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US–IRAN SET FOR POSSIBLE ‘SECOND ROUND’ OF ISLAMABAD TALKS THIS WEEK: SOURCES Wednesday, 15 April, 2026 | 26 Shawwal, 1447

g A DATE NOT YET DECIDED, BUT BOTH COUNTRIES

COULD RETURN TO TABLE AS EARLY AS THIS WEEKEND, REPORTS REUTERS, CITING SOURCES

Rs 20.00 | Vol XVII No 20 | 8 Pages | Lahore Edition

g US VICE PRESIDENT JD VANCE SAYS

‘BALL IS IN IRANIAN COURT NOW’ ON ENDING MIDEAST WAR

Trump hints at Islamabad for fresh US–Iran talks within days WASHINGTON, DC agencies

WASHINGTON/TEHRAN agencies

EGOTIATING teams from the US and Iran could return to Islamabad later this week, five sources said on Tuesday, days after the highest-level talks between the two countries in decades ended without a breakthrough. Pakistan hosted direct Iran-US talks in Islamabad over the weekend, marking the highest engagement between the two sides since 1979. Both delegations departed the capital on Sunday after the talks ended without an agreement, but also without a breakdown. According to Reuters, a source involved in the talks said a date was not yet decided, but both countries could return as early as the end of this week. They

said that a proposal has been shared with both the US and Iran to resend their delegates to resume the talks. “No firm date has been set, with the delegations keeping Friday through Sunday open,” a senior Iranian source said. Two Pakistani sources with knowledge of the talks said Islamabad was communicating with the two sides about the timing of the next round and the meeting would likely take place on the weekend. “We have reached out to Iran and we got a positive response that they will be open to a second round of talks,” a senior Pakistani government official was quoted as saying by Reuters. Similarly, a Pakistani source told AFP that Islamabad was working to bring Iran and the US back together for a second round of talks and to secure an extended ceasefire to allow for diplomacy.

Global Endorsement for Pakistan: Kuwait, EU, Canada laud Islamabad’s key role in US-Iran peace push ISLAMABAD

staff correspondent

Pakistan’s diplomatic efforts to ease tensions between the United States and Iran have drawn international praise, with Kuwait, the European Union, and Canada commending Islamabad’s constructive role in facilitating dialogue. Kuwaiti Foreign Minister Sheikh Jarrah Jaber Al-Sabah, in a telephone conversation with Deputy Prime Minister and Foreign Minister Ishaq Dar, lauded Pakistan’s contribution to advancing peace efforts between Washington and Tehran, according to the Ministry of Foreign Affairs. Dar reaffirmed Pakistan’s commitment to sustained diplomatic engagement, stressing that dialogue remains the only viable path to resolving conflicts. Both sides also reiterated the strength of Pakistan–Kuwait relations and agreed to maintain close coordination. In separate calls, EU foreign policy chief Kaja Kallas and Canadian Foreign Minister Anita Anand also praised Pakistan’s role in facilitating the US-Iran negotiations held in Islamabad. During his conversation with Kallas, Dar highlighted ongoing engagement between Pakistan and the European Union amid the evolving regional situation and briefed her on developments from the Islamabad Talks. Kallas commended Pakistan’s “constructive role” in enabling direct negotiations, with both sides underscoring the importance of continued diplomacy to resolve the conflict. They also expressed satisfaction over growing Pakistan-EU cooperation. In his discussion with Anand, Dar exchanged views on recent developments, including the stalled negotiations between Washington and Tehran.

US President Donald Trump said on Tuesday that talks between Washington and Tehran could resume over the next two days and that “ we’re more inclined to go” to Pakistan, reported New York Post. “You should stay there, really, because something could be happening over the next two days, and we’re more inclined to go there. “It’s more likely, you know why? Because the Field Marshal is doing a great job. He’s fantastic, and therefore it’s more likely that we go back there,“ he told New York Post. “Why should we go to some country that has nothing to do with it?” Trump’s statement follows reports that negotiating teams from the US and Iran could return to Islamabad later this week, after engaging in dialogue in Pakistan’s capital over the weekend. Pakistan hosted direct Iran-US talks in Islamabad on Saturday and

“Efforts are underway to bring both parties back to the table, of course we want them back in Islamabad, but the venue is not final yet,” said the source, who requested anonymity due to the sensitivity of the subject matter. “The meeting could take place soon,

Sunday, marking the highest engagement between the two sides since 1979. Both delegations departed the capital on Sunday after the talks ended without an agreement, but also without a breakdown. Earlier, two Pakistani sources with knowledge of the talks told Reuters that Islamabad was communicating with the two sides about the timing of the next round and the meeting would likely take place on the weekend. “We have reached out to Iran and we got a positive response that they will be open to a second round of talks,” a senior Pakistani government official was quoted as saying by Reuters. On Monday, officials familiar with the back-channel exchanges told Dawn that intermediaries were working to bring Tehran and Washington back to the negotiating table, with Pakistan at the centre of the efforts, backed by Turks and Egyptians. The immediate priority, they said, was to extend the ceasefire.

though dates have yet to be confirmed,” the source was quoted as saying. The source added: “We are also working to get the ceasefire extended beyond the current deadline to allow for additional time.”

CONTINUED ON PAGE 03

PM briefs President Zardari on US–Iran talks, upcoming visits to Saudi Arabia, Turkiye ISLAMABAD

saleem Jadoon

Prime Minister Shehbaz Sharif on Tuesday briefed President Asif Ali Zardari on “all aspects” of the recent Iran–US dialogue hosted by Pakistan, while also taking him into confidence over his upcoming visits to Saudi Arabia and Turkiye aimed at advancing ongoing peace efforts, state media reported. The prime minister called on President Zardari at the President’s House, where he provided a detailed overview of the “faceto-face” talks between Iran and the United States, as well as the progress achieved through Pakistan’s mediation, according to a statement issued by the President’s Secretariat. He also apprised the president of his planned visits to Saudi Arabia and Turkiye for further diplomatic engagement to sustain and promote the peace process. Pakistan hosted the rare direct dialogue between Iran and the US in Islamabad over the weekend — the highest-level engagement between the two sides since 1979 — in a bid to help end the US-Israeli war on Iran and push for durable peace in the Middle East and Gulf region. While the talks concluded on Sunday without a formal agreement, they also ended without a breakdown, keeping diplomatic channels open. There are now indications, in-

PM Shehbaz set for Saudi Arabia, Qatar and Turkiye visit amid regional tensions ISLAMABAD

staff report

Prime Minister Shehbaz Sharif is expected to undertake a threecountry visit starting with Saudi Arabia as Pakistan steps up diplomatic engagement amid changing regional tensions, according to well-placed sources. The visit, which had earlier been reported as limited to Saudi Arabia, has now been revised. The prime minister is expected to travel first to Saudi Arabia, then to Qatar, and conclude the tour in Turkiye, the sources said. According to the sources, the trip to the three friendly countries will centre on consultations regarding diplomatic developments and regional stability. During the Saudi leg of the visit, Prime

cluding statements from US President Donald Trump and other sources, that negotiating teams from both countries could return to Islamabad later this week for a “next round” of the still-inconclusive talks. A day earlier, Prime Minister Shehbaz had told a federal cabinet

Minister Shehbaz is scheduled to meet Crown Prince Mohammed bin Salman. The sources said the two sides are expected to discuss bilateral matters as well as wider regional and international developments. They said, Important bilateral matters between Pakistan and Saudi Arabia will come under discussion, adding that Islamabad Talks will also feature on the agenda. Consultations are also expected to cover the situation around the Strait of Hormuz and the next round of US-Iran talks, the sources said, as tensions continue to influence the regional environment. They added that Pakistan and Saudi Arabia are also likely to deliberate on ways to further strengthen ties and expand cooperation in different sectors.

meeting that “full efforts” were underway to resolve the conflict through diplomacy. According to the statement, the prime minister briefed President Zardari on the various stages of the dialogue process and the progress made so far.

CONTINUED ON PAGE 03

Aurangzeb says ‘all options on table’ to replace UAE’s $3.5b loan ISLAMABAD

staff report

Pakistan is considering Eurobonds, loans from other countries and commercial debt to replace a $3.5 billion facility from the United Arab Emirates (UAE) and manage its foreign reserves, Finance Minister Muhammad Aurangzeb said. Aurangzeb also told Reuters the shock from the ongoing war in the Middle East meant that Pakistan must consider a strategic petroleum reserve and a faster switch to renewable energy. “All options are on the table,” Aurangzeb said when asked if the government was in talks with Saudi Arabia for a loan that could replace the UAE facility. Pakistan will reportedly return a $3.5bn loan to the UAE this month, putting pressure on its reserves and risking breaches of its International Monetary Fund (IMF) programme targets. The country has been thrust into the international spotlight as it plays the role of a mediator between the United States and Iran to end the war in the Middle East. Aurangzeb, speaking on the sidelines of the IMF/World Bank annual spring meetings, said the country could manage all debt repayments, and that its reserves remained at roughly 2.8 months of import cover. Maintaining at least that level, he said, would be “an important aspect of our overall macro stability as we go forward”. “We are looking at Eurobond, we are looking at Islamic sukuk, we are looking at dollarsettled rupee-linked bonds,” Aurangzeb said, adding that they expected to issue Eurobonds this year and are also exploring commercial loans. Aurangzeb said while the country had not yet requested any additions or changes to its $7bn IMF lending programme due to the economic shocks of the war in the Middle East, it was a potential option. “Depending upon how things pan out over the next few weeks, that’s something which can be discussed,” he said.

Thousands of Sikh yatrees converge at Panja Sahib for Baisakhi celebrations HASAN ABDAL staff report

Thousands of Sikh yatrees from India, Pakistan, and other parts of the world gathered at Gurdwara Panja Sahib on Tuesday to mark the 327th birth anniversary of the Khalsa, also known as Baisakhi — the spring harvest festival and one of the most significant religious occasions in Sikhism. The historic gurdwara, regarded as one of Sikhism’s most sacred sites, witnessed large congregations of devotees participating in religious rituals and prayers throughout the day. Pakistan’s High Commission in New Delhi said last week that Islamabad issued over 2,800 visas to Sikh pilgrims from India to attend the annual Baisakhi celebrations this month. Baisakhi, observed annually in mid-April, commemorates the founding of the Khalsa by Guru Gobind Singh in 1699. The Khalsa refers to the community of Sikhs formally initiated into the faith under a distinct religious code. Every year, thousands of devotees from across the world travel to Pakistan to visit revered Sikh shrines, including Gurdwara Panja Sahib in Hasan Abdal and Gurdwara Nankana Sahib — the birthplace of Guru Nanak, the founder of Sikhism. “We prayed to our Guru, and it brought us a deep sense of peace,” said Simran Singh, a 52-year-old Sikh pilgrim from India. “The arrangements here are excellent.” Another Indian pilgrim, Paramjeet Singh, 47, said he had been warned that visiting Pakistan could affect his ability to obtain visas for other countries. “But I gave them all the same answer: my Guru, Guru Nanak, has made Punjab like Canada and America for me, and I have no desire to move anywhere else,” he said.

Xi unveils four-point peace plan for Middle East, strengthens strategic ties with UAE BEIJING

mian abrar

Chinese President Xi Jinping on Tuesday presented a comprehensive four-point proposal aimed at promoting peace and stability in the Middle East during a meeting with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan in Beijing. Xi’s proposal emphasized adherence to peaceful coexistence, calling for the establishment of a common, comprehensive, and sustainable security framework across the Middle East and Gulf region. He underscored the importance of respecting national sovereignty, stressing that the territorial integrity and security of all countries must be upheld, along with the protection of personnel and critical infrastructure. Highlighting the role of international law, Xi warned against a return to “the law of the jungle,” urging all parties to uphold global legal norms. He further called for bal-

ancing development and security, advocating collective efforts to create a stable environment conducive to regional growth. China, he added, stands ready to share the opportunities of its modernization with Gulf nations, contributing to long-term regional stability and economic development. Strengthening China-UAE Partnership Reaffirming the strong ties between China and the United Arab Emirates, Xi described the UAE as a key comprehensive strategic partner. He noted that bilateral relations have continued to deepen through enhanced political trust, expanding economic cooperation, and vibrant cultural exchanges. Xi expressed China’s willingness to further strengthen this partnership by boosting collaboration in energy, trade, investment, and technology, while also expanding cooperation in education, civil aviation, and tourism. He called for closer coordination on global platforms such as the United Nations

and BRICS, stressing that stronger ChinaUAE ties could serve as a stabilizing force amid global uncertainties. For his part, Sheikh Khaled highlighted the deep-rooted relationship between the two nations, built on mutual trust and shared interests. He reaffirmed the UAE’s commitment to advancing cooperation across multiple sectors and implementing the consensus reached by both leaderships. The crown prince also praised China’s constructive role in international affairs and its efforts to promote a political resolution to the ongoing Middle East crisis. He reiterated the UAE’s commitment to maintaining close coordination with China to support ceasefire efforts, restore regional stability, and safeguard global trade routes and energy security. Additionally, Sheikh Khaled assured that the UAE would continue to ensure the safety and security of Chinese citizens and institutions within its territory.

02 NEWS

SENATE PANEL FLAGS CORRUPTION IN POWER PROJECTS, SEEKS FIA, NAB ACTION

T g

IRREGULAR CONTRACTS, RS1.28B TAX PAYMENT, RS600M BID GAP HIGHLIGHTED IN DASU LINE, JAMSHORO PROJECT PROFIT

MoNitoriNg Desk

HE Senate Standing Committee on Economic Affairs, which met on Monday under the chairmanship of Senator Saifullah Abro, identified irregularities and alleged large-scale corruption in the award of contracts for power sector development projects, recommending action against officials involved. According to a news report, the committee reviewed progress on key water and power projects and examined issues related to transparency, financial management, and implementation of earlier recommendations. During the briefing, officials presented

updates on projects financed by multilateral agencies, including the 765kV Dasu– Islamabad Transmission Line, an ADB-funded transmission component, and the 2x660MW coal-fired power project at Jamshoro. The committee rejected the position taken by the Power Division on these projects. The panel expressed concern over the non-recovery of Rs1.282 billion paid to a contractor as sales tax for the Dasu–Islamabad Transmission Line grid station at Islamabad West. While the Power Division described the payment as a procedural irregularity flagged by the audit, the committee questioned the justification and raised objections over the audit’s position. The committee noted inconsistencies in the execution of the transmission line proj-

Bank of Punjab extends Zafar Masud’s tenure as President, CEO by one year PROFIT

Service Industries subsidiary files IPO prospectus to raise up to Rs7.8 billion PROFIT

News Desk

Service Industries Limited has announced that its subsidiary, Service Long March Tyres Limited (SLM), has filed a prospectus with the Pakistan Stock Exchange (PSX) for the listing of its shares. The company stated that “Service Long March Tyres Limited (SLM) has filed its Prospectus with Pakistan Stock Exchange Limited for the listing of shares,” according to a disclosure submitted to regulators on Tuesday. SLM plans to raise between Rs5.6 billion and Rs7.8 billion through an initial public offering (IPO), offering 389.7 million ordinary shares at a floor price of Rs14.25 per share. The offering represents a 5% stake in the company post-listing, according to the disclosure. The proceeds from the IPO will

termed a serious case of mismanagement. The panel recommended that the Economic Affairs Division write to the Federal Investigation Agency and the National Accountability Bureau to initiate action against the board members and relevant officials. It also called for scrutiny of the assets of officers involved, including those from the Power Division. The committee further directed that the matter be taken up with the Cabinet Division and recommended termination of the procurement team linked to the project. National Engineering Services Pakistan (NESPAK) was instructed to suspend officials found responsible. Authorities informed the committee that an inquiry into the Jamshoro project had been initiated, though its report has not yet been submitted.

Pakistan’s salaried class pays Rs420b tax in nine months, more than double real estate’s Rs197b g

News Desk

The Bank of Punjab’s Board of Directors has approved a one-year extension in the employment contract of Zafar Masud as President and Chief Executive Officer, according to a stock filing by the bank on Tuesday. The decision was taken at the board’s 330th emergent meeting held on April 13, 2026, according to an official communication. The extension will take effect from April 16, 2026, and will continue under the existing terms and conditions. “We are pleased to inform that Board of Directors of The Bank of Punjab in their 330th (Emergent) meeting held on April 13, 2026, approved the extension in employment contract of Mr. Zafar Masud as President & CEO of The Bank of Punjab for one (01) year w.e.f April 16, 2026, on the existing terms and conditions upon issuance of Notification dated April 13, 2026 by the Finance Department, Government of Punjab,” read the BOP’s notice sent to the local bourse. The approval follows the issuance of a notification by the Finance Department, Government of Punjab, dated April 13, 2026. The development has been communicated to the Pakistan Stock Exchange for dissemination to TRE certificate holders.

ect and observed that, despite assurances, no progress had been made to address the issue. It directed the National Grid Company to submit a detailed report within 15 days. Documents presented to the committee showed that the lowest bid for the project stood at $208 million, while the second lowest was $265 million. The committee was informed that bidders were disqualified on documentation grounds, which drew scrutiny from the panel. In the Jamshoro coal power project, the committee found that the contract had been awarded to the third-lowest bidder, with a cost difference of about Rs600 million compared to the lowest bid. The bids of the first two bidders were rejected based on communications attributed to the Embassy of China, which the committee

NON-CORPORATE EMPLOYEES PAY RS187B; CORPORATE SECTOR PAYS RS134B; FEDERAL EMPLOYEES RS41B AND PROVINCIAL EMPLOYEES RS59B; OVERALL INCOME TAX COLLECTION FROM SALARIED INDIVIDUALS RISES 7.5% YOY PROFIT

MoNitoriNg Desk

Pakistan’s salaried class paid Rs420 billion in income tax during the first nine months of FY2025–26, more than double the Rs197 billion collected from the real estate sector, according to provisional data compiled by the Federal Board of Revenue (FBR). The tax contribution from salaried individuals increased by Rs29 billion, or 7.5%, compared to Rs391 billion in the same period last year. These figures exclude book adjustments and certain contractual payments under Section 153. Breakdown of the data shows noncorporate employees contributed Rs187 billion, up 12% year-on-year, while corporate sector employees paid Rs134 bil-

lion, marking a 15% increase. Federal government employees contributed Rs41 billion, up 7%, whereas provincial government employees paid Rs59 billion, down 14%. Despite higher tax rates imposed on the real estate sector, total collections from the segment stood at Rs 197 billion, reflecting a 17% increase. This included Rs137 billion collected from withholding tax on plot sales, up 62%, while collections from plot purchases declined 16% to Rs61 billion following rate reductions in the budget. Revenue from capital gains in the real estate sector dropped to Rs1.7 billion from Rs5 billion last year, while deemed income tax collections remained limited at Rs1.2 billion. Officials said the government has

largely relied on withholding taxes to generate revenue from the sector, as efforts to expand the tax base have yielded limited results. The data comes amid rising cost pressures for salaried individuals, with increased fuel prices and household expenses following the Middle East conflict. The government is considering revisions to property taxation, including reducing withholding tax rates on sales and purchases of plots, and abolishing certain levies. Proposals under discussion include lowering the tax rate on plot sales from 4.5% to 1.5% and on purchases from 1.5% to 0.25%, along with exemptions for first-time homebuyers. These proposals are expected to be taken up with the IMF ahead of the upcoming budget review.

Customs sets new values for auto parts imports, updates engine capacity brackets g

RULING REVISES 2020 VALUATION FRAMEWORK; PISTON AND RING SETS PRICED BY ORIGIN, ENGINE SIZE AND MARKET DATA PROFIT

News Desk

The Directorate General of Customs Valuation, Karachi, has fixed new customs values for a wide range of auto replacement and engine parts, including piston and ring sets imported from multiple countries. The revised values were issued through a valuation ruling on Monday, replacing an earlier framework introduced in May 2020, which had remained in place for over five years. The update follows representations from stakeholders seeking revision of customs values in line with current market conditions. The directorate initiated the exercise under Section 25A of the Customs Act, 1969. A consultative meeting was held

with stakeholders, including representatives of the Pakistan Automobile Spare Parts Importers and Dealers Association and Indus Motor Company, where views were shared on pricing trends and engine capacity-based categorisation. Officials said the valuation exercise considered variations in product specifications, including engine capacity, vehicle type, origin, and quality, as well as their use across a wide range of vehicles in the replacement market. The directorate noted that a large portion of Pakistan’s vehicle fleet consists of older models, which require more frequent replacement of engine components, influencing demand and pricing patterns. It was also observed that items such as piston and ring sets are commonly

sold as complete sets for specific engine configurations rather than individual units, which was factored into the revised valuation structure. Analysis of import data showed inconsistencies in declared values across consignments and origins, limiting its reliability for valuation based on identical or similar goods. To address these variations, the earlier broad engine capacity groupings have been refined to better reflect prevailing price ranges across different segments. Market surveys were also conducted to assess local price levels, and the revised customs values have been structured based on a combination of market data, import trends, and updated segmentation to ensure uniform assessment.

Wednesday, 15 April, 2026 | LAHORE

Punjab seeks Rs24b for fuel subsidy as relief measures expand PROFIT

News Desk

The Punjab government has sought Rs24 billion from the finance department to fund a fuel subsidy scheme for motorcyclists, as part of measures to offset rising petroleum prices. Officials said a summary has been forwarded for approval, after which funds will be released to operationalise the programme. The scheme is expected to benefit around 12.5 million motorcyclists, with proposed assistance of Rs2,000 per month and a subsidy of Rs100 per litre of petrol. More than eight million bikers have already registered, and the rollout is expected to begin after completion of the registration process. The initiative follows earlier relief measures, including a waiver of motorbike transfer and registration-related charges from April 6 to May 5. The exemption covers transfer fees, registration mark fees and smart card charges, with an estimated relief of Rs200 million. In parallel, the government has introduced free public transport across the province, covering services such as the Orange Line Metro Train, Metro Bus, Speedo buses and electric buses. Officials from the Punjab Mass Transit Authority said around 900,000 passengers are benefiting daily, including over 300,000 Orange Line users and about 140,000 Metro Bus commuters. The relief measures come amid rising intercity transport fares, with passengers reporting higher ticket prices on major routes. Transport operators attributed the increases to higher fuel costs and reduced passenger affordability. To manage demand, the government is also considering leasing up to 1,000 additional buses through private operators. Under the proposal, operators would be paid on a per-kilometre basis, with daily costs exceeding Rs61,000 per bus and total expenditure potentially surpassing Rs61 million per day.

Pakistan’s EV bike demand doubles as fuel prices surge amid Iran conflict PROFIT

News Desk

Demand for electric scooters and motorbikes in Pakistan has surged as rising fuel prices linked to the Iran conflict push consumers away from petrol-powered vehicles. Market participants said stocks of popular EV models have declined at showrooms and production units, with assemblers increasing orders of completely knocked down (CKD) kits by up to ten times to meet demand. Auto sector experts said demand has increased across all major EV brands, creating supply shortages in the local market. They noted that rising demand has also led to price increases of Rs3,000 to Rs10,000 per unit. Industry data shows monthly EV twowheeler sales have nearly doubled to around 29,600 units from about 15,000 units earlier. The shift in consumer behaviour has been driven largely by users switching from petrol bikes. According to industry officials, the share of buyers transitioning from petrol bikes has increased to 87%, compared to 35% previously, while new entrants now account for 13% of total sales. Evee reported sales of 9,680 units last month, accounting for a significant portion of the market. Industry stakeholders said the surge in demand follows a sharp increase in fuel prices, which has altered purchasing decisions and accelerated adoption of electric mobility. They added that sustained policy support for manufacturers could further expand the EV market, with projections indicating annual sales of up to one million units in the coming years. Industry representatives also highlighted that increased adoption of EV bikes could reduce the country’s oil import bill and support local manufacturing through higher localisation levels.

Pakistan says all options on table for funding, weighs strategic fuel reserve g

FINANCE MINISTER SAYS IRAN WAR PROMPTS NEED FOR STRATEGIC FUEL RESERVE, MORE RENEWABLES; COUNTRY TO LAUNCH $250 MILLION PANDA BOND, EXPECTS $41.5 BILLION REMITTANCES THIS FISCAL YEAR WASHINGTON reuters

spring meetings, said the country could manage all debt repayments, and that its reserves remained at roughly 2.8 months of import cover. Maintaining at least that level, he said, would be “an important aspect of our overall macro stability as we go forward.” “We are looking at Eurobond, we are looking at Islamic sukuk, we are looking at dollarsettled rupee-linked bonds,” Aurangzeb said, adding that they expected to issue Eurobonds this year and are also exploring commercial loans. Aurangzeb said while the country had not yet requested any addition or changes to its $7 billion IMF lending programme due to the economic shocks of the war in the Middle East, it was a potential option. “Depending upon how things pan out over the next few weeks, that’s something which can be discussed,” he said. The Fund’s board is likely to sign off on the latest lending tranche by the end of this month or early next month, Aurangzeb said, which would unlock just under $1.3 billion via the Extended Fund Facility and the Resilience and Sustainability Facility. Pakistan also expects to launch its first-ever Panda bond – debt denomi-

— calls Eurobond repayment ‘non-event’, cites external stability PROFIT

News Desk

Speaking at a panel discussion at Harvard University, Finance Minister Muhammad Aurangzeb has said Pakistan’s recent Eurobond repayment was a “non-event”, indicating improved confidence in the country’s ability to meet its external obligations. The minister said the payment was completed without disruption, reflecting stability in Pakistan’s external payments position. He highlighted record activity at Karachi Port and said remittances through Roshan Digital Accounts reached an all-time high in March. However, he stressed that remittances alone cannot sustain economic growth and that exports must remain the primary focus. Aurangzeb said the Middle East conflict created supply pressures globally, but Pakistan maintained continuity in energy supply. He noted that after initial subsidies, the government is moving towards full pass-through of energy prices while continuing targeted support. The minister said solar power capacity in Pakistan has reached 8,000MW, with plans to further expand renewable energy.

nated in Chinese yuan – next month, he said. The $250 million issue, the first of a planned $1 billion programme, will be backed by the Asian Development Bank and the Asian Infrastructure Investment Bank. Aurangzeb said the country’s ex-

pected GDP growth of close to 4%, remittances of around $41.5 billion and targeted assistance to the poorest citizens could withstand the Iran war shock for this fiscal year, which ends on June 30.

Wednesay, 15 April, 2026 | LAHORE

LSE CAPITAL APPOINTED CORPORATE CONSULTANT FOR WORLDCALL RESTRUCTURING

EngagEMEnt covErS capital rEStructuring, SharE changES, naME changE and intErnational opErationS ahEad of april 30 agM PROFIT

STAFF REPORT

SE Capital Limited has been appointed as corporate consultant to WorldCall Limited following the signing of an engagement agreement between the two companies, according to a disclosure submitted to the Pakistan Stock Exchange on Tuesday. LSE Capital will assist WorldCall in its proposed corporate and capital re-

structuring. The scope of work includes restructuring of authorised capital, reduction of share capital, subdivision of shares, and a potential change of the company’s name. The engagement also covers support for establishing international operations and ensuring regulatory compliance ahead of WorldCall’s 26th Annual General Meeting scheduled for April 30, 2026. On April 8, 2026, the WorldCall board approved a series of restructuring

Pakistan, Saudi Fund discuss development cooperation, energy risks amid Middle East conflict

aurangzeb meets Sfd cEo, reviews ongoing support, bilateral ties and impact of conflict on global energy security PROFIT

STAFF REPORT

Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, held a meeting with Mr. Sultan bin Abdulrahman Al-Marshad, Chief Executive Officer of the Saudi Fund for Development (SFD), on the sidelines of the World Bank-IMF Spring Meetings 2026. The two sides discussed the implications of the ongoing conflict in the Middle East on global energy security and its potential economic impact. The finance minister expressed hope for an early resolution of the conflict and emphasized the importance of continued cooperation between Pakistan and Saudi Arabia. The meeting reaffirmed the strong and longstanding partnership between the two countries and their shared commitment to further strengthening economic and development cooperation. The finance minister thanked Mr. Al-Marshad for the Saudi Fund for Development’s continued support and its ongoing and future development cooperation with the Government of Pakistan. Senator Aurangzeb also recalled his recent meeting with the Finance Minister of the Kingdom of Saudi Arabia prior to his departure for Washington, D.C., noting that the interaction was productive and reflected the strength of bilateral relations.

Pakistan, US discuss trade, investment and economic cooperation at IMF meetings

talks cover market access, investment flows, iMf programme, $1.3b Eurobond repayment and Middle East risks to remittances PROFIT

STAFF REPORT

Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb met US Trade Representative Ambassador Jamieson Greer and US Treasury official Jonathan Greenstein on the sidelines of the World Bank–IMF Spring Meetings 2026, discussing trade and investment cooperation alongside Pakistan’s reform progress and external sector outlook. In his meeting with the USTR, the finance minister stressed the need to strengthen Pakistan–United States economic relations through increased trade and investment flows, while highlighting efforts to improve market access and maintain a conducive business environment. Both sides discussed expanding export opportunities, facilitating investment flows, and deepening commercial linkages, expressing satisfaction over progress in ongoing trade negotiations and reaffirming commitment to further cooperation. Separately, in talks with the US Treasury, Aurangzeb highlighted Pakistan’s Staff-Level Agreement with the International Monetary Fund and reiterated commitment to the reform programme.

and expansion measures, including a proposed name change, international expansion and balance sheet adjustments. The board approved plans to acquire a wholly owned subsidiary in the United Arab Emirates (UAE) to manage overseas operations. It also recommended changing the company’s name to WorldCall Technologies Limited. The board also proposed a share swap arrangement with GlobalTech Corporation, the company’s ultimate holding entity, in compliance with applicable

regulations. WorldCall board also approved a balance sheet restructuring under Section 89(a) of the Companies Act, 2017, aimed at adjusting discounts on issued shares and accumulated losses. The restructuring will require approvals from relevant regulatory and legal authorities.

PSX slump triggers 13% fall in equity funds as investors shift to low-risk assets g

Equity auMS drop to rS570 billion froM rS655 billion; SharE fallS to 13% aS Mutual fund induStry turnS dEfEnSivE PROFIT

STAFF REPORT

Pakistan’s mutual fund industry reduced exposure to equities in March 2026, with assets under management (AUMs) in equity funds falling 13% month-on-month amid a sharp decline in stock market performance, according to a news report. Equity AUMs dropped to Rs570 billion in March from Rs655 billion in February, according to data compiled by Optimus Capital Management. The decline was significantly steeper than the broader mutual fund industry, where total AUMs fell 3% to Rs4.37 trillion. The contraction reduced equity funds’ share in total industry assets to 13%, down from 14.5% in the previous month, indicating a shift in in-

vestor preference towards capital preservation. Market participants said the movement reflects a “riskoff” trend, with investors reallocating funds from equities to lower-risk instruments such as money market and income funds. The shift follows a downturn in the Pakistan Stock Exchange, which has come under pressure amid rising oil prices, currency weakness and external uncertainty linked to global developments. Data shared by the Overseas Investors Chamber of Commerce and Industry showed that after delivering 51% returns in rupee terms last year, Pakistan’s equity market ranked among the worst performers globally in the third quarter of FY2026, posting a 14.6% decline in dollar terms. Within the mutual fund industry, major asset managers reported dou-

ble-digit declines in equity AUMs. JS Investments recorded a 21.9% drop, Al Habib Asset Management 24.3%, and MCB Funds 19.1%, while NBP Funds declined 14%, UBL Funds 12.5%, and Alfalah Asset Management 15.1%. HBL Asset Management reported a smaller decline of 2.4%. In contrast, money market and income funds continued to attract inflows, supported by higher interest rates and liquidity in the system. Analysts said Pakistan’s reliance on imported energy and sensitivity to external shocks continue to affect market performance, particularly during periods of rising global oil prices. The decline in equity participation has reduced the availability of risk capital, with equity funds now representing a smaller share of total mutual fund assets.

Delay in cottonseed import SOPs limits impact for current crop season g

trial-only hybrid iMportS rEquirE two-yEar tESting aS Sowing nEarS coMplEtion, induStry flagS Structural iSSuES PROFIT

STAFF REPORT

Pakistan’s decision to allow cottonseed imports is unlikely to affect the ongoing crop cycle due to delays in issuing Standard Operating Procedures (SOPs), with the sowing season nearing completion, Dawn reported. Under the approved framework, importers can bring in hybrid cottonseed on a trial basis, but commercial use will only be allowed after two years of testing across different cotton-growing regions and certification by relevant authorities. Industry stakeholders said the late rollout of SOPs has reduced the policy’s immediate relevance, as most farmers have already completed or are close to completing sowing. The move to allow imports followed concerns over declining yields from locally developed seed, but its timing has limited short-term benefits. According to the SOPs, imported seeds will be evaluated for fibre quality, yield characteristics and resistance to factors such as cotton leaf curl virus, temperature variations and water stress. Only seeds meeting performance benchmarks after multi-year tri-

als will qualify for wider use. The policy restricts imports and production to registered seed companies and research institutions, excluding individuals and unregistered entities. Industry representatives said broader challenges in the cotton sector extend beyond seed quality. They pointed to the expansion of sugarcane cultivation in traditional cotton-growing areas, which has altered local conditions and contributed to the spread of crop diseases. Regions with limited sugarcane cultivation, including parts of Sindh, Balochistan and Cholistan, continue to produce higher-quality cotton, indicating that environmental and policy factors remain critical to output. Stakeholders have called for enforcement of crop zoning regulations to limit sugarcane expansion in cotton zones, citing a decline in cotton acreage in key districts such as Rahim Yar Khan. They also questioned the effectiveness of relying on imported hybrid seed alone, noting that consistent performance has yet to be established globally. Officials said timely policy implementation and structural reforms would be required to improve cotton output in the coming seasons.

PM briefs President Zardari on US–Iran talks, upcoming visits to Saudi Arabia, Turkiye CONTINUED FROM PAGE 01

PRESIDENT LAUDS DPM DAR, CDF FIELD MARSHAL President Zardari appreciated Pakistan’s “untiring efforts” in facilitating the high-stakes engagement, noting that the evolving regional situation carried “far-reaching impact not only on the region but also on global security, economy and politics.” He praised Prime Minister Shehbaz, Deputy Prime Minister and Foreign Minister Ishaq Dar, Chief of Defence Forces and Chief of Army

Staff Field Marshal Asim Munir, as well as all relevant state institutions, for their role in making the diplomatic initiative a “great success.” The president highlighted that seamless coordination among all stakeholders had been instrumental in enabling the high-level dialogue. He also underscored Pakistan’s “historic role” in promoting global peace and regional stability, saying the country had reaffirmed its standing as a “responsible and pivotal state in the international community” by hosting the talks.

President Zardari further stressed the need for continued proactive engagement with the United States, Iran, and other key regional and global powers to ensure the sustainability of the peace process and regional harmony. Deputy Prime Minister Ishaq Dar, Special Assistant to the PM on Political Affairs Rana Sanaullah, former prime minister Raja Pervaiz Ashraf, PPP Senator Sherry Rehman, and former Senate chairman Nayyar Bukhari also attended the meeting, the statement added.

PSX rebounds sharply as US–Iran dialogue hopes calm sentiment g

KSE-100 riSES ovEr 5,000 pointS aftEr Monday’S 6,600-point fall; broad-baSEd buying lEd by banKS, EnErgy and cEMEnt StocKS PROFIT

STAFF REPORT

After a sharp decline on Monday, bulls staged a strong comeback at the Pakistan Stock Exchange (PSX) on Tuesday, with investors returning to equities on reports that the door remains open to dialogue between the US and Iran after tense talks in Islamabad, helping to calm concerns over energy prices. The market started on a positive note and the benchmark KSE-100 Index climbed to 165,150.36 during intraday

trade, with an increase of 4,559.03 points, partially reversing Monday’s losses. Buying interest was observed across major sectors, including automobile assemblers, cement, commercial banks, fertiliser, oil and gas exploration, oil marketing companies, power generation and refinery. Index-heavy stocks drove the gains, with HBL, MCB, MEBL, MARI, OGDC, POL, PPL, PSO, HUBCO, PRL and ARL trading in positive territory. At close, the index settled at 165,634.84, up 5,043.51 points, or

3.14% from the previous close. Market experts linked the rebound to easing global energy pressures, as oil prices retreated from recent highs. Analysts said the decline in Brent crude from above $100 per barrel reduced the risk of immediate fuel price increases and limited the outlook for inflation, supporting equities. The recovery follows a steep decline on Monday, when the KSE-100 Index dropped 6,600.05 points, or 3.95%, to close at 160,591.33. The sell-off had been triggered by investor concerns after

US–Iran talks in Islamabad ended without a deal, alongside fears of disruption to global energy supply. Analysts described Tuesday’s movement as a short-term stabilisation after a “risk-off” phase, with investors reacting to reduced volatility in oil markets and continued diplomatic engagement. Despite the rebound, market participants remain cautious, with Middle East developments and energy price movements expected to continue influencing investor sentiment in the near term. Reuters reported, citing 11 sources familiar with the talks, that dialogue between the US and Iran was still alive. Pakistani Prime Minister Shehbaz Sharif also said efforts were still underway to resolve the conflict.

NEWS 03

US–Iran set for possible ‘second round’ of Islamabad talks this week: sources CONTINUED FROM PAGE 01

On Monday, officials familiar with the back-channel exchanges revealed that intermediaries were working to bring Tehran and Washington back to the negotiating table, with Pakistan at the centre of the efforts, backed by Turks and Egyptians. The immediate priority, they said, was to extend the ceasefire. On Monday, Prime Minister Shehbaz Sharif told a meeting of the federal cabinet that “full efforts” were ongoing to resolve the conflict. Noting that the truce was still holding, he said, “As I am talking to you, matters that are not resolved, full efforts are underway to resolve them.” The ceasefire between the US and Iran, brokered on April 8 after weeks of conflict, is set to expire on April 22. While technically intact, it is increasingly precarious. The US has moved toward enforcing a naval blockade of Iranian ports, prompting a warning from Tehran that such a move would be a violation of the ceasefire. US SAYS BALL IN IRAN’S COURT Meanwhile, US Vice President JD Vance said “the ball is in the Iranian court” on ending the Mideast war. Vance had left talks hosted by Pakistan on Sunday, saying he had handed Tehran the “final and best offer”. “I really think the ball is in the Iranian court, because we put a lot on the table. We actually made very clear what our red lines were,” Vance said in an interview with Fox News on Monday. Washington has “no flexibility” on US control of Iran’s enriched uranium, and a verification mechanism to ensure it does not develop a nuclear weapon in the future. “It’s one thing for the Iranians to say that they’re not going to have a nuclear weapon. It’s another thing for us to put in place the mechanism to ensure that’s not going to happen,” Vance said. US President Donald Trump insisted Iranian representatives had called Washington since a US delegation returned empty-handed from negotiations in Islamabad. “I can tell you that we’ve been called by the other side. They’d like to make a deal. Very badly, very badly,” Trump told reporters outside the Oval Office on Monday. Iran has blamed Washington for making maximalist demands, but its leaders have, in the last hours, not dismissed efforts by world leaders to get both sides back to the negotiating table. Iranian state TV reported on Monday that President Masoud Pezeshkian, in a phone call to his French counterpart Emmanuel Macron, said Tehran “will continue to talk only within the framework of international law”. “We have clearly announced the terms of the ceasefire and we will adhere to it,” Pezeshkian said, according to IRIB. Meanwhile, Iranian Foreign Minister Abbas Araghchi blamed the US for the impasse in the peace talks during a call with his Saudi counterpart Prince Faisal bin Farhan. “Unfortunately, we witnessed the continued excessive demands of the American side in the negotiations, which led to the failure to achieve a result,” his ministry quoted him as saying. PUSH FOR TALKS Pakistan, after the end of the talks in Islamabad, moved swiftly to consolidate international support. Deputy Prime Minister and Foreign Minister Ishaq Dar has recently held a series of calls with his counterparts, including Britain’s Yvette Cooper, China’s Wang Yi, Turkiye’s Hakan Fidan, Saudi Arabia’s Prince Faisal bin Farhan and Egypt’s Badr Abdelatty. Across these engagements, Pakistan conveyed a consistent message that all parties to the conflict must uphold the ceasefire and that dialogue remains the only viable path forward. International partners responded positively. Diplomatic sources said these engagements helped build a broad, if informal, coalition aimed at sustaining the process and buying time before the April 22 deadline. The objective was to secure either an extension of the ceasefire or a return to technicallevel engagement that could prepare the ground for a second political round. Since the Islamabad talks, the intermediaries have helped exchange messages between the US and Iran on the outstanding issues, hoping to convince both sides to extend the truce by at least 45 days. Both sides agreed to continue negotiations, but differences on the agenda, objectives, format and venue for the next round persisted. A diplomatic source said Iran preferred Islamabad, citing proximity, familiarity and its comfort with Pakistan’s role as mediator. The US side, however, was understood to be considering alternative options, reflecting a different assessment of the negotiating environment, logistical preferences and security considerations. Despite this divergence, venue was unlikely to be a deal breaker if substantive movement was achieved on key issues. Diplomatic efforts were also accelerating elsewhere, with Russian Foreign Minister Sergei Lavrov landing in Beijing on Tuesday, hours after Iran’s state news agency reported that he had spoken about the crisis in a phone call with his Iranian counterpart Abbas Araghchi.

04 COMMENT

USA-Iran talks collapse, illusions remain

Keeping ratings as they are

The retention of the B+ rating by Fitch was more than it seemed

HE retention by Pakistan for its B+ rating for its sovereign debt, issued by Fitch, the rating agency, was probably tougher than it seems, as it indicates that Pakistani sovereign debt is considered safe. Well, not really gilt-edged, but safe enough; at least not junk bond status. It should be noted that It did not downgrade Pakistan’s rating, even though the Us-Israel-Iran war gave it a perfect excuse, and especially as the country’s foreign exchange holdings have come under pressure as oil prices go up. The price has gone up to $100 per barrel, to reflect the breakdowm of thwe Us-Iran talks over the weekend in Islamabad. However, Fitch mentioned two important things in its report. First, that recent policies and the resulting build-up of foreign exchange had led to the country’s foreign exchange reserves having a buffer to absorb the oil shock resulting from this war. second, it said that Pakistan would benefit tangibly from its mediatory role, and this would partially ease external pressures. However, it duly noted that if the oil shock led to a sharp decline in foreign exchange reserves, there would be a major risk. It is difficult to say that Fitch’s approval of Pakistan’s following the IMF programme sedulously is evidence that the IMF is merely a glorified credit agency, or whether it is the other way round: the IMF being a credit agency, its programmes are such that credit rating agencies approve of them. It must not be forgotten that one purpose of going on an IMF programme is to ensure that the country retains access to the global money markets. The retention of the rating is all the more creditable because it comes when Pakistan has returned the $3.5 billion UAE deposit, which was meant to bolster its foreign exchange reserves. It is also crucial because Pakistan is looking towards allied countries, basically in the Middle East, to give financial support. Though the reasons for that support are political rather than economic, knowing that Pakistan’s foreign debt is secure would be helpful. The other major rating agency, standard & Poor, has rated Pakistan Caa1, with a stable outlook. That implies that it too may be ready to carry out an upgrade. However, there is some claim that the money markets are fighting shy of loans to Pakistan, leaving it to borrow from institutional lenders. That may change if ratings continue improving.

Too wide a gap between the sides for agreement

QaMar Bashir

s the dust settles over Islamabad, the much-anticipated direct negotiations between the UsA and Iran have ended not with a breakthrough, but a pause— one that exposes the structural fault lines of this conflict. After an intense 21-hour uninterrupted diplomatic marathon, there was no agreement. Despite urgency, pressure, and global attention, the gap between the two remains wide. The Us delegation, led by JD Vance, acknowledged the deadlock with unusual clarity. Despite what he described as “intensive” and “substantive” discussions, Iran “chose not to accept” American terms. This was not a procedural delay or technical pause— it was a strategic failure to reconcile competing visions of the post-war order. The talks did not collapse abruptly; they exhausted themselves, which in many ways is even more revealing. What makes this outcome more striking is the contradiction at the highest level of Us leadership. Even as negotiations were ongoing— and indeed as they stretched deep into the night—Donald Trump maintained that the sA had already won the war. His assertion that “we win regardless” now stands in sharp contrast to the reality of failed negotiations. If victory had truly been secured, diplomacy would have been a formality. Instead, it has become a necessity— one that has, so far, failed to deliver results. At the centre of this deadlock lies the strait of Hormuz, the world’s most critical strategic chokepoint. Control over itremains the primary point of contention. The UsA insists on restoring full navigational freedom and removing Iranian leverage, while Iran views control as its most powerful bargaining chip. This tension was dramatically illustrated during the talks themselves. Washington announced that two Us Navy destroyers had entered the strait to begin mine-clearing operations, signaling an attempt to project authority and normalize passage. Iran, however, rejected this narrative, asserting that any move-

Dedicated to the legacy of late Hameed Nizami

Arif Nizami (Late) Founding Editor

The future of the Middle East amid the talks M. A. Niazi

Babar Nizami

Editor Pakistan Today

Editor Profit

Pakistan still has a key role

MuhaMMad ali alvi

HE last-minute peace efforts by Pakistan paid dividends as both parties, the UsA and Iran, agreed to negotiate. It was a huge diplomatic success for Pakistan. Pakistan averted a crisis that could have been devastating for the region. As the top leadership of both countries sat down for the first time in 47 years, their positions during the war determined their posture at the negotiating table. The talks for now have been concluded but there is a glimmer of hope still left. There was little hope that any sort of deal could be achieved in a session or a day. There are many examples from history where initial deadlocks turned into breakthroughs with time. Even in the case of the UsA and Iran, there is an example from the past. For instance, the Us-Iran nuclear deal was achieved in months not in a session or a day. The UsA might have come with expectations of negotiations with a weaker Iran. But, Iran, on the other hand would have never allowed the UsA to snatch whatever advantage it had against the Us in the form of the strait of Hormuz. Despite a mighty army and a status as a superpower, the UsA can not carry on fighting just because it has the power and resources to do so. Wars have definite costs and even powerful countries are not immune to them. On the other hand, Iran has to defend itself. As it did during the war. The longer Iran resists, the higher the price the UsA has to pay. The tactics adopted by Iran during the war have surprised the world. It has resisted two nuclear powers. It still has a lot of drones and missiles that have made the UsA and Israel think. The UsA has tried everything from destroying Iran’s military capability to obliterating the nuclear programme and even threatening the use of nuclear weapons. But, Iran, against all odds, defied the Us and Israeli attacks. so, the UsA would no longer want to continue its military offensive without any fruitful results. The talks have collapsed and the main reason is the nuclear programme of Iran, which the

UsA has declared many times that it has obliterated. The nuclear programme was never an issue at least for now. But the emphasis on the nuclear programme might be a pressure tactic. And a real discussion would have been around the strait of Hormuz. The UsA would want to reach a pre-warlike scenario and devise a mechanism that would give it control over the strait of Hormuz and prevent Iran from gaining any leverage from it in the future. On the other hand, Iran would want to make sure that its leverage over the strait of Hormuz does not go away and in future events of betrayals of trust, it can gain leverage over the strait of Hormuz. Amid the sequence of events, the deadlock is bound to persist. In the coming days, the UsA would exert pressure on Iran in the form of a naval blockade along with infrastructure destruction and strikes on the leadership. Iran’s confidence during the talks however suggests that it is prepared for the worst and would not give away their leverage. Here, the role of mediators becomes even more complex and important. As the direct talks are over, the back-door diplomacy will be the key. We might see a breakthrough in a couple of days, but for that to happen, a lot will depend on how good a mechanism is devised regarding the strait of Hormuz. And to what extent both parties would concede.

ment in the waterway falls under its control and that its forces had challenged the Us presence. Regardless of which version is accepted, the strategic conclusion is unavoidable: the UsA cannot exercise uncontested control over the strait. This not only weakened Washington’s negotiating position but also injected additional mistrust into an already fragile process. Another major factor shaping the outcome of the talks was the rigidity of core demands on both sides. The UsA insisted on a binding commitment that Iran would not develop nuclear weapons— a position still non-negotiable in Washington. Iran presented equally firm red lines: ceasefire in Lebanon, reparations, lifting of sanctions, release of frozen assets, and recognition of its sovereign rights under international frameworks. These positions were not merely negotiating stances, but strategic doctrines, leaving little room for compromise within a single round of talks. Compounding this complexity is the evolving regional dynamic— particularly the role of Erdoğan. Early in the conflict, the UsA explored leveraging Kurdish groups operating in and around Iran as proxy forces. This approach, however, was swiftly blocked by Turkey. Viewing Kurdish factions as extensions of the PKK insurgency, Ankara issued strong warnings that any Us support for such groups would directly threaten Turkish national security. President Erdoğan leveraged Turkey’s NATO position and his direct engagement with President Trump to force a policy reversal. The UsA ultimately stepped back from arming Iranian Kurdish groups and offered assurances to Turkey. This episode is crucial— it demonstrates that even in wartime, Us strategic options are constrained by alliance politics, and that regional actors like Turkey can decisively shape the trajectory of conflict. Equally telling was the hesitation among Kurdish groups themselves, many of whom feared becoming disposable instruments in a larger geopolitical struggle. Their reluctance further undermined Washington’s proxy strategy, leaving it with fewer tools to exert pressure on Iran. Meanwhile, the economic narrative surrounding the war has taken an unusually blunt turn. President Trump has openly framed the disruption of the strait as beneficial to the UsA, arguing that it forces global markets to turn toward Us oil and gas. In this interpretation, the war becomes a commercial advantage, a mechanism for redirecting global energy dependence. This perspective suggests that geopolitical conflict is being evaluated not in terms of stability or human cost, but through the lens of economic gain. Thousands have been killed, infrastructure devastated, and entire populations displaced. To frame such destruction as economically advantageous raises profound moral and strategic questions about the nature of modern warfare.

For the UsA, anything less than control of the strait of Hormuz is a defeat that it will not be willing to accept, while for Iran any gain regarding the control of Hormuz will be a victory for now. The UsA in order to achieve the abovementioned objective has announced the naval blockade of the strait of Hormuz. This will mean no ship will pass through this sea route which pays tax to Iran. By doing this, the UsA is trying to announce its presence around the strait and limit the Iranian leverage over the strait. The naval blockade of the strait of Hormuz is not as easy as it looks. Yes, it will affect the aspirations of Iran but on the other hand, it will have a devastating impact on the global economy. The countries that are most likely to be affected by the closure of the strait of Hormuz would try to bring an end to this war more than ever because they can no longer stay irrelevant. Having said that, this might be a tactical ploy of the UsA rather than an actual threat. so the best possible scenario is an agreement in the foreseeable future with mediation efforts from Pakistan, as Pakistan seems to be the go-to option for both. some other countries may also take part in the mediation process as well. For instance, Iran could get assurance and trust that it would not be attacked in the future along with other bargains while the strait of Hormuz opens for all as it was before the war. While the other scenario looks devastating for the region. The clashes will intensify over the strait of Hormuz. And, this will be devastating for the region. The Islamabad talks have shown that there is still hope of negotiations and past examples are proof that negotiations can make the hardest of tasks easy. The writer is freelance columnist

Wednesday, 15 April, 2026

At the same time, Israel’s continued military operations in Lebanon against Hezbollah played a significant role in the failure of the talks. Iran insisted that any ceasefire must extend to Lebanon, while Israel— under Netanyahu— refused to halt its campaign. This divergence created an additional layer of conflict that the Islamabad negotiations could not bridge. Public sentiment across the region and beyond is also shifting. In Israel, protests are growing against what many see as endless war without clear strategic benefit. In the UsA, both traditional and digital media are increasingly questioning the rationale behind continued military engagement and the broader influence shaping Us foreign policy decisions. Despite significant damage, Iran has emerged from the conflict with enhanced strategic leverage. Its control over the strait remains intact, and its negotiating position has hardened rather than weakened. Moreover, Iran’s exploration of alternative financial systems— bypassing the dollar and traditional banking channels— poses a longer-term challenge to Us economic dominance. The broader Middle East is also undergoing a quiet transformation. Gulf states are reassessing their reliance on Us security guarantees, while regional powers like Turkey are asserting greater independence. These shifts point toward a more multipolar regional order, where Us influence, while still significant, is no longer uncontested. Amid this complexity, Pakistan’s role as mediator stands out as a rare diplomatic success. By bringing the UsA and Iran to the same table, Islamabad demonstrated its capacity to act as a bridge between adversaries. The involvement of Prime Minister shehbaz sharif and military leadership underscores Pakistan’s growing importance in global diplomacy. The uninterrupted 21-hour negotiation itself remains a critical takeaway. It reflects a shared recognition of the stakes and a willingness to engage deeply. However, the failure to reach agreement highlights the depth of mistrust and the rigidity of strategic positions on both sides. The talks did not fail due to lack of effort— they failed because the foundations for compromise are not yet in place. What happens next remains uncertain. There are indications that talks may resume, suggesting that diplomacy is not entirely dead. But the pause in negotiations also signals that any future progress will require significant shifts in position— something neither side appears ready to undertake immediately. In this context, President Trump’s declaration of victory appears less a reflection of reality and more a political narrative aimed at shaping perception. It may also signal an underlying recognition that the limits of military power have been reached. In the final analysis, the events in Islamabad reveal a sobering truth. This is not a conflict that can be resolved through force alone. It is a war defined by interdependence—of energy, alliances, economics, and diplomacy. The collapse of talks does not mark the end of the process, but it does expose the illusion at its core. Victory has been declared— but no outcome secured.

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

Editor’s mail

Send your letters to: Letters to Editor, Pakistan Today, 4-Shaarey Fatima Jinnah, Lahore, Pakistan. E-mail: letters@pakistantoday.com.pk Letters should be addressed to Pakistan Today exclusively

Dying for justice

I WRITE not in anger, but in anguish. After serving the federal government for over 25 years, I never imagined that at the age of 78, after surviving cancer, I would be forced to plead publicly for something as basic and lawful as medical reimburse-ment. In January last year, I was diagnosed with mouth cancer. The disease progressed rapidly and left no room for delay or procedural formalities. A seven-hour emergency surgery was performed, followed by extensive radiation and chemotherapy. In that time, I was not thinking of rules, panels or approvals. I was simply fighting to stay alive. Following the surgery, I submitted my medical reimbursement claim to the Ministry of Industries and Production, duly supported by complete and certified medical records. To my shock, the claim was rejected on technical grounds. A review was sought. It, too, was rejected. One of the objections raised was about the urgency of the surgery. I was asked to produce an ‘emergency certificate’. Another objection raised was regarding the choice of hospital, and I was asked why I did not approach a government hospital. The irony is that the only government hospital in Lahore does not even have a functional oncology department. Having exhausted all departmental remedies, I approached the office of the federal ombudsman. My petition was returned on the ground that the matter fell outside its legal jurisdiction. Thus, the last constitutional forum available to an aggrieved citizen stood closed — not on merit, but on technical limitation. My only source of income is a modest pension. The cost of cancer treatment has exhausted my lifetime’s savings. The treatment continues, while the burden grows heavier with each passing day. At an age when one should be allowed to live with dignity, I find myself running from pillar to post, pleading for what is lawful and just. Rules are meant to serve human beings; not to defeat them. When procedures are applied without humanity, injustice becomes institutionalised. The higher authorities in the land all those who still believe in justice within the system should take notice of the case. I am not seeking charity or favour. I am only seeking my lawful entitlement, humane consideration and administrative justice. M. SHABAN UPPAL LAHORE

Tensions over Venezuela

While the other scenario looks devastating for the region. The clashes will intensify over the Strait of Hormuz. And, this will be devastating for the region. The Islamabad talks have shown that there is still hope of negotiations and past examples are proof that negotiations can make the hardest of tasks easy.

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THE relations between the United states and Venezuela have never been of friend-ship and trust. Venezuela, an oil-rich nation of 29 million, has always preferred its independence and sovereignty over diplomatic slavery and economic dictation. Relations went worse when Hugo Chavez, the socialist former president, developed close ties with Russia, China and Iran. He ousted the two largest Us oil companies from Venezuela, deepening the fissures. Allegedly, the Us supported a failed coup against Chavez, who had been a lead campaigner in Latin America for trade and ties with China. Trade volume between Latin America and China had surpassed the $500 billion mark. Uss Gerald R. Ford Carrier strike Group, named after the 38th Us president, is lurking along Venezuelan waters in the north while Trump is thumping his chest in Washington. It is the largest aircraft carrier in the world with 90 aircrafts on board. It is escorted by several other vessels, including Uss Mahan and Uss Winston Churchill. In addition, there have been more vessels reported in the area, including submarines. In case of direct strikes against Venezuela, it is likely that people will present a solid unified response against the aggressor. Venezuela is not isolated diplomatically either. It has a vibrant nation and dependable economy. Trump needs to play his cards cautiously, or his pride may sink in the Caribbean sea. FARRUKH SHAHAB LAHORE

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COMMENT 05

A war at the crossroads of power Wednesday, 15 April, 2026

A view from Bahrain

AzhAR DOgAR

IVING in Bahrain has offered a sobering front row view of how fragile the modern world can be. Night after night, missiles and drones have streaked across the skies of the Gulf as the confrontation involving the USA, Israel and Iran intensifies. What appears on television as distant geopolitical drama becomes something far more visceral when air defences light up the horizon and regional airspace falls silent. Moments like these force an uncomfortable realization, regional wars are rarely just regional. History often disguises turning points as local crises. At first glance, the confrontation between the USA, Israel and Iran may seem like another familiar Middle Eastern conflict, violent, destabilizing and tragic, yet geographically contained. But beneath the battlefield lies a deeper question: could this war reshape not only the Middle East but also the broader balance of global power? The answer lies in understanding that the conflict operates at two levels simultaneously. At the regional level, it could significantly alter the strategic balance of the Middle East. At the global level, it intersects with a much larger historical shift, the redistribution of power in the international system. Wars frequently produce unexpected winners and losers. For Israel, the objective is clear. Israeli leaders have long viewed Iran as their most dangerous strategic adversary. Tehran’s expanding missile capabilities, seemingly nuclear ambitions and extensive proxy network across Lebanon, Syria, Iraq and Yemen have created what Israeli strategists describe as a ring of pressure surrounding the country. If the current conflict significantly degrades Iran’s military infrastructure or halts its nuclear trajectory and missile capabilities, not to mention cause regime change, Israel could emerge with a stronger security envi-

ronment, one that Israeli leaders have sought for decades. For the USA, the stakes extend beyond Israel’s security. Washington’s interests include protecting freedom of navigation through the Strait of Hormuz, safeguarding global energy markets and preserving US strategic influence in a region that has historically shaped global politics. A limited conflict that weakens Iran without dragging the USA into a prolonged war could reinforce US credibility in the region. But history suggests caution. From Iraq to Afghanistan, conflicts that began with limited objectives often expanded into far longer and more costly engagements. Iran, unsurprisingly, faces the greatest immediate risk. Years of sanctions have already strained its economy. War threatens further damage to infrastructure, disruptions to energy exports and increased domestic pressure on the regime depending how long the war lasts. Yet Iran is not defenseless as demonstrated over the last weeks. Over decades it has deliberately built asymmetric capabilities designed to offset conventional military disadvantages. Its ballistic missile arsenal, cyber warfare capabilities and network of allied militias allow Tehran to exert influence across the region even when under severe pressure. Even a weakened Iran could retain the capacity to destabilize the Middle East. Beyond the immediate participants, however, the conflict could produce unexpected beneficiaries. Russia may gain economically. Instability in the Middle East tends to push global oil prices higher, increasing revenues for one of the world’s largest energy exporters. At a time when Moscow remains locked in confrontation with the West over the war in Ukraine, higher energy prices provide a significant economic cushion. China could benefit in a different way. Beijing’s long term strategy centres on ex-

panding its economic and geopolitical reach across Eurasia. Through initiatives such as the Belt and Road, China has deepened ties across the Middle East, including with Iran. A USA increasingly absorbed by crises in the region may find its attention diverted from the Indo-Pacific, where the most consequential strategic competition of the 21st century is unfolding. This broader rivalry is often described through the concept of the Thucydides Trap, the structural tension that arises when a rising power challenges an established one. The term originates with the ancient Greek historian Thucydides, who argued that the rise of Athens and the fear it instilled in Sparta made the Peloponnesian War nearly inevitable. Many analysts see echoes of that dynamic today in the relationship between the USA and China. As China’s economic and technological power expands, the USA faces the challenge of maintaining leadership without triggering direct confrontation with its principal rival. The current Middle East conflict is not that confrontation. But it forms part of the geopolitical environment in which that rivalry unfolds. In that sense, the war involving the USA, Israel and Iran sits at the intersection of regional conflict and global power transition. The economic implications alone could be profound. Nearly one-fifth of the world’s oil passes through the Strait of Hormuz, the narrow maritime corridor separating Iran from the Arabian Peninsula. Any disruption to this chokepoint would ripple through the global economy and we were already seeing its implications in the first ten days of war. Energy prices would surge, inflationary pressures would intensify and fragile economic recoveries across Europe and the developing world could stall. Historically, even the perception of risk in the Strait of Hormuz has been enough to rattle financial markets. Yet

The war involving the USA, Israel and Iran may reshape the Middle EastÊs strategic landscape. But the future of the international order will likely be decided less in the deserts of the Gulf than in the broader dynamics of great power competition. Regional wars sometimes ignite global transformations. More often, they reveal the deeper historical forces already reshaping the world. This war may not create a new international order. But it is unfolding at a moment when the old one is steadily fading.

Sudden anti-Israel rhetoric in South Korea

South Korea is currently facing serious and urgent energy security concerns due to disruptions in the Strait of Hormuz, through which approximately 70 percent of its imported crude oil and up to 30 percent of its natural gas pass has not been followed by action.

“I

MIDDLE EAST MONITOR hwAnbIn JEOng

T is disappointing that they do not reflect on the criticisms of people around the world who are suffering and struggling due to ceaseless actions against human rights and international law.” South Korean president, Lee Jae Myung, stated this in a post on the social media platform X on 11th April. Lee’s “stance” is drawing significant attention beyond political circles and reaching a public that has long remained silent on Israel’s continued actions against human rights. However, it raises a question: is this really about human rights? The dispute began suddenly on 10th April. Lee shared a video on X showing Israeli soldiers pushing a Palestinian off a rooftop, claiming the victim was a tortured child, and compared the incident to the Holocaust. The video, however, does not support such a claim. It was taken in September 2024 in Qabatiya, West Bank, and was widely reported only in connection with the desecration of corpses. The following day, Israel’s Ministry of Foreign Affairs responded on X, stating that the incident had already been thoroughly investigated and addressed, and criticised Lee’s remarks as a “trivialization of the massacre of Jews,” calling them “unacceptable and warranting strong condemnation.” The debate has now largely centered on whether presidential intervention was diplomatically appropriate. Politically, Lee appears to have more to lose than gain from this dispute domestically. Nevertheless, he maintained his stance, stating on 12th April that “the sovereignty of each nation and universal human rights must be respected, and aggressive war must be rejected.” His remarks have been reported internationally and have received support. However, caution is warranted. So far, rhetoric

even such shocks would not necessarily produce a fundamental reset of the global order. Historically, true transformations in international power structures have followed systemic wars. World War I dismantled long standing empires. World War II created a bipolar world dominated by the USA and the USSR. The end of the Cold War ushered in three decades of US unipolar dominance. That era is already fading. China’s rise, Russia’s renewed assertiveness and the growing independence of regional powers such as India, Turkey and Saudi Arabia are gradually reshaping the global landscape. In this emerging multipolar world, the Middle East is less the central arena of global rivalry than one of several interconnected theaters where regional and global dynamics intersect. If Iran emerges significantly weakened, the strategic balance of the Middle East could shift in profound ways. Gulf Arab states may deepen security cooperation with Israel, accelerating the gradual normalization of rela-

POLITICAL IMPLICATIONS BEHIND SUDDEN RHETORIC: Israel expressed puzzlement, stating that Lee’s remarks were made “for some strange reason.” This observation is not without merit. South Korea itself has not sufficiently supported Palestinians’ rights. It continues to refrain from recognizing Palestinian statehood and often abstains from UN votes on Palestinian human rights issues, including last month’s UN Human Rights Council resolution. More importantly, South Korea has been involved in the exploitation of Gaza’s offshore gas resources, bypassing the Palestinian government. Given these factors, a fundamental question arises: when there are many areas in which South Korea could meaningfully advance Palestinians’ rights, why provoke diplomatic tension with Israel, a strategic partner? It is also difficult to attribute Lee’s conduct to long-standing personal conviction. Throughout his approximately 20-year political career, he has not taken notable steps in support of Palestinians or in opposition to Israel. On the contrary, on 13th February, 2025, as opposition party leader, Lee praised Israeli Ambassador Rafael Harpaz for reaching a ceasefire and “returning to a peace framework.” He also highlighted Israel’s “remarkable achievements in the defense industry” and emphasized the value of bilateral cooperation. Notably, he made no mention of indiscriminate mass civilian killing and destruction that Israel has caused. What, then, explains the emergence of this rhetoric? In analysing policymakers, timing is often the most revealing factor. South Korea is currently facing serious and urgent energy security concerns due to disruptions in the Strait of Hormuz, through which approximately 70 percent of its imported crude oil and up to 30 percent of its natural gas pass. Against this background, the government has sought solutions through international coordination while avoiding direct negotiations with Iran, particularly out of concern that doing so could set a visible precedent for toll payments in the Strait. However, on 5th April, Lee signaled a shift toward bilateral engagement by exploring bypass arrangements, such as humani-

tarian assistance. On 10th April, he dispatched a special envoy to Iran. This is also the day he made his first anti-Israel remarks and established a dedicated Middle East peace representative position. It is difficult to dismiss the possibility that these three developments are connected. In negotiating with Iran, South Korea has limited strategic flexibility. Explicitly aligning with Iran or paying a toll will face backlash from the United States. In such circumstances, South Korea seems to be willing to risk its relationship with Israel in order to gain favourable positioning with Iran. It is revealing, in this context, that Lee invoked a Palestinian-related past incident to raise human rights concerns, rather than addressing Israel’s ongoing operations in Iran or Lebanon, which are more closely tied to US responsibility. At present, there is little indication that South Korea considers shifting its long-term diplomatic position. Public and political discourse remains focused on rhetoric, either defending or criticising Israel. Korea’s relationship with Palestine, where constructive measures could be taken to support Palestinians’ rights, remains untouched so far. If South Korea continues to struggle to reach an understanding with Iran regarding the Strait of Hormuz, would it consider strengthening support for Palestinian self-determination? Unless Iran formally requests it in exchange for opening the Strait— which is unlikely—South Korea would remain within its current position. Taking a concrete step for Palestine would not only aggravate its long-term relationship with Israel, but also provoke the United States. A government’s diplomatic stance hardly changes overnight. Diplomacy lies in an area where conservative caution prevails. As a result, foreign policy typically follows social change, rather than leading it. Rhetoric driven by temporary political considerations is unlikely to bring about such necessary change. If the current rhetoric is to be taken seriously, it must be followed by corresponding actions such as recognition of Palestinian statehood or withdrawal from Gaza’s offshore resources. Rather than celebrating sudden rhetoric, the international community should therefore demand consistency between words and action.

tions already underway. Iran’s network of regional proxies could weaken, potentially easing tensions in fragile states such as Lebanon, Iraq and Yemen. But there is also a darker possibility. If the Iranian regime were to collapse entirely, the consequences could prove far more destabilizing than many anticipate. Iran is a large and complex country with diverse ethnic, political and regional identities. A sudden power vacuum could trigger fragmentation, internal conflict and refugee flows across an already volatile region. In that scenario, the war would indeed reset the Middle East but the outcome might be chaos rather than stability. Standing in Bahrain and watching the skies filled with drones and missiles, one is reminded how quickly distant geopolitical theories become immediate human realities. Ultimately, this conflict reflects a world already in transition. Power is diffusing, alliances are shifting and the structures that defined global politics for decades are evolving. The war involving the USA, Israel and Iran may reshape the Middle East’s strategic landscape. But the future of the international order will likely be decided less in the deserts of the Gulf than in the broader dynamics of great power competition. Regional wars sometimes ignite global transformations. More often, they reveal the deeper historical forces already reshaping the world. This war may not create a new international order. But it is unfolding at a moment when the old one is steadily fading.

The author is a senior international banker, with degrees in economics and political science from University of Pennsylvania and Brown University

Israel High Court clash exposes IDF manpower crisis

THE JERUSALEM POST EDITORIAL

HAT stood out at Sunday’s High Court hearing on the government’s failure to enforce military service obligations against ultra-Orthodox (haredi) draft dodgers was not only the legal standoff. It was the spectacle of the government trying to blur what should be unmistakably clear: The IDF has a manpower crisis, and it cannot afford more draft evasions. The November 2025 ruling required the state to move toward meaningful enforcement, after the court’s June 2024 judgment made clear that, without a lawful exemption framework, the state had no authority to keep avoiding the enlistment of yeshiva students. Yet the justices were again confronting the same gap between legal obligation and political reality. That was why Cabinet Secretary Yossi Fuchs’s attempt to invoke IDF Chief of Staff Lt.-Gen. Eyal Zamir was so striking. Fuchs told the court that Zamir had effectively backed the draft package now being advanced by the government. The military quickly issued a clarification: Zamir did not endorse any conscription law. And if the government wants to cite Zamir, it should cite him accurately. In late March, he warned that he was raising “10 red flags before the IDF collapses into itself.” Days later, in a letter to lawmakers dated March 30 and reported on April 1, he warned that without action to address the personnel shortage, the army would suffer “severe harm,” including a shortage of thousands of combat and combat-support troops. These are the words of the chief of staff, warning that the burden on the army, especially on reservists, has become unsustainable. Zamir is Prime Minister Benjamin Netanyahu’s own choice for chief of staff. So when he speaks this clearly about the gravity of the manpower crisis, the proper response is to listen. The High Court sounded exasperated. Deputy Supreme Court President Noam Sohlberg said the enlistment figures were “very difficult,” noted that the court had already ruled and had to be implemented, and remarked that the ongoing back-andforth seemed mainly to be delaying matters. This was

not a bench persuaded that the state is doing all it can. It was a bench confronting what looked like policy failure dressed up as procedural drift. That is why this issue should not be flattened into the usual political binaries. This is not Right or Left, nor is it pro-Netanyahu or anti-Netanyahu. It is national security. As Israel marked Holocaust Remembrance Day, the draft debate took on an even sharper moral edge. A country built in the shadow of Jewish powerlessness cannot defend a reality in which some citizens are asked to carry the burden of its survival while others are shielded from it by politics. Memory alone does not protect a state. Shared responsibility does. Israel is more than two years into a war that has strained the standing army, reservists, and their families to the limit. To be entertaining legislation that does not amount to real, broad enlistment is not serious. At this stage, it is an embarrassment. Of course, the draft crisis did not begin this year or last year. It is the product of years of avoidance by successive governments, and of a broader Israeli failure to build integration rather than separation. That neglect has harmed not only the wider public but the haredi community itself. A society cannot sustain inequality in education, employment, civic obligation, and military service forever and expect the strain not to break something essential. An army cannot function like this. Not when soldiers are being called up again and again, and reservists are carrying a burden measured in exhaustion, careers interrupted, families stretched, and lives lost. That is why this debate reaches so deeply into Israeli society: because it is a matter of life and death, and because that burden is not being shared equally. The government still has a choice. It can continue to approach the matter as a coalition-management problem, trimming language here, buying time there, and hoping the contradiction can be managed a little longer. Or it can finally treat the draft crisis as what it is: a test of seriousness, fairness, and national responsibility. The court has spoken, the army has warned, and this country does not need more spin. It needs soldiers, and it needs leadership willing to act on the fact that matters.

Goat girl Melania denies everything SATIRE

‘I

NEWS BISCUIT JEREmynh

never met Epstein,’ said a two-dimensional Melania Trump in a statement yesterday, ‘or any of his creepy friends like Donald Trump, or their gangster’s moll wives and girlfriends. ‘I was just a little girl tending her goats in Slovenia,’ the figurine continued, wiping a papier-

mache tear from its eye. ‘Then one day, they made a cardboard cut-out of me and posted it to the Trophy Wives modelling agency here in America. ‘They used it as an image to sell mascara and stuff, and then Donald Trump saw it at some sleazy party and decided to marry it. That’s when its happiness died. ‘Now goat girl Melania just wants to be left in peace in the Slovenian mountains with her herd. She has to go now - Florentina has got stuck in a thicket.’

06 NEWS

AROUND 90 DETAINED IN NEW YORK PROTEST AGAINST US ARMS SALES TO ISRAEL

NEW YORK

AGENCIES

OZENS of protesters were detained by police in New York City on Monday during demonstrations calling for the blocking of arms sales to Israel and an end to US military support for its ally. Demonstrators included the anti-war group Jewish Voice for Peace, which said around 90 people were detained. Among those detained was whistleblower Chelsea Manning, a former US Army soldier and WikiLeaks source. The New York City Police Department said there were “multiple” arrests but did not provide a number.

Wednesday, 15 April 2026 | LAHORE

Clips from the protests showed a crowd gathering near the offices of US Senate Minority Leader Chuck Schumer and his Democratic colleague, Senator Kirsten Gillibrand. Protesters chanted slogans like “stop the bombs”, “end the killings”, and “free Palestine” while expressing opposition to the US-Israeli strikes on Iran, Israel’s attacks in Lebanon and Israel’s assault on Gaza. The protesters also chanted “let Gaza live”, “let Iran live” and “let Lebanon live”. The US and Israel attacked Iran on February 28. Iran responded with its own strikes on Israel and Gulf states that host US bases. US-Israeli strikes on Iran and Israeli attacks in Lebanon have killed thousands and dis-

placed millions. US President Donald Trump’s administration has cracked down on protests by attempting to deport foreign students, threatening to freeze funding for universities where protests were held and ordering the screening of immigrants’ online comments. The crackdown has faced judicial obstacles. New York City was at the heart of proPalestinian protests in 2024. US military support for Israel has faced particular scrutiny from rights groups during Israel’s war on Gaza that killed tens of thousands, caused starvation, internally displaced Gaza’s entire population and led to assessments of genocide from scholars and a United Nations inquiry.

Xi, Sánchez push for deeper China–Spain ties, call for multilateral unity BEIJING STAFF CORRESPONDENT

Chinese President Xi Jinping on Tuesday called for expanded cooperation between China and Spain across key sectors, including trade, new energy, and the intelligent economy, while also urging stronger exchanges in culture, education, science, and sports. Xi made the remarks during a meeting with Spanish Prime Minister Pedro Sánchez, who is on an official visit to China.

Emphasizing the need to seize emerging opportunities, Xi urged both countries to pursue innovation-driven development and deepen their comprehensive strategic partnership to deliver tangible benefits for their peoples. Despite an increasingly uncertain global environment, Xi noted that China and Spain have maintained stable relations, guided by shared interests and strategic foresight. He highlighted that strengthening cooperation aligns with global trends and enhances both nations’ confidence in pursuing independent and

self-reliant development paths. Calling for closer alignment in foreign policy priorities, Xi said both countries should support each other in safeguarding sovereignty and territorial integrity, while positioning bilateral relations at the forefront of their diplomatic agendas. He also underscored China’s commitment to modernization and high-standard opening-up, stating that the country’s development would continue to inject momentum into global economic growth. Against the backdrop of rising geopolitical tensions, Xi warned of a growing divide between rule-based order and power politics, urging China and Spain to stand together against a regression to the “law of the jungle.” He called for strengthened communication, mutual trust, and cooperation to uphold genuine multilateralism. The Chinese president further stressed the importance of defending the

international system centered on the United Nations and maintaining an international order grounded in law, while promoting inclusive globalization and a balanced multipolar world. For his part, Sánchez reaffirmed Spain’s commitment to strong bilateral ties, noting that his four visits to China in four years reflect the importance both nations attach to their relationship. He reiterated Spain’s adherence to the one-China principle and expressed interest in expanding cooperation in trade, investment, and new energy. Sánchez also emphasized the need to uphold multilateralism amid global challenges, voicing support for China’s major global initiatives while opposing a return to Cold War dynamics and efforts to disrupt global supply chains. He added that stronger engagement between Europe and China would serve mutual interests and contribute to global peace and stability.

Lebanese and Israeli envoys to meet in Washington amid continued Hezbollah conflict WASHINGTON

STAFF REPORT

Israeli and Lebanese envoys are due to meet in Washington on Tuesday in a rare diplomatic contact as Israel continues its military campaign against Hezbollah and the two sides head into talks with sharply different objectives. US Secretary of State Marco Rubio is expected to attend the meeting between Israeli Ambassador to the United States Yechiel Leiter and

Lebanon’s ambassador Nada Hamadeh Moawad at 11am (1500 GMT), according to a State Department official. The meeting comes a week into what the report described as a fragile ceasefire involving the United States, Israel and Iran. The conflict between Israel and Hezbollah in Lebanon has remained a complicating factor in efforts to end the broader regional crisis. The encounter is unusual because Lebanon and Israel have technically remained in a state of war since Israel’s establishment in 1948. DIFFERENT AIMS GOING INTO TALKS Lebanon’s government, led by President Joseph Aoun and Prime Minister Nawaf Salam, has called for negotiations with Israel despite objections from Hezbollah. Lebanese officials have said Moawad is only authorised to discuss a ceasefire at Tuesday’s meeting. Israel, however, has

Qatar denies talks with Iran over payments to halt attacks

DOHA (AGENCIES) : Qatar has said there have been no discussions with Iran over any payment of funds to stop Iranian attacks on the Gulf state, rejecting suggestions that such talks took place. Qatari foreign ministry spokesperson Majed Al-Ansari said on Tuesday that reports of such discussions were incorrect. He said, There is a high level of coordination with Pakistan and the United States, our demands are being raised through these channels. The statement came after Iran sought compensation from five Arab countries — Saudi Arabia, the United Arab Emirates, Bahrain, Qatar and Jordan — accusing them of taking part in USIsraeli strikes on Iran. According to the report, Iran’s UN envoy Amir Saeid Iravani made the demand in a letter sent on Monday to UN Secretary-General Antonio Guterres and UN Security Council President Jamal Fares Alrowaiei.

ruled out discussing a ceasefire. Israeli government spokesperson Shosh Bedrosian said on Monday “What we're looking for ... is to see that Lebanon is committed to disarming Hezbollah ... demilitarising southern Lebanon as well, and also to have a peace agreement”.

Former student opens fire at school in Turkiye, wounding 16 before killing himself

ANKARA (AGENCEIS): An ex-student opened fire at his former high school in Turkiye on Tuesday, where school shootings are rare, wounding 16 people, including students, before killing himself, officials said. Special security forces were deployed to the school in southeastern Turkiye’s Sanliurfa province, where students were evacuated, the local governor, Hasan Sildak, told reporters.

NEWS 07

Wednesday, 15 April 2026 | LAHORE

CORPORATE CORNER

NBP, ISTIQEME partner to enhance digital payments’ ecosystem

KARACHI

staff report

National Bank of Pakistan has entered a strategic partnership with ISTIQEME to drive the deployment of merchant QR codes and enhance Pakistan’s digital payments ecosystem through targeted training and operational support initiatives.A formal ceremony marking the collaboration was held at NBP’s Regional Office in Karachi (South & West Regions), with senior leadership from both organisations in attendance.Speaking about this development, Mr. Adnan Nasir, Chief Digital Officer at NBP, said, “The collaboration between NBP and ISTIQEME represents a shared vision to empower merchants through seamless digital solutions. Together, we are focused on building a robust QR payment infrastructure that supports financial inclusion and aligns with Pakistan’s broader digital transformation agenda.”This partnership underscores a mutual commitment to advancing the Government of Pakistan’s vision of a cashless economy, while supporting the mandate of the State Bank of Pakistan for promoting digital financial inclusion nationwide.Under the collaboration, ISTIQEME will provide end-to-end support to NBP, including merchant lead generation, facilitation of account opening, deployment of QR code infrastructure, and conducting merchant awareness and training sessions. The company will also extend operational assistance to NBP branches to ensure efficient onboarding and activation of merchants.

inDrive Pakistan records strongest-ever Eid as intercity rides jump 1.5x, deliveries surge 1.6x

CM MARYAM CLEARS SL-4 RING ROAD, SETS JUNE 30 DEADLINE FOR PUNJAB ROAD PROJECTS

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PUNJAB CM MAKES WEEKLY PROGRESS REPORTS MANDATORY FOR ALL ROAD SECTOR PROJECTS LAHORE

saleem jadoon

UNJAB Chief Minister Maryam Nawaz on Monday approved the SL-4 Lahore Ring Road project, while directing authorities to submit weekly progress reports on all road sector initiatives across the province, underscoring her government’s push for accelerated infrastructure development. Chairing a high-level meeting to review major infrastructure projects, the chief minister stressed timely and highquality completion of the Multan–Vehari Road. Officials informed her that base and sub-base work on the province’s first “dust-free road” has been completed, with asphalt laying progressing at a rapid pace. The meeting also granted in-principle

approval for Phase II of the Sialkot Ring Road, which will extend from Wazirabad Road to Sialkot–Pasrur Road. A proposal for the Thal Expressway — aimed at linking Bhakkar and Layyah with the M-4 motorway — was presented for consideration.

69% of citizens express strong confidence Milestone Achieved in Ongoing Dredging in Maryam Nawaz’s govt: Azma Bokhari Project at Karachi Port LAHORE

staff report

Punjab Minister for Information and Culture Azma Bokhari has said that the people of Punjab have expressed their satisfaction with the performance of the provincial government under the leadership of Maryam Nawaz. According to a recent survey, 69% of the people of Punjab have shown strong confidence in her government, reflecting that the Chief Minister is successfully meeting public expectations. In her statement, Azma Bokhari said that within just two years, Maryam Nawaz, through tireless efforts and a strong commitment to public service, has earned the trust and admiration of the people of Punjab. She added that in the past, citizens had to search for the

government, but today, under Maryam Nawaz’s leadership, the government is reaching the doorsteps of the people. She further highlighted that Maryam Nawaz has not confined development to Lahore alone but has expanded it across the entire province. Today, Punjab has set unprecedented standards of merit, good

KARACHI

staff report

inDrive, a global mobility and urban services platform, has reported its most successful Eid-ulFitr performance to date in Pakistan. The 2026 festive period saw record-breaking activity across all major verticals. Establishing the platform’s role as an essential service provider during the nation’s highest demand holiday season."This year’s performance is proof of the immense trust our Pakistani users place in our service," said Awais Saeed, Country Manager, inDrive Pakistan. "Achieving our highest-ever deliveries during the 2026 Eid period demonstrates the scalability of our SuperApp model. We are immensely proud to have supported a record number of passengers and shoppers, and will continue to ensure that our drivers and couriers benefit from the highest earning opportunities to date.

Pakistan HC London appoints Gerry's as sole authorized partner for UK-wide consular facilitation network

LONDON

staff report

The High Commission for Pakistan in London has signed a landmark agreement with Gerry's Visa Services Ltd., designating the company as the sole authorized partner for establishing a nationwide network of Facilitation Centres to deliver consular services across the United Kingdom. The initiative has been undertaken with the approval of the Ministry of Foreign Affairs and aims to significantly enhance the accessibility, efficiency, and convenience of consular services for the Pakistani community throughout the UK. Serving the two million-strong Pakistani diaspora in the United Kingdom, this milestone initiative reflects the High Commission's continued commitment to making essential consular services more accessible than ever before. Under the agreement, Gerry's Visa Services Ltd. will operate the only authorized service centres nationwide, providing overseas Pakistanis with streamlined access to a comprehensive suite of consular services, including visa processing, passport services, NADRA-related documentation, and attestation services. Commenting on the partnership, the High Commissioner for Pakistan, Dr. Muhammad Faisal, stated: "This partnership is about putting overseas Pakistanis first. By decentralizing these essential services through authorized partners like Gerry's, we are eliminating the burden of long-distance travel and making consular access faster, safer, and more convenient."

Reviewing progress on the Rawalpindi Signal-Free Corridor, officials briefed that the project comprises seven underpasses and one overhead bridge. The chief minister directed that all ongoing road schemes must be completed

within stipulated timelines, reiterating the need for strict monitoring, particularly of key projects such as the Multan–Vehari Road. The meeting was informed that 133 projects are currently underway under the Chief Minister’s initiative, in addition to 125 other schemes. In total, 2,143 road sector projects have been launched across Punjab, including 258 under completion. So far, 376 projects have been completed, while work is ongoing on 86 schemes. Under the Road Rehabilitation Programme Phase I, 85 schemes were initiated — 38 of which have been completed and 47 are in progress. In Phase II, 43 schemes were launched, with 18 completed and 25 still underway. Highlighting the scale of development, the chief minister noted that, for the first time in Punjab’s history, more than 12,000 kilometres of roads have been constructed or rehabilitated. She emphasized a special focus on rural link roads, saying improved connectivity would ease access from farms to markets and from factories to commercial centres.

Abdur Rehman Dogar (right) attending graduation Ceremony held on 14th April 2026 at The Millennium Universal College (TMUC) Islamabad, a recognised teaching centre of the University of Hertfordshire, London. The batch of 2022 students proudly celebrate the successful completion of their Bachelor of Laws (LLB) programme, marking a significant milestone in their academic and professional journey. pr

Meezan Bank & Indus Cloud collaborate to strengthen Pakistan’s Digital Infrastructure

KARACHI

staff report

Meezan Bank, Pakistan’s leading Islamic bank and one of the largest banks in the country, and Indus Cloud, backed by the Master Group of Industries, have collaborated to accelerate the development of Pakistan’s digital and cloud ecosystem.

governance, and transparency. The culture of favoritism has been eradicated, and merit now prevails across all sectors. The provincial minister emphasized that there is no segment of society left in Punjab that has not benefited from government relief initiatives. She noted that development projects are being completed ahead of schedule, resulting in savings of billions of rupees for the national exchequer. This, she said, is why every survey shows a consistent rise in Maryam Nawaz’s popularity. Azma Bokhari reaffirmed that this journey of development and prosperity will continue. Over the next three years, the pace of progress in Punjab will be further accelerated to ensure prosperity for every citizen and to establish Punjab as a true model province.

World-Class facilities for citizens be ensured: Abdul Aleem Khan

KARACHI

staff report

Karachi Gateway Terminal Limited (KGTL) and Karachi Gateway Terminal Multipurpose Limited (KGTML), part of Noatum Ports, successfully hosted a high-level visit and media interaction at Karachi Port today to mark a significant milestone in the ongoing dredging project. The event was graced by the Honorable Federal Minister for Maritime Affairs, Mr. Muhammad Junaid Anwar Chaudhry, along with senior officials including Mr. Khurram Aziz Khan, CEO of KGTL & KGTML, and Rear Admiral Shahid Ahmed (Retd.), Chairman Karachi Port Trust (KPT). The programme commenced with the arrival of distinguished guests, followed by a recitation from the Holy Quran. This was followed by introductory remarks and detailed briefings on the progress of the dredging works, highlighting their importance in enhancing port capacity and supporting Pakistan’s growing trade and logistics sector.

TikTok releases Q4 2025 Community Guidelines Enforcement Report LAHORE

staff report

Federal Minister for Communications Abdul Aleem Khan presided over a high-level meeting of the National Highway Authority Punjab Region to review ongoing and proposed infrastructure projects. During the meeting, several key decisions were approved. In the meeting, Federal Minister Abdul Aleem Khan stated that the Federal Government aims to bring the GT Road at par with Motorway standards. He noted that since the GT Road generates significant revenue it is imperative to provide commuters with world-class facilities. He directed NHA officials to implement modern measures to regulate the heavy traffic pressure on National Highways. The meeting reviewed the redesigning of the N-5 Highway from Lahore to Phoolnagar. Federal Minister Abdul Aleem Khan issued orders for the phased improvement of the GT Road directing that after Phoolnagar, the stretch up to Okara and Sahiwal should be upgraded. He emphasized that all U-turns must meet international standards to prevent traffic congestion. Emphasizing the safety of children, women and the elderly people, Federal Minister for Communications Abdul Aleem Khan directed the construction of overhead bridges for pedestrians and motorcyclists. It was also decided to install barriers to prevent citizens from crossing roads at dangerous points. Federal Minister instructed that Government land should be utilized wherever possible during the land acquisition process to minimize costs.

Federal Committee on Agriculture Reviews Food Security Situation, Sets Kharif Targets

ISLAMABAD: A meeting of the Federal Committee on Agriculture (FCA), mandated to oversee strategic measures for ensuring food security in the country, was held under the chairmanship of Federal Minister for National Food Security and Research, Rana Tanveer Hussain.The meeting was attended by senior officials of the Ministry of National Food Security and Research, representatives of Provincial Agriculture Departments, State Bank of Pakistan, Zarai Taraqiati Bank Limited, National Fertilizer Development Center, Pakistan Meteorological Department, Pakistan Oilseed Department, Department of Plant Protection, National Seed Development and Regulatory Authority, Indus River System Authority, and Pakistan Agricultural Research Council.Addressing the meeting, the Federal Minister stated that achieving food security requires a clear focus on improving domestic agricultural productivity, particularly by increasing per-acre yields. While noting that food availability in Pakistan is generally adequate, he observed that affordability remains a key challenge, especially for low-income groups. He highlighted that the Interim National Wheat Policy 2025–26, approved by the Federal Cabinet on November 19, 2025, is being implemented across the country to support the farmer community and encourage private sector investment in the wheat sector value chain. staff report

KARACHI

staff report

TikTok has released its Q4 2025 Community Guidelines Enforcement Report, showcasing its ongoing commitment to creating a safe digital space for its users. The report, which covers data from October to December 2025, details the proactive steps TikTok has taken to identify and remove content that violates its Community Guidelines, ensuring a positive experience for its global community.In Q4 2025, TikTok removed a total of 22,990,460 videos in Pakistan for Community Guidelines violations. TikTok proactively removed 99.9% of the videos, with 98.4% of these videos removed within 24 hours.Globally, TikTok removed a total of 175 million (175,302,085) videos worldwide in this quarter, which represents about 0.5% of all content uploaded to the platform. Of the removed videos, 152,580,933 videos were detected and taken down using automated detection technologies, while 8,360,780 videos were reinstated after further review. The proactive removal rate stood at 99.1%, with 93.4% of the flagged content removed within 24 hours of posting. To uphold TikTok's integrity, in this quarter, the platform has removed 143,834,113 fake accounts, along with an additional 23,875,879 accounts that were suspected to be under the age of 13.

NAQVI URGES BUSINESS ELITE TO REPATRIATE BILLIONS BEFORE BUDGET NEWS

KARACHI

staff CorresponDent

NTERIOR Minister Mohsin Naqvi on Tuesday called on Pakistan’s business community to repatriate 20–30 per cent of their overseas wealth within the next three months, ahead of the upcoming federal budget, in a move he said could unlock stronger government support for investors. Addressing a ceremony at the Federation House in Karachi, Naqvi urged business leaders to take what he described as a simple but impactful step. “Bring back $10 billion before the budget — this is easily achievable,” he said, emphasizing that the process was streamlined through an online system. He assured participants that Pakistan offers attractive returns on investment, adding that such a gesture from the business community would encourage the government to introduce more businessfriendly measures. “If you take this step, it will compel us to go further in facili-

tating you,” he remarked. In a significant policy signal, Naqvi also revealed that a proposal to introduce a dedicated passport for businessmen is nearing completion and will soon be presented to Prime Minister Shehbaz Sharif.

Gunmen Strike in Quetta: Three killed, two injured in daylight Sariab Road attack QUETTA

staff CorresponDent

A deadly shooting in Quetta on Tuesday left three people dead and two others critically injured after unidentified gunmen opened fire on a vehicle along Sariab Road, police officials said. The attack occurred in the busy Faizabad area, where assailants targeted the vehicle before fleeing the scene. Law enforcement authorities swiftly cordoned off the area, shifted the victims to hospital, and launched a search operation to track down the attackers. The deceased were identified as Haroon Mengal, son of Jamil Mengal; Ghafoor, son of Waheed Bakhsh; and Naseebullah. The injured included Jamil Mengal and Abdul Hafeez. Deputy Inspector General Imran Shaukat confirmed that evidence had been collected from the site and a formal investigation was underway. He added that CCTV footage had been secured and was being analyzed to identify those responsible, while special teams were conducting raids at multiple locations. One of the injured, Jamil Mengal, said the attack took place as he was returning home after a court appearance. He revealed that his son, Haroon Mengal, was among those killed in the incident. The latest violence comes amid a troubling pattern of attacks in the region. Just days earlier, gunmen targeted the Hazarganji fruit and vegetable market in Quetta, killing two members of the Hazara community and injuring three others. In a separate incident in March, at least five people were killed and two injured in coordinated terrorist attacks in Panjgur, underscoring the persistent security challenges in Balochistan.

Imran Khan’s sisters reach Adiala jail gate but denied meeting ISLAMABAD

staff CorresponDent

The proposed initiative aims to address long-standing visa challenges faced by genuine businesspersons, particularly for key destinations such as China, the United States, Europe, and the United Kingdom. He noted that misuse of visa

Navy chief lauds PAF’s ‘Marka-e-Haq’ performance at Risalpur graduation ceremony ISLAMABAD/RISALPUR

Chief of the Naval Staff Admiral Naveed Ashraf on Tuesday lauded the Pakistan Air Force’s (PAF) outstanding performance during Marka-e-Haq May 2025, attributing its success to visionary leadership, modernization, and the effective integration of advanced technologies under the dynamic leadership of Air Chief Marshal Zaheer Ahmed Baber Sidhu, the military’s media wing said. According to the Inter-Services Public Relations (ISPR), Admiral Naveed Ashraf was addressing the graduation ceremony of multiple PAF courses held at PAF Academy Asghar Khan, Risalpur, as the chief guest. The graduating cohorts included the 152nd GD(P), 98th Engineering, 109th Air Defence (Alpha & Bravo), 28th Admin & Special Duties (Alpha & Bravo), 11th Logistics (Alpha), and 135th Combat Support Courses. Upon arrival, the chief guest

The federal government has initiated loadshedding of up to three hours to manage power generation shortfalls caused by reduced hydropower output and limited gas supply, while aiming to contain electricity costs. The overall system shortfall is estimated at 2,000–2,500MW, driven by lower water releases from reservoirs and reduced generation from RLNG-based plants, according to officials. Authorities said there is no installed capacity shortage, but load management, averaging around 2.25 hours, mainly during night hours, is being implemented to reduce reliance on furnace oil and limit the fuel cost adjustment (FCA). The situation is being monitored by a high-level committee led by Finance Minister Muhammad Aurangzeb, which has been briefed on the developments.

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Pakistan denounces Israeli strikes in Lebanon at UN 6:32

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UNITED NATIONS

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Pakistan strongly condemned Israeli military strikes in Lebanon during a meeting of the Organisation of Islamic Cooperation at the United Nations, calling for an immediate ceasefire and unimpeded humanitarian access to affected areas. Speaking at the ambassadorial-level session at UN Headquarters, Pakistan’s Deputy Permanent Representative Usman Jadoon warned that the humanitarian crisis in Lebanon was rapidly worsening. He highlighted that ongoing Israeli bombardment—particularly in southern regions and densely populated areas—was inflicting severe civilian casualties and causing widespread destruction of critical infrastructure. Reaffirming Pakistan’s unwavering support for Lebanon’s sovereignty, unity, and territorial integrity, Jadoon described Israel’s continued military operations as a clear violation of international law. “Large-scale destruction of civilian infrastructure and violations of humanitarian law must stop immediately,” he stressed. Pakistan also condemned attacks targeting peacekeepers serving under the United Nations Interim Force in Lebanon, warning that such incidents undermine international peacekeeping efforts and heighten regional instability. Emphasizing the urgency of the situation, Pakistan welcomed measures taken by the Lebanese government to restore stability and strengthen state authority, as well as ongoing de-escalation initiatives, including a proposed four-point peace plan. Islamabad urged the international community to intensify diplomatic engagement, ensure the swift delivery of humanitarian assistance, and take concrete steps to prevent further escalation. Reiterating its stance, Pakistan underscored that lasting peace in the region can only be achieved through sustained political dialogue and strict adherence to international law.

ISLAMABAD

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was received by Air Vice Marshal Shahryar Khan, Air Officer Commanding, PAF Academy Asghar Khan, while Air Chief Marshal Zaheer Ahmed Baber Sidhu, Chief of the Air Staff, Pakistan Air Force, was also present on the occasion. Addressing the graduating cadets, Admiral Naveed Ashraf congratulated them on successfully completing their rigorous training and commended the academy for producing officers embodying strong character, discipline, and professionalism. He expressed confidence that the

young officers would carry forward the PAF’s legacy of excellence and uphold its vision of being “Second to None,” in line with its enduring ideals. Highlighting operational advancements, he underscored the PAF’s growing proficiency in multi-domain warfare—particularly in electronic, cyber, and space domains—and urged the graduating officers to remain prepared for future challenges through constant vigilance and a proactive response to evolving threats.

Power shortfall hits 2,500MW as nationwide loadshedding resumes on lower hydropower, RLNG supply PROFIT

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Senate panel reviews cultural bodies, seeks reforms

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Monitoring Desk

The sisters of former prime minister and PTI founder Imran Khan reached the main gate of Adiala jail on Tuesday but were not allowed to meet him, according to Aleema Khan. Speaking to reporters after returning, Aleema Khan said the family had managed to get to the jail gate, unlike previous occasions when, she said, police usually stopped them before they could proceed further. She said “Usually, police do not allow us to proceed onward and the jail administration informs the court that we did not arrive because of which the meeting could not be arranged”. Aleema said that this time the sisters informed jail authorities of their presence after reaching outside the gate. She added that they ensured their faces were captured on CCTV cameras so that the jail administration could not later deny that they had come. When asked how they had managed to reach the main gate, Aleema said they would not disclose the method because doing so could make it harder to repeat in future. She further said they could have remained there, but police personnel asked them to leave, saying their jobs would otherwise be at risk. She stated “we could have stayed there but police officials asked us to leave because their jobs would be in danger otherwise”. Aleema also referred to arrests made during a protest outside the jail last week. She said 51 workers had been taken into custody and that efforts were under way to secure their release.

systems by some individuals had created difficulties for legitimate applicants. “We have worked extensively on this proposal and consulted with relevant countries. Now we will see what feedback the prime minister and cabinet provide,” he said. According to Naqvi, the special passport would be issued after strict verification, incorporating detailed information such as tax records and business credentials. It is expected to include around 100 to 150 eligibility requirements along with a processing fee. Highlighting its benefits, he said the passport would help foreign embassies easily identify verified businessmen, expediting visa processes. Additionally, dedicated airport counters would be established to facilitate holders of the document. “We believe this initiative, once approved, will significantly ease the concerns of the business community,” Naqvi added, expressing confidence that the proposal would receive strong consideration at the highest levels.

Wednesday, 15 April, 2026

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Hydropower generation has declined due to lower water releases. Data from WAPDA showed inflows at Tarbela at 20,200 cusecs and outflows at 8,000 cusecs, while Mangla recorded inflows of 29,100 cusecs and outflows of 8,000 cusecs. At Tarbela, water levels stood at 1,465.62 feet against a minimum operating level of 1,402 feet, with live storage of 1.526 million acre-feet. Mangla’s level was recorded at 1,156.90 feet, with live storage of 1.989 million acre-feet. Gas shortages have further constrained generation. RLNG supply has dropped to around 80mmcfd against a requirement of nearly 350mmcfd, limiting output from key power plants. Earlier, the power sector required around 300mmcfd of RLNG, but allocations from Sui Northern Gas Pipelines Limited were about 130mmcfd and were being supplied to only one plant. Around 3,600MW of RLNGbased power plants near load cen-

tres are currently operating on reduced indigenous gas supply, affecting efficiency and output. Pakistan operates three major RLNG-based plants: the 1,180MW Bhikki plant in Sheikhupura, the 1,230MW Haveli Bahadur Shah plant in Jhang, and the 1,223MW Balloki plant in Kasur. The cost of alternative fuel has increased, with furnace oil prices rising from around Rs200,000 per ton in February to nearly Rs400,000 per ton, raising generation costs. Consumers are expected to face a positive FCA of over Rs2 per unit for March due to higher reliance on furnace oil and reduced RLNG-based generation. Lahore faces outages amid supply-demand gap Electricity loadshedding has resumed in Lahore due to a shortfall of 500–700MW, with demand ranging between 2,500–2,700MW against supply of around 2,200MW.

The Senate Standing Committee on National Heritage and Culture on Tuesday reviewed the performance, structure and funding of key cultural institutions and called for a series of reforms aimed at strengthening the sector. The meeting was held at Parliament House under the chairmanship of Senator Hidayatullah Khan. Senators Rubina Khalid, Syed Waqar Mehdi and Sarmad Ali attended the session along with the secretary of the Ministry of National Heritage and Culture and other relevant officials. During the meeting, the committee received detailed briefings from the Pakistan National Council of the Arts (PNCA), the National Library of Pakistan and the National Language Promotion Department on their mandates, responsibilities and ongoing efforts. The briefing covered initiatives related to the promotion of regional culture, the creation of a literary environment for young people, and the advancement of the national language within the country and abroad. Annual budget allocations of the institutions also came under review. PNCA structure and regional outreach The PNCA director general told the committee that the organisation was created under a 1973 law and has its headquarters in Islamabad, with regional offices in Lahore, Karachi, Gilgit, Quetta and Jamshoro. Committee members voiced concern over the absence of a regional office in Peshawar and decided to raise the matter with the Khyber-Pakhtunkhwa government and the chief secretary. Senator Rubina Khalid said the issue should also be taken up with the federal minister and the prime minister.

KP Assembly members seek tax on tobacco moved to other provinces PESHAWAR

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Members of the Khyber Pakhtunkhwa Assembly on Monday urged the provincial government to levy a tax on the transportation of locally grown tobacco to other parts of the country where cigarettes are manufactured in tax-free zones. The matter came up during a session chaired by Speaker Babar Saleem Swati, where lawmakers said Khyber Pakhtunkhwa produces the bulk of the country’s tobacco but has only one or two cigarette manufacturing units. Treasury member Abdul Karim Khan raised the issue through a calling attention notice. He said Khyber Pakhtunkhwa produces 98 per cent of the country’s total flue-cured Virginia tobacco, but neither the province nor its farmers receive the benefits they should because companies buying the crop have established cigarette factories in other areas, including Punjab and Azad Jammu and Kashmir.

Pakistan faces renewed inflation risk as crude oil jumps on Middle East tensions LAHORE

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A renewed surge in global oil prices following the collapse of Islamabad-mediated talks between the United States and Iran has erased a brief period of market calm, exposing import-dependent economies such as Pakistan to fresh inflationary pressure. Crude oil prices climbed back above $100 per barrel on Monday after US President Donald Trump signalled possible restrictions on the Strait of Hormuz, a key global energy shipping route, following the failure of negotiations to produce a breakthrough. The Strait of Hormuz handles nearly one-fifth of global oil trade, and any disruption—or even the threat of it—typically triggers immediate volatility in international energy markets. Market reaction intensified after over 20

hours of inconclusive talks in Islamabad, with analysts saying renewed geopolitical signalling around Iranian oil shipments pushed prices sharply higher. Brent crude recorded gains of between 6% and 8% in early trading, with forecasts warning of further increases if tensions persist. A senior official in Pakistan’s private oil sector said the latest spike was being driven as much by shifting expectations as by supply concerns. “The problem this time is not just supply fears, it’s the collapse of market confidence after a short-lived diplomatic window,” the official said. “That reversal is making the price spike sharper than usual.” For Pakistan, the development comes at a sensitive time, with the government having recently adjusted fuel prices downward. On Friday, petrol was reduced by Rs12 per litre and diesel by Rs135 per litre in an effort to

ease inflationary pressure. Analysts say sustained increases in global crude prices could quickly reverse that relief by widening the import bill, weakening the rupee, and complicating fiscal management. “Every $10 increase in oil prices adds significant pressure on Pakistan’s current account and directly feeds into domestic inflation,” the official said. “If this situation prolongs, it will force difficult decisions on fuel pricing and subsidies.” Petroleum imports account for a major share of Pakistan’s external payments, making the economy highly sensitive to global price fluctuations. A renewed rally in oil prices is expected to feed into transport costs, electricity tariffs, and food inflation in the coming weeks. Globally, equity markets showed mixed reactions, while energy stocks strengthened

on expectations of tighter supply conditions. Early estimates suggest crude prices

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rose by 6% to 8% immediately following the latest escalation.