompt restoration of electricity supply and timely resolution of consumer complaints.Chief Executive IESCO Engineer Chaudhry Khalid Mahmood, while appealing to consumers, urged them to ensure their own safety and that of their loved ones during rainfall and to strictly follow all precautionary and safety measures. He advised consumers to maintain a safe distance from electrical wires, poles, meters, transformers and other electrical installations. He further urged the public never to touch electrical appliances when their hands or bodies are wet.The Chief Executive also advised consumers to avoid construction work or extensions underneath or near electrical wires. He said that departmental and legal action is being taken against individuals who undertake such unsafe activities.Engineer Chaudhry Khalid Mahmood directed IESCO officers and line staff to ensure the use of all prescribed safety equipment and strict compliance with safety SOPs while carrying out field operations. He emphasized that no emergency or operational requirement can ever justify putting a human life at risk.

Rawalpindi’s Shalimar Club Hosts 1st Qayyum Gul (late) PSA Satellite Tournament

RAWALPINDI STAFF REPORT

The 1st Qayyum Gul (late) PSA Satellite Squash Championship concluded at The Shalimar Club, Rawalpindi, marking four days of intense, worldclass athletic competition. The tournament featured 32 elite players competing for the title, culminating in an electrifying final match where Abdullah Nawaz defeated Salman Saleem to capture the championship trophy. The match score was 3-0. The final match attracted significant attention from the squash community, featuring prominent personalities, including Secretary of the Pakistan Squash Federation, Amir Nawaz, alongside top national squash stars Nasir Iqbal and Muhammad Asim Khan, who were in attendance to witness the championship clash.The leadership of The Shalimar Club played an instrumental role in facilitating the four-day event. Key management officials present throughout the competition included Vice President Naeem Anwar, Additional Secretary Abid Cheema, Game Secretary Squash Syed Raza Ali, and senior member Saeed Anwar.Following the conclusion of the final match, a formal presentation ceremony took place. Secretary of Pakistan Squash Federation Amir Nawaz, alongside members of The Shalimar Club management, presented shields to champion Abdullah Nawaz and runner-up Salman Saleem,.

NEWS 07 CM MARYAM, IPP MNAS VOW TO WORK TOGETHER FOR NATIONAL DEVELOPMENT, POLITICAL STABILITY

PUNJAB CM, IPP DELEGATION DISCUSS PREVAILING POLITICAL SITUATION, PUNJAB DEVELOPMENT PROJECTS LAHORE

SALEEM JADOON

UNJAB Chief Minister Maryam Nawaz on Thursday met members of the National Assembly belonging to the Istehkam-e-Pakistan Party (IPP), discussing the prevailing political situation, ongoing development projects in Punjab and agreeing to work together for the country’s development, stability and political matters. The IPP delegation comprised Minister of State for Overseas Pakistanis and MNA Muhammad Aoun Chaudhry, MNA Gul Asghar Khan and MNA Munaza Hassan, according to a statement issued by the Chief Minister Office (CMO). During the meeting, the chief minister and IPP lawmakers discussed various issues, particularly the prevailing political situation, and agreed to work together in the larger national interest for the country’s development and stability and on political matters. The IPP lawmakers appreciated the chief minister’s welfare initiatives and praised her efforts for development and public welfare across Punjab. They particularly lauded projects aimed at providing clean drinking water

LAHORE

STAFF REPORT

Provincial Minister for Information and Culture Azma Bokhari said the Punjab government took timely and effective measures to ensure drainage in Rawalpindi despite record rainfall and multiple monsoon spells. She said drainage operations continued during the different spells of rain without waiting for the rain to stop, while the entire government machinery, from Chief Minister Maryam Nawaz to WASA’s field workers, remained active on the ground. Azma Bokhari said accumulation of water following heavy rainfall is a common phenomenon in major cities around the world; the real measure of success is how quickly the accumulated water is drained. She said the Punjab government has developed an effective administrative mechanism and provided modern equipment to ensure that citizens receive relief within the shortest possible time. She said 990 new vehicles have

The Management and Central Bargaining Agent of Utility Stores Corporation have jointly congratulated Managing Director Mr. Faisal Nisar Chaudhry on his nomination for the prestigious civil award, Sitara-e-Imtiaz.Mr. Chaudhry has been nominated in recognition of his relentless efforts during the closure process of Utility Stores Corporation, saving billions worth inventory, successful properties litigation, disbursement of employees benefits in consensus with CBA and other USC labor unions and for securing the legitimate rights of thousands of employees.A comprehensive financial package was prepared and disbursed to all regular, contract, and daily wage employees, a first of its kind in any public sector organization. Over 10,000 USC employees received their due payments within a remarkably short timeframe.Furthermore, PM’s decision for closure of USC while also safeguarding the rights of USC employees has resulted in saving more than 13 billion per annum. Joint Secretary, Ministry of Industries and Production, Mr. Shabbir Khattak lauded the MD’s performance, that due to the personal commitment and interest of Mr. Faisal Nisar Chaudhry, thousands of employees have received their legitimate rights.

been provided to WASA on the directions of Chief Minister Maryam Nawaz, which are playing an important role in the rapid drainage of rainwater. She added that drainage operations continue even during heavy rainfall, with the government focused on removing accumulated water rather than waiting for it to drain naturally. The Information Minister said Punjab’s comprehensive pre-monsoon preparations are not merely a claim but a structured administrative exercise. Desilting, cleaning of drains and waterways, deployment of machinery, assignment of field teams and preparation of standard operating procedures are carried out ahead of the monsoon season to ensure an effective response to heavy rainfall. Azma Bokhari said the drainage system has also been improved in various areas on the directions of the Chief Minister. Markets renovated and rehabilitated across Punjab have been equipped with underground drainage and sewerage systems to improve the disposal of rainwater. She said the government is also

Japan Provides Grant Assistance to Local NGO for a Transportation Project in Karachi

reviewing the situation in Raja Bazaar, Moti Bazaar and other interconnected old markets. If rainwater is flowing towards Raja Bazaar from adjoining markets, the cause will be assessed immediately and necessary emergency measures will be taken. The Provincial Minister said Chief Minister Maryam Nawaz is personally monitoring drainage operations and continuously seeking reports from the administration regarding water clearance during rainfall. Commissioners, Deputy Commissioners and relevant administrative and WASA officials are present in the field to monitor the situation. Citing the example of New Lalazar, Azma Bokhari said more than six feet of water accumulated there following heavy rainfall, but WASA and relevant agencies not only drained the water but also rescued citizens requiring assistance. She said the government also shared photographs and videos from the site to present the actual situation and the subsequent water-clearance operation before the public.

HBL, Pakistan Cables, Burj Clean Energy Modaraba and Orient Energy Systems Mark Successful Signing of 7.5 MW Wind Power Project KARACHI

STAFF REPORT

KARACHI STAFF REPORT

ISLAMABAD

journey of public service and development. CM orders timely salaries, tighter monitoring under Suthra Punjab In a related development, Chief Minister Maryam Nawaz directed that salaries of Suthra Punjab workers be paid by the fifth of every month and ordered immediate legal action against companies failing to make timely payments. She issued the directives while chairing a special meeting to review the Suthra Punjab programme, sanitation conditions in cities and sewerage disposal. The chief minister took strict notice of reports of staff and workers remaining

Record rainfall in Rawalpindi managed within hours: Azma Bokhari

USC MD Nominated for Sitara-e-Imtiaz

STAFF REPORT

in districts facing brackish water and appreciated the provincial government’s development initiatives. The lawmakers also congratulated Maryam Nawaz on the Pakistan Muslim League-Nawaz’s victory in the Azad Kashmir elections, saying her development projects had gained recognition beyond Punjab, including in Azad Kashmir. They praised the chief minister’s leadership and expressed their resolve to move forward together in the larger national and political interest. The Punjab chief minister welcomed their commitment to work together in the

The Government of Japan has announced to provide Grant Assistance for Grassroots Human Security Projects (GGP) of up to USD 55,734 (equivalent to PKR 15.5 million) to a local NGO for the purchase of a new school bus for special students in Karachi.The GGP grant contract was signed on Thursday, August 20, 2026, at the Consulate-General of Japan in Karachi between the Consul General of Japan in Karachi, HATTORI Masaru, and Ms. Habiba Habib, President of the Institute of Behavioral Psychology (IBP) School of Special Education in Karachi. With this grant, the additional of a school bus at the IBP School of Special Education will enable an additional thirty (30) students to receive quality education, vocational training, and specialized therapeutic services.

HBL, in partnership with Burj Clean Energy Modaraba (‘BCEM’) and Orient Energy Systems, has successfully completed the financing and signing of agreements for a 7.5 MW wind power project to supply green energy to Pakistan Cables' factory in Nooriabad, Sindh. The Project represents a significant step towards accelerating renewable energy adoption within Pakistan's industrial sector while delivering longterm economic and environmental benefits. Under an Ijarah agreement, BCEM will develop, own and operate the project as lessor, with Pakistan Cables as lessee. OES has been appointed EPC contractor, using GOLDWIND turbine technology, and BCEM has secured project financing from Habib Bank Limited (HBL). With this step, Pakistan Cables continues to accelerate its efforts to meets its climate action goals while at the same time reducing operational costs. With an energy mix that already includes solar, wind energy will further reduce dependency on non-renewable energy sources.

Punjab Police finalizes Eid Milad security plan with 55,000-plus personnel LAHORE STAFF REPORT

Punjab Police on Thursday finalized a comprehensive security and traffic plan for Eid Miladun Nabi (SAWW), under which more than 55,000 police officers and personnel will be deployed across the province, with the Inspector General of Police Abdul Kareem ordering stricter security arrangements in view of the prevailing border situation. The security plan was finalized at a high-level meeting chaired by Punjab IGP Abdul Kareem at the

Central Police Office, where arrangements for Eid Miladun Nabi (SAWW), crime control and other important matters were reviewed, according to a police spokesperson. The Punjab IGP directed that security arrangements for Eid Miladun Nabi (SAWW) be made stricter than those implemented last year, particularly in view of the prevailing border situation. “RPOs and DPOs were directed to formulate comprehensive security plans for Eid Miladun Nabi (SAWW) while keeping last year’s security orders in view, with more

than 55,000 police officers and personnel will perform security and traffic duties on the occasion,” said a statement issued by the Central Police Office (CPO). The IGP directed that additional personnel be deployed at sensitive locations as well as at Eid Miladun Nabi (SAWW) processions, religious gatherings and other events across the districts. Punjab Additional IG Investigation, Additional IG Operations, DIG Monitoring, AIG Operations, AIG Administration & Security and other senior officers attended the meeting.

absent in urban and rural areas and expressed displeasure at officers found negligent. She directed that key performance indicators (KPIs) be fixed for the managing director, financial management officers and tehsil municipal officers of Suthra Punjab. She said the managing director of Suthra Punjab would not be given another posting for three years in case of poor performance. The chief minister also said she would personally monitor the performance reports of Suthra Punjab companies in every city. CM Maryam Nawaz ordered the managing director of WASAs to spend two hours daily in the field, while TMO and FMO officials were directed to visit at least five union councils every day to inspect sanitation arrangements. She also ordered the activation of Suthra Punjab anti-littering squads at every divisional headquarters. The squads, riding e-bikes, would monitor roads, streets and markets, while Suthra Punjab workers were directed to carry garbage bags with them on the pattern followed in Murree. The meeting was informed that an environment-friendly citizen sticker would be awarded each month to residents and commercial establishments maintaining cleanliness in their areas. Citizens maintaining clean surroundings would also receive gifts or certificates from the chief minister.

Meezan Bank Opens First Round-the-Clock Assisted Service Center

KARACHI STAFF REPORT

Meezan Bank, Pakistan’s premier Islamic bank, has inaugurated its first Service Center at Clifton Bridge, Karachi. The Center introduces a customerfocused banking model that combines round-the-clock digital convenience with personalized support.Strategically located in one of Karachi’s busiest commercial and residential corridors, the Center provides convenient access to banking services for individuals and businesses alike. It is the only banking facility in the industry to offer customers Virtual Teller assistance 24 hours a day, seven days a week, through its Cheque and Cash Deposit Machines, enabling greater accessibility beyond standard branch hours. At the heart of the Center is Meezan Bank’s Virtual Teller service, a video-based banking solution that connects customers with a centrally located teller through live audio and video. The service provides real-time guidance and enables customers to carry out eligible transactions that would ordinarily require assistance at a branch.By combining selfservice technology with direct access to trained banking professionals, the Virtual Teller service is designed to facilitate faster transactions, reduce waiting times and paperwork, and provide customers with greater control over their banking experience. At the same time, it retains the personalised assistance, reassurance and trust associated with branch banking, allowing customers to complete transactions.

IFC and Bank Alfalah Partner on Pakistan’s First Diversified Payment Rights Issuance

KARACHI STAFF REPORT

The International Finance Corporation (IFC) and Bank Alfalah Limited have signed a Project Agreement for IFC’s planned investment of up to US$100 million in Pakistan’s first-ever Diversified Payment Rights (DPR) note to be issued by Bank Alfalah. Approved by IFC’s Board on May 27, 2026, the transaction will provide competitively priced, long-term international financing through a secured structure backed by diversified future foreigncurrency receivables. The market-based DPR does not require a sovereign guarantee and is expected to help mobilize additional financing from international private investors.This milestone follows IFC’s advisory support to the State Bank of Pakistan and the Ministry of Finance from 2022-2024 to establish the regulatory framework for DPR issuances. Bank Alfalah is the first Pakistani bank to launch a DPR program under the framework.“This investment will strengthen Pakistan’s access to new sources of longterm funding,” said Momina Aijazuddin, Regional Financial Sector Director, IFC. “This is an important step in deepening Pakistan’s financial markets,” said Atif Bajwa, President & CEO, Bank Alfalah.

PTI FOUNDER TRANSFERED TO SHIFA HOSPITAL UNDER TIGHT SECURITY NEWS

ISLAMABAD

RAJA KASHIF ASHFAQ

AKISTAN Tehreek-e-Insaf (PTI) founder Imran Khan was shifted from Adiala Jail to Shifa International Hospital late Thursday night, while security had been placed on high alert in Islamabad and Rawalpindi ahead of his possible transfer. Sources said an initial medical examination of the PTI founder was completed at Adiala Jail ahead of his transfer. Two members of the medical board entered the jail for the examination. The PTI founder’s sister, Dr Uzma Khan, and his personal physician, Dr Faisal Sultan, also accompanied them inside the jail, where his medical condition was assessed before the proposed transfer. According to sources, the PTI founder’s cousin Qasim Zaman and sister Aleema Khan also reached Gate No. 5 of Adiala Jail. Aleema Khan remained outside the gate along with private security guards. Meanwhile, two vehicles belonging to the Islamabad Police squad reached Adiala Jail, while a Rescue 1122 ambulance was also brought to the prison. Sources said the PTI founder is expected to be taken to Shifa International Hospi-

tal by ambulance shortly. Security has also been tightened around Adiala Jail. Rawalpindi Police have closed all shops in the vicinity of the prison, while lights at some locations have also been switched off. Aleema Khan and Qasim Zaman remained present outside Gate No. 5. Meanwhile, extraordinary security arrangements have been made at Shifa International Hospital ahead of the PTI founder’s expected arrival. According to sources, the hospital’s executive floor has been declared a sub-jail, while a des-

Five militants killed in Panjgur operation, security sources say

Six Pakistani sailors return home after Houthi attack; Bodies of two repatriated ISLAMABAD

QUETTA

STAFF REPORT

NEWS DESK

Security forces killed at least five militants and wounded several others during an intelligence-based operation in Balochistan’s Panjgur district under Operation Radd-ul-Fitna 3, according to security sources on Thursday. Security sources said the action took place in the Kali Suran area of Panjgur, where motorcycle-riding militants were allegedly heading to carry out a terrorist attack. The forces targeted them using what the sources described as advanced weapons. According to the same sources, security personnel recovered a large cache of advanced weapons and ammunition from the militants. They also said three vehicles, two motorcycles, an improvised explosive device and a flag of a banned organisation were seized during the operation. Security sources said the group had been involved in target killings, kidnappings, armed robberies and the planning of suicide attacks. Recent operations in Balochistan Earlier, on August 18, security forces had killed more than nine militants in separate intelligence-based operations in Balochistan’s Ziarat, Harnai and Surab districts under Operation Rad-ul-Fitna-3. Violence trends in KP and Balochistan Pakistan has seen an increase in militant violence, particularly in Khyber Pakhtunkhwa and Balochistan, since 2021, when the Afghan Taliban returned to power. A report by the Centre for Research and Security Studies said the two provinces remained the country’s main centres of violence during the second quarter of 2026, with KP the worst-affected region. KP and Balochistan together made up nearly 96% of all violence-related fatalities recorded during the quarter. More than 61% of the total deaths, or 475, were reported in KP, while Balochistan accounted for 34%, or 265. The same report said KP recorded 151 violent incidents, representing 57% of the national total, while Balochistan registered 94 incidents, or 35%, highlighting the concentration of militant activity in the two provinces.

Govt signals Imran Khan could be sent abroad for medical treatment ISLAMABAD

STAFF REPORT

ignated ward/apartment has been vacated and placed under a security cordon. Sources said the PTI founder will be brought into the hospital through Gate No. 1, while strict security has been deployed at all other entrances. Several roads leading towards the hospital have been closed, while vehicles parked improperly have been removed with lifters. A heavy contingent of police has been deployed inside and around Shifa International Hospital. Around 920 Islamabad Police personnel have been assigned security duties in and around the

hospital, while police officers, commandos, and traffic police personnel have also been placed on high alert. Sources said hospital staff have also been barred from using mobile phones within the designated security zone, while the area surrounding the hospital has been cleared as part of the security arrangements. DIG Safe City and Traffic Haroon Joiya and SSP Operations Salman Zafar are also present outside Shifa International Hospital, while a medical team has reached the hospital to conduct the PTI founder’s medical examination. According to sources, the senior leadership of Pakistan Tehreek-e-Insaf has been informed about the decision to shift the PTI founder from Adiala Jail to Shifa International Hospital. There are also reports that the federal government has conveyed the development to PTI Chairman Barrister Gohar. Sources said Gate No. 1 of Shifa International Hospital has been designated for the PTI founder’s arrival, while police pickets have been established at all other entry points and strict security measures have been put in place. The PTI founder may be shifted from Adiala Jail to Shifa International Hospital at any time late tonight in compliance with the court’s directions, sources said.

The government on Thursday said PTI founder Imran Khan could be sent abroad for medical treatment if required, while clarifying that its approach to the Supreme Court was aimed only at determining whether relief granted in a recent order applied exclusively to him or to other prisoners as well. Parliamentary Affairs Minister Dr Tariq Fazal Chaudhry made the remarks during a heated Senate session after Opposition Leader Allama Raja Nasir Abbas raised concerns over the health facilities available to Imran Khan and detained PTI leaders, including Dr Yasmin Rashid and Ejaz Chaudhry. Chaudhry said the government would implement the Supreme Court’s decision “in letter and spirit”, adding that prisoners suffering from health problems were shifted to government hospitals under the law.

Six Pakistani sailors injured in a recent Houthi attack on a commercial vessel in the Bab al-Mandeb Strait have safely returned to Pakistan, while the bodies of two Pakistani crew members killed in the assault have also been repatriated, Deputy Prime Minister and Foreign Minister Ishaq Dar said on Thursday. In a statement on X, Dar said the six injured sailors had returned safely and the mortal remains of the two sailors who lost their lives had been brought back to Pakistan. He said all relevant stakeholders had been directed to ensure the sailors’ “safe, dignified, and expeditious repatriation." Dar commended the Consulate General of Pakistan in Jeddah and the Pakistan Embassy in Riyadh for their prompt efforts to facilitate the evacuation of the injured sailors and repatriation of the

bodies from Yemen despite the absence of a Pakistani diplomatic mission in the country. He also appreciated the role of relevant agencies, including the Federal Investigation Agency, in ensuring the sailors’ smooth arrival and onward arrangements in Pakistan. The foreign minister particularly acknowledged the cooperation extended by Saudi Arabia’s Ministry of Foreign Affairs, including medical assistance and arrangements provided to the injured sailors in Jeddah. Pakistan, Dar said, had condemned the attack “in the strongest terms” and reiterated that the safety and security of seafarers must be ensured at all times. He assured the injured sailors and families of those killed that the government remained committed to providing “all possible assistance." The development follows Dar’s earlier directive, issued on August 12, for the immediate

repatriation of the bodies of Pakistani sailors killed in the attack and provision of all possible assistance to the injured. The August 11 attack targeted the commercial vessel Tihamah in the Bab al-Mandeb Strait. According to Yemen’s Coast Guard, the vessel was struck by ballistic missiles, caught fire and suffered extensive damage. The attack killed six people, including three Pakistani and one Indonesian crew member as well as two personnel of Yemen’s 2nd Naval Brigade, while 10 others were wounded. The coast guard said 11 Pakistani and Indonesian sailors were rescued following the attack. The incident has renewed concerns over the safety of commercial shipping and seafarers navigating the strategic Bab alMandeb waterway, a vital maritime route linking the Red Sea with the Gulf of Aden.

PTI, JUI-F agree in principle to form United Opposition in parliament ISLAMABAD STAFF REPORT

Major opposition parties on Thursday agreed in principle to form a “united opposition” and evolve a joint political and parliamentary strategy amid growing tensions with the government. The understanding was reached during separate meetings between Jamiat Ulema-i-IslamFazl (JUI-F) chief Maulana Fazlur Rehman, National Assembly Opposition Leader Mehmood Khan Achakzai and Senate Opposition Leader Allama Raja Nasir Abbas at Parliament House, according to a spokesperson for the opposition alliance Tehreek Tahafuz Ayeen-iPakistan (TTAP). The meetings focused on the prevailing political situation, parliamentary affairs, coordination among opposition parties and future political strategy. The participants voiced serious concern over what they described as the government’s “attitude and behaviour” towards the opposition in the National Assembly and Senate, stressing that democratic institutions required the opposition’s voice to be heard rather than suppressed. The leaders also discussed government policies, the opposition’s role in parliament and measures to safeguard the Constitution

and democracy. Fazlur Rehman and Achakzai exchanged views on strengthening contacts among opposition parties and developing a coordinated parliamentary strategy. The participants agreed to continue consultations and formulate a joint course of action. Speaking to the media after the meeting, Fazlur Rehman confirmed that the opposition had agreed to move towards the formation of a united front. “This was the first session, and further consultations will also take place. All opposition parties will come together to form the opposition,” he said. He said contacts among opposition parties would be strengthened and a joint strategy finalised,

adding that the possibility of convening an All Parties Conference would also be discussed. The meeting also expressed serious concern over the health of PTI founder Imran Khan. The opposition leaders demanded that, in accordance with the Supreme Court’s recent decision, he be shifted to a hospital without delay and provided the best possible medical treatment. They stressed that no politics should be played over the former prime minister’s health and called for immediate medical care on humanitarian and medical grounds. PTI leader and former National Assembly speaker Asad Qaiser also attended the meeting, along with other PTI parliamentary leaders and lawmakers.

Friday, 21 August, 2026

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ADB says Pakistan faces $2b annual post-harvest losses amid agribusiness investment and infrastructure gaps 4:10

ISLAMABAD

The Islamabad High Court (IHC) on Thursday fixed for September 8 the petitions seeking suspension of the sentences handed down to Imaan Mazari and Hadi Ali Chattha in a controversial tweets case. The registrar’s office issued the cause list on Thursday, confirming the hearing date. Justice Azam Khan will hear the petitions seeking suspension of the sentences of Imaan Mazari and Hadi Ali Chattha.

Human rights activist lawyer Imaan Mazari and her husband Hadi filed their sentence suspension pleas in January 2026 after a trial court convicted them in the controversial tweets case. It is pertinent to mention here that last month on July 25, pronouncing a reserved verdict, the Islamabad High Court (IHC) declared the petitions filed by human rights lawyers Imaan Mazari and her husband Hadi Ali Chattha, seeking suspension of their sentences in the controversial tweets case, admissible for the hearing. The court hence rejected the miscellaneous

petition filed by the prosecution, raising objections to the admissibility of the pleas on the grounds that they had been filed prematurely. The court had reserved the verdict on Friday after hearing the arguments by parties to the case. Later, the court adjourned the case’s hearing for an indefinite time period. During the hearing of the case on Friday, counsel for the National Cyber Crime Investigation Agency (NCCIA) said that such applications could not legally be submitted before six months had elapsed and requested that the agency's miscellaneous application

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PROFIT

MONITORING REPORT

Pakistan’s agribusiness sector is facing annual postharvest losses of around $2 billion due to climate shocks, underinvestment, weak infrastructure and inefficient use of water and land, the Asian Development Bank (ADB) said in a new report, titled “Enhancing Competitiveness, Sustainability, and Resilience in Pakistan’s Agribusiness through ClimateResponsive Strategies.” The report identified climate change, market failures, limited access to finance, institutional weaknesses and technology gaps as major obstacles to developing a competitive and resilient agribusiness sector. Agriculture contributes around one-fifth of Pakistan’s GDP and employs more than one-third of the labour force, but inadequate infrastructure, weak investment and limited institutional capacity continue to constrain the sector. The ADB said private investment accounts for less than 5% of agribusiness capital, while small and medium-sized enterprises (SMEs) face strict collateral requirements, limited credit histories, short loan tenors and a lack of suitable financial products. Climate finance is also largely concentrated on mitigation, leaving limited funding for agricultural adaptation. The absence of agriculture-specific green bonds and blended-finance mechanisms is further restricting climate-related investment. The report identified deficiencies in cold storage, roads, logistics, certification and testing facilities as major contributors to post-harvest losses and export rejections. Fragmented certification systems, weak value-chain linkages, poor branding and high transaction costs are particularly affecting SMEs. Pakistan also invests only 0.2% of its agricultural GDP in research and development, while the adoption of climate-smart seeds, mechanisation and digital agriculture services remains among the lowest in South Asia. Outdated extension services are also failing to provide farmers with climate-smart guidance. The report noted that women and youth remain largely excluded from agribusiness ownership, financing and innovation, despite women accounting for more than 65% of the agricultural labour force. It also cited weak federal-provincial coordination, inadequate monitoring and evaluation and insufficient alignment of policies with climate-smart and exportoriented objectives.

Finance minister confirms Pakistan seeks $10b Exchange Stabilisation Support Facility, says talks with US Treasury underway PROFIT

MONITORING REPORT

Pakistan has formally sought a $10 billion Exchange Stabilisation Support Facility from the United States to strengthen confidence in the country’s currency and foreign exchange position, Finance Minister Muhammad Aurangzeb confirmed. Talking to media on Wednesday, Aurangzeb said the request had been made to the US Treasury Department and negotiations were underway, although no agreement had yet been finalised. He clarified that the proposed facility was not being sought as a conventional loan or credit line. Instead, he said, it was intended to signal Pakistan’s currency and foreign exchange stability to international markets and support the country’s efforts to regain access to external capital. “This is not about a credit line or a loan,” the finance minister said, adding that greater confidence in Pakistan’s economic stability could help the country raise funds from international markets. Aurangzeb said the government was seeking to reduce its reliance on repeated short-term bilateral rollovers and gradually shift towards market-based financing with longer maturities. He said Pakistan was also holding discussions with the US Export-Import Bank and the US Treasury as part of its broader financing strategy and hoped to receive feedback by the end of September. The finance minister said the government was working with international credit rating agencies to improve Pakistan’s sovereign rating, with the aim of eventually reaching at least a B+ rating. An improved rating, he said, would help Pakistan access international capital markets for financing with maturities of five, seven and 10 years. Pakistan has already started preparing for a return to international debt markets and has appointed three arrangers as part of the process, Aurangzeb said. He pointed to Pakistan’s previous use of instruments including a Eurobond, Islamic Sukuk and a dollarsettled rupee-linked bond, saying the government’s broader objective was to rebuild market access and secure longer-term financing.

IHC fixes Imaan Mazari and Hadi's sentence suspension pleas for Sep 8 STAFF REPORT

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be heard first. Representing Imaan Mazari, advocate Faisal Siddiqi opposed the objection and said that if the agency wanted the sentence suspension applications to be dismissed, both matters should be heard together. He told the court that he was ready to present his arguments. Justice Azam asked whether either of the convicts had received any remission in their sentences. Counsel for the NCCIA replied that only prison authorities or the appellants' lawyer could provide that information. Justice Azam Khan observed that even the

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appellants' counsel might not have the necessary information and suggested that the court could seek a report from the superintendent of Adiala Jail. Siddiqui opposed the proposal and urged the court to hear his arguments first. He maintained that his clients' application had been filed under a legal provision different from the one cited by the NCCIA. He further argued that a fresh miscellaneous application could not be filed merely to challenge another miscellaneous application, describing the agency's request as legally untenable and highly absurd.