In partnership with
Profit
Saturday, 22 August, 2026 | 8 Rabiul Awwal, 1448
Rs 20.00 | Vol XVII No 148 | 8 Pages | Karachi Edition
PM CALLS FOR ‘GRAND DIALOGUE’ TO END BALOCHISTAN VIOLENCE, OFFERS RETURN TO MAINSTREAM g
g
PREMIER SHEHBAZ SAYS THOSE WILLING TO ABANDON VIOLENCE SHOULD BE WELCOMED BACK INTO NATIONAL MAINSTREAM STRESSES RS415B N-25 PROJECT TO LINK SECURITY WITH DEVELOPMENT, PLEDGING RS200B ALLOCATION
g
g
DECLARES MINERAL WEALTH BELONGS TO BALOCH PEOPLE, REJECTS VIOLENCE AS ANSWER TO GRIEVANCES
SAYS GWADAR, SOLARISATION AND EQUITABLE RESOURCE-SHARING PLACED AT HEART OF BALOCHISTAN STRATEGY
CdF vows decisive defeat of indian proxies, says Balochistan-pakistan future ‘one and forever’ RAWALPINDI/ISLAMABAD STAFF REPORT
P
ISLAMABAD SALEEM JADOON
RIME Minister Shehbaz Sharif on Friday called for a “grand dialogue” to address Balochistan’s long-running conflict, saying people involved in the insurgency who were willing to abandon violence should be welcomed back into the national mainstream. Addressing a question-and-answer session with participants of the Balochistan National Workshop, the prime minister said the country should confront its longstanding differences through dialogue and mutual consultation.
“Whatever has happened, has happened,” PM Shehbaz said. “Even today, we should face these issues, and have a grand dialogue.” He said that if “our sons and daughters” in Balochistan were ready to “correct their path”, they should be welcomed, stressing that everyone in the country should sit together for a frank discussion of its differences. The call for dialogue comes as Balochistan faces a sharp escalation in militant violence. At least 372 people were killed in militant attacks and security operations in the province in July, more than triple the previous month’s toll, according to the Islamabad-based
Islamabad chief commissioner seeks review of SC order on Imran’s hospital transfer ISLAMABAD
STAFF REPORT
The Islamabad chief commissioner has moved the Supreme Court for a review of its order allowing Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan to be shifted to a private hospital, arguing that the ruling contained legal flaws and was inconsistent with prison regulations. The Supreme Court had on Tuesday directed that the former prime minister be transferred from Adiala jail to Shifa International Hospital, a demand long pressed by his family and party on health grounds. However, authorities later took him to the state-run Pakistan Institute of Medical Sciences (Pims) under strict security on Thursday night, shortly before the expiry of the 48hour deadline set by the court. Imran Khan, 73, has been imprisoned in Rawalpindi since August 2023 after convictions in multiple cases. He and his party have maintained that the cases were politically motivated and followed his removal from office in 2022. Grounds cited in review petition According to the review plea filed against the Supreme Court’s August 18 order, the Pakistan Prison Rules, 1978 do not provide for treatment of a prisoner at a private hospital. The petition says a prisoner may only be treated inside jail or at a civil or district headquarters hospital under the law. The plea further argues that shifting a prisoner to a private medical facility would raise security concerns and increase the possibility of outside influence.
Chief of Defence Forces (CDF) and Chief of Army Staff (COAS) Field Marshal Syed Asim Munir, NI (M), HJ, on Friday vowed that the “inimical designs” of Indian proxies would be defeated through the “collective resolve of the nation” and the state’s “unwavering, resolute and decisive response”, while underscoring that the “present and future” of Balochistan and Pakistan are “one and forever”. “Fitna al Khawarij and Fitna al Hindustan are foreign-sponsored proxies being employed by hostile elements to destabilize Balochistan, obstruct its development and create a wedge between the state and its people,” the CDF and COAS said during an interaction with notables and political leadership of Balochistan, according to a
Pakistan Institute for Conflict and Security Studies. The prime minister acknowledged the centrality of the resource dispute, saying there should be “no doubt” that Balochistan’s mineral wealth belonged to its people. However, he said, exploiting
statement issued by Inter-Services Public Relations (ISPR). Field Marshal Asim Munir highlighted that Balochistan was blessed with talented, resilient, patriotic and proud people, stressing that a clear national narrative and enduring peace and stability were fundamental to unlocking the province’s true economic potential, attracting investment and translating its abundant human and natural resources into tangible prosperity for its people. He said there was no dearth of talent or opportunities among the youth of Balochistan, describing them as the most vibrant and promising segment of society. He emphasised that empowering the youth and providing them with opportunities to contribute to national progress remained central to sustainable development.
Continued on page 03
the resources required capital, expertise and investment. He said disagreements over resources should be resolved through interprovincial consultation and fair distribution rather than violence.
Continued on page 03
Security forces kill 49 terrorists in joint operations across Kp, Balochistan RAWALPINDI STAFF REPORT
Security forces, in coordination with police, have killed 49 terrorists in a series of intelligencebased operations across Khyber Pakhtunkhwa and Balochistan as part of the ongoing counterterrorism campaign, the Inter-Services Public Relations (ISPR) said on Friday. According to the ISPR, the operations were conducted over the past few days against terrorist networks, including what it described as Indian-sponsored Fitna Al Khwarij and Fitna Al Hindustan. In Khyber Pakhtunkhwa, 12 terrorists belonging to Fitna Al Khwarij were killed in multiple high-tempo intelligence-based operations conducted in Bannu, North Waziristan, Orakzai and Khyber districts. Security forces recovered and destroyed a large quantity of explosives, improvised explosive device (IED) detonating remotes, weapons, ammunition and motorcycles during the operations, the military’s media wing said.
In Balochistan, 37 terrorists belonging to Fitna Al Hindustan were killed in 10 intelligencebased operations carried out in Mastung, Mach, Khuzdar and Panjgur districts. A significant quantity of weapons, explosive drums and remote-detonation equipment was also recovered and destroyed during the operations, according to the ISPR. The military said sanitisation operations were under way in the
affected areas to eliminate any remaining terrorists. “Security Forces of Pakistan remain resolute and unwavering in their commitment to defend the nation’s frontiers,” the ISPR said. It added that the counterterrorism campaign under Azm-e-Istehkam, approved by the Federal Apex Committee under the National Action Plan, would continue at full pace to eliminate what it termed foreign-sponsored and supported terrorism from the country.
Pakistan, Syria, DR Congo, Malaysia vow to deepen defence cooperation RAWALPINDI
STAFF CORRESPONDENT
Chief of Defence Forces (CDF) Field Marshal General Asim Munir on Wednesday held separate high-level engagements with delegations from Syria, the Democratic Republic of Congo and Malaysia, with discussions focusing on regional security, defence cooperation and strengthening bilateral ties. Syrian Foreign Minister Asaad Hassan Al-Shaibani, accompanied by a delegation, called on Field Marshal Syed Asim Munir, Chief of Army Staff and Chief of Defence Forces, at General Headquarters (GHQ), Rawalpindi. The two sides discussed matters of mutual interest, the regional security environment and avenues for enhancing bilateral defence and security cooperation. Field Marshal Asim Munir highlighted Pakistan's longstanding fraternal relations with Syria and shared the country’s perspective on global peace and regional stability. He underscored the importance of joint efforts and greater cooperation to address common security challenges. The Syrian foreign minister appreciated the professional role of Pakistan’s armed forces in promoting regional peace and stability. Both sides reaffirmed their resolve to strengthen bilateral relations and expand engagement in defence and security. Separately, a high-level defence delegation from the Democratic Republic of Congo, led by Lieutenant General Banza Mwilambwe Jules, Chief of Defence of the Armed Forces of the Democratic Republic of Congo, also met Field Marshal Asim Munir at GHQ. On arrival, the visiting dignitary was accorded a Guard of Honour by a smartly turned-out tri-services contingent. During the meeting, the two sides exchanged views on matters of mutual interest, regional security and prospects for enhanced defence and security cooperation. Both expressed satisfaction over the longstanding cordial relations between Pakistan and the Democratic Republic of Congo. The two countries also signed a Memorandum of Understanding aimed at broadening and strengthening bilateral defence and security cooperation. Earlier, Lieutenant General Banza Mwilambwe Jules separately met Admiral Naveed Ashraf, Chief of the Naval Staff, and Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff. The Congolese defence chief lauded the professionalism and operational capabilities of Pakistan’s armed forces, as well as their commitment to maintaining regional peace and stability. He also acknowledged Pakistan’s progress in indigenisation and self-reliance in defence production. Meanwhile, Malaysian Minister of Home Affairs Saifuddin Nasution Bin Ismail, accompanied by the Malaysian ambassador to Pakistan and a high-level delegation, called on Field Marshal Asim Munir at GHQ. The meeting covered regional security dynamics and matters of mutual interest. Both sides reaffirmed the strong and enduring bonds between Pakistan and Malaysia and expressed their commitment to expanding cooperation and engagement in areas of shared interest. Field Marshal Asim Munir reiterated Pakistan’s commitment to further deepening defence collaboration and strategic engagement with Malaysia.
pti accuses govt of contempt over imran's hospital transfer, vows SC action ISLAMABAD
STAFF REPORT
The Pakistan Tehreek-e-Insaf (PTI) on Friday accused the government of violating the Supreme Court’s order to shift incarcerated party founder Imran Khan to Shifa International Hospital and announced that it would approach the apex court over the matter. The Supreme Court had on Tuesday directed authorities to transfer Imran to the private hospital for medical examination and treatment. However, Information Minister Attaullah Tarar said on Friday that the former premier was instead taken to the government-run Pakistan Institute of Medical Sciences (PIMS), where doctors examined him before he was returned to Adiala Jail. Imran’s sister, Dr Uzma Khan, who was present during his medical examination, said she was summoned to Adiala Jail on Thursday night and was subsequently taken to PIMS without being informed about the change in arrangements. Addressing a press conference alongside Imran’s personal physician, Dr Faisal Sultan, Uzma said she eventually met her brother at PIMS, where doctors examined his eye and conducted other tests. She said Imran’s blood pressure was
normal and that his eyesight had improved, with only a minor haemorrhage remaining. According to Uzma, Imran expressed concern over his prolonged isolation and told her that he had been subjected to what he described as “cruelty” and mental stress. She said he complained that he had been denied reading material and television for extended periods and that his health concerns were not adequately addressed by prison doctors. Uzma also rejected reports that Imran had been reluctant to go to Shifa International Hospital, saying he was pleased when told that he would be shifted there for further examination and treatment. Dr Sultan, meanwhile, said he was taken to Shifa International Hospital from Adiala Jail and asked to wait for Imran’s arrival. He said he remained there for around two to twoand-a-half hours before being told that Imran might not come and that he should return. The two later discovered that they had been taken to separate hospitals. Khyber Pakhtunkhwa Chief Minister Sohail Afridi criticised the government’s handling of the matter, saying the Supreme Court’s order had effectively been ignored. He termed the episode contempt of court and said the PTI would pursue legal action over the alleged non-implementation of the order.
Govt defends Imran's diversion to PIMS, says security concerns drove decision ISLAMABAD
STAFF REPORT
Parliamentary Affairs Minister Dr Tariq Fazal Chaudhry on Friday said security agencies decided to divert PTI founder Imran Khan to the state-run Pakistan Institute of Medical Sciences (PIMS) instead of Shifa International Hospital, insisting that the move was driven solely by security concerns and had no political motivation. The Supreme Court had on Tuesday ordered the government to shift the incarcerated former premier to Shifa International Hospital for medical examina-
tion and treatment. Security arrangements were subsequently put in place around the private hospital ahead of his expected arrival on Thursday night. Speaking in a TV programme, Chaudhry said the administration, police and other law enforcement agencies had completed security arrangements at Shifa but were unable to provide the required security clearance. “The administration, IG police and law enforcement agencies cordoned off the area, the hospital was made safe and Imran Khan departed Adiala jail,” he said.
Continued on page 03
The opposition’s joint parliamentary party subsequently announced that it would approach the Supreme Court on Saturday. The meeting, chaired by National Assem-
pti founder taken to piMS, declared medically fit and returned to adiala jail: tarar ISLAMABAD
STAFF REPORT
Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan was taken to the Pakistan Institute of Medical Sciences (PIMS) for a medical examination instead of Shifa International Hospital, where doctors declared him medically fit before he was returned to Adiala jail early Friday, Information Minister Attaullah Tarar said. Tarar said the decision to take Imran to PIMS was made due to the security situation
bly Opposition Leader Mahmood Khan Achakzai and attended by Senate Opposition Leader Allama Raja Nasir Abbas, PTI Chairman Barrister Gohar Khan,
around Shifa International Hospital, where a heavy police contingent had been deployed ahead of the former premier’s expected arrival. “The medical examination was conducted at PIMS Hospital, in which doctors from Shifa Hospital were also present,” the minister said. He said a team comprising an ophthalmologist, cardiologist and physician conducted a detailed examination of Imran and declared him medically fit.
Continued on page 03
Secretary General Salman Akram Raja, CM Afridi and other opposition leaders, expressed serious concern over the implementation of the SC directive.
02 NEWS
PAKISTAN TO SIGN REFINERY UPGRADE AGREEMENTS WITHIN 7-10 DAYS, SAYS PETROLEUM MINISTER
P g
Saturday, 22 August, 2026 | KARACHI
ALI PERVAIZ MALIK SAYS UPGRADED REFINERIES WILL PROCESS ALL CRUDE GRADES, AS PPDA CHIEF SAYS THE MOVE COULD FURTHER CUT DIESEL PRICES PROFIT
Monitoring report
AKISTAN will sign agreements with refineries within the next seven to 10 days to advance their long-delayed upgrades, Petroleum Minister Ali Pervaiz Malik said, as the government pushes reforms to strengthen oil infrastructure and attract investment in energy exploration. "We are going to sign the agreements with the refineries in a week or 10 days," he said. The News reported that the government shared the draft refinery upgradation agreement with refineries on Thursday, to be signed before the end of the month. Once upgraded, refineries will be able to process all kinds of crude. Speaking at the Pakistan Energy Confer-
FBR revises sales tax rules for five categories of manufacturers and importers
ence 2026, organised by the Petroleum Institute of Pakistan, Malik stressed that consistent and predictable policies were essential to attract investment in Pakistan's upstream sector, particularly high-risk offshore exploration. Pakistan has revived offshore exploration after a two-decade gap, with friendly countries and local companies including Mari Petroleum, Pakistan Petroleum Limited and Oil and Gas Development Company Limited involved. "If we expect them to invest over a hundred million dollars for one well, we must provide them consistency of policy and medium-term visibility," he said. Malik said successful explorers should be allowed to retain and reinvest profits into infrastructure needed to develop discoveries, calling it essential for sustainable sector growth. He said petroleum must become in-
and agreements were being finalised. On broader reforms, Malik said the government was working with the World Bank to restructure the gas sector, separate infrastructure from energy businesses, and introduce greater competition. He said circular debt flows had been kept near zero without raising consumer tariffs. "Without increasing a single rupee of consumer tariff... we have still been able to maintain the flow of circular debt to near zero," he said. Malik said deregulation and private-sector participation would remain central to energy reforms. Separately, Pakistan Petroleum Dealers Association (PPDA) Chairperson Malik Khuda Baksh said refinery upgrades could lead to further reductions in diesel prices, as higher processing capacity and efficiency reduce reliance on imported petroleum products. Baksh said Malik briefed him on the
Govt plans Rs250b SPV for FESCO, GEPCO and IESCO privatisation g
ISLAMABAD
Monitoring report
The Federal Board of Revenue (FBR) has revised the sales tax treatment for specified local supplies by manufacturers and importers, issuing a corrigendum to clarify the valuation and collection mechanism under Serial No. 65 of the Third Schedule to the Sales Tax Act, 1990. Under Sales Tax General Order No. 19 of 2026, the FBR said that, in cases of local supplies made by manufacturers, sales tax would be charged on the value of supply as defined under Section 2(46) of the Sales Tax Act. For imports of goods covered under Serial No. 65 of the Third Schedule, sales tax will be assessed and collected at 130% of the value determined under Section 25 of the Customs Act, 1969, inclusive of applicable customs duties and Federal Excise Duty. The revised order covers five categories of supplies. These include footwear supplied by registered manufacturers through their own FBR digitally integrated and POS-compliant retail outlets; supplies by importers to registered manufacturers or digitally integrated and POS-compliant retailers; and goods imported directly by such retailers for sale to end consumers. The revised framework also applies to supplies made by digitally integrated manufacturers or registered importers to registered corporate entities, federal or provincial government departments, autonomous bodies and statutory bodies purchasing goods for their own use. It further covers manufacturers exclusively supplying goods to FBR digitally integrated and POScompliant retailers. The FBR said the corrigendum was issued to remove ambiguity and ensure uniform implementation of the sales tax provisions. The existing Annexure-A to the earlier general order has been withdrawn and replaced with a revised version, which will govern the levy, assessment and collection of sales tax on supplies falling under Serial No. 65. The revised provisions will take effect retrospectively from July 1, 2026, while all other provisions of the earlier Sales Tax General Order will remain unchanged.
tegral to Pakistan's medium-term energy policy, with greater coordination needed among the petroleum, power and water divisions to reduce vulnerability to external shocks. Malik said the Cabinet Committee on Energy (CCOE), chaired by Prime Minister Shehbaz Sharif, had been reactivated and should meet regularly. "This is one committee which needs to convene every two months to have a discussion on understanding what is happening in the energy value chain," he said. On refineries, Malik said government efforts had persuaded companies to offer some relief through lower diesel prices amid volatile international markets. He questioned why domestic refineries remained in poor condition and had failed to upgrade to deep-conversion facilities, saying the new refinery policy was now in place,
PROPOSED ENTITY WOULD TAKE OVER RS350.6 BILLION IN ASSETS AND RS313 BILLION IN LIABILITIES CARVED OUT FROM THE THREE DISCOS, WHILE THEIR COMBINED AUTHORISED SHARE CAPITAL IS SET TO RISE TO RS300 BILLION PROFIT
Monitoring report
The federal government is likely to establish a new government-owned Special Purpose Vehicle (SPV) with an authorised share capital of Rs250 billion as part of the restructuring process for the privatisation of Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO), Business Recorder reported, citing sources in the Power Division. The proposed SPV would take over selected assets and liabilities of the three power distribution companies to create a commercially viable structure for their privatisation. According to sources, assets worth Rs350.6 billion and liabilities of Rs313 billion, based on the audited financial statements for the period ended March
31, 2026, are proposed to be transferred to the SPV, leaving equity of Rs37.6 billion. The Privatisation Commission (PC) Board had, on July 28, recommended that the Cabinet Committee on Privatisation (CCoP) approve the restructuring plans and schemes of arrangement for the first batch of Discos. The meeting was chaired by Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman of the Privatisation Commission. As part of the restructuring, the government is also expected to direct the National Electric Power Regulatory Authority (Nepra) to register the proposed SPV and a separate pension fund that would take over carved-out pension liabilities. The arrangement would allow the recovery of relevant pension obligations through tariffs. The three Discos have also been asked to complete the classification of
land under their use into core and noncore categories by the end of the current month. Meanwhile, FESCO, GEPCO and IESCO are expected to increase their authorised share capital to Rs100 billion, Rs75 billion and Rs125 billion, respectively, taking their combined authorised share capital to Rs300 billion. The Securities and Exchange Commission of Pakistan (SECP) is expected to waive the applicable fee on both the establishment of the SPV and the proposed increase in the authorised share capital of the three companies. The Privatisation Commission Board has also been informed of interest from domestic and international investors. The deadlines for submission of Expressions of Interest (EOIs) were August 7, 2026, for FESCO, August 21, 2026, for GEPCO, and September 7, 2026, for IESCO.
Govt tightens SOE board appointment and performance rules as part of governance reforms g
NEW GUIDELINES REQUIRE AT LEAST THREE CANDIDATES FOR EACH INDEPENDENT DIRECTOR VACANCY, ANNUAL BOARD EVALUATIONS AND MANDATORY CONFLICT-OF-INTEREST DISCLOSURES PROFIT
Monitoring report
The federal government has tightened rules for appointing, inducting and evaluating boards of directors of stateowned enterprises (SOEs), as part of governance reforms under the International Monetary Fund (IMF) programme. The Ministry of Finance on Thursday issued revised “Directors Appointment and Evaluation Guidelines” to ministries, divisions and SOEs under the StateOwned Enterprises (Governance and Operations) Act, 2023. The combined liabilities of SOEs exceed Rs9 trillion. The guidelines focus mainly on independent directors, while public officials will continue to serve as ex-officio members of SOE boards. Under the new framework, SOE boards must immediately inform the
government when an independent director position becomes vacant and provide the Board Nominations Committee (BNC) with details of the skills, experience and expertise required. Ministries and divisions must prepare working papers for BNC meetings at least three days in advance, including SOE performance details and profiles of proposed candidates. At least three candidates must be considered for every vacant position. If a board fails to identify the required competencies within the stipulated time, the BNC will independently assess the skills needed. Its recommendations must reach the federal government at least one month before the expiry of an existing director’s tenure or immediately after a vacancy arises. Appointments will be notified by the relevant ministry after federal cabinet approval, with the SOE required to publish the appointment on its website. Newly appointed directors who have not completed a directors’ training programme must do so within three months. SOE managements will also arrange orientation sessions for new
board members. The guidelines require boards approaching the end of their tenure to submit a comprehensive performance report at least three months before expiry. The report will compare financial and non-financial performance at the beginning and end of the tenure, assess individual directors, review strategic objectives and identify gaps in the board’s expertise.
CONFLICT OF INTEREST: Each SOE will maintain a standardised register of directors’ interests under a template issued by the Ministry of Finance. Directors facing a conflict of interest must not participate in discussions or voting on the relevant matter. Their presence will also not be counted towards the quorum for that agenda item. BNCs will evaluate both independent and ex-officio directors, with assessments required annually, at the end of a board’s tenure and when a director resigns. The relevant ministry or division will share BNC-approved evaluations with the Ministry of Finance’s Central Monitoring Unit for inclusion in a central database of SOE directors.
refinery upgradation programme during a visit to Karachi on Wednesday. According to the minister, upgraded refineries will be capable of processing both heavier and lighter crude grades, increasing the country's refining capacity. Baksh welcomed government measures to pass on the benefits of lower diesel prices to consumers, noting dealers had held detailed discussions with the Ministry of Petroleum as part of their five-point agenda on reducing petroleum product prices through refinery operations. He said the ministry had acted on issues raised by dealers, resulting in a diesel price reduction, and that further refinery upgrades could create greater scope for additional price cuts. Baksh called on the government to expedite the refinery upgradation process to increase domestic production in line with demand.
Pakistan seeks Qatar LNG cargo to avoid costly spot purchases
Spot LNG prices rise to $21.22/MMBtu; landed cost in Pakistan estimated at 22.3023/MMBtu, while RLNG-based power generation cost jumps to Rs47.38/unit in July PROFIT
Monitoring report
Pakistan has intensified efforts to secure an additional LNG cargo from Qatar by August 25-26 as international spot prices surge, with officials seeking to avoid further expensive purchases from the spot market, The News reported. Officials familiar with the developments said the government was using diplomatic and commercial channels to arrange the cargo from Qatar amid heightened security concerns in the Strait of Hormuz. The move is aimed at containing the impact of high LNG prices on the energy sector and power-generation costs. Spot LNG is currently trading at around $21.22 per MMBtu, while the landed cost of a spot cargo in Pakistan is estimated at 22.30-23 per MMBtu. Authorities are therefore reluctant to procure another cargo through the normal bidding process and are instead prioritising supplies from Qatar. Consultations are also under way with regional and international stakeholders to facilitate the safe movement and arrival of LNG cargoes. Sources said the National Coordination and Monitoring Committee (NCMC) is in contact with Qatar, Iran and the United States regarding arrangements linked to the safe passage and delivery of LNG shipments. At present, the PGPC and Engro LNG terminals are each operating at around 130 mmcfd, providing a combined supply of approximately 260 mmcfd to the national gas system. Officials said the berthing schedule for the next LNG carrier is expected to be finalised after August 25-26, making the timing of the next cargo important for gas and power supply planning. The high cost of recent LNG imports has already increased the cost of RLNG-based power generation. In July, electricity generated from RLNG cost an average Rs47.38 per unit, up from around Rs35.5 per unit in June. Pakistan generated 1,629 GWh of electricity from RLNG in July, accounting for 10.78% of total generation. The cost of RLNG-based generation stood at Rs77.198 billion. Overall, Pakistan generated 14,501 GWh of electricity during July at a total generation cost of approximately Rs139.37 billion. Although RLNG accounted for only 10.78% of total generation, it represented Rs77.198 billion of the total generation expenditure. The increase in RLNG generation costs coincided with the arrival of several expensive spot LNG cargoes. A cargo delivered on July 27 was priced at around $21.88 per MMBtu, while cargoes delivered on July 21-22 and July 15-16 cost approximately $20.6999 and $18.2345 per MMBtu, respectively. Officials said securing another Qatar cargo would help Pakistan avoid, or at least reduce, reliance on the increasingly expensive spot LNG market and limit further pressure on electricitygeneration costs.
Google launches Digital Pasban to equip 200,000 Pakistani households with online safety tools g GOOGLE.ORG COMMITS $500,000 FOR URDU-LANGUAGE DIGITAL SAFETY
RESOURCES, PARENTAL WORKSHOPS AND AI-SAFETY PROGRAMMES PROFIT
Monitoring report
Google has launched Digital Pasban in Pakistan to help 200,000 households improve online safety, with Google.org committing $500,000 to expand digital citizenship and AI-safety programmes across the country. The initiative, unveiled at the “Safe Raho with Google” event on Thursday, will provide families with Urdu-language digital safety toolkits, instructional videos and practical training through schools, broadcast media, SMS alerts and partner campaigns. Digital Pasban is being implemented with the Pakistan Telecommu-
nication Authority (PTA) and with support from the Ministry of Information Technology and Telecommunication, the Ministry of Federal Education and Professional Training and the Ministry of Inter Provincial Coordination. The programme focuses on four areas of online safety and digital literacy. Google’s Family Link will help parents manage screen time, app approvals, content filters and device location. YouTube will provide parental controls, including age-appropriate content settings, Take a Break and Bedtime reminders. Parents will also be able to set limits on their children’s use of YouTube Shorts, including reducing the limit to zero. For children aged 7 to 12, Google’s
Be Internet Awesome programme will promote safer online behaviour through its Interland game, covering issues including scams, passwords, online conduct and reporting concerns. The initiative will also introduce families to Gemini as a tool for responsible AI use. Its safeguards for minors restrict harmful role-play and inappropriate content, while the Guided Learning feature is designed to help students understand difficult subjects through step-by-step explanations, questions and visual aids. Digital Pasban will also organise parent and guardian safety clinics where families can receive hands-on guidance on online safety and practice dealing
with common digital risks. PTA Chairman Major General (Retired) Hafeez Ur Rehman said the initiative would help create a safer digital environment for children and families through practical tools, localised resources and school-based engagement. Google’s Cluster Director for Pakistan, the Philippines, Thailand, and Frontier Markets, Farhan Qureshi, said the initiative aimed to help families benefit from the expanding digital ecosystem while protecting children online. Google said Digital Pasban builds on its previous digital initiatives in Pakistan. Through Digital Safar, the company has trained more than 300,000 students and 5,000 educators in digital citizenship. Google also said its partnership with Punjab’s Ministry of Education has brought Google for Education and AI-powered learning and safety resources to 1.5 million students.
NEWS 03
CHINA HAS TRIPLED COTTON PURCHASES FROM INDIA. WHERE DOES PAKISTAN FIT IN?
Saturday, 22 August, 2026 | KARACHI
C
PROFIT
STAFF REPORT
HINA’S cotton yarn purchases from India have nearly tripled in ten months. According to the latest United States Department of Agriculture (USDA) assessment, India’s share of Chinese yarn imports rose from 7% to 21% over the period, helping increase India’s total cotton yarn exports by a total of 8% during the current marketing year. Vietnam is now India’s main competitor for the Chinese order, while Pakistan’s share has receded. The immediate question for Pakistan is obvious: if China suddenly needed more yarn, why was one of the world’s old cotton and textile centres unable to capture more of that demand? Part of the answer lies in what made the Indian yarn so attractive. The Iran conflict
produced wider supply-chain and fuel disruption just as China faced tight cotton availability and delays in shipments from suppliers including the United States and Brazil. China, which imports both raw cotton and yarn to feed the world’s largest textile industry, needed a closer source. India had the cotton, spinning capacity and ports ready to respond. Currency movements widened the advantage. The Indian rupee weakened by roughly 7% against the Chinese yuan during the year, lowering the effective price for Chinese buyers. At the same time, yarn made within China became more expensive. Mills in Gujarat, located close to both cotton-growing districts and western ports, were particularly well placed. Reuters reported that around 1,500 containers carrying 30,000 tonnes of yarn had been leaving India for China each month since November, five times the previous average.
This is a meaningful export win, but not a permanent one. It is the product of an unusual alignment of disrupted routes, tight Chinese supplies, exchange rates and relative prices. If those conditions reverse, some of the orders will move again. Indian exporters already face pressure from rising domestic cotton prices, which can compress the very margins that made the trade attractive. Pakistan should therefore read the episode as neither a miracle to copy nor an order book it can simply reclaim. It is a demonstration of industrial readiness. When the market shifted, India had enough cotton, functioning mills and favourable logistics to act. Pakistan did not. The missed order begins in the field long before it reaches a spinning frame. The field was the first link in the supply chain. It fell out. Pakistan’s relationship with cotton is
older than the country itself. Cotton fibres found inside copper beads at Mehrgarh constitute some of the earliest archaeological evidence of spun cotton. In the modern economy, that inheritance became a complete industrial chain: cotton was grown in southern Punjab and Sindh, ginned, spun into yarn, woven into fabric, dyed and stitched into garments and home textiles. The chain still supplies more than half of Pakistan’s export earnings, but it no longer produces the growth it once promised. In 2003, Pakistan’s textile exports stood at around $8.3bn, ahead of Vietnam at $3.87bn and Bangladesh at roughly $5.5bn on the industry comparisons commonly used at the time. The categories are not perfectly identical, but the subsequent divergence is too large to explain away statistically. Pakistan recorded textile exports of $17.93bn in FY26, an increase of
only 0.26% over the previous year. Bangladesh exported $38.7bn of readymade garments alone during the same fiscal year, while Vietnam’s textile and garment exports were estimated at about $46bn in 2025. Pakistan has not merely been overtaken; it has remained trapped near the lower-value end of the industry while its competitors built scale in finished goods. The Pakistan Business Council estimates that apparel accounted for only $8.71bn of Pakistan’s $17.5bn textile exports in 2024. In Bangladesh, apparel represents more than 80% of total exports. Yarn earns foreign exchange, but a shirt captures the value of fabric production, dyeing, design, cutting, stitching, finishing, packaging and a relationship with the final buyer. Each additional stage creates income and employment that the sale of an intermediate input leaves on the table.
Govt defends Imran's diversion to PIMS, says security concerns solving differences through mutual said Rs100 billion had been provided vide citizens with security, education, consultation and dialogue. “It is never for the project and pledged another healthcare and opportunities for prosper- drove decision
PM calls for ‘grand dialogue’ to end Balochistan violence, offers return to mainstream CONTINUED FROM PAGE 01
PM Shehbaz strongly condemned attacks on civilians and labourers from other parts of Pakistan, particularly incidents in which travellers and workers had been targeted because of their ethnicity. “Whatever area a worker came from, he was there earning a living and building Balochistan,” he said. The prime minister said Balochistan’s vast geographical area and the long distances between its population centres presented genuine challenges in providing roads, education, healthcare and other facilities, making a fair distribution of available resources essential. Recalling Balochistan’s historic decision to join Pakistan, PM Shehbaz said the province’s accession was based on conviction and voluntary choice. He added that the historical record also offered lessons about re-
too late,” he said, calling for a grand, frank and meaningful dialogue in which all legitimate concerns could be brought to the table. The prime minister categorically rejected violence and the targeting of innocent people in the name of grievances, stressing that workers, teachers, engineers and others contributing to Balochistan’s development could not be made victims of terrorism. Security, development must move together PM Shehbaz said security and development could not be separated, pointing to the Rs415 billion KarachiChaman N-25 highway project, a route notorious for deadly traffic accidents and increasingly affected by militant violence. Responding to the opposition leader in the Balochistan Assembly, he
CDF vows decisive defeat of Indian proxies, says Balochistan-Pakistan future ‘one and forever’ CONTINUED FROM PAGE 01
The CDF and COAS also appreciated the role of Balochistan’s notables and societal leaders in promoting peace, strengthening social cohesion and advancing constructive national discourse. He stressed the need to holistically and without hesitation counter hostile propaganda, expose false narratives and project the true potential, progress and aspirations of Balochistan and its people. Field Marshal Asim Munir underscored that the destiny of Balochistan rested only in the hands of the people of Balochistan. The notables and participants reaffirmed their commitment to peace, development and prosperity in Balochistan and Pakistan. They resolved to stand shoulder to shoulder with the state and Armed Forces against all foreign-sponsored threats to peace and stability. They also expressed their firm resolve to contribute to people-centric development aimed at building a peaceful, stable and prosperous Balochistan, where truth would prevail and the narratives of inimical forces would be buried under the weight of their own propaganda and fakery, the news release said. PM vows equitable development of Balochistan. In a related development, Prime Minister Muhammad Shehbaz Sharif on Friday reiterated the federal government’s commitment to ensuring equitable development and prosperity in Balochistan, stressing that the province’s legitimate grievances should be addressed through dialogue and mutual consultation rather than violence. Addressing a questionand-answer session with participants of the Balochistan National Workshop, the prime minister said Balochistan was endowed with vast mineral and natural resources, but their development required investment, expertise, resources and close collaboration between the province and the federation. He said Balochistan’s natural resources primarily belonged to its people and should be developed in a manner that enabled them to benefit first, followed by the rest of the people of Pakistan. The prime minister said the province’s vast geographical area and long distances between population centres presented genuine challenges in providing roads, education, healthcare and other basic facilities, requiring a fair distribution of available resources. Recalling Balochistan’s historic decision to join Pakistan, PM Shehbaz said the province’s accession was based on conviction and voluntary choice. He added that the historical record also carried important lessons about resolving differences through mutual consultation and dialogue. The prime minister said it was “never too late” to address outstanding issues and called for a grand, frank and meaningful dialogue in which all legitimate concerns could be brought to the table. He categorically rejected violence and the targeting of innocent people in the name of grievances, stressing that workers, teachers, engineers and others contributing to Balochistan’s development could not be made victims of terrorism. Referring specifically to the Karachi-Chaman N-25 project, PM Shehbaz said the federal government had allocated Rs415 billion to transform the road, described as a “khooni sarak”, into a road of peace and development. He said the decision had been taken after consultation with Field Marshal Syed Asim Munir, adding that the federal government had retained the provincial share from the reduction in petroleum prices to finance the project. The prime minister said work on the project had already commenced, but warned that terrorism remained a major impediment to infrastructure development. “If Rs200 billion or Rs300 billion are provided, but terrorists continue killing people day and night, not even an inch of road can be con-
Rs100 billion if the first allocation was utilised within six months. He said the decision had been taken after consultation with Field Marshal Syed Asim Munir, adding that the federal government had retained the provincial share from the reduction in petroleum prices to finance the project. The prime minister said work on the project had already commenced but warned that terrorism remained a major impediment to infrastructure development. “If Rs200 billion or Rs300 billion are provided, but terrorists continue killing people day and night, not even an inch of road can be constructed,” he said, stressing that development and security must move forward together. PM Shehbaz said the state regarded all four provinces as equal parts of one country and had a responsibility to pro-
ity. He said Balochistan’s mineral wealth could not remain merely a figure on paper and called for collective efforts to bring its resources to the surface and develop them for the benefit of the people. GWADAR CENTRAL TO BALOCHISTAN’S DEVELOPMENT The prime minister also highlighted the strategic importance of Gwadar Port, saying its deep draft enabled it to accommodate vessels carrying up to 100,000 tonnes. He recalled that the new airport at Gwadar had been gifted by Chinese President Xi Jinping and said he had taken steps during the previous Pakistan Democratic Movement (PDM) government to increase utilisation of Gwadar Port. He said he had directed that 60 per cent of the federal government’s imports of essential goods and machinery should be routed through Gwadar Port.
PSX closes 574 points higher after volatile trade PROFIT STAFF RPORT
The Pakistan Stock Exchange (PSX) saw a volatile trading session on Friday, with the benchmark KSE100 Index closing with a gain of 574 points. According to the PSX website, the market opened on a positive note, and the benchmark index rose more than 800 points to hit 177,528.00 in the early minutes of trading. Those gains, however, quickly reversed, with the index falling into negative territory and losing more than 400 points by around 11:10 am. The market then remained largely flat before staging a recovery in the second half of the session. At close, the KSE-100 Index settled at 177,166.52, up 574.76 points, or 0.33%, from the previous close. Major sectors showed a mixed trend, with selling observed in commercial banks, engineering and a few other stocks. Refinery stocks, however, traded in the green, buoyed by news that the government is moving ahead with signing agreements with refineries within the next seven to 10 days to advance their long-delayed upgrades, as announced by Petroleum Minister Ali Pervaiz Malik. Separately, the Sensitive Price Index (SPI) for the week ended August 20, 2026 rose 0.49% week-on-week, with the year-on-year trend showing a 9.66% increase. On Thursday, the PSX remained volatile as renewed geopolitical uncertainty and elevated international oil prices kept investors cautious, with selling in
heavyweight stocks outweighing selective buying. The KSE-100 fell 254.59 points, or 0.14%, to close at 176,591.77 points. The domestic volatility mirrored global market jitters. World stocks were on track for their steepest weekly fall since mid-July, as persistent strain in global bond markets showed little sign of easing, while a diplomatic deadlock in the Gulf pushed oil prices to one-month highs and kept inflation risks elevated. Japan's Nikkei slipped 0.3%, extending its weekly loss to almost 4% and putting it on course for its worst week since mid-July, while South Korean and Taiwanese shares edged higher on the day but remained lower for the week. In Europe, markets posted early gains, though the STOXX 600 was still headed for its steepest weekly drop since early July, down around 1%, with MSCI's world stock index similarly poised for its biggest weekly decline since mid-July. On Wall Street, a strong earnings season lent some support, with S&P 500 futures up 0.25% and Nasdaq futures gaining 0.5%. Oil prices edged lower on Friday but were on track for a second straight weekly gain after the United States threatened to impose "the toughest sanctions in history" with no end in sight for disruptions to Middle East oil flows. Brent crude futures fell 17 cents, or 0.18%, to $93.61 a barrel by 0802 GMT. U.S. West Texas Intermediate crude futures slipped 36 cents, or 0.41%, to $86.47.
Imran Khan taken to PIMS, declared medically fit and returned to Adiala jail: Tarar CONTINUED FROM PAGE 01
Tarar said Imran had previously been provided medical facilities and would continue to receive treatment whenever required. In an earlier statement, the minister said Imran was taken to hospital during the night of August 20-21 under security arrangements made in accordance with the Supreme Court’s order. His sister, Dr Uzma Khan, remained present during the medical examination and treatment, he added. Tarar said Imran was subsequently shifted back to Adiala jail at around 5am on Friday. Parliamentary Affairs Minister Tariq Fazal Chaudhry later confirmed that Imran’s condition was stable following an examination by a medical board comprising specialist doctors. He said the decision to move Imran to PIMS was taken because of an “unusual rush and security situation” outside Shifa. According to him, Imran underwent a detailed medical examination, necessary diagnostic procedures and treatment under the supervision of specialists. Chaudhry urged all sides not to turn
Imran’s health into a political controversy, stressing that the matter should be handled responsibly. The development followed the Supreme Court’s August 18 order directing the government to shift Imran to Shifa International Hospital for treatment for several days and arrange weekly meetings between him and his family. The court had also ordered that Imran’s personal physician, Dr Faisal Sultan, be given access to him and directed the formation of a medical board comprising an eye specialist, general physician and cardiologist, along with Dr Sultan. His sister, Dr Uzma, was also to be associated with the board. The government subsequently filed a review petition challenging the order, describing the direction to shift Imran to a private hospital as discriminatory and beyond the court’s jurisdiction. Despite the legal dispute, arrangements were made for Imran’s transfer to Shifa late Thursday night. Police cordoned off the hospital and surrounding roads, with a large security contingent deployed in and around the facility.
CONTINUED FROM PAGE 01
“But no security clearance could be granted.” The minister said the decision to change the destination was taken while Imran was being transported to the hospital after security agencies assessed the situation and concluded that maintaining law and order around Shifa could not be guaranteed. Asked why PIMS was considered secure while Shifa was not, Chaudhry said the matter was within the jurisdiction of security agencies. “If they don’t take up their responsibility and ensure that a building is secure, or if they believe they cannot keep a building secure, we have to listen to what they are saying,” he said, stressing that the decision was “not political”. He said alternative arrangements were always made when a high-profile prisoner was being moved, adding that police and administrative contingents, along with the medical team, had been deployed at Shifa to receive and examine Imran. On Imran’s personal physician, Dr Faisal Sultan, waiting at Shifa while his sister, Dr Uzma Khan, accompanied him to PIMS, Chaudhry said he was unaware that Sultan had been sent to the private hospital and only learned about it later. The minister maintained that the government had complied with the Supreme Court’s order in all other respects. “If you look at the SC decision as a whole, all of the points except for changing the hospital at the last minute were all followed in letter and spirit,” he said. However, PTI Information Secretary Sheikh Waqas Akram accused the government of committing contempt of court by failing to transfer Imran to Shifa. Appearing on the same programme, Akram said the medical board constituted by the government did not comply with the Supreme Court’s directions, arguing that Dr Uzma was unfamiliar with its members and Dr Faisal Sultan was not included. He also rejected the government’s claim that PTI supporters had created a security situation around Shifa, saying there were more media personnel than members of the public outside the hospital. “We did not discuss medical reports in today’s press conference; we only discussed what happened yesterday,” Akram said, adding that the PTI had itself complied with the court’s directions. He said the government could still rectify the situation by shifting Imran to Shifa before the PTI moved a contempt petition before the Supreme Court. Earlier, Information Minister Attaullah Tarar said Imran had undergone a medical examination at PIMS during the night between August 20 and 21 and was subsequently returned to Adiala Jail. He said a team comprising an ophthalmologist, cardiologist and physician examined Imran and declared him “medically fit”. Dr Uzma was also present during the examination, he added. Tarar attributed the decision to divert Imran from Shifa to PIMS to the security situation allegedly created by PTI workers around the private hospital. The government had deployed around 800 security personnel in and around Shifa after a security audit of the facility, with police pickets established on roads leading to the hospital.
04 COMMENT
Before we redraw Pakistan, let us fix governance
Struggles with 5G
K
The world is now getting ready for 6G
ARACHI was supposed to be at the heart of the 5G revolution in Pakistan, but it is lagging behind, It is not as if it is dragging down the rest of country, for if 237 of 1000 targeted towers had been activated in Karachi by August, according to the latest official figures, between 1000 to 1200 sites had been activated of the targeted 2632, These are only Phase I targets, with the final number expected to be much higher/ This is not exactly the best situation to be in, for 6G revolution is not that far off, for China has experimentally converted one city already, which should be evidence that the world is moving ahead fast, while Pakistan is lazing over the impending change. The 6G rollout should be an indication that the 5G rollout did not deliver all that it promised, and it may be one reason for the mobile telephony companies hedging their bets. 5G was rolled out this March, after an auction of 5D spectrum which raised $507 million. The telcos would like to make this money before they move to another spectrum upgrade. However, that upgrade might be unavoidable, because it is thought that it will allow not just the Internet of things, where devices communicate with one another, but also self-driving vehicles. That latter, especially, requires a liberal use of Artificial Intelligence. However, the increasing use of AI means that even the increased internet speed that 5G will make available will be crucial in providing the sort of fintech and gaming that is now available, not to mention that the whole government effort to move the country to a cashless economy depends on this effort. One problem is simply that handsets which can operate on 5G have not sufficiently penetrated the market. At the moment, the country has to choose between going ahead with the rollout, knG is already on the verge of introduction, with its attendant spectrum actions, tower erections and handset replacements. It is essential for Pakistan to move ahead of the curve and get involved in preparing 7G and later iterations of the technology, rather than merely wait for someone else to develop it and passively adopt later. As it is, these technologies have important defence applications and have already changed the battlefield. If Pakistan does not move swiftly to master them, it will find that hostile powers have.
Will new provinces solve people’s problems?
T
Rizwan ahmad
HE debate over creating new provinces in Pakistan has once again gained momentum. From South Punjab and Bahawalpur to Hazara and other regions, demands for greater political representation, administrative autonomy and a fairer share of development resources have persisted for years. These demands cannot simply be brushed aside; they reflect longstanding concerns about political representation, administrative neglect and the distribution of development resources. There is a legitimate case for smaller provinces. Large and geographically diverse provinces can struggle to govern distant regions effectively. Smaller administrative units may bring government closer to citizens, improve political representation and allow neglected regions to establish their own development priorities. But before Pakistan redraws its political map, it should ask a more fundamental question: Is the size of our provinces really the main reason for poor governance, or have we simply failed to make the existing system work? Pakistan’s central problem is not necessarily a shortage of administrative boundaries. It has weak implementation, limited accountability, excessive centralisation and ineffective local government. For an ordinary citizen in a remote district, the constitutional status of the province is often less important than whether the government actually works. People want functioning schools and hospitals, clean water, decent roads, reliable policing, municipal services and an administration that responds to their problems. Creating a new province does not automatically provide any of these things. The deeper issue is how power is organised and exercised. Too much authority remains concentrated at the provincial level, while elected local institutions often lack the political authority, administrative capacity and predictable financial resources required to address problems at the grassroots level. Consequently, even relatively minor local matters can become dependent on provincial departments, bureaucratic procedures or political connections. This is where Pakistan’s reform debate should begin.
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late) Founding Editor
Before creating new provinces, the country should pursue genuine decentralisation within the existing ones. Districts, cities and local communities should have empowered elected governments with clearly defined responsibilities, adequate administrative capacity and predictable financial resources. Provincial governments should concentrate on matters that genuinely require province-wide coordination, while local governments should have meaningful control over sanitation, water supply, local roads, municipal services, community infrastructure and other local priorities. If power is brought closer to citizens, many of the arguments for creating new provinces would become less compelling. That does not mean the grievances behind provincial demands should be ignored. Consider South Punjab. For decades, people in the region have argued that political influence, administrative decision-making and development resources are disproportionately concentrated in Lahore. Whether every aspect of that argument is objectively correct is a matter for evidence and debate, but the underlying sense of political and administrative neglect is real. Similar concerns exist in other parts of the country. These grievances deserve serious attention. But a new province should not be presented as the only possible answer to them. A province is not simply a line drawn on a map. It requires institutions, administrative machinery, political structures, public departments and sustainable financial arrangements. Any proposal for a new province should therefore be evaluated not only on the basis of political demand or regional identity, but also through a serious assessment of administrative feasibility, fiscal sustainability, economic potential and the likely improvement in public services. There is also a risk that the debate over new provinces becomes driven primarily by identity politics or political competition. Language, ethnicity, history and regional identity are important parts of Pakistan’s social fabric and should be respected. But the creation of provinces should ultimately be judged by whether it produces better government, stronger representation and improved services— not simply by whether it satisfies the political interests of particular groups. The assumption that smaller provinces automatically produce better governance is also questionable. A small province can suffer from corruption, political interference, weak institutions and poor service delivery just as a large province can. Conversely, a large province can improve governance if it has strong institutions, effective local governments, capable administration and mechanisms for accountability. Size matters, but institutions matter more. This is why Pakistan should first concentrate on making the existing system work.
The rich pollute, the poor pay M. A. Niazi
Babar Nizami
Editor Pakistan Today
Editor Profit
Climate injustice still prevails
T
Ume SUleat KaKaR
HE monsoon chapter of 2026 comes with the same headline for people across the Third World. People are losing their homes and livelihoods as affluent countries continue to prioritize their own interests. When disasters hit countries like Pakistan, there is only one option: borrow to rebuild. Yet rebuilding marks the start of a deeper crisis. The UN Climate Change report found that climate-vulnerable countries have already paid an additional $40 billion-$62 billion in interest over the past decade. The floods are only the trigger; the real crisis is the debt trap that follows, rarely making headlines. Behind this unequal climate burden lies the question of responsibility. Who should pay for a crisis they did not create? The answer begins with those that contributed most to it. Reports from Our World in Data shows that the USA is responsible for nearly 25 percent of historical emissions, more than any other country. This record increased hopes that Washington would lead the global climate action, but they turned back. The USA has withdrawn from the Paris Agreement, cut down on international financing, and cancelled several energy-transition agreements worth billions of dollars for developing nations. In terms of domestic policies, it has increased the production of fossil fuels, with crude oil production having reached an all-time high of 13.84 million barrels per day in 2025. Concurrently, China holds an uncomfortable dual role in the climate story. It is fuelling emissions while simultaneously leading the world’s renewable energy race. According to Our World in Data, China is the world’s largest annual emitter, contributing nearly 33 percent of annual emissions, but is still behind the USA in terms of per capita and historical emissions. International Energy agency reports found that Beijing invested nearly $630 billion in clean energy in 2025 and provided about $24.5 billion in climate finance to developing countries since 2016. Even then, coal still makes up 58 percent of China’s electricity production. Analysts describe this as “deliberate misdirection or policy incoherence.” The European Union, meanwhile, has responded to climate emergencies with legislation. It carries a substantial portion of historical emissions, but has now promised to reduce carbon production to 90 percent by 2040. It also re-
mains the largest public contributor to global climate finance. Yet Europe’s climate leadership is not without contradictions. The Carbon Border Adjustment Mechanism (CBAM), introduced in 2026, is designed to boost Europe’s green energy transition, which could mean that exporters from developing countries would be forced to pay more to comply with new climate policies. But for the states already prone to climate risks; this transition is becoming another financial burden. Few countries reveal the contradictions of global climate politics as clearly as Russia. The country’s “2025 Energy Strategy” keeps coal at nearly ten times the level of wind and solar energy until 2050, earning a “Critically Insufficient” rating from the Climate Action Tracker. Moscow, instead of confronting global warming, is capitalizing on its consequences. Melting of the Arctic will unlock new maritime routes, while also providing Russia with access to vast energy reserves. Thus, when strict environmental rules are imposed at home, many polluting industries relocate their production to developing countries. As a result, they supply carbon-intensive production through Foreign Direct Investment (FDI). A pattern described by researchers as the “pollution haven effect”, where emissions are relocated rather than reduced. Pakistan reflects the human consequences of this unequal climate burden. The UN Secre-
Local governments need to be strengthened. Development funds should be distributed according to transparent and measurable needs. Public administration should become more responsive. Provincial departments should be held accountable for outcomes rather than announcements. Governments at every level should be judged by the quality of services they deliver—not simply by the number of projects they inaugurate. Most importantly, decentralisation must be accompanied by resources. Giving local governments responsibilities without transferring adequate authority and finances would merely create another layer of ineffective administration. Genuine decentralisation means giving elected local institutions the power, money and institutional capacity to make decisions— and holding them accountable for those decisions. If these reforms are implemented and a region can still demonstrate that provincial status is necessary to achieve effective administration, equitable development and meaningful political representation, then the demand for a new province should be considered seriously. But that decision should be based on evidence, institutional planning and public interest—not simply political bargaining. Pakistan does not necessarily need more provinces. It needs better governance. Before establishing new provincial capitals, we should make sure citizens have effective government where they already live. Before creating new bureaucracies, we should make existing institutions accountable. Before redrawing boundaries, we should determine whether decentralisation can solve the problems that are being presented as arguments for new provinces. The real debate, therefore, should not be framed simply as a choice between more provinces and fewer provinces. The more important question is whether Pakistan is willing to distribute power effectively, strengthen institutions and make government work for ordinary citizens. If the existing system can be properly decentralised, adequately funded and effectively implemented, many of the problems being used to justify new provinces could be addressed without dividing existing ones. And if, after genuine reform, certain regions still demonstrate a compelling administrative, economic and political case for provincial status, that demand should be addressed through a transparent constitutional and democratic process. Pakistan should not change the map simply because the system has failed to deliver. It should first fix the system.
The writer is a legal researcher on law, public policy, and politics, with a focus on governance, institutional reform, and accountability.
Editor’s mail
tary-General António Guterres mentioned that Pakistan is responsible for less than one percent of global emissions, but it remains among the world’s most climate-vulnerable nations. Since late June 2026, monsoon rains have claimed 121 lives, according to Reuters, even as the country is still recovering from the 2025 floods that displaced 2.9 million people. The State Bank of Pakistan has reported that the extreme weather events have already cost Pakistan nearly $59 billion over the past three decades. Even after pledges to provide $10 billion at the Geneva Conference, Pakistan received less than half by 2025, where most of the fund arrived as loans rather than grants. The pollution was exported, while the debt stayed behind. What Pakistan needs is not sympathy, but accountability. Under the COP27 agreement, the Loss and Damage Fund should be granted based on the scale of the disaster, and not on promises that leave the already fragile nations waiting. Ostensibly, Pakistan should revive its climate policy rather than looking forward to developed nations. They should strictly enforce floodplain laws and improve urban drainage systems. Nevertheless, the bitter irony remains that those least responsible for the climate crisis are paying the highest price. The writer is associated with the Institute of Strategic Studies Islamabad and can be reached at umesuleat@gmail.com.
Send your letters to: Letters to Editor, Pakistan Today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan. E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan Today exclusively
Green deficit
OUR immediate environment in the city of Kamalia echoes the sad reminiscences of verdant areas. This condition is much more than a visual deficiency; it also becomes an ever-important health and social exclusion issue that primarily affects women and their children. The absence of adequate green patches deprives community of outdoor activities. Buy vitamins and supplements A park is a priceless place for physical exercise. It is ideal for walking, jogging and many other activities for keeping one fit and healthy while avoiding chronic diseases. it also provides engagement, relaxation and mental clarity. Our government must step in and prioritise green spaces by redeveloping vacant or underutilised lots into open public parks. The city government can offer the land and core infrastructure, while the people can share through volunteer planting initiatives, community cleanups and upkeep work. Kamalia deserves more than what it has now. If only we worked together, especially our women and children, to reclaim parks for healthier, happier and more active living. ASWAD KHAN KAMALIA, PUNJAB
Game revival
IN many Pakistani cities, young people spend their evenings with little to do other than scroll on their phones or wander the streets. This lack of healthy engagement not only wastes their energy but can also push them towards unproductive or risky activities. One simple, community-driven solution could make a huge difference — reviving night cricket. In the past, night cricket tournaments brought neighbourhoods together. They offered a safe space for youth to play, compete and bond. They also reduced idle street gatherings that sometimes led to disputes or petty crimes. With proper lighting, basic security and local sponsorships, night cricket can once again become a positive outlet for our young generation. Cities like Karachi, Lahore and Rawalpindi have many empty grounds that could be transformed into lively, family-friendly night cricket spots. Even small-scale matches in parks can create a sense of unity and healthy competition. Local authorities, sports boards and community groups should work together to make this happen. Sports have the power to unite, inspire and protect our communities. Let’s bring back night cricket — not just as a game, but as an investment in safer, happier and healthier cities. JUNAID MALIK SUKKUR
Billing scam
What Pakistan needs is not sympathy, but accountability. Under the COP27 agreement, the Loss and Damage Fund should be granted based on the scale of the disaster, and not on promises that leave the already fragile nations waiting. Ostensibly, Pakistan should revive its climate policy rather than looking forward to developed nations.
Lahore – Ph: 042-36300938, 042-36375965
Saturday, 22 August, 2026
I
Karachi – Ph: 021-32640318 I
Islamabad – Ph: 051-2204545
I
THERE is something deeply broken in the way we are being treated as electricity consumers. We’re not just being overcharged but also being dismissed, ignored and manipulated. The recent publications by the Auditor General of Pakistan exposes how agricultural tube-wells were overbilled by Rs148 billion — yes, billion — with no proper justification. Similar things are happening to ordinary households like mine. What’s the point of regulations if no one is forced to follow them?. My electricity bill never matches my consumption. There’s no breakdown. No data. And when I try to raise a complaint, I’m met with sheer silence. How is it fair that DISCOs can charge people at their own will, without any oversight? If the audit system itself couldn’t get proper records from these companies, then how can an ordinary citizen expect justice? The government has not issued any public response, and the ministries’ response is just a blame game. We are not cattle to be herded and looted. We are citizens. We have rights. And we are tired of being robbed in broad daylight with no one to protect us. How long will this go on? When will someone finally listen? SAIMA AHMED LAHORE
Web: www.pakistantoday.com.pk
I
Email: editorial@pakistantoday.com.pk
From conflict to constitutional peace Saturday, 22 August, 2026
F
The way forward in Balochistan AzhAr DogAr
OR almost eight decades, Balochistan has occupied a unique place in Pakistan’s national story. It is the country’s largest province by land area, endowed with immense mineral wealth, strategic geography and a long Arabian Sea coastline. Beneath its mountains lie some of South Asia’s largest deposits of copper, gold, coal, chromite and other minerals. Its coastline includes Gwadar, a port whose strategic significance has grown considerably in an era of shifting global trade routes and the China–Pakistan Economic Corridor (CPEC). Despite this extraordinary potential, Balochistan continues to lag behind every other province on many measures of human development. Poverty remains widespread, infrastructure is uneven, educational attainment is comparatively low and many communities continue to feel politically and economically marginalized. The roots of Pakistan’s Balochistan problem go back not to the 1970s but to the very beginning of the state. In 1948, the accession of Kalat to Pakistan was opposed by Prince Abdul Karim, brother of the Khan of Kalat, triggering the first armed Baloch rebellion and establishing an early dispute over autonomy, political representation and the relationship with the centre. Subsequent insurgencies in 1958–59 and the 1960s deepened these grievances, particularly as Baloch leaders resisted the highly centralised One Unit system and demanded greater political and provincial autonomy. The conflict reached a much larger scale after the dismissal of Balochistan’s elected provincial government in 1973, leading to the major 1973–77 insurgency and a large military deployment. A new phase of insurgency emerged in the early 2000s and intensified after the killing of Nawab Akbar Bugti in 2006, while longstanding grievances over political marginalisation, resource ownership, development and state repression remained unresolved. By 2026, the conflict has become more sophisticated and violent, with the Baloch Liberation Army and other separatist groups mounting increasingly coordinated attacks and the state responding through extensive security operations. The province has experienced repeated cycles of insurgency, military operations, political confrontation and fragile reconciliation. The conflict has imposed enormous costs on everyone involved. Thousands of civilians, members of the security forces, public officials and militants have lost their lives over the decades. Families have endured displacement, uncertainty and grief. Development has frequently been interrupted, investment discouraged and trust between the state and sections of Baloch society steadily eroded. This is not a conflict that can be understood through a single narrative or lens. The Pakistani state has a legitimate constitutional responsibility to preserve territorial integrity, protect citizens and respond to armed violence. At the same time, many Baloch political leaders, academics and civil society representatives have long argued that grievances relating to political representation, provincial autonomy, natural resource management, economic development and allegations of human rights violations have not been adequately addressed. Extremist violence, foreign interference and criminal networks have further complicated an already difficult situation. The result has been a conflict in which security, politics and development have become inseparable. The central question today is therefore not whether Pakistan should maintain secu-
E
THE INTERCEPT
ARLIER this month, Roman Gofman, the new director of the Mossad, Israel’s shadowy national intelligence agency, dismissed the heads of its intelligence directorate and Iran division, known only by their heavily anonymized names “K” and “Y,” respectively. The Mossad prides itself on secrecy, and while terminations following the appointment of a new Mossad director aren’t unprecedented, such public oustings, which were reported by Israel’s mainstream news organizations, are almost unheard of. The last known dismissals for incompetence came in 1997, when a botched attempt to assassinate Khaled Mashal, then chair of Hamas’s political bureau, resulted in the detention of several Mossad agents inside Jordan and a public relations disaster. Prime Minister Benjamin Netanyahu’s government found itself forced to supply the antidote for the poison its Mossad agents had administered, bringing down both the agency’s director and the director of operations. Israel is now dealing with the aftermath of the largest mistake in its history, one of its own doing: its failed war on Iran. Sold to the United States as an easy war that would quickly bring down the Islamic Republic and its alleged nuclear weapons program, almost nothing Israel desired came to pass.
nomic investment. Citizens experience the state primarily through everyday public institutions including schools, hospitals, courts, police stations, municipal services and local administrations. Strengthening these civilian institutions is therefore essential to rebuilding trust. Professionalizing the provincial civil service, improving local government, digitizing public services and strengthening the administration of justice would gradually shift perceptions of the state from one associated primarily with coercive authority to one associated with effective public service. At the same time, Pakistan should establish a permanent Balochistan Transformation Council, reporting jointly to the Prime Minister, the Chief Minister and Parliament. The Council would monitor implementation of the Constitutional and Development Compact through measurable indicators covering education, health, employment, infrastructure, investment, resource governance and public trust. Annual public reports would ensure transparency and reduce the tendency for successive governments to abandon initiatives begun by their predecessors. Long term success depends upon continuous execution rather than episodic policy announcements. None of these reforms will succeed unless accompanied by renewed political legitimacy. Free, fair and credible elections, strong local governments, regular parliamentary oversight and genuine provincial participation in national decision making are not peripheral issues, they are central to durable federalism. Citizens who believe their voices matter are more likely to pursue change through constitutional institutions rather than extra-constitutional means. Equally important is the language through which the national conversation is conducted. Balochistan should neither be romanticized nor securitized. The overwhelming majority of Baloch citizens are neither insurgents nor enemies of the state. They are Pakistani citizens whose aspirations for dignity, opportunity, education, employment and constitutional rights are fundamentally similar to those of citizens elsewhere in the country. Recognizing this reality is essential if trust is to be rebuilt. Ultimately, the challenge before Pakistan is not simply to end another insurgency. It is to demonstrate that the federation possesses sufficient confidence in its constitutional institutions to resolve one of its oldest political questions through dialogue, democratic legitimacy and equitable development. Security will remain indispensable wherever violence persists, but security alone cannot substitute for political settlement. Lasting peace is achieved when citizens believe they have a meaningful stake in the constitutional order. South Africa showed that truth can become the foundation of reconciliation. Spain demonstrated that political rivals can unite around a limited number of national priorities without abandoning democratic competition. Northern Ireland proved that even decades of seemingly intractable and bloody conflict can gradually give way to constitutional politics when institutions command the confidence of all communities. Pakistan cannot import these experiences wholesale, but it can adapt their central lesson that enduring peace is built not by choosing between security and dialogue, but by integrating both within a constitutional framework that offers justice, opportunity and hope. Balochistan has too often been viewed through the narrow lens of crisis management. It should instead be viewed as an opportunity to demonstrate the maturity of Pakistan’s federation and the strength of its constitutional order. A durable settlement in Balochistan would not merely transform one province, it would strengthen Pakistan’s democracy, improve investor confidence, unlock extraordinary economic potential and reinforce national unity.
rity in Balochistan. Every sovereign state must do so. The more important question is whether security measures by themselves can produce a durable political settlement. Pakistan’s own history suggests that they have not. Every major insurgency has eventually diminished, but none has completely resolved the underlying issues that contributed to renewed cycles of unrest. History rarely repeats itself exactly, yet it often provides valuable guidance. Around the world, countries confronting deep internal conflicts have eventually discovered that military force, while sometimes necessary to restore order, rarely delivers lasting political reconciliation on its own. Sustainable peace has generally required constitutional reform, inclusive political dialogue, institutional rebuilding, economic opportunity and patient leadership. South Africa, Spain and Northern Ireland illustrate three different pathways toward national reconciliation. Their histories differ profoundly from Pakistan’s, and no model can simply be transplanted from one country to another. Nevertheless, each offers principles that remain relevant to societies seeking to move beyond prolonged political conflict. South Africa’s democratic transition confronted one of the 20h century’s most entrenched systems of racial oppression. The country’s leaders faced an agonizing dilemma. Pursuing comprehensive criminal prosecutions risked destabilizing a fragile transition, while ignoring decades of abuse would have denied justice to millions of victims. The Truth and Reconciliation Commission, chaired by Archbishop Tutu, attempted to navigate between these extremes. It did not ask citizens to forget the past. Instead, it sought to establish an authoritative public record of what had occurred, provide victims with an opportunity to be heard, encourage perpetrators to disclose the truth and recommend institutional reforms designed to prevent recurrence. Amnesty was conditional upon full disclosure and political motivation, it was not automatic or universal. The Commission did not solve every problem. South Africa continues to struggle with inequality, unemployment and social tensions. Yet the TRC contributed significantly to preventing widespread retaliation and helped create the legitimacy necessary for democratic institutions to take root. Its greatest achievement was perhaps not legal but psychological as it demonstrated that acknowledging painful truths could strengthen rather than weaken a nation’s future. Spain’s transition after the death of General Francisco Franco in 1975 presented a different challenge. The country was emerging from decades of authoritarian rule while facing severe inflation, political uncertainty and fears that democratic institutions might not survive. Instead of allowing ideological divisions to derail the transition, Spain’s principal political parties, employers and trade unions negotiated the Moncloa Pacts in 1977. These agreements combined economic stabilization with a shared commitment to democratic governance, constitutional reform and political moderation. The Moncloa Pacts did not require participants to abandon their ideological differences. Rather, they required agreement on a limited number of national priorities considered essential for the country’s future. Inflation was addressed through coordinated economic measures. Democratic institutions were strengthened. Civil liberties expanded. Political competition continued, but it took place within a broadly accepted constitutional framework. Spain’s subsequent democratic consolidation owed much to this willingness to distinguish between issues over which parties could compete and those over which the nation required consensus. Northern Ireland provides perhaps the closest lesson for societies confronting long running political violence. For three decades,
“The Troubles” claimed more than 3,500 lives and left deep divisions between Unionist and Nationalist communities. Numerous military operations and security measures reduced violence at different stages, yet none produced a comprehensive political settlement. The Good Friday Agreement of 1998 ultimately succeeded because it recognized a simple reality, lasting peace required institutions in which both communities possessed a meaningful stake. The Agreement established power sharing institutions, strengthened protections for human rights, reformed policing, created mechanisms for cooperation and affirmed that constitutional change would occur only through democratic consent. It also required extraordinary political courage from leaders who were willing to negotiate with long standing adversaries without abandoning their core constitutional principles. The process was slow, imperfect and repeatedly interrupted by crises. Nevertheless, it transformed one of Europe’s longest running conflicts into a largely political rather than military contest. These three experiences differ in important respects, yet they share several common principles. Each recognized that legitimacy matters as much as authority. Each accepted that constitutional institutions must command confidence across society. Each acknowledged that economic development cannot substitute for political inclusion, nor can political agreements succeed without tangible improvements in people’s daily lives. Above all, each demonstrated that dialogue is not a sign of weakness but an instrument of statecraft. Pakistan’s challenge in Balochistan is therefore not to replicate South Africa, Spain or Northern Ireland. It is to identify those principles that can be adapted to Pakistan’s Constitution, federal structure and national circumstances. The objective should not be to import foreign solutions but to develop a distinctly Pakistani settlement grounded in constitutional democracy, federalism, accountability and shared national purpose. The encouraging reality is that Pakistan already possesses many of the constitutional tools necessary to achieve such an outcome. What has often been lacking is not constitutional capacity but sustained political consensus, institutional continuity and mutual trust. Rebuilding those foundations is likely to require patience rather than dramatic gestures. History clearly demonstrates that durable peace is usually built through precisely such patient institution building. The first step, therefore, should be the announcement of a National Dialogue on Balochistan, convened under Parliament rather than by any single government or institution. The process should be transparent, time bound and nationally owned. Participation should extend well beyond traditional political elites to include elected representatives, tribal leaders, women, youth, academics, business leaders, religious scholars, civil society organizations and representatives of the Baloch diaspora who are committed to peaceful constitutional engagement. Dialogue should not be viewed as a concession to violence, rather, it should be recognized as the normal instrument through which democratic states resolve political disagreements. Those who continue to employ violence against civilians or reject constitutional politics would remain subject to the law, but the overwhelming majority of Baloch citizens should have an opportunity to shape the province’s future through peaceful means. This dialogue should culminate in a Balochistan Constitutional and Development Compact. Much as Spain’s Moncloa Pacts established broad agreement on democratic transition and economic stabilization, Pakistan could negotiate a long term compact defining the relationship between the federation and the province for the next generation. Such an
agreement would reaffirm Pakistan’s constitutional framework while addressing practical questions concerning provincial autonomy, implementation of existing constitutional provisions, local government, fiscal transfers, management of natural resources, environmental safeguards and mechanisms for regular consultation between Islamabad and Quetta. Most importantly, the compact should be endorsed across party lines so that it survives changes in governments and does not become another short lived political initiative. No settlement, however, can ignore the human cost of decades of conflict. One of the deepest wounds in Balochistan concerns allegations relating to enforced disappearances, extrajudicial killings, terrorism, attacks on civilians and the suffering experienced by families across the political spectrum. Pakistan should therefore establish an Independent Truth, Reconciliation and Missing Persons Commission. Drawing carefully on the principles, not the precise structure of South Africa’s Truth and Reconciliation Commission, such a body would seek to establish facts where possible, hear testimony from victims and families, review unresolved cases and recommend legal, institutional and humanitarian measures. Its purpose should not be collective amnesty or political theatre, but truth, acknowledgement and institutional learning. Societies rarely move forward by denying painful histories, they move forward by confronting them honestly within the rule of law. The experience of Northern Ireland also demonstrates the importance of creating pathways for those willing to abandon violence. Pakistan could develop a structured reintegration and rehabilitation programme for individuals prepared to renounce armed activity, subject to appropriate legal safeguards. Reintegration should not be viewed as leniency but as an investment in long term peace. Education, vocational training, employment opportunities and community based reconciliation have proven more durable than purely punitive approaches in many post-conflict settings. Every young person who returns to education or productive employment represents one less participant in future cycles of violence. Economic development must become more inclusive if it is to generate political legitimacy. Balochistan possesses extraordinary mineral and energy resources, yet many local communities continue to experience poor educational outcomes, inadequate healthcare, limited employment opportunities and insufficient infrastructure. Development projects cannot simply pass through the province, they must be seen to benefit the people who live there. This requires a transparent framework governing resource revenues, stronger local participation in major investments, technical education linked to mining, energy and logistics, and clear targets for local employment and procurement. Independent public reporting of royalties, development expenditures and project implementation would further strengthen confidence that natural wealth is being managed in the interests of both the province and the federation. A renewed development strategy should focus particularly on human capital. Lasting peace will ultimately depend less upon the extraction of minerals than upon the education and opportunities available to the next generation of Baloch citizens. Priority should therefore be given to expanding schools, vocational institutes, universities, digital connectivity, primary healthcare and maternal and child nutrition. These investments should be viewed not as welfare programmes but as long term nation building. Countries that have successfully emerged from prolonged conflict invariably invested heavily in education because educated young people are more likely to participate in constitutional politics and productive economic activity than in armed movements. Institutional reform must accompany eco-
The author is a senior international banker, with degrees in economics and political science from University of Pennsylvania and Brown University
The promise of assassinating Ali Khamenei was that it would bring about governmental chaos and spur a spontaneous national uprising. Instead, it only led to the selection of his younger son as the new supreme leader, a leadership that may prove to be even more antagonistic to the United States and Israel than the previous one. Israel also promised that any potential closure of the Strait of Hormuz would be militarily ineffective. Now, Iran’s ability to hold the world economy hostage — despite relentless claims by the U.S. that the waterway is “open” — is its most valuable weapon. The Mossad’s particular role in this war involved weakening the Islamic Republic’s security structure in hopes of then funneling guns to Kurdish armed groups who would invade the country from Iraq, and then fuel mass demonstrations to topple the state. All of these lofty ambitions completely detonated on impact with reality, with Iran’s security structure remaining intact despite assassinations and airstrikes, Kurdish factions instead suffering constant Iranian military attacks, and no major protests occurring in any Iranian city, despite the massive anti-government protests in January that swept through the country. For those who witnessed the Mossad’s public campaigns to encourage protests and defections — which it deployed in the open through Farsi-language social media accounts on X and Telegram bearing their name and seal — signs of the inevitable failure of this campaign were becoming evident. While images from June 2025’s Twelve-Day War of Mossad agents operating inside Iran and sabotaging Iranian military operations shocked many inside the country — that sabotage hampering Iran’s initial military response — its ability to change fundamental facts on the ground, and to move an entire country’s population against the sitting government, sputtered. The Mossad chose to shift its image as that war began, capitalizing on its percep-
tion as an all-powerful and omniscient force to offer its supposedly unlimited power to help the Iranian populace. This shift manifested through cryptic social media posts, sarcastic quote-tweets of Iranian officials, and offering gifts to those who answered questions by direct message. The Mossad offered remote medical services through WhatsApp, and former radio host Menashe Amir, who notably hosted an Israeli radio show in Farsi aimed at anti-Islamic Republic Iranians, made videos on the Mossad’s behalf encouraging Iranians to listen to what the intelligence agency had to say. The effort produced little. Iranian officials openly mocked the campaign online from the start, and it became increasingly desperate as mass protests failed to materialize. AI-generated videos of Iranian prisons having their walls blown open, and of happy Iranians following their defections to Israel, did next to nothing. The Mossad has continued to post AI-generated videos using Grok to encourage collaboration following the ceasefire. While accusations were levied (and arrests made) of supposed Mossad agents inside the Iranian protests in January, their infiltration, alleged or otherwise, did not end up toppling or even shattering the Islamic Republic. Instead, more than 7,000 protesters were killed that month, in addition to hundreds of police officers. After the plan to arm Kurdish groups, in collaboration with the CIA, apparently fell apart — either by Trump’s veto or, as Trump claimed, because the Kurds simply kept the weapons themselves — the Mossad apparently came up with a quick Plan B. The new bright idea: Overthrow the government via an airstrike campaign against Iranian police stations and checkpoints manned by the Basij, the Islamic Revolutionary Guard Corps’ paramilitary militia component. Despite extensive strikes in broad daylight, with some Iranians tipping off locations to opposition
media outlets to help facilitate this campaign, the mass uprising, once again, did not arrive. The war did not continue long enough for a comprehensive Plan C to come to fruition on the ground, with the Israeli military beginning to strike railways and manufacturing infrastructure, and Trump taking the lead on calling for the destruction of Iran’s energy infrastructure and bridges. Both are unified in their hope to strangle the country economically in hopes of pushing Iranian society into oblivion, but this outcome is only truly possible through American military means. But even the U.S. has seen itself overextended, unable to resupply its missile interceptors for its own bases in the Middle East, and potentially unable to protect Israel as effectively as it had in the past should open conflict break out over its skies again. News of the dismissal of the Mossad officials was met with disbelief in the Israeli media and by veterans of the intelligence service, who accused Gofman of suppressing the agency’s ability to function. By firing two deputies, security analysts accused him of foisting the agency’s failure onto underlings to shield the decisions made at the top levels of government from scrutiny. While overthrowing the Iranian government has remained a popular idea among Israeli officials and other elected politicians, Netanyahu chief among them, other politicians have acknowledged its difficulty. Gadi Eisenkot, the former Israel Defense Forces chief of the general staff, has spoken of the unlikelihood of being able to overthrow the entire Iranian system, instead stating that operations should have continued “in the shadows.” Reporting from Israel Hayom in May revealed that many in the Mossad were opposed to the idea of focusing resources on overthrowing the Iranian government, seeing it as a massive gamble. The Mossad’s former chief of influence operations, known as O.,
told the newspaper that he felt he had to sell the operation to many in the agency, despite the fact that “no one actually knows how to overthrow a regime or what the chances are that it will succeed.” In March, just days before he would be killed in an Israeli assassination strike, Ali Larijani, then-secretary of the Iranian Supreme National Security Council, told the Iranian news outlet ISNA that Netanyahu “seemed to believe that these attacks had set a movement in motion inside Iran and that, by portraying the system as being in disarray, he could incite the public.” But Larijani pointed out that in less than a day, the regime had appointed “replacements for the commanders who had been killed, addressed the public, changed the atmosphere, and, by issuing specific orders, authorized the launch of missiles.” Netanyahu, having pushed for the military overthrow of the Iranian government across multiple American administrations, finally got the war he wanted. But neither raw force, nor covert operations executed on his orders, were enough to carry out his will. While Finance Minister Bezalel Smotrich has remarked upon how the current situation is very much working for Israel — one in which southern Iran is constantly bombarded with no end, and America is doing all of the fighting and dying — Netanyahu has continued his rhetoric about the need to create the conditions for the fall of the Islamic Republic. But in a moment of rare humility, he admitted this may “not happen in a single day.” Recent reporting from Ynet found Netanyahu’s government instructed both the Israeli military and the Mossad to prepare for a much larger campaign against the Iranian state, with eyes on a potential return to open war in autumn. As has been the case over and over again, in Yemen, Lebanon, Gaza, and now Iran, Israel hopes that what was not solved with bombs can still be won — this time with even more bombs.
The Mossad suffers a crushing defeat
SéAmuS mAlekAfzAli
COMMENT 05
06 NEWS
PEZESHKIAN SAYS WAR WITH US SHOULD END WHILE TEHRAN IS IN POSITION OF 'POWER, DIGNITY'
I
TEHRAN
AGENCIES
RANIAN President Masoud Pezeshkian said Friday that the war with the United States should be brought to an end while Iran is in a position of “power and dignity,” as he defended Tehran’s recent agreement with Washington. Speaking at an event, Pezeshkian said the outcome of the negotiations was a “major achievement” approved by Iran’s Supreme National Security Council, according to a statement from the Iranian presidency. “What was achieved during the negotiations was a major accomplishment,” he said, adding that members of the council who were directly involved had firmly defended it. Pezeshkian described the recent agreement as “honourable and valuable,” rejecting criticism that Tehran had made concessions. “They cannot find even a single clause in
Saturday, 22 August 2026 | KARACHI
this agreement that indicates surrender; all the commitments are related to the other side,” he said. The Iranian president stressed, however, that the agreement did not mean Tehran would submit in the event of another attack. “We will under no circumstances bow to bullying,” he said. “We will stand against them until our last breath and give them a crushing response.” Pezeshkian said the war should come to an end at some point, arguing that the current circumstances offered an appropriate opportunity. “It is better to end the war today, when we are in a position of power and dignity,” he said, arguing that the US had violated international rules by attacking Iranian schools, hospitals and infrastructure. He said Iran’s military commanders and armed forces remain fully prepared to defend the country, while stressing the importance of maintaining domestic unity. Iranian major general vows 'devastating' response to US sanctions
Iran said on Friday that its response to any new US threats would be "devastating" after Washington pledged to impose the toughest financial penalties in history with the aim of toppling the Iranian leadership. The Chief of Staff of Iran's Armed Forces, Major General Ali Abdollahi, said the Islamic Republic's reaction would be broad and decisive. "With preparedness across land, sea, air, air defence and cyberspace, Iran's armed forces will respond to the enemy's new threats with crushing, punishing and devastating responses," Abdollahi was quoted as saying by Iranian media. Earlier, Iranian Parliament Speaker Mohammed Bagher Ghalibaf said that Iran must plan to overcome "unjust sanctions," a day after US Treasury Secretary Scott Bessent announced what he described as the toughest sanctions ever imposed on Iran. Bessent said the measures would be detailed on Monday, suggesting they could lessen the need for
further major military operations. Ghalibaf, one of Iran's most influential political figures and Tehran's top negotiator in talks with the US, said economic development and security were closely linked. He accused the US and Israel of waging economic and "cognitive" warfare after concluding they could not prevail in a direct military confrontation with Iran and Iraq. "If you look at the resources and raw materials of Muslim countries, you will realise that our enemies come to plunder them," Ghalibaf told Iranian and Iraqi business representatives in Baghdad, according to his Telegram channel. "Therefore, we must make plans to deal with the unjust sanctions so that we can overcome them." He also called for stronger economic ties between Baghdad and Tehran and said the two countries could use their national currencies in trade to reduce reliance on the US dollar. Bessent's comments on Thursday fol-
Oil heads for second weekly gain as US pressure on Iran keeps supply concerns in focus LONDON
AGENICES
Oil prices eased slightly on Friday but remained on course for a second consecutive weekly rise as renewed US pressure on Iran and ongoing disruption to Middle East energy flows kept the market supported. Brent crude futures were down 17 cents, or 0.18%, at $93.61 a barrel by 0802 GMT, while US West Texas Intermediate crude futures fell 36 cents, or 0.41%, to $86.47. Even with Friday's decline, Brent was up more than 5.8% for the week and WTI had gained 4.8%. Both benchmarks touched their highest levels since July 24 in the previous session. The latest gains followed remarks by US Treasury chief Scott Bessent, who said Washington would impose the toughest sanctions in history on Iran. He indicated the measures could reduce the need for any new major military action. The earlier peace deal between the
Türkiye seeks Interpol notice for Netanyahu in Gaza flotilla case
United States and Iran expired this week and neither side made an effort to restart negotiations. ANZ analyst Soni Kumari linked the market's strength to Washington's tougher approach toward Tehran and the pressure on Iranian oil exports. "The US is taking a very firm stance against Iran,
ANKARA
AGENCIES
Türkiye has moved to internationalise a criminal case linked to an attack on a Gaza-bound aid flotilla by seeking an Interpol red notice for Israeli Prime Minister Benjamin Netanyahu, according to Turkish Justice Minister Akin Gurlek. Gurlek said on Friday that the request was made as part of proceedings underway before Istanbul’s 11th High Criminal Court. He said the case concerns 35 defendants, among them Netanyahu and Afek Moskovitch, over an incident involving activists on the Global Sumud Flotilla that was carrying humanitarian assistance to Gaza in international waters. According to the minister, arrest warrants for Netanyahu and Moskovitch were issued on July 14, 2026, including on a charge of genocide. He said those warrants led the Justice Ministry to ask the Interior Ministry to pursue Interpol red notices for both men. Gurlek added that the related paperwork had also been sent to the Foreign Ministry. CHARGES LISTED BY TURKISH MINISTER Gurlek said the prosecution relates to what he described as an armed action against civilians attempting to deliver aid to Gaza by sea, as well as the detention of activists aboard the vessel. He listed the charges in the case as crimes against humanity, genocide, aggravated deprivation of liberty, intentional injury, torture, damage to property, aggravated robbery and hijacking of means of transportation. The Turkish minister said the authorities would continue to pursue the case through legal avenues at home and abroad. He said the government would not permit alleged crimes connected to Gaza to go unaddressed.
with the blockade back in place and threats of tougher sanctions on Iranian oil exports, and that's why we are seeing oil prices back above $90 a barrel" Kumari also said the market was increasingly adjusting to the likelihood that oil trade and supply conditions would not return to prewar norms soon.
SUPPLY WORRIES PERSIST Oil has also been supported by concern over continued supply restraint by major producers including Saudi Arabia, Iraq, the United Arab Emirates and Kuwait. Disruption around the Strait of Hormuz has remained a central concern for traders. Data from ship-tracker Kpler showed that seven commodity vessels moved through the waterway on Thursday, about half the number recorded a day earlier. Before the USIsraeli attacks on Iran began in late February, the strait handled roughly one-fifth of global oil and liquefied natural gas supplies. With the war nearing the six-month mark, interruptions to energy flows through the route are still in place. Other supply-side developments In another development affecting the broader energy market, Ukraine's military said on Thursday that it had struck Russia's TANECO refinery in the Tatarstan region and the Tamanneftegaz oil terminal in the Krasnodar region.
China, Indonesia pledge deeper strategic synergy, firm support for each other's core interests at strategic dialogue JAKARTA
STAFF CORRESPONDENT
China and Indonesia have agreed to deepen synergy of their development strategies, deepen cooperation across multiple sectors including maritime affairs, and firmly support each other's core interests, during the first Conference of the China-Indonesia Comprehensive Strategic Dialogue Mechanism held on Friday in Jakarta. Chinese Foreign Minister Wang Yi and Indonesian Foreign Minister Sugiono co-chaired the conference. The two sides had an in-depth exchange of views on advancing the building of a China-Indonesia community with a shared future and reached broad consensus, according to Chinese Foreign Ministry's readout. Wang said that the establishment of the comprehensive strategic dialogue mechanism is an important initiative for the two sides to implement the consensus reached by the two heads of state and advance the building of a China-Indonesia community with a shared future that enjoys regional and global influence. Noting that China has always placed Indonesia in an important position in its diplomacy, particularly in neighborhood diplomacy, the Chinese top diplomat said China stands ready to work with Indonesia to strengthen all-round China-Indonesia cooperation, and pool greater development synergy to jointly tackle risks and challenges. Stressing that the conference marks an important milestone in bilateral relations, Sugiono said China's development has brought enormous opportunities to the world, particularly neighboring countries such as Indonesia. Sugiono added that Indonesia firmly adheres to the one-China policy and supports China's cause of reunification. Just in mid-August, the Chinese and Indonesian navies held a joint naval navigation exercise in waters east of China's Taiwan island. The two sides also agreed to uphold strategic auton-
omy and firmly support each other's core interests. They also decided to launch the formulation of the China-Indonesia Five-year Action Plan (2027-2031). The dialogue mechanism was established when Sugiono visited Beijing in April 2025. Following the Conference of the China-Indonesia Comprehensive Strategic Dialogue Mechanism, the two sides also held a "2+2" meeting, pairing foreign and defense ministers in joint dialogue. During the meeting between Chinese Defense Minister Dong Jun and his counterpart Sjafrie Sjamsoeddin on Friday, the two sides stated that under the strategic guidance of the heads of state of the two countries, the military-to-military relations face favorable development opportunities with broad prospects for cooperation. Both sides should continue to strengthen military mutual trust, maintain close exchanges between the two militaries at all levels, deepen practical cooperation in multiple fields, and work together to safeguard regional peace and stability. "Amid rising power politics, hegemonism, and protectionism, the first China-Indonesia Comprehensive Strategic Dialogue Mechanism conference has further enhanced strategic mutual trust and lifted bilateral relations to a new height," said Xu Liping, director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences. At its core, the mechanism does not target any third party; rather, it upholds win-win cooperation, peaceful development, and multilateralism while promoting collective self-strengthening of the Global South, said Xu. "It sets an example for the region and beyond, effectively offsetting extra-regional interference and noise from within and outside the region." In specific areas, the two sides pledged to expand cooperation in areas such as artificial intelligence and poverty reduction. They agreed to restart cooperation in fishing, accelerate maritime cooperation and push forward joint development.
'Sanctions and pressure' on Iran not a solution, says China BEIJING
STAFF CORRESPONDENT
China said that US "sanctions and pressure" would not resolve the Middle East conflict, after Washington urged governments, including Beijing, to join efforts to isolate the Iranian economy. "Sanctions and pressure will not help resolve the issue," Chinese Foreign Ministry spokesman Lin Jian told reporters at a news briefing, calling on "all relevant parties to take responsible measures and resolve the problem through political and diplomatic means". Iran has weathered nearcontinuous, punishing economic sanctions for nearly 50
years, since the Islamic Revolution of 1979. Before Bessent spoke, Iran's foreign ministry said it condemned US economic and trade sanctions, calling them "economic terrorism" that would not "create even the slightest hesitation in Iranians’ determination to safeguard Iran’s independence, dignity and national sovereignty." Bessent told CNBC he would share more details on the latest package and "talk about exactly what we're going to do" on Iran at a press conference on Monday. "It is a one-two punch. We have the blockade (on Iran), and we are going to have the
toughest sanctions in history," he added, referring to a US naval blockade imposed on Iran in April and paused for a month in mid-June. "It is going to work in Iran and we are going to collapse this regime. It is time for our allies and the rest of the world to make a decision," he said. China buys more than 80% of Iran's shipped oil, according to 2025 data from analytics firm Kpler, but engaging in further economic warfare with China, a major exporter to the US including vital rare-earth minerals, risks retaliation against Washington. When asked if the US could target China for doing business
with Iran, Bessent said many conversations were best to have in private. "Keep in mind that the Chinese get 50% (of their) energy...from the Gulf. So it would do them a big service to get with the program," he said. China's embassy in Wash-
ington said "sanctions and pressure do not help resolve the problem." "China calls on the relevant parties to take responsible actions and resolve the issue through political and diplomatic means," according to an embassy spokesperson.
lowed President Donald Trump's threat a day earlier of "Economic Warfare" and warning of economic consequences against any country that provided "any type of lifeline to Iran." Bessent promised details next week. "I'm not sure why oil has popped up on this," Bessent told CNBC. "If we are doing the maximum economic pressure, then that means that likely there will not be a largescale kinetic restart," he said, using a term referring to military force.
Russia ready for new ideas on Ukraine peace, but with conditions, senior diplomat says MOSCOW
AGENCIES
Russia is open to listening to new proposals on how to reach a settlement on the Ukraine conflict, a senior Russian diplomat said, but any proposals should reflect the "realities on the ground". Russian Deputy Foreign Minister Sergei Ryabkov said in an interview with media outlet News.ru published on Friday that the United States demonstrated a readiness for "constructive dialogue" and an "understanding of Russia's position". "At this stage, it is more important to what extent Washington is able to influence the decisions of the Kyiv regime and its European sponsors, who still dream of a 'strategic defeat' of Russia," he told the outlet. Negotiations between Russia and the US to bring about an end to the conflict in Ukraine have largely stalled amid the war in Iran. The Kremlin said on Thursday that it had no information yet on a possible next visit to Moscow by US presidential envoys Jared Kushner and Steve Witkoff, who have led negotiations with Russia in the past. US Secretary of State Marco Rubio said last month that Washington was committed to helping end the war, following a meeting in Manila with Russian Foreign Minister Sergei Lavrov. But Rubio cautioned there was no quick deal ahead and the US was trying to "find a middle ground". Ryabkov said Russia was ready to listen to Rubio's new ideas and continue dialogue with Washington. "The Russian Federation is ready to listen to any reasonable proposals and ideas that are in line with the goals set by the Russian president and meet the 'realities on the ground'," he said. After almost four-and-a-half years of war, Russia holds around a fifth of Ukraine's internationally recognised territory. Moscow has repeatedly said it is open to talks, but that these must recognise the "new realities on the ground". NUCLEAR TALKS In the interview, Ryabkov also suggested Russia was keen to maintain discussions with the US on nuclear weapons. The New START nuclear treaty expired in February, leaving the world's two biggest nucleararmed powers with no binding constraints on their strategic arsenals for the first time in more than half a century. Moscow has said it will keep observing the treaty's missile and warhead limits as long as Washington does the same. "We remain open in the future to find political and diplomatic ways to stabilise this area," Ryabkov said.
NADRA Makes Proof of Life Certificate Free and Widely Accessible for Pensioners ISLAMABAD
STAFF REPORT
National Database and Registration Authority (NADRA) has made the Proof of Life Certificate (PoLC) completely free of charge for pensioners and has enabled access through PakID, NADRA Registration Centres, Union Councils, e-Sahulat franchises and NADRA’s mobile service channels across the country. The initiative, undertaken in line with the special directions of Prime Minister Muhammad Shehbaz Sharif and in coordination with the Ministry of Interior and Narcotics Control, Ministry of Defence, Controller General of Accounts (CGA) and Military Accountant General (MAG), is designed particularly to ease the difficulties faced by elderly, bedridden and differentlyabled pensioners and others who find it difficult to visit banks or pension offices for periodic proofof-life requirements. The easiest option is through the PakID mobile application, where eligible pensioners can obtain their PoLC digitally from home. A pensioner who is unable to use PakID personally can also have the certificate obtained by an immediate family member through the family member’s own PakID account, subject to the prescribed identity verification process. For pensioners who prefer an assisted service, the certificate is also available free of charge at more than 5,000 e-Sahulat franchises across Pakistan. Pensioners can also obtain the service at over 988 NADRA Registration Centres and 500 Union Councils, where they are being provided preferential service without having to wait in the regular queue. For pensioners who cannot conveniently reach a service point, the same facility is also available through NADRA’s Mobile Registration Vans, biker services and man-pack registration services, extending PoLC to citizens with limited mobility or access. The PoLC service is part of a wider reform under which NADRA has established a National Pensioners Register. In Phase I, pensioners administered by the CGA and MAG have been brought onto the register, providing an authenticated digital reference for pensioner identity and life-status verification.
Saturday, 22 August 2026 | KARACHI
CORPORATE CORNER
Standard Chartered Pakistan delivers profit before tax of PKR24.4b KARACHI
STAFF REPORT
Standard Chartered Bank (Pakistan) Limited delivered a resilient financial performance with a profit before tax of PKR 24.4bn compared to PKR 32.9bn in H1’25. The Bank posted revenue of PKR 34.8bn, lower by PKR 9.6bn compared to H1’25, primarily due to a reduction in interest rates. This was partially offset by a decrease in cost of funds and balance sheet growth. Driven by core business momentum, quarterly revenue picked up 10% compared to the first quarter of the current year. Total expenses declined by 5% compared to H1’25, reflecting strong cost discipline despite investment in our people and infrastructure. The Bank continues to maintain an efficient cost-to-income ratio of 33%, one of the lowest in the industry. A prudent risk approach and strong recoveries of bad debts led to a net release of PKR 1.1bn during the period, reflecting the fifth consecutive year of net reversals.On the liabilities side, the Bank’s total deposits stood at PKR 671bn, an increase of 3% from the start of the year. This was driven by a deposit optimisation initiative which is reflected in the improved current accounts mix comprising 57% of the deposit book. On the assets side, net advances were higher by PKR 31bn or 15% during H1’26 on the back of strong growth in corporate advances and mortgages. The Bank maintained its strong position in the mortgage market, continuing to support clients' home ownership aspirations through its differentiated financing solutions.We continue to monitor the economic landscape and position our portfolio accordingly.
Sindh assures support for ‘Make in Pakistan’ Initiative at 15th IEEEP Fair closing ceremony KARACHI
STAFF REPORT
The 15th IEEEP Fair 2026, jointly organized by the Institution of Electrical and Electronics Engineers Pakistan (IEEEP) Karachi Centre and Badar Expo Solutions, concluded on a high note at the Karachi Expo Centre.Syed Nasir Hussain Shah, Provincial Minister for Energy and Planning & Development, Sindh, serving as the chief guest at the grand closing ceremony, assured the engineering and manufacturing sector of the Sindh government’s full support for promoting locally manufactured products and resolving issues faced by industry, stressing the need to translate policy commitments into practical action.Speaking at the ceremony, Syed Nasir Hussain Shah said the three-day exhibition provided an indispensable platform for engineers, manufacturers, professionals, and industry stakeholders to exchange ideas, form strategic partnerships, and showcase cutting-edge products and technologies.He noted that the “Make in Pakistan” theme was particularly relevant in the current economic environment and stressed that locally manufactured products should be given top priority by government institutions. He assured manufacturers that the Sindh government would extend complete cooperation in resolving issues related to taxation, duties, regulations, and other systemic hurdles affecting industrial growth.The minister also appreciated the relentless efforts of the IEEEP Karachi Centre and event managers Badar Expo Solutions for successfully organizing the premier engineering event and providing a dynamic platform that effectively connects industry with government and other key stakeholders.Engr. Naveed Akram Ansari, Chairman of IEEEP Karachi Centre, said the IEEEP Fair was not merely an exhibition but a vital ecosystem for experienced professionals, engineers, technocrats, and industry leaders to exchange knowledge, ideas, and field experiences.
FBR Crackdown on Illicit Cigarette Trade Could Boost Revenue, Strengthen Formal Economy ISLAMABAD
STAFF REPORT
The Federal Board of Revenue’s (FBR) intensified crackdown on illicit cigarette manufacturing is being seen as an important step towards protecting government revenue, improving tax compliance and creating a level playing field for legitimate businesses.The illicit cigarette trade is estimated to account for more than 50% of the market, causing annual economic losses of over Rs300 billion. Bringing a greater share of the illicit market into the formal tax system could therefore generate significant revenue while strengthening compliance across the sector.Recent FBR enforcement actions against clandestine cigarette manufacturing facilities assume greater significance in this context. In a major operation in Chakwal, FBR teams sealed a facility and seized around 12,600 kilogrammes of raw tobacco, along with unstamped cigarettes, machinery and other manufacturing materials. The overall economic impact of the operation was estimated at around Rs211 million.The seized tobacco was estimated to be sufficient to manufacture approximately 630,000 packets of cigarettes, with potential tax evasion of around Rs90 million. The operation also involved the seizure or sealing of machinery, cigarette manufacturing inputs and other stocks.According to the FBR, the facility had not been integrated into the mandatory Track and Trace System and was manufacturing cigarettes without the required tax stamps. The action highlights the importance of ensuring compliance with tax and traceability requirements across the tobacco supply chain.“Consistent enforcement against illicit cigarette manufacturing is important not only for protecting government revenue but also for ensuring fair competition for compliant businesses.
NEWS 07 ‘EAGERLY AWAITED ITS COMPLETION’: CM MARYAM OPENS JIC, ANNOUNCES FREE HEART TRANSPLANTS PAKISTAN’S FIRST-OF-ITS-KIND HEART TRANSPLANT CENTRE LAUNCHED AT JINNAH INSTITUTE OF CARDIOLOGY
P
g
LAHORE
SALEEM JADOON
UNJAB Chief Minister Maryam Nawaz on Friday announced the introduction of home dialysis machines in the province and said heart transplant procedures at the newly inaugurated Jinnah Institute of Cardiology (JIC) and Maryam Nawaz Heart Transplant Centre would be provided 100 per cent free of cost, reaffirming her government’s focus on taking advanced healthcare facilities to the doorsteps of the people. Addressing the inaugural ceremony of the Jinnah Institute of Cardiology and Maryam Nawaz Heart Transplant Centre, the chief minister said money, wealth, honour and authority could be attained, but the opportunity to serve was bestowed upon only a few. She said she considered a day wasted if she failed to make a decision or take a step towards public service. “I tell ministers, bureaucracy, officers, doctors and everyone entrusted with responsibility that if we discharge our trust in the best possible manner, we will receive the best reward,” she said.
CM Maryam Nawaz said she felt immense happiness while visiting the Jinnah Institute of Cardiology, describing the facility as her dream project and recalling that she had eagerly awaited its completion. “I have routine meetings and official engagements every day, but on a day when I do not make any decision or take any step for public service, I feel that the day has been wasted,” she remarked. She said the Punjab Institute of Cardiology (PIC), established by Muhammad Nawaz Sharif, was performing an
excellent service in Lahore, a city with a population of around 30 million. However, she added, the growing prevalence of heart disease had made it increasingly difficult for a single public hospital to cater to patients from Punjab as well as Gilgit-Baltistan, Azad Kashmir and Khyber Pakhtunkhwa. The chief minister expressed satisfaction that the Jinnah Institute of Cardiology had become fully functional and angiography had also been performed there. “Visiting the sick is a great virtue;
serving patients and providing them treatment is an even greater honour,” she said. She congratulated Dr Hasnat, who returned from England with a spirit of service, saying he had studied in Pakistan before earning recognition abroad. “Many Pakistani doctors go abroad and excel in their respective fields,” she said. CM Maryam Nawaz said comparing Pakistan with Western countries had become a favourite practice, but Pakistan was only 79 years old. “Some Western countries have populations smaller than Lahore or even a street or locality here,” she observed. The chief minister said around 100 million people had visited public hospitals during the last year, where medicines, surgeries and procedures were provided free of cost, while medicines were also delivered to people’s homes. “In which country does this happen?” she asked. She, however, acknowledged that there was still considerable room for improvement in the public healthcare system, pointing to the theft of medicines, injections and insulin, demands for money by some staff members and deliberate rendering of hospital machinery dysfunctional through collusion. Despite these challenges, she said, treating 100 million people in public hospitals was no ordinary achievement.
PHA to fast-track parks, tree cover in newly merged districts LAHORE
STAFF REPORT
The Punjab Horticulture Authority (PHA) will prioritise beautification and green cover in the districts that came under its jurisdiction after its establishment late last year, Director General Ahmad Usman Javaid said Friday. The decision was taken at a meeting held after Mr Javaid assumed charge of the director general’s post. Eleven new districts — including Rahim Yar Khan, Muzaffargarh, Khushab and Nankana Sahib — have been added to the provincial umbrella body's portfolio, alongside the 10 districts it already oversaw. The expansion brings PHA's total footprint to 21 districts. Mr Javaid was told the newly added districts would require dedicated development schemes to bring them up to par with districts
that have had PHA oversight for longer. He asked district agencies to survey available public land in the new districts and identify sites suitable for park development within the current financial year. District agencies are also setting up new parks and upgrading existing ones to improve their cities' visual appeal, the meeting was told. New parks are currently under development in Sargodha, Multan, Faisalabad and Rawalpindi, among other cities. Several of these projects include walking tracks, children's play areas and expanded plantation zones, in line with the authority's push to standardise amenities across parks it manages. Mr Javaid said upgrading existing parks and developing new green spaces in the newly added districts would remain among the authority's top priorities this financial year. He
directed district agencies to prepare and execute development schemes to enhance public parks and urban green areas. He also directed all district agencies to expand the scope of ongoing monsoon tree plantation campaigns to boost Punjab's green cover. "Priority should be given to indigenous, environmentally compatible and long-lasting tree species such as Neem, Sheesham, and Peepal," Mr Javaid said. The meeting was told the authority had recently introduced tree protection regulations, under which it is developing a province-wide, GIS-based inventory of urban trees to aid mapping, monitoring and conservation. Dedicated tree officers will be appointed to inspect trees, maintain digital records, process applications, oversee compensatory plantation and enforce the regulations.
Riyadh Air’s Sfeer Lifestyle Membership Set to Reach One Million Members
FrieslandCampina Engro reports half-year run despite political and economic volatility
STAFF REPORT
STAFF REPORT
RIYADH, SAUDI ARABIA
Riyadh Air, Saudi Arabia’s new national carrier and a PIF company, today announced it is expected to reach the major milestone of one million members this month. The milestone marks a significant achievement for the rapidly growing community, highlighting the strong momentum behind Sfeer since its launch. To celebrate this landmark achievement, the one millionth person to join Sfeer will receive one million Sfeer Points and become the program’s final Founding Member. Sfeer will also ensure its Founding Member community shares in the celebration. Two existing Founding Members, selected at random from those who have been part of the journey from the beginning, will each receive 250,000 Sfeer Points. The one million Sfeer Points could unlock more than 120 one-way redemption flights in Economy with Riyadh Air across its expanding network. For a family of five, that could mean travelling together on two Economy round trips every year for four years, creating eight family getaways and countless memories along the way. Or, gather four of your closest friends and turn the group chat into a getaway, with enough Sfeer Points for all five of you to enjoy approximately three Business Class round trips together. Actual redemption options and value will vary depending on destinations, availability and applicable redemption requirements. Born in Saudi, Built for the World. Sfeer is a Lifestyle Membership powered by Riyadh Air, inspired by a generation in motion and designed to extend the Riyadh Air experience be requirements.
KARACHI
The Company has achieved a revenue growth of 12.1% during the first half of 2026 over the same period last year. Revenue reached PKR 58.9 billion compared to PKR 52.5 billion last year. This performance was driven by favorable portfolio mix, emphasis on in-market execution, selective brand investment and route-to-market fundamentals. Alongside topline delivery, ongoing efficiency initiatives across sourcing, manufacturing and distribution translated into gross margin expansion of 350 bps and operating profit growth of 53.9% versus the same period last year. The packaged milk market continues to operate below its pre-tax levels, driven by the 18% sales tax imposed on UHT milk in July 2024. The uneven playing field versus loose milk, which remains outside the tax net, continues to suppress volumes in the formal dairy sector. Company continued to actively engage with relevant government stakeholders to advocate for equitable taxation, underscoring the adverse impact of the current tax regime on public health, farmer livelihoods, and the documented dairy economy.The regional conflict continued to create challenges for the operating environment during the first half of 2026. Shipment delays and elevated freight costs weighed on the value chain, while multiple revisions in fuel prices during the period added further volatility to input costs. On the domestic front, inflation trended higher during the period, prompting increase in policy rate as well. Collectively, these dynamics continue to have a bearing on category affordability and demand.
Karachi: The Aga Khan University (AKU) hosted a screening of A Cry from the Mountains, directed by Karim Shallwanee at Mama Parsi Girls’ Secondary School, one of Pakistan’s oldest schools. The film is an episode from AKU’s award-winning environment and climate documentary series, Voices from the Roof of the World. The event engaged almost 300 students and faculty in meaningful conversations on climate change and its impacts. PR
Karachi: A group photograph was taken at the launch of Project FAME, an initiative by Sakan-e-Sheza Trust, in collaboration with South Asian Women Development Forum (SAWDF), aimed at empowering women, particularly courageous women with disabilities. The photograph features Sakan-e-Sheza Trust Founder and Chairperson Aram Saim, General Secretary Saima Tasleem, Feroz Ali Kamadi, Joint Secretary Hina Khan, Vice President Areej Khurram, and other members. PR
Soneri Bank announces financial results for half year ended 30 June 2026 KARACHI
STAFF REPORT
The Board of Directors of Soneri Bank Limited, in their 217th meeting held in Karachi on 19 August 2026, approved the Bank’s financial statements of the half year ended 30 June 2026. The Bank’s stable performance across all functional areas underscores its operational robustness and resilience that was achieved despite a challenging macroeconomic landscape driven by surging international energy prices, global supply chain disruptions, and domestic energy tariff adjustments. Against this backdrop and a shifting interest rate environment, the Bank successfully sustained its performance while executing planned capital expenditure to expand its branch footprint. The Bank posted a Profit Before Tax (PBT) of Rs. 4.795 billion and a Profit After Tax (PAT) of Rs. 2.396 billion for the period ended June 30, 2026, compared to Rs. 6.685 billion and Rs. 2.497 billion, respectively, in the prior period. Earnings Per Share (EPS) was recorded at Rs. 2.1732 per share, as compared to Rs. 2.2648 per share for the previous period. The stable bottom line demonstrates the Bank's ability to maintain steady shareholder returns despite economic stress and geopolitical challenges. Despite a challenging interest rate environment, the Bank maintained a robust gross revenue base. While Net Interest Income (NII) declined by 19.80% period-on-period by Rs. 2.823 billion due to margin compression.
BYD Expands Customer Access in Lahore with New 3S Dealership LAHORE
STAFF REPORT
BYD, the world’s No.1 New Energy Vehicle (NEV) brand, in partnership with Mega Motor Company (MMC), has expanded its presence in Lahore with the opening of a new 3S dealership on Pine Avenue Road. The dealership offers customers access to BYD’s complete vehicle portfolio, along with sales, service and spare parts support under one roof. The new facility strengthens BYD’s growing retail footprint in Lahore, providing customers with greater access to its range of NEVs and the technology behind them. As interest in more efficient and cost-effective mobility continues to grow, the dealership will enable consumers to explore BYD’s products, ex-
perience the technology firsthand and receive expert guidance throughout their ownership journey. Speaking on the occasion, Danish Khaliq, Vice President Sales & Strategy, BYD Pakistan - MMC, said, “Lahore has been an important market for BYD since our entry into Pakistan, and this new dealership further strengthens our ability to bring our products, technology and customer experience closer to consumers. Our expansion in Lahore is part of a broader network strategy, with plans to establish a presence in several more cities across Pakistan by the end of 2026. As we continue to grow our footprint, our aim is to make BYD’s products, technology and customer support accessible to more consumers across the country.” The new 3S dealership also offers
after-sales service and genuine spare parts, providing customers with a com-
prehensive ownership experience under one roof.
Saturday, 22 August, 2026
border PAKISTAN, MALAYSIA RESOLVE TO BOOST TRADE, Torkham closure deals heavy blow to Peshawar’s INVESTMENT AND BILATERAL COOPERATION
PRAYER TIMINGS
NEWS
P
ISLAMABAD
SALEEM JADOON
RIME Minister Shehbaz Sharif and Malaysian Prime Minister Anwar Ibrahim on Friday expressed satisfaction over the positive trajectory of bilateral cooperation and resolved to maintain momentum in ties, particularly by strengthening trade and investment relations, while discussing regional developments, including the situation in the Gulf. During a telephone conversation, the two leaders also reaffirmed their commitment to working closely on regional peace efforts and agreed to meet at a mutually convenient time in the near future, according to a statement issued by the Prime Minister’s Office. PM Shehbaz inquired about Anwar’s health and wished him a swift recovery. The Malaysian prime minister praised Pakistan’s regional peace efforts and expressed gratitude to PM Shehbaz and Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir for their leadership in advancing those efforts.
FAJR SUNRISE
ZUHR
ASR MAGHRIB ISHA
6:07
1:30
5:11
4:48
PM Shehbaz thanked his Malaysian counterpart for Kuala Lumpur’s consistent support for Pakistan’s regional peace efforts and reaffirmed Islamabad’s resolve to continue working closely with friendly and brotherly countries, including Malaysia, to advance prospects for peace in the Middle East. The two leaders also resolved to maintain the momentum in bilateral cooperation, with particular emphasis on enhancing trade and investment ties. PM Shehbaz reiterated his invitation
to Anwar to undertake an official visit to Pakistan at his earliest convenience. Pakistan, Malaysia vow to deepen ties across all spheres In a related development, Prime Minister Shehbaz Sharif on Friday reaffirmed Pakistan’s commitment to further strengthening close and fraternal ties with Malaysia across all spheres, including security, law enforcement, trade and investment. The Prime Minister’s Office said Malaysian Home Minister Dato’ Seri
Saifuddin Nasution Ismail called on PM Shehbaz at the Prime Minister’s House in Islamabad. During the meeting, the prime minister reaffirmed Pakistan’s commitment to further strengthening close and fraternal relations between the two countries across all spheres, including security, law enforcement, trade and investment, according to the PMO. “The regional situation was also discussed during the meeting. In this context, the prime minister appreciated Malaysia’s support for Pakistan’s regional peace efforts,” the statement said. Malaysian Home Minister Ismail expressed his country’s keen desire to further strengthen its robust ties with Pakistan. The two sides also advanced cooperation in legal and law-enforcement matters as Malaysian Home Minister Dato’ Seri Saifuddin Nasution Ismail and Interior Minister Mohsin Naqvi signed an agreement on the transfer of sentenced persons between Pakistan and Malaysia. The agreement was signed days after the arrest of around 300 foreign nationals allegedly involved in IT-related fraud cases in Pakistan.
Pakistan, 7 Muslim states condemn Israeli settlement expansion in occupied Palestinian territory ISLAMABAD
STAFF REPORT
Four labourers killed in Mastung blast, two others found shot dead QUETTA
STAFF REPORT
Four labourers were killed and three others injured in a blast in Balochistan’s Mastung district, while two other people were found shot dead in the same area, police and hospital officials said on Friday, as authorities investigate reports of a possible drone attack. The blast occurred late Thursday night in an apple orchard in mountainous Khad Kocha sub-tehsil, located around 22 kilometres from Mastung city, according to police. A senior police official confirmed that four labourers were killed and three others injured in the explosion, adding that the injured were shifted to hospital for treatment. The official said police were investigating the nature and cause of the blast, amid reports that “something fell from the sky and caused the explosion”. No group has so far claimed responsibility for the incident. However, another senior official said the incident appeared to have been a drone attack. He said four labourers were found dead at the site, along with two other bodies bearing gunshot wounds. Police transported all six bodies to Nawab Ghous Bakhsh Memorial Hospital in Mastung, while one seriously injured person was shifted to Civil Hospital Quetta. “We have received six bodies and three injured in the hospital this morning,” a hospital official said, adding that bullet wounds were found on two of the bodies, while the other four had suffered multiple injuries. Four of the deceased were identified as residents of the Bhag area of Kachhi district, while the identities of the other two victims had not yet been established. Meanwhile, a senior police officer confirmed the killing of two alleged terrorists in the area, saying security forces and police were investigating the incident. The incident occurred in an area already under heightened security following repeated attacks on transporters, travellers and security forces. Authorities have imposed a curfew there since July 23. The same area was also the scene of an armed attack on Balochistan Home Minister Zia Ullah Langove last week, in which nine people, including six security guards, were injured. The latest violence comes as Balochistan continues to grapple with a surge in militant attacks, adding to security concerns in the province bordering Iran and Afghanistan. In a separate incident in Pishin district on Thursday, unidentified armed men attacked the Saranan police station with rockets and explosives, destroying the building. According to a monthly security assessment released in early June by the Pakistan Institute for Conflict and Security Studies (PICSS), Pakistan’s security situation deteriorated sharply in May after two consecutive months of improvement, driven primarily by escalating terrorist violence in Khyber Pakhtunkhwa and Balochistan. The report identified Balochistan as the most affected province during the month, recording 71 terrorist attacks compared with 34 in April — an increase of 109 per cent.
Pakistan and seven other Muslim states on Friday strongly condemned Israel’s “continued settlement expansion” in the occupied Palestinian territory, categorically rejecting the “E1” settlement plan and related activities east of occupied East Jerusalem, the Foreign Office said in a joint statement. The foreign ministers of Pakistan, Egypt, Türkiye, Indonesia, Jordan, Qatar, Saudi Arabia and the United Arab Emirates “unequivocally condemn Israel’s continued illegal settlement policies in the Occupied Palestinian Territory and categorically reject the ‘E1’ settlement plan and related settlement activities east of occupied East Jerusalem,” according to the statement. The ministers also reiterated their condemnation of the “violations and acts of violence perpetrated by settlers, with the support of the Israeli occupying authorities, against the Palestinian people and their property”. They stressed that such acts in no way diminish the inalienable rights of the Palestinian people, constitute violations of international law and relevant United Nations resolutions, and pose a serious threat to regional and in-
ternational peace and security. The foreign ministers warned that the “E1” settlement plan represented a dangerous escalation that would further advance settlement expansion and annexation while undermining the geographical contiguity of the occupied Palestinian territory, particularly between the West Bank and East Jerusalem. They said the plan threatened the viability and realisation of an independent and contiguous Palestinian state based on the 1967 lines, with East Jerusalem as its capital. The ministers further emphasised that such actions constituted a “direct challenge to international efforts aimed at achieving peace”, foremost among them US President Donald Trump’s comprehensive plan, including its unequivocal rejection of annexation and forced displacement. They also referred to mechanisms envisaged for implementing the plan, including through the Board of Peace, as well as President Trump’s stated commitment not to allow annexation of the West Bank, with the objective of achieving regional stability and bringing the conflict to an end. The joint statement reaffirmed that the two-state solution, in accordance with international law and relevant UN resolutions, remained the only viable path to-
wards a just, comprehensive and lasting peace. The ministers warned that measures aimed at undermining the two-state solution risked further escalating tensions, threatening regional and international peace and security, and jeopardising prospects for lasting peace and stability in the region. In this context, they supported all efforts aimed at ensuring accountability, including through appropriate international measures and sanctions against entities and individuals responsible for illegal settlement activities, including the “E1” settlement plan, as well as those supporting, facilitating or implementing policies of settlement expansion and annexation. They also called for an end to any support or financing that contributed to the establishment, expansion or entrenchment of illegal settlements, stressing that the absence of accountability contributed to the continuation of violations and further undermined prospects for a just and comprehensive peace. The ministers called for immediate action to halt the “E1” settlement plan, rescind all measures taken in connection with it, and cease all settlement activities and other measures aimed at altering the geographic and demographic character of the Occupied Palestinian Territory.
Saudi Arabia accounted for most of 21,951 GCC deportations by March 1, NA told ISLAMABAD
STAFF REPORT
The National Assembly was informed on Thursday that 21,951 Pakistanis had been deported from Gulf Cooperation Council countries by March 1, with Saudi Arabia accounting for the largest number. According to a written reply submitted during Question Hour in response to a question by Hameed Hassan, 15,495 Pakistanis were deported from Saudi Arabia. The figures for other GCC states were 3,802 from the United Arab Emirates, 521 from Oman, 521 from Bahrain, 429 from Qatar and 97 from Kuwait. The written reply said the causes of deportation included violations of iqama and visa rules, illegal stay, drug-related offences, absconding and other breaches of immigration laws. Minister for Parliamentary Affairs Dr Tariq Fazal Chaudhry, replying to supplementary questions, said the figures covered
only those Pakistanis who had been formally detained by the authorities in the respective countries and deported after Pakistani missions issued emergency travel documents. He clarified that those who returned voluntarily or travelled back on valid passports were not included in the data. Deaths abroad and financial assistance Responding to another question, Minister of State for Overseas Pakistanis Aun Chaudhry told the House that 799 Pakistani nationals had died abroad over the last two years. According to the reply, Rs1.3 billion was disbursed as financial assistance to 3,498 families of deceased or disabled overseas Pakistanis. It added that Rs753.29 million had been paid to 294 families on account of pending dues from host countries, including through Pakistani missions in Riyadh, Abu Dhabi, Dubai, Kuwait, Qatar and Bahrain. Repatriation of bodies and
worker support In response to a supplementary question, Aun Chaudhry said Pakistan International Airlines continued to facilitate the transportation of bodies from countries where the national carrier operated. For countries where PIA did not operate, he said the ministry used an alternative mechanism involving the Overseas Pakistanis Foundation and other relevant officials to arrange repatriation. He added that bodies were also brought back through arrangements with other airlines and relevant organisations, noting that PIA had previously transported such bodies free of cost. Replying to a supplementary question by Shazia Marri, the minister said Community Welfare Attachés had been posted in Gulf countries and Europe to assist Pakistani workers and help address their issues. He said that in cases where workers were jailed or fined, a committee arranged payment of fines.
7:04
8:24
medicine trade PROFIT
AZIZ BUNERI
The prolonged closure of the Pak-Afghan Torkham border has severely affected business activities at Peshawar’s medicine market, with trade coming to an almost complete halt and local traders facing serious financial difficulties. President of the Khyber Pakhtunkhwa Medicine Market, Nadeem Siddiqui, said the closure of the Pak-Afghan border had badly affected the province’s largest medicine market, where thousands of medicine shops operate. He said traders had medicines worth millions of rupees stocked in their shops, but the border closure had caused significant losses to local businessmen. According to Siddiqui, around 45 percent of medicines were previously supplied to Afghanistan through the Torkham border. The suspension of cross-border trade has therefore severely affected medicine traders in Peshawar. He said business activities had also declined sharply in the southern districts due to the deteriorating law and order situation, while the suspension of goods transportation had further brought local trade to a standstill. “Even though business activities have almost come to a halt, traders are still paying hundreds of thousands of rupees every month in shop rents, electricity bills and other expenses,” Siddiqui said. He urged the government to immediately reopen the Pak-Afghan border to restore trade and enable medicine traders to resume normal business activities. According to available documents, pharmaceutical companies in Pakistan had been exporting medicines worth more than Rs2 billion per month to Afghanistan. However, the prolonged closure of the Pak-Afghan border has created serious difficulties for these companies as well. The documents further indicate that, amid the border closure and ongoing tensions between Pakistan and Afghanistan, some multinational pharmaceutical companies have started supplying medicines to Afghanistan through Central Asian countries. Meanwhile, following the deterioration in Pak-Afghan relations, the Afghan government has also imposed restrictions on Pakistani medicines. As a result, Afghan traders are increasingly importing medicines from Central Asian countries instead of Pakistan. The continued closure of the Torkham border and restrictions on Pakistani pharmaceutical products have not only disrupted cross-border trade but have also placed additional financial pressure on medicine traders and pharmaceutical companies in Pakistan.
Petrol rises Rs3.81, diesel Rs3.59/litre for three days from August 22 PROFIT
STAFF REPORT
Petrol and diesel prices have been increased by Rs3.81 and Rs3.59 per litre, respectively, for three days from August 22 to 24, 2026, under the revised petroleum pricing mechanism. According to the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) has revised the ex-depot price of Motor Spirit (petrol) from Rs337.78 to Rs341.59 per litre, while the price of High-Speed Diesel (HSD) has been increased from Rs364.70 to Rs368.29 per litre. The revised rates will apply from August 22 to August 24. The increase is expected to raise fuel costs for motorists, transporters, businesses, farmers and other consumers across the country, although the latest adjustment is limited to a three-day period. Petrol is primarily used in light vehicles and remains one of the most important fuels for everyday mobility in Pakistan. Millions of motorcycles, cars, taxis, rickshaws and other light vehicles run on petrol. It is therefore directly linked with daily commuting, including travel to workplaces, schools, colleges, markets and other destinations. Petrol is also used by small commercial and passenger vehicles operating in both urban and rural areas. Any increase in its price can consequently raise the daily travelling expenses of households and operating costs of businesses that rely on petrol-powered vehicles. HSD has a broader role in the economy because it is extensively used by heavy transport. Trucks, buses, trailers and other commercial vehicles depend heavily on diesel to move passengers and goods across Pakistan. Diesel is therefore closely linked with freight costs and the movement of agricultural produce, industrial inputs and consumer goods between cities and markets. The fuel is also extensively used in agriculture, particularly for tractors, tube-wells, harvesters and other diesel-powered machinery. An increase in HSD prices can consequently add to the operating costs of farming and the transportation of agricultural commodities. Diesel is further used in construction machinery, heavy equipment and generators. Businesses, commercial establishments and other users often rely on dieselpowered generators for backup electricity, making HSD prices relevant beyond the transport sector.
11 investors bid for GEPCO: Turkish, Saudi, Pakistani groups show strong interest in 51-100% stake PROFIT
AHMAD AHMADANI
Eleven domestic and international investors have submitted Expressions of Interest (EOIs) for acquisition of 51Percent to 100pc shareholding in Gujranwala Electric Power Company (GEPCO) with management control. The Expressions of Interest were submitted on Friday, the closing date for the process, marking another major milestone in the privatisation of electricity distribution companies (DISCOs). The Privatisation Commission (PC) said the eleven prospective investors include companies and business groups from Türkiye, Saudi Arabia and Pakistan, reflecting strong interest in GEPCO and the country’s electricity distribution sector. The interested parties are Aktor Elektrik
Enerji Yatırımları San. ve Tic. A.Ş., Genvera Enerji A.Ş. and Cengiz Enerji Sanayii ve Ticaret A.Ş. from Türkiye, Al Sharif Contracting and Commercial Development Company from Saudi Arabia; and Engro Energy Limited, Sapphire Fibers Limited, Hub Power Holdings and Lucky Cement, Shirazi Investments (Pvt) Limited, Artistic Milliners (Private) Limited and Fatima Group, K-Electric Limited, and AKD Securities, Fast Cable and Mughal Steel Group from Pakistan. “The interest parties include investors from Türkiye, Saudi Arabia and several of Pakistan’s leading business groups. The Privatisation Commission appreciates the investor community’s extensive engagement during the domestic and international roadshows in the past six months and welcomes their confidence in Pakistan’s power-sector reform agenda.”
Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission, termed the investor response another important achievement in the privatisation of DISCOs. “Today marks another important achievement in the privatisation of DISCOs.” The strong response for GEPCO is indicative of investor confidence in the potential of Pakistan’s electricity distribution sector and in the Government’s commitment to a transparent, competitive and professionally managed process,” said Muhammad Ali, Adviser to the Prime Minister on Privatisation and Chairman, Privatisation Commission. He said the Privatisation Commission would engage with the prequalified investors during the due-diligence phase and discuss the contours of the post-privatisation regime. “We at Privatisation Commission look
forward to engaging constructively with the prequalified investors during the due-diligence phase and discussing the contours of the post-privatisation regime. This privatisation aims to improve operational efficiency, modernise distribution infrastructure, strengthen customer service, reduce losses and support a more financially sustainable power sector. In the long run, these measures will help create the conditions for more competitive electricity distribution and affordable, reliable power for consumers,” he added. The Expressions of Interest and Statements of Qualification (SOQs) submitted by the interested parties will now undergo a comprehensive evaluation against the approved prequalification criteria Applicants meeting the prescribed requirements will be prequalified and invited to the next stage of the transaction, where
they will be granted access to the Virtual Data Room (VDR) to undertake detailed buy-side due diligence. GEPCO is among the three electricity distribution companies included in DISCOs Batch-I, alongside Faisalabad Electric Supply Company (FESCO) and Islamabad Electric Supply Company (IESCO). The Privatisation Commission has already received EOIs from twelve interested parties for FESCO by the August 7, 2026 deadline, while the deadline for submission of EOIs for IESCO has been set for September 7, 2026. The strong investor response to GEPCO comes as the Privatisation Commission advances the DISCO privatisation programme, with the process aimed at attracting strategic investors and improving the performance of electricity distribution companies.
Published by Asad Nizami at Plot No 66-C, 1st Floor, 21st Commercial Street, Phase-II (Extension), DHA Karachi and printed at Ibn-e-Hassan Printing Press, Hockey Stadium, Karachi, for PT Print (Pvt) Limited. Ph: 021-32640318 . Email: newsroom@pakistantoday.com.pk