Friday, 2 January, 2026 | 12 Rajabul Murajjab, 1447
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Rs 20.00 | Vol XVI No 178 | 8 Pages | Islamabad Edition
02 NEWS
PTI LEADERS DENIED MEETING WITH IMRAN KHAN AGAIN AMID CALLS FOR GOVT FLEXIBILITY
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Friday, 2 January, 2026 | ISLAMABAD
MNA JAMAL KHAN SAYS IT COULD’VE BEEN FIRST STEP TOWARDS EASING TENSE POLITICAL ENVIRONMENT BUT GOVT LOST THAT CHANCE High Court (IHC) on March 24 mandates that meetings with Imran be permitted twice a week, on Tuesdays and Thursdays. However, the PTI maintains that the order is not being honoured. The party has staged sit-ins near Adiala Jail to demand meetings with its founding chairman, with one earlier this week dispersed using water cannons. “I was hoping that, considering the Prime Minister’s offer of talks and the first day of the new year, the government would allow us to meet PTI’s founding chairman,” said Muhammad Jamal Khan, a member of the National Assembly (MNA), speaking to the media. “It could have been the first step
RAWALPINDI
staff report
TI leaders were once again denied a meeting with party founder and former Prime Minister Imran Khan on Thursday, sparking fresh criticism of restrictions on the incarcerated leader and renewed calls for government flexibility. The party lamented that the government had missed an opportunity to demonstrate goodwill and ease political tensions at the start of the new year. A court order issued by the Islamabad
Murree Expressway closed for traffic due to severe snowfall
and I waited until 4:40 pm with no success,” he added. Asked why only two leaders arrived despite six names being submitted, Jamal explained that he and provincial assembly member Iqbal Khattak had come together, while he could not confirm the presence of the others. He criticized the government for showing “weakness” by denying the meeting, stating that allowing it could have signalled seriousness about negotiations and sent a positive message to the nation. Imran, imprisoned since August 2023, is serving a sentence in a £190 million corruption case and faces additional trials under the
towards national harmony and easing the tense political environment, but the government lost that chance.” On Wednesday, PTI Secretary General Salman Akram Raja wrote to the jail superintendent, forwarding the names of six party leaders for the meeting: Dr Amjad Ali, Sahibzada Sibghatullah, Usman Bhattani, Iqbal Khattak, Shoaib Ameer Awan, and Muhammad Jamal Khan. Jamal said he arrived at the Adiala jail gate at 2:30 pm and informed officials that his name had been forwarded for the meeting. “The staff suggested I wait at the check post alongside media personnel. They kept telling me approval had not been received,
ECP issues final notice to 446 lawmakers over delay in asset statements
ISLAMABAD
ISLAMABAD
staff Correspondent
The Murree Expressway has been temporarily closed for all non-essential traffic due to severe snowfall, authorities announced on Thursday. The closure affects the stretch from Phulgara Toll Plaza to Murree. Local residents, however, can still access the hill station via the N-75 highway, which remains open. The National Highway and Motorway Police (NHMP) shared the update on social media, urging visitors to avoid traveling to Murree unless absolutely necessary. Teams from the NHMP and the National Highway Authority (NHA) are working around the clock with specialized machinery to clear snow and restore normal traffic flow on the expressway. Authorities have stressed that safety is the top priority and have advised motorists to exercise caution while traveling in the area. Travelers are also being urged to equip their vehicles with tire chains, keep fuel tanks full, and follow the directions of traffic officers. Weather reports indicate that rain and snowfall are expected to continue in Murree and the nearby Galiyat region until early January, prompting officials to maintain heightened readiness and continuous snow removal operations.
staff report
The Election Commission of Pakistan (ECP) has issued a final warning to hundreds of lawmakers across the country, serving notices to 446 members of Parliament and provincial assemblies for failing to submit their mandatory annual statements of assets and liabilities by the December 31 deadline. According to the Commission, notices have been served to 26 senators, 125 members of the National Assembly, 159 members of the Punjab Assembly, 62 members of the Sindh Assembly, 48 members of the Khyber Pakhtunkhwa Assembly, and 26 members of the Balochistan Assembly. The Election Commission of Pakistan
warned that continued non-compliance would result in the suspension of membership under the Elections Act, 2017. In a press release, the Commission emphasized that lawmakers are required to submit Form-B— detailing their assets and liabilities, as well as those of their spouses and dependent children as of June 30—by December 31, 2025, in accordance with Section 137 of the Act. The ECP announced that members of the Senate, National Assembly, and the provincial assemblies of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan who fail to comply will face suspension of their membership on January 16, 2026, under Section 137(3) of the Elections Act, 2017. According to the Commission, 26 senators have yet to submit their statements,
including Rana Mahmood ul Hassan, Fawzia Arshad, Hamid Khan, Aimal Wali Khan, and Abdul Shakoor Khan. In the National Assembly, 125 members remain non-compliant, among them Amir Muqam, Tariq Fazal Chaudhry, Sheikh Aftab Ahmed, Aqeel Malik, Muhammad Sana Ullah Khan Masti Khel, Sardar Muhammad Latif Khan Khosa, Attaullah Tarar, Sardar Awais Ahmed Khan Laghari, Syed Mustafa Kamal, Khalid Maqbool Siddiqui, Mahreen Razzaq Bhutto, and Ramesh Kumar Vankwani. In Punjab, 159 assembly members have not filed their statements, including Hafiz Farhat Abbas, Malik Khalid Pervaz Khokhar, Mian Muhammad Munir, Farooq Ahmad Khan Maneka, Mian Alamdar
Dr Yasmin Rashid to challenge NA-130 tribunal verdict in court
Internet services disrupted across Pakistan due to outage
The February 8, 2024 general election was followed by weeks of disputes and competing claims in several constituencies, with PTI-backed candidates alleging that results were altered during consolidation and notification. PTI leaders repeatedly termed the controversy a “mandate issue”, arguing that outcomes should be based on polling-station results reflected in Form45s rather than consolidated figures issued later. Most challenges were subsequently taken to election tribunals, where a large number of petitions remained pending for months. NA-130 featured prominently in the wider debate over election transparency. Prior to polling, Dr Rashid’s candidacy itself was challenged but later restored by an election appellate tribunal, allowing her to contest against Nawaz Sharif. Following the announcement of results, Dr Rashid filed an election petition before the Lahore High Court election tribunal, while PTI leaders claimed in public briefings that she had been leading in the constituency before Sharif was declared the winner.
LAHORE
staff Correspondent
Pakistan Tehreek-e-Insaf (PTI) leader Dr Yasmin Rashid has decided to challenge an election tribunal’s decision upholding the victory of PML-N supremo Nawaz Sharif in Lahore’s NA-130 constituency. According to her counsel, Rana Mudassar Umar, Dr Rashid took the decision after consultations with her legal team while in jail and directed him to immediately approach the court against the tribunal’s ruling. He said an application had already been filed to obtain a certified copy of the verdict and that a petition would be submitted as soon as the copy was received. The lawyer maintained that the tribunal failed to properly assess the facts of the case and dismissed Dr Rashid’s election petition on “technical grounds”. A day earlier, the election tribunal had upheld the Election Commission of Pakistan’s (ECP) notification declaring Nawaz Sharif the winner from NA-130 (Lahore-XIV), rejecting the PTI
NEWS DESK
Internet connectivity has been disrupted nationwide in Pakistan due to an outage affecting one of the upstream providers, as confirmed by Nayatel in an official statement. The disruption is impacting a large portion of internet traffic, resulting in degraded connectivity for users across the country. Nayatel explained in a post on its official account that the issue arose after one of its two upstream providers faced an outage, which has affected a significant share of internet traffic. The company assured users that its technical teams are actively monitoring the situation and are collaborating with the upstream provider to restore services as quickly as possible. However, Nayatel has not provided a specific timeline for when the issue will be fully resolved, leaving it unclear when normal internet services will be restored.
leader’s challenge to the February 8, 2024 general election result. The tribunal, headed by Judge Rana Zahid Mahmood, dismissed Dr Rashid’s petition on technical grounds, meaning the official result notified by the ECP would remain in force. According to the final results, Sharif secured 179,310 votes, while Dr Rashid polled 104,485. Dr Rashid had approached the tribunal shortly after polling, contending that the ECP did not follow due procedure while notifying Sharif’s victory. She alleged that the result was manipulated in his favour and sought to have the notification set aside.
Aerial firing injures 25 in Karachi on New Year’s Eve, 59 arrested KARACHI
staff report
At least 25 people, including women and children, were injured in Karachi on New Year’s Eve after being struck by stray bullets from aerial firing. Police arrested 59 individuals across the city in connection with the incidents, recovering several weapons in the process. Rescue officials reported that gunfire erupted in multiple neighbourhoods as people welcomed the New Year, with vic-
Anti-Terrorism Act related to the May 9, 2023 protests. PTI has repeatedly raised concerns about his health. On December 1, Imran’s son, Kasim Khan, expressed fears that authorities might be concealing “something irreversible.” However, on December 2, Imran’s sister Uzma Khanum confirmed that her brother was “perfectly fine” after a 30-minute visit, though she noted he was “very angry” over the mental strain of his confinement. Earlier this month, a United Nations special rapporteur expressed concern that Imran’s detention conditions could amount to inhuman or degrading treatment, urging Pakistan to comply with international norms.
tims being rushed to hospitals well into the night. The injuries occurred due to bullets fired from unknown directions. Chhipa Foundation spokesperson Shahid Chaudhry confirmed that 25 people were injured in various parts of the city, including victims such as 36-year-old Mukhtiar near Chhanesar Goth, 33-yearold Nabeel near Haji Mureed Goth, and 40-year-old Naik Muhammad near Meezan Bank at New Sabzi Mandi. Among the injured were children, such as 11-year-old Meh Jabeen in Korangi, 7-
year-old Fareeha near Safora Chowrangi, and 8-year-old Faria in Korangi No 5. Other victims included 65-year-old Haji Zaheer near Johar Mor and 71-yearold Salamat Gul near Shalimar Bakery in Manzoor Colony. Police and rescue teams worked to transport the injured to local hospitals, including Abbasi Shaheed Hospital, Jinnah Postgraduate Medical Centre, and Civil Hospital. In response, police launched a citywide crackdown on aerial firing, resulting in the arrest of 59 suspects. SSP District
Central Zeeshan Siddiqui confirmed that Khawaja Ajmer Nagri police arrested Muhammad Suleman and recovered illegal weapons. Other arrests were made in areas such as Gulberg, Yusuf Plaza, Joharabad, and Quaidabad, where weapons and ammunition were seized. Authorities emphasized that aerial firing is a serious crime and jeopardizes public safety. A zero-tolerance policy has been adopted against this practice, and further legal actions are underway against the arrested suspects.
Abbas Qureshi, Muhammad Sibtain Raza, and Sardar Sher Afgan Gorchani. The Sindh Assembly has 62 members yet to comply, among them Agha Shahbaz Ali Durrani, Sohail Anwar, Nisar Ahmed Khuhro, Syed Qaim Ali Shah, Sherjeel Inam, and Mukesh Kumar Chawla. In Khyber Pakhtunkhwa, 48 members remain pending, including Muhammad Anwar Khan and Muhammad Iqbal Khan. In Balochistan, 26 members have not submitted their details, including Sardar Abdul Rehman Khetran, Nawab Jangayz Khan Marri, Muhammad Sadiq Sanjrani, and Rahila Hameed Khan Durrani. The Commission noted that the prescribed forms are available for download on its official website, www.ecp.gov.pk
Three people shot dead, another injured in Panjgur PANJGUR
staff Correspondent
Three people were shot dead and another injured when unidentified armed men opened fire in the Katagri area of Panjgur district in Balochistan on Thursday. According to police, the attackers targeted four men before fleeing the scene. The deceased were identified as Zahid Muhammad Hussain, Jasim son of Nawab Jan, and Saifullah son of Hayat. The injured man was identified as Qudoos son of Malang. Police said the motive behind the killings has not yet been determined, and further investigation into the incident is underway. Earlier, on Dec 27, 2025, security forces eliminated four Indian-sponsored terrorists during an intelligence-based operation in Panjgur district of Balochistan, ARY News reported on Saturday, citing the Inter-Services Public Relations (ISPR).
PML-N wins by-election for PP-289 DG Khan ISLAMABAD
staff Correspondent
Pakistan Muslim League-Nawaz (PML-N) has emerged victorious in the by-election for Punjab Assembly constituency PP-289 Dera Ghazi Khan. PML-N candidate Osama Abdul Karim was elected unopposed as a Member of the Provincial Assembly after all other candidates withdrew from the race. According to the Returning Officer, a total of 11 candidates initially submitted their nomination papers. Nine candidates withdrew on the previous day, while the 10th candidate also took back his nomination papers on the final day, leaving Osama Abdul Karim uncontested. The seat had fallen vacant after former MPA Mahmood Qadir Leghari was elected to the National Assembly. As per the Election Commission’s schedule, polling in the constituency was earlier expected to be held on January 25.
PTCL closes Telenor deal, rises to second-largest telecom operator PROFIT
staff report
PTCL announced on Wednesday that it has completed its Rs 108 billion acquisition of Telenor Pakistan and Orion Towers, a deal that reshapes the country’s telecom landscape. The transaction brings both companies under full PTCL ownership, joining Ufone and U Microfinance Bank in the group’s portfolio. Telenor Pakistan and Ufone will now be merged into a new entity, tentatively called MergeCo, which will operate as a wholly-owned PTCL subsidiary. The acquisition vaults PTCL into second place among Pakistan’s telecom providers. Jazz remains the market leader with 38% of subscribers, but PTCL now commands 35%, up from its previous position. Zong trails at around 26%. Looking ahead, PTCL has signaled its intention to bid in the upcoming spectrum auction, with ambitions to expand bandwidth and roll out 5G services. How aggressively the company can pursue new spectrum remains uncertain, however, given the debt it has taken on to finance the Telenor deal and broader industry concerns about spectrum pricing.
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NEXT TELECOM BATTLE TO BE FOUGHT ON THE 5G FRONT
CONCERNS AROUND THE DEAL This deal was a long time coming. There were concerns about this merger potentially leading to a more monopolized telecom landscape by further consolidating the market into fewer companies. Those wary of the proposed merger argued that it would strengthen PTCL’s position, where it could cross-subsidize PTCL and Ufone, and with expanded reach could push the competition out, or at least put them under heavy pressure. In fact, PTA’s official estimates and calculations show how this proposed merger would impact the market concentration in the local telecom industry. Herfindahl Hirschman Index (HHI) is a metric that measures this concentration. An HHI value of 10,000 means that there’s a monopoly in place, while a value of 0 signifies a highly competitive market. In Pakistan’s telecom industry’s case, the HHI value has been hovering around 3000 for the past 3 years. But, if this merger were to occur, it was estimated that the HHI value would rise to 3515, making the market more concentrated.
At the same time, the Competition Commission of Pakistan (CCP) had raised concerns about the lack of transparency in PTCL’s investment post-merger plans. Questions were also raised about the company’s business conduct, and discrepancies in data related to international direct dialling (IDD) services were highlighted. The concerns, however, were allayed – at least on paper, and PTCL was able to obtain approval from the CCP and an NOC from the Pakistan Telecom Authority (PTA). The reasoning given by the CCP was that the merger was conditional upon certain safeguards to preserve competition. These included, among other things, the provisions that PTCL and the merged entity would have separate boards; that an independent third party reviewer would monitor compliance and audit transactions and submit quarterly reports to the CCP for 5 years; that PTCL would ensure non-discriminatory access to capacity and infrastructure for all operators and pricing would be subject to PTA’s approval; that CCP reserved the right to di-
vest assets in case of violations, and so on. The deal was funded primarily by a USD 400 million loan from a consortium led by the International Finance Group, the World Bank’s private sector arm. Beside giving PTCL a higher market share, this merger has also given it access to more revenues. In 2024, while PTCL reported total revenues of Rs 219.7 billion, Telenor posted a figure of Rs 123 billion. On the surface, this would mean more than a 50% increase in revenues. The deal would obviously also expand the infrastructure network owned or managed by PTCL, a fresh, perhaps much-needed, injection into this company that has been making losses for the past few years now.
PERSISTING FEARS In fact, one of the issues which remains to be seen is how this deal will impact the profitability of PTCL, which in 2024 had posted a loss of over Rs 14 billion. Would access to more money be the solution? It could be well a part of it, but surely on its own it is probably not sufficient to turn the company’s fortunes around. In fact, earlier this year, the Central Monitoring Unit (CMU) of the Ministry of Finance had warned that if the acqui-
sition was not properly managed, it might impede the group’s digital transformation goals and erode its ability to effect and sustain investments in its key growth areas. The merger does promise to provide substantial operational savings, with the merger of the tower infrastructure into a single grid. Similarly, Telenor’s strength in rural and northern areas combined with Ufone’s urban and southern coverage, would likely create a truly nationwide reach. But, as the CCP had mentioned, “these [efficiencies] are neither assured nor independently verifiable in their current form”. And PTCL’s record with transparency hasn’t been exactly stellar. We cannot ignore, at the same time, the fears of the rise of a nascent monopoly in the form of PTCL. Since four players (Jazz, PTCL, Telenor, Zong) have become three, what is to prevent three from becoming two, and two from becoming one? Given that PTCL, beside being a telecom giant, is also the major provider of IP bandwidth, holding 64.5% of the market share (the rest is held by Transworld Associates), a margin differential would seep in, with PTCL’s competitors Jazz and Zong forced to access it at market rates.
NEWS 03
Friday, 2 January, 2026 | ISLAMABAD
OIL PRICES DROP 20% ANNUALLY AMID OVERSUPPLY FEARS, GEOPOLITICAL TENSIONS, AND OPEC+ OUTPUT INCREASE
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BRENT CRUDE FUTURES SHED ABOUT 19% IN 2025, HIGHEST DECLINE SINCE 2020; US WTI CRUDE LOGGED AN ANNUAL DECLINE OF ALMOST 20% PROFIT
staff report
IL prices fell on Wednesday and recorded an annual loss of nearly 20%, as expectations of oversupply increased in a year marked by wars, higher tariffs, increased OPEC+ output and sanctions on Russia, Iran and Venezuela. Brent crude futures shed about 19% in 2025, the most substantial annual percentage decline since 2020 and its third straight year of losses, the longest such streak on record. U.S. West Texas Intermediate crude logged an annual decline of almost 20%. On the last day of the year, Brent futures settled at $60.85 a barrel, down 48 cents, or 0.8%. U.S. WTI crude fell by 53 cents, or 0.9%, to settle at $57.42 a barrel. BNP Paribas commodities analyst Jason Ying anticipates Brent will dip to $55 a bar-
rel in the first quarter before recovering to $60 a barrel for the rest of 2026 as supply growth normalises and demand stays flat. “The reason why we’re more bearish than the market in the near term is that we think that U.S. shale producers were able to hedge at high levels,” he said. “So the supply from shale producers will be more consistent and insensitive to price movements.” U.S. crude stocks fell last week, but distillate and gasoline inventories grew more than expected, according to data from the U.S. Energy Information Administration. “It was a modestly supportive report on crude drawdown, but the inners of the report are not so great and it will probably be a rough January and February with the holidays in the rearview mirror,” said John Kilduff, partner at Again Capital Markets. Crude inventories fell by 1.9 million
PM seeks time-bound strategy to accelerate economic reforms, investment CONTINUED FROM PAGE 01
The prime minister congratulated the nation on this major discovery and appreciated the relevant departments for their dedicated work. The new reserves are expected to yield approximately 4,100 barrels of oil per day. The meeting was further informed that, during the current winter season, domestic consumers experienced better gas pressure compared to the previous year. Officials also reported that work on RLNG connections has been expedited, with a target of 350,000 new connections to be achieved by June 2026. “Pipelines for the Sheva and Batani gas fields have been commissioned, while work on the pipeline from the Kot Palak gas field is in progress,” the meeting was told. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, Minister for Economic Affairs Ahad Khan Cheema, Minister for Petroleum Ali Pervaiz Malik, and other senior government officials. ASHRAFI APPOINTED AS COORDINATOR FOR RELIGIOUS HARMONY, PAKISTANI DIASPORA IN MUSLIM WORLD In related development, Prime Minister Shehbaz Sharif has appointed Hafiz Muhammad Tahir Mehmood Ashrafi, Chairman of the Pakistan Ulema Council, as Coordinator for Religious Harmony and the Pakistani Diaspora in the Middle East and Muslim Countries. The appointment comes at a critical time as Pakistan seeks to strengthen its engagement with the Muslim world amid evolving regional dynamics and the strategic importance of relations with Gulf and other Islamic countries, said a press release here on Thursday. Hafiz Tahir Ashrafi has previously served as a special representative and brings extensive experience in religious diplomacy, interfaith engagement and international outreach. In his new role, he will be responsible for enhancing coordination, promoting mutual understanding and further improving Pakistan’s relations with Islamic and Arab states, particularly in matters related to religious harmony and the welfare of the Pakistani diaspora. Widely recognised for his efforts to promote interfaith and inter-sectarian harmony, tolerance and peaceful coexistence within Pakistan, Ashrafi has played an important role in encouraging dialogue among different religious schools of thought. He is a member of the Supreme Council of the Muslim World League and is also affiliated with several prominent international and Islamic organizations. He maintains close and longstanding ties with leading Islamic scholars and senior figures across the Arab and Muslim world.
FBR orders scrutiny of 480 exporters’ tax records, sparking concern in business community PROFIT
barrels to 422.9 million barrels in the week ended December 26, the EIA said, compared with analysts’ expectations in a Reuters poll for an 867,000-barrel draw. U.S. gasoline stocks rose by 5.8 million barrels in the week to 234.3 million barrels, the EIA said, compared with analysts’ expectations for a 1.9 million-barrel build. Distillate stockpiles, including diesel and heating oil, rose by 5 million barrels to 123.7 million barrels, versus projections of a 2.2 million-barrel rise. Oil production in the U.S. hit a record in October, according to the latest data from the EIA. Oil markets had a strong start to 2025 when former President Joe Biden ended his term by imposing tougher sanctions on Russia, disrupting supplies to major buyers China and India. The impact of the war in Ukraine on energy markets intensified when Ukrainian
drones damaged Russian infrastructure and disrupted Kazakhstan’s oil exports. The 12-day Iran-Israel conflict in June added to the threats to supply by disrupting shipping in the Strait of Hormuz, a major route for global seaborne oil, which fanned oil prices. In recent weeks, OPEC’s biggest producers, Saudi Arabia and the United Arab Emirates, have become locked in a crisis over Yemen. U.S. President Donald Trump has ordered a blockade on Venezuelan oil exports and threatened another strike on Iran. OPEC+ ACCELERATED OUTPUT INCREASES But prices eased after OPEC+ accelerated its output increases this year and as concerns about the impact of U.S. tariffs weighed on global economic and fuel demand growth. OPEC+, the Organization of the Petroleum Exporting Countries and allied producing nations, paused oil output hikes for the first quarter of 2026 after releasing some 2.9 million barrels per day into the market
Bitcoin set for first yearly loss since 2022 as macro trends weigh on crypto g
BITCOIN SOARS IN EARLY 2025 ON ELECTION OF CRYPTO-FRIENDLY PRESIDENT TRUMP, DROP LATER IN YEAR ON TARIFF NEWS; ANALYSTS CITE CORRELATION BETWEEN BITCOIN AND RISK ASSETS LIKE EQUITY MARKETS PROFIT
staff report
Bitcoin is on track to post its first annual loss since 2022, as macroeconomic pressures and fading momentum weighed on the world’s largest cryptocurrency. Despite reaching a fresh record high this year, bitcoin has struggled to regain its footing since October, and last month experienced its biggest monthly drop since mid2021. Now, it is on track to end the year more than 6% lower, after posting yearly gains the previous two years. It was last trading at $87,474.2. After soaring earlier this year with the election of crypto-friendly U.S. President Donald Trump, cryptocurrencies – along with stocks – plummeted in April on his tariff announcements. They quickly rebounded, with bitcoin hitting an all-time peak above $126,000 in early October. But just days later, on October 10, the market plunged again when Trump announced a new tariff on Chinese imports and threatened export controls on critical software. That sparked more than $19 billion worth of liquidations across leveraged crypto market posi-
tions, the largest liquidation in crypto history. The world’s main stock benchmarks have also had a turbulent year, repeatedly hitting record peaks and then pulling back as worries over tariffs, interest rates and a possible AI bubble whipsawed markets. “In 2025, the market showed that bitcoin increasingly exhibits the characteristics of a risk asset within the global financial system, with a notable correlation to the U.S. equity market during multiple periods,” said Linh Tran, a senior market analyst at XS.com. Analysts say bitcoin’s gyrations in 2025 increasingly tracked stock market sentiment as traditional retail and institutional investors jumped into cryptocurrencies, which next year may be even more closely tethered to factors driving stocks and other risk assets, such as monetary policy shifts and nervousness over the lofty valuations of AI-related stocks. Historically, bitcoin and stocks did not move in tandem because crypto was seen as an alternative investment. But with broader crypto adoption by traditional retail investors and some institutions, the correlation looks to be strengthening, analysts said.
PTCL eyes 5G spectrum auction after completing acquisition of Telenor Pakistan, Orion Towers g
ACQUISITION WILL RESULT IN THE FORMATION OF A NEW CONSOLIDATED ENTITY, ‘MERGECO,’ WHICH WILL INCLUDE UFONE AND TELENOR PAKISTAN
Pakistan Telecommunication Company Limited (PTCL) has officially completed the acquisition of 100% of the issued share capital of Telenor Pakistan and Orion Towers. The acquisition, which took effect on December 31, 2025, positions PTCL as the dominant player in the country’s telecom landscape, as it now integrates these entities alongside its own subsidiaries, Ufone and U Microfinance Bank. The acquisition will result in the formation of a new consolidated entity, “MergeCo,” which will include Ufone and Telenor Pakistan. During the transition, Telenor Pakistan will continue to operate as a separate legal entity, with plans for full integration after obtaining necessary regulatory approvals. PTCL, in a notice to the Pakistan Stock Exchange (PSX), confirmed that the transaction has been finalised and shares for both companies have been transferred to PTCL’s name. The deal was finalised in line with regulatory requirements, with PTCL pledging to keep stakeholders informed of further developments. Hatem Bamatraf, President and CEO of PTCL and
Ufone, announced the completion of the deal in a media briefing, stating that this consolidation will improve the quality of services for Pakistan’s telecom users. He also highlighted ongoing talks surrounding an outstanding $800 million issue related to the privatisation of PTCL, which is expected to be resolved soon. With the 5G spectrum auction approaching, PTCL and the newly formed telecom entity are preparing to participate in the auction. Bamatraf confirmed that telecom industry concerns will be taken into account, with spectrum being offered under favorable terms. He also expressed confidence that the merged company will be well-positioned to optimise spectrum resources and enhance network capabilities. PTCL acknowledged Telenor ASA’s contribution to Pakistan’s telecom sector over the years, praising its role in raising service standards and expanding connectivity. Looking ahead, MergeCo aims to deliver advanced digital services that align with Pakistan’s growing digital economy, empowering businesses and individuals with improved technology.
since April. The next OPEC+ meeting is on January 4. Most analysts expect supply to exceed demand next year, with estimates ranging from the International Energy Agency’s 3.84 million barrels per day to Goldman Sachs’ 2 million bpd. “If the price really has a substantial fall, I would imagine you will see some cuts (from OPEC+),” said Martijn Rats, Morgan Stanley’s global oil strategist. “But it probably does need to fall quite a bit further from here on – maybe in the low $50s.” “If today’s price simply prevails, after the pause in Q1, they’ll probably continue to unwind these cuts.” John Driscoll, managing director of consultancy JTD Energy, expects geopolitical risks to support oil prices even though market fundamentals point to oversupply. “Everybody’s saying it’ll get weaker into 2026 and even beyond,” he said. “But I wouldn’t ignore the geopolitics, and the Trump factor is going to be playing out because he wants to be involved in everything.”
Pakistan’s telecom sector hits 200m subscribers, Rs1tr revenue in FY2024-25
Sectoral investments rise to $838 million, telecom coverage expanded beyond 92% broadband penetration exceeds 60% PROFIT
staff report
Pakistan’s telecom sector continued its upward trajectory during FY2024–25, crossing major milestones in connectivity, revenues, and digital infrastructure, according to the Pakistan Telecommunication Authority (PTA) Annual Report 2024– 25. The report highlights that total telecom subscribers in Pakistan have surpassed 200 million, while broadband connections crossed 150 million, reflecting sustained growth in digital adoption across the country. Telecom coverage expanded beyond 92% , with broadband penetration exceeding 60%, underscoring the sector’s expanding reach in both urban and underserved regions. Financially, the sector recorded revenues exceeding PKR 1 trillion, marking a 12% year-on-year increase. Contributions to the national exchequer rose sharply to PKR 402 billion in 2025, compared to PKR 336 billion in 2024, indicating a stronger fiscal footprint. Meanwhile, sectoral investments increased by 9%, reaching $838 million during the reporting period. The expansion of telecom infrastructure significantly boosted data consumption, with total data usage reaching 27,727 petabytes in 2025. The report notes that 95% of cellular networks are now 4G-enabled, supported by 17.21 Tbps of international bandwidth. Pakistan is also enhancing its regional and global connectivity through the addition of four new high-capacity submarine cable systems. PTA played a key role in facilitating infrastructure expansion and connectivity initiatives across Pakistan, Azad Jammu and Kashmir (AJK), and GilgitBaltistan (GB), including the rollout of the National Roaming initiative, aimed at improving service availability in remote and less profitable areas. On the manufacturing front, the report shows strong progress in local device production, with over 95 percent of mobile devices— including 68 percent smartphones—now being manufactured locally, contributing to import substitution and industrial growth. Pakistan’s global cybersecurity standing improved during the year, with PTA effectively addressing cyber threats through operations of the National Telecom Security Operations Center (nTSOC). Consumer protection efforts also delivered results, with a 13% reduction in consumer complaints. According to the report, PTA remains focused on 5G readiness, strengthening cybersecurity frameworks, and building a future-ready digital economy.
staff report
The Federal Board of Revenue (FBR) has ordered the scrutiny of tax records for over 480 major exporters after noticing significant reductions in their declared taxable income for Tax Year 2025. This follows changes in the Income Tax Ordinance through the Finance Act, which transitioned export proceeds from a final tax to a minimum tax regime, Business Recorder reported. FBR officials have instructed field formations to investigate these exporters’ filings, specifically looking for unusual reductions or inconsistencies in their taxable income. If unjustified changes are found, the FBR has said that legal action will be pursued. The move has raised alarm within the export community, with industry groups like the Pakistan Business Council and Pakistan Retail Business Council expressing concerns. They argue that this increased scrutiny could deter investment in the already struggling export sector, especially as businesses face rising costs and complex tax burdens. Despite these concerns, the government has reiterated its commitment to an export-led growth strategy, aiming to boost exports as part of broader economic reforms. However, the FBR’s decision to intensify tax audits may be seen as counterproductive to these goals, potentially hindering efforts to encourage growth in the export sector. The FBR’s scrutiny coincides with the government’s push to facilitate exporters, with Prime Minister Shehbaz Sharif and other leaders committing to improving trade and reducing barriers. But with increased oversight now in place, exporters fear that further regulatory actions could undermine efforts to boost Pakistan’s export performance.
FBR misses half-year revenue target by Rs336b, tax hikes expected to offset shortfall g
RS6,154BN COLLECTED IN 6 MONTHS; RS328BN REVISED TARGET SET; IMF CONTINGENCY MEASURES AND TAX HIKES UNDER CONSIDERATION
The Federal Board of Revenue (FBR) has missed its revenue collection target for the first half (July-December) of the fiscal year 2025-26 by Rs336 billion, accumulating Rs6,154 billion instead of the targeted Rs6,490 billion. The shortfall has raised concerns about achieving the annual tax target, sparking discussions on activating contingency measures in line with commitments made to the International Monetary Fund (IMF). According to the provisional data, the FBR collected Rs1,421 billion in December, which fell short of the Rs1,446 billion monthly target by Rs25 billion, marking a Rs20 billion monthly shortfall. The December collection was achieved after a concerted effort by banks, which remained open until 10 PM on the last day of the month to facilitate the maximum collection. Additionally, the FBR processed 47% fewer refunds compared to December 2024, helping to curb the shortfall. The FBR’s revenue performance across various sectors was mixed. Income tax collections amounted to Rs3.03 trillion, showing a 9% increase compared to last year, but falling short of the original target of Rs3.3 tril-
lion. Sales tax collections reached Rs2.09 trillion, also falling short of the target, though reflecting a 10% increase year-on-year. Federal excise duties brought in Rs400 billion, marking an 11% increase from the previous year. However, customs duty collections, which amounted to Rs642 billion, fell below the target, though still reflecting an 8% increase compared to last year. The monthly shortfall in December, while lower than in previous months, continues to be a concern, especially as the FBR paid Rs38 billion in refunds, compared to Rs72 billion in December 2024. In line with commitments to the IMF, the government is preparing to activate a series of contingency measures to address the shortfall. These include increasing federal excise duties (FED) on certain goods, such as fertilisers and high-value sugary items, and expanding the sales tax base by moving select items to the standard rate . Additionally, the government is considering increases in withholding taxes, such as raising the tax on cash withdrawals from bank accounts to 1.5% (up from
the current 0.8%) for individuals not on the active taxpayer list, and increasing taxes on mobile phone services and landline connections. The government has also outlined plans to impose a 16% FED on confectionery and biscuits, which is expected to generate Rs70 billion annually. The increase in withholding tax on cellular calls, from 15% to 17.5%, is expected to raise an additional Rs24 billion. Meanwhile, the withholding tax on landline connections may be raised from 10% to 12.5%, expected to generate Rs20 billion annually.
04 COMMENT
A Christmas Miracle?
+DWSFBR misses
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Tax collection target missed, makes mini-budget loom
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Imran Khan and his party seem to face tough days ahead
HE Federal Board of Revenue’s missing the tax target by Rs 330 billion for the first six months of the current fiscal year is not good news. It means, for a start, that the expansive optimism that saw the CBR tell the IMF’ review mission in November that it did not need any downward revision of its target because of the excessive monsoon flooding, was just plain wrong. As it is, the IMF had revised the target down by Rs 214 billion not just because of the floods, but because of lower inflation than projected. True, the figure is a marked improvement over what the FBR had told the Prime Minister in a briefing a couple of weeks ago that the shortfall would be about Rs 564 billion. What it also means is that there has not occurred the increased growth that should have accompanied the lowering of inflation. The economy is just not picking up, and there is every sign of the country’s primary surplus being eroded. One of the consequences of this shortfall in collection is the introduction of a mini-budget, with new taxation measures that would yield Rs 200 billion in extra revenue. This had been agreed by the government during the review, with the focus being an increase from 10 percent to 12.5 percent in the withholding tax on landlines, which should generate Rs 20 billion annually. Similarly, the CBR may increase the withholding tax on cellphones from 15 percent to 17.5 percent, for an annual collection of Rs 24 billion. The sales tax may also be increased from 10 percent to 18 per Rs 16 percent on confectioneries and baked goods. The collection figures show that across the board, collections have been greater than the year before. This might well indicate that inflation is still helpful, as it does in nominal terms. However, the problem is maintaining a primary surplus if the government wants to continue to remain in the IMF’s good books. The collection targets are fixed by the MF with that primary surplus in mind. However, increasing collection by such tactics as holding back rebates and refunds (it paid less than 47 percent compared to the previous year) will not yield the desired results. What is needed is a path to increased exports. That the CBR is not doing. Nobody is, so it is not possible to judge whether it id part of the problem or part of the solution.
At Penpoint M A NIAZI
HE US attack on Nigeria may have seemed another example of how Christianity is being used merely to justify an attack on others, but its failure to act against India, which saw a wide spread of attacks on Christmas celebrations, shows that religion is just a stick to be used, not a genuine driver of US policy. US President Donald Trump’s role as the protector of Christians is new, even by the standards of his first term, and may be marked as starting when he accused Nigeria of allowing the persecution of Christians by Muslim extremists. It brought to mind the French and Russian rivalry of the 19th century over who was the genuine protector of the Christians of the Ottoman Empire. Both claimed the role by virtue of their citizens travelling to the Holy Land for pilgrimage. One was Roman Catholic, the other Russian Orthodox. Trump has clearly gone beyond this, for Nigeria is no place of pilgrimage. However, it is a place for missionary activity. One of the most enthusiastic missionary enterprises is that carried out by missionary societies from the USA, which have been active in Nigeria among other African and Muslim countries. Interestingly, Trump’s original remarks were the cause of consternation within the Nigerian government, for being a violation of its sovereignty, but the actual attack was explained away by the Foreign Minister as part of an ongoing joint operation. The attack was not on Boko Haram forces, who have been carrying out the largest operations, but on Islamic State elements. Though the Nigerian government backed the operation, there was some preceding arm-twisting so that they would accept what was essentially an egregious violation of sovereignty. However, the attack was on the Islamic State West African Province. African countries have been coming under the radar more frequently than before. One example is Sudan, where there has been increasing attention paid to the fighting in Darfur, where the civil war there has been increasing in recent times, especially after the recent capture of the town of El Fasher by the Rapid Support Forces, which are supposed to receive arms from the UAE. There are a number of strands to this situation, not least the involvement of the RSF in Darfur. It is also of importance that Sudan has recognized Israel and acceded to the Abraham Accords. Another point of interest in Africa because of the Abraham Accords is the Republic of Somaliland, which consists of the old British Somalia and (Somalia came into existence in 1960 as the result of the merger of British Somaliland and Italian Somaliland). It has won recognition from Israel because of its readiness to join the Abraham Accords. So far, the USA has not accorded the Somaliland state recognition, but with such a tunnel visioned pro-Israel President as Donald Trump in office, even without that
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Weaponising Water M. A. Niazi
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recognition, the disputed republic can count on the USA going lightly on it. It may be remembered that Trump has reserved particular ire for Somalis, who seem to have replaced Mexicans in his personal pantheon of criminals, of (as Kipling put it) ‘lesser breeds without the Law’, about whom he drew a word picture as forming gangs and terrorising Minnesota. He has a particular animus against Rep Ilhan Omar of Minnesota, who is from Somalia. It is not entirely a coincidence that US attention is focused on Black African countries which are Muslim. Is it entirely a coincidence that much of the USA’s black population, against whom Trump seems to bear an animus, is descended from Yorubas, Ibos and Hausas from Nigeria? Darfur has a prominent place in the history of the slave trade, as does Sudan as a whole. Indeed, the name Sudan comes from the Arabic word for the colour black. However, while Trump shows much concern about the fate of Christians in Nigeria, he does not show any about that of their co-religionists in India, where there seems to have been a deliberate attempt by the Sangh Parivar to disrupt Christmas celebrations. This is even though Trump seems to be distancing himself from India, and it would have seemed that Trump would have relished the opportunity to take potshots against India. The target was not yet Chistians, but Christmas decorations. From the decorations on a Mall in Raipur, Chhattisgarh, after a bandh called by the Sarva Hindu Samaj tp those on shops in Nalbari, Assam, where the Bajrang Dal was in action, one type of target was commercial. However, the protesters who gathered outside a church in Rae Bareilly, and raised slogans of ‘Jai Shree Ram’, seemed willing to take it up a notch higher. Within all of this, the Kerala Education Minister, a CPI(L) legislator who belongs to an anti-BJP government, felt obliged to write to all schools advising against Christmas celebrations. This might seem harsh in Kerala, which has a substantial number of missionary schools, often in places not well-served by the government. The BJP does not seem to have finished dealing with their main target, the Muslims, and now to be going after the Christians. It should be mentioned that India is also the scene of considerable missionary activity. Not only do missionaries minister to the substantial existing population (28 million according to
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EAPONIZING water is tantamount to an act of war— not because of rhetoric, but because water sustains life, food, energy and social stability. This stark reality has returned to the centre of South Asian geopolitics as international legal experts and UN mechanisms openly rebuke India’s rejection of its treaty obligations under the Indus Waters Treaty, warning that unilateral actions on shared rivers risk humanitarian harm and regional destabilisation. Pakistan’s response, far from being impulsive or political posturing, is anchored in international law, historical precedent and the lived vulnerability of a downstream nation whose survival is intertwined with the Indus river system. Recent developments have sharpened this crisis. Pakistan has accused India of abruptly manipulating Chenab river flows without prior notice or data sharing, a direct breach of the treaty’s cooperative framework. Such sudden variations, occurring during sensitive agricultural cycles, threaten crops, irrigation systems and rural livelihoods. These actions have unfolded against India’s declaration that it has placed treaty cooperation “in abeyance”— a move that has no legal basis under the Indus Waters Treaty, which contains no provision allowing unilateral suspension. International legal opinion has been unequivocal: treaties cannot be selectively paused, and water cannot be used as leverage in political or security disputes. This international rebuke matters because the Indus Waters Treaty is not an ordinary bilateral arrangement. Brokered by the World Bank in 1960, it has endured wars, crises and diplomatic breakdowns for over six decades precisely because it separated water cooperation from political conflict. Even during the wars of 1965, 1971 and the Kargil conflict in 1999, the treaty remained operational. Its survival was often cited as proof that rational cooperation could prevail even between hostile neighbours. Undermining it now, for tactical or retaliatory purposes, erodes one of the few remaining stabilising pillars in the region. India has attempted to justify its actions by linking water cooperation to security concerns, including terrorism allegations and broader bilateral tensions. Yet conflating unrelated secu-
rity disputes with a binding water-sharing treaty sets a perilous precedent. International law does not permit one party to suspend treaty obligations because of grievances elsewhere. The Permanent Court of Arbitration has already reinforced this principle by affirming that India cannot unilaterally strip dispute-resolution mechanisms of their authority or disregard established processes. Such rulings vindicate Pakistan’s insistence that the treaty remains fully in force and legally binding. Pakistan’s position is also shaped by geography and necessity. As a lower riparian state, Pakistan depends on the western rivers— the Indus, Jhelum and Chenab— for nearly 80 percent of its agriculture and a significant portion of its water supply. Even limited or temporary disruptions can cascade into food shortages, economic stress and social instability. When upstream control is exercised without transparency or advance warning, it creates not only material harm but deep mistrust. The treaty’s design recognised this imbalance and therefore embedded strict requirements for information sharing, prior notification and joint oversight— all of which are now being undermined. Beyond legality lies the humanitarian dimension. Access to water is inseparable from the rights to life, food, health and dignity. UN experts have warned that arbitrary interference with river flows violates these fundamental rights and that water must never be weaponised for political coercion. From this perspective, Pakistan’s warnings about the gravity of such actions are not exaggerated; they reflect an understanding that cutting or manipulating water supplies threatens millions of civilians who have no role in geopolitical disputes. India has argued that climate change, glacier melt and evolving technological realities necessitate a rethinking of the treaty. While climate pressures are real, they strengthen— rather than weaken— the case for cooperation and lawful negotiation. Climate change makes unilateralism more dangerous, not less. Any mod-
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Climate funds overdue ernisation of water-sharing arrangements must occur through mutual consent and established legal channels. Acting unilaterally dismantles trust, encourages retaliation and risks turning shared rivers into permanent flashpoints. What makes the current moment especially troubling is the precedent it sets. If a powerful upstream state can suspend or reinterpret a water treaty whenever political tensions escalate, then transboundary water governance everywhere becomes fragile. Rivers do not recognise borders, and instability over shared resources rarely remains confined. The Indus dispute, if mishandled, could reverberate far beyond South Asia, weakening norms that protect downstream states worldwide. Pakistan has consistently called for the restoration of full treaty mechanisms and expressed willingness to engage through legal and technical channels. This approach reflects a balance between firmness and restraint — asserting rights without abandoning dialogue. It underscores that Pakistan’s stance is not anticooperation, but pro-law, pro-stability and prohuman security. At its core, this crisis is not merely about water volumes or dam operations. It is a test of whether international agreements still bind powerful states, whether humanitarian consequences matter in strategic calculations, and whether cooperation can survive in an era of rising nationalism and coercive diplomacy. The international response so far suggests a clear conclusion: water cannot be turned into a weapon, treaties cannot be suspended at will, and peace in South Asia depends on respecting both law and life. The writer is a freelance columnist
At its core, this crisis is not merely about water volumes or dam operations. It is a test of whether international agreements still bind powerful states, whether humanitarian consequences matter in strategic calculations, and whether cooperation can survive in an era of rising nationalism and coercive diplomacy. The international response so far suggests a clear conclusion: water cannot be turned into a weapon, treaties cannot be suspended at will, and peace in South Asia depends on respecting both law and life.
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the 2023 census), but they also find a fertile field among Dalits, who are looking to find some other religion to elevate their social status. It is as if the BJP does not want Dalits escaping their untouchable status by changing to a religion that they will share with the citizens of the sole superpower. Another danger that the BJP sees is not just the substantial populations in Kerala, Goa and Tamil Nadu, but the Christian majorities in Nagaland, Mizoram and Meghalaya. That makes them the only states, along with Held Kashmir and East Punjab, which have nonHindu majorities. The Muslim majority in Kashmir has been tackled by making it a Union Territory, and having off Ladakh, making for a Hindu-majority union territory. But what to do about East Punjab? It was carved out as a Sikh-majority state, for the old East Punjab included today’s Haryana state as well as the Chandigarh union territory. The USA has already sought a special role in defending Christians. Its State Department prepares an annual country-wise report on religious freedom, which has regard to the Christian Evangelicals who had the report instituted. Though the USA is supposed to be a secular country, this report is still supposed to determine whether the country concerned is eligible for aid. It seems to deal with non-Christian majorities dealing with Christian minorities. Of course, it has waxed eloquent about the mistreatment of Muslim minorities, specifically the Uighurs, in China. How Muslim majorities have been treated in Palestine by the Jewish minority has not been dealt with. Trump has shown that he wears his Christianity lightly. So long as Evangelicals support him, and as long as he can weaponize it for his own racist purposes, it seems he will be happy. It was fateful enough that this Christmas saw him tested not just in Nigeria, but also in India.
Trump has shown that he wears his Christianity lightly. So long as Evangelicals support him, and as long as he can weaponize it for his own racist purposes, it seems he will be happy. It was fateful enough that this Christmas saw him tested not just in Nigeria, but also in India.
India’s Brazen Breach of the Indus Waters Treaty
MAjId NAbI burfAt
Friday, 2 January, 2026
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THE world’s largest non-polar glacial reserves in Gilgit-Baltistan (GB) face an existential climate crisis amplified by recurring floods and glacial retreat, making the pursuit of net zero emissions not just a global obligation, but a survival strategy. Drawing from the Oxford Net Zero framework, which advocates for effective and immediate emission reductions, strategic carbon dioxide removal (CDR) and equitable financing, Pakistan’s Nationally Determined Contribution (NDC) 3.0 targets a 50 per cent greenhouse gas (GHG) emissions cut by 2035, blending domestic efforts with international support. However, financial gaps — estimated at $565.7 billion by 2035 — underscore the need for global solidarity under principles like common but differentiated res-ponsibilities, ensuring that low-emission nations like Pakistan can leverage renew- ables and geological storage for a balanced transition towards sustainability. I grew up along the Indus River’s banks, where melting glaciers feed the lifeblood of 90pc of Pakistan’s people, only to witness devastating floods in 2010, 2022 and 2025. The path forward entails front-loading cuts in industrial and agricultural emissions, and cautiously scaling CDR through geo-logical means. Yet, in boardrooms far from Sindh’s floodplains or Punjab’s heatwaves, equity falters; with 90pc of funds funnelled to mitigation over adaptation. Communities bear the brunt while waiting for inter-national finance to turn vulnerability into opportunity through green jobs and resilient ecosystems. In the context of Pakistan’s climate vulnerability, rapid emission reductions are essential, focusing on efficiency, electrification and a 30pc renewable mix by 2030. Besides, CDR must be permanent, prioritising geological over biogenic storage to avoid transient risks. Equity demands international aid to bridge the massive gap, aligning with plans for socioeconomic growth. Pakistan needs a strategy of multifaceted action for a resilient future. MAQSOOD SHAHI GILGIT-BALTISTAN
Unity over venom
WITH Pakistan facing a myriad of issues, including internal and external security threats, and at a time when the nation needs unity and harmony for the sake of the country’s stability and future, there are politicians spewing venom against state institutions, polarising the already polarised society. This is regrettable. Such politicians are increasingly being seen as figures whose actions seem to exacerbate problems rather than offering solutions. Instead of fostering constructive measures and serving the people, their frequent confrontational statements and unnecessary and inflammatory speeches are contributing to the rising level of tension in society. The spread of inaccurate reports and misleading information is damaging the country’s overall stability. The armed forces are one of the most important pillars of the state. In this context, speaking against them or adopting a confrontational tone sends the wrong message, and can encourage hostile narratives from outside. Pakistan’s survival, political stability and democracy require patience, responsibility and sensible behaviour by all concerned. Difference of opinion is natural and everyone has the right to disagree, but when it comes to national matters, unity, careful planning and collaboration are essential elements. A practical political strategy can provide real solutions, not threats to state insti-tutions. We need politicians who may have the capacity and the desire to build bridges. The preferred option should be diplomacy and dialogue, not daily confrontation. This is the only approach and the way forward that will lower political tensions, protect democracy, and benefit the country. HAYAN AHMED KHAN ISLAMABAD
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COMMENT 05
Friday, 2 January, 2026
How Trump ’s tariffs handed Beijing the strategic advantage It isn’t over for the USA
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Qamar Bashir
HEN Donald Trump returned to the White House in January 2025, he entered office with a renewed conviction that China was the central threat to America’s economic supremacy. During his campaign he promised to impose the “highest tariffs ever placed on another nation,” and within weeks of taking office he announced a broad tariff package that lifted the average rate on Chinese imports to levels not seen in modern US history. The administration framed it as a strategic correction to decades of unfair Chinese trade practices, but what unfolded over the first months of the new tariff war revealed a very different picture: China absorbing the shock, recalibrating supply chains, and emerging stronger, while the USA confronted rising costs, diplomatic fractures, and strategic vulnerabilities it had underestimated. The backbone of the 2025 tariff package was a sweeping 50 percent levy on a wide category of Chinese industrial goods, consumer electronics, batteries, EV components, and machinery. This instantly reshaped the cost structure for American importers. US Customs data for the first half of 2025 showed Chinese imports dropping sharply, falling from $427 billion in 2024 to an annualized pace below $300 billion. The White House celebrated this as proof of success. But a closer look by the Federal Reserve and private research groups painted a darker reality: the tariffs did not revive American manufacturing; they simply diverted sourcing to Vietnam, Mexico, India, and Malaysia, often for the very same Chinese-made components routed through partner countries. Prices for American consumers rose, corporate costs increased, and inflationary pressure resurfaced at a mo-
ment when the administration hoped to claim victory over rising prices. Even more troubling for Washington was the fiscal contradiction that unfolded almost immediately. Although the administration touted billions collected in tariffs as a demonstration of strength, those very funds had to be redirected to rescue the sectors devastated by Trump’s own tariff shock. Agriculture was the first casualty. As China reduced forward contracts and diversified grain, meat, and oilseed imports away from the USA, US farmers faced sudden price drops, unsold inventories, and shrinking export volumes. To prevent political and financial collapse in farm states, the Trump administration authorized a $9 billion bailout package in December. In effect, money the government collected through tariffs was immediately paid back out to the very industries harmed by the policy. This circular flow of revenue defeated the central logic of tariff imposition. A tariff meant to punish China wound up punishing American producers instead, while China sidestepped the pain by shifting its procurement elsewhere. The policy, which was sold as a tool to strengthen the USA, became economically self-defeating from its first months of implementation. USDA’s July 2025 export report showed a noticeable softening in forward contracts to China, and analysts warned that the USA was losing ground in markets it once considered secure. The shift was subtle but irreversible: China no longer depended on the USA as a primary food supplier in 2025, a strategic transformation with long-term consequences. The deepest US vulnerability, however, lay in advanced manufacturing inputs. China entered 2025 still controlling more than 85 percent of the world’s rare-earth processing capacity and over 90 percent of high-strength magnet production. Within months of the new US tariffs, Chinese regulators slowed export licensing for neodymium and praseodymium
magnets— core components for American EV motors, military guidance systems, medical equipment, and renewable energy technologies. U.S. firms across aerospace, automotive, and defense reported delays and rising costs. The Pentagon raised internal alarms that domestic stockpiles were insufficient for a prolonged commercial disruption. This pressure forced the USA back to the negotiation table sooner than anticipated. By late summer 2025, behind-the-scenes discussions between Washington and Beijing produced a partial easing of China’s export control enforcement in exchange for the USA scaling back parts of the 50 percent tariff tranche. The revised rate for several industrial categories fell closer to 10–15 percent, reflecting an unspoken acknowledgment that the US economy could not sustain the confrontation without jeopardizing its own technological capacity. Officials avoided calling it a retreat, but markets understood it clearly: the USA’s leverage in the tariff war was far weaker than it appeared. As economic tensions intensified, geopolitical dynamics shifted dramatically. Europe, long the USA’s foundational ally, began charting a more independent course. The most symbolic moment came in December 2025, when French President Emmanuel Macron undertook a multi-day state visit to China that included meetings with Xi Jinping in Beijing and Guangzhou, cultural engagements, and a highly publicized walk among Chinese citizens —an unprecedented gesture of diplomatic warmth. Germany deepened EV and battery cooperation with Chinese firms, while the European Commission resisted US requests to impose parallel tariffs on Chinese goods, arguing that Europe needed stability, not retaliation. The message was unmistakable: Washington’s unpredictability was driving Europe to diversify its strategic relationships. Canada’s recalibration was more subtle
In 2025, China won the tariff war not by overpowering the USA but by understanding the world better than Washington understood itself. The question now is whether the USA can learn quickly enough to avoid repeating the same mistake.
Silver prices are going crazy Silver is mined as a byproduct of other metals… between 70% and 80% of global silver production comes mainly as a by product of lead, zinc, copper, or gold mines
‘Silver is often known as ‘gold on steroids’ because its volatility tends to be much higher than that of gold in percentage terms’
Today, silver has climbed above $74 an ounce, gaining more than 150% in less than a year
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EL PAIS
Óscar Granados
T all began with distrust. The Hunt brothers — Lamar (who coined the name Super Bowl for the NFL championship), Nelson, and Herbert — heirs to a vast oil fortune, inherited a deep suspicion instilled by the family patriarch toward paper money and the U.S. government. His guiding principle was to invest only in tangible assets: oil, real estate, and precious metals. And that is exactly what they did. Nelson — known as Bunker — the most imposing figure in the clan, whose immense fortune had been diminished by Colonel Gaddafi’s expropriation of his Libyan oil fields in 1969, turned that skepticism into a speculative bet focused on a single asset: silver. Determined to shield their wealth, the magnate and his relatives amassed around 200 million ounces of the white metal between 1973 and 1979 — roughly a third of global production at the time — driving silver prices to a historic high of $50 an ounce in early 1980. But the market quickly crashed. Prices plunged to barely $10 an ounce within months, dragging the Hunts into bankruptcy. It would take 45 years for that record high to be surpassed. Today, silver has climbed above $74 an ounce, gaining more than 150% in less than a year. The initial surge is partly explained by soaring gold prices, which repeatedly broke records in December, reaching around $4,400 an ounce, making silver a more affordable alternative. The key demand for both precious metals, however, stems from a familiar source: lack of confidence. Investors are seeking a safe haven from the loss of cash’s purchasing power (the depreciation of the dollar) and persistent inflation. These concerns are compounded by rising government deficits, which have destabilized sovereign bond markets. At the institutional level, central banks are responding with large-scale purchases of gold and silver to diversify their reserves and reduce reliance on dollar-denominated assets. This trend is reinforced by strong demand for physical, safe-haven assets from China, where the weakening real estate sector has shifted capital toward metals. Added to this is steady demand from industry, which accounts for more than half of total consumption. “Technological demand and the energy transition, especially solar power, are underpinning its consumption,” says Soni Kumari, an analyst at the Australia– New Zealand banking group ANZ. “After spending much of the last decade oscillating between being perceived as a monetary metal and an industrial input, sil-
ver finally resolved that identity crisis in 2025 by being both at the same time,” adds Olen Hansen, head of commodity strategy at Saxo Bank. The problem is that there is not enough silver on the market to meet global needs. In 2025, the market will post its fifth consecutive year of deficit, and experts expect the shortfall to continue. Silver supply is inelastic because production cannot be ramped up quickly: most silver is mined as a byproduct of other metals, making supply rigid in the face of price fluctuations. For example, between 70% and 80% of global silver production comes mainly as a by-product of lead, zinc, copper, or gold mines. In addition, mined silver output has fallen by around 3% this year due to the limited development of new projects. As if that were not enough, this scenario has been compounded by the United States’ designation of silver as a critical mineral, which has further driven up prices. “The movement of silver to the U.S. has intensified, and there is an expectation that tariffs will be imposed next year,” adds Hasen. Uncertainty over the possible introduction of customs duties has triggered a large movement of the white metal from London — the world’s main trading hub — to the United States, resulting in an unprecedented decline in inventories in the British capital, explains Ewa Manthey, commodities strategist at ING. As a sign of this market dislocation, silver futures contracts (fixed-term commitments) traded on New York’s Comex have been priced higher than those in London for most of the year. This differential has translated into a reduction of physical silver reserves stored in London vaults. This shortage of actual, deliverable silver, combined with strong investment demand, has had a significant impact. As silver is a speculative commodity, financial capital holders don’t want to miss out. Evidence of this is that silver-backed ETFs [exchange-traded funds] have seen their largest inflow in three years. “However, some of the demand appears to be coming from investors following a ‘me too’ strategy similar to that of gold,” says Neal Brewster, a commodities expert at Elementary Economics, a U.K.-based consultancy. Most of these are retail investors. “Institutional investors, for now, continue to focus on gold as their primary investment vehicle,” adds Hansen. This situation, combined with a trading volume in silver that is eight to 10 times smaller than that of gold, will continue to generate episodes of volatility, where even a slight correction or rebound in gold can lead to a much more pronounced move in silver, says Hansen. “Silver is often known as ‘gold on steroids’ because its volatility tends to be much higher than that of gold in percentage terms,” adds Manthey from ING. “This makes it more sensitive to economic cycles. While it can outperform gold significantly in a bull market, it can also fall more sharply in a recession,” she emphasizes. For 2026, all signs point to prices holding steady, especially if the U.S. Federal Reserve continues cutting interest rates.
but equally significant. Diplomatic disagreements over minerals, technology cooperation, and US extraterritorial trade measures strained relations. Ottawa expanded trade dialogues with Beijing and pursued independent access to Chinese markets for agriculture, wood products, and minerals. By mid-2025, Canadian officials publicly emphasized the need for “balanced engagement” with both global powers— a diplomatic signal not seen in decades. The USA’s traditional sphere of influence was shrinking, not through conflict but through erosion of trust in Washington’s long-term policy consistency. While the USA confronted inflationary pressure and strained alliances, China’s macroeconomic position continued strengthening. MOFCOM reported a trade surplus of $798 billion in 2024, and the first six months of 2025 indicated a similar trajectory despite reduced exports to the USA. The explanation was simple: China expanded exports to Southeast Asia, Africa, Latin America, and Europe, partially compensating for the American market. Beijing also increased domestic demand stimulus, targeted high-tech investment, and pushed forward EV, robotics, and solar manufacturing expansions. Far from weakening, China’s export engine rebalanced toward new partners, reinforcing its status as the world’s manufacturing hub. Even more significant was the perception shift globally. Nations increasingly viewed China as the more predictable partner in longterm economic planning. The US political cycle— with sharp reversals every four years— introduced uncertainty that businesses, governments, and investors found destabilizing. China, by contrast, offered continuity. Whether one agrees with its political system or not, Beijing delivered reliability, and
in global commerce, reliability is currency. Inside the USA, the consequences became visible. Importers faced higher costs, consumers encountered rising prices, farmers saw shrinking access to China, manufacturers struggled with supply chain bottlenecks, and strategic allies questioned American dependability. The tariff war, intended to reassert American power, instead exposed structural weaknesses that had been growing for years: inequality, fragile supply chains, political polarization, and an economic model increasingly dependent on global components that the USA no longer produced. Yet the lesson is not that the USA is in decline. It remains an extraordinary nation with vast resources, unmatched innovation, and resilient institutions. But the 2025 tariff confrontation with China revealed a profound strategic miscalculation. China did not defeat the USA; it undermined itself by acting without a full appreciation of the interconnected global systems on which its own prosperity depends. A course correction is still possible, but it requires rebuilding alliances, stabilizing economic policy, investing in domestic capability, and recognizing that leadership is earned not through confrontation alone but through consistency, partnership, and trust. In 2025, China won the tariff war not by overpowering the USA but by understanding the world better than Washington understood itself. The question now is whether the USA can learn quickly enough to avoid repeating the same mistake.
The writer retired as Press Secretary the President, and is former Press Minister at Embassy of Pakistan to France and former MD, Shalimar Recording & Broadcasting Company Limited
If Trump wants a deal with China, he must rein in US allies in Asia From Manila to Tokyo, domestic political dynamics are increasing the risks of a dangerous confrontation between Washington and Beijing
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SOUTH CHINA MORNING POST Peter t. c. chanG
S President Donald Trump’s hopes for a grand deal with Chinese President Xi Jinping are being undercut by American allies’ self-interested amplification of the “China threat”. This year’s Nanking massacre memorial was particularly poignant in light of Japanese Prime Minister Sanae Takaichi’s controversial remarks on Taiwan. Beijing warned that any attempt to challenge the post-war international order or undermine established historical truths would be “doomed to failure”. Meanwhile, Singaporean Prime Minister Lawrence Wong has suggested that Southeast Asia offers a path for the two Asian neighbours to move beyond the shadows of the second world war, saying that the region “has done that with Japan”. However, for many, the brutality of the imperial Japanese army is not history; it remains an open wound. On the sidelines of the Asean summit in Kuala Lumpur, Takaichi’s visit to a Japanese cemetery sparked controversy, with critics seeing it as a troubling downplaying of Japan’s wartime atrocities. The concern is more than symbolic. Takaichi, an arch-conservative, represents a right-wing vision that seeks to restore Japan to the imperial strength it held before 1945. Japan has been central to Southeast Asia’s post-war prosperity. Yet that stability rests on a Japan that is economically powerful but politically restrained. A remilitarised Japan, particularly one with nuclear capabilities, would not just rewrite its own role, it could unravel the very foundation of regional stability. However, the Philippines takes a different view. In September, a new defence pact came into effect, allowing Japanese troops to return to Philippine soil for the first time since the second world war, as both nations seek to deter China. The year 2026 could pose significant challenges for relations between China and the Association of Southeast Asian Nations. The Philippines will assume Asean chairmanship in a year in which the 10th anniversary of the South China Sea arbitration ruling will be marked. Manila is likely to elevate the issue to the top of the agenda. In August, Philippine President Ferdinand Marcos Jnr stated the Philippines would inevitably be drawn into any conflict over Taiwan, prompting a swift rebuke from Beijing, which warned Manila not to “play with fire”. Meanwhile, as China reportedly reimposed a ban
on Japanese seafood, Taiwanese leader William Lai Ching-te posted a photo of himself eating sushi in a show of support for Japan. Separately, Taiwanese Premier Cho Jung-tai declared that reunification with mainland China is not an option for the island’s 23 million people. Despite this display of military might in Asia, the broader strategic landscape suggests shifting US priorities. In the recently released National Security Strategy, Trump’s focus appears to be centred on securing the homeland. For Takaichi, a conflict across the Taiwan Strait is a “survival-threatening situation”. For Trump, China is no longer an existential threat but primarily an economic competitor. He seems eager to strike a grand bargain with Xi at the much-anticipated summit in April 2026 and reportedly urged Takaichi to dial down her rhetoric. Trump’s “corollary” to the Monroe Doctrine is shaking the foundations of the US-led global security order. Across the Atlantic, the war in Ukraine has left European allies scrambling to shore up their defences. However, in a move framed as defence burdensharing, Washington recently approved a record US$11 billion arms deal for Taiwan. Meanwhile, the Philippines is recalibrating its security posture, conducting joint exercises with India and deepening military partnerships with Canada and Germany to hedge against an increasingly unpredictable US strategy. Amid these recalibrations, a potentially dangerous reaction to Trump’s isolationism has emerged. Takaichi’s amplification of the “China threat” is viewed by some as a “manufactured crisis” intended to lock Washington in. Although the US maintains a security treaty with Japan and is obliged to intervene in the event of conflict, Washington has remained cautious, adhering to a policy of “strategic ambiguity”. Takaichi, by contrast, is seemingly pressing for “strategic clarity”, a gambit that could entangle the US in an unwanted conflict. Asean has long feared being reduced to a pawn in great-power rivalry, particularly that the US might use the region as a proxy to contain China. Under Trump, however, this dynamic appears to have flipped. Rather than Washington driving confrontation, it is increasingly US allies who are pressing America to adopt a harder line against China. In fact, domestic political dynamics are driving this risky confrontation with China. Following a razor-thin victory, Takaichi adopted a conspicuously hawkish stance towards Beijing, a move that appears designed to consolidate her tenuous intraparty authority. Similarly, in Taiwan, amid an impeachment process, Lai seems to be hyping up cross-strait alarmism to manage a fractured political landscape and counter a resurgent Kuomintang party ahead of local elections. In the Philippines, beset by corruption allegations and governance failures, Marcos Jnr has embraced a more confrontational posture on the South China Sea. Critics interpret this as a classic “wag-the-dog” strategy: the manufacture of external crises to divert attention from domestic political decay. Trump is not entirely wrong: the US is being leveraged by its allies – not only for national defence but also to underwrite the personal political survival of their leaders.
06 NEWS
AROUND 40 KILLED, 100 INJURED IN EXPLOSION IN SWISS SKI RESORT BAR, POLICE SAY
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Friday, 2 January 2026 | ISLAMABAD
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reuters
ROUND 40 people have been killed and 100 injured, most of them seriously, after an explosion tore through a crowded bar during a New Year’s Eve party in the upscale ski resort of Crans-Montana, Swiss officials said on Thursday. A fire broke out at 6.30 a.m. PKT in a bar called “Le Constellation” in the resort in southwestern Switzerland. The cause of the blast remains unclear but authorities said it appeared to be an accident. “At the moment we are considering this a fire and we are not considering the possibility of an attack,” prosecutor Beatrice Pilloud told a press conference, adding that authorities had opened a full investigation. Some of the victims are from other countries, said Stephane Ganzer, head of security for the Valais canton. The canton’s head of police, Frederic Gisler, said a
helpline had been opened for relatives. “I cant hide from you that we are all shaken by what happened overnight in Crans,” Gisler told the press conference. “Our count is about 100 injured, most seriously, and unfortunately tens of people are presumed dead,” he said, adding that patients had been dispatched to hospitals in Sion, Lausanne, Geneva and Zurich. The Italian foreign ministry said information from Swiss police indicated about 40 deaths, but Gisler declined to give a specific figure. Earlier, police said many people were being treated for burns and that the area had been completely closed off, with a no-fly zone imposed over Crans-Montana. Authorities said 10 helicopters and 40 ambulances had been deployed. “What was meant to be a moment of joy turned, on the first day of the year in CransMontana, into mourning that touches the entire country and far beyond,” Swiss Federal President Guy Parmelin said on X, expressing condolences.
Prosecutor Pilloud said authorities were trying to get the bodies of the victims to their families. “A lot of resources have been put into forensics to identify the victims. These resources are intended to allow us to get the bodies to the families as soon as possible,” she said. Italian Foreign Minister Antonio Tajani said the fire may have been caused by fireworks. It seems to have been an accident caused by a fire, by some explosion, by some firecracker thrown during New Year’s celebrations,” he told Italy’s Sky TG24 tv channel. PRESIDENT ZARDARI, PM SHEHBAZ EXTEND CONDOLENCES President Asif Ali Zardari said he was deeply saddened over the incident and extended condolences to the families of the victims and wished the injured a swift recovery. In a social media post on X, the president said he was “heartbroken by news of the devastating explosion & fire in Crans-Montanaon, Switzerland on New Year’s night“.
Zohran Mamdani sworn in as New York’s first Muslim mayor NEWYORK afp
Zohran Mamdani, the young upstart of the US left, was sworn in early on Thursday to take over as New York mayor for a four-year term sure to see him cross swords with US President Donald Trump. The 34-year-old Democrat took his oath of office at an abandoned subway stop under City Hall just after midnight to take the helm of the United States’ largest city. He will be New York’s first Muslim mayor. His office said the understated venue beneath City Hall reflected his commitment to working people, after the 34year-old Democrat campaigned on promises to address the soaring cost of living. NBC News reported that Mamdani took the oath with his hands on two copies of the Holy Quran — one belonging to his grandfather and the other from the New York Public Library’s Schomburg Centre for Research in Black Culture. “Happy New Year to New Yorkers, both inside this tunnel and above,” said Mamdani, standing beneath a vaulted ceiling with the words City Hall over his head. “This is truly an honour and a privilege of a lifetime.” He also called the ornate subway station “a testament to the importance of
public transit to the vitality, the health, and the legacy of our city”. Mamdani’s private swearing-in to start his four-year term was performed by New York Attorney General Letitia James, who successfully prosecuted Trump for fraud. His wife, Rama Duwaji, was also present alongside him. According to CNN, his parents, filmmaker Mira Nair and Mahmood Mamdani, a professor at Columbia University, were also in attendance.
A larger, ceremonial inauguration is scheduled later on Thursday with speeches from left-wing allies Senator Bernie Sanders and Congresswoman Alexandria Ocasio-Cortez. Around 4,000 ticketed guests are expected to attend the event outside City Hall. Mamdani’s team has also organised a block party that it says will enable tens of thousands of people to watch the ceremony at streetside viewing areas along Broadway. New York law spells out that
four-year mayoral terms start on the January 1 after elections. To avoid any ambiguity about who’s in charge of America’s most populous city, it has become a tradition to hold a small swearing-in just after midnight. Born in Uganda to a family of Indian origin, Mamdani moved to New York at age seven and enjoyed an elite upbringing with only a relatively brief stint in politics, becoming a member of the New York State Assembly before being elected mayor. He is surrounding himself with seasoned aides recruited from past mayoral administrations and former US president Joe Biden’s government. Mamdani has also opened dialogue with business leaders, some of whom predicted a massive exodus of wealthy New Yorkers if he won. Real estate leaders have debunked those claims. He has promised a freeze on rents and free buses and childcare, building a campaign around affordability issues that some have seen as a path forward for his Democratic Party around the country ahead of midterm elections. Mamdani had inspired a recordbreaking turnout of more than two million voters and took 50 per cent, nearly 10 points ahead of Andrew Cuomo running as an independent and well ahead of Republican Curtis Sliwa.
afp
A total of 128 journalists were killed around the world in 2025, more than half of them in the Middle East, the International Federation of Journalists (IFJ) said on Thursday. The grim toll, up from 2024, “is not just a statistic, it’s a global red alert for our colleagues,” IFJ general secretary Anthony Bellanger told AFP. The press group voiced particular alarm over the situation in the Palestinian territories, where it recorded 56 media professionals killed in 2025 as Israel’s war with Hamas ground on in Gaza. “We’ve never seen anything like this: so many deaths in such a short time, in such a small area,” Bellanger said. Journalists were also killed in Yemen, Ukraine, Sudan, Peru, India and
elsewhere. Bellanger condemned what he called “impunity” for those behind the attacks. “Without justice, it allows the killers of journalists to thrive,” he warned. Meanwhile, the IFJ said that across the globe, 533 journalists were currently in prison – a figure that has more than doubled over the past half-decade. China once again topped the list as the worst jailer of reporters with 143 behind bars, including in Hong Kong, where authorities have been criticised by Western nations for imposing national security laws quashing dissent. The IFJ’s count for the number of journalists killed is typically far higher than that of Reporters Without Borders, due to different counting methods. This year’s IFJ toll also included nine accidental deaths. Reporters Without Borders said 67 journalists were killed in the
course of their work this year. It said in the report that Israel was responsible for nearly half of all journalists killed this year worldwide, with 29 Palestinian reporters slain by Israeli forces in Gaza. In Pakistan, the Pakistan Press Foundation documented at least 137 confirmed incidents targeting journalists and
Akhuwat organized a gathering in Askari 10, Lahore, attended by donors, civil society members, and individuals from various walks of life. Addressing the event, Akhuwat Founder and Chairman Dr. Muhammad Amjad Saqib highlighted the organization’s successful interestfree microfinance program, through which over four million families have benefited, with a remarkable 99.9% recovery rate. He also shared that Akhuwat College Kasur and Akhuwat Women College Chakwal are providing free, quality education and residential facilities to deserving students from across the country. Participants appreciated Akhuwat’s efforts and reaffirmed their commitment to continued support.
The Bank of Punjab Partners in Historic Launch of Pakistan’s First-Ever Skills Impact Bond ISLAMABAD
128 journalists killed worldwide in 2025: press group HAGUE
Akhuwat Gathering Honors Donors and Highlights Social Initiatives
staff report
media professionals in 2025, including eight killings. It also reported 35 incidents of physical assault and manhandling, along with two journalists injured while on assignment, five detentions, two abductions and four attacks on property, including raids.
The Bank of Punjab (BOP), alongside the British Asian Trust (BAT) jointly acting as the Transaction Advisors and Program Managers (TAPM), is proud to announce the formal launch of the Pakistan Skills Impact Bond (PSIB)—a AAA-rated, Government of Pakistan (GoP)backed, privately placed Term Finance Certificate (TFC) valued at PKR 1,000 million. Developed under the visionary guidance of the Honorable Minister of Finance Mr. Muhammad Aurangzeb and the Honorable Minister of Education and Professional Training Dr. Khalid Maqbool Siddiqui, and in close collaboration with the National Vocational and Technical Training Commission (NAVTTC), the PSIB represents a paradigm shift in Pakistan's social impact financing landscape. Under the leadership of Mr. Zafar Masud, President and CEO of The Bank of Punjab, BOP has played a pivotal role in structuring this innovative financial instrument. As a results-based "pay-for-success" model, the PSIB channels upfront investor funding into high-impact skills development programs, with outcome payments tied directly to independently verified measurable milestones, such as successful job placements and sustainable employment for thousands of Pakistani youth. This initiative leverages private sector efficiency to deploy PKR 1 billion in funding, closing the national skills gap, fostering economic participation, and enhancing women's inclusivity in the workforce.
2025 proved to be ‘year of failures and setbacks’ for India: report WASHINGTON agencies
The past year proved to be a “year of crisis” for India, marked by a historic military setback against Pakistan, a weakening currency, and growing economic uncertainty, The Financial Times reported in its 2025 annual review. Due to failed strategic autonomy, India was compelled to simultaneously maintain relations with the United States (US), China, and Russia, read the report. The report adds that the USIndia trade agreement was postponed several times, while the imposition of American tariffs placed additional economic pressure on New Delhi. Similarly, the limited implementation of GST reforms also hindered economic growth. It further said that the Indian rupee continued to depreciate against the US dollar during 2025. OPERATION SINDOOR
BACKFIRED AS TRUMP TAUNTS
Earlier this year, Pakistan and Indian engaged in a military showdown, the worst between the old foes in decades, which was sparked by an attack on tourists in IIOJK’s Pahalgam area, which New Delhi alleged was backed by Pakistan. Islamabad denied involvement in the Pahalgam attack, which killed 26 men and offered to participate in a neutral probe into the deadly incident. During the clashes, Pakistan downed seven Indian fighter jets, including three Rafale, and dozens of drones. After at least 87 hours, the war between the two nuclear-armed nations ended on May 10 with a ceasefire agreement brokered by the US. Pakistan’s historic victory in the four-day skirmishes played a significant role in bringing Islamabad and Washington closer. In the months since the ceasefire, US President Donald Trump has taunted India through his growing friendship with Pakistan’s Chief of Defence Forces (CDF) and Chief of the Army Staff
Field Marshal Asim Munir. US-INDIA TRADE DEAL Few things have attracted more ink than the US-India trade deal that never happened. In the beginning, after Trump’s election victory, there was much jubilation in New Delhi about getting a friendly administration in the White House. In February, Modi was one of the first foreign leaders to visit Washington. It seemed then that India would be one of the first countries to sign a trade agreement with Trump, too. A deal was expected in May, then June, then July . . . and then talks began to stall. In August, Trump’s reciprocal tariffs kicked in, and by the end of the month, he had announced an additional 25% tariff to punish India for buying Russian oil. Commerce Secretary Rajesh Agarwal said that there was a fair expectation that both countries would be able to agree on a lower reciprocal tariff and that India was “positively engaged” with the US on the deal.
NEWS 07
Friday, 2 January 2026 | ISLAMABAD
CORPORATE CORNER
City police chief reviews Basant security plan, warns against aerial firing LAHORE
staff report
Capital City Police Officer Lahore Bilal Siddique Kamyana on Thursday chaired an important meeting at the Capital City Police Headquarters to review in detail the security plan for Basant. Addressing the meeting, the CCPO directed police officers to ensure foolproof security arrangements during the Basant festivities. He made it clear that a zero-tolerance policy would be enforced against aerial firing, warning that the law would take immediate action against any violation. The CCPO further stated that riding motorcycles without safety wire during Basant would not be allowed under any circumstances. He also instructed officers to effectively utilize mosque platforms to raise public awareness regarding safety measures. CCPO Lahore ordered a strict crackdown on drugrelated activities during Basant and emphasized that maintaining a peaceful and secure environment for the citizens is the top priority of the Lahore Police. DIG (Admin) Imran Kishwar, DIG (Investigation) Zeeshan Raza, DIG (Operations) Faisal Kamran, SSP (Investigation) Muhammad Naveed, SSP (Operations) Tauqeer Muhammad Naeem, along with divisional SPs attended the meeting.
Randhawa reviews progress on ongoing, proposed development projects in Islamabad
ISLAMABAD
staff report
An meeting to review the progress of ongoing and proposed development projects in Islamabad was held under the chairmanship of Chairman Capital Development Authority (CDA), Muhammad Ali Randhawa. The meeting was attended by the Member Administration Talat Mahmood, Member Engineering Nafasat Raza, Member Planning Dr. Khalid Hafiz, Director General Procurement & Contract, other senior officers, and Project Directors of the relevant projects. The meeting reviewed the progress on various development projects.During the meeting, matters related to the construction of the Electric Bus Depot and charging stations were discussed. The briefing informed that the underconstruction Electric Bus Depot consists of two sites.It was informed that construction work at the project has been completed 97 percent. It was further stated that construction work at Site A of the bus depot has been fully completed.The meeting was informed that all 21 routes of the electric bus service have been made fully functional. It was further informed that the electric bus service is receiving an overwhelming response from citizens, with daily ridership consistently increasing. In this regard, on December 31, 2025, a total of 102,000 citizens benefited from this facility.Progress on the project to connect Margalla Avenue with the M-1 Motorway was also reviewed.
Lucky Investments Launches Shariah Compliant Energy Fund KARACHI
staff report
Lucky Investments Limited has announced the launch of the Lucky Islamic Energy Fund (LIEF), a Shariah-compliant, sector-focused equity fund aimed at providing investors with exposure to Pakistan’s growing energy sector through ethical and disciplined investing.The launch comes at a time when Pakistan’s energy sector is undergoing gradual reform, driven by rising demand, policy initiatives, efficiency improvements, and an increasing shift toward renewable and sustainable energy sources. The Fund will primarily invest in Shariah-compliant listed energy companies, spanning exploration and production, refining, power generation, and renewables, with the objective of long-term capital growth.With this launch, Lucky Investments continues to expand its Islamic investment offerings while contributing to the development of Pakistan’s Islamic capital markets. The confidence of investors in Lucky Investments is reflected by the fact that it is currently managing AUMs of over PKR 130 Billion, making it the fastest growing AMC in Pakistan in 2025.
CM MARYAM INAUGURATES EXPANDED WAGAH BORDER ARENA, DECLARES 2026 ‘YEAR OF YOUTH’
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ARENA SEATING CAPACITY RISES FROM 7,500 TO 25,000 SPECTATORS AFTER REVAMP LAHORE
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UNJAB Chief Minister Maryam Nawaz on Thursday inaugurated the newly constructed arena at the Wagah Border, marking a major expansion of the iconic Joint Check Post facility that now boasts a seating capacity of 25,000 spectators. The inauguration, held as a special ceremony organised by Pakistan Rangers (Punjab), was attended by Senior Minister Maryam Aurangzeb, the Lahore Corps Commander, provincial ministers, and senior officials from the bureaucracy. Under the expansion project, the arena’s capacity has surged from 7,500 to 25,000, accompanied by several new constructions at the Joint Check Post. These include a theme park depicting the Parti-
tion of the Subcontinent, a railway station model, displays of military equipment, a martyrs’ memorial, and a Pakistan Museum showcasing the nation’s history and culture from independence to the present day. Additional facilities include offices,
barracks for Punjab Rangers personnel, a prayer area, food courts, a spacious car parking facility, and an Alamgiri-style gateway at Bab-e-Azadi inspired by Lahore Fort architecture. The national flag at Wagah, previ-
Pakistan Railways posts Rs17b freight revenue in H1 FY26, eyes Rs100b milestone ISLAMABAD
staff report
Pakistan Railways has recorded a historic performance in the freight sector during the first half of Financial Year 2025–26, generating over Rs17 billion in just six months, underscoring the organization’s operational stability and robust strategy. Despite several days of strike, the freight sector maintained strong momentum, earning more than Rs3 billion in November and December alone. Federal Minister for Railways Muhammad Hanif Abbasi praised the management’s performance, stating that if the current pace con-
tinues, freight revenue is expected to surpass Rs38 billion by the end of the financial year. He also expressed confidence that Pakistan Railways will become the first national institution to achieve Rs100 billion in revenue in 2026, marking a historic milestone. The Minister announced that all trains will undergo phased upgrades by the end of 2026, providing passengers with a safer, more comfortable, and modern travel experience. He added that CCTV installation in trains will be completed next year, alongside the full digitalization of Pakistan Railways. Speaking on Railway Police re-
Around 60% doctors suffering from burnout, suicide rates among doctors twice as high: Experts LAHORE
staff report
Nearly 60 percent of doctors suffer from burnout, while suicide rates among physicians are almost twice as high as those of the general population, but only about one third ever seek professional help, health experts warned at a scientific symposium that questioned who heals Pakistan’s healers when the healthcare system itself relies on their exhaustion.Cardiologists and mental health experts said long working hours, heavy patient loads, chronic sleep deprivation, traffic congestion, smog and a deeply embedded culture of endurance are leaving doctors with little time for self care, turning physicians into what they described as the most neglected patients within the healthcare system.The concerns were raised at Life in a Metro, a nationwide scientific symposium organised under Mediverse, an academic initiative of Hudson Pharma Pakistan, which focuses on evidence based healthcare while addressing the growing physical and mental health challenges faced by doctors working in metropolitan cities.
Daraz Pakistan kicks off 2026 with 1.1 ‘The #1 Sale’ and 5-day of big savings KARACHI
forms, Abbasi said the force has been trained along modern lines, significantly enhancing passenger security and confidence. He remarked that the current Pakistan Railways Police is the best in the organization’s 78year history. He highlighted that transparent recruitment, strict action against ticketless travel and smuggling, and strong measures to curb theft have substantially improved overall performance. Reaffirming his commitment, the Federal Minister stated that reforms will continue at full pace to transform Pakistan Railways into a financially strong, passenger-friendly, secure, and modern institution.
Pilot launch of NADRA services through e-Sahulat franchises to improve accessibility ISLAMABAD
staff report
The National Database and Registration Authority (NADRA) has decided to launch a pilot project to provide services for the reprint of lost Computerised National Identity Cards (CNICs) and CNIC renewal through selected e-Sahulat franchises. This initiative forms part of NADRA’s broader strategy to enhance ease of access, outreach, and inclusion in the delivery of identity services.e-Sahulat, which is operated by NADRA’s wholly owned subsidiary, NADRA Technologies Limited, has an extensive nationwide network of over 22,000 franchises. More than 9,500 of these are equipped with biometric facilities, including fingerprint and camerabased systems. Typically located at neighbourhood convenience stores, e-Sahulat franchises have previously played a significant role in public facilitation, most notably by helping eliminate long queues at banks for utility bill payments. These franchises are already providing a range of biometric verification services to the public.This pilot project is being introduced as an alternate service delivery channel, particularly for citizens who are unable to use the Pak-ID mobile application.
Illegal Cigarette Networks Shift Tactics Faster Than Enforcement ISLAMABAD
staff report
As Pakistan counts down to the New Year, Daraz Pakistan has announced 1.1 ‘The #1 Sale’, a fiveday shopping celebration designed to kick off 2026 with standout value across electronics, fashion, beauty, lifestyle and everyday essentials. The sale goes live at 8:00 PM on 31 December 2025 and runs till 5 January 2026, giving customers the chance to start the year by upgrading their homes, refreshing their wardrobes, stocking up on essentials, and ticking off long-awaited wish lists with exciting savings.To make the New Year shopping moment more festive and interactive, Daraz 1.1 will feature platform favourites including Shop & Win and Treasure Chest, alongside Brand Rush Hour, which unlocks time-limited offers from participating brands.
staff report
Pakistan’s efforts to curb illicit cigarette trade continue to face new challenges as illegal manufacturers and distributors rapidly adapt to enforcement measures, creating a “moving target” for authorities. Despite recent policy improvements and ongoing digital reforms, the black market remains resilient, finding new ways to bypass taxation and monitoring systems.Economic analysts note that as authorities intensify checks on licensed factories and enhance tax monitoring tools, illicit operators often relocate production, adjust supply routes, and flood markets with cheaper non-tax-paid products. This shifting landscape is contributing to an annual revenue loss estimated at over Rs 415 billion, weakening the country’s fiscal stability and deepening the unfair competition faced by tax-compliant businesses.
ously standing at 115 metres, now flies at a height of 139 metres, making it the seventh tallest in Asia and the tallest in South Asia. CM Maryam Nawaz Declares 2026 as ‘Year of Youth’ Earlier on Thursday, the Punjab Chief Minister announced 2026 as the “Year of Youth,” reaffirming her government’s commitment to public welfare, prosperity, and accelerated development in the province. In her New Year message, she extended greetings to the nation, prayed for the well-being of Pakistanis, and expressed hope for peace and security across the country and the world. CM Maryam Nawaz said she prayed that every young person in Pakistan would move forward on the path of progress and success, expressing optimism that 2026 would bring joy, hope, and opportunities to society.
Pakistan–China Welding Training Program concludes with certificate distribution and job offers at NAVTTC
ISLAMABAD
staff report
The Pakistan–China Welding Training Program, successfully implemented by Skill Tech Hub in collaboration with CIIC Technology Group (China) and NAVTTC, concluded with a closing and certificate awarding ceremony held at the National Vocational & Technical Training Commission (NAVTTC) Headquarters, Islamabad, on December 29, 2025.The ceremony was graced by Chairperson NAVTTC, Executive Director NAVTTC, Chairman Skill Tech Hub, CEO Skill Tech Hub, General Manager CIIC, Director CIIC, and representatives of Chinese employers, who formally offered job opportunities to the graduating trainees upon successful completion of the program.During the ceremony, certificates were awarded to trainees who completed the intensive two-month training program conducted from 01 November to 31 December 2025 at Skill Tech Hub. The trainees were trained according to international welding standards to meet the workforce requirements of Chinese-funded projects operating in Pakistan.Speakers at the event highly appreciated the quality of training, practical skills, and professional discipline demonstrated by the students. The dignitaries praised Skill Tech Hub’s role in delivering industry-aligned skills and emphasized that such initiatives play a vital role in youth empowerment, employment generation, and strengthening Pakistan–China cooperation.
Empower Sports Academy unveils CSR initiative to shape future female olympians KARACHI
staff report
Empower Sports Academy successfully hosted a high-impact press conference here at a five-star hotel earlier today, formally unveiling its mega project and strategic partnerships aimed at transforming the future of female sports and education in Pakistan. The event was well-attended by leading media houses, corporate partners, sports professionals, educators, and stakeholders from across the country. Hosted by journalist, social activist and PR practitioner Shanaz Ramzi, the event opened with an introduction by Alisha Junaid, a young national-level volleyball player and the founder of Empower Sports Academy. She outlined the vision behind the establishment of the Academy and presented a visual showcase of the impressive proposed facility. Speaking on the occasion, she said, “During my journey as a national-level volleyball player, I repeatedly encountered extraordinary yet untapped talent among young girls across Pakistan.
PTCL Spreads Its Wings: A New Chapter for Pakistan’s Digital Future ISLAMABAD
staff report
Pakistan Telecommunication Company Limited (PTCL) today marks a defining moment in the evolution of Pakistan’s telecom sector, as it formally completes the acquisition of 100 percent of the issued share capital of Telenor Pakistan and Orion Towers from 31st December 2025 onwards, ushering in a new era of digital enablement and transformation across the country. Today onwards, Telenor Pakistan and Orion Towers will operate as 100% owned subsidiaries of PTCL, alongside Pak Telecom Mobile Limited (PTML) commonly known as Ufone 4G, and U Microfinance Bank. Telenor Pakistan will continue to operate as a separate legal entity during the transition period, following which PTML and Telenor
Pakistan are planned to be integrated as merged entity (MergeCo) in due course of time, subject to regulatory approvals. PTCL acknowledges the contribution of Telenor ASA to Pakistan’s telecom landscape. As a competitor and industry peer, Telenor played a defining role in elevating service quality and expanding connectivity over nearly two decades. This milestone brings together complementary strengths to create a platform with a stronger focus on customer centricity, broader reach, and accelerated innovation. In the future, the MergeCo will be positioned to expand network capabilities, optimize spectrum resources, and deliver seamless, secure, and digitally enabled services designed around evolving customer needs and aligned with Pakistan’s digital ambitions. Commenting on the occasion, Hatem
Bamatraf, President & Chief Executive Officer, PTCL & Ufone 4G, said: “This is a proud moment for PTCL and a significant milestone for Pakistan’s telecom sector. Our focus remains on delivering a customer-centric, seamless, and high-quality services for improvement in user experience as we bring combined strengths at scale upon completion of regulatory approvals”. He further added, “I warmly welcome our colleagues and want to assure them that this transition is rooted in respect for people, continuity of talent, and thoughtful integration of industry best practices. Together, we will build a stronger, future-ready organization that serves customers better, empowers its people, and advances Pakistan’s digital future.” With this milestone, we step into a future fueled by innovation, empowering businesses, and individuals alike. This union
strengthens Pakistan’s digital economy, connecting millions with superior technology and services. As we soar to new heights, our
focus remains steadfast: delivering unmatched customer experiences and boosting digitalization across Pakistan.
Friday, 2 January, 2026
PM SEEKS TIME-BOUND STRATEGY TO ACCELERATE ECONOMIC REFORMS, INVESTMENT
prayer tiMings
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PREMIER SHEHBAZ CALLS ECONOMIC GOVERNANCE REFORMS INEVITABLE, DIRECTING MINISTRIES TO SUBMIT PRACTICAL PROPOSALS QUICKLY
SAYS FOCUS ON BOOSTING EXPORTS, EXECUTING KEY PROJECTS, STRESSING FEDERAL–PROVINCIAL COORDINATION FOR GROWTH
TASKS PAKISTANI EMBASSIES WITH INVESTORS’ FACILITATION, URGING EQUAL EMPHASIS ON INDUSTRY, AGRICULTURE SECTORS
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RIME Minister Shehbaz Sharif on Thursday underscored that the implementation of the government’s policies on economic governance was inevitable, directing all relevant ministries to submit time-bound, practical proposals and a comprehensive strategy with minimal duration to accelerate economic reforms and investment. Chairing a review meeting on economic reforms, increased investment, and progress on proposed developmental projects on the first day of the New Year, the prime minister also sought recommendations aimed at further facilitating both foreign and domestic investors. He emphasized that coordination among all ministries, coupled with close cooperation between the federal and provincial governments, was critical for effective economic reforms and sustained economic growth. Calling institutional and administrative facilitation of investors a key government priority, the prime minister directed all ministries to promptly prepare recommendations related to external and internal investment and development projects in their respective sectors.
He said that special focus should be placed on promoting exports and timely execution of relevant projects in order to increase investment. Prime Minister Shehbaz also instructed the relevant ministries to extend full cooperation through Pakistani embassies worldwide to facilitate foreign investors. He further directed that initial orientation on investor facilities and other relevant investment-related information be made available at Pakistani missions abroad. He also asked all ministries to give equal attention to industrial production, agriculture, and other important sectors
with a view to attracting greater investment. During the meeting, representatives from various ministries briefed the prime minister on progress regarding ongoing developmental projects and work on economic, institutional, and administrative reforms. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers Ahsan Iqbal, Attaullah Tarar, Ali Pervaiz Malik, and Ahad Khan Cheema, Advisor to the Prime Minister Rana Sanaullah, Special Assistant to the Prime Minister Haroon Akhtar, chief secretaries of all provinces; the National
pakistani envoy hails ‘transformative’ 2025 for pak-uS ties, aims higher in 2026 WASHINGTON
staff report
Pakistani Ambassador to the United States Rizwan Saeed Sheikh on Thursday described 2025 as a “transformative” year for Pakistan-US relations and expressed hope that bilateral ties will be further strengthened in 2026. In his New Year message, he extended greetings to Pakistani-Americans and the entire American nation, highlighting the positive momentum in the decades-long partnership. “I wish the Pakistani-Americans, the entire American nation, a happy new year 2026,” Ambassador Sheikh said, adding that bilateral relations are set to make “further strides.” “2025 was a year that carried a transformative tenor for Pak-US relations. We saw, witnessed, and lived with a positive momentum in our bilateral relationship spanning almost eight decades,” he noted. The ambassador highlighted that cooperation continued across existing domains such as counterterrorism, health, and education, while new areas were identified to transform the longstanding relationship into a strategic, long-term partnership anchored in economic ties. “We identified IT, minerals, energy, hospitality,
Coordinator of SIFC, and other relevant government officials. PM directs new exploration, digitization of oil and gas sector Prime Minister Muhammad Shehbaz Sharif on Thursday chaired a highlevel meeting on matters pertaining to the Petroleum Division, directing that the exploration of new oil and gas resources be prioritized to conserve precious foreign exchange spent on petroleum imports. The prime minister emphasized that exploring domestic energy resources was critical for national economic stability. He also issued directives to digitize, on a priority basis, the entire supply chain for the import and domestic utilization of oil and gas. “With the digitization of the oil and gas supply chain, the smuggling of these products will be effectively curbed, which will ultimately benefit the national exchequer,” the prime minister stated. During the meeting, the prime minister was briefed on the comprehensive roadmap for the petroleum and gas sector. It was informed that the Oil and Gas Development Company Limited (OGDCL) had discovered significant new reservoirs of oil and gas in the Nashpa Block area of District Kohat.
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Grenade blast in Sibi kills one, injures five near Chenak Chowk SIBI
staff report
A grenade explosion near Chenak Chowk in Balochistan’s Sibi district on Thursday claimed one life and injured five others, police said, triggering heightened security and an investigation into the attack. Station House Officer (SHO) Ghulam Ali Abro told the media that the blast occurred at around 7:05pm and was caused by a hand grenade. “One person expired and five others were injured,” he said, adding that security forces and Edhi ambulances reached the site immediately after receiving information about the incident. The SHO further told reporters at the scene that six injured people were shifted to hospital, with one victim succumbing to injuries en route. Meanwhile, Deputy Inspector General of Police (DIG) for the Sibi region Barkat Khosa said the injured were taken to the Teaching Hospital, while the body of the deceased was handed over to his heirs. “Police have tightened security in the area, and further investigation is underway,” he said. Last month, an eight-year-old child was killed and five other members of a family, including two women, were injured when a grenade exploded inside a house in the Wadh area of Balochistan’s Khuzdar district. Police said two families from Sindh’s Kashmore district were present in the house when unidentified assailants hurled a hand grenade into the courtyard, killing the child on the spot. Pakistan has witnessed a sharp uptick in militant violence, particularly in Khyber Pakhtunkhwa and Balochistan, since the Tehreek-e-Taliban Pakistan (TTP) ended its ceasefire with the government in November 2022.
pti moves disqualification reference against Senator abro over 27th amend vote ISLAMABAD
staff report
tourism, and other avenues as new areas of mutually rewarding, beneficial engagement for both countries that should survive the test of time,” he said, adding that frequent leadership-level meetings helped advance these goals. Ambassador Sheikh emphasized the need for expanded people-to-people contacts and more enduring business relationships. “While we identified new areas and avenues of cooperation in 2025, and we are celebrating them at the end of this year, we now need to move towards calibrations and deliberations to transform these ideas into concrete actions,” he concluded.
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Pakistan Tehreek-e-Insaf (PTI) has formally initiated disqualification proceedings against its Senator Saifullah Abro, submitting a reference to Senate Chairman Yousuf Raza Gilani after accusing him of violating party discipline by voting in favour of the 27th Constitutional Amendment. Sharing the declaration of defection on X, PTI Senator and parliamentary leader Ali Zafar said Abro breached the party line by supporting the constitutional amendment, prompting the filing of a reference seeking his disqualification. Voting on the 27th Constitutional Amendment took place in the Senate on November 10, 2025, during which Abro backed the amendment despite PTI’s stated opposition. In his reference to the Senate chairman, the PTI parliamentary leader stated: “In terms of Article 63A
of the Constitution of the Islamic Republic of Pakistan, I, in my capacity as the parliamentary leader of the PTI in the Senate/party head, hereby submit this declaration that Senator Saifullah Abro has defected from PTI.” He added that the declaration was being submitted for onward reference to the Chief Election Commissioner for placement before the Election Commission of Pakistan in accor-
dance with Article 63A. Ali Zafar said that prior to the vote on the 27th Amendment, a meeting of the PTI parliamentary party was convened in which it was explicitly decided — and communicated in writing to all PTI senators — that the party would oppose and not vote in favour of any legislation relating to the amendment. “The record confirms that this direction was properly conveyed to him [Abro] and that he was fully aware of it,” he added. ‘PTI didn’t oppose the 27th Amendment’ Responding to the reference, Senator Saifullah Abro told Geo News that PTI had not opposed the constitutional amendment. He criticised Ali Zafar for filing the reference, saying: “Ali Zafar is not capable of leading.” “Neither the party issued me any letter, nor have I received any show-cause notice or communication,” he said.
Sanaullah calls for trust-building among top leadership to break political deadlock ISLAMABAD
staff Correspondent
Pakistan Muslim League-Nawaz (PML-N) Senator Rana Sanaullah on Thursday stressed the need for confidence-building measures and sustained engagement among the country’s top political leadership, saying no political breakthrough was possible without trust at the highest level.
Speaking in a TV talk show, Sanaullah said meaningful progress required dialogue among the country’s “top five” political figures, naming PML-N supremo Nawaz Sharif, Prime Minister Shehbaz Sharif, President Asif Ali Zardari and PTI founder Imran Khan, though he did not identify the fifth personality. Sanaullah, who also serves as the prime minister’s adviser on political and public affairs, said the
country would remain stuck in political deadlock unless trust was restored among top leaders, adding that informal or lower-level contacts would not resolve the crisis. Responding to PTI leader Amir Dogar’s request for him to take the lead in creating an atmosphere conducive to dialogue, Sanaullah said his personal engagement with Dogar would not result in any meaningful breakthrough, reiterat-
ing that progress required engagement at the top leadership level. He also called for shutting down social media accounts running campaigns against state institutions, saying such accounts must be closed. Rejecting PTI leadership’s claim that it had no control over those accounts, he said the party could not absolve itself of responsibility and should publicly disassociate itself from such campaigns.
Pakistan reaffirms One-China policy, exchanges nuclear arms list with India ISLAMABAD Mian abrar
Pakistan has “consistently supported China in all matters of its core interests, including Taiwan,” Foreign Office spokesperson Tahir Hussain Andrabi said on Thursday, reiterating Islamabad’s firm adherence to the One-China principle. Responding to a question on recent US arms sales to Taiwan, Andrabi said Pakistan regarded Taiwan as an inalienable part of China and urged all relevant countries to honour their historical commitments. “We call upon them to take steps to foster peace, security, and development in Taiwan and refrain from measures that may aggravate tensions or undermine peace and stability in the region,” he said. Addressing another question, the FO spokesperson said that 15 Pakistani students and 291 other nationals stranded in Afghanistan due to border closures had safely
returned home. He said Pakistan remained in contact with Afghan authorities to facilitate further returns. A total of 1,199 Pakistanis — including 549 students and 402 other individuals — have approached the Pakistani embassy in Kabul seeking assistance, he added. Separately, Pakistan and India on Thursday exchanged lists of their respective nuclear installations, continuing an annual confidence-building measure under the Agreement on the Prohibition of Attacks against Nuclear Installations and Facilities, signed on December 31, 1988. The agreement came into force on January 27, 1991, and the exchange has been taking place on January 1 each year since 1992. “A list of nuclear installations and facilities in Pakistan was officially handed over to the representative of the Indian High Commission in the Foreign Office today,” Andrabi said, adding that India was also sharing its list with
the Pakistani High Commission in New Delhi. He said the two sides also exchanged lists of prisoners in each other’s custody. According to a separate Foreign Office statement, Pakistan handed over a list of 257 Indian prisoners — including 58 civilians and 199 fishermen — to the Indian High Commission in Islamabad. Under the 2008 Agreement on Consular Access, both countries are required to exchange prisoner lists on January 1 and July 1 each year. India urged to comply with Indus Waters Treaty Responding to a query about India’s reported approval of the 260-megawatt Dulhasti Stage-II hydropower project on the Chenab River in Indian-occupied Jammu and Kashmir, Andrabi said the move raised serious concerns and violated the Indus Waters Treaty (IWT). He said Pakistan had not been provided prior information or notification regarding the project,
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which was mandatory under the treaty. The Pakistani commissioner for Indus waters has sought clarification from his Indian counterpart on the project’s nature, scope and technical details. “Any project on the western rivers is subject to strict design, operational controls and information-sharing requirements,” he said, adding that India could not misuse its restricted allowance under the IWT. “In the absence of formal communication from the Indian side, Pakistan is unable to assess the project’s conformity with treaty provisions. We therefore urge India to urgently return to treaty compliance,” he said. The FO spokesperson reiterated that the Indus Waters Treaty remained a binding international agreement, stressing that while Pakistan remained committed to peaceful dispute resolution, it would “never compromise on its existential water rights”.