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Friday, 19 June, 2026 | 3 Muharram, 1448
Rs 20.00 | Vol XVII No 85 | 8 Pages | Islamabad Edition
PM ShehBaz aSSUreS IraN oF PakIStaN'S CoNtINUed SUPPort aS US-IraN PeaCe ProCeSS MoveS Forward g
PEZESHKIAN PRAISES PAKISTAN’S MEDIATION ROLE, SAYS TEHRAN WILL ALWAYS REMEMBER ISLAMABAD’S SUPPORT DURING DIFFICULT TIMES
US-Iran Peace Accord takes effect as leaders sign 'Islamabad MoU': PM ISLAMABAD
STAFF CORRESPONDENT
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ISLAMABAD
STAFF CORRESPONDENT
RIME Minister Shehbaz Sharif on Wednesday reaffirmed Pakistan’s unwavering support for Iran during the next phase of its negotiations with the United States, assuring Tehran that Islamabad would continue to stand by the Islamic Republic as a brotherly neighbour and trusted partner. The assurance came during a telephone conversation between Prime Minister Shehbaz Sharif and Iranian President Masoud Pezeshkian, their first direct contact since the signing of the historic Islamabad Memorandum of Understanding (MoU) that formally ended months of conflict between the United States and Iran. According to the Prime Minister’s Office (PMO), the two leaders held a detailed discussion lasting more than 30 minutes, focusing on the implementation of the agreement, regional stability and the future direction of Pakistan-Iran relations. Prime Minister Shehbaz congratulated President Pezeshkian, the Iranian leader-
ship and the people of Iran on the successful conclusion of the landmark agreement. “This historic deal will not only help restore peace and stability in the region but will also contribute significantly to the reconstruction and economic revival of Iran while further strengthening Pakistan-Iran relations across all areas of mutual interest,” the prime minister said. He also conveyed his respectful regards and best wishes to Iran’s Supreme Leader, Ayatollah Mojtaba Khamenei. The Islamabad MoU, signed electronically by US President Donald Trump and President Pezeshkian and endorsed by Prime Minister Shehbaz Sharif as mediator, has been hailed internationally as a major diplomatic breakthrough that ended a conflict which had threatened regional security, disrupted global trade and energy markets, and intensified humanitarian concerns across the Middle East. During the conversation, Prime Minister Shehbaz assured the Iranian president that Pakistan would continue supporting efforts aimed at ensuring the successful implementation of the agreement and the advancement of dialogue between Tehran and Washington.
US has lifted blockade on all maritime traffic entering, exiting Iranian ports and coastal areas: CeNtCoM WASHINGTON AGENCIES
The United States Central Command (CENTCOM) said on Thursday that it had lifted the blockade of Iran's ports and coastal areas with traffic open for all vessels after the signing of a memorandum between the US and Iran. In a post on X, CENTCOM said: "Today, US forces lifted the blockade on all maritime traffic entering and exiting Iranian ports and coastal areas, in accordance with the President's direction. American forces are not impeding the transit of vessels to or from Iranian ports on the Arabian Gulf and Gulf of Oman. All US military blockade enforcement efforts have ceased. Our great naval ships will remain in the general area to make sure that all aspects of the agreement are adhered to, obeyed and in full force and effect."
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Prime Minister Shehbaz Sharif announced on Thursday that the “Islamabad Memorandum of Understanding” (MoU) between the United States and Iran had been electronically signed by the leadership of both countries, formally bringing into force a landmark agreement aimed at ending months of conflict and restoring regional stability. In a statement posted on social media platform X, the prime minister said the accord had been signed by the presidents of the United States and Iran and endorsed by Pakistan in its capacity as mediator. “The memorandum has been signed by the honourable presidents of both countries and also endorsed by me as the mediator. The signing of this agreement at the highest level demonstrates the commitment of both sides to a diplomatic resolution of the conflict,” he stated. President Pezeshkian, on behalf of the Iranian nation, expressed profound gratitude to Prime Minister Shehbaz Sharif and Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir for their pivotal role in facilitating the mediation process. “Iran will always remember Pakistan’s positive and constructive efforts and its support during these difficult times,” President Pezeshkian said, according to the PMO.
According to the prime minister, the agreement came into effect immediately, with Iran reopening the Strait of Hormuz and the United States lifting its naval blockade as part of the first phase of implementation. The breakthrough follows months of intensive diplomacy aimed at ending a conflict that erupted in February and threatened regional security, disrupted global energy supplies and raised fears of a wider war in the Middle East. US President Donald Trump confirmed that he had signed the document during a dinner at the Palace of Versailles following the G7 summit in France. Video footage released by his aides showed the president signing the agreement before guests, including French President Emmanuel Macron. “Just signed it,” Trump told reporters after the ceremony. Iran also confirmed the development, with Foreign Ministry spokesman Esmaeil Baqaei saying the document had been finalised with the signatures of both presidents. The Iranian president praised Pakistan’s diplomatic engagement, describing its role in bringing the two sides together as one carried out with “great skill and sincerity”. He also expressed Tehran’s keen interest in expanding bilateral cooperation with Pakistan in diverse fields, including trade, investment, energy, connectivity and regional security. The two leaders agreed to maintain
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Pakistan, Ghana agree to expand defence cooperation RAWALPINDI
STAFF CORRESPONDENT
Pakistan and Ghana on Thursday agreed to further strengthen bilateral military cooperation, with a focus on joint training, counter-terrorism collaboration and defence production during high-level meetings held in Rawalpindi and Islamabad. Lieutenant General William Agyapong, Chief of Defence Staff of the Republic of Ghana, called on Field Marshal Syed Asim Munir, Chief of Army Staff and Chief of Defence Forces, at General Headquarters (GHQ), Rawalpindi. Upon his arrival at GHQ, the visiting military chief was presented a guard of honour by a smartly turned-out tri-services contingent. During the meeting, the two sides discussed matters of mutual interest, regional security and bilateral defence cooperation. They reaffirmed their commitment to enhancing military-to-military relations, particularly in the areas of professional training, counter-ter-
rorism cooperation and defence industrial collaboration. Field Marshal Asim Munir and Lt Gen Agyapong also exchanged views on regional security developments and avenues for expanding defence engagement between the two countries. The Ghanaian defence chief highly appreciated the professionalism of the Pakistan Armed Forces and acknowledged their contribution to regional peace and stability. Separately, Ghana’s National Security Coordinator, Abdul Razak Osman, held meetings with Chief of
the Naval Staff Admiral Naveed Ashraf at Naval Headquarters and Chief of the Air Staff Air Chief Marshal Zaheer Ahmed Baber Sidhu at Air Headquarters in Islamabad. Lieutenant General William Agyapong was also present during the meetings. The interactions reflected the growing defence and security cooperation between Pakistan and Ghana and underscored both countries’ commitment to strengthening institutional ties across the military, naval and air domains.
China welcomes US-Iran MoU, urges commitment to peace process BEIJING
STAFF CORRESPONDENT
China on Thursday welcomed the signing of the firstphase memorandum of understanding (MoU) between the United States and Iran, describing it as an important development that could help reduce tensions and reinforce the momentum of the ceasefire in the Middle East. Responding to reports that US President Donald Trump had signed the agreement and that Iran had formally finalized the text, Chinese Foreign Ministry spokesperson Lin Jian said Beijing viewed the development positively and hoped all parties would honour their commitments. “The signing of the first-phase MoU by the US and Iran is of positive significance for easing tensions and consolidating the momentum of the ceasefire,” Lin said during a regular media briefing. “China welcomes this move and hopes that all relevant parties, including the US and Iran, will uphold the spirit of the agreement and earnestly fulfill their commitments,” he added. The spokesperson stressed that military force could not resolve disputes and reiterated China’s longstanding position that dialogue and diplomacy remain the only viable path to lasting peace. “Force cannot solve problems; equal-footed negotiation is the right path,” Lin said. “China hopes that both the US and Iran will approach the secondphase negotiations with a rational and pragmatic attitude, meet each other halfway and work together to achieve positive outcomes in the next stage of talks.” Highlighting Beijing’s diplomatic efforts since the outbreak of the US-Israel-Iran conflict, Lin said China had actively engaged with regional and international stakeholders to help de-escalate tensions and promote peace. He noted that Chinese President Xi Jinping had proposed a four-point framework aimed at safeguarding peace and stability in the Middle East, while advocating support for regional countries in building “a common home of good-neighbourliness, development, security and cooperation.” Lin said Chinese Foreign Minister Wang Yi had conducted extensive diplomatic outreach, holding more than 30 telephone conversations and meetings with foreign ministers and senior officials from relevant countries to facilitate dialogue and coordination. He also pointed to the joint five-point initiative issued by China and Pakistan aimed at restoring peace and stability in the Gulf and the wider Middle East region. “China will act on the spirit of President Xi Jinping’s four-point proposal and continue to play an active and constructive role in achieving long-term peace and stability in the Middle East and Gulf region,” the spokesperson said. The remarks came a day after the United States and Iran formally signed the first phase of the Islamabadbrokered peace agreement, which seeks to end months of conflict and pave the way for comprehensive negotiations on regional security, nuclear issues and broader bilateral relations.
Bilawal says NFC allocations protected, calls for long-term economic reforms ISLAMABAD
STAFF CORRESPONDENT
Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari on Thursday said the federal government had assured provinces that their allocations under the Seventh National Finance Commission (NFC) Award would remain protected, while emphasizing the need for sustainable economic reforms beyond temporary fiscal measures.
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02 NEWS
ECC APPROVES GAS SUPPLY FOR NATIONAL STEEL COMPLEX REVIVAL
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petroleum division direCted to follow eConomiC merit order and update 2005 gas alloCation poliCy PROFIT
MoNitoriNg report
HE Economic Coordination Committee (ECC) of the Cabinet has approved gas supply to National Steel Complex Limited on an availability basis, paving the way for efforts to restart the steel plant that has remained closed since September 2013, Business Recorder reported, citing sources in the Petroleum Division. The committee also directed the Petroleum Division to ensure that gas supplies follow the economic merit order and to review and update the Natural Gas Allocation and Management Policy 2005. National Steel Complex Limited, formerly Tuwairqi Steel Mills Limited, was commissioned in January 2013 with an an-
Vehicles without fire extinguishers barred from motorways after June 24
nual production capacity of 1.28 million tonnes. The project was co-financed by Saudi Arabia’s Al-Tuwairqi Holdings and South Korea’s POSCO. The plant uses MIDREX direct reduced iron technology owned by Japan’s Kobe Steel and requires natural gas as feedstock. The government allocated gas to Tuwairqi Steel Mills in September 2005. Sui Southern Gas Company Limited subsequently signed a Gas Sales Agreement with the company on August 15, 2006, for the supply of 45 million cubic feet per day. Of the total allocation, 40 million cubic feet per day was meant for the production process and 5 million cubic feet per day for captive power generation. The gas was to be supplied at the applicable industrial tariff.
national highway and motorway police says cargo and public service vehicles must carry active fire extinguishers under new safety rules PROFIT
News Desk
The National Highway and Motorway Police has made it mandatory for all vehicles, especially passenger and cargo vehicles, to carry a working fire extinguisher as part of stricter fire safety measures. An NHMP spokesperson said the requirement was being introduced to reduce fire risks during accidents. Drivers have been instructed to ensure that fire extinguishers in their vehicles are active and not expired. The spokesperson said vehicles without a working fire extinguisher would face strict legal action after June 24. Cargo and public service vehicles without fire extinguishers will not be allowed to enter motorways and national highways. The National Highway and Motorway Police is also running a nationwide fire safety awareness campaign until June 24 to inform drivers and transport operators about the new requirement. The spokesperson said expired or non-functional fire extinguishers would not be accepted. The decision comes a week after at least 10 people were killed and 13 others injured when a van caught fire after falling into a nullah while taking a turn on the Islamabad-Murree Expressway near Khajut.
Bank Alfalah gets State Bank approval to raise Rs20b through Tier 2 capital
issuance to be made through term finance Certificates, subject to transaction documents and other conditions PROFIT
News Desk
Bank Alfalah Limited has received final approval from the State Bank of Pakistan to raise Rs20 billion through the issuance of Tier 2 capital, according to a notice submitted to the Pakistan Stock Exchange on Thursday. The bank said the capital will be raised through redeemable capital under Section 66 of the Companies Act, 2017, and in line with Basel III guidelines issued by the State Bank of Pakistan. The issuance will be made in the form of Term Finance Certificates for an aggregate amount of Rs 20 billion. According to the notice, the Term Finance Certificates will be privately placed and may also be subsequently listed in accordance with the Debt Securities Listing Regulations. Bank Alfalah said the transaction remains subject to the execution of relevant transaction documents and the fulfilment of other applicable conditions.
However, the plant operated only briefly after its commissioning before shutting down in September 2013. The company had sought gas at the fertiliser feedstock rate instead of the industrial tariff. At the time, the industrial gas tariff was Rs488 per million British thermal units, compared with Rs123 per million British thermal units for fertiliser feedstock. Supplying gas at the lower tariff would have caused an estimated Rs5 billion in cross-subsidy or revenue losses to Sui Southern Gas Company Limited. The Gas Sales Agreement expired in 2016 and was not extended for another 10 years, resulting in the lapse of the original gas allocation. The Petroleum Division told the ECC that subsequent attempts to revive the plant remained stalled over the applicable gas tariff.
Saudi sponsors initiated arbitration proceedings against Pakistan at the Permanent Court of Arbitration in The Hague in 2018, seeking $500 million in damages under the Organisation of Islamic Cooperation investment agreement. The tribunal dismissed all claims against Pakistan in December 2023 and directed the claimants to bear the legal and administrative costs. The Ciena Group of the United States took over management control of the plant as its principal shareholder in April 2022. The company was later renamed National Steel Complex Limited. The plant’s revival has also been discussed at meetings of the Special Investment Facilitation Council. Participants maintained that gas could not be supplied to industrial consumers at subsidised rates, but supply at commercial tariffs could be considered.
Govt raises Rs648 billion through fixed-rate PIBs as yields fall
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Cut-off yields deCline By 34 to 116 Basis points aCross four tenors; five-year Bonds aCCount for rs349.7B, while 15-year Bids are rejeCted through non-competitive bids. The government raised Rs124 billion through 10-year bonds, comprising Rs115 billion from competitive bids and Rs9 billion from non-competitive bids. The two-year maturity accounted for Rs4.5 billion, including Rs2.5 billion in competitive bids and Rs2 billion in non-competitive bids. Bids for 15-year Pakistan Investment Bonds were rejected. Cut-off yields declined across all accepted maturities compared with the previous auction held on May 18. The cut-off yield on two-year bonds fell by 111 basis points to 12.14% from 13.25%. The three-year cut-off yield recorded the largest decline, falling by 116 basis points to 12.09% from 13.25%. For five-year bonds, the cut-off yield declined by 76 basis points to 12.19% from 12.949%. The cut-off yield on 10-year bonds fell by 34 basis points to 12.61% from 12.949%. Weighted average yields also de-
PROFIT
News Desk
The government raised Rs648.5 billion through the auction of fixed-rate Pakistan Investment Bonds (PIBs) on Wednesday, exceeding its Rs350 billion target by Rs298.5 billion, as yields declined across the two-, three-, five- and 10-year maturities. The amount raised was about 85% higher than the auction target, according to data from the State Bank of Pakistan compiled by Arif Habib Limited Research. The government accepted Rs583.5 billion through competitive bids and another Rs65 billion through non-competitive bids. The largest amount was raised through five-year Pakistan Investment Bonds, with total accepted bids of Rs349.7 billion. This comprised Rs313 billion in competitive bids and Rs36.7 billion in non-competitive bids. Three-year bonds attracted Rs170.4 billion, including Rs153 billion through competitive bids and Rs17.4 billion
clined across the accepted maturities. The weighted average yield on two-year bonds fell by 101 basis points to 12.14% from 13.1462%, while the yield on three-year bonds dropped by 119 basis points to 12.0593% from 13.2466%. The five-year weighted average yield declined by 82 basis points to 12.0923% from 12.914%. The weighted average yield on 10year bonds fell by 26 basis points to 12.5713% from 12.832%. The yield curve accompanying the auction results showed the three-month rate at 12.04%, the six-month rate at 12.40% and the one-year rate at 12.76%. Among longer maturities, yields stood at 12.14% for two years, 12.09% for three years, 12.19% for five years and 12.61% for 10 years. The one-year rate of 12.76% was the highest point on the displayed yield curve, which declined across the twoand three-year maturities before rising towards the 10-year tenor.
Punjab proposes higher token tax on large vehicles, raises electric vehicle concession to 99%
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finanCe Bill 2026-27 seeks threefold inCrease in tax on CommerCial loader vehiCles and makes dealers responsiBle for registration Before delivery loader vehicles. Under the proposed structure, vehicles with a maximum laden capacity exceeding 4,060kg but not exceeding 8,120kg will be charged Rs6,600, compared with the existing Rs2,200. Vehicles with a capacity exceeding 8,120kg but not exceeding 12,000kg will pay Rs12,000, up from Rs4,000. Long trailers and other vehicles with a capacity exceeding 12,000kg but not exceeding 16,000kg will be charged Rs18,000, compared with the current Rs6,000. Vehicles exceeding 16,000kg will be subject to a token tax of Rs24,000, up from Rs8,000. The Finance Bill also proposes amendments to the Punjab Motor Vehicle Transaction Licensees Act, 2015,
PROFIT
News Desk
The Punjab government has proposed increasing token tax on large private vehicles and commercial loader vehicles under the Finance Bill 2026-27, while raising the tax concession for electric vehicles from 95% to 99%. For private vehicles with engine capacity exceeding 1,000cc but not exceeding 2,000cc, a token tax has been proposed at 0.3% of invoice value, up from the existing 0.2%. For vehicles above 2,000cc, the rate has been proposed at 0.4% of invoice value, compared with the current 0.3%. The bill also proposes a threefold increase in the token tax on commercial
making all motor vehicle dealers withholding agents responsible for collecting and depositing taxes, duties and fees at the point of sale. Under the proposed provisions, dealers will not be allowed to hand over vehicles to buyers unless registration has been completed, all applicable dues have been paid, and government-approved number plates have been affixed. Dealers violating these requirements will be liable to pay the outstanding amount along with an equivalent penalty. According to the government, the measure is aimed at curbing the use of unregistered vehicles, streamlining registration and improving law and order across Punjab.
Friday, 19 June, 2026 | ISLAMABAD
ITANZ Technologies wins $5m five-year digital transformation contract in UAE agreement covers enterprise resource planning, asset management and mobile workforce systems, with initial phase scheduled to begin in 2026 PROFIT
News Desk
ITANZ Technologies Limited has secured a five-year digital transformation contract worth $5 million from a wholesale distribution conglomerate headquartered in the United Arab Emirates (UAE), the company disclosed to the Pakistan Stock Exchange (PSX). The agreement was secured through ITANZ Technologies’ international operations and carries an equal annual fee, translating into revenue of about $1 million per year over the contract period. The company did not disclose the name of the UAE-based client. Under the agreement, ITANZ Technologies will develop and implement a digital transformation programme built around four integrated technology components. These include an enterprise resource planning backbone, an intelligent self-service platform for customers and suppliers, an enterprise asset management system, and a mobile field workforce solution. The four systems will be connected through ITANZ Technologies’ proprietary integration framework and will incorporate artificial intelligence and advanced analytics capabilities. The enterprise resource planning system will serve as the central platform for managing the client’s business operations, while the customer and supplier platform will provide digital self-service functions for external stakeholders. The enterprise asset management component will support the monitoring and management of operational assets, while the mobile workforce solution will facilitate field operations through mobile technology. The initial phase of the project is scheduled to begin in 2026. The company did not provide a detailed implementation schedule, project milestones or a breakdown of the contract value among the four technology components. ITANZ Technologies said it would inform the exchange of any further material developments relating to the agreement.
Punjab introduces juvenile motorcycle permits for 16 to 18-year-olds
permit fee fixed at rs1,000 for 16-year-olds and rs500 for applicants aged 17 to 18 years PROFIT
News Desk
The Punjab government has introduced a Juvenile Permit facility allowing young people aged 16 to 18 years to legally ride motorcycles after meeting prescribed requirements, traffic police officials said. Under the scheme, applicants aged between 16 and 18 years will be eligible to obtain a Juvenile Permit. The permit fee has been fixed at Rs1,000 for 16year-olds and Rs500 for applicants aged 17 to 18 years. Lahore Chief Traffic Officer Syed Abdul Raheem Shirazi said Juvenile Permit holders would not be allowed to ride motorcycles at speeds above 60 kilometres per hour. He said consent from a parent or legal guardian had been made mandatory to ensure young riders meet legal and safety requirements. Applicants have been advised to bring their Smart Card and Form-B, and must be accompanied by a parent or legal guardian. Parents or guardians will also be required to submit a copy of their Computerised National Identity Card and a recent photograph. The Chief Traffic Officer said the facility was aimed at encouraging responsible driving habits among young people, improving compliance with traffic laws and strengthening road safety across the province.
Punjab govt proposes up to 233% increase in agriculture income tax, higher Abiana in finance bill PROFIT
MoNitoriNg report
The Punjab government has proposed up to 233% increase in agriculture income tax and higher Abiana under the Punjab Finance Bill 2026 as part of efforts to widen the provincial tax base and create additional fiscal space. The bill proposes a uniform agriculture income tax of Rs1,000 per acre for landowners holding more than 12.5 acres. At present, agriculture income tax is
charged at Rs300 per acre on holdings between 12.5 and 25 acres, Rs400 per acre on holdings between 25 and 50 acres and Rs500 per acre on holdings exceeding 50 acres. This means the proposed tax would increase by 233.33% for landholdings between 12.5 and 25 acres, 150% for holdings between 25 and 50 acres and 100% for holdings above 50 acres. Tax rates on orchards have also been revised. The levy on irrigated orchards has been proposed at Rs1,000 per acre, up from Rs600, while tax on non-irrigated or-
Rs2,250 per acre per year. The Punjab government has set a tax collection target of Rs748.70 billion, which is 42.69% higher than last year’s target of Rs524.70 billion. The bill also includes a relief measure for the cotton sector by abolishing the cotton fee levied under the Punjab Finance Act, 1973. The seasonal charge on raw cotton arriving at ginning factories has been removed in view of declining cotton production and the closure of a large number of ginning units in recent years.
chards has been increased from Rs300 to Rs500 per acre. The bill also proposes replacing the existing crop-based Abiana system with a flat-rate regime. Under the new structure, water charges will be fixed at Rs1,650 per acre for the Kharif season and Rs850 per acre for the Rabi season. An additional irrigation charge of Rs2,000 per acre annually has been proposed for approved orchards. Water supplied through government or private lift irrigation schemes will be charged at
Amreli Steels shareholders approve 60% increase in authorised capital to Rs8b g
Company adds CapaCity for 300 million ordinary shares while retaining 80 million Cumulative preferenCe shares PROFIT
News Desk
Shareholders of Amreli Steels Limited have approved an increase in the company’s authorised share capital from Rs5 billion to Rs8 billion, according to a notice submitted to the Pakistan Stock Exchange. The special resolution was passed at the company’s extraordinary general meeting held on June 17, 2026, at the Institute of Chartered Accountants of Pakistan in Clifton, Karachi.
The approval raises Amreli Steels’ authorised capital by Rs3 billion, or 60%, and increases the number of ordinary shares the company is permitted to issue. Under the revised capital structure, the company’s authorised capital will comprise 800 million shares with a face value of Rs10 each. This includes 720 million ordinary shares and 80 million cumulative preference shares. Before the resolution, the company’s Rs5 billion authorised capital consisted of 420 million ordinary shares of Rs10 each and 80 million cumulative preference shares
of the same face value. The increase, therefore, creates room for the potential issuance of an additional 300 million ordinary shares. The authorised number of cumulative preference shares remains unchanged at 80 million. The resolution increases the company’s capacity to issue shares but does not itself amount to the issuance or allotment of new shares. Shareholders also approved amendments to Clause V of the company’s Memorandum of Association and Clause 3 of its Articles of Association to reflect the revised
capital structure. Under the amended provisions, Amreli Steels will have the authority to increase, reduce, subdivide or reorganise its capital and divide its ordinary and preference share capital into different classes in accordance with applicable laws. The company said any ordinary shares issued under the enhanced authorised capital would carry equal voting rights and rank pari passu with its existing ordinary shares in all respects. This means newly issued ordinary
shares would have the same rights and status as the company’s existing ordinary shares, subject to the Companies Act, 2017. The shareholders also authorised the Chief Executive Officer, Chief Financial Officer and Company Secretary, acting individually, to complete the required regulatory and corporate formalities. These include filing the relevant documents and returns with the Registrar of Companies and the Securities and Exchange Commission of Pakistan, as well as taking other steps needed to implement the resolutions.
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Friday, 19 June, 2026 | ISLAMABAD
GOVT TARGETS TWO MILLION RETAILERS UNDER NEW TAX SCHEME TO RAISE RS50 BILLION
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PROFIT
STAFF REPORT
HE government plans to register around two million retailers under a proposed tax scheme expected to generate an additional Rs50 billion in revenue, the National Assembly Standing Committee on Finance was informed on Wednesday. Minister of State for Finance Bilal Azhar Kayani briefed the committee on the structure and expected results of the scheme, which is aimed at bringing undocumented retailers into the tax system. The meeting was chaired by Naveed Qamar and reviewed the proposed registration, taxation and enforcement mechanisms. Kayani said more than 3.5 million retail-
ers remained outside the tax net, based on the number of commercial electricity connections, while only 660,792 shopkeepers were currently registered. He said the retail sector offered considerable scope for the Federal Board of Revenue to widen the tax base. According to the state minister, bringing 30% of currently unregistered retailers into the scheme could add more than one million taxpayers. The proposed framework would allow shopkeepers to declare their income and tax liability directly through their returns. Small traders would be exempt from point-of-sale systems and digital invoicing requirements. The government has also proposed penalties for non-payment of fixed tax. A defaulting retailer could face a fine of Rs10,000 in the first month, Rs25,000 in the
second month and Rs50,000 in the third month. Businesses that continue to default could be closed, Kayani told the committee. The government is also developing a Faceless Assessment and Audit System to reduce direct interaction between taxpayers and tax officials. The system is intended to limit discretionary powers and reduce opportunities for collusion between officials and taxpayers. Separately, the Senate Standing Committee on Finance, chaired by Saleem Mandviwala, concluded its review of the Finance Bill 2026-27 and the Annual Budget Statement. The committee examined proposals covering taxation, customs administration, digitisation of tax systems, industrial competitiveness, exports, investment, tariff reforms and revenue generation.
Pakistan plans $2b international bond issue as Saudi oil facility omitted from budget PROFIT
STAFF REPORT
Pakistan plans to raise $2 billion through Eurobonds, Sukuk and Panda bonds during 2026-27, while making no provision for financing under the Saudi Oil Facility in the new federal budget, The News reported, citing official sources in the Finance Division. According to budget documents, Pakistan has projected total external financing of $23.378 billion from multilateral and bilateral creditors, commercial banks, international bond issuances and other foreign inflows during 2026-27. The government has estimated no receipts from the Saudi Oil Facility for the coming fiscal year, compared with the revised estimate of $1 billion for 2025-26. Saudi Arabia’s oil financing arrange-
ment expired in April 2026. Pakistan has requested its renewal, but no expected inflow has been included in the budget documents. The government has separately shown bilateral deposits of $12 billion held by the State Bank of Pakistan without providing a country-wise breakdown. According to sources, the deposits comprise $8 billion from Saudi Arabia and $4 billion from China. Pakistan has budgeted $4.866 billion in loans from multilateral creditors during 2026-27. The Asian Development Bank is expected to provide $1.68 billion, while $86.337 million has been projected from the Asian Infrastructure Investment Bank and $17.669 million from the European Investment Bank. The government expects to receive $412 million from the World Bank’s In-
PM Shehbaz assures Iran of Pakistan's continued support as US-Iran peace process moves forward CONTINUED FROM PAGE 01
The two leaders agreed to maintain close coordination in the coming days and discussed plans for exchanging official visits at the earliest opportunity to further strengthen bilateral cooperation and advance shared regional objectives. According to the PMO, both sides reaffirmed their commitment to deepening the longstanding brotherly relationship between Pakistan and Iran and enhancing cooperation on matters of mutual interest. Earlier in the day, Prime Minister Shehbaz announced that the Islamabad MoU had formally entered into force following its electronic signing by the presidents of the United States and Iran. “I am honoured to announce that the historic Islamabad Memorandum of Understanding has been electronically signed between the United States of America and the Islamic Republic of Iran,” the prime minister said in a statement. Under the first phase of the agreement, Iran has reopened the Strait of Hormuz while the United States has lifted its naval blockade, easing tensions in one of the world’s most strategically important maritime corridors. The 14-point accord extends the ceasefire first reached in April and provides a framework for negotiations on a comprehensive settlement, including issues related to Iran’s nuclear programme, regional security and economic reconstruction. The agreement is widely being viewed as a diplomatic success for Pakistan, which played a central role in facilitating communication between Washington and Tehran throughout the crisis and worked closely with regional partners to advance a peaceful resolution. Observers believe the accord could pave the way for broader regional stability, economic recovery and enhanced cooperation among countries of the Middle East and South Asia.
ternational Bank for Reconstruction and Development and $1.43 billion from the International Development Association. Other projected multilateral financing includes $39.75 million from the International Fund for Agricultural Development, $186.64 million from the Islamic Development Bank and $1 billion in short-term financing from the same institution. Pakistan has also estimated $8.76 million from the OPEC Fund for International Development and $0.172 million from the United Nations. Loans from bilateral partners have been projected at $400.42 million. These include $97.64 million from China, $94 million from France, $50 million from Denmark, $47.18 million from Saudi Arabia and $29.224 million from South Korea. The government also expects $23.889 million from the United States,
Senate panel clears Finance Bill review, finalises recommendations for upper house PROFIT
STAFF REPORT
The Senate Standing Committee on Finance on Wednesday concluded its review of the Finance Bill 2026-27, finalising a comprehensive set of recommendations that will now be presented before the Senate for further deliberation. The committee, chaired by Senator Saleem Mandviwalla, completed a detailed clause-by-clause examination of the finance bill over five consecutive sittings held at Parliament House. The meeting was attended by Finance Minister Muhammad Aurangzeb, Minister of State for Finance Bilal Azhar Kayani, committee members, senior officials of the Federal Board of Revenue (FBR), representatives of relevant ministries, and stakeholders from the business and economic sectors.
During its review, the committee examined proposed amendments to key fiscal laws, including the Customs Act, 1969, the Sales Tax Act, 1990, and the Income Tax Ordinance, 2001. Members also considered a range of proposals relating to financial, industrial, trade and broader economic reforms. The committee's deliberations focused on key priorities, including the digitalisation of the tax system, customs reforms, expansion of the tax base, export promotion, investment facilitation, industrial development, improved revenue collection, and greater documentation of the economy. Committee members also stressed the need for policy continuity, transparency, predictability and broader stakeholder consultation, observing that these principles are essential for strengthening economic stability and restoring investor confidence.
New sales tax mechanism may raise ghee, cooking oil prices by Rs10-15 per kg PROFIT
STAFF REPORT
Ghee and cooking oil prices could rise by Rs10-15 per kilogramme following changes to the sales tax mechanism introduced in the federal budget, the Pakistan Vanaspati Manufacturers Association (PVMA) said on Wednesday. PVMA Chairman Sheikh Umer Rehan said the expansion of the Third Schedule would shift sales tax collection on ghee and cooking oil to a system based on the maximum retail price. He said the change would increase the tax liability of an industry already facing a substantial tax burden, with the additional cost ultimately being passed on to consumers. Rehan said the association had asked the government to reduce taxes on edible oil and ghee in the
budget to lower prices for the public. Instead, he said, the new measures had increased financial pressure on manufacturers and were likely to make both products more expensive.
US has lifted blockade on all maritime traffic entering, exiting Iranian ports and coastal areas: CENTCOM CONTINUED FROM PAGE 01
VANCE CRITICISES ISRAEL 'FREAKOUT' OVER IRAN DEAL United States Vice President JD Vance criticised Israel for a "weird panic" and "freakout" over the agreement struck between the US and Iran, in an interview released on Thursday as the Trump administration sought to tamp down criticism of the deal. Israeli officials across the political spectrum, including some of Prime Minister Benjamin Netanyahu's allies, have criticised the agreement, saying it did not address their concerns over Iran’s nuclear and ballistic missile programmes and would tie down Israel's military operations against Hezbollah in Lebanon. "There is this weird panic almost in the Israeli system that I’ve picked up on where they assume that everything that is contemplated that is good for Iran will happen — but that will happen without
$20.6 million from Kuwait, $15.9 million from Japan, $10.89 million from Germany, $5.32 million from Oman and $0.89 million from Italy. Another $4.483 million has been included as a block allocation under bilateral financing. Foreign commercial borrowing has been projected at $2.35 billion, while inflows through Naya Pakistan Certificates are estimated at $1.122 billion. The International Monetary Fund is expected to disburse $530 million during 2026-27 under the Resilience and Sustainability Facility for climate-related financing. The amount has been recorded as budgetary support. Disbursements under the IMF’s $7 billion Extended Fund Facility, however, are meant for balance-of-payments support and are recorded on the State Bank of Pakistan’s balance sheet rather than in the federal budget.
the Iranians changing any behaviour," Vance said in an interview with the New York Times. "THAT'S NOT HOW THE DEAL IS WRITTEN." The US would not remove sanctions on Iran if it were still funding a terrorist organisation, he said, in an apparent reference to Hezbollah, which Washington has long labelled a foreign terrorist organisation. Vance accused Israel of a lack of trust in its strongest ally. "I find this whole freakout in Israel a little bit odd because I think that it comes from a place of mistrust, and I think that America has earned the trust of that region of the world," Vance said. "We’ve done a very good job by that particular country and that particular government," he said of Israel. "And I think that the idea that we’ve made a terrible deal is not supported by the facts, but just doesn’t make any
sense if you consider the broad length of the relationship." Citing specific critics of the deal — far-right Israeli cabinet ministers Itamar Ben-Gvir and Bezalel Smotrich — Vance said: "I guess my response to them would be: What is your exact proposal? You’re a country of nine million people. You can’t just kill your way out of solving every single national security problem that you have." Ben-Gvir responded in a post on X: "This is the proposal, JD Vance: To deal with the Nazis of the 21st century, just as the United States dealt with the Nazis of the 20th century." TRUMP SAYS CRITICS OF HIS IRAN DEAL ARE 'JEALOUS, BAD PEOPLE, OR STUPID' Earlier, US President Donald Trump wrote a Truth Social post slamming everyone who, in his words, believed he wasn't "tough enough on Iran". Calling them out as "fools", he drew
attention to the stock market hitting "a record high" and oil prices "'tumbling'" down, going on to say that these individuals were "either jealous, bad people, or stupid".His comments come as US Democratic lawmakers have voiced scepticism towards the deal. Senate Foreign Relations Committee ranking member Jeanne Shaheen, D-NH, said during remarks at the Atlantic Council in Washington, DC that she hasn’t seen the actual text of the MOU, calling the reported text a “full capitulation” "The devil is in the details, and so far we haven't gotten a real signed agreement. That's why I would urge the president and the White House to release the agreement, whatever it is, as soon as possible to Congress...Based on the scorecard I'm keeping, I don't see what the wins are," she said. Senior House Democrats also demanded a briefing on the agreement, with Representatives Gregory Meeks, Adam Smith and Jim Himes — ranking members of the Foreign Affairs, Armed Services and Intelligence committees — sending a letter to US Secretary of State Marco Rubio.
Bilawal says NFC allocations protected, calls for long-term economic reforms CONTINUED FROM PAGE 01
Speaking during the budget debate in the National Assembly, Bilawal said the Centre had pledged not to seek any further financial sacrifices from the provinces after the decision to freeze provincial development allocations for three years to meet national strategic requirements. “The provinces’ NFC award and financial resources have been protected, and no harm will be caused to them,” he said, adding that provincial governments would not be required to make additional sacrifices beyond the agreed arrangement. Bilawal explained that the federal and provincial governments had jointly agreed to share the burden of extraordinary defence and national security requirements through a constitutional mechanism under Article 164 of the Constitution. He thanked Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar and Finance Minister Muhammad Aurangzeb for engaging with the PPP and reaching what he described as a constitutional and democratic solution. Calling the agreement a success for democratic politics, Bilawal said it demonstrated that political parties and institutions could work together when national interests were at stake. However, he termed the arrangement a temporary measure and urged federal and provincial governments to develop a long-term growth strategy focused on sustainable economic development. The PPP chairman also rejected perceptions that provinces enjoyed excessive fiscal space after the 18th Constitutional Amendment and the NFC Award, arguing that no province had received its full share of resources. He criticised the continued collection of the Petroleum Development Levy (PDL), claiming that provinces were being deprived of revenues that should be distributed under the NFC formula. Bilawal further highlighted the financial sacrifices made by provinces to help Pakistan meet International Monetary Fund (IMF) requirements, noting that provincial budget surpluses had limited spending on public welfare and development projects. Discussing the regional security environment, he praised Pakistan’s leadership for its diplomatic efforts in promoting peace and said economic development could only flourish in a stable regional environment. Turning to the situation in Azad Jammu and Kashmir (AJK), Bilawal urged protesters to pursue their demands through constitutional and parliamentary channels rather than street agitation.
04 COMMENT
The emperor has no clothes
Trump on the truce
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The US President’s attempt to pass off the ceasefire deal as concern for the world is too much
The USA has ended up with egg on its face
VEN as the USA released the official text of the memorandum of understanding with the USA to end their conflict, resume nuclear negotiations and reopen the Strait of Hormuz, President Donald Trump said that the ceasefire had been agreed because it spared the world an economic crisis. He also tried to come over the high hand with Iran, threatening to resume the US attack if it did not comply with the terms of the agreement. There are a number of issues the statements raise, and seem to show that Mr Trump was trying to cover his colossal embarrassment at having had to opt for the truce, and to attempt essentially for everything to go back to the way it was before the war. The only change that would occur is that Iran would be returned its confiscated assets, about $31 billion. The first issue is whether there would have been any danger of a crisis if Mr Trump had not attacked Iran in tandem with Israel. It is now generally accepted that Iran blocked the Strait of Hormuz, but it should not be forgotten that shipping stopped when insurance preiums skyrocketed, and then insurers were not to be found, because the Strait was a war zone, what with Iran attacking US bases in Gulf countries. It might be remembered that the world, before February 28, was not heading to an economic crisis. That Mr Trump subjected the world to a needless trauma is shown by the fact that the reason given out for the war, the Iranian nuclear programme, has been kicked down the road. The threat of more bombing seems the flailing of a bully who has failed to achieve his purpose with his initial display of force. The threat was probably aimed at the other world leaders at the G8 summit he was attending, as was his astound declaration before one plenary that “I’m the boss.” It was almost as if he wanted to signal that he was not to be disrespected just because a Third World country under sanctions had just showed him up. However, the fact that he is doubling down instead of showing repentance or regret, is typical, but whether harmful to him or not, it disgraces his country even further, and demeans his office.
At Penpoint M A NIAZI
OW that the inevitable has happened, and Iran and the USA have reached an agreement on a permanent ceasefire, the bottom line is not good for the USA. Iran has not done what it wanted. The USA has actually bought off Iran by agreeing to the release of $24 billion during the 60-day negotiation period which has been set for the Iranian nuclear programme. The ceasefire which started on April 8 has been extended for 60 days after signing, and is intended to allow time for the reason for the conflict, the Iranian nuclear programme. To be discussed. Off the table are two issues the USA wanted on the agenda, the Iranian missile programme and Iran’s support for regional allies. As Iran didn’t want to talk about them, their omission must be counted as a victory for Iran. Has Iran won? If it has, it has been at a terrible cost. No less than the Supreme Leader was killed on the very first day, but the system survived. However, that system, and the new leaders it has thrown up, are the ones with whom the USA will now have to negotiate. The assumption that Iran would cave in if only Ayatollah Khamenei was removed from the scene had proved disastrously wrong, making one wonder what other assumptions about the world might be wrong. Could it be possible that the Gulf monarchies are not reliable partners? First is the assumption that the monarchs are safe on their thrones. Second is the one that these monarchs are going to remain within the US orbit. Then there is the example of Israel, which has constantly disobeyed the USA despite being a client-state. While that had been demonstrated before, now it was displayed much more blatantly. Though the Gulf monarchies know that their relationship with the USA is not nearly as close, they would be tempted to trade on this. This might be reflected in the conclusions that will result from the kind of recalculation, even recalibration, that the war has made inevitable. The war made it clear how far the USA could be trusted to provide security, while the world was worried about the oil, fertilizer, aluminium and other key substances leaving the Gulf, the monarchies were worried about their revenues being cut. The failure of the USA to bend Israel to its will is not in isolation. Since the catastrophic withdrawal in Vietnam, its use of armed force has been patchy. One problem has been its use of forces meant to fight a European war against a similar enemy, to project power in the Third World. This is something like the problem Britain faced between World Wars I and II, when an Army designed to produce an Expeditionary Force for France was used in various colonial conflicts. The World War I problem was the reverse: a military designed for colonial policing also had to provide an Expeditionary Force. In as far as World War II was the result of World War I, the present conflict can be seen as a first in-
Dedicated to the legacy of late Hameed Nizami
Arif Nizami (Late)
stallment, but not the final one. While Iran has staved off the USA, it has not broken it in the field. And just as the USA has not achieved its objectives, Iran has not. The likelihood is that there will be conflict again. It could be that the USA will exit the region on its own, but it is likely that it will have to be forced out. The USA has come out badly from this episode, Iran having dome what no one else has done before. The two previous major US failures, in Vietnam and Afghanistan, resulted from domestic opinion not accepting the deaths of US servicemen. Iran did not impose a high number of casualties, but merely threatened to do so (in the ground invasion which did not go in). More importantly, it defied US air superiority, showing that it could be neutralized without having much of an air force oneself. The USA’s guarantee of peace in the region was based on overwhelming air power. If that xould not be exerted, the guarantee was no longer valid. Unlike Iraq in both wars, the Iranian air defence was not suppressed to allow the USA command of the air. Drones were so employed in swarms, that it began to be possible to speculate about the sinking of the US aircraft carriers, which have underwritten US ability to project power over virtually any country’s capital, certainly over its main ports. Though the Hormuz Strait is perhaps the most important single chokepoint in the world, the inability of the USA to keep it open will not affect it alone, but also render any other US guarantees doubtful. First comes its guarantees in the Far East, especially to Taiwan, but also South Korea and Japan. Indeed, the whole of ASEAN, which includes such island states as Indonesia and the Phillipines, becomes doubtful. The developing QUAD and AUKUS alliances begin to rest on shakier foundations than originally thought. Even in Latin America, where the USA has had the bulk of its post-Vietnam successes (the latest being the kidnapping of Venezuelan President Nicolás Maduro), there must be rethinking going on. The problem for the USA is that drones do not leave a large footprint. In 1962, during the Cuban Missile Crisis, the USA could track the huge Soviet missiles from space. Now, 64 years later, despite huge advances in detection and surveillance technology, the USA could not find the Iranian drones. If the USA has been struck a blow, has Israel? It has seen that its objectives could not be achieved
M. A. Niazi
Babar Nizami Editor Profit
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Dr ZAfAr KhAN SAfDAr
EW things define daily life in Pakistan more completely than waiting. Waiting for electricity to return. Waiting for a hospital appointment. Waiting for a court decision. Waiting for a government file to move. Waiting for employment, promotion, justice, relief, or opportunity. So much of life is spent anticipating outcomes that never quite arrive. From birth to old age, waiting accompanies nearly every stage of life. Children wait for admission to schools. Young adults wait for examination results, university placements, and employment opportunities. Families wait for identity documents, utility connections, and housing approvals. Elderly citizens wait for pensions and medical care. Communities wait for roads, hospitals, and development projects that are announced repeatedly but completed years later, if at all. Waiting has become more than an inconvenience. It has become one of the country’s most universal experiences. The tragedy is not merely the delay. The tragedy is the uncertainty. People can tolerate hardship more easily than they can tolerate endless uncertainty. A person who knows that a decision will arrive in 30 days can plan accordingly. A person who does not know whether the decision will come in 30 days, 30 months, or never, is trapped in a state of permanent anxiety. Consider the young graduate entering the job market. He spends years obtaining an education, often at significant cost to his family. Then comes the waiting. Vacancies are advertised, tests are conducted, interviews are held, merit lists are prepared, and yet appointments remain delayed for months or even years. Some applicants eventually age out of eligibility before the process is completed. Their most productive years are consumed not by work but by waiting for work. The same pattern appears throughout public life. Court cases drag on for years, sometimes decades. Litigants grow old waiting for justice. Businesses wait for approvals and clearances. Pensioners wait for benefits that should arrive automatically. Citizens wait for compensation, subsidies, certificates, and notifications. Patients wait for treatment in overcrowded hospitals. Families wait for promised infrastructure projects that remain trapped in files and committee meetings. The consequences are far greater than inconvenience. Waiting imposes a hidden eco-
nomic cost. Delayed approvals discourage investment. Delayed recruitment leaves positions vacant and services understaffed. Delayed court decisions weaken confidence in institutions. Delayed projects increase costs and reduce public trust. Every unnecessary delay extracts a price that rarely appears in official statistics. But the deeper damage is psychological. A society trapped in perpetual waiting gradually loses faith in the connection between effort and reward. Citizens begin to believe that hard work is not enough. They learn that success often depends not on merit or performance but on connections, influence, and the ability to bypass procedures. When this belief takes root, trust in institutions begins to erode. “Waiting also shapes culture. People become reluctant to plan because outcomes remain uncertain. Ambition grows cautious and expectations are lowered. Delays that would provoke outrage elsewhere become accepted as normal. Entire generations grow accustomed to hearing that a file is under process, a matter is under consideration, or further instructions are awaited. Yet the greatest cost is time itself. Money can be recovered, buildings rebuilt, and failed policies corrected, but lost time never returns. Every delayed appointment, postponed decision, and unresolved case consumes a portion of someone’s life that can never be reclaimed. Behind every file sitting on a desk is a human being whose future has been placed on hold. The culture of waiting is not confined to government institutions. It has spread into the broader fabric of society. Young people postpone marriage until economic conditions improve. Families delay having children because of financial uncertainty. Professionals postpone career decisions while waiting for opportunities abroad. Businesses delay expansion while waiting for stability. An entire nation seems to be living in
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The writer is a member of staff
Editor’s mail
anticipation of a future that never quite arrives. Politically, Pakistan has also become a country of promises deferred. Citizens are repeatedly told that reforms are coming, prosperity is around the corner, and difficult sacrifices today will produce a better tomorrow. Yet for many Pakistanis, tomorrow has become a destination that continually recedes into the distance. The language changes, the governments change, the plans change, but the waiting remains remarkably constant. No nation can progress if its people spend their lives in queues, literal or metaphorical. Development is not the construction of roads, bridges, or buildings alone, but the ability of institutions to make timely decisions, deliver services efficiently, and respect citizens’ time. A society advances when effort leads to outcomes within a reasonable period, not prolonged uncertainty. Pakistan has no shortage of talent, ambition, or resilience; what it lacks is a system that moves at the speed of human life, not bureaucratic delay. A nation can endure poverty, political instability, and even economic hardship. What it cannot endure indefinitely is the feeling that life itself is permanently deferred. Millions of Pakistanis are not merely waiting for opportunities. They are waiting for schools that function, hospitals that treat, courts that decide, utilities that work, and institutions that deliver. They are waiting for a state that recognises the value of their time. Until that happens, Pakistan will remain a nation in the waiting room, where delay becomes routine and the future remains endlessly deferred. The writer has a PhD in Political Science, and is a visiting faculty member at QAU Islamabad. He can be reached at zafarkhansafdar@yahoo.com and tweets @zafarkhansafdar
A nation can endure poverty, political instability, and even economic hardship. What it cannot endure indefinitely is the feeling that life itself is permanently deferred. Millions of Pakistanis are not merely waiting for opportunities.
Lahore – Ph: 042-36300938, 042-36375965
by the USA, while it has continued to press ahead in the Lebanese enterprise. It seeks not just to expand its role, but also its territory. This is despite the fact that it is facing problems from the Hezbollah because of the technological help which it has been receiving from Iran. Israel is preparing to fill the gap left by the USA, to provide the guarantee of stability for the free flow og oil. Is the USA preparing to hand over to the Israel, just as the UK, guarantor after World War I, handed over to it after World War II? That is a process in which it would like to allow Turkey, Pakistan and Saudi Arabia to take part. Pakistani participation may also be one of methods by which China would be given a greater place in the region. China’s stake in the Hormuz Strait is the same as that it has in Iran: oil. It is because of that that some oil trading has seen the Gulf states start accepting payments in yuan, whereas previously they accepted only dollars. The end of the US dollar’s position as the world’s reserve currency, again paralleled by the post-WWII transition from the sterling to the dollar, is not complete, and it will not free the Third World, which will merely see the US boot replaced by the Chinese. The ceasefire is not really a failure of US resolve, but of US ability. The USA held back on the ground invasion not because of any concern for US lives, but because of the likelihood that Iran would defeat it too. That would have been a greater loss than the defeat in Vietnam. For Pakistan, the reliance on US goodwill may not be a guarantee of anything. That should prove to those who wish to fall into the lap of China that that too will also be temporary. Can Pakistan stand without outside help? The Iranian example shows that this can be done.
The ceasefire is not really a failure of US resolve, but of US ability. The USA held back on the ground invasion not because of any concern for US lives, but because of the likelihood that Iran would defeat it too. That would have been a greater loss than the defeat in Vietnam.
A nation in the waiting room Founding Editor
Editor Pakistan Today
Friday, 19 June, 2026
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Lowering the already lowered
THE Pakistan Medical and Dental Council (PMDC) has been reported to have recently decided to lower the eligibility criterion for admission to private medical colleges from 60 per cent to 50pc. As a medical teacher with experience in examining students from private medical colleges, I strongly believe that the said decision will have far-reaching negative consequences for the healthcare system in Pakistan. The reduction in eligibility criterion will inevitably lead to students with lower academic standards being admitted to medical colleges. This raises serious concerns about the quality of education and training that these students will receive. In my experience, many students from private medical colleges struggle with basic language skills, and struggle to write coherent sentences in English. This deficiency will undoubtedly affect their ability to provide quality healthcare services. Furthermore, the decision to lower eligibility criterion may compromise the integrity of the medical profession. Doctors play a critical role in society, and it is essential that they possess the necessary knowledge, skills and competencies to deliver highquality patient care. By admitting students with lower academic standards, we risk producing doctors who may not be equipped to handle the demands of the profession. The PMDC must reconsider its decision and prioritise the quality of medical education in Pakistan. Instead of focusing on filling vacant seats, we should strive to maintain even higher academic standards that may ensure that our medical graduates are competent and capable of providing due patient care. DR GHAZI KHAN MARRI JAMSHORO
Selfish elite
PRIVATE housing societies right across the country are rapidly expanding, often with very little regard for green spaces or sustainable urban planning. As such, in many cases, if not all, the focus is purely and squarely on maxi-missing commercial returns, leaving behind concrete jungles instead of any thoughtfully designed community. What is encouraging, however, is that some foreign investors in the real estate sector are setting a far more responsible example in this regard. Their developments often include adequate green zones, community infrastructure, and long-term planning — all of which should be standard practice, not exceptions. Unchecked development not only disrupts urban planning, but also deprives future generations of a liveable environment. While regulatory bodies must support economic activity, they must also do their part in terms of enforcing sustainable development standards. It is disheartening to see the authorities simply focusing on extracting revenues or working hand-in-hand with noncompliant developers rather than enforcing environmental and zoning regulations. If Pakistan’s real estate sector is to flourish in a meaningful and responsible way, it must be built on transparency, sustainability and long-term vision; not just short-term profits. Sustainable development should not be an afterthought; it must be a core principle guiding all future real estate projects. SHAHZEB HAMMAD ISLAMABAD
Web: www.pakistantoday.com.pk
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Strategic embrace
COMMENT 05
Friday, 19 June, 2026
Xi-Kim summit marks renewed strategic coordination, deeper political trust
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Mian abRaR
HINESE President Xi Jinping’s visit to Pyongyang and summit meeting with North Korean leader Kim Jong Un is one of the most consequential diplomatic events in Northeast Asia in years. In an era of deepening global competition, the meeting sends a powerful message that China’s strategic partnership with the DPRK remains robust, relevant, and central to the evolving regional order. The visit of Xi Jinping is not just a ceremonial exchange between neighbouring states, but it also emphasizes the ongoing importance of China-North Korea relations and underscores Beijing’s increasingly important role as a stabilizing influence in a rapidly changing international environment. The summit also reflects China’s confidence in charting an independent diplomatic course and pushing forward its vision for regional peace, development and security. The importance of the visit is not only in the conversations that will happen behind closed doors, but in the symbolism that is projected to the world. The grand reception given to Xi Jinping in Pyongyang demonstrated how highly North Korea’s leaders regard China. The huge crowds, the state-sponsored ceremonies and the vast media attention were evidence of a relationship that had stood the test of time and adapted itself to changing geopolitical realities. China and North Korea have a special historical relationship forged in the Korean War and reinforced by decades of political cooperation. Though there have been times when international observers have speculated about differences between the two countries, the strategic basis of the relationship has been remarkably stable. The two governments recognize that their cooperation is in their important national interests and contributes to stability on the Korean Peninsula. China is still North Korea’s partner of choice. Beijing is an important diplomatic
ally, economic cooperation partner and important window to the outside world. A friendly and peaceful relationship with North Korea helps China to maintain peace on its northeastern frontier and avoid security problems that could disturb regional stability. These common interests were reaffirmed at the summit between Xi Jinping and Kim Jong Un. The talks focused on boosting political trust, improving strategic communication, developing economic cooperation and coordinating positions on major international issues, reports said. This is the kind of dialogue that reflects the maturity of a relationship that has grown from historic solidarity to a comprehensive strategic partnership. But the geopolitical importance of the visit is perhaps the most significant thing about it. We are seeing a dramatic strategic shift in Northeast Asia today. The USA has increased its outreach to regional allies and military cooperation between Washington, Tokyo and Seoul. The region’s strategic environment has been changed by military exercises, state-of-the-art missile defence systems and enhanced security frameworks. Against this backdrop, Xi Jinping’s visit to Pyongyang sends an unambiguous message. This suggests that China remains a major player in Northeast Asian affairs, and any attempt to redefine the regional security architecture that does not take into account the interests of Beijing is unlikely to succeed. The summit reaffirmed China’s significant influence on the Korean Peninsula and ongoing importance in shaping regional outcomes. The visit also shows a fundamental difference between competing approaches to international security. Some powers emphasize deterrence, military alliances and strategic competition. China has always advocated dialogue, negotiation and mutually beneficial cooperation. We see this philosophy in Beijing’s engagement with Pyongyang. China has said for years that tensions on the Korean Peninsula cannot be resolved by pressure alone. Instead, Beijing has called for the legitimate security concerns of all
The real threat isn’t screen time – it’s a family culture where children are more afraid of telling the truth than going online alone
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Lesya Ryabtseva
ANS on social media for teenagers might seem like a protective measure, but without trust, family accountability, and overall digital literacy, they often backfire. Instead of disappearing from the internet, kids gravitate toward less visible and secure internet spaces, resorting to VPNs, anonymous accounts, and the use of less monitored platforms. Pavel Durov recently made a similar statement, criticizing the British government’s decision to restrict social media access for users under 16. He argued that such restrictions would push teens into a digital environment with a higher risk of encountering illegal and harmful content, as it doesn’t undergo the standard moderation that social media platforms typically enforce. Not all children might immediately turn to VPNs, but many are already familiar with these services. According to research by Childnet, 38% of children aged 8-17 in the UK have used a VPN service; among them, 16% did so to bypass parental controls, while another 16% sought to evade school restrictions. In
Russia, Durov claims that 95% of teenagers use a VPN for Telegram. The tension between governments and social media platforms is also evident in the US. Florida has sued TikTok for violating child safety laws. The Attorney General stated that users under the age of 14 cannot have a TikTok account, and those aged 15-16 need parental consent. According to the authorities, TikTok misleads adults by claiming there’s no “adult” content on the platform, such as nudity, drugs, alcohol, or explicit language. Regardless of the global and domestic context, discussions about children’s online safety must begin at home. Everything starts with healthy relationships, trust, and responsibility within the family. This is where children should learn how to navigate the internet safely, avoiding scams, manipulation, pedophilia, dangerous communities, and misguided advice from AI. The problem is that many parents are unaware of what their children are doing, both online and offline. In such cases, any restrictions will be ineffective, especially if the adults themselves struggle to grasp concepts like online hygiene, safeguarding personal data and finances, and maintaining control over accounts. When the approach to online safety is incorrect, children learn to hide their activities and
evade detection by deleting search histories, creating anonymous accounts, or using other devices. Overreaching bans and the absence of alternatives lead to rule circumvention; moreover, they create distance and restrict communication. Restrictions serve as psychological anesthesia: they provide adults with a false sense of security, as if the problem has been solved. However, with a strong shift toward taboos, Generations Alpha and Beta risk becoming not only the ‘gadget generation’, but ‘generation VPN’, making it a lot harder to track their online activities. Ultimately, the responsibility for online safety lies with adults, not teens. The internet remains a tool for growth and development. For future success, it is crucial for children to have at least a basic understanding of how to use neural networks, comprehend social media algorithms, promote products and services, create chatbots, and analyze large data sets. These skills are becoming essential for the employability of the younger generation. A failure to cultivate digital maturity, trust, and responsibility will only trigger fresh waves of panic as new internet services and opportunities are introduced. What the internet and AI cannot replace is human contact and emotional closeness. These should be the family’s primary assets. The fear of losing control should not outweigh the fear of losing connection with your child. Instead of resorting to yelling, shaming, or taking away devices, adults need to learn to listen and create a space where kids feel safe sharing their secrets, and the absurd and dangerous messages they might receive – like requests for shirtless photos or their dad’s credit card number.
Lesya Ryabtseva is a journalist and blogger.
STARMER TO BAN SOCIAL MEDIA FOR THE OVER 60S SATIRE
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ism initiatives, Beijing has sought to project itself as a constructive force in world affairs. China’s vision is built on mutual respect, sovereign equality and peaceful co-existence. These principles are deeply felt in many parts of the developing world, where countries are increasingly in search of alternatives to bloc politics and zero-sum competition. The visit to Pyongyang is an example of how China puts these principles into practice, remaining engaged, encouraging dialogue and promoting cooperation even in complex geopolitical circumstances. The timing of the visit is especially significant. The transformations occurring in the international system are profound and countries around the world are reassessing their strategic priorities and partnerships. Xi Jinping’s diplomatic outreach is a reflection of China’s confidence that it can shape regional developments through engagement rather than confrontation. The summit also strengthens Beijing’s credentials as an indispensable stakeholder in any future efforts to address issues on the Korean Peninsula. Whatever the goal, be it denuclearization, economic development or the establishment of a lasting peace mechanism, China’s participation is indispensable. The Xi-Kim meeting is a reminder that sustainable solutions require the participation of all major stakeholders and cannot be unilaterally imposed. Going forward, the visit will likely enhance political trust between Beijing and Pyongyang and expand possibilities for practical cooperation. It may also help to
In that respect, the Xi-Kim meeting is not only about China and North Korea. It is about the future course of Northeast Asia and the wider international order. Beijing and Pyongyang have reaffirmed their strategic partnership and commitment to peaceful development and send a clear message that engagement, not isolation, is the best way to get to enduring stability and shared prosperity.
Social media bans won’t save your child RT
parties to be addressed through political dialogue and confidence-building measures. Xi Jinping’s visit reinforces this long-standing position and demonstrates China’s commitment to diplomatic engagement to head off conflict. This approach is all the more relevant in an era of multiple international crises. The failures of coercive diplomacy are now obvious in Europe, the Middle East, and the Asia-Pacific. In this context, China’s focus on dialogue and consultation provides an alternative model of dispute management and tension reduction. Economic cooperation was another important theme of the summit. Despite international sanctions and external constraints, China remains North Korea’s largest trading partner and most important economic companion. Enhanced cooperation in infrastructure, transportation, agriculture, energy and border trade could open up new opportunities for North Korea’s economic development and improve regional connectivity. Helping neighbouring countries grow economically is part of Beijing’s broader vision of shared prosperity. Chinese policy makers have long held that development is the basis of security, and that economic growth helps to nurture social stability. China aims to promote economic cooperation with North Korea as a way of creating conditions for long-term peace and development on the Korean Peninsula. And more economic engagement is in China’s own interest. A stable and growing North Korea lowers the chances of humanitarian disasters, refugee surges and security crises on China’s doorstep. Thus, economic cooperation is not only a strategic investment but also a pragmatic action to protect the stability of the region. The summit is also a reflection of Xi Jinping’s broader approach to foreign policy. Thanks in part to his leadership, China has become a more engaged player in global governance and international diplomacy. Through connectivity, development and multilateral-
NEWS BISCUIT suLLy
N a bold move, Keir Starmer will announce age checks on social media to protect older voters from radicalisation. ‘Social media is a hellhole’, a spokesman told us. ‘Flags, memes, outright lies – old people aren’t properly prepared. They tend to believe any rubbish if it’s in print. Twitter is like the Daily Mail on steroids’. Over 60s will need permission from their children or two medical professionals to own a smartphone. The Government will issue Nokia 8850s from official stockpiles for emergency use and also to get rid of the stockpile. Bad procurement decision in the 90s. We asked some over 60s what they thought of the proposals. Comments included ‘It’s Sharia Law, innit, they’re gonna make all the women wear burkas’, ‘I blame the darkies’ and ‘Chemtrails’, which seem to justify the decision. The move has been condemned by the Russian Embassy, which accused Starmer of being a ‘spoilsport’.
Kids internet ban resurfaces three rings
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THRONGSMAN
ITH the government hell-bent on stopping under sixteen year old children accessing the internet, children are pointing out they use their apps to monitor their friends have returned home safely. ‘Apparently I’ll need to use my minutes or text allowance to check if Billy got home ok,’ said Jimmy, aged eight, ‘and I need that to ensure I can call my mum if I’m stuck. So I’m going to use something I found on the internet - apparently people used to dial friends and hang up after three rings. With caller ID that should work and will be free,’ he added. Phone companies are looking into whether they can monetise this, as providing safety for kids isn’t on the corporate dashboard.
Economic cooperation was another important theme of the summit. Despite international sanctions and external constraints, China remains North KoreaÊs largest trading partner and most important economic companion. bring about greater stability in Northeast Asia by improving communication and reducing the chances of miscalculation in times of heightened tension. Ultimately, Xi Jinping’s visit to Pyongyang is far more than a bilateral diplomatic event. It shows the enduring strength of a historic partnership, indicates the expanding influence of China in regional affairs and underscores the significance of dialogue in a more fragmented world. In an era where geopolitics often dominates the international conversation, the summit is a reminder that diplomacy, cooperation and mutual respect remain critical tools for building peace and stability. In that respect, the Xi-Kim meeting is not only about China and North Korea. It is about the future course of Northeast Asia and the wider international order. Beijing and Pyongyang have reaffirmed their strategic partnership and commitment to peaceful development and send a clear message that engagement, not isolation, is the best way to get to enduring stability and shared prosperity.
The writer is Head of News at Pakistan Today. He has a special focus on current affairs, regional and global connectivity, and counterterrorism. He tweets as @mian_abrar and also can be reached at hussainmian@gmail.com
Netanyahu fumes, allies rage over Trump’s Iran deal The MOU says the ceasefire includes the fighting between Israel and Hezbollah, and that Israel would have to withdraw from Lebanon under any final deal
I
AXIOS
baRak Ravid
SRAELI Prime Minister Benjamin Netanyahu was silent on Wednesday as President Trump released and signed a deal that Israeli officials see as a strategic and political disaster.
WHY IT MATTERS: Netanyahu promised the Israeli public “total victory” in Iran. He had to settle for Trump’s memorandum of understanding — and frequent criticism from the president, all four months before an election. THE BIG PICTURE: Netanyahu stands alone internationally in his belief that the deal is a mistake and the war should have continued. Even the United Arab Emirates, which had been the most hawkish of the Gulf states, decided to join the regional consensus in favor of the deal. In Washington too, Netanyahu’s allies in the GOP and in the media are reluctant to fully trash a deal that carries Trump’s imprimatur. There will be no repeat of Netanyahu’s address to Congress in 2015 to rally opposition to then-President Obama’s Iran deal. Netanyahu can’t even go on cable news and bluntly oppose the deal, unless he wants a fight with Trump. BEHIND THE SCENES: Instead of public denunciations, Israeli officials have been expressing deep concern about the deal in background briefings with Israeli reporters. Meanwhile, Netanyahu-aligned media outlets — most of which had been emphatically pro-Trump — have started to attack Trump and his team. One prime-time host on Netanyahualigned Channel 14 called Vice President Vance a “scumbag” and used an antisemitic slur to accuse Trump’s envoys Steve Witkoff and Jared Kushner of selling out Israel for financial gain. THE OTHER SIDE: At the G7 summit on Wednesday, Trump thanked Netanyahu for his cooperation during the war with Iran, while also taking swipes at the prime minister.
“Bibi is a good man. He gets a little excited sometimes. But we have an amazing partnership. We are the big partner and he is the very small partner,” Trump said, referring to Netanyahu by his nickname. Days earlier, Trump told Axios that Netanyahu had “no f****** judgement” because he ordered out a strike in Beirut that nearly scuttled the deal. FRICTION POINT: Netanyahu was caught by surprise when Trump announced the deal on Sunday, and Israeli officials claimed as recently as Tuesday that Israel still hadn’t been allowed to review the MOU. A U.S. official acknowledged in a briefing with reporters on Wednesday that Netanyahu might not have seen the final text, but claimed the Israelis never asked for it and that the White House had given Netanyahu detailed briefings throughout the negotiations. During Wednesday’s press conference, Trump said he’d sent over a copy. The U.S. official claimed that despite Netanyahu’s skepticism, the PM had told Vance, Kushner and Witkoff that if Iran follows through on the nuclear concessions it told the U.S. it was willing to make, “that would be a home run deal.” ZOOM IN: The issue of greatest immediate concern for Netanyahu is Lebanon. The MOU says the ceasefire includes the fighting between Israel and Hezbollah, and that Israel would have to withdraw from Lebanon under any final deal. A Netanyahu adviser said Israel doesn’t consider itself bound by the Lebanon part of the MOU. The adviser noted that Netanyahu told Trump Israeli forces would not withdraw from southern Lebanon unless Hezbollah was disarmed. “We have a little dispute about Lebanon,” Trump said on Wednesday. WHAT TO WATCH: The White House says this won’t be a “one-sided ceasefire” and Israel will have the ability to retaliate if Hezbollah attacks. U.S. officials also hope Israel will use the next 60 days to make progress in its negotiations with Lebanon on a political settlement, and that an Israeli withdrawal might result from those talks — rather than from a nuclear deal with Iran. Trump also criticized Israel’s tactics in Lebanon again on Wednesday, saying it was unacceptable “to knock down an apartment house every time you’re looking for somebody.” THE BOTTOM LINE: Even the presidents with whom Netanyahu often quarreled weren’t so bluntly critical of Israel. It was another blow for Netanyahu to absorb from his indispensable ally.
06 NEWS
TRUMP SAYS IRAN TRUCE AVERTED GLOBAL ECONOMIC CRISIS
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Friday, 19 June 2026 | ISLAMABAD
EVIAN-LES-BAINS, FRANCE AGENCIES
S President Donald Trump has defended the interim agreement reached with Iran, saying the deal helped avert what could have become a global economic catastrophe while warning that military action could resume if Tehran failed to honour its commitments. Speaking at the conclusion of the G7 summit on Wednesday, Trump said prolonging the conflict risked severe consequences for the global economy, particularly through disruptions to energy supplies and trade routes. He said shipping traffic through the Strait of Hormuz had increased significantly since the truce. He expressed hope that the agreement could pave the way for broader peace in the Middle East but warned that Washington could return to military action if Iran violated the terms of the accord. He also thanked Chinese President Xi Jinping and Russian President Vladimir Putin for remaining neutral during the conflict. "So, the one thing I didn't want to see is, I didn't want to see economic catastrophe. If you kept this going, that could have happened," Trump told a press conference at the end of the G7 summit in the French town of Evian-Les-Bains. The war, which began with US and Israeli strikes on Iran on February 28 and spiralled into a broader regional conflict, has driven up energy prices, renewed inflationary pressures and sparked concerns about a major food supply crisis in developing coun-
Iran's negotIatIng secret
Hiring psychologists to manage trump's 'psychopathic behavior' during talks US
AGENCIES
tries. However, after months of diplomatic efforts by Pakistan, both sides agreed to a 14-point document, titled "Islamabad Memorandum of Understanding", which is scheduled to be signed on Friday (tomorrow), opening a 60-day window to negotiate a permanent settlement of disputes. Trump warned that he could bomb Iran again if Iran did not honour the deal. "We're going to bomb the hell out of them (Iran) if they violate the agreement," Trump said. Earlier, he had said: "If I don't like it, if they (Iran) don't behave, we'll go right back to
dropping bombs right smack in the middle of their head, OK?" Trump gently rebuked Israeli Prime Minister Benjamin Netanyahu over his tactics in Lebanon. "We have a little dispute over Lebanon. I say you can do a little softer touch, Bibi[Netanyahu]," he said. "You don't have to knock down a building every time somebody walks into it that's from Hezbollah." Later, speaking in Paris, Trump said that ?it would be unfair for Iran not ?to have ballistic missiles if other countries have them. "If Saudi Arabia ?and Qatar, and they
As the United States and Iran edged toward a historic agreement to end months of war, Tehran was running a parallel operation behind the scenes — one that had nothing to do with centrifuges or sanctions, and everything to do with the man sitting across the diplomatic table. Iran's negotiating team quietly brought two senior psychologists into its advisory circle to assess the mental state of President Donald Trump and help craft the messages being routed to him through regional mediators, Drop Site News reported Sunday, citing an Iranian official who was not authorised to speak publicly. The psychologists joined the process
all have some, I would say in relative proportion, I think it's okay," Trump told reporters. Trump said that ?the United States will leave its ?military in the Gulf "for a while" after the ?deal. He thanked Chinese President Xi and Russian President Putin for remaining "neutral" during the war with Iran, saying they had not thwarted his efforts to
Punjab Budget reflects Maryam nawaz’s priorities as every segment of society benefits from relief
T
SAIF AWAN
HERE has long been a common perception that annual budgets primarily focus on government expenditures and offer little tangible relief to the public. Chief Minister Punjab Maryam Nawaz has effectively dispelled this notion. Since assuming office, she has introduced a governance model centered on public service delivery, setting a new benchmark not only for Punjab but for provincial governments across Pakistan. The pace and scale of development witnessed in Punjab over the past two years are remarkable. Projects that governments traditionally launch during the final phase of their tenure have been initiated and, in many cases, completed within the first two years of Maryam Nawaz’s administration. Even before becoming Chief Minister, she had established herself as a prominent political figure. However, as a public office holder, she has sent a clear message to political leaders across the country: when people elect you, your foremost responsibility is to address their problems and provide maximum relief. Over the last two years, there has hardly been a sector in Punjab that has not witnessed new initiatives under her leadership. Similarly, there is scarcely any segment of society that has not benefited from government relief measures. During her first year in office, Maryam Nawaz launched more than 70 projects, nearly 50 of which were
completed within the same period. In her second year, the number of initiatives surpassed one hundred. For years, it was widely believed that development spending in Punjab was largely concentrated in Lahore, with educational, healthcare, employment, infrastructure, and transport facilities confined to the provincial capital. Maryam Nawaz has challenged this perception. Today, development projects and modern public transport facilities can be seen from Lahore to Rawalpindi and from Attock to Rahim Yar Khan and Vehari. The Punjab Development Programme stands as a testament to this transformation. Punjab Finance Minister Mujtaba Shuja-ur-Rehman recently presented the provincial budget for the fiscal year 202627, with a total outlay of Rs 5.903 trillion. A development budget of Rs 752 billion has been allocated. Similar to the previous fiscal year, when Punjab announced a record development programme, visible progress is expected across the province. Unlike traditional budgets that remain con-
fined to official documents, Punjab’s budget is increasingly evident on the ground. To improve service delivery, Rs 783 billion has been allocated, representing a 15 percent increase over the previous year. The education sector has received Rs 750 billion, healthcare Rs 500 billion, and agriculture Rs 91 billion. In education, the government has achieved several milestones. For the first time, scholarships have been awarded to 80,000 students, while 100,000 laptops have been distributed. Additionally, 240 students from Balochistan have been included in the scholarship programme. Around 27,000 students have received electric bikes. The upgradation of government schools is progressing rapidly, while modern IT laboratories are being established across educational institutions. A flagship initiative is the establishment of Nawaz Sharif Schools of Eminence. Nearly 300 such schools are planned throughout Punjab. In the first phase, 128 schools have already been completed, while 178
more will be developed in the second phase. These institutions will provide state-of-theart educational facilities. Having personally visited the newly established Nawaz Sharif School of Eminence in Harbanspura, I believe both Chief Minister Maryam Nawaz and Education Minister Rana Sikandar Hayat should visit this exemplary institution. The healthcare sector has also undergone significant transformation. Public hospitals have been upgraded, and Rs 100 billion has been allocated to ensure the provision of free medicines. Patients no longer need to purchase medicines from outside hospitals, while diagnostic tests are increasingly being conducted within hospital facilities. The agriculture sector has received unprecedented attention. Over the past two years, the government has distributed 21,000 Green Tractors among farmers, while the third phase of the Green Tractor Scheme is already underway. By the end of the current fiscal year, the target is expected to reach 31,000 tractors. Thousands of farmers have received Kissan Cards, while Super Seeders and solarisation projects for tube wells have also been implemented. These initiatives demonstrate the government’s practical commitment to agricultural development. As a result, development activity is visible across Punjab. This, perhaps, is the most significant achievement of the Maryam Nawaz government.
Xi urges CPC members to uphold revolutionary spirit, pursue new achievements BEIJING
STAFF CORRESPONDENT
Chinese President Xi Jinping has called on members of the Communist Party of China (CPC) to carry forward the Party’s revolutionary traditions and strive for fresh achievements on the new journey of national rejuvenation and development. Xi, who is also General Secretary of the CPC Central Committee and Chairman of the Central Military Commission, made the remarks in a reply letter to 102-year-old veteran Party member Zhang Liansheng ahead of the 105th founding anniversary of the CPC, which will be observed on July 1. In his message, President Xi extended heartfelt greetings to Zhang as well as to veteran Party members and comrades across the country, paying tribute to their lifelong dedication and service to the Party and the nation. Xi praised Zhang’s distinguished contributions during the War of Liberation, recalling that he served as a radio operator with the “Fourth Brigade,” a Xinhua working team that accompanied the CPC Central Committee and Chairman Mao Zedong in northern Shaanxi
during the revolutionary struggle. The Chinese leader noted that Zhang had followed the Party Central Committee through the hardships of war, devoted his entire life to communications technology, and continued to show concern for the Party and the country despite his advanced age. “I would like to express my respect to you,” Xi wrote, commending Zhang’s unwavering faith in the Party and his profound devotion to its cause. Highlighting the significance of veteran Party members as role models, Xi urged all CPC members to remain true to the Party’s founding mission, uphold their original aspirations, and carry forward the spirit of dedication and responsibility that has guided generations of Chinese revolutionaries. He emphasized that Party members in the new era should faithfully perform their duties, work diligently, shoulder responsibilities with courage, and contribute actively to the country's modernization drive and national rejuvenation. Xi’s message comes as China prepares to celebrate the 105th anniversary of the founding of the Communist Party of China, a milestone that reflects the Party’s central role
in the country's development and transformation. The “Fourth Brigade,” in which Zhang served during the revolutionary period, was responsible for news reporting and liaison work, ensuring communication between the CPC leadership and various fronts during the war years. Observers view Xi’s remarks as a reaffirmation of the Party’s emphasis on preserving its revolutionary heritage while mobilizing members to contribute to China’s longterm development goals and modernization agenda.
after the first round of bilateral talks in Islamabad in April, as both sides began exchanging proposed terms for a possible memorandum of understanding. Their task, as the official described it, was clinical in nature. "We added two senior psychologists to the negotiations' advisory circle so that we can shape messages intended for President Trump from the perspective of managing what we regard as psychopathic behavior pattern," the official told Drop Site. The strategy, by Tehran's own account, produced results. According to the Iranian official, there was a marked improvement in Trump's behaviour once Tehran started incorporating the psychiatrists' recommendations into its messages and written communications.
curb Tehran's nuclear ambitions. "I just want to thank them because they made it a lot better," Trump said. "I want to thank China, President Xi. I was with him, and he stayed neutral, totally neutral, and I appreciate it," Trump said. "And I want to thank Vladimir Putin, he was very neutral. They could have made it much more difficult for us."
Israel cuts contact with EU diplomat Kaja Kallas over reported 'apartheid' remarks JERUSALEM AGENCIES
Israeli Foreign Minister Gideon Saar said on Thursday he was breaking off contact with European Union foreign policy chief Kaja Kallas over reported remarks in which she allegedly compared Israel to apartheid-era South Africa. The latest dispute comes amid already strained ties between Israel and the EU since the Gaza conflict began in October 2023, as well as continuing concern over violence by Israeli settlers against Palestinians in the occupied West Bank. In a post on X, Saar accused Kallas of treating Israel unfairly and referred to reports about comments allegedly made during her visit to Mexico last month. He said she had not issued any denial or clarification.
Hegseth hails defence progress by Nato allies, says some must 'do more' WASHINGTON AGENCIES
United States Secretary of Defence Pete Hegseth on Thursday hailed progress by North Atlantic Treaty Organisation (Nato) allies to meet defence spending vows, but said some must “do more”, as he struck a conciliatory tone at an alliance meeting. “Many countries following through, some that still need to do more, and we will be candid about that, both in private and in public,” Hegseth said ahead of talks with Nato defence ministers in Brussels. “I think that’s important — friends being honest with friends.” The warm tone will likely reassure Washington’s allies ahead of a summit with US President Donald Trump next month — after the mercurial leader lashed out at Europe over its response to his war on Iran. Nato will look to showcase increased expenditure by Europe to prove to Trump it is progressing on a pledge last year to reach five per cent of GDP on defence-related spending. “When it comes to spending, what we are seeing is staggering amounts of money coming in,” Nato chief Mark Rutte said. “Europe and Canada spending in 2025 more than $90 billion extra compared to 2024, which is almost a 20 pc increase in defence spending.” Despite the positive spin from the alliance, a Nato official said that three European countries, including Slovenia and the Czech Republic, are currently on course to fall short of a crucial two per cent threshold this year. Washington has been clear with Europe that it wants Nato allies on the continent to take over primary responsibility for their own conventional defence as the US focus shifts towards China.
'every year the heat is increasing': India learns to live with hotter summers NEW DELHI
AGENCIES
On India’s hot plains, scorching summers have become increasingly harder to endure, requiring adaptations and forcing life into the hours of dark before the sun turns punishing. “We try to adjust, but the traditional ways to combat heat are not working,” said 26year-old herdsman Sawai Bhati Singh, who lives outside the desert city of Jaisalmer, in the western state of Rajasthan. “EVERY YEAR THE HEAT IS INCREASING.” His home, made of thick stone blocks with few windows, helps keep some of the furnace-like heat out. But temperatures inside are
still stifling. The South Asian country is no stranger to scorching summers, but years of scientific research have found climate change is causing heatwaves to become longer, more frequent and more intense. Temperatures in Singh’s village of Sanwata hit 45 degrees Celsius in early June, as is often during the summer. The highest temperature recorded in the area has been 49 degrees Celsius. Singh is worried about the health of his two young sons, aged two and four, playing barefoot in the dust. In a separate kitchen hut with a thatched roof for ventilation, his wife and mother struggle as they
cook on a wood fire. Water is drawn from a nearby well and cooled in bottles wrapped in woven jute string, using evaporation to lower the temperature. “They stay in the shade,” he said. “The heat impacts the eating, and that lowers their milk.” But temperatures are becoming harder to endure. The family bought their first air cooler, which uses wet fibres, last year. “We never needed it before, but last year was hot, so we bought one,” he said. “Now we have two.” A world away, along the lush green banks of the Yamuna river floodplains near the capital, New Delhi, farmer Bhole Shankar faces
a different version of the same crisis. New Delhi hit 46.5 degrees Celsius this summer, still below the sizzling 49.9 degrees Celsius record measured in 2024. This photograph taken on June 3, 2026 shows Debvati (L) washing clothes as her husband farmer Bhole Shankar pours fruit juice after returning from work in approximately 40 degrees Celsius temperatures, inside their shanty on the Yamuna river floodplains in New Delhi. — AFP “Living on the floodplain feels cooler than being stuck in the middle of houses,” 36-year-old Shankar said, standing outside a hut made of plastic sheeting on bamboo poles. “But on some days, day and
night feel the same.” Shankar, his wife and their three sons, aged between nine and 16, live beneath the city’s power lines — but their hut is not connected. A solar panel provides enough power to run a small fan, pushing hot air. The family shifts its routine, working in the fields before dawn, resting in the shade during the fiercest heat, and returning to check crops towards dusk. The family roll up the tent’s plastic wall and sleep on traditional rope-lattice beds, which both allow air to circulate. “Each passing year feels hotter,” he said. “We try to keep in the shade, but when you are a farmer, that’s hard.”
NEWS 07
Friday, 19 June 2026 | ISLAMABAD
CM DIRECTS STRINGENT SECURITY, PUBLIC Al-Ghazi Tractors Limited FACILITATION MEASURES FOR MUHARRAM Joins Pakistan Agricultural
CORPORATE CORNER
Coalition to Strengthen Support for the Country’s Agriculture Sector
LAHORE STAFF REPORT
Al-Ghazi Tractors Limited (AGTL), one of Pakistan’s leading manufacturers of agricultural machinery, has joined the Pakistan Agricultural Coalition (PAC) as a patron. The partnership was formalized through a Memorandum of Understanding, bringing Al-Ghazi into a coalition of the country’s foremost business and financial groups that is working to make Pakistan’s agriculture sector private sector-led, technologydriven, entrepreneurial and globally competitive.The partnership reflects Al-Ghazi’s intent to play an active part in the national agenda for agricultural growth, working alongside government, industry and the wider development community. By joining hands with PAC, Al-Ghazi lends its decades of on-ground experience and its standing within the farming community to a shared effort to build a stronger, more competitive and self-reliant agriculture sector for Pakistan.Agriculture remains the backbone of Pakistan’s economy and a primary source of livelihood for millions across the country.
Emirates launches world's most comprehensive travel insurance
ISLAMABAD STAFF REPORT
Emirates has become the first airline in the world to offer Comprehensive Travel Cover, an industryfirst travel insurance product that handles it all, including medical cover for conflict-related incidents, backed by airline-managed hotel accommodation and extended-stay support across a range of disruption scenarios.When itineraries include connecting on other airlines or Emirates services are unavailable, Emirates will also rebook disrupted customers to their destination at no additional cost, including where flights have been cancelled due to conflict-related disruption.Customers can now plan and travel with even greater peace of mind from the moment they book their journey, with expanded medical cover in the insurance product, supported by Travel Guard, and additional disruption support by Emirates on top of the existing travel insurance offering.Rooted in Emirates' 'fly better' brand promise and its duty of care to customers is airline-managed hotel accommodation during disruptions, including airspace closures. This is in addition to existing customer-first benefits such as a free date change for tickets booked from 2 April, and the option to ‘hold my fare’ for 24 hours free of charge, giving travellers flexibility, reassurance.
World Blood Donor Day 2026: Shaukat Khanum Oncologist Dr. Usman Ahmed Urges Voluntary Blood Donation LAHORE
STAFF REPORT
On the occasion of World Blood Donor Day 2026, Dr. Usman Ahmed, Head of Medical Oncology at Shaukat Khanum Cancer Hospital, urged the public to regularly donate blood voluntarily, emphasizing that blood donation is not only a life-saving act but is also essential for patients suffering from cancer, thalassemia, severe anemia, accident-related injuries, women facing pregnancy complications, patients undergoing major surgeries, and many others with serious medical conditions.He said that blood is a unique gift for which there is no artificial substitute, and millions of patients worldwide depend on blood and its components every day. He added that timely availability of blood in emergency medical situations plays a critical role in saving human lives.He further stated that cancer patients are also among those who frequently require blood transfusions during treatment. Chemotherapy, certain medications, and other medical procedures can reduce blood cell and platelet counts, making transfusions of blood or its components necessary. “At our cancer hospital, every donation of blood brings hope, courage, and the message of life for patients,” he said.
P
LAHORE
STAFF REPORT
UNJAB Chief Minister Maryam Nawaz Sharif on Thursday directed authorities to ensure the best possible arrangements and strict security measures during Ashura of Muharram-ulHaram across the province. Chairing a review of preparations, the chief minister ordered the formulation of a comprehensive security plan to maintain law and order. In view of the intense heat, she also directed officials to make special arrangements for the provision of cold drinking water and beverages for mourners. CM Punjab instructed the Suthra Punjab programme administration to ensure water sprinkling along the routes of processions and directed that Rescue 1122, field hospitals and clinics-onwheels remain available round the clock on the routes of processions and at congregation venues. She said QR code panic button facil-
ities were being provided at more than 4,700 imambargahs across the province. According to the chief minister, the facility would enable immediate and timely assistance in any emergency situation. “Protection of the life and property of citizens will be ensured at all costs,” she said.
Beaconhouse Receives Exclusive Status from Google LAHORE
STAFF REPORT
Beaconhouse has been recognised as a Google for Education Premier Reference District, making it the only institution in Pakistan to receive this distinction. As a Premier Reference District, Beaconhouse joins a global community of leading institutions that are shaping the future of education through purposeful and effective use of digital tools for collaboration, critical thinking, creativity, accessibility, and personalised learning. The Google for Education Reference District programme is an exclusive recognition awarded to educational institutions and school networks that demonstrate outstanding and innovative use of technology to improve teaching and learning outcomes. Through this achievement, Beaconhouse will represent Pakistan in the official global Google for Education Directory. COO Beaconhouse School System, Ali Ahmad Khan welcomed the achievement saying, “This recognition is a testament to Beaconhouse’s longstanding commitment to innovation in education. Becoming Pakistan’s only Google for Education Premier Reference District reflects the dedication of our teachers, school leaders, and teams who continue to embrace technology as a meaningful tool for improving learning outcomes.”
inDrive to help drivers to meet fuel cost expenses KARACHI
STAFF REPORT
inDrive, has officially kicked off its highly anticipated nationwide driver appreciation campaign, "Sahi intekhaab ka sahi inaam". The mega-campaign is designed exclusively to reward the hard work, consistency, and dedication of inDrive’s driver community with fuel vouchers across Karachi, Lahore, and Islamabad.The platform has committed to distributing a pool of 2,500+ high-value prizes over the campaign's duration., drivers in Karachi, Lahore, and Islamabad must maintain "active" status by completing a minimum of 50 rides per week. To mark the operational rollout of the initiative, inDrive successfully hosted its first session in early June, officially announcing the first batch of 1000 fuel voucher winners from the pool of eligible captains. The remaining 1500 vouchers will be distributed evenly across four upcoming sessions scheduled throughout the campaign period."Drivers are the backbone of the ride-hailing ecosystem we have built in Pakistan," said Muhammad Awais Saeed, Country Lead for inDrive Pakistan. "Awarding these first 1000 fuel vouchers is just the beginning of a sustained effort to alleviate operational costs for our most dedicated drivers during this high-demand summer season.
The chief minister said Muharram-ulHaram teaches patience, perseverance, love and brotherhood, adding that mourners participating in processions and religious gatherings would be provided with a safe and peaceful environment. She further said that more than
Telecom Operators’ Association Hosts GSMA Gender Gap Report Launch, Lauds Record Reduction in Pakistan’s Mobile Gender Gap
124,000 police personnel and 15,000 Rangers officials would perform security duties across the province during Muharram-ul-Haram. Turkish First Lady Extends Best Wishes to CM Maryam Nawaz for Swift Recovery Turkish First Lady Emine Erdoğan, wife of Turkish President Recep Tayyip Erdoğan, has sent a special letter to Punjab Chief Minister Maryam Nawaz Sharif, inquiring after her health and wishing her a speedy recovery. In her letter, Emine Erdoğan stated that she was concerned to learn about CM Maryam Nawaz Sharif’s health condition and surgery. She assured that they were ready to extend every possible support regarding her treatment. Expressing her good wishes, the Turkish First Lady prayed for the chief minister’s early and complete recovery. She also conveyed her goodwill and best wishes for the people of Pakistan. The letter reflects the cordial relations and mutual goodwill between Pakistan and Türkiye.
President LCCI Inaugurates IFTECH Pakistan and Plasti&Pack Pakistan 2026 in Lahore
ISLAMABAD
STAFF REPORT
The Telecom Operators’ Association (TOA), together with GSMA, hosted an event to mark the release of the GSMA Mobile Gender Gap Report 2026, which highlights Pakistan’s historic progress in narrowing the mobile gender gap.According to the report, Pakistan recorded the largest improvement among all surveyed countries in narrowing the mobile ownership gender gap, which declined from 37% in 2024 to 27% in 2025. Pakistan also ranked among the top-performing countries across the 14 low- and middle-income countries (LMICs) surveyed, recording improvements across nearly all indicators of women’s digital access and usage.A key highlight of the report was the sharp reduction in the mobile internet gender gap, from 25% to 8% in just one year, among the fastest improvements recorded globally. Women’s mobile internet usage increased significantly, while male usage remained relatively stable, indicating strong momentum in women’s digital adoption.
Select Technologies IPO registration opens; book building scheduled for June 22-23 KARACHI
STAFF REPORT
Registration of eligible investors for the Initial Public Offering (IPO) of Select Technologies Limited commenced on 17th June and will continue until 3pm June 23, 2026, ahead of the company’s book building process scheduled for June 22 and June 23, 2026.Select Technologies Limited, a wholly owned subsidiary of Air Link Communication Limited, is engaged in the manufacturing and assembly of smartphones, smart TVs, air conditioners and other consumer appliances in Pakistan for globally recognized brands including Xiaomi and Hisense.According to the company’s prospectus, the IPO comprises 88.889 million ordinary shares, representing 10 percent of the company’s post-IPO paid-up capital. The floor price has been set at PKR 28 per share, with a maximum price band of up to 50 percent, or PKR 42 per share. At the floor price, the issue size stands at PKR 2.489 billion, while at the upper price band, the company may raise up to approximately PKR 3.7 billion.Out of the total issue size, 75 percent will be offered through the book building process, while the remaining 25 percent will be offered to retail investors through the general public portion.
LAHORE STAFF REPORT
The 21st editions of IFTECH Pakistan 2026 and Plasti & Pack Pakistan 2026, officially opened today at Expo Centre Lahore, bringing together leading local and international companies, technology providers, manufacturers, industry associations, and trade professionals from across the globe. The premier exhibitions were inaugurated by Mr. Faheem ur Rehman Saigol, President of the Lahore Chamber of Commerce & Industry (LCCI), who attended as the Chief Guest. Also present on the occasion were Mr. Imran Rehman, Chairman of the Flexible Packaging Association of Converters of Pakistan (FLEXPAC), and Mr. Aamer Khanzada, Managing Director of Pegasus Consultancy (Pvt.) Ltd., along with distinguished international delegates and exhibitors participating in the exhibitions. Speaking at the inauguration ceremony, Mr. Faheem ur Rehman Saigol highlighted the importance of industrial exhibitions in promoting technology transfer, investment, innovation, and international trade. He emphasized the role of Pakistan's manufacturing and food processing sectors in driving economic growth and export development. Mr. Imran Rehman appreciated the organizers for providing a world-class platform that connects local industry with global technology leaders, enabling businesses to explore new partnerships and modern manufacturing solutions. Organized by Pegasus Consultancy (Pvt.) Ltd., the three-day exhibitions have attracted participation from more than 200 exhibiting companies representing over 32 countries, including Argentina, Australia, Austria, Belgium, Canada, China, Denmark, Egypt, France, Germany, Hong Kong, Indonesia, Ireland, Italy, Lithuania, Malaysia, Netherlands, Pakistan, Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, Thailand, Türkiye, UAE, the United Kingdom, and the United States.
Apple Flagship Store Officially Launches on Daraz Pakistan in Partnership with GNext
BISP revolutionizes payments: women beneficiaries can now withdraw stipends from any partner bank retailer nationwide at their convenience
ISLAMABAD: In a landmark step towards enhancing financial inclusion and improving service delivery for women beneficiaries, the Benazir Income Support Programme (BISP) today signed agreements with 1LINK and partner banks to operationalize an interoperable digital wallet payment system, enabling beneficiaries to access their stipends more conveniently across Pakistan.The signing ceremony was held at BISP Headquarters in Islamabad and was chaired by Chairperson BISP, Senator Rubina Khalid. The event was attended by senior representatives of the State Bank of Pakistan, 1LINK, Habib Bank Limited, Bank Alfalah, Bank of Punjab, HBL Microfinance Bank, Easypaisa, JazzCash, and the World Bank.Speaking on the occasion, Senator Rubina Khalid described the initiative as a transformative reform that places beneficiaries at the center of the payment system. She said the new arrangement will significantly improve the payment experience for millions of deserving women by providing greater convenience, accessibility, transparency, and choice.The Chairperson said that, in line with the vision of the President of Pakistan, Mr. Asif Ali Zardari, to ensure dignified and hassle-free payments, BISP has successfully introduced a system that empowers beneficiaries to receive their financial assistance with dignity and ease.Under the new interoperable payment mechanism, stipends will be credited directly into beneficiaries’ digital wallets. Women beneficiaries will then be able to withdraw their payments from the nearest retailer or agent of any participating bank across Pakistan, regardless of which bank issued the payment. The system will gradually become the primary channel for BISP disbursements nationwide. STAFF REPORT
KARACHI STAFF REPORT
Daraz Pakistan has officially launched the Apple Flagship Store on DarazMall in partnership with GNext, Apple’s authorized distributor in Pakistan, giving customers a trusted and value-driven destination to shop original Apple products online.A formal signing ceremony was held at Daraz Head Office in Karachi, bringing together senior representatives from Daraz Pakistan and GNext to mark the launch. The partnership brings together Daraz’s e-commerce platform, nationwide reach and customer service infrastructure with GNext’s authorized Apple distribution network, product authenticity assurance and after-sales support.Through the Apple Flagship Store on DarazMall, customers can now purchase original Apple products with greater confidence, supported by competitive pricing, transparent offers, reliable fulfilment and official distributor-backed warranty support. The launch is designed to address key customer concerns in the high-value.
Friday, 19 June, 2026
looks to raise SC SEEKS REPLIES IN IMRAN KHAN JAIL ACCESS Sindh Rs450bn in sales tax CASE, FIXES HEARING WITHIN THREE WEEKS
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HE Supreme Court (SC) on Thursday directed the superintendent of Adiala Jail, Punjab’s home secretary, and the advocate generals of Punjab and Islamabad to submit their replies within three weeks in a case concerning alleged denial of access to incarcerated PTI founder Imran Khan. A three-member bench comprising Justice Muhammad Ali Mazhar, Justice Musarrat Hilali and Justice Shahid Bilal Hassan issued the directives while hearing an appeal filed by PTI Secretary General Salman Akram Raja against an Islamabad High Court (IHC) order dismissing his contempt petition regarding visitation rights for Imran Khan. During the proceedings, Justice Mazhar observed that the bench would not be available next week but directed that the appeal be fixed for hearing within three weeks. The court also ordered that the IHC’s October 23, 2025, judgment be placed on record at the next hearing. In his appeal, Raja argued that the IHC had relied solely on the oral assurances of the Adiala Jail superintendent re-
garding compliance with court directions without examining the relevant record or verifying implementation of standard operating procedures governing meetings between the former premier and his legal team. The petition maintained that the high court failed to enforce its March 24, 2025, judgment, which had laid down clear directives regarding visitation rights for Imran Khan’s lawyers and nominated
Five jailed PTI leaders call for dialogue with PM on ‘Charter of Pakistan’ LAHORE
LHC stops Punjab from further action in Ewing Hall lease dispute LAHORE
STAFF REPORT
STAFF REPORT
Five senior Pakistan Tehreek-e-Insaf leaders imprisoned in Kot Lakhpat Jail have urged the opposition to respond positively to Prime Minister Shehbaz Sharif’s outreach by pushing for a broader national dialogue on what they described as a ‘Charter of Pakistan’ rather than limiting talks to the economy alone. In a joint letter dated June 17, the leaders — Shah Mehmood Qureshi, Dr Yasmin Rashid, Omar Sarfraz Cheema, Ejaz Chaudhry and Mian Mahmoodur Rasheed — appealed to National Assembly Opposition Leader Mehmood Khan Achakzai, Senate Opposition Leader Allama Raja Nasir Abbas and PTI Chairman Barrister Gohar Ali Khan. The letter was shared by their counsel, Rana Mudassar Umer. The jailed leaders said Pakistan was at a decisive moment and referred to the government’s recent invitation to the opposition to sign a Charter of Economy. They argued that while economic reform and policy continuity remained important, the more basic issue was whether lasting economic stability could be achieved without political stability and constitutional clarity. According to the letter, the five leaders maintained that experience showed that a strong economy could not take root where constitutional supremacy was under question, political uncertainty persisted and public trust in institutions had weakened. They said investment, growth and prosperity depended on confidence in the rule of law, respect for the democratic mandate and predictable governance. Call to widen the agenda The PTI leaders said the country’s crisis was not only economic, but also political and constitutional in nature. In their view, trying to fix economic problems without addressing those underlying issues would not produce a durable solution.
IHC orders lawyers’ access to Imran Khan, Bushra within seven days in £190m case
The Lahore High Court has restrained the Punjab government from taking any further action over the 11.5-kanal Ewing Hall property owned by Forman Christian College University (FCCU), amid an ongoing dispute over the site’s possession and lease status. Justice Ahmad Nadeem Arshad issued the order on Thursday on a petition filed by the FCCU registrar. The court also suspended the operation of the Board of Revenue’s decision to cancel the lease and directed the Punjab government to submit a detailed report before the next hearing. The dispute surfaced earlier this month after activists and alumni expressed concern over what they described as the government’s repossession of Ewing Hall, saying the move could threaten a significant part of the college’s historical heritage. The Punjab government, however, has maintained
The Islamabad High Court (IHC) on Thursday directed the advocate general Islamabad to arrange meetings between former prime minister Imran Khan, his wife Bushra Bibi and their legal counsel within seven days to enable them to complete legal formalities for appeals against their conviction in the £190 million reference. A division bench comprising IHC Chief Justice Sardar Muhammad Sarfraz Dogar and Justice Muhammad Asif resumed hearing appeals against the sentences handed down by an accountability court in the National Accountability Bureau (NAB) case, also known as the Al-Qadir Trust case. During the proceedings, Imran Khan’s lawyer Barrister Salman Safdar told the court that despite repeated attempts, he had not been allowed to meet his client at Rawalpindi’s Adiala jail. He said that without access he could neither obtain instructions nor secure a signed vakalatnama, or power of attorney, for the appeals.
that the lease had expired years earlier and that substantial dues were still outstanding. Arguments before the court Counsel for the petitioner told the court that the Punjab government had forcibly taken possession of the land on June 11 and argued that the Board of Revenue’s action to cancel the lease was unlawful. The lawyer said the Ewing Hall land, located in Neela Gumbad, New Anarkali, had originally been leased to the college in 1915 and that the lease was extended in 2018 until 2048. The petitioner asked the court to restore possession of the land to the college and to bar the government from proceeding further until the matter is finally decided. Representing the Punjab government, an additional advocate general challenged the maintainability of the petition. The law officer argued that the petitioner had not paid lease rent since 1975, which he said was a breach of the agreement. He further con-
tended that land acquired for educational purposes was instead being used for commercial activities, and asked the court to dismiss the petition. During the hearing, Justice Arshad observed that if the government wanted to recover lease rent from the college administration, it should have first issued a proper notice before taking action. Takeover controversy In an earlier statement, FCC Rector Dr Jonathan Addleton said university officials were informed by telephone on June 10 that the building would be taken over the next day. According to that statement, the university was then given 24 hours to remove generators, furniture and historical artefacts from the premises. Days after the takeover sparked controversy, the Lahore Heritage Areas Revival Board denied reports that Ewing Hall would be demolished, saying the structure would instead be preserved and restored.
Pakistan misses oil, gas production targets as drilling falls short in FY26 PROFIT MONITORING REPORT
ISLAMABAD
STAFF REPORT
coordinators. It further argued that access to legal counsel is protected under Articles 4, 9, 10 and 10-A of the Constitution, which guarantee due process, liberty and the right to a fair trial. The appeal also challenged the application of Rule 265 of the Pakistan Prison Rules, 1978, contending that subordinate legislation could not override constitu-
tional guarantees or judicial orders. The case was scheduled following an earlier understanding reached between Chief Justice Yahya Afridi and Raja during a meeting held on May 20. Meanwhile, opposition supporters staged a protest outside the Supreme Court, demanding hearings in cases involving Imran Khan and seeking permission for him to meet family members. Court seeks power of attorney in Uzma Khan appeal In a separate but related matter, the same bench heard an appeal filed by Dr Uzma Khan, sister of Imran Khan, and directed her to submit a power of attorney (vakalatnama) along with a fresh application seeking an early hearing. The court observed that upon receipt of the required documents, the Registrar’s Office would schedule the case. Representing the petitioner, senior advocate Uzair Karamat Bhandari informed the court that the appeal had remained unnumbered for a month because the power of attorney signed by Imran Khan had not been obtained from prison authorities. Dr Uzma Khan argued that she had the legal standing to challenge the IHC judgment because it directly affected her brother’s rights and welfare.
Pakistan fell short of its crude oil and natural gas production targets during the financial year 2025-26, while domestic liquefied petroleum gas and coal output exceeded annual estimates, according to the Annual Plan 2026-27. Indigenous crude oil production reached 23.85 million barrels, or 95% of the annual target of 25.18 million barrels. Natural gas production stood at 1.07 trillion cubic feet against the target of 1.16 trillion cubic feet as output from mature gas fields continued to decline. Domestic LNG production, however, rose to 0.767 million tonnes, surpassing the target of 0.567 million tonnes. Indigenous coal production also exceeded expectations, reaching 21.147 million tonnes against the target of 20.47 million tonnes, achieving 103% of the estimate. Pakistan had planned to import 6.5 million tonnes of liquefied natural gas during FY26, but procurement was estimated at
5.26 million tonnes by June 2026 due to the Middle East conflict. Liquefied petroleum gas imports, meanwhile, increased to 1.5 million tonnes against the target of 1.05 million tonnes to supplement domestic supplies. Exploration and drilling activity remained substantially below target. Exploration and production companies drilled 36 wells, including 12 exploratory and 24 development wells, compared with the annual target of 87 wells. Despite the lower drilling activity, 17 hydrocarbon discoveries were reported during the year. These included one oil discovery and 16 gas or condensate discoveries. The government also granted 16 prospecting licences to exploration and production companies. Sui Northern Gas Pipelines Limited and Sui Southern Gas Company Limited collectively added 383,220 consumers against the target of 429,220. The two gas utilities, however, achieved their combined target of laying 3,707 kilometres of transmission and distribution pipelines. The Petroleum Division continued work on one project
funded through the Public Sector Development Programme. An allocation of Rs245 million was made for the expansion and upgradation of Pakistan Petroleum Corehouse to support oil and gas exploration research and maintain its operations. Exploration and production companies invested Rs446.082 billion during the year, while investment in the liquefied petroleum gas sector stood at Rs100 million. For FY27, the government has set production targets of 25.38 million barrels of crude oil, 1.29 trillion cubic feet of natural gas, 0.75 million tonnes of liquefied petroleum gas and 24.53 million tonnes of coal. It also plans to import 5.56 million tonnes of liquefied natural gas and 1.55 million tonnes of liquefied petroleum gas to meet domestic fuel requirements. Sui Northern Gas Pipelines Limited and Sui Southern Gas Company Limited have been assigned a combined target of providing 609,740 new gas connections and laying another 2,560 kilometres of pipelines during FY27.
STAFF REPORT
The Sindh government has set a target of Rs450 billion in collections from the Sindh Sales Tax on Services for fiscal year 2026-27, according to the chief minister’s budget speech, as it seeks to strengthen provincial revenues and reduce dependence on federal transfers. The target is significantly higher than the Rs388 billion budgeted for 2025-26 and the revised estimate of Rs360 billion for the same year. Actual collections in 2024-25 were reported at Rs284.22 billion, underscoring the scale of the increase envisaged for the coming fiscal year and the reliance on the Sindh Revenue Board to widen the tax net through improved compliance and digital systems. The services tax target is the main component of Sindh’s projected provincial tax revenue of Rs690.06 billion for FY27. This compares with a budget estimate of Rs676.06 billion in the previous year and a revised estimate of Rs623.73 billion. Within total indirect taxes projected at Rs535.41 billion, the services levy accounts for the largest share, alongside Rs15 billion in provincial excise, Rs40 billion in stamp duty and Rs30.41 billion in motor vehicle receipts. Other indirect taxes, including the Sindh Development and Maintenance of Infrastructure Cess, are expected to bring in Rs146.65 billion. Direct taxes have been budgeted at Rs8 billion, largely from agricultural income tax, while non-tax revenue is estimated at Rs85 billion. These figures take total provincial revenue, including tax and non-tax receipts, to Rs775.06 billion. Federal transfers and overall revenue framework When federal transfers of around Rs2.26 trillion are added, including revenue assignment of Rs2.08 trillion as well as straight transfers and other grants, Sindh’s total general revenue receipts are projected at Rs3.03 trillion. The overall provincial consolidated fund, including revenue and capital, is forecast at Rs3.71 trillion. The budget document also projects foreign project assistance loans at Rs256.06 billion, adding to capital inflows. Overall, the fiscal framework shows total revenue of Rs3.04 trillion against expenditure of Rs3.28 trillion, with financing to come through net capital receipts and a closing balance of Rs19.29 billion. Spending priorities and sectoral allocations The Sindh government has linked its revenue plans to spending on priority sectors. The budget allocates Rs583.21 billion for education and Rs338.21 billion for health.
ADB approves $700m policy-based loan to reform Pakistan’s insurance sector PROFIT
STAFF REPORT
The Asian Development Bank (ADB) has approved a $700 million policy-based loan to support reforms aimed at strengthening insurance in Pakistan. The program seeks to expand insurance coverage and reduce protection gaps. It will also help stimulate private sector participation and support sustainable economic growth. The Insurance Transformation Program will strengthen Pakistan’s financial resilience by deepening insurance markets and expanding financial protection for households, businesses, farmers, and public finances against extreme weather events, disasters, and lifecycle risks. The reforms are expected to reduce financial vulnerabilities, support faster recovery from shocks, and lessen pressure on public finances following disasters and other crises. “This program supports the transformation of Pakistan’s insurance sector from a legacy, rules-based framework to a modern, risk-based, and market-oriented system,” said ADB Country Director for Pakistan Emma Fan. “The reforms will help mobilize patient capital for development, expand financial protection for households and businesses, and support a more competitive, inclusive, and resilient insurance market.” Pakistan’s financial system remains heavily bankdominated, while insurance penetration stands at only 0.7% of the gross domestic product (GDP). As a result, many households, businesses, and farmers remain financially exposed to environmental, health, and economic shocks. The loan will support resilience initiatives and disaster risk financing by expanding inclusive and shockresponsive insurance products, particularly for farmers, women, and vulnerable households. In particular, the program will promote insurance solutions tailored to the needs of women and girls through targeted product design, digital access, and sex-disaggregated data. These measures aim to expand insurance coverage through digital distribution systems, satellite-based risk assessment, parametric insurance solutions, and risk-pooling mechanisms, while improving claims settlement and access to insurance services. Additionally, the program will support the development of capital markets and private pension products by mobilizing long-term savings for infrastructure financing, bond market development, and annuity-based pension systems.
Govt signals petroleum price cut as global oil rates ease PROFIT
AHMAD AHMADANI
Pakistani consumers may soon see lower petrol prices as easing US-Iran tensions push global oil prices down, with the government working on a mechanism to swiftly pass any reduction on to the public. Petroleum Minister Ali Pervaiz Malik said consumers across the country could soon receive relief as de-escalation between Iran and the United States had begun lowering international oil prices. He added that the government was developing a transparent mechanism to ensure that the benefit of lower global prices was passed on to consumers. In a statement posted on X, the petroleum minister said diplomatic efforts led by Prime
Minister Shehbaz Sharif, Field Marshal Asim Munir, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Interior Minister Mohsin Naqvi were beginning to produce results, with Iran and the United States moving towards a ceasefire agreement. He said signs of de-escalation had already affected global energy markets, leading to a decline in international oil prices and improving the prospects of relief for consumers. Global oil prices fell by more than $2 per barrel on Thursday after the U.S. and Iran signed an interim agreement that would end the Iran war, reopen the Strait of Hormuz, and waive U.S. sanctions on Tehran's oil, boosting the oil supply outlook. Brent crude futures were down $2.14, or 2.69%, at $77.41 a barrel as of 0616 GMT, and U.S. West Texas Intermediate fell
$2.36, or 3.07%, to $74.43 a barrel. Ali Pervaiz Malik said the prime minister had directed the relevant authorities to ensure that any reduction in international oil prices was promptly passed on to consumers. He added that the government would develop a transparent pricing formula for petroleum products to ensure that the public received the full benefit of changes in global oil markets. The minister announced that a high-level committee had been constituted to formulate a mechanism for determining petroleum product prices on a weekly basis. He said the new policy framework would be prepared in consultation with all stakeholders. According to official sources, the committee comprises Petroleum Minister Ali Pervaiz Malik, Law Minister Azam Nazeer
Tarar, Minister for Economic Affairs Ahad Khan Cheema, Minister of State for Finance Bilal Azhar Kayani, National Coordinator NCMC Lt Gen Muhammad Zafar Iqbal, Petroleum Secretary Momin Agha, Finance Secretary Imdadullah Bosal, OGRA Chairman Masroor Khan, FBR Chairman Rashid Mahmood Langrial, Pakistan State Oil Managing Director Syed Muhammad Taha, former PSO Managing Director Syed Naeem Ghauri, and energy expert Zahid Mir. Ali Pervaiz Malik said the government would keep the public informed about the reasons behind any increase or decrease in petroleum product prices to improve transparency and public understanding of fuelpricing decisions. Referring to recent regional developments, he said Pakistan had maintained un-
Published by Asad Nizami at Plot # 7, Al-Baber Centre, F/8 Markaz, Islamabad, for PT Print (Pvt) Limited. Ph: 051-2204545. Email: newsroom@pakistantoday.com.pk
interrupted oil supplies despite challenges in the region. He credited the government’s strategy and close coordination with industry stakeholders for protecting the country’s fuel supply chain during a period of heightened uncertainty. The petroleum minister said the government was also carrying out a comprehensive review of Pakistan’s energy security framework to strengthen preparedness against future disruptions. He expressed confidence that Pakistan would continue to overcome challenges through national unity, effective planning and coordinated policymaking. The minister reaffirmed the government’s commitment to protecting consumers and ensuring energy security.