In partnership with
Profit
Tuesday, 4 August, 2026 | 20 Safar, 1448
Rs 20.00 | Vol XVII No 130 | 8 Pages | Islamabad Edition
PM SHEHBAZ UNVEILS TWIN ECONOMIC DRIVE TO ACCELERATE INVESTMENT, PRIVATIZATION REFORMS g
g
PM ORDERS EARLY ROADMAP FOR PRIVATE EQUITY FUND TO UNLOCK INVESTMENTS AND SUPPORT SMES
GOVT PUSHES FASTER PRIVATIZATION OF 27 STATE-OWNED ENTERPRISES UNDER PHASED REFORM PLAN
g
MINERALS, AGRICULTURE, IT AND ENERGY IDENTIFIED AS ENGINES OF SUSTAINABLE ECONOMIC GROWTH
ZTBL PRIVATIZATION TO SAFEGUARD AGRICULTURAL FINANCING; PIA, POWER UTILITIES AND AIRPORTS REMAIN KEY FOCUS
g
PM Shehbaz hails public mandate as PML-N secures simple majority in AJK election ISLAMABAD
STAFF CORRESPONDENT
P
ISLAMABAD MIAN ABRAR
RIME Minister Shehbaz Sharif on Monday directed authorities to expedite the establishment of a Private Equity Fund and ensure the timely completion of the government's privatization programme, describing privatesector-led investment as central to Pakistan's long-term economic growth. Chairing separate high-level meetings on investment promotion and privatization, the prime minister instructed officials to finalize, at the earliest, a comprehensive roadmap for launching a Pri-
vate Equity Fund aimed at attracting investment, supporting small and mediumsized enterprises (SMEs) and creating employment opportunities. He also called for a detailed strategy to develop Pakistan's public equity market and strengthen private equity funds to expand access to investment capital and facilitate greater foreign investment. Emphasising that private investment is indispensable for sustainable economic development, the prime minister said private equity funds could become a key driver of business expansion, industrial growth and job creation. Shehbaz Sharif identified minerals, agriculture, livestock, energy, information technology and other
PPP, PML-N trade rigging allegations as AJK poll dispute deepens ISLAMABAD
STAFF CORRESPONDENT
Prime Minister Shehbaz Sharif on Monday congratulated Pakistan Muslim League-Nawaz (PML-N) President Nawaz Sharif and the party's successful candidates after the ruling party secured a simple majority in the Azad Jammu and Kashmir (AJK) Legislative Assembly, describing the outcome as a strong endorsement of the PML-N's leadership and development agenda. In a statement, the prime minister extended his congratulations to all victorious candidates, saying the party's performance reflected the leadership of Nawaz Sharif and the tireless efforts of the entire PML-N team during the election campaign. "The development and prosperity of Azad Jammu and Kashmir, along with the welfare of its people, remain
high-potential sectors as future engines of economic growth, adding that a vibrant public equity market could channel investment into these sectors. Observing that bank lending alone
among the foremost priorities of the PML-N," Shehbaz said, adding that the election results demonstrated the confidence of the Kashmiri people in the party's policies and vision. He also welcomed the participation of political parties in the electoral process, saying it would further strengthen democracy in AJK. Meanwhile, Adviser to the Prime Minister on Political and Public Affairs Rana Sanaullah announced that the PML-N had secured a simple majority in the 45-member AJK Legislative Assembly after winning 23 seats. Addressing a joint press conference with Federal Minister for Kashmir Affairs and Gilgit-Baltistan Amir Muqam, Sanaullah said polling had so far been completed on 20 general seats, with the PML-N winning 13 of them.
CONTINUED ON PAGE 03 was insufficient to meet the country's investment needs, he stressed the importance of developing alternative financing mechanisms to diversify capital sources.
CONTINUED ON PAGE 03
Bilawal escalates offensive against PML-N, declares 'countdown' has begun ISLAMABAD
STAFF CORRESPONDENT
The Pakistan Peoples Party (PPP) and the Pakistan Muslim League-Nawaz (PML-N) on Monday further escalated their confrontation over the Azad Jammu and Kashmir (AJK) Legislative Assembly elections, trading fresh allegations of electoral rigging and misuse of state machinery, as both coalition partners continued to challenge each other's credibility following the first two phases of polling. Addressing a press conference in Karachi alongside PPP leader Chaudhry Yasin, Sindh Senior Minister Sharjeel Inam Memon accused the federal government, the AJK Election Commission and the PML-N of orchestrating a coordinated campaign to manipulate the electoral process and deny the PPP its mandate. The accusations came a day after the second phase of elections in Muzaffarabad Division and the refugee constituencies. According to unofficial and unconfirmed results, the PML-N was leading in five constituencies while the PPP secured two seats. Earlier, the PML-N won nine of the 13 seats in Mirpur Division during the first phase, giving it a commanding lead in the 53member AJK Legislative Assembly. Sharjeel alleged that the Election Commission had failed to remain impartial and ignored repeated complaints lodged by the PPP throughout the polling process. "It appeared as though the AJK Election Commission had become the B-team of the PML-N," he said, alleging that the polls had followed the same pattern as the 2024 general elections, which the PPP has repeatedly described as producing a "Form-47 government."
Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari on Monday intensified his criticism of coalition ally Pakistan Muslim League-Nawaz (PML-N), declaring that the ruling party’s “countdown” had begun and announcing that the PPP’s campaign for the people’s rights would now expand across the country. In a series of video messages shared on X, Bilawal reiterated allegations of widespread rigging and violence during the ongoing Azad Jammu and Kashmir (AJK) Legislative Assembly elections, accusing the PML-N of manipulating the electoral process. “The movement for the people’s right to governance, ownership and employment will not remain confined to the mountains of Kashmir or Gilgit-Baltistan,” Bilawal said. “God willing, I will take this movement across Pakistan.” Addressing the PML-N leadership, he added: “Listen carefully — tick tock, tick tock. Your countdown has begun,” repeating the warning he issued last week after accusing the ruling party of steal-
ing the public mandate in AJK. The PPP and the PML-N have been locked in an increasingly bitter exchange since the PML-N emerged victorious in the first phase of AJK elections in Mirpur on July 27 and maintained its lead in the second phase. The PPP has alleged widespread rigging, intimidation and violence, allegations consistently rejected by the PML-N. Paying tribute to PPP workers and supporters, Bilawal claimed they had faced “threats, rigging and bullets” during the elections. He reiterated allegations that a PPP worker was killed, a party MNA sustained a bullet injury and acting AJK President Chaudhry
Latif Akbar was attacked during polling in Muzaffarabad. The PML-N has denied these claims, maintaining that the deceased died of a heart attack and was not affiliated with the PPP. Calling the electoral process fundamentally flawed, Bilawal alleged that the elections were “not transparent” and described them as “rigged, bullet-ridden, murderous and bloody elections.” Despite the alleged irregularities, he congratulated party workers for securing nine seats and vowed to recover what he described as the PPP’s “stolen mandate” in Mirpur and Muzaffarabad.
Atta Tarar urges political parties to graciously accept AJK election results ISLAMABAD
STAFF REPORT
Federal Minister for Information and Broadcasting Attaullah Tarar on Monday said the outcome of the Azad Jammu and Kashmir (AJK) elections was a direct result of the Pakistan Muslim League-Nawaz’s (PML-N) successful campaign, urging other political parties to accept the results graciously. Talking to the media, the minister highlighted that PML-N secured victory in the second phase of the AJK polls, successfully strengthening its position to a simple majority. The Almighty has blessed the PML-N with victory, which has clearly perturbed some political parties, said the minister, adding the citizens and political parties actively participated in the entire democratic process through public rallies, corner meetings, and vigorous campaigns. Highlighting democratic norms, Tarar recalled that Prime Minister Shehbaz Sharif set a commendable tradition by felicitating the Pakistan Peoples Party (PPP) on their victory in the Gilgit-Baltistan (GB) elections. He expressed hope the PPP and its leaders would show similar political maturity and tolerance. Rejecting allegations leveled by Sindh Information Minister Sharjeel Memon, Tarar stated that voters made their decision based on performance, public service, development, and regional prosperity. Addressing the criticism regarding the 2024 general elections, Tarar questioned whether those same doubts applied to the outcomes of Sindh's elections. He added that it would have been better if the irrefutable evidence were brought forth instead of baseless accusations. Comparing past political campaigns, Tarar observed that during the GB elections, the PPP led by Bilawal Bhutto Zardari ran a vibrant and fruitful campaign. Likewise, during the AJK elections, PML-N Quaid Nawaz Sharif and the PML-N leadership spearheaded a far superior campaign. "The PPP should have run a better campaign to win the elections instead of relying on political pointscoring," he said. "Differences are part and parcel of politics, but hurling accusations without evidence is regrettable." He urged them to accept the results graciously and refrain from making unverified claims regarding Form 47, and congratulate the winning party. Tarar pointed out that in his own constituency, the PPP candidate was weak and largely absent from door-to-door campaigning and public gatherings. Pre-election surveys in AJK had also reflected this reality. Emphasizing that the elections were conducted under the local administration of an outgoing PPP-led government in AJK, Tarar remarked that questioning the transparency of the polls was tantamount to questioning their own administration's credibility. Public service and development were the core vision of our manifesto, he said, adding Punjab was cited a successful model during the political campaigns in AJK. Tarar urged the PPP leaders to move forward and focus on advancing the political process in AJK.
‘No date or venue’ finalised yet for resumption of US-Iran direct talks: sources ISLAMABAD
ANADOLU AGENCY
“No date or venue” has yet been finalised for the resumption of long-stalled direct talks between the United States and Iran aimed at ending their months-long war, Pakistani government sources told Anadolu on Monday. “There is no meeting [between US and Iranian negotiators] scheduled in Islamabad, at least in the next 24 hours,” a senior Pakistani official said. The official was responding to US President Donald Trump’s statement that new negotiations with Iran would begin on Monday afternoon after he decided to hold off on striking the Islamic republic. Pakistani and Qatari mediators are in contact with Washington and Tehran to finalise a date and venue for the resumption of direct talks, the sources said. Islamabad and Doha are among the expected venues for the talks, according to the sources. Interior Minister Mohsin Naqvi is expected to visit Tehran “in a day or two” to discuss matters related to reviving the talks, they said. Naqvi’s office did not respond to Anadolu’s request for comment. The sources said “positive developments” concerning the resumption of talks
were expected this week as both sides exchanged messages through mediators in an effort to revive direct negotiations under the Islamabad Memorandum of Understanding. Washington and Tehran signed the memorandum on June 17, agreeing to advance negotiations towards a permanent settlement on several contentious issues, including Iran’s nuclear programme, within 60 days. However, hostilities that began last month have cast uncertainty over the future of the agreement. The US and Iran are expected to hold indirect talks through mediators in the initial phase to reach a “minimum understanding” before direct negotiations resume, according to the sources. They added that the nuclear issue would not be included in the first phase of direct talks. “The prime focus will be on consolidating the latest pause in the hostilities and returning to the pre-July 9 position,” one source said, referring to a joint de-escalation formula drafted last month by Pakistan and Qatar in consultation with “regional partners”. Under the proposal, Tehran would reopen the Strait of Hormuz, which handled one-fifth of global oil supplies before the war began, while Washington would lift its blockade of Iranian ports.
No transit fee would be imposed on vessels passing through the strait until a final agreement on the issue was reached, the sources said. Implementation of the ceasefire in southern Lebanon would also be among the leading items on the talks’ agenda, they added. US military asks for 'unconventional’ ideas from troops to 'punish Iran' According to a CNN report released on Monday, a senior officer at the US military command carrying out the US war on sent an email request to troops for ideas on how to "punish Iran". “We are looking for new creative and unconventional ways to pressure and punish Iran,” the officer in US Central Command’s intelligence branch wrote in a message sent on Wednesday to a broad group of military analysts, according to a source familiar with the message. A second source also said that a senior US military officer sent the message last week soliciting new ideas for how to deal with Iran. CNN reported that the crowdsourcingstyle query was one sign of the limited — and potentially unpalatable —options available to Trump to force Iran into a deal on his terms, an option, which military officials said was unusual over email.
Iran rejects Trump claim of new US talks DUBAI
NEWS DESK
Iran said on Monday that no negotiations with the United States are under way and no meetings are planned, directly contradicting President Donald Trump’s assertion that talks would begin that afternoon after he pulled back from threatened attacks. Speaking aboard Air Force One on Sunday, Trump said, “Would I rather make a deal? I'm not looking to kill people,” and added, “Now what we're doing is talking to them, in the form of a negotiation. It begins tomorrow afternoon.” He did not identify the venue or participants. Iranian Foreign Ministry spokesman Esmaeil Baghaei rejected that account, saying there were no negotiations with Washington and no scheduled meetings. He said Tehran had no plans in the coming days either to receive foreign delegations or to send negotiators abroad. Baghaei said all Iranian negotiators were in the country, except Foreign Minister Abbas Araghchi, who was on a religious pilgrimage in Iraq. He added that the only
talks currently taking place were with Oman on management of the Strait of Hormuz. Fresh contradiction after latest US de-escalation The exchange came after Trump again threatened major military action against Iran and then stepped back, citing diplomacy. The latest turn fits a pattern that has played out repeatedly during the past five months, with Washington warning of escalation before pausing amid talk of possible contacts. Iran has publicly rejected negotiations with the United States since a June memorandum of understanding intended to end the conflict collapsed in early July. Washington says that memorandum required Iran to open the Strait of Hormuz, while Tehran argues the text preserved its authority over shipping traffic in the waterway. The strait remains central to the confrontation. The United States has not secured Iran’s withdrawal from its grip over the route, a key channel for global energy supplies, and the dispute has helped drive up oil prices and politically sensitive gasoline costs in the United States.