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CDF MUNIR HOLDS TALKS WITH IRANIAN LEADERSHIP ON REGIONAL PEACE Tuesday, 25 August, 2026 | 11 Rabiul Awwal, 1448
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MUNIR HOLDS HIGH-LEVEL TALKS IN TEHRAN TO ADVANCE PAKISTAN'S REGIONAL PEACE INITIATIVE
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PAKISTAN STEPS UP MEDIATION EFFORTS AS IRAN-US NEGOTIATIONS REMAIN DEADLOCKED
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TEHRAN
IRAN REAFFIRMS COMMITMENT TO ISLAMABAD MOU, URGES WASHINGTON TO HONOUR ITS COMMITMENTS
MUNIR ASSURES IRANIAN LEADERSHIP ISLAMABAD WILL CONTINUE EFFORTS TO RESTORE REGIONAL STABILITY
MIAN ABRAR
HIEF of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir and Interior Minister Mohsin Naqvi held meetings with senior Iranian officials in Tehran on Monday as Pakistan stepped up diplomatic efforts to promote regional peace and seek a peaceful resolution to the Middle East conflict. The Field Marshal called on Dr. Masoud Pezeshkian, President of Iran, Mohsen Rezaei, Representative of the Supreme Leader on the Supreme National Security Council, Mohammad Bagher Ghalibaf, Speaker of the Parliament of Iran, Seyed Abbas Araghchi, Foreign Minister of Iran, and Eskandar Momeni, Minister of Interior of Iran. Comprehensive discussions focused on measures to prevent further escalation, reopening of the Strait of Hormuz and expedited termination of the conflict. The two sides also exchanged views on regional peace and the ways to arrive at a negotiated settlement to the disputes. The Iranian leadership appreciated Pakistan’s constructive role and sincere efforts towards facilitating dialogue, deescalation and a peaceful resolution of the conflict. Field Marshal Munir and Naqvi met Iranian Interior Minister Eskandar Momeni after arriving in the Iranian capital, according to Pakistani and Iranian state media.
Munir also met Iranian Parliament Speaker Mohammad Bagher Ghalibaf, who reaffirmed Tehran’s commitment to the Islamabad Memorandum of Understanding between Iran and the United States while criticising Washington for failing to honour its commitments. Ghalibaf said the US approach had hindered regional stability and further eroded trust in Washington. Munir, meanwhile, reaffirmed that Pakistan would continue its efforts to help restore stability in the region, according to Iranian state broadcaster Press TV. Later, Mohsen Rezaei, secretary of Iran’s Supreme National Security Council, also met Munir and expressed dis-
Chinese firm unveils Keti Bunder Port conceptual master plan with $522m preliminary engineering cost estimate PROFIT
NEWS DESK
A delegation of the China Harbour Engineering Company (CHEC) has presented the Conceptual Master Plan for Keti Bunder Port, envisaging a new deep-water maritime gateway with multiple terminals, logistics and supporting infrastructure. The proposed Phase-I development includes a multi-purpose terminal with a 500-metre quay and a preliminary engineering cost estimate of approximately $522.34 million. President Asif Ali Zardari, while reviewing the proposal, called for an integrated approach to the development of Keti Bunder Port, stressing that the project should be supported by reliable road connectivity, power and water supply, industrial infrastructure and other essential facilities. The President welcomed the Chinese delegation and appreciated China’s continued interest in supporting Pakistan’s infrastructure and maritime development. Zardari said Keti Bunder had significant potential to serve as an additional maritime gateway, strengthening Pakistan’s port and logistics network and supporting greater connectivity and trade. He stressed the need for close technical coordination between the Chinese side and relevant Pakistani authorities to further develop the project. The President also emphasised that environmental sustainability should remain a key consideration, particularly the protection of the fragile ecosystem of the Indus Delta and the interests and livelihoods of local fishing communities.
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trust of Washington. According to Fars News, Rezaei said the United States needed to change its behaviour and take practical steps towards implementing the conditions of the agreement. The visit comes as Pakistan seeks to revive diplomatic efforts under the Islamabad MoU, which was brokered by Islamabad in June to facilitate negotiations between Tehran and Washington. The 60-day period envisaged under the framework expired on August 17 without a final breakthrough. Iran, however, has disputed the characterisation of the period as a mandatory deadline, maintaining that the timeframe could be extended if negotiations failed to pro-
duce an agreement. Pakistan has continued to maintain that the Islamabad framework remains relevant and could provide a basis for renewed negotiations. Iranian Foreign Ministry spokesperson Esmaeil Baqaei said the visit was taking place as bilateral relations between Islamabad and Tehran had reached one of their strongest stages. He said the visit was aimed at strengthening bilateral cooperation and continuing Pakistan’s “good offices” efforts to promote peace and security in the region. Pakistan’s military media wing said Munir’s visit would focus on promoting efforts for a “peaceful, lasting and comprehensive resolution” of the conflict in the Middle East. The visit marks Munir’s fourth trip to Tehran since the conflict between Iran and the United States erupted in February. He had previously visited Iran in April and May as part of Pakistan’s mediation efforts and travelled there again in July to attend the funeral of Iran’s late Supreme Leader Ayatollah Ali Khamenei. The latest diplomatic push comes amid continued tensions between Tehran and Washington, growing concerns over the Strait of Hormuz and the prospect of tougher US economic sanctions against Iran. For Islamabad, the mediation effort carries added significance as Pakistan seeks to maintain its close ties with Iran while balancing its strategic and economic relations with the United States and Gulf countries.
Dar urges IMO chief to help secure release of 10 Pakistani seafarers LONDON
STAFF CORRESPONDENT
Deputy Prime Minister and Foreign Minister Ishaq Dar on Monday urged the International Maritime Organisation (IMO) to intervene for the safe release of 10 Pakistani seafarers held aboard the hijacked oil tanker MT Honour 25 since April. During a meeting with IMO Secretary General Arsenio Dominguez in London, Dar highlighted the plight of the Pakistani crew members and sought the organisation’s assistance in securing their release. The 10 Pakistanis are among the crew of the Palau-flagged tanker, which was hijacked by armed pirates off the coast of Puntland, Somalia. The hostages also include seven Indonesians, including the vessel’s captain, as well as one Indian and one Sri Lankan national. Negotiations for their release have reportedly made no progress, while the pirates are demanding a ransom of around $3 million. According to a Foreign Office statement, Dar reaffirmed Pakistan’s commitment to the IMO and appreciated its role as the principal
international regulatory body for safe, secure and efficient international shipping. He highlighted Pakistan’s efforts to strengthen maritime governance, implement international maritime standards and develop its blue economy. The two sides also discussed ways to enhance Pakistan-IMO cooperation in maritime safety and security, regulatory reforms and development of the country’s maritime sector. Dar arrived in London on Sunday for a five-day official visit to the United Kingdom from August
24 to 28. During the visit, he is scheduled to meet British Foreign Secretary Ed Miliband, Minister of State for Pakistan Stephen Doughty and other senior UK officials. He will also meet Commonwealth Secretary-General Shirley Ayorkor Botchwey and engage with British parliamentarians and representatives of the Pakistani community. The visit is expected to focus on strengthening Pakistan-UK relations and discussions on bilateral, regional and international issues, including trade, investment, institutional cooperation and people-topeople ties.
Jemima Goldsmith urges UK govt to break silence over Imran Khan's 'human rights' LONDON
NEWS DESK
Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan’s former wife, Jemima Goldsmith, has urged the UK government to step in and not remain silent over the alleged treatment being meted out to her ex-husband. “Prime Minister @andyburnham and Foreign Secretary @Ed_Miliband: how much longer will Britain remain silent?” Jemima, the former wife who shares two sons with the ex-prime minister, wrote in a post on X. Imran’s family and party have long raised concerns over his health, with the Supreme Court finally issuing an order last week for him to be transferred to a private hospital from Adiala jail. However, the government authorities shifted him to Pims, a public hospital, citing security concerns due to the crowd gathered outside, and later shifted him back to Adiala jail in Rawalpindi after a medical board cleared him. Imran, the cricketer-turned-politician, aged 73, has been in jail in Rawalpindi since August 2023, convicted in a string of cases that he and his party maintain were “politically driven” following his ouster in 2022. Jemima, in her post on the PTI founder, who is the father of Kasim Khan and Suleiman Khan, said: “For three years the father of my two sons, and Pakistan’s former Prime Minister, Imran Khan, has been brutally penalised by his political opponents.” She claimed that he has “endured 3 years of solitary confinement”. The British socialite further said: “For nearly ten months now his family has been denied contact with him. He has been deprived of the most basic human contact, denied access to books, lawyers and doctors.” The international human-rights standards are unequivocal, she added, and under the UN’s Nelson Mandela Rules, solitary confinement lasting more than 15 consecutive days is prohibited and amounts to torture. “He has endured this treatment not for 15 days, but for three years.”
Xi likely to attend BRICS summit in India on first visit in seven years BEIJING/NEW DELHI NEWS DESK
Chinese President Xi Jinping is expected to travel to India next month for the BRICS summit with a large delegation, according to three sources, in what would be his first visit to the country in seven years and a possible indication of improving ties between the two neighbours. India will host the September 12-13 summit in New Delhi. Xi’s participation is likely to be closely watched not only for the BRICS agenda but also for what it may reflect about efforts by Beijing and New Delhi to steady relations after the 2020 border clashes that sharply damaged ties. One Indian source with direct knowledge told Reuters that Chinese officials were working on arrangements linked to hotels and security. Two other Indian sources said Xi was likely to be accompanied by around 400 officials, compared with fewer than 200 during his last visit in 2019. According to the sources, officials from both countries are expected to use the summit to examine ways to broaden engagement while continuing to manage longstanding differences over the border and wider regional security concerns. They said Xi’s final travel plans, as well as the agenda for any possible bilateral meeting between India and China, have not yet been settled. Responding to queries, China’s foreign ministry said Beijing placed high importance on BRICS cooperation and backed India, the current chair, in hosting the summit. The ministry added: "We currently have no information available to provide" India’s foreign ministry did not comment. Xi did not attend the last BRICS summit in Brazil in 2025. Border tensions remain central India and China, the world’s two most populous countries and both nuclear-armed states, share a roughly 3,800-km largely undemarcated and disputed frontier in the Himalayas. A long period of relative calm along the border ended with the 2020 clashes in which 20 Indian soldiers and four Chinese soldiers were killed.
Pakistan unveils olive value chain policy as Qatar signals investment interest ISLAMABAD
STAFF CORRESPONDENT
Prime Minister Shehbaz Sharif on Monday launched Pakistan’s National Olive Value Chain Policy, seeking to transform the country’s rapidly expanding olive sector into a major agricultural industry capable of reducing the multi-billion-dollar edible oil import bill, while separately discussing investment opportunities with a senior Qatari business delegation. The prime minister, addressing farmers, growers, diplomats, entrepreneurs and officials at the policy-launch ceremony, described the growth of olive cultivation as a rare success story in Pakistan’s agriculture sector and said sustained expansion could help the country move towards self-sufficiency in edible oil. He said Pakistan currently spends around $4 billion annually on crude edible oil imports, stressing that even a partial substitution through domestic production would provide significant relief to the national economy. “Olive oil is among the healthiest fruits available, and if we produce it ourselves, even saving a fraction of that import bill would be an enormous service to the nation,”
the prime minister said. He expressed confidence that Pakistan could become self-sufficient in edible oil within a few years if federal and provincial governments, farmers and private-sector investors continued working together. Olive cultivation expands from 500,000 to over seven million trees The new policy provides a roadmap for expanding olive cultivation while developing processing, quality control, packaging, branding and marketing facilities to enable Pakistan to emerge as a regional hub for olive oil in South, Central and Eastern Asia. Officials said the number of olive trees in Pakistan had increased from approximately 500,000 in 2016 to more than seven million, with plantations now spread across Punjab, Khyber Pakhtunkhwa, Balochistan and Sindh. Olive orchards currently cover around 60,000 acres across the country, reflecting what officials described as the sector’s rapid expansion over the past decade. Minister for National Food Security and Research Rana Tanveer Hussain said the government was seeking to take the sector beyond cultivation and raw production by developing an integrated value chain based
on processing, packaging, branding, quality and exports. “The real competition in agriculture today lies in quality, value addition, packaging, branding and market access,” he said. Secretary National Food Security and Research Amir Ali Ahmed said the policy was designed to establish Pakistan as an important centre of olive oil production in the wider region. He said the prime minister had directed that the initiative should not remain confined to plantation programmes but should encompass the complete chain from production to processing, value addition and marketing. Italy to train young graduates as Pakistan strengthens olive partnership The prime minister acknowledged Italy’s longstanding contribution to Pakistan’s olive sector and announced that the government would sponsor the training of 100 young agriculture graduates in Italy. The graduates will receive training in olive cultivation, processing and marketing before returning to Pakistan to contribute to the development of the domestic value chain. Shehbaz also thanked Italy for its decades-long cooperation with Pakistan in
agriculture, archaeology, trade and industry, recalling the two countries’ seven-decade partnership. Italian Ambassador Ugo Ciarlatani described the new policy as the product of a longstanding partnership between the two countries. He said Italian cooperation had contributed to the establishment of sensor and phytosanitary laboratories, training of plant pathologists and chemists, seven notified
nurseries and 36 business development groups led by women and young people. He also cited the €20 million Professional Capacity Building and Extension Agriculture Programme as a recent example of bilateral cooperation. The ambassador said olive oil remained deeply connected to Italy’s culture and traditions and expressed confidence that Pakistan could develop a competitive olive industry.
02 NEWS
Tuesday, 25 August, 2026 | KARACHI
ECC likEly to approvE pSo-oQ trading fuEl Supply dEal aS pakiStan, oman dEEpEn EnErgy tiES
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PROFIT
MONITORING REPORT
HE Economic Coordination Committee (ECC) of the Cabinet is likely to approve a sale and purchase agreement for petroleum products between Pakistan State Oil Company Limited (PSO) and OQ Trading Limited of Oman, Business Recorder reported. PSO and Oman Trading International had engaged in discussions in March 2026 to explore additional oil cargoes to help meet Pakistan's energy demand. Three cargoes of petrol and one of diesel were imported from Omani ports that month, with two further petrol cargoes set to arrive from Oman this month. Federal Minister for Petroleum Ali Pervaiz Malik held a meeting with Fahad Bin Sulaiman Bin Khalaf Alkharusi, Oman's Ambassador to Pakistan, to discuss the evolving regional energy situation and avenues for deepening bilateral cooperation. Malik highlighted the long-standing, cordial relationship between the two countries and reaffirmed Pakistan's com-
mitment to expanding energy cooperation with Oman. During the meeting, Malik briefed the ambassador on Pakistan's efforts to diversify energy imports and strengthen supply resilience, particularly by exploring alternative routes and sources outside the Strait of Hormuz amid shifting regional dynamics. The ambassador welcomed this push and said Oman was ready to support Pakistan's energy security efforts.
Malik expressed hope that Oman would consider Pakistan's request for preferential energy cargoes to meet its growing needs, and the ambassador responded positively, assuring the request would be given favourable consideration. The two sides also discussed opportunities for greater cooperation in the upstream sector, including exploration and production, and reaffirmed their commitment to deepening energy ties for mutual benefit.
Separately, the ECC is set to consider several other items at its Monday meeting. The Ministry of National Food Security and Research has proposed distributing PASSCO's wheat stocks to recipient agencies on an 85% local, 15% imported wheat basis. The Defence Division has placed before the committee a request for funds to settle PIACL claims and carved-out liabilities. The ECC will also review the IC Award 2025 concerning the Roosevelt Hotel, along with an NBP term facility of up to Rs43.849 billion. Additional agenda items include a technical supplementary grant of Rs7.797 billion as budgetary cover for funds remitted by the Government of Sindh for the Greater Karachi Bulk Water Supply Scheme (K-IV), and a Rs567.032 million technical supplementary grant for security charges related to the Reko Diq project, payable to Headquarters Frontier Corps Balochistan (South). sThe committee will also examine a request to re-appropriate funds under the FY2026-27 PSDP allocation for the "Automation of Post Office" project.
Textile exporters seek PM, SIFC intervention over power tariffs hurting export competitiveness kp assembly passes fiscal responsibility and debt management amendment bill 2026 PROFIT
AZIZ BUNERI
The Khyber Pakhtunkhwa Assembly on Monday passed the Fiscal Responsibility and Debt Management Amendment Bill 2026 aimed at strengthening fiscal discipline, regulating borrowing limits and establishing an effective framework for monitoring public debt across provincial departments. Provincial Law Minister Aftab Alam moved the motion for approval of the bill, which was subsequently passed by the House. Under the amended law, provincial departments and autonomous bodies will be barred from obtaining loans without prior formal approval from the provincial government. Similarly, explicit approval from the chief minister will be mandatory for obtaining grants. The legislation also provides for the establishment of a professional Debt Management Office in place of the existing Debt Management Unit. The office will be headed by a Director General and will be responsible for managing and monitoring the province's debt. The bill seeks to reduce the debt repayment burden and discourage borrowing to meet unnecessary cash requirements, with the objective of making greater financial resources available for development projects. During the session, the provincial government also presented the NFC Award Monitoring Reports for 2023 and 2024 before the House. Speaking on the occasion, Pakistan Peoples Party Parliamentary Leader Ahmad Kundi said the National Finance Commission (NFC) was the country's most important forum for distribution of financial resources. He said under Article 163-B of the Constitution, federal and provincial finance ministers were required to present NFC monitoring reports before their respective assemblies. Kundi questioned the delay in presenting the reports, saying that the 2024 report had been tabled in the House while the report for January 2026 should have already been presented. He alleged that the provincial government blamed the federal government for every issue, while it should also fulfill its own responsibilities. Kundi demanded that the government brief the House comprehensively on the mechanism for distribution of the province's resources, arguing that the government itself did not have the relevant reports available. Responding to the criticism, Law Minister Aftab Alam said the provincial government had presented two years' monitoring reports before the House and that delays occurred at the federal level. He said the province had also sent two additional reports to the Finance Division. Once the compiled report was received from the federal government, it would also be presented before the provincial assembly.
PROFIT MONITORING REPORT
After APTMA, the Pakistan Textile Exporters Association (PTEA) has urged the Prime Minister’s Office and the Special Investment Facilitation Council (SIFC) to intervene over what it described as persistent power tariff anomalies and rising electricity costs, warning that they are affecting industrial competitiveness and export growth. The association has opposed the proposed Rs2.52 per kWh Fuel Charges Adjustment (FCA) for July 2026 and called on the Prime Minister’s Office and SIFC to direct the Power Division and Nepra to resolve the B3/B4 voltage-level anomaly and rationalise industrial electricity tariffs according to the actual cost of service. PTEA Patron-in-Chief Khurram Mukhtar said export-oriented industries were facing repeated changes in electricity costs through Fuel Charges Adjustments, Quarterly Tariff Adjustments, base tariff revisions and other periodic adjustments. He said exporters often negoti-
ate orders months in advance at fixed prices and are unable to transfer subsequent increases in domestic energy costs to international buyers. The association said it was not seeking subsidised electricity but a transparent, competitive and predictable tariff structure linked to the actual cost of supplying power. It also raised concerns over the unresolved B3/B4 voltage-level tariff issue. According to PTEA, industrial consumers connected at higher voltage levels place a lower burden on the distribution system, while B4 consumers do not use the DISCO distribution network. It argued that tariffs should reflect the cost of service at each voltage level rather than requiring industrial consumers to bear unrelated system costs or cross-subsidies. The association said higher electricity costs for large-scale manufacturing and export-oriented industries could also affect SMEs, vendors, processors, transporters and other businesses linked to the industrial supply chain. PTEA further warned that con-
tinued uncertainty over electricity prices was pushing industries to invest in captive generation and alternative energy arrangements to secure a more reliable and predictable power supply. It said such investments were diverting capital that could otherwise be used for machinery, technology upgrades, productivity improvements, export expansion and employment generation. The association called for a 10year industrial energy roadmap to be developed in consultation with exporters, LSM, SMEs and other stakeholders. It said the framework should provide greater clarity on future tariffs, cross-subsidies, voltage-level pricing, grid charges, renewable energy integration and the role of captive and distributed generation. Earlier, on Saturday, the All Pakistan Textile Mills Association opposed the proposed positive Fuel Price Adjustment for July 2026, warning that the additional cost could further erode the competitiveness of Pakistan's export-oriented textile sector.
US court blocks Trump administration’s immigrant visa ban on Pakistan, 74 other countries PROFIT MONITORING REPORT
A US federal judge has struck down a Trump administration policy that suspended the issuance of immigrant visas to applicants from 75 countries, including Pakistan and Bangladesh, ruling that the State Department exceeded its legal authority. Judge Jeannette Vargas of Manhattan issued the ruling on Friday, declaring the policy “patently unlawful” and finding that it conflicted with the federal immigration framework governing the processing of immigrant visas. The State Department announced the policy in January 2026, suspending immigrant visa processing for applicants from 75 countries. Those affected included several countries in Latin America, such as Brazil, Colombia and Uruguay; Balkan states including Bosnia and Albania; as well as countries across Africa, the Middle East and the Caribbean. The department had justified the suspension by saying that applicants from the affected countries were at a high risk of becoming a
akd Securities-led consortium moves to bid for gEpCo privatisation PROFIT
NEWS DESK
AKD Securities Limited, Fast Cables Limited and Mughal Iron & Steel Industries Limited have announced their participation in a consortium seeking to take part in the Privatisation Commission’s process for the divestment of Gujranwala Electric Power Company (GEPCO). The three companies, through separate notices to the Pakistan Stock Exchange (PSX) on Monday, said they had obtained the Request for Statement of Qualification (RSOQ) issued by the Privatisation Commission for the proposed privatisation of GEPCO. The consortium comprises AKD Securities Limited, Fast Cables Limited, AJCL (Private) Limited and Mughal Iron & Steel Industries Limited. The boards of AKD Securities, Fast Cables and Mughal Iron & Steel have approved their respective participation in the consortium. The consortium members have designated AKD Securities as the Lead Consortium Member. The company has been authorised, through its authorised representative and with the power to subdelegate, to conduct business on behalf of the consortium during the privatisation process. The companies clarified that obtaining the RSOQ and joining the consortium does not constitute any binding obligation to complete the transaction at this stage. The proposed participation remains subject to prequalification by the Privatisation Commission, due diligence and all required corporate and regulatory approvals. The companies said they would keep the PSX informed of material developments relating to the transaction. GEPCO is among the three distribution companies included in the first batch of the government’s privatisation programme, along with Faisalabad Electric Supply Company (FESCO) and Islamabad Electric Supply Company (IESCO). GEPCO is a public-sector utility responsible for the distribution and supply of electricity within its licensed service area. The company was established in 1977 as the Area Electricity Board Gujranwala under WAPDA and was converted into Gujranwala Electric Power Company (GEPCO) in 1998 following the unbundling of WAPDA and the establishment of PEPCO. Its service area covers Gujranwala, Hafizabad, Sialkot, Gujrat, Narowal and Mandi Baha-ud-Din. On Friday, the Privatisation Commission (PC) said 11 local and international firms and consortiums had submitted Expressions of Interest (EOIs) for the privatisation of GEPCO, seeking a controlling stake of between 51% and 100% in the distribution company. The interested parties are Aktor Elektrik Enerji Yatırımları San. ve Tic. A.Ş. (Türkiye), Genvera Enerji A.Ş. (Türkiye), Cengiz Enerji Sanayii ve Ticaret A.Ş. (Türkiye), Al Sharif Contracting and Commercial Development Company (Saudi Arabia), Engro Energy Limited (Pakistan), Sapphire Fibers Limited (Pakistan), Hub Power Holdings and Lucky Cement (Pakistan), Shirazi Investments (Pvt) Limited (Pakistan), Artistic Milliners (Private) Limited and Fatima Group (Pakistan), K-Electric Limited (Pakistan), and AKD Securities, Fast Cable and Mughal Steel Group (Pakistan). The EOIs and Statements of Qualification (SOQs) submitted by the prospective investors will now be evaluated against the approved prequalification criteria.
pSX gives up early gains as kSE-100 closes 200 points lower PROFIT
NEWS DESK
public charge and relying on local, state or federal government resources in the United States. However, Judge Vargas ruled that the policy amounted to a blanket restriction based on an applicant’s nationality and that the secretary of state did not have the statutory authority to impose such a measure. She said federal immigration law specifically limits the authority of the secretary of state over con-
sular officials’ processing of immigrant visas, adding that the nationality-based suspension directly conflicted with the established legal framework. The ruling came in a lawsuit filed by immigrant rights groups Catholic Legal Immigration Network and African Communities Together, along with immigrant visa applicants and US citizens sponsoring family members from the affected countries.
The Pakistan Stock Exchange (PSX) witnessed volatile trading on Monday, with the benchmark KSE-100 Index surrendering its early gains and closing 200 points lower amid late-session selling pressure. According to the PSX website, the market opened on a positive note, with the KSE-100 Index gaining around 800 points in the opening minutes of trading. The index extended its gains to more than 900 points at one point, reaching an intraday high of 178,122.87. However, the market reversed course in the second half of the session, with the index falling to an intraday low of 176,735.57. It recovered some of the losses towards the close to settle at 176,966.68, down 199 points, or 0.11%, from the previous session. The decline followed a volatile previous week, when heightened political and geopolitical tensions, uncertainty surrounding the Strait of Hormuz and a sharp rise in international oil prices weighed on investor sentiment at the PSX. The KSE-100 Index opened the last week at 180,104.61 points and closed at 177,166.52 points, recording a weekly decline of 2,938.09 points, or 1.6%.
CCoP approves restructuring of FESCO, GEPCO and IESCO PROFIT
AHMAD AHMADANI
The Cabinet Committee on Privatisation (CCoP), chaired by the Deputy Prime Minister, has approved the restructuring plan for three major electricity distribution companies—FESCO, GEPCO and IESCO— marking a key step in the government’s power-sector reform agenda. The approved plan covers the first batch of distribution companies comprising Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO) and Islamabad Electric Supply Company (IESCO), with the objective of making them financially sustainable, professionally managed, digitally enabled and better equipped to serve consumers, businesses and industry. Under the restructuring plan, selected as-
sets, including all land parcels, and selected liabilities, including post-retirement benefits of already retired employees along with the material amount of fund, will be carved out and transferred to a Government of Pakistanowned Special Purpose Vehicle (SPV). However, the retirement benefits of current employees will remain with the respective DISCOs. Inter-governmental receivables and payables will also be netted off to settle government receivables. According to the approved plan, the restructuring will be fiscally neutral and has been prepared with the objective of enhancing value for the Government of Pakistan while ensuring that the transaction remains viable. The government has also recognised consumers, employees, industry and local communities as direct stakeholders in the reform process. Service continuity will remain a key priority throughout the restruc-
turing process. Employee interests will be addressed in accordance with applicable laws and transaction arrangements, while stakeholders will be appropriately informed as the next stages of the process move forward. Muhammad Ali, Advisor to the Prime Minister on Privatisation, said consumers would remain protected under Pakistan’s regulatory framework. “Consumers will remain protected under Pakistan’s regulatory framework. Electricity tariffs will continue to be determined through the applicable NEPRA process and notified by the Government, while the reform process will seek measurable improvements in reliability, efficiency and customer service,” he said. FESCO, GEPCO and IESCO collectively serve more than 14 million consumers across major industrial, commercial
and urban centres. The restructuring of the three distribution companies is therefore aimed at strengthening their performance and creating modern, accountable and consumer-oriented electricity distribution companies.
The CCoP approval marks a move from managing legacy constraints towards restructuring the first batch of DISCOs under a framework focused on financial sustainability, professional management, digital enablement and improved consumer service.
PAKISTAN MOVES TO ESTABLISH DEDICATED VENTURE CAPITAL REGIME
Tuesday, 25 August, 2026 | KARACHI
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PaKistan’s secP has drafted a Venture caPital bill with the boi to create a dedicated Vc regime, aiming to bring offshore-style funding into the domestic system and exPand access for startuPs PROFIT
weB Desk
AKISTAN has taken a step towards creating a dedicated regulatory framework for venture capital after the Securities and Exchange Commission of Pakistan (SECP) shared a draft Venture Capital Bill with the Board of Investment (BoI) for stakeholder consultation. The proposed legislation is aimed at expanding the flow of risk capital to startups and high-growth companies while attracting greater participation from domestic and foreign investors.
The SECP said the bill was prepared in response to a federal government initiative that tasked the regulator with developing a standalone legal framework for venture capital and improving funding access for emerging businesses. The move comes as Pakistan’s startup, technology and innovation sectors continue to face limited access to formal venture capital. According to the SECP, a significant share of investment activity in these sectors is currently arranged through offshore structures or outside the country’s regulatory framework. The proposed law is intended to bring venture capital activity into the formal do-
Trump administration moves to impose more than $100,000 fee for H-1B worker visas WASHINGTON ReuteRs
President Donald Trump's administration on Monday released a proposed regulation to codify an unprecedented fee of more than $100,000 on new H-1B visas for highly skilled foreign workers that has been blocked by the courts. The fee, first temporarily imposed by Trump last year, dramatically raises the cost of visas that are heavily relied on in the tech, education and research sectors. A federal judge in June ruled that the fee was illegal and blocked the Trump administration from collecting it. A Boston-based appeals court is reviewing that decision while a different court considers whether a judge properly rejected a challenge to the fee by a major business group. Trump's temporary fee increase expires in September, one year after it was issued. The proposed rule by the US Department of Homeland Security, posted in the Federal Register on Monday, would make a fee of $103,265 permanent. It could be finalised by the end of the year. The H-1B programme allows US employers to hire foreign workers with training in specialty fields and offers 65,000 visas annually, with another 20,000 for workers with advanced degrees, approved for three to six years. Those visas typically came with fees between $2,000 and $5,000 before Trump's order. The fee would not apply to visas granted to foreign citizens already in the United States on student visas, who make up a large share of new H-1B recipients, or to renewals of current visas.
Petrol, HSD prices raised for one-day period
the government raised petrol by rs0.39 and hsd by rs2.40 per litre effective aug 25 for one day. new rates apply until tuesday as prices track global oil and costs. PROFIT
weB Desk
The government has raised the prices of petrol and high-speed diesel (HSD) by Rs0.39 and Rs2.40 per litre, respectively, effective August 25. According to a Petroleum Division notification issued on Monday, the price of petrol has been increased to Rs341.98 per litre from Rs341.59. The price of HSD has been revised upward to Rs370.69 per litre from Rs368.29. The revised rates will remain applicable until Tuesday as the government continues to adjust petroleum prices in line with international oil prices and other relevant cost factors. In the previous review on Friday, the government had increased petrol and HSD prices by Rs3.81 and Rs3.59 per litre, respectively. The latest adjustment brings the cumulative increase in petrol prices over the two reviews to Rs4.20 per litre, while HSD has risen by Rs5.99 per litre.
mestic system through a regulatory regime focused on simplicity and transparency. Under the draft framework, venture capital funds and fund managers would be subject to light-touch licensing and registration requirements. The legislation also proposes simplified operating structures alongside defined governance and reporting requirements. The SECP said the framework would help formalise venture capital activity in Pakistan while creating conditions for private capital to support startups, generate employment and contribute to broader economic growth. SECP Chairman Dr Kabir Ahmed Sidhu said the proposed legislation recog-
nised the distinctive nature of venture capital, where investment is typically exposed to higher risks and centred on innovationdriven businesses. He said the bill sought to lower regulatory barriers while retaining effective governance and investor protection, according to the SECP statement. The next phase will involve consultations between the SECP and BoI and a range of stakeholders before the draft enters the formal legislative process. The consultation process will include startups, venture capital fund managers, legal and financial experts, the State Bank of Pakistan, Pakistan Stock Exchange and relevant industry associations.
KP government continues supply of flour at official rate g
KP KePt suPPlying flour at the official rate, distributing 315,534 bags in Past weeK. food dePartment releases wheat daily, monitors quality, and warns of action against substandard flour PESHAWAR
Aziz BuneRi
The Khyber Pakhtunkhwa government continued the supply of flour at the official rate across the province, with 315,534 bags distributed among consumers during the last week. According to figures released by the Food Department, 2,000 tons of wheat is being released daily to flour mills from the provincial strategic reserve, while 20,000 bags of 100kg wheat are being supplied each day to active flour mills in different districts. A 20kg bag of flour is being provided to consumers through registered and nominated dealers at the official rate of Rs2,520. The department said
315,534 bags were supplied through 1,771 active dealers across the province during the past week. In details released, the divisional breakdown showed that 69,446 bags were distributed in Peshawar, 41,452 in Mardan, 78,122 in Malakand, 65,400 in Hazara, 11,660 in Bannu, 32,094 in Dera Ismail Khan and 17,360 in Kohat divisions. Officials said teams of the Food Department and the Khyber Pakhtunkhwa Food Safety and Halal Food Authority were regularly monitoring the quality of wheat and flour. Strict action would be taken against flour mills found supplying substandard flour, they added. Special Assistant to the Chief Min-
ister for Food Dr Muhammad Israr Khan urged consumers to remain vigilant about the quality of flour and report cases of substandard flour to the relevant authorities. He said the government quota of any flour mill found supplying substandard flour would be cancelled, besides legal action against those responsible. Dr Israr said the provincial government was taking all possible measures to ensure the availability of quality flour to consumers at the notified rate. He also criticized the Punjab government’s restrictions on the interprovincial movement and trade of wheat and flour, saying the measures were having an adverse impact on flour prices across the country.
Iran threatens 45 tankers with fines, confiscation in Hormuz escalation TEHRAN
ReuteRs
Iran said it had blacklisted 45 tankers that had broken its rules for crossing the Strait of Hormuz, and would take action against any vessels transferring loads with them, escalating its threats over the key waterway six months into the war. The named vessels could be fined, detained and have their cargoes confiscated, according to an X post late on Sunday from the Persian Gulf Strait Authority, a new body set up by Iran to manage the strait. The warning was issued within days of the US threatening Iran with "the toughest sanctions in history", and Iran saying its response to any new US threats would be "devastating". The restricted list includes very large crude carriers, liquefied natural gas and liquefied petroleum gas tankers, and clean product vessels, among others. Some of the named ships are owned by the United Arab Emirates' ADNOC Logistics and Shipping, ADNOC's subsidiary Navig8 Tankers, and Saudi Arabia's national shipping carrier Bahri. Any vessels involved in ship-to-ship transfers with the named vessels could be added to the blacklist, the Iranian X post added. Read More: Trump claims Iran 'completely collapsing' as US threatens 'economic D-Day'
The post did not spell out what it meant by Iran's rules, but Tehran has in the past said shipowners should get its clearance to transit the strait and said ships should pay for security and other services. The US has also imposed a naval blockade against Iran-related shipping. The Gulf supplied about 20% of the world's daily crude oil and liquefied natural gas before the Iran conflict disrupted tanker traffic. US-coordinated efforts to shuttle tankers quietly through the Strait of Hormuz to fill supertankers waiting just outside it are helping restore some of those export volumes. US Secretary of Energy Chris Wright said on X on Friday that the "7day average of oil leaving the Strait is
over 8 million barrels a day. Make no mistake, thanks to the US Navy, oil is flowing through the Strait of Hormuz." Ships owned by Klaveness Ship Management, Stolt Tankers and South Korea's Sinokor were also included on the blacklist. ADNOC declined to comment, while other shipping firms did not immediately respond to Reuters' requests for comment. The Persian Gulf Strait Authority has said cargo owners should refer to an updated list of vessels deemed non-compliant for voyages relating to the Gulf. Ships seeking the removal of their names from the non-compliant vessels' list must submit a request with relevant explanations to Iran's maritime authorities, the post said.
US Treasury to broaden scope of secondary sanctions on Iran, source says WASHINGTON ReuteRs
The US Treasury Department is expected on Monday to broaden the scope of secondary sanctions it can impose on entities and countries that maintain business ties with Iran as the Trump administration seeks to increase economic pressure on Tehran, a source familiar with the plans told Reuters. The action is aimed at giving a final warning to countries to sever their business ties with Iran in an effort to force an end to the nearly six-month conflict that has bottled up the Strait of Hormuz and Gulf energy exports, said the source, who spoke on condition of anonymity due to not being authorised to speak publicly about the matter. Treasury Secretary Scott Bessent is expected to announce more details of the Iran actions in a press conference at 1 p.m. EDT (1700 GMT). The source said Bessent also intended to provide a broader overview of an economic pressure campaign against Iran that he and President Donald Trump have described as an "economic D-Day", and would make it clear to countries that they must side with the US or risk having
key companies and entities cut off from the dollar-based financial system. Bessent last week billed the action against Iran as the "toughest sanctions in history", saying that along with the US naval blockade of Iranian ports, they would reduce the need for new "kinetic" military operations against Iran. Trump's war in Iran, which has pushed energy prices higher worldwide, is about to hit its six-month mark. While heavy fighting has subsided, diplomatic efforts to end the war have stalled and oil and raw material shipping through the Strait of Hormuz remains blocked, keeping energy prices elevated. Trump's approval rating has fallen to a low point, with just 33% of Americans in the latest Reuters/Ipsos poll approving of his performance. He says the economic costs are necessary to ensure Iran does not have a nuclear weapon. The US has maintained sanctions against Iran for decades, most of which have been aimed at curtailing the country's oil revenues, aviation sector, cryptocurrency, procurement of weapons components and other military hardware, and cutting off funding for business enterprises controlled by the Islamic Revolutionary Guard Corps, a dominant
force in the Iranian economy. The sanctions bar designated entities from the dollar-based financial system, but Iran has been successful in quickly standing up new front companies, other entities and vessel registrations to evade the sanctions. The source familiar with Bessent's plans said the action is likely to reveal additional categories of Iran-related conduct that would be subject to secondary sanctions in the future, making it easier to take action against those facilitating the transactions on behalf of the Iranian government. The source did not specify the activities that could be subject to sanctions, but said that for certain Iranian sectors, any activity, even in a third country, could be subject to secondary sanctions. The Treasury currently approves licenses for transactions in a number of sectors in Iran, including for medicine and medical devices, cultural and arts exchanges and agricultural transactions. A senior administration official said Bessent is expected to warn that any remaining financial lifelines, including through banks and third countries that have tolerated certain activity, must be shut down. The official, who also spoke
on condition of anonymity, said the Treasury has "mapped Iran's oil-smuggling and sanctions-evasion network" and will present this information to countries helping Iran evade the sanctions as a warning.
IMPACT ON RELATIONS WITH CHINA: The Treasury in recent months has sanctioned independent Chinese "teapot" refineries for purchases of Iranian oil and expanded its targeting of the shadow fleet of tankers transporting Iranian oil. A much more powerful tool is the authority to sanction banks in China and other countries that are facilitating transactions with Iran, a step that the Trump administration has so far been unwilling to take amid a delicate trade truce with Beijing. With Trump and Chinese President Xi Jinping scheduled to meet in Washington in late September, new sanctions on Chinese banks could sour prospects for extending a deal struck last November to keep Chinese rare earths flowing and cap US tariffs. The US blockade of Iran's ports has already curbed Chinese offers to purchase Iranian crude, Reuters reported on Friday, which may lessen the impact of secondary sanctions on China.
NEWS 03
Pakistan’s local mobile phone manufacturing rises 9% YoY to 3.90 million units in July, meets 97% of demand
imports fall 35% yoy to 0.11mn units as mom assembly surges 102% on pre-budget demand rebound PROFIT
news Desk
Local manufacturing and assembly of mobile phones in Pakistan rose 9% year-on-year to 3.90 million units in July 2026, according to the latest data released by the Pakistan Telecommunication Authority (PTA), as cited in a report by Topline Securities. Local assembly also jumped 102% month-onmonth. The sharp month-on-month recovery reflects a rebound in consumer demand following purchase deferments ahead of the FY27 budget, which had supported higher local assembly during the month. Cumulatively, local manufacturing and assembly declined 5% year-on-year, totalling 17.00 million units in the first seven months of 2026 (7M2026), compared to 17.83 million units in the same period of 2025. Mobile phone imports fell sharply during the month, down 35% year-on-year and 83% month-on-month, to 0.11 million units. For 7M2026, however, cumulative imports stood at 2.66 million units, up 158% year-on-year. Total mobile phone supply, combining local production and imports, reached 4.01 million units in July, up 7% year-on-year and 56% month-on-month. For 7M2026, total supply stood at 19.66 million units, up 4% year-onyear. As a result, local manufacturing and assembly met 97% of Pakistan's mobile phone demand in July 2026, up from 75% in May 2026. For the first seven months of 2026, this ratio stands at 86%.
Govt says Imran Khan was taken to Pims due to security concerns ISLAMABAD
stAFF RePORt
The federal government on Monday defended the decision to take Pakistan Tehreek-e-Insaf founder Imran Khan to the Pakistan Institute of Medical Sciences instead of Shifa International Hospital, with Federal Minister for Parliamentary Affairs Tariq Fazal Chaudhry saying the move was made because of the security situation. Chaudhry said the administration made the decision and that it had no connection with the Punjab government. He said both Khan’s medical care and security were of critical importance and added that the government knew shifting him to Pims rather than Shifa would trigger a reaction. He said all medical tests recommended for Khan were available at Pims and added that the government had a zero-tolerance policy on matters concerning his health and security. According to the minister, doctors from Shifa International Hospital were also present during the examination at Pims. Attributing the decision to security considerations, Chaudhry said: Imran's security was the priority, which is why the decision was made. The remarks came three days after Khan was taken to Pims for a medical examination and then returned to Adiala jail. The Supreme Court, in its August 18 order, had directed authorities to shift the former prime minister to Shifa International Hospital for a medical examination. He was instead taken to Pims, where, doctors from Shifa were also present. The PTI later filed a contempt petition in the Supreme Court over what it described as non-compliance with the court’s order regarding the hospital transfer. PTI lawyer raises concerns over family contact Speaking on Geo News programme Capital Talk, PTI lawyer Salman Akram Raja said Dr Faisal Sultan had not said anything that went against the court’s order and that the medical report would remain limited to the doctor and Khan’s family. Raja said that if another prisoner were in the same condition as Khan, that inmate would have the right to be moved to a private hospital. He also said Khan’s contact with his family had been cut off since December 2 and linked that situation to concerns about his health.
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04 COMMENT
Pashtuns: Judged, bombed and blamed
Tuesday, 25 August, 2026
Quiet diplomacy
P
AKISTAN’S mediation in the Iran war has entered a quieter phase, but it has not ended. The visit to Tehran by Chief of Defence Forces Field Marshal Asim Munir and Interior Minister Mohsin Naqvi makes that clear. Their consultations with Iranian Interior Minister Eskandar Momeni are part of a continuing effort to prevent the conflict from widening and revive a political process that has stalled. Before the Islamabad Memorandum was signed, Pakistan’s role was unusually public. Islamabad hosted highlevel engagement, floated proposals and presented itself as the principal bridge between Washington and Tehran. The prime minister, foreign minister and military leadership were visibly involved. For a country more often forced to react to regional crises, this was a rare moment of diplomatic initiative. That visibility reflected both opportunity and necessity. Pakistan could speak to Tehran while retaining channels with Washington, Riyadh, Ankara and Doha. It also had more at stake than distant mediators. A prolonged war threatened oil supplies, shipping through the Strait of Hormuz, millions of Pakistani workers in the Gulf and security along the Iranian border. Mediation was therefore not diplomatic theatre; it was a defence of Pakistan’s economic and strategic interests. Since the memorandum, however, Islamabad has lowered the volume. That may be deliberate. Negotiations become harder when every contact is advertised as a breakthrough and every mediator seeks public ownership of the process. Iran and the United States both need room to retreat from maximalist positions without appearing to have surrendered. A mediator is often most useful when it keeps channels open, carries messages accurately and resists the temptation to claim centre stage. The Tehran visit fits this quieter model. Its publicly stated purpose is broad, while its substance remains guarded. That discretion is particularly valuable as Washington prepares harsher economic pressure and Tehran signals retaliation. At such a moment, a back channel may achieve more than another highly choreographed summit. Pakistan should nevertheless be realistic about its leverage. The Islamabad Memorandum left difficult disputes over sanctions, Iran’s nuclear programme, the Strait of Hormuz and wider regional security. Islamabad can facilitate, reassure and narrow differences; it cannot impose a settlement. It must also avoid appearing to act as an emissary for either side, which would quickly destroy the trust on which its role depends. The reduction in publicity, then, should not be mistaken for withdrawal. Pakistan appears to be playing down its mediation precisely so that it can continue playing it. The measure of success is no longer how prominently Islamabad features in the headlines, but whether its diplomacy can quietly bring the parties back to the table.
T
dr Zafar Khan Safdar
HERE is a cruel irony in the story of Pakistan’s Pashtun belt. For nearly half a century, it has carried the weight of wars it did not start, absorbed populations it did not create and endured violence it did not choose, only to find itself judged for the consequences. Since the Soviet invasion of Afghanistan in 1979, Pashtunmajority areas have moved from one crisis to another, becoming a refuge for millions of Afghans, a frontline of the Afghan jihad, a battleground in the War on Terror and later a target of militancy and counterterrorism. Those who opened their homes to refugees and bore the costs of successive geopolitical storms were too often treated not as victims of history, but as suspects in it. The tragedy is not simply that the Pashtun suffered from war. It is that war repeatedly became a substitute for development, security became the dominant language of governance, and an entire population was left to live with the consequences long after those who shaped these conflicts had moved on. What began as wars across the border gradually became a permanent condition of life on this side of it. Khyber Pakhtunkhwa subsequently endured the rise and fall of the Taliban, the post-2001 War on Terror, expanding militancy and counter-militancy, drone strikes, military operations, displacement and suicide attacks on markets, mosques, schools, police stations and even funeral processions. For millions of Pashtuns, war was never a distant headline. It entered their villages, homes and families. For more than two decades, the Pashtun has paid for Pakistan’s wars in blood. Since 2000, tens of thousands have been killed across KP and the former tribal areas, while millions have experienced displacement, insecurity and economic disruption. In 2025 alone, KP accounted for 2,331 violence-linked deaths, more than 68 percent of the national total. Yet an extraordinary inversion persists. The Pashtun is too often seen as the terrorist rather than the victim, the threat rather than the sacrifice, and the problem rather than a people who have paid one of the highest prices for Pakistan’s security. This perception has deep roots. British colonial rule portrayed the frontier as violent, unruly and difficult to govern, using exceptional laws and a separate administrative system to control it. The Frontier Crimes Regulation became its clearest expression, institutionalizing unequal treatment. Independence did not erase the stereotype. Elements survived in the postcolonial state, shaping how Pashtuns were policed, their political demands interpreted and their regions governed. Even consti-
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late)
tutional rights could be framed as defiance, questions about missing persons as suspicion, and protests against violence as tests of loyalty. The deeper injustice, however, is economic. Khyber Pakhtunkhwa is not without industrial investment. Economic zones in Hattar, Gadoon, Jalozai and Rashakai have generated employment and investment, with more than 1,200 operational industries and over 109,000 jobs reported by the provincial economic zones authority. But the real question is whether this opportunity matches the province’s population, labour force, development needs and extraordinary security burden. It plainly does not. For decades, KP has absorbed the human cost of conflicts shaped far beyond its villages and valleys while producing soldiers, police officers and Frontier Corps personnel for the country’s hardest battles. Its civilians and security forces have buried their dead, its markets and schools have been attacked, and its communities repeatedly displaced. Yet the economic opportunities needed to give its young population a secure and productive future have never expanded at the scale demanded by the burden it has carried. This is not merely a development question. Poverty, unemployment, insecurity and militancy can reinforce one another where young people find too few legitimate opportunities. A young person needs more than protection from violence. He needs a future worth protecting. Lasting peace therefore requires not only security, but jobs, dignity and hope. Development in KP is not charity or provincial favour; it is an investment in Pakistan’s national security, social cohesion and long-term stability. The sacrifice of Pashtun security personnel also deserves far greater recognition. These are Pashtuns serving in Pakistan’s uniform, defending communities, roads and checkpoints in precisely those areas where the threat is greatest. Yet the same
Between Hasina and BRICS: The Delhi–Dhaka Deadlock Founding Editor
M. A. Niazi
Babar Nizami
Editor Pakistan Today
Editor Profit
T
Saqlain abid
HE planned visit of Bangladesh Prime Minister Tarique Rahman to New Delhi appears to have entered a diplomatic deadlock. Dhaka has made it clear that a “conducive environment” must exist before the visit can proceed, with the extradition of former Prime Minister Sheikh Hasina remaining the central obstacle. India, meanwhile, has invited Rahman to the 18th BRICS Summit in New Delhi on September 12–13, creating an unusual diplomatic dilemma: can Delhi welcome Bangladesh’s new leadership while continuing to host its most controversial former leader? The roots of this dilemma go back to August 2024, when Sheikh Hasina fled Bangladesh following a student-led uprising and took refuge in India. Her government had increasingly been accused of authoritarianism, suppression of opposition and excessive use of state power. The quota protests eventually became a much broader movement after the government’s violent response intensified public anger. The UN later estimated that as many as 1,400 people were killed during the crackdown. Now Hasina has reopened the wound herself. In a recent press appearance in Delhi, she declared her intention to return to Bangladesh despite facing a death sentence in absentia and argued that the charges against her were politically motivated. Dhaka condemned India’s allowing her public political voice, while New Delhi has maintained that it does not permit her to conduct political activities from Indian territory. For India, therefore, Hasina is no longer simply an asylum seeker. She has become a strategic liability. New Delhi invested heavily in its relationship with her government for years, particularly on security and regional connectivity. Handing her over could be interpreted as abandoning an old strategic partner; refusing to do so risks damaging relations with the government that has replaced her. India has so far chosen the language of law rather than politics. Its foreign ministry has said that Dhaka’s extradition request is being examined according to applicable law and judicial procedures. For New Delhi, the question is therefore not merely whether Hasina should be returned, but how such a decision would affect India’s strategic interests, domestic politics and its wider regional position. For Dhaka, however, the issue is simultaneously political, legal and emotional. The current government cannot easily explain to its electorate why its prime minister should travel to Delhi for diplomatic engagement while the former leader, whom Dhaka’s tribunal has sentenced to death in absentia, remains there. Tarique Rahman therefore faces a domestic
credibility test: a Delhi visit without movement on Hasina could be portrayed by opponents as accommodation with India. Yet Bangladesh cannot afford an endless confrontation with its largest neighbour either. India remains economically, geographically and strategically important. Trade, border management, water-sharing, connectivity and regional security all require functioning bilateral relations. This is precisely why India’s BRICS invitation is significant. Bangladesh has been invited as a special guest to the September 12–13 summit, although it is not a BRICS member. The invitation gives both sides a diplomatic opportunity to prevent the Hasina dispute from consuming the entire bilateral relationship. The real diplomatic game, therefore, is not simply about whether Tarique visits Delhi. It is about what price each side is willing to pay for normalisation. India may prefer a formula in which Hasina remains outside Bangladesh but gradually becomes politically irrelevant. Dhaka, meanwhile, wants justice, sovereignty and domestic legitimacy. A compromise could involve judicial assurances, restrictions on political activity, or even a mutually negotiated third-country arrangement. But any such solution would re-
quire political courage from both capitals. Bangladesh also has alternatives. Its growing engagement with China, Malaysia and other partners provides diplomatic space, while Pakistan has signalled interest in deeper political, academic and economic engagement. But Dhaka should be careful not to turn diversification into dependency or regional rivalry. Its best strategy may be strategic balancing rather than replacing one dependency with another. Ultimately, Delhi and Dhaka face the same strategic reality: geography cannot be changed by political anger. India needs a stable Bangladesh, while Bangladesh needs a predictable India. The September BRICS invitation may therefore become more than a summit invitation. It could become the first serious test of whether Delhi and Dhaka can separate the Hasina question from the Bangladesh–India relationship. If they cannot, the diplomatic deadlock may deepen. If they can, the crisis could become an opportunity to reset one of South Asia’s most consequential relationships. Between Hasina and BRICS, Delhi and Dhaka now face a choice between preserving yesterday’s strategic calculations and building tomorrow’s regional order. The writer is a freelance columnist
community that produces young men willing to die for Pakistan is still too often viewed through a lens of suspicion. The stereotype travels farther than the sacrifice, and the caricature survives where the human story disappears. Yet the human story is one of resilience. Pashtun families have educated their children, rebuilt homes and businesses after displacement and attacks, and continued sending their sons and daughters to universities and professional careers despite decades of insecurity. The 2023 census reflects progress in literacy and education, even though substantial disparities remain. A society repeatedly tested by conflict has continued to move forward. Its story is therefore not one of perpetual victimhood, but of endurance, aspiration and an unwillingness to surrender its future to the violence that has surrounded it. Pashtuns did not choose the wars that turned their homeland into a battlefield, yet they buried their civilians, police officers and soldiers, endured displacement and poverty, rebuilt their communities and continued serving Pakistan. The answer is not special treatment, but equal citizenship; not suspicion, but justice; not ceremonial gratitude at funerals, but opportunity, dignity and rights in life. A nation cannot demand sacrifice from a people while questioning their belonging. If Pakistan truly wants peace and cohesion, it must finally see the Pashtun not as a security problem to be managed, but as an equal citizen to be protected, respected and given a future.
The writer is Ph.D in Political Science and visiting faculty at QAU Islamabad. His area of specialization are political development and social change. He can be reached at zafarkhansafdar@yahoo.com and on X @zafarkhansafdar.
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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
A dangerous gamble
AN old article — “When the cancer drugs don’t work” (June 26) — continues to haunt me even today after so many months. It was based on investigative work by the Bureau of Investigative Journalism, revealing that essential chemotherapy drugs used for treating breast cancer, leukemia and other severe illnesses, are being sold with inaccurate quantities of their key ingredients. These substandard cancer drugs are being shipped to over a hundred countries, including Pakistan. As a cancer patient, I am deeply concerned. Patients like me rely on these medications during some of the most challenging times of their lives, with the belief that they are both effective and safe. Sadly, learning that certain cancer drugs may contain inconsistent dosages of their active ingredients — either too little or too much — is deeply alarming. In Pakistan, there is no reliable way to verify if prescribed medicines meet quality standards. We place our trust in the healthcare system to protect us, but that trust faces setbacks in an already fragile environment when quality control mechanisms fail. How can doctors manage critical conditions if the doses are in-consistent? If the quality of medicine is compromised, what hope is there for recovery? Low-cost generic alternatives to the expensive originals cannot always be relied upon, but how can a pharmaceutical company at all manufacture and distribute a drug that is still under patent protection? This is a serious violation of intellectual property rights, as well as a significant threat to patient safety, since the copied formulations may lack critical testing and verification related to efficacy and safety. The Drug Regulatory Authority of Pakistan (Drap) and the national Intellectual Property Organisation (IPO) are under obligation to investigate these issues thoroughly. Patients deserve reassurance that the medicines they consume meet regulatory standards. Drap must diligently strengthen its quality control mechanisms, and test all generic drugs with vigilance. It is a matter of life and death for us, the patients. The health authorities must thoroughly test cancer drugs, hold manufacturers and suppliers accountable, and strengthen oversight. Ensuring that patients receive quality treatment is vital. Cancer is merciless as it is, and suffering patients deserve to have a fair chance of treatment. ABU BAKAR KAREEM KARACHI
A test of intent
Ultimately, Delhi and Dhaka face the same strategic reality: geography cannot be changed by political anger. India needs a stable Bangladesh, while Bangladesh needs a predictable India. The September BRICS invitation may therefore become more than a summit invitation.
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IT has become something of a trend among today’s youth to view the Central Superior Services (CSS) examination as a golden ticket — a shortcut to social prestige, family approval or even love. But in this pursuit of glory and acceptance, many lose sight of what truly matters: their own dreams, abilities and peace of mind. The CSS exam is no walk in the park. It demands grit, discipline and clarity of purpose. Those who step into it for reasons other than genuine passion for public service often find themselves biting off more than they can chew. The journey is long, uncertain and mentally exhausting. Without inner conviction, the pressure can easily break even the brightest minds. Sadly, in our society, the title of “bureaucrat” carries an aura of power and respect that often overshadows other equally noble professions. Many young people, fearing judgment or rejection, abandon promising careers — in medicine, engineering or business — just to chase a label that will please someone else. But living someone else’s dream is a sure recipe for frustration. A job in the civil services should never be about impressing others or proving one’s worth. It should stem from a deep desire to serve, lead and reform. A person truly fit for the civil service is one who dreams of improving systems, not one trying to fit into someone’s expectations. Sometimes, the bravest thing one can do is to stay true to oneself, even when the world whispers otherwise. SANAULLAH MIRANI DAHARKI
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COMMENT 05
Educating daughters Tuesday, 25 August, 2026
E
muhammad mohsin iqbaL
vERY parent cherishes the hope of bestowing upon their children an education superior to that which circumstance once permitted them, believing that knowledge alone can lift a family from the constraints of limited means and open doors long closed. Islam itself places the highest value upon learning, for the holy Prophet (peace be upon him) declared that the seeking of knowledge is obligatory upon every Muslim, male and female alike. The first revealed word of the holy Qur’an was “Iqra”—Read—and this divine command admits of no distinction of gender. In the early days of Islam, women of learning stood among the foremost transmitters of knowledge; the Mother of the Believers, hazrat Aisha (May Allah be pleased with her), was a scholar of profound insight whose counsel was sought by the Companions themselves. Yet in later centuries, among many communities, greater store was set by the schooling of sons, while the instruction of daughters was frequently held contrary to local custom and tradition. Many households regarded a girl’s place as confined to the domestic sphere, deeming formal learning unnecessary or even
undesirable for her. The present age, however, has witnessed a heartening and steady advance in the education of girls, in keeping with the true spirit of the faith. Female literacy among those aged ten and above has risen to fifty-four per cent according to the latest figures of the Pakistan Bureau of Statistics, while the longstanding gender gap has narrowed from nearly twenty-three percentage points a quarter-century ago to some fifteen points. School attendance among females now stands at fifty-seven per cent. In examinations at every level, girls frequently secure higher places than their male counterparts. Professional studies, too—medicine, law, teaching, and the sciences—attract them without hesitation. This progress is not merely a statistical triumph; it is the gradual fulfilment of an Islamic ideal long obscured by custom. having completed their studies, most young women desire to put their learning to practical use, whether as physicians, teachers, or in other fields of employment. Islam does not forbid a woman from earning an honest livelihood when necessity or the service of society requires it, provided her dignity remains intact. The greater number enter paid work to meet household needs or to ease financial strain; some pursue lighter occupations that allow them to balance duty and domestic life. Working women command genuine admiration for the manner in which they discharge the duties of office or profession and, at the same time, the responsibilities of the household. Female labourforce participation remains modest at roughly twenty-eight per cent, yet those who do enter employment often shoulder this double burden with quiet resolve and remarkable fortitude. Their contribution strengthens families and enriches the wider community, provided the moral safeguards
prescribed by faith are observed. The most trying passage of their professional lives is frequently the conduct they encounter while working alongside men. Not all five fingers are equal. The majority of men treat their female colleagues with proper respect, and their behaviour is worthy of praise. Yet there is no scarcity of those who regard working women with disdain or who allow their eyes and words to stray beyond the bounds of honour. The holy Qur’an commands both believing men and believing women to lower their gaze and guard their modesty, for in this lies purity of heart. Almighty Allah has placed within women a particular sensibility—a kind of inner radar—by which they discern when a man’s gaze is not honest. Those compelled by necessity to earn a livelihood face the sternest trial in this regard, for the faith teaches that a woman’s honour is sacred and
The present age, however, has witnessed a heartening and steady advance in the education of girls, in keeping with the true spirit of the faith. Female literacy among those aged ten and above has risen to fifty-four per cent according to the latest figures of the Pakistan Bureau of Statistics, while the long-standing gender gap has narrowed from nearly twenty-three percentage points a quarter-century ago to some fifteen points. School attendance among females now stands at fifty-seven per cent. In examinations at every level, girls frequently secure higher places than their male counterparts. Professional studies, too—medicine, law, teaching, and the sciences—attract them without hesitation. This progress is not merely a statistical triumph; it is the gradual fulfilment of an Islamic ideal long obscured by custom.
Smartphone bans in schools
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In March 2026, 114 out of 197 education systems (58 percent) have now instituted national restrictions on mobile phones in schools KOREA HERALD Lee Jae-min
new global trend is taking hold. An increasing number of countries are adopting or considering measures to ban or restrict student smartphone use. The driving force is clear: Smart devices negatively affect the mental development and health of the younger generation. According to data from the UNESCO Global Education Monitoring Report, updated in March 2026, 114 out of 197 education systems (58 percent) have now instituted national restrictions on mobile phones in schools. Korea recently joined this bandwagon. Effective March 2026, a revision to the Elementary and Secondary Education Act banned the use of mobile phones and smart devices during instructional hours. The law also allows each school to adopt its own regulations to expand the ban to cover the entire school day, including recess and lunch breaks. In fact, many schools have amended their internal regulations to opt for fullday bans. Given that 94 percent of South Koreans under 19 own smartphones and 63 percent own tablet PCs — according to a report by a government-funded research institute — this latest legislative shift is having a significant impact on classrooms nationwide. Picture a typical morning. Teachers collect powered-down phones at the start of the day, storing them away until school ends. Predictably, this law is a direct response to the concerns of lawmakers, parents and educators, who argue that smartphone use hinders academic performance by distracting students and eating into study time. Not to mention cyberbullying, online harassment, and other forms of digital abuse. According to a study by the Ministry of Science and ICT, the percentage of adolescents classified as “at risk” for smartphone overdependence reached a historic high of 42.6 percent last year. By comparison, the figure for the general population was just 22.9 percent. This stark contrast explains why Korea has become serious about mobile phone regulation in schools. The reaction in other countries is largely similar. For instance, a 2026 survey by the Pew Research Center found that nearly 8 out of 10 adults (77 percent) support a phone ban during class time for middle and high schools. Opinion is much more divided on a full-day restriction, with 48 percent in favor and 43 percent opposed. In a similar vein, several countries have adopted restrictions on youth social media usage. Australia pioneered this
movement last December by enforcing a total social media ban for children under 16. Indonesia and France followed suit recently. Meanwhile, the UK, Canada, Spain, New Zealand, Greece and Japan are actively considering or investigating similar actions. Once again, the underlying driver is the constant digital overstimulation powered by hyper-optimized, addictive algorithms, infinite scrolling and tailored notification feeds. As for Korea, eight bills are currently pending in the National Assembly as of this August, all aiming to restrict social media usage for young students based on these very concerns. True, this remains uncharted territory in Korea, and the debates are far from over. Skeptics have raised valid counterconcerns. Would the ban really improve academic performance and youth mental health? So many factors are involved in these matters that it is impossible to blame a single culprit. Would the ban even be effective? A pupil could easily offer up a decoy phone in the morning to circumvent the ban, and minors might attempt to compensate for their daytime deprivation with heavier usage after school. Ultimately, only time will tell whether and how this new endeavor can help address a uniquely modern social dilemma. Despite these valid concerns and question marks, I believe the new policy is arguably a step in the right direction. Phone-free and social media-free environments, once carefully designed, can — at least to some extent — protect minors by creating a daily “digital detox” window during school hours. Far from a cure-all, of course. But it will certainly help tame the problem. Furthermore, positive ripple effects should not be ignored. Legislation-driven action, like this one, carries profound institutional weight, bringing this critical matter to the fore and forcing wider public awareness. Parents and guardians are now more strongly alerted to the digital dangers confronting youth, prodding them to supervise their children’s device habits more actively. Ultimately, this reminds me that despite the challenges, this national policy is on the right track. The critical homework lies in the details, though. The right policy direction does not guarantee that specific actions taken are also appropriate — they are two entirely different questions. Moving forward, Korean schools will have to finetune their approach to tricky exceptions. For instance, how do schools accommodate students with special needs, preserve emergency communication and protect basic human rights? Lee Jae-min is a professor of law at Seoul National University.
The most trying passage of their professional lives is frequently the conduct they encounter while working alongside men. Not all five fingers are equal. The majority of men treat their female colleagues with proper respect, and their behaviour is worthy of praise. Yet there is no scarcity of those who regard working women with disdain or who allow their eyes and words to stray beyond the bounds of honour. must never be violated. The Prophet (peace be upon him) warned against even the lustful glance, describing it as one of the poisoned arrows of Satan. There can be no doubt that the Protection against harassment of Women at the Workplace Act has been placed upon the statute book and is in force. A regular Ombudsperson has been appointed to hear complaints. In the year just past the Federal Ombudsperson Secretariat received nearly thirteen hundred cases and resolved more than eleven hundred of them. Still, as the proverb truly observes, habits are not easily relinquished. Observations persist of older men who will not forgo improper glances, even though sisters and daughters of like age reside under their own roofs. Such conduct stands in clear opposition to Islamic teaching, which forbids lustful looks and requires every believer to protect the honour of others as he would protect his own. Such dispositions ought to be firmly discouraged through both moral instruction and the steady application of the law.
At the same time, women who labour in offices and workplaces should themselves observe the values of haya—that refined sense of modesty and self-respect which is the ornament of faith—together with the rules of etiquette and the modest bearing that our religion, our traditions, and the example of the righteous prescribe. Restraint in speech, dignity in manner, and an outward conduct that neither invites nor tolerates impropriety form the necessary counterpart to the duty of men. Only when both men and women uphold these shared Islamic principles of mutual respect, lowered gazes, and guarded honour can the advance in female education yield its full and proper fruit, allowing the talents of an entire generation to serve their families and society without the shadow of unnecessary trial. In this balanced observance lies the true flourishing of a community guided by faith rather than by the fleeting customs of the age.
finance, a handful of quasi-state actors sitting astride the export economy - is precisely what is absorbing the war. Start with the simplest mechanism: there is nothing to withdraw. Iran carries negligible external debt and almost no foreign portfolio investment. You cannot have capital flight without foreign capital. The Tehran Stock Exchange shut on 28 February as the US-Israeli strikes on Tehran began, and stayed closed for about 80 days. A market no foreigner owns can simply be switched off. What happened when it reopened in May is stranger. The Tedpix index had slipped to around 3.7m points before the closure, well below the 4.5m it reached at the start of the year. It passed 5.9m in early July - an all-time high, set in the fifth month of a war - before falling back below 5m within a week. Read the rally as confidence, and you misread it. With deposit rates deeply negative in real terms and hard currency rationed, Iranian savers have nowhere else to put money. Adjusted for the rial, the gain is not really a gain: the index rose because the exits are shut, and it fell again the moment the ceasefire framework that had briefly lifted the currency came apart. Then there is concentration, which in wartime works as an allocation system. When feedstock supplies to the petrochemical complexes at Asaluyeh and Mahshahr were disrupted, the government halted petrochemical exports outright to keep domestic plants running. An open market would have needed price signals, renegotiated contracts and several months. Iran needed an instruction to perhaps a dozen entities. The deadweight loss of monopoly in peacetime is command capacity in war, and Iran has been accumulating it for 15 years. Thirdly, the workarounds were not improvised under fire. Before the war, Iran was moving between 1.4m and 1.8m barrels a day through a fleet of several hundred elderly tankers, with the bulk going to independent refiners in Shandong, China, at discounts of around $10 to $15 against Brent. The overland routes into Iraq, Turkey and Pakistan, and the rail links towards Russia and China, were built when shipping was merely sanctioned rather than blockaded. The oil ministry says it sold $11.5bn of crude during the fighting itself, and another $6.5bn during the ceasefire period, generating more than 60 percent of the revenue budgeted for the year. Sanctions did not weaken this infrastructure. They commissioned it.
faults, bankruptcies, equity wipeouts, a bond market that forces the government’s hand within weeks. In a closed economy with a rationed multiple exchange rate, it surfaces in prices instead. Economist hadi Kahalzadeh, of the Quincy Institute, told Al Jazeera that shocks absorbed through inflation and currency depreciation keep goods on the shelves but make them increasingly unaffordable. The system keeps functioning, as the costs land directly on households. The monthly minimum wage is now worth about $87 at the open-market rate. A study by a think-tank affiliated with Iran’s state pension fund projected poverty rising from around 30 percent five years ago to 45 percent this year. Nothing broke; households paid. The loyalty the system depends on is conditional, too. The same concentration that lets the state direct resources hands a small number of exporters the largest arbitrage opportunity in the country. Iran’s General Inspection Organization reported last month that more than 20,000 exporters had failed to repatriate €94bn ($107bn) of earnings, and that trustees appointed to bring back sanctioned oil proceeds were holding at least $11bn of it. A system that can be commanded can also be farmed, and it is being farmed by the actors who make the commanding possible. The deeper cost is what is not being spent. Gross fixed capital formation was contracting before the first bomb fell. An economy that stays upright by depreciating its currency, rationing its dollars and deferring maintenance on its refineries and its grid is consuming its own capital stock. That is a strategy with a term structure, and the term is probably short. None of this is an argument for isolation. It is an argument for separating two things the post-1990 consensus fused together: integration and safety are not the same property. Iran has built an economy that is unusually hard to break and, for exactly the same reasons, unusually hard to grow. The IMF pencils in 3.2 percent for 2027, which is a bounce off a floor rather than a repair. You could put it more bluntly. Sanctions arrested Iran’s development and hardened it at the same time. The country was denied a decade of growth, and given in exchange a tolerance for punishment that few open economies possess. For anyone treating economic pressure as a lever, that is the finding worth sitting with. The absence of collapse is not evidence that the pressure is about to work. It is evidence that 15 years of pressure already built the thing now doing the absorbing.
Sanctions didn’t break Iran. They hardened it
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MIDDLE EAST EYE
mahyar ramezankhani
hE Strait of hormuz has been effectively closed for most of the past six months. Brent crude is trading just below $90 a barrel, and rose about five percent in a single session earlier this month. Yet when the International Monetary Fund (IMF) revised its global forecast on 8 July, it trimmed 2026 growth from 3.1 to 3.0 percent - one-tenth of a percentage point for the closure of the world’s most important oil chokepoint and five months of war. The oil market has repriced; the world economy has barely moved. The more instructive anomaly is inside Iran. By any conventional reading, the Iranian economy should be in freefall. In April, the IMF cut its 2026 forecast for Iran by 7.2 percentage points, from growth of 1.1 percent to a contraction of 6.1; its July update revises that slightly, putting the contraction at 5.4 percent. Consumer prices in June were 88.6 percent higher than a year earlier; food, beverages and tobacco were up 134.6 percent, with red meat and poultry rising by 178 percent. On Monday, the rial touched 2m to the dollar following news that Washington was preparing to announce new sanctions. Gas output has fallen by roughly 230m cubic metres a day against a prewar 650m; petrol was already running some 20m litres a day short before the fighting began, and cities are rationing electricity. And yet official unemployment is just 7.5 percent. Salaries and pensions are being paid. Shops are stocked. There has been no banking crisis, no sovereign default, no disorderly failure of a major firm. Whatever this is, it is not the collapse that more than five months of bombardment and naval blockade would produce almost anywhere else.
NOTHING TO WITHDRAW: The explanation is an interesting one, because it inverts what economists normally tell governments. Nearly every feature that makes Iran a poor place to deploy capital in peacetime - concentrated ownership, rationed foreign exchange, near-total detachment from global
HOUSEHOLDS PAY THE PRICE: here, the argument has to concede something. What is happening is not shock absorption. It is shock transfer. In an integrated economy, a war surfaces on balance sheets: de-
The writer is Director General Research at the National Assembly Secretariat.
Mahyar Ramezankhani is a professor of economics and an economic analyst. He holds a PhD in economics from the University of Tehran
06 NEWS
XI JINPING CALLS ON CHINA, JORDAN TO FURTHER DEEPEN ALIGNMENT OF DEVELOPMENT STRATEGIES
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BEIJING
MiAn AbRAR
HINA and Jordan should further deepen the alignment of development strategies, Chinese President Xi Jinping said on Monday when holding talks with King of the Hashemite Kingdom of Jordan Abdullah II ibn Al Hussein in Beijing. "China-Jordan cooperation is essentially mutually beneficial and win-win," Xi said. The two sides should step up cooperation in the traditional fields of economy and trade, infrastructure, transport and mining, foster new growth drivers in the digital economy, artificial intelligence, green energy and other sectors, comprehensively deepen exchanges in education, culture, science and technology and tourism, and increase people-to-people exchange to strengthen the bond between the two peoples, he added. Xi said that since the establishment of their diplomatic relations, China and Jordan have always respected each other, treated each other as equals, and pursued mutually beneficial cooperation, providing a living ex-
China vows to ‘protect legitimate rights’ amid US sanctions threats over Iran trade BEIJING
stAff coRRespondent
China will closely watch relevant developments and do what is necessary to protect our legitimate rights and interests, Lin Jian, spokesperson from China's Foreign Ministry, told a press conference on Monday, noting that sanctions and pressure tactics do no help in resolving issues. They will only lead to escalation that serves no one's interest. Lin made the remarks in reply to a question on how China would respond if the US were to impose secondary sanctions tomorrow, as US Treasury Secretary Scott Bessent has threatened secondary sanctions against countries that trade or deal with Iran, and China has historically been a major buyer of Iranian oil. China calls on parties to act rationally and with restraint, and avoid taking any measure that may further escalate tensions or deal a blow to global economic growth and financial stability. They need to return to the right track of political settlement through dialogue and negotiation at an early date, Lin said during the press conference. Bessent has said to reveal severe measures on Iran when he gives a press conference at 1 pm EDT on Monday, Reuters reported. On Sunday, Bessent wrote in an opinion piece published in the Financial Times that "At dawn begins an economic D-Day - the single greatest financial offensive ever marshalled against an adversary." Without detailing specific measures, Bessent signaled the US would target nations that engaged with Iran's economy and financial system. "They would do well to consider the consequences of sustaining it," he wrote in the Financial Times, according to the report. "The US has few effective options left on the Iran issue and can only resort to stigmatizing normal trade between other countries — including China — and Iran, using the threat of secondary sanctions in an attempt to turn military strikes into blackmail and extortion against countries associated with Iran," Zhu Yongbiao, director of the Center for Afghanistan Studies at Lanzhou University, told the Global Times on Monday. Zhu said that the US military offensive has failed to achieve the expected results, and Washington is unwilling to continue bearing the high costs and unpredictable consequences of large-scale ground military operations.
Tuesday, 25 August, 2026 | KARACHI
ample of win-win cooperation and mutual learning between countries with different social systems and of different sizes. The Chinese president noted that in 2015, he and King Abdullah II jointly announced the establishment of a China-Jordan strategic partnership, opening a new chapter in the bilateral relationship. Facing the fluid and turbulent global and regional situation, developing a China-Jordan relationship with greater substance and vitality meets the common aspiration of the two peoples, and aligns with the prevailing trend of Global South countries seeking strength through unity, he added. The two countries should carry forward their long-standing friendship, enhance strategic mutual trust, deepen mutually beneficial cooperation, and intensify multilateral coordination to further advance the ChinaJordan strategic partnership, and make positive contributions to peace, stability and prosperity in the region, said Xi. He stressed that China attaches great importance to Jordan's unique and important role in the region. China firmly supports Jordan in safeguarding its sovereignty, security and devel-
King Abdullah II.
ON THE MIDDLE EAST: The two heads of state exchanged views on the situation in the Middle East during their talks. Xi stressed that China all along advocates a comprehensive ceasefire and end of hostilities, and resolving disputes through political and diplomatic means. China believes that the sovereignty and
Israeli forces raid southern Syria day after de-escalation meeting DARRA
Agencies
Israeli army forces raided the Daraa countryside in southern Syria on Monday, a day after a meeting between Damascus and Tel Aviv aimed at reducing tensions. “Israeli occupation forces advanced with several military vehicles into the village of Maariya in the western Daraa countryside,” Syrian Alikhbariah TV reported. On Sunday, Israeli forces raided the town of Al-Rafid in Quneitra province and arrested a shepherd, according to the channel. Areas in southern Syria have witnessed near-daily Israeli incursions and attacks, particularly in Quneitra and Daraa provinces, including raids, searches, arrests and the establishment of military checkpoints. On Sunday, a Syrian delegation headed by Foreign Minister Asaad al-Shaibani held a meeting in Jordan with an Israeli delegation under US mediation, Syria’s state news agency SANA reported, citing a diplomatic source at the Foreign Ministry. “The meeting came as part of efforts aimed at reducing escalation following the latest Israeli shelling of Syrian territory and rising tensions in southern
Syria,” the source said. On August 18, Israeli aircraft carried out eight airstrikes on the runway of Abu al-Duhur Military Airbase in Idlib province in northwestern Syria, damaging its infrastructure. On July 26, Syrian President Ahmad al-Sharaa said his country was working, with the participation of other states, to reach a security agreement with Israel. Israel has occupied most of the Syrian Golan Heights since 1967. After the fall of Bashar Assad’s regime in late 2024, Israel declared the 1974 disengagement agreement had collapsed and occupied the Syrian “buffer zone” and other positions, including the Syrian side of Mount Hermon.
ISRAELI ARMY SHELLS, BLOWS UP HOMES, SETS FIELDS ABLAZE IN SOUTHERN LEBANON: The Israeli army continued its attacks on several border towns in southern Lebanon on Monday, including artillery shelling, home demolitions and the burning of agricultural fields despite the truce, Lebanese state media reported. Lebanon’s official National News Agency said Israeli artillery shelling targeted the town of Mansouri in the South
Governorate, while Israeli forces carried out bulldozing operations in Houla in the Nabatieh Governorate. Also in Nabatieh, Israeli forces stationed in Khiam blew up homes in the western neighbourhood near the AlMabarrat schools, with successive explosions heard and heavy smoke rising in the area. Israeli forces also set fire to agricultural fields and properties inside the town, causing the fires to spread across several areas, the agency said. The developments coincided with continued Israeli military movements in the area, amid heightened tension and caution among residents, it added. Israel continues its assault on Lebanon despite a US-sponsored framework agreement signed between Beirut and Tel Aviv on June 26, which provides for a gradual Israeli withdrawal from all occupied Lebanese territory in exchange for the deployment of the Lebanese army there and the disarmament of armed groups, in reference to Hezbollah. Since March 2, Israel’s assault on Lebanon has killed 4,348 people and injured 12,307 others, while displacing more than 1 million, according to Lebanese authorities.
UK police arrest 12 after crash linked to organised crime kills seven LONDON
Agencies
British police have arrested 12 people after linking a weekend crash in northeast England that killed seven people, including two police officers, to suspected organised criminal activity. Cleveland Police said the investigation began after officers received reports on Saturday that two vehicles were being driven dangerously in the Middlesbrough area. Police said one of the cars had also been seen ramming properties. According to the force, both vehicles were using cloned number plates
Trump claims Iran 'completely collapsing' as US threatens 'economic D-Day' TEHRAN
Agencies
US President Donald Trump said on Monday that Iran is “completely collapsing” amid ongoing hostilities between Washington and Tehran. “IRAN IS COMPLETELY COLLAPSING!!! President DJT,” Trump wrote on his Truth Social platform without elaborating further, mirroring his earlier statements regarding Tehran’s economic and military condition. On Sunday, Treasury Secretary Scott Bessent said that the US was entering an "economic D-Day" against Iran following what he described as the Trump administration's dismantling of the Islamic Republic's military and nuclear capabilities. "President (Donald) Trump has dismantled Iran’s military capabilities, destroyed nearly 100 per cent of its military factories, and buried its nuclear programme," Bessent said in a post on the US social media platform X. Trump said on Friday he still believes Iran was not ready to make "the right deal" with Washington as tightening economic measures have been deployed against Tehran. "They would love to make a deal, but they're not ready to make the right deal, in my opinion," Trump told reporters. "They have no money, they have no navy, they have no air force, they are not paying their soldiers, they're not paying their police. They have 350% inflation," he added. Trump also suggested that the US main-
opment interests, and stands ready to strengthen exchanges with Jordan at all levels, including between their governments, political parties and legislative bodies and at the subnational level, and enhance experience sharing on governance, said Xi. China stands ready to work with Jordan to implement the four global initiatives, strengthen coordination and collaboration in the UN and other multilateral institutions, jointly safeguard the UN-centered international system and international order underpinned by international law, and promote the building of a community with a shared future for humanity, he added. King Abdullah II noted that China is a great country and he respects the enormous achievements China has made under the leadership of President Xi. Jordan and China have forged a strong strategic partnership, and the two sides have always respected each other and maintained close coordination with productive cooperation across various sectors, he said. Jordan is firmly committed to the oneChina policy, and believes that Taiwan is an inalienable part of China's territory, said
tains "complete control" of the region surrounding the Strait of Hormuz, including the crucial waterway and its surrounding land area in southern Iran.
IRANIAN DEPUTY FM DISMISSES US 'ECONOMIC D-DAY' THREAT IN RESPONSE TO BESSENT: Responding to US Treasury Secretary Scott Bessent’s earlier statement, Iran dismissed Washington’s declaration of a massive economic pressure campaign, saying it disproves US claims to have dismantled Tehran’s military and nuclear capabilities. “Your narrative doesn’t add up: you say that Iran’s military power has been ‘dismantled’, 100% of its military factories ‘destroyed’ and its nuclear program ‘buried’,” Deputy Foreign Minister Kazem Gharibabadi said in a post on X. Yet, he adds, "There is a need for ‘the largest financial invasion in history’ and the mobilisation of ‘all institutions and powers’ of the United States! Is this a victory or an admission of America’s defeat?”
in an apparent effort to avoid detection. Police said one of the vehicles then travelled the wrong way on a major road before colliding with an armed response police car. All five people in that vehicle were killed, along with two police officers. Cleveland Police also said four of the five occupants of the car that crashed had previous convictions. Over the weekend, officers carried out inquiries across the Teesside area that led to the arrest of nine men and three women aged between 19 and 61, police said. The suspects were held on suspicion of offences including possession of a firearm and taking part in the
activities of an organised crime group. Assistant Chief Constable Wayne Fox said the case was developing rapidly and involved significant connections to serious and organised crime. This has been a fast-moving and complex investigation, with significant links to serious and organised criminal activity Police also said there was no evidence at this stage that the events leading up to the crash were filmed for TikTok. The force addressed the point after recent concern in neighbouring Ireland over motorists driving the wrong way on roads for social media attention.
IRAN WILL USE ALL 'BILATERAL CAPABILITIES' TO CONFRONT US ECONOMIC SANCTIONS: BAGHAEI: Iranian foreign ministry spokesperson Esmaeil Baghaei said in a press conference on Monday that Iran will use all its bilateral capabilities to confront US economic sanctions. He said that Iran has issued warnings regarding cooperation with the US on its economic pressure on Tehran. Speaking about the visit of the Omani foreign minister, he said it was not linked to the visit of the Chief of Army Staff and Chief of Defence Forces, Field Marshal Asim Munir, to Tehran, which is reported to take place on Monday. Munir departed for Tehran earlier today to promote regional peace. Baghaei said on Monday that repeated US sanctions against Iran will yield no results, arguing that such measures have “failed” to achieve their objectives. “Washington’s persistence in failed methods has no result other than proving America’s hatred for the Iranian people, because they know very well that the direct consequences of these sanctions are on ordinary citizens,” Baghaei told reporters at a weekly news conference, according to Iran’s semi-official Tasnim news agency. He said sanctions and “intimidation” of other countries aimed at limiting trade ties violate the principles of free trade and respect for national sovereignty. “This illegal practice is a wake-up call for the international community, as America’s excesses and violations of the law in international relations have even provoked protests from its close allies.” Regarding reports that Tehran had been invited to join the Makkah Joint Defence Agreement, Baghaei said Iran had not been asked to join but that “proposals have been made for talks with these countries on regional security.”
security of Jordan and all other countries in the region should be respected, he said. Noting that the Palestinian question is the core of the Middle East issue, Xi said efforts to resolve it should be guided by four principles: upholding political settlement, following the principle of "Palestinians governing Palestine," upholding humanitarianism principles and upholding fairness and justice.
Kremlin says British missile help for Ukraine 'adds fuel to the fire' MOSCOW ReuteRs
The Kremlin said on Monday that Britain's decision to hand Ukraine classified information on British-made components used to make SCALP long-range cruise missiles would "add fuel to the fire" and was regarded by Moscow extremely negatively. British Prime Minister Andy Burnham arrived in Kyiv on Monday on his first overseas trip since taking office and was due to announce British support to help Kyiv improve its domestic production of longrange missiles. Asked about the visit and the support, Kremlin spokesman Dmitry Peskov accused Britain of doing everything it could to prevent any progress towards an eventual peace deal. "Britain is involved in this war on the side of the Kyiv regime. Britain methodically and regularly adds fuel to the fire and methodically and regularly hatches schemes to prevent even the slightest progress in the peaceful settlement process," Peskov told reporters. Peskov said that the Russian military was already systematically gathering data to identify the location of any missile production sites and then destroying them. Moscow warned London last week of unspecified "consequences" for supplying drones to Kyiv, accusing Britain of deepening its involvement in the war following a report that British-made drones had been used for long-range strikes against Russia for the first time. Burnham said at the time that London was committed to supporting Ukraine 100% against "this illegal war." ZELENSKIY SAYS RUSSIA IS 'NOT READY' FOR CEASEFIRE ON GRAIN SHIPS: Ukrainian President Volodymyr Zelenskiy said Russia was "not ready" for a ceasefire on attacks on ships in the Black Sea carrying agricultural produce, as Moscow wants to extend any deal to cover attacks on Russian refineries and pipelines. Moscow and Kyiv, major players in global agriculture markets, have accused each other of intensified attacks on vessels used for food exports during Russia's war in Ukraine. Reuters reported this month that Ukraine had sent Russia an offer to halt attacks on civilian targets in the Black Sea. Russia dismissed the idea, saying it saw no grounds for "half-measures" that would offer a respite to the other side. "I spoke with certain leaders. I proposed that they use their vessels to transport food from our ports, and we would not attack their ships if they came to pick up agricultural exports from Russia," Zelenskiy told journalists in remarks cleared for release on Sunday.
NEWS 07
Tuesday, 25 August 2026 | KARACHI
CORPORATE CORNER
BISP Chairperson Senator Rubina Khalid visits Central Zonal Office in Lahore
ISLAMABAD STAFF REPORT
Digital Wallets introduced on the special directives of the President and Prime Minister to make payments to women beneficiaries transparent, convenient and secure; digital wallet accounts opened for 90% of women beneficiaries; interoperability will enable beneficiaries to withdraw funds from any authorized agent of a partner bank, anywhere and at any time across Pakistan; BISP is a continuation of Shaheed Mohtarma Benazir Bhutto’s vision; calling deserving women “beggars” undermines their dignity; every rupee spent on BISP beneficiaries generates Rs. 2.34 in economic activity in the local economy, according to the World Bank; zero-tolerance policy against corruption being strictly enforced: Senator Rubina KhalidChairperson Benazir Income Support Programme, Senator Rubina Khalid, visited the BISP Central Zonal Office in Lahore. On the occasion, Director General Punjab Naseer-ud-Din Sarwar briefed her in detail on BISP’s operational matters, payment mechanisms and ongoing activities.Speaking to media representatives, Senator Rubina Khalid said that, on the special directives of President Asif Ali Zardari and Prime Minister Muhammad Shehbaz Sharif, BISP has introduced a digital payment system to make the disbursement of financial assistance to women beneficiaries more transparent, convenient and secure.
Fly Jinnah Expands Saudi Arabia Reach with New Karachi-Riyadh Route
CM MARYAM NAWAZ SETS MARCH 2027 DEADLINE FOR COMPLETION OF GUJRANWALA YELLOW LINE MASS TRANSIT PROJECT
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LAHORE
STAFF REPORT
UNJAB Chief Minister Maryam Nawaz Sharif has set March 2027 as the deadline for completion of the Gujranwala Yellow Line Mass Transit Project, directing the authorities to ensure timely completion of the Gujranwala and Faisalabad mass transit projects at all costs. Presiding over a special meeting held to review progress on the mass transit projects, the chief minister ordered arrangements for work to be carried out in three shifts to meet the stipulated timelines. Detailed briefings were given on both projects, while progress on the Gujranwala Yellow Line and Faisalabad Mass Transit projects was also reviewed through drone footage. The meeting was informed that the 31.5-kilometre-long Gujranwala Yellow Line would have 25 stations, including two underground stations, besides 12 underpasses, 35 kilometres of service roads and signal-free U-turns. Around one-third of the work on the Gujranwala Yellow Line is nearing completion, while 1,233 poles and 552
transformers have been relocated. The project will also involve laying 15,000 feet of sewerage lines, 12,000 feet of water-supply lines and 11,000 feet of gas pipelines. The meeting was further informed that 40 per cent work on a 62-kilometrelong drain for the Gujranwala Mass Transit System had been completed. The 20.3-kilometre Faisalabad Mass Transit System will include 11.1 kilometres of overhead bridges, while 1,835 trees will be replanted. The project will also include 15 kilometres of Sui Gas
Pakistan, Saudi Arabia and Türkiye Constitute World’s Fourth Largest Military Power Following Makkah Agreement: Ibrahim Murad
STAFF REPORT
STAFF REPORT
Yango Pakistan partners with MMBL to enable driver fleet with ShariahCompliant Financing and Takaful Protection
ISLAMABAD STAFF REPORT
Yango Pakistan, part of the global technology company Yango Group and Pakistan’s leading digital microfinance bank, Mobilink Bank have partnered to provide eligible Yango partner drivers and couriers with access to Shariah-compliant vehicle and handset financing, embedded Takaful protection, and inclusive digital banking and payment solutions. The partnership aims to strengthen financial inclusion by supporting partner drivers with solutions tailored to their livelihood and business needs. This collaboration recognizes the vehicle as a core productive asset for ride-hailing drivers and brings financing and financial services together to support their earning journey. Rather than offering standalone financing, Mobilink Bank and Yango Pakistan will support drivers throughout their earning journey by bringing financing, protection, digital payments, banking and connectivity together in one integrated ecosystem.
New Floating Jetty To Benefit Fishermen And Boost Seafood Exports
KARACHI
KARACHI
Fly Jinnah, Pakistan's leading budget carrier, is further expanding its presence in Saudi Arabia with the launch of a new non-stop service between Karachi and Riyadh, strengthening connectivity between Pakistan and the Kingdom. Riyadh becomes Fly Jinnah’s third destination in Saudi Arabia from Karachi, following its existing nonstop services to Dammam and Jeddah. Starting September 18, 2026, the airline will operate three weekly non-stop flights between Karachi Jinnah International Airport and King Khalid International Airport in Riyadh, with the frequency increasing to daily flights from October, providing greater flexibility for passengers travelling between the two cities. Fly Jinnah’s spokesperson commented: “We are pleased to further expand our presence in Saudi Arabia with the launch of our new non-stop service to Riyadh. The addition of Riyadh to our Saudi network alongside our existing services to Dammam and Jeddah, provides our customers with greater choice and flexibility when traveling between Pakistan and the Kingdom. It also responds to the growing demand for convenient and affordable air travel among business travelers, expatriates and visitors travelling between the two countries.” As one of Fly Jinnah’s key operating bases, Karachi connects passengers to a growing network of domestic and international destinations. From Karachi, the airline currently operates domestic flights to Islamabad, Lahore, Peshawar, Quetta, Faisalabad, Multan, and Sialkot, in addition to its international services to Jeddah, Dammam and Riyadh in Saudi Arabia.
pipelines and 12 bus stops. The chief minister was informed that nearly 5,000 trees have been replanted under the Gujranwala and Faisalabad mass transit projects. She directed that protection of trees must be ensured in all development projects and said that the record of tree transplantation should be maintained. “We realise the difficulties being faced by the people. Timely completion of mass transit projects is essential,” Maryam Nawaz said, adding that the timelines of the projects must not be ex-
LAHORE STAFF REPORT
Former Provincial Minister Ibrahim Murad has said that Pakistan, Saudi Arabia and Türkiye, with a combined defence budget of approximately $125.1 billion, have jointly emerged as the fourth largest military power on earth following the Makkah defence accord.Ibrahim Murad said that Saudi Arabia’s defence budget is approximately $83.2 billion, Türkiye’s around $30 billion, and Pakistan’s approximately $11.9 billion, bringing their combined defence expenditure to nearly $125.1 billion. He said this places the combined defence spending of the three countries at number four after the United States, China and Russia.He described the defence agreement reached among Pakistan, Saudi Arabia and Türkiye in Makkah as an important and historic development towards strengthening the collective security of the Muslim world.Ibrahim Murad said.
inDrive Conducts Financial Literacy Course for Drivers KARACHI
STAFF REPORT
Ride-hailing company inDrive has conducted a financial literacy course for its drivers, with more than 15,000 drivers participating. Initial results of the course show that participants are not only gaining financial knowledge but are also applying what they have learned in their daily lives.The course was launched in collaboration with Circle Women Association (CWA), a women-led, technology-based nonprofit organization working to promote economic opportunities and skills development in Pakistan.The financial literacy course has been designed with the everyday needs of drivers in mind, explaining financial matters in a simple and practical way. Through short lessons and real-life examples, the program provides guidance on budgeting, saving, borrowing, and income planning.In addition, the course helps drivers better understand relevant tools available within the app, such as the Demand Map and Geo Incentives.
Chairman, Board of Directors of the Korangi Fish Harbour Authority, Mr. Asim Abrar, visited the newly constructed floating jetty at Korangi Fish Harbour.The new facility is expected to provide significant relief to fishermen in the surrounding areas by enabling them to offload their catch in a safe, comfortable and hygienic environment.For years, nearby fishermen had no proper jetty facility for landing their catch, making the handling process difficult and affecting the quality and value of their seafood.The newly built floating jetty will particularly benefit small-scale fishermen by allowing them to handle their catch more efficiently, preserve its freshness and obtain better prices in the market.The initiative is also expected to contribute to the growth of Pakistan’s seafood exports. Better and more hygienic handling of freshly landed seafood will help improve product quality and enable exporters to achieve better prices in international markets.This, in turn, is expected to generate greater foreign exchange for Pakistan while improving the livelihoods of fishermen and strengthening the country’s seafood sector.
Auto Parts Industry Raises Concerns Over Proposed Tax Relief on Luxury Vehicles KARACHI
STAFF REPORT
Representatives of the SME auto parts sector have expressed serious concerns over the reported proposal to provide tax relief on luxury vehicles costing more than PKR 10 million, at a time when the country remains under an IMF programme that requires difficult fiscal sacrifices from the wider population.Instead, the industry has urged the Government to reduce sales tax on vehicles below 1000cc from 18% to 9%.“The rationale is simple. Small cars serve the masses of our middle-class consumers. A tax reduction will directly benefit SME auto parts manufacturers by increasing production volumes and creating more job opportunities in the current economic situation. This is a win-win for both the industry and the Government,” said Mashood KhanMashood khan further highlighted the import burden, stating, “In the last one year we imported of CKD/SKD kits to $2.118bn.
easypaisa digital bank Reports Profit Before Tax of PKR 8.26 Billion for HY 2026, EPS at PKR 9.61
ISLAMABAD: The Board of Directors of easypaisa digital bank has approved the financial statements for the half-year ended 30 June 2026.The Bank reported a robust financial performance, posting a Profit Before Tax (PBT) of PKR 8.26 billion and a Profit After Tax (PAT) of PKR 5.78 billion, representing a 2.27x increase in PBT compared to the corresponding period last year. Earnings per share stood at PKR 9.61.The Bank's performance was driven by sustained growth across its core business streams, supported by an expanding customer base, increasing transaction volumes, and continued investments in talent, technology, and digital innovation.Total revenue increased by 30.50% year-on-year, reflecting strong momentum across both lending and fee-based income streams. Net markup income grew by 32.46%, supported by the expansion of the lending portfolio and treasury investments, underpinned by strong growth in customer deposits. Fee-based income increased by 28.34%, driven by higher contributions from payment services, collections, disbursements, and insurance products.Operating expenses increased to PKR 21.08 billion as the Bank continued to invest in strategic growth initiatives, including customer acquisition campaigns, merchant ecosystem expansion, and support costs associated with the growth in digital lending volumes.As of 30 June 2026, total assets stood at PKR 232.58 billion. Customer deposits grew by 67.37% year-on-year to PKR 158.58 billion, while maintaining a strong deposit mix with a CASA ratio of 97.46% and a current account ratio of 79.95%. STAFF REPORT
tended under any circumstances. She directed the authorities to complete the projects at the earliest, saying that citizens should not be subjected to further inconvenience. CM orders ban on post-construction road digging Chief Minister Punjab Maryam Nawaz Sharif has ordered a ban on excavation and any kind of damage to newly constructed roads, directing departments to coordinate their works to prevent repeated digging of roads. Presiding over a special meeting here on Monday to review own-source revenue (OSR) development projects across the province, the chief minister also directed that manholes and sewerage covers be kept level with the road surface and that every new road should have standard roadside drainage, signage and lane markings. She also barred officials from collecting any charges from shopkeepers without prior approval and sought separate timelines for all development projects. The meeting reviewed OSR schemes in Lahore, Multan, Bahawalpur, Sahiwal, Rawalpindi and Faisalabad, which were approved by the chief minister.
Hometown heroes make history: Hira Qaiser crowned Pakistan Idol Sooper Star as landmark season concludes
KARACHI STAFF REPORT
Pakistan Idol concluded on a spectacular note as Hira Qaiser was crowned the Pakistan Idol SOOPER Star, marking the culmination of a nationwide search for Pakistan’s next musical sensation.Shahzain Munir, Executive Director at English Biscuit Manufacturers (EBM), presented the trophy to Qaiser during the grand finale, concluding a landmark season that brought emerging voices from across the country to the national stage.The Sooper Finale featured a surprise performance by Atif Aslam, marking his return after 18 years with his new album, Subah Aye Na. Adding to the historic night, Rahat Fateh Ali Khan delivered an impromptu cameo performance, making it a classic evening to remember. This was also the first time that Atif Aslam and Rahat Fateh Ali Khan had both performed and appeared on the same stage on national television—signifying the legacy, strength and depth of Pakistani music, as well as its future, to the world.Atif Aslam joined the finale as the SOOPER Icon as well as a guest judge, taking a seat on the esteemed panel alongside permanent judges Rahat Fateh Ali Khan, Fawad Khan, Bilal Maqsood and Zeb Bangash. Together, the panel provided contestants with mentorship, professional insight and national exposure throughout the season.Shafaat Ali, who hosted the entire season of Pakistan Idol, has also been nominated for the Tamgha-e-Imtiaz, recognising his contribution to the show and its role in building national pride.
PSX Welcomes Tasdeeq as 11th Listing of CY-2026 amid Record Demand
KARACHI STAFF REPORT
The Gong Ceremony of Tasdeeq Information Services Limited was held today at PSX Trading Hall, marking the listing of South Asia’s first publicly listed credit bureau. The transaction covered 219 million ordinary shares: 69 million placed with pre-IPO investors at PKR 2.35 and 150 million offered through the IPO at a strike price of PKR 3.00, bringing the total transaction size to approximately PKR 612 million.The retail portion was oversubscribed 21.68 times, attracting 11,358 applications and PKR 2.4 billion in total participation. This milestone strengthens Pakistan’s capital markets, boosts investor sentiment, and highlights the growth potential of the country’s data and analytics sector.Mr. Farrukh H. Sabzwari, Managing Director & CEO of PSX, stated:“It is a privilege to welcome Tasdeeq Information Services Limited to the Pakistan Stock Exchange. This Gong Ceremony marks the 11th listing of the calendar year and the 3rd of the fiscal year, underscoring the strong momentum of Pakistan’s capital markets. Tasdeeq's admission as a licensed credit bureau reflects the growing diversity of businesses choosing the Exchange to raise capital and grow.”
PTI OPENS DOOR TO OPPOSITION ALLIANCE, REJECTS 'FORM 47' MANDATE NEWS
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ISLAMABAD
NEWS DESK
AKISTAN Tehreek-e-Insaf (PTI) Secretary General Salman Akram Raja on Monday said the incumbent “Form 47” government lacked the mandate to alter the country’s governance structure, while offering to work with any political party that shared the PTI’s position on strengthening constitutional rule and the judiciary. Speaking on Geo News programme Capital Talk, Raja said recent discussions between the PTI and Jamiat Ulema-iIslam-Fazl (JUI-F) chief Maulana Fazlur Rehman were based on principles rather than political expediency. “We all agreed that whatever has happened to this country over the past four years was against everyone’s wishes and expectations,” Raja said, arguing that Pakistan had suffered a serious decline in terms of the rule of law and constitutional governance. He said political forces should objectively assess the country’s present situation and work together where their principles converged. “At this point, if someone feels that we are not where we were expected to be four years ago, whatever the reason, we need to consider the current situation objectively. Anyone can join us in principle,” he said. Raja also warned against proposals to fundamentally restructure the country’s federal system, describing such dis-
cussions as hazardous. “The Form 47 assembly has no mandate to revamp the country’s system or governance structures,” he reiterated. The PTI leader said his party would welcome political forces willing to support its position on strengthening constitutional institutions, judicial independence and civilian rule. “Any political party that wants to strengthen the system, liberate the judiciary and reject rule by force in Azad Jammu and Kashmir, Balochistan or elsewhere can join us,” he said. Raja maintained that the PTI was not dependent on any particular political ally and would cooperate with parties to the extent that their objectives converged.
ECC set to approve first commercial bonded oil storage policy today, positioning country as regional fuel hub PROFIT
NEWS DESK
The Economic Coordination Committee (ECC) of the Cabinet is scheduled to meet today [Monday] to consider revised guidelines allowing foreign suppliers to import petroleum products into Pakistan through customs-bonded storage facilities, Business Recorder reported, citing sources. The government first approved a bonded storage policy in June 2023, but no foreign supplier has yet established a facility under that framework. Officials now cite disruption in the Strait of Hormuz as exposing vulnerabilities in Pakistan's energy security, prompting the Petroleum Division to prioritise indigenisation, Strategic Petroleum Reserves and bonded storage to build a more resilient supply chain. A review committee formed in May consulted major petroleum traders before drafting revised guidelines, circulated in June to the Ministries of Finance, Commerce, Industries and Production and Maritime Affairs, along with the FBR, SBP, Ogra, BoI and SIFC. Following feedback, particularly from FBR, the guidelines were substantially revised and recirculated in July. While the Commerce Ministry and SBP backed the proposal, FBR maintained reservations tied to the Customs Act, 1969 and Sales Tax Act, 1990, concerns that persisted even after a further consensus-building meeting in August. Under the proposed framework, the policy would cover imports of crude oil, motor spirit, high-speed diesel, jet fuel, fuel oil, LPG and LNG held on foreign suppliers' accounts, excluding sanctioned goods or items on the Import Policy Order's Negative List. Suppliers could maintain bonded inventories for domestic sales at approved locations including Port Qasim, KPT/Keamari, Hub, Gwadar, Mahmood Kot and Machike, with separate port-based storage permitted for re-export shipments. Foreign suppliers, operating through registered consignees, would gain access to the national pipeline network to move bonded inventory inland without triggering customs duty or taxes, as long as products remain within the bonded regime. The existing import system for licensed OMCs and refineries would continue unchanged alongside the new scheme, though rollout would depend on Ogra first notifying relevant safety and emergency-response protocols for each product and location. Consignees would not need to register with FBR under the Sales Tax Act as a precondition for operations; that obligation would instead fall on the OMC or refinery acting as importer of record at the point of ex-bonding. The policy offers tax-neutral treatment for bonded storage, blending, trading and re-export activity, with taxes applying only once goods are released for domestic consumption. Suppliers would be free to sell bonded products at commercially negotiated prices, exempt from Ogra's price notifications, though Ograregulated pricing would still apply to subsequent domestic sales.
“It does not matter what our past was. We are very clear about our principles and our goal. We will welcome anyone who can go with us to some extent. A party can also end its journey with us. We are not depending on anyone,” he said. PTI open to parties joining Sept 27 March On the PTI’s planned long march towards Islamabad on September 27, Raja said the party would not prevent other political forces from joining the protest. He said any decision regarding alliances or participation would be taken through the party’s core and political committees after assessing the objectives of parties seeking to join the march. “Decisions will be taken at party fo-
rums — the core and political committees. If a party expresses its willingness to join the march, we will assess its goals and purpose,” he said. The PTI has announced the September 27 mobilisation as part of its broader campaign concerning Imran Khan’s incarceration and what the party describes as constitutional and political grievances. Raja’s remarks come amid renewed opposition consultations, particularly following meetings between JUI-F chief Fazlur Rehman and other opposition leaders. Last week, Fazlur Rehman met National Assembly Opposition Leader Mahmood Khan Achakzai, Senate Opposition Leader Allama Raja Nasir Abbas and other opposition figures, with the leaders agreeing to continue consultations and formulate a joint course of action. At the same time, PPP Chairman Bilawal Bhutto-Zardari, whose party is allied with the government, also met opposition leaders and agreed to maintain contact and cooperate on legislative matters in parliament. The latest developments indicate that opposition parties are exploring areas of common ground despite differences over political strategy and their respective positions towards the government. Raja’s offer to cooperate with parties “in principle” could therefore provide another opening for broader opposition coordination, although the PTI has made clear that any alliance would be based on shared political and constitutional objectives rather than an unconditional partnership.
Family challenges judicial commission into Mir Raza Ali murder probe KARACHI
STAFF REPORT
The family of Mir Raza Ali — a 25year-old Karachi-based businessman who was found dead with a gunshot wound last month — moved the Sindh High Court (SHC) on Monday against the provincial government’s decision to form a judicial commission for a review of the probe into his murder case. The development took place as the Sindh government implemented its decision announced on Sunday, despite objections by Ali’s family and lawyer. Judicial correspondence to this effect, dated August 24 and seen Dawn, said the SHC chief justice had nominated Justice Omar Sial to head the commission. Meanwhile, Ali’s family filed a petition in the SHC through their lawyer, Jibran Nasir, requesting it to set aside the decision to form the commission and constitute a joint investigation team (JIT) instead. The petition, a copy of which
is available with Dawn, named 19 respondents, including the Sindh government, Sindh Home Department, the provincial inspector general of police, Karachi additional inspector general of police, the Federation of Pakistan and the defence ministry. The petitioners requested the court to set aside the Sindh government’s decision to form a judicial commission, including “any subsequent proceedings arising from it”. Instead, they sought the court’s directives for the formation of an “independent, impartial and multi-agency JIT, including members from Sindh police, Rangers, Federal Investigation Agency (FIA), Intelligence Bureau (IB), Inter-Services Intelligence (ISI), and military intelligence, with a senior officer of unimpeachable integrity who has had no previous involvement” in the case appointed as its head. The plea contended that the head must conduct a “fresh and comprehensive investigation into
the abduction, torture and murder” of Ali. It further sought the court’s directives for the yet-to-be-formed JIT to “independently investigate the possibility of extortion, ransom, organised criminal activity, business/financial dispute or any other motive, and shall determine on the basis of evidence whether the facts attract any provision of the Anti-Terrorism Act, 1997, including the applicability of Section 19 thereof”, The court may also direct the JIT to investigate the conduct of two police officials — East Deputy Inspector General (DIG) Farrukh Ali Lanjar and Sharea Faisal Deputy Superintendent of Police Arshad Afridi, both of whom have been named as respondents in the plea — as well as of “any other police officer involved in the investigation to determine if their conducts constitutes offence under Section 166(2), 201 and 218 PPC”, the petition said.
Gohar denies Imran-government deal, demands SC order be implemented ISLAMABAD
STAFF CORRESPONDENT
PTI Chairman Barrister Gohar Khan on Monday rejected speculation that party founder Imran Khan had reached any deal with the government, saying the former prime minister would not have spent nearly three years in jail had he been seeking a political understanding. Speaking outside the Supreme Court alongside senior lawyer Latif Khosa, Gohar said the party’s immediate priority was Imran’s health and securing implementation of the Supreme Court’s August 18 order directing his transfer to Shifa International Hospital. “Khan sahab does not make deals. He will not stay in the hospital for a minute beyond what is necessary for his tests and treatment. If he wanted to make a deal, he would not have spent three years in jail,” Gohar said.
The remarks came amid speculation following the Supreme Court’s order that Imran be shifted to Shifa International Hospital for treatment and that weekly meetings with his family be arranged. The government subsequently challenged the order through a review petition, describing the directive as discriminatory. Imran, however, was taken to PIMS in the early hours of August 21 and returned to Adiala Jail after doctors declared him medically fit. Information Minister Attaullah Tarar said the decision to take him to PIMS instead of Shifa was made because of the security situation outside and along the route to the private hospital. Gohar termed the move a clear violation of the Supreme Court’s order and said PTI had approached the apex court to ensure its implementation. “We have always knocked on
the doors of the courts,” he said, noting that the party had approached the Supreme Court 15 times and high courts on 25 occasions. Gohar said he and Khosa had sought a meeting with Chief Justice Yahya Afridi but instead met the Supreme Court registrar, who, according to him, assured them that PTI’s contempt petition would be numbered on Monday and a note would be placed before the chief justice for fixation. “We have requested that this case be heard tomorrow or the day after,” he said, stressing that court orders could not simply be ignored. PTI seeks changes to medical board Gohar said PTI wanted Imran’s sister, Dr Uzma Khan, and his personal physician, Dr Faisal Sultan, included in the medical board constituted to oversee his treatment.
Tuesday, 25 August, 2026
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Adiala Jail prisoners approach IHC seeking rights granted to Imran Khan 4:48
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ISLAMABAD
STAFF REPORT
Three prisoners lodged in Adiala Jail have approached the Islamabad High Court seeking private hospital treatment and permission to contact their family members, citing the Supreme Court order concerning PTI founder Imran Khan’s treatment and family meetings. Justice Muhammad Asif heard the petitions filed by prisoners Ilyas Khan, Muhammad Ismail Khan and Owais Altaf. The Islamabad High Court issued a notice to the Adiala Jail superintendent and sought a detailed response from the jail authorities. The court adjourned further hearing until August 27. Counsel for Muhammad Ismail Khan told the court that his client suffers from hemophilia and is facing internal bleeding. He said the prisoner had been taken to hospital 10 times during the past two months, but his condition had not improved significantly. The lawyer maintained that complete treatment for the prisoner’s disease is currently possible only at Shifa Hospital in Pakistan. He argued that if a prisoner’s illness cannot be treated at a government hospital, the inmate can be shifted to a private hospital, while treatment expenses can be borne by the family, as clarified in a Supreme Court judgment. The counsel requested the court to order the formation of a medical board for the petitioner and sought his transfer to Shifa Hospital if the required treatment was not available at a government hospital. Meanwhile, lawyer Syed Jafar appeared through video link on behalf of Owais Altaf. He submitted that his client was suffering from fever and a heart condition. He argued that proper medical treatment is a fundamental right of a prisoner and requested the court to order Owais Altaf’s transfer to Shifa Hospital if adequate treatment was not possible at a government hospital. In another plea, counsel for Muhammad Ismail Khan told the court that his client had been imprisoned in Adiala Jail for the past nine years. He said the prisoner’s brother was living in Dubai and that the two had not been in contact for years. The lawyer requested the court to direct jail authorities to facilitate a WhatsApp call between Muhammad Ismail Khan and his brother, arguing that the petitioner should also be allowed family contact in light of the rights granted in the Supreme Court order concerning Imran Khan. The petitions were filed in the context of the Supreme Court’s order regarding Imran Khan’s treatment at a private hospital and meetings with his family. The prisoners have sought similar relief for their medical treatment and communication with family members. The Islamabad High Court issued notices to the Adiala Jail superintendent and sought para-wise comments from the jail authorities in all three cases. The court adjourned the hearing until August 27.
Imaan Mazari's health woes raise alarm over medical facilities at Adiala Jail ISLAMABAD
STAFF REPORT
The family and legal team of incarcerated lawyers and human rights activists Imaan Zainab Mazari-Hazir and Hadi Ali Chatta have raised serious concerns over the quality of medical care available to prisoners at Adiala jail, particularly in the women’s section. Imaan and Hadi were sentenced by an Islamabad sessions court on Jan 24 to a combined 17 years in prison on multiple charges under the Prevention of Electronic Crimes Act (Peca). The convictions, which drew criticism from lawyers and United Nations experts, have been challenged before the Islamabad High Court (IHC). In a statement issued on Monday, the couple’s family and legal team said they remained satisfied with their weekly meetings with the two prisoners but expressed growing concern over Imaan’s deteriorating health over the past three weeks. According to the statement, Imaan initially suffered heavy bleeding from her gums but could not receive a dental examination because no dentist was available at the jail. Although the family arranged medication after consulting a dentist, they alleged that she did not receive all of the medicines sent to her. The following week, she developed stomach problems, but adequate medical attention was again allegedly unavailable. The statement further claimed that Imaan was administered Zedron to control nausea and vomiting despite concerns over its suitability for women of childbearing age. The family and legal team said Imaan had been suffering from a serious chest infection for the past week. A blood test reportedly showed an elevated white blood cell count, indicating an infection, but despite requiring a chest X-ray, the test had yet to be arranged by jail authorities. They said the delay was particularly concerning because it was necessary to determine the cause of the infection and rule out serious contagious diseases, including tuberculosis. The statement also alleged that inmates diagnosed with infectious diseases in the women’s section of Adiala jail were being housed alongside other prisoners, including children, instead of being isolated.
WB downgrades Sindh Barrages Improvement Project ratings over slow progress PROFIT
MONITORING REPORT
The World Bank has downgraded the implementation and development ratings of Pakistan's Sindh Barrages Improvement Project from "Satisfactory" to "Moderately Satisfactory," warning that sluggish progress in barrage operations and institutional capacity could undermine the long-term sustainability of major rehabilitation investments, despite substantial progress in civil works, according to World Bank documents. The overall risk rating remains "Substantial." The $314.93 million project, aimed at strengthening the Sindh Irrigation Department's capacity to operate and manage bar-
rages and improving the reliability and safety of Guddu and Sukkur barrages, has achieved an overall disbursement rate of around 82.25%. The Bank said major rehabilitation works at both barrages were progressing well and remained on track for completion in the first half of 2027, despite challenges including a cofferdam breach at Sukkur Barrage in March 2026. However, progress in improving barrage operations and institutional capacity remained slower than expected, requiring accelerated implementation to fully achieve the project's objectives. "Excellent progress" has been made in restoring and strengthening barrage infra-
structure, including completion of all main gate replacements at Sukkur Barrage and substantial progress at Guddu. Rehabilitation and modernisation works reached 84% by July 2026, against a target of 100% by June 2028. A total of 125 gates had been replaced, including 25 Guddu canal gates, 56 Guddu main barrage gates, and 44 Sukkur main barrage gates. The project aims to increase flood passage capacity at both barrages from 900,000 cusecs to 1.2 million cusecs, though current capacity remains at baseline levels pending completion of rehabilitation works. The Bank flagged weak progress in the operation and maintenance performance
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scorecard, which rose only marginally from 40 in December 2025 to 44 in July 2026, against a target of 90 by June 2028. It cited limited progress on the sediment-testing standard operating procedure. Calibration of canal head regulators has been reinitiated but remains slow, while no performance-based maintenance contract has yet been awarded by the Barrage Management Unit. Technical studies for longterm flood and sediment management at Sukkur Barrage have been completed but still need to be operationalised. The Kotri Barrage Improvement study remains in procurement, while a preliminary assessment for a possible new Sukkur Barrage location has been completed,
though no further progress on its draft terms of reference has been reported. A Barrage Management Unit has been established, but the Bank called for additional strengthening and regular monitoring. Emergency preparedness plans for three barrages have been prepared, reviewed and revised, but need proper dissemination among barrage and local authorities. The project is expected to benefit around five million people through climateresilient infrastructure once improvement works are completed and better barrage management and emergency preparedness are demonstrated. The project's revised closing date is June 30, 2028.
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