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PM oRdeRs caP on load-shedding at two houRs aMid Rlng suPPly disRuPtion Saturday, 12 September, 2026 | 29 Rabiul Awwal, 1448

PREMIER SHEHBAZ DIRECTS EFFECTIVE USE OF ALL AVAILABLE RESOURCES, DIRECTING NO AREA TO FACE OUTAGE OF OVER TWO HOURS

SAYS DISCO GRIEVANCE COMMITTEES TO BE FUNCTIONAL WITHIN ONE WEEK TO ADDRESS PUBLIC COMPLAINTS

Rs 20.00 | Vol XVII No 168 | 8 Pages | Islamabad Edition

ORDERS IMMEDIATE MEASURES IN VIEW OF REGIONAL SITUATION, FUTURE REQUIREMENTS TO ADDRESS RLNG SUPPLY DISRUPTION PM CONDOLES DEATH OF FORMER HOCKEY CAPTAIN KHALID MAHMOOD

– pushes agriculture export drive, eyes new global markets ISLAMABAD STAFF REPORT

ISLAMABAD SALEEM JADOON

RIME Minister Muhammad Shehbaz Sharif on Friday took notice of increasing electricity load-shedding in various cities across the country and expressed displeasure over the situation, directing effective utilisation of all available resources to ensure that no area faces load-shedding for more than two hours. Chairing an important review meeting on power load management in the country, the Prime Minister directed that,

keeping in view the regional situation and future requirements, immediate measures be taken to address disruptions in the supply of Regasified Liquefied Natural Gas (RLNG). “All available resources be utilized effectively so that no area faces load-shedding for more than two hours,” said a statement issued by the Prime Minister’s Office, quoting PM Shehbaz as saying. The meeting was informed that, due to the prevailing regional situation, tensions in the Strait of Hormuz and transportation difficulties affecting the supply of RLNG, electricity generation had

new Provinces: opposition moves to convene all-parties conference ISLAMABAD

STAFF REPORT

The opposition on Friday announced plans to consult political parties for convening an all-parties conference (APC) to deliberate on key national issues, including the creation of new provinces, deteriorating law and order, economic challenges and inflation. PTI Chairman Barrister Gohar Ali Khan made the announcement after a meeting between his party and Jamiat Ulema-i-Islam-Fazl (JUI-F), describing the talks as a positive development. “We decided that on all national issues, we will take political parties into confidence,” Mr Gohar told reporters, saying the prevailing law and order situation, economic difficulties, inflation, lawlessness and the question of new provinces warranted an APC. He expressed hope that consultations among opposition parties would continue. According to a statement issued by the Tehreek-iTahaffuz Ayeen-i-Pakistan (TTAP), the PTI delegation met JUI-F chief at his residence, where the two sides held detailed discussions on the proposed APC and PTI’s planned protest on Sept 27. The meeting also focused on strengthening the country’s constitutional and democratic framework. The parties agreed on the need for greater political consultation and joint efforts to uphold the supremacy of the Constitution, rule of law and democratic principles. Separately, National Assembly Opposition Leader Mehmood Khan Achakzai said on X that he and Senate Opposition Leader Raja Nasir Abbas had also met PTI leaders, including Mr Gohar, and agreed to convene an APC “at the earliest”. According to a statement, the opposition leaders decided to meet again on Sept 15 to review progress towards convening the conference. They also agreed to contact other political parties at the earliest to finalise arrangements.

Prime Minister Muhammad Shehbaz Sharif on Friday stressed that effective coordination and partnership between the federal and provincial governments were essential for increasing per-acre agricultural productivity, introducing innovation in agriculture, developing the livestock sector and promoting agricultural exports. Chairing a high-level meeting on promotion of the agriculture sector and enhancement of agricultural exports, the Prime Minister directed that coordinated measures be taken to expand access for Pakistani agricultural products to international markets and explore new markets. He directed commercial officers posted at Pakistan’s missions abroad to play an effective role in promoting agricultural exports. He also directed that an effective

been reduced, resulting in a decrease in power output. Consequently, load management had

media campaign be launched to raise awareness among farmers about the mobile application available for monitoring crops. The Prime Minister said value addition in agricultural products was essential for increasing exports from the agriculture sector. He said the agriculture sector played a key role in the growth and stability of Pakistan’s economy. Proposals were presented at the meeting for the development of the agriculture sector and promotion of agricultural exports. The meeting was informed that Pakistan’s agricultural exports stood at US$5.18 billion during the last financial year. Rice, fisheries, halal meat, potatoes, sesame, tobacco, mangoes and maize were among Pakistan’s major agricultural exports. The meeting proposed the development of value chains to increase agricultural exports.

to be carried out to maintain a balance between demand and supply.

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Govt-opposition talks begin over new CEC appointment ISLAMABAD

STAFF CORRESPONDENT

Consultations between the offices of Prime Minister Shehbaz Sharif and National Assembly Opposition Leader Mehmood Khan Achakzai have begun to arrange a meeting on the appointment of a new chief election commissioner (CEC). Mr Achakzai said in a statement on Friday that the consultations followed a letter from the prime minister seeking a meeting with the opposition leader on the matter. A day earlier, media reports, quoting an official source, said that Prime Minister Shehbaz had decided to initiate dialogue with the opposition by inviting Mr Achakzai for mandatory consultations on the appointment of the new CEC. In August, Mr Achakzai had written to the prime minister urging him to appoint a new CEC along with ECP members representing Sindh and Balochistan. In a post on X, the opposition leader confirmed that consultations had commenced between the two offices to finalise arrangements for the meeting. The development came as opposition leaders held a separate meeting at the chamber of Senate Opposition Leader Allama Raja Nasir Abbas. The meeting was chaired by Mr Achakzai and attended by PTI Chairman Barrister Gohar Khan, PTI Secretary General Barrister Salman Akram Raja,

national tally rises to four as new polio case reported in KP PESHAWAR

STAFF REPORT

The Regional Reference Laboratory for Polio Eradication at the National Institute of Health has confirmed a new polio case in Bannu district of southern Khyber Pakhtunkhwa, raising the national tally to four so far in 2026. According to a press release issued here on Friday by the Emergency Operation Centre (EOC) KP, an eightmonth-old child in Union Council Noor, Tehsil Mirian, Bannu district, has contracted the polio virus. This is the third polio case reported from Khyber Pakhtunkhwa this year. Previously, one case each had been reported from Bannu district and North Waziristan. A total of four polio cases have been reported nationwide so far in 2026, comprising three cases from Khyber Pakhtunkhwa and one from Sindh province. The government-led Polio Eradication Initiative in Pakistan has urged all parents and caregivers to ensure that their children are vaccinated during the upcoming door-to-door campaign from September 21 to 27 and in every subsequent campaign to protect them from lifelong disability. Consistent vaccination is essential to protect every family and seize the historic opportunity to eradicate polio for good. Earlier on Thursday, Prime Minister Shehbaz Sharif reaffirmed Pakistan’s commitment to completely eradicating polio, saying the national programme continues to receive support at the highest level of government. The Prime Minister made the remarks during a meeting with a Gates Foundation delegation in Islamabad comprising Kalpana Kochhar and Anita Zaidi. The Prime Minister appreciated the foundation’s continued cooperation with Pakistan, particularly in areas including polio eradication, health, nutrition, financial inclusion and support for vulnerable communities. He said the government’s broader reform agenda also includes digital payments, food security, maternal and newborn health, poverty alleviation and climate change. The Prime Minister described the transition towards a cashless economy as a central part of Pakistan’s transformation agenda.

Petrol rises to Rs375.82, diesel crosses Rs400 after fresh price hike PROFIT

AHMAD AHMADANI

Asad Qaiser and other leaders. According to a Tehreek-i-Tahafuz Ayeen-i-Pakistan (TTAP) spokesperson, the meeting discussed the PTI’s planned Sept 27 protest, with Mr Achakzai and Mr Abbas directing the party to make full preparations for the demonstration. The spokesperson said the opposition leaders also discussed the prime minister’s letter and confirmed that consultations had begun between the offices of Mr Achakzai and the premier to arrange their meeting. The move follows National Assembly Speaker Sardar Ayaz Sadiq’s recent call for greater political harmony and stability. During an NA session last month, he had urged the prime minister to initiate dialogue with the opposition, suggesting that inviting the opposition leader for consultations

on the CEC appointment could serve as the first step. The five-year constitutional term of incumbent CEC Sikandar Sultan Raja expired on Jan 26, 2025. The terms of the ECP members representing Sindh and Balochistan also ended on the same date. Under Article 215(4) of the Constitution, appointments to the vacant positions were required within 45 days, which meant the process should have been completed by March 12, 2025. However, a proviso added to Article 215(1) through the 26th Constitutional Amendment allows the CEC and ECP members to continue in office until their successors are appointed. The three officials have consequently remained in their positions beyond the expiry of their five-year terms.

The government has increased petrol and high-speed diesel (HSD) prices by Rs5.02 and Rs5.28 per litre, respectively, for three days, taking their cumulative increases during the current week to Rs29.95 and Rs25.27 per litre. According to the Petroleum Division, the Oil and Gas Regulatory Authority (OGRA) has revised the ex-depot prices of petroleum products under the federal government’s petroleum pricing mechanism. The latest prices are applicable for September 12 to September 14, 2026. Under the latest revision, the price of petrol has been increased by Rs5.02 per litre, from Rs370.80 to Rs375.82 per litre, while the price of HSD has been raised by Rs5.28 per litre, from Rs398.04 to Rs403.32 per litre.The latest increase has pushed the HSD price above the Rs400-per-litre mark, adding further pressure on transporters, farmers, businesses and other major diesel consumers. The fresh hike has also sharply increased the cumulative burden on consumers during the current week. Compared with the prices applicable on September 7, petrol has climbed from Rs345.87 to Rs375.82 per litre, showing a total increase of Rs29.95 per litre in five days. Similarly, HSD has risen from Rs378.05 to Rs403.32 per litre, reflecting a cumulative increase of Rs25.27 per litre during the same period. The cumulative increase includes the successive revisions applicable on September 8, 9, 10 and 11, followed by the latest threeday revision for September 12-14. The latest revision means consumers will pay Rs375.82 per litre for petrol and Rs403.32 per litre for HSD during September 12-14, unless another revision is made under the government’s daily petroleum pricing mechanism.

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Trump reportedly rejects Saudi request for US strikes on Houthis WASHINGTON AGENCIES

US President Donald Trump has reportedly declined a request from Saudi Crown Prince Mohammed bin Salman for American military strikes against Houthi targets in Yemen, despite a fresh wave of attacks on Saudi territory. The request was made as Houthi forces intensified missile and drone attacks on Saudi cities and infrastructure, raising fears that the conflict in Yemen could again escalate sharply. According to the report, the Saudi crown prince sought direct US military involvement against the Iran-aligned group, but Trump chose not to approve the strikes. Washington has continued to support

Saudi Arabia’s security while trying to avoid a broader regional escalation at a time when the United States is already confronting Iran. The reported decision comes after consecutive days of Houthi attacks on southern Saudi Arabia, including strikes on Abha, Khamis Mushait and Jazan. Recent attacks have injured dozens of people and damaged energy infrastructure, while Saudi authorities have accused the Houthis of deliberately targeting civilian areas and strategic facilities. The Houthis, meanwhile, say their operations are in response to Saudi military activity in Yemen and the wider regional conflict involving Iran and the United States. Saudi Arabia has warned that it reserves the right to respond to attacks on its territory

and has already intensified military operations against Houthi positions in Yemen. The kingdom leads an Arab coalition supporting Yemen’s internationally recognised government against the Houthis, who control Sanaa and large parts of northern Yemen. The latest tensions threaten to unravel the relative calm that followed the UNbrokered truce in 2022, which significantly reduced cross-border attacks and large-scale fighting. Trump’s reported refusal to authorise US strikes also underlines Washington’s reluctance to open another direct military front in the region. The White House has not publicly confirmed the details of the reported conversation between Trump and the Saudi crown prince.

02 NEWS

Saturday, 12 September, 2026 | ISLAMABAD

PETROLEUM DIVISION FINALISES REFINERY UPGRADE AGREEMENT DRAFT, SEEKS ECC NOD TO UNLOCK $6B INVESTMENT

PROFIT

MONITORING REPORT

HE Petroleum Division has sought approval from the Economic Coordination Committee (ECC) for a finalised upgrade agreement with existing refineries, a key step towards implementing an amended policy expected to unlock around $6 billion in investment in Pakistan’s refining sector. According to news reports, the agreement will provide the contractual framework for refineries seeking incentives under the Pakistan Oil Refining Policy for Upgradation of Existing/Brownfield Refineries, 2023, which was amended earlier this year. The policy is aimed at upgrading Pakistan’s existing refining infrastructure to increase production of Euro-V compliant petrol and diesel, reduce furnace oil and other lower-value products, and improve refinery configuration and efficiency. The government expects refinery upgrades to generate annual foreign exchange savings of approximately $1 billion. The Cabinet Committee on Energy (CCoE) approved amendments to the policy on July 28, 2026, which were subsequently ratified by the federal cabinet on August 10. Under the amended framework, refineries seeking incentives are required to sign upgrade agreements with the Ministry of Energy’s Petroleum Division or its designated entity by October 1, 2026.

The government has designated Inter State Gas Systems (ISGS) as the policy implementation entity on behalf of the Petroleum Division. ISGS will execute upgrade agreements, operate Refinery Upgradation Accounts, monitor projects, engage technical consultants and auditors, and administer incentive payments from the accounts. The agreement placed before the ECC was finalised after consultations involving the Petroleum Division, Law and Justice Division, Oil and Gas Regulatory Authority (OGRA), Special Investment Facilitation Council (SIFC), Finance Division, ISGS, refineries and other stakeholders. A committee comprising the Petroleum Secretary, Law and Justice Secre-

FBR can hold up to Rs390b in tax refunds under IMF condition, Senate panel told PROFIT

MONITORING REPORT

The Federal Board of Revenue (FBR) can hold up to Rs390 billion in tax refunds at any given time under a condition linked to Pakistan’s International Monetary Fund (IMF) programme, officials told a Senate Standing Committee on Finance and Revenue on Thursday amid complaints of prolonged delays in refund payments. According to a report by Dawn, the lawmakers questioned why taxpayers were waiting years for refunds despite a new system intended to accelerate their processing. Committee members noted that refunds under the new system were expected to be processed within 72 hours and raised concerns over cases where legitimate payments had remained outstanding for several years. FBR officials said the tax authority was not permitted under the IMF-related condition to retain refunds exceeding Rs390 billion. They said around Rs197 billion in refunds had been issued during the first two months of the current fiscal year, compared with Rs157 billion during the corresponding period last year — an increase of Rs40 billion. Around Rs500 billion in refunds were paid during the previous fiscal year, according to the FBR. Officials said a new system had been introduced to reduce discretion in refund processing, with payments now being made systematically on a firstin, first-out (FIFO) basis. The committee examined the case of chemical company Oleocorp, whose representative said more than Rs270 million in tax refunds had remained outstanding for the past six years. The company said it produced glycerin for export to several countries but had struggled to recover taxes that it maintained were not payable. Committee members said prolonged withholding of refunds adversely affected businesses’ cash flows and called for the matter to be resolved. At the committee’s insistence, FBR officials assured lawmakers that the company’s case would be resolved within one month. The committee subsequently directed the tax authority to release the refunds and report back within 30 days. Members also sought details of tax refunds over the past five years and called for the FBR to become more taxpayer-friendly. The committee was told that unnecessary delays should also result in action against officials responsible. Separately, the committee was informed that payment of honoraria equivalent to five months’ basic salary to medical staff deployed during the budget session had been approved. The payments, involving around 15 medical workers and a total amount of approximately Rs4.1 million, are expected to be made within days following instructions from the Ministry of Finance and Revenue. The committee also received a briefing from the State Bank of Pakistan (SBP) on the implementation of Foreign Exchange Circular No. 16 of June 24, 1999, concerning payment of interest or profit on foreign currency accounts. A detailed discussion was postponed after the SBP said the matter was sub judice and involved complications related to contracts between banks and depositors.

tary, OGRA chairman and SIFC chairman was constituted to update the previous agreement finalised by OGRA and the refineries and align it with the amended policy and revised implementation arrangements. Representatives of the Finance Division, National Coordination and Monitoring Committee (NCMC), SIFC, ISGS and refineries also participated in the process, while M/s Orr Dignam provided legal assistance. The finalised agreement sets out the rights and obligations of the parties and establishes mechanisms for implementing and monitoring upgrade projects, administering Refinery Upgradation Accounts, verifying project milestones and disbursing incentives.

The Petroleum Division sent the draft to the Law and Justice Division and Finance Division for formal comments on September 1. The Law Division subsequently found the agreement to be in order and aligned with the refining policy, while the Finance Division also submitted its observations. Following the consultative process, the Petroleum Division has placed the agreement before the ECC for approval to operationalise the amended policy. The revised framework also sets deadlines and financial consequences for refineries that fail to proceed with their upgrade projects. Refineries are required to sign their upgrade agreements by October 1, with the deadline reduced to 45 days from the previously proposed 60 days. Refineries signing by the deadline will see the deemed duty on high-speed diesel (HSD) reduced to 2.5%, before being brought down to zero by November 15, 2026. Those failing to execute agreements by October 1 will be required to deposit deemed duty above 5% on HSD into the Refinery Upgradation Account, starting from the date of signing of the agreement, with the transfer to be completed by June 30, 2027. Under the amended policy, incremental incentives will be deposited into Refinery Upgradation Accounts maintained by the Petroleum Division rather than escrow accounts with OGRA. Policy implementation and monitoring functions have similarly been transferred from OGRA to the Petroleum Division.

Listed cement sector’s profit crosses Rs100 billion for the first time in FY26 PROFIT

NEWS DESK

Pakistan’s listed cement sector’s profitability crossed the Rs100 billion mark for the first time in FY26, rising 18% year-on-year to Rs108.5 billion as higher offtakes, increased other income and lower finance costs supported earnings, according to data compiled by AKD Securities. The companies had posted combined net profit after tax of Rs91.73 billion in FY25. Total offtakes of the covered companies increased 5% to 32.28 million tonnes from 30.78 million tonnes in FY26. Combined sales increased 7% to Rs494.20 billion from Rs462.67 billion, while gross profit rose 7% to Rs169.09 billion. Sector gross margins edged up to 34.2% from 34.0% a year earlier as higher offtakes and prices outweighed rising coal prices and transportation costs. Other income provided another boost, rising about 20% during FY26, with AKD attributing the increase mainly to a 37% rise in cash and short-term investments to an all-time high of Rs199 billion as of June 2026. Finance costs, meanwhile, de-

clined by around 26% to Rs12.2 billion, primarily due to a lower average policy rate despite a 25% increase in total debt. The effective tax rate fell to 31.2% from 33.0%, mainly because of remeasurement of deferred tax liabilities following the reduction in the super tax rate in the FY27 federal budget. Fourth-quarter profitability also increased sharply, rising 29% yearon-year to Rs28.2 billion from Rs21.8 billion in the same period last year. AKD attributed the increase primarily to higher retention prices, increased other income and favourable taxation. Among individual companies, Lucky Cement's consolidated earnings per share increased 16% to Rs60.8 in FY26, while Maple Leaf Cement Factory's EPS rose 3% to Rs11.3. Fauji Cement Company posted a 21% increase in EPS to Rs6.6, DG Khan Cement recorded a 32% rise to Rs26.1, while Pioneer Cement's EPS increased 35% to Rs29.0. Lucky Cement's unconsolidated earnings increased by an even stronger 41% year-on-year, driven by gross margin expansion and higher other income, including increased dividend income from LEPCL, alongside reduced taxation.

Maple Leaf's finance costs, however, increased 53% year-on-year due to higher debt associated with its acquisition of Pioneer Cement. Cherat Cement and Kohat Cement moved in the opposite direction, with profitability declining 16% and 8%, respectively, to earnings per share of Rs37.3 and Rs11.6. AKD attributed the declines primarily to margin pressure amid higher coal costs and the impact of the Afghan border closure. Company-level offtake data showed Lucky Cement's total volumes increasing 4% to 9.68 million tonnes in FY26, including an 11% rise in domestic sales to 6.52 million tonnes, while exports declined 7% to 3.16 million tonnes. Fauji Cement's total offtakes rose 6% to 5.72 million tonnes, while DG Khan Cement recorded a 3% increase to 5.49 million tonnes. Maple Leaf's total volumes increased 5% to 4.03 million tonnes. Pioneer Cement recorded an 18% increase in volumes to 2.44 million tonnes, while Kohat Cement's total offtakes increased 8% to 2.50 million tonnes. Cherat Cement was the only one among these companies to record a decline, with total volumes falling 2% to 2.35 million tonnes.

Over 227,000 Pakistanis lose Rs8.32 billion to cyber fraud in three years PROFIT

MONITORING REPORT

More than 227,000 Pakistanis have lost Rs8.32 billion to cyber fraud over the past three years, with serving and former parliamentarians also among the victims. According to documents, the National Cyber Crime Investigation Agency (NCCIA) received complaints from 227,757 people during the three years. Of these, 83,080 complaints were lodged in 2024, followed by 76,646 in 2025 and 68,031 in the subsequent year. The victims collectively reported losses of Rs8.32 billion through various cyber fraud schemes. The documents also identified six parliamentarians who collectively lost Rs2.749 million. Former MNA Sahibzada Hamid Raza was defrauded of Rs490,000, Senator Falak Naz Chitrali of Rs485,000, Senator Bilal Ahmed Mandokhail of Rs403,500 and Senator Niaz Ahmed of Rs30,000. Khyber Pakhtunkhwa MPA Shehla Bano lost Rs370,800, while a former MPA was defrauded of Rs970,000. Of the Rs2.749 million lost by the six lawmakers, the NCCIA recovered more than Rs918,000 for three senators, Falak Naz Chitrali, Bilal Ahmed Mandokhail and Niaz Ahmed. NCCIA sources said most reported cases involved WhatsApp hacking or calls from fraudsters impersonating representatives of banks and other institutions. The actual number of victims could be higher, according to the sources, as thousands of people are defrauded of amounts ranging from Rs2,000 to Rs20,000 every day but do not report the incidents because of the relatively small sums involved or other reasons.

Pakistan’s reserves reach $23.72b on commercial loan inflows PROFIT

NEWS DESK

The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $1.21 billion during the week ended September 4, 2026, following the receipt of government commercial loan proceeds. The central bank’s reserves rose to $18.328 billion, according to data released by the SBP on Thursday. The central bank attributed the entire weekly increase to the receipt of Government of Pakistan commercial loan proceeds. Pakistan’s total liquid foreign reserves stood at $23.716 billion as of September 4. Of the total, the SBP held $18.328 billion, while net foreign reserves held by commercial banks stood at $5.388 billion.

FBR to deploy real-time production monitoring system across leather sector by Dec 2026 PROFIT

Salaried class pays Rs91b tax, far exceeding real estate and retail sectors combined PROFIT

MONITORING REPORT

Pakistan’s salaried class paid Rs91 billion in income tax during the first two months of the current fiscal year 2026-27, more than double the combined Rs40 billion collected from the real estate sector, wholesalers and retailers, as tax receipts from both segments declined. Income tax collection from salaried individuals increased by Rs6.3 billion, or 7.5%, during July-August compared with the same period last year. By comparison, income tax collection from the real estate sector fell 29% to Rs28 billion from Rs39.4 billion in the corresponding period last year, a decline of Rs11.2 billion. The salaried class consequently paid 225% more income tax than the real estate sector. The gap was even wider compared with wholesalers and retail-

ers, whose combined withholding tax payments stood at Rs12 billion during the first two months of the fiscal year. Their collections declined by Rs440 million, or 3.5%, from the same period last year. Salaried taxpayers paid Rs79 billion, or 658%, more than wholesalers and retailers, according to the data. The contrasting collections came after tax relief was extended to both salaried taxpayers and the real estate sector in the budget 2026-27. The government provided Rs52 billion in relief to the salaried class by reducing tax rates by up to 3%, abolishing the 9% surcharge calculated on the highest tax rate of 35%, and increasing the annual income threshold for the maximum 35% rate from Rs4.1 million to Rs7 million. For the real estate sector, the government reduced advance tax

on the sale and purchase of immovable property by 50%. On property sales, three slabs were merged into a single 2.75% rate compared with 5.5% previously. Advance income tax collection from property sales subsequently declined by Rs8.6 billion, or 32%, from Rs27 billion to Rs18.4 billion. On property purchases, the tax rate was halved from 2.5% to 1.25%. Collections fell by Rs2.7 billion, or 22%, from Rs12.4 billion to Rs9.7 billion. The weaker collections from real estate and the retail and wholesale segments come as the FBR’s overall revenue performance has also faced pressure. The tax authority missed its August collection target by Rs27 billion, while growth was almost flat. During the previous fiscal year, the FBR collected Rs13.01 trillion in taxes, up Rs1.26 trillion, or roughly 11%, from the preceding year.

MONITORING REPORT

The Federal Board of Revenue (FBR) plans to begin real-time monitoring of leather production by November 2026, with the system scheduled to cover all eligible production lines by the end of December, Business Recorder reported. The initiative will use a hybrid, technology-neutral system to capture real-time or near-real-time data on production, processing, packing and dispatch at notified leather facilities across the country. According to an official document, implementation will take place in phases, starting with 20% of eligible production lines by November 15. Coverage will increase to 50% by December 15 before reaching 100% by December 31, 2026. The monitoring framework will cover the full range of leather-sector output, including raw hides and skins, wet blue, crust and finished leather, as well as leather sheets, rolls, bundles, footwear, garments, bags, gloves, belts, wallets and upholstery components. Data will be captured at key stages of the production chain, including raw material receiving, tanning, splitting, dyeing, finishing, cutting, stitching, assembly, quality grading, packing, warehousing and dispatch. The system could incorporate barcode and QRcode scanning, weighing systems, industrial sensors, machine counters and programmable logic controller integration, RFID tagging and AIenabled cameras. These technologies will be deployed depending on whether a facility operates as a tannery, a finishedgoods manufacturer or an integrated operation covering both activities.

Around 70 global crypto exchanges seek licences to enter Pakistan, says PVARA chief PROFIT

MONITORING REPORT

Around 70 major global crypto exchanges have applied for licences to operate in Pakistan as the country moves from a ban on cryptocurrencies towards a regulated digital-asset market, Pakistan Virtual Asset Regulatory Authority (PVARA) Chairman Bilal Bin Saqib said on Thursday. Addressing a press briefing, Saqib said Pakistan had moved towards legalising and regulating virtual assets within months, with PVARA becoming fully functional around six months after legislation was

passed by parliament. He said Pakistan was also considering the tokenisation of government debt and Roshan Digital Accounts (RDAs) as part of future digital-asset initiatives. PVARA is also working on a Shariah advisory board to provide guidance on transactions involving digital and virtual assets. Saqib said the country's mufti-e-azam had been taken into confidence and guidance was being sought on such transactions. He estimated Pakistan's crypto customer base at around 40 million and investments by Pakistanis in the sector at approximately $250 billion. He also pointed

to India's 30% tax on crypto transactions. Separately, PVARA and the State Bank of Pakistan are devising a mechanism aimed at reducing the cost of sending remittances from 6.3% to 1%. Saqib said the mechanism could save around $416 million on remittance flows of $41 billion by removing intermediary layers and enabling recipients to access funds within minutes. Under the proposed model, overseas Pakistanis would send remittances in the currency of their country of residence, which would then be converted into a stablecoin before being transferred to

the recipient. A sandbox would first be required to provide greater visibility before stablecoins could be used for the transactions, he said. Saqib acknowledged that ensuring full compliance with anti-money laundering and counter-terrorist financing requirements under the Financial Action Task Force (FATF) framework would be a major challenge. An official from the Financial Monitoring Unit (FMU) said Suspicious Transaction Reports (STRs) would be submitted to the FMU for further action. The official acknowledged challenges in obtaining full customer visibility but said these could be

addressed through deeper scrutiny. PVARA is also engaging with international jurisdictions as it develops the regulatory framework. Saqib said Pakistan was negotiating memoranda of understanding with Kazakhstan and Kyrgyzstan, stressing that cross-border regulatory cooperation would be important for the functioning of digital assets. Comparing the pace of regulatory development, he said Dubai took 17 months, Singapore 20 months and the UK 46 months, while Pakistan had made PVARA fully functional in around six months after the passage of legislation.

nEwS 03

Saturday, September, 2026 | ISLAMABAD

SUKI KINARI HYDROPOWER SEEKS 4% TARIFF HIKE AS NEPRA QUESTIONS PROPOSED CHANGES IN TARIFF AND PROJECT COSTS

PROFIT

STAFF REPORT

HE 884-MW Suki Kinari Hydropower Project has sought an increase in its levelised tariff from Rs9.04 to Rs9.40 per unit, prompting the National Electric Power Regulatory Authority (Nepra) to raise more than a dozen questions over proposed changes in tariff and project costs, Business Recorder reported. A major component of the proposed increase is the Water Use Charge (WUC), which the project company wants raised from Re0.15 per kWh to Re0.425 per kWh, an increase of around 183%. The higher WUC alone is estimated to cost electricity consumers an additional Rs25 billion over the project's remaining life. Nepra has sought justification for several other proposed cost revisions, including an additional $28.985 million for permanent diversion of the N-15 Highway, alongside a $28.604 million reduction in Engineering, Procurement and Construction (EPC) costs

resulting from design changes. The regulator has also questioned a proposed revision in contract capacity from 861.548 MW to 875.160 MW following an increase in installed capacity from 870 MW to 884 MW. The project company has claimed another $11.372 million and Rs915.180 million for two banks of 3x22 MVAr shunt reactors and associated consultancy services. Security-related claims include Rs918.635 million for infrastructure during construction and another Rs1.946 billion, along with Rs39.964 million in engineering consultancy services, for security arrangements during operations. Nepra has also sought justification for costs linked to the COVID-19 pandemic, including a $30 million claim for pandemicrelated expenses and anti-epidemic measures and $15.5 million for accelerating project progress following the pandemic. Additional acceleration claims include $2.82 million for mechanical and electrical installation and $1.742 million plus Rs243.672 million for accelerating wet testing of the project complex.

The regulator has further questioned increases in project development, insurance, project management, owner's engineer and legal service costs arising from the extended construction period, as well as related adjustments in Interest During Construction and Return on Equity During Construction. Other issues under scrutiny include the proposed inclusion of Provincial Sales Tax on Services in project costs, changes in Sindh Infrastructure Cess rates, replacement of discontinued indices used for civil works indexation and the methodology for calculating interest. Nepra has also sought justification for the proposed calculation of Sinosure costs based on a cap of 7% of total debt servicing rather than 7% of the total assessed debt amount. The Suki Kinari project was established under the China-Pakistan Economic Corridor (CPEC) framework. Nepra has scheduled a public hearing on the proposed tariff modification for October 1, 2026, and directed interested parties seeking to participate to submit intervention requests within one week.

SECP proposes reforms to accelerate growth in Pakistan’s REIT sector PROFIT STAFF REPORT

The Securities and Exchange Commission of Pakistan (SECP) has proposed key amendments to the REIT Regulations, 2022, to promote investment, expand investor participation and provide greater flexibility to REIT schemes. The proposed reforms envisage reducing the real estate income and asset thresholds from 75% to 65%, providing greater flexibility in structuring REIT portfolios and facilitating a broader range of eligible projects. Investment-based REITs would also be allowed to invest in vacant land and plots, subject to applicable requirements. The reforms would broaden investment opportunities by allowing group-level trusts and employee funds to invest in unlisted REIT schemes. The borrowing period from sponsors, directors and associated entities would also be increased from 24 to 36 months, while existing unitholder approval requirements would remain in

place. The proposed amendments seek to facilitate RMCs by allowing an extension

PM orders cap on load-shedding at two hours amid RLNG supply disruption CONTINUED FROM PAGE 01

The Prime Minister also ordered the establishment of Consumer Grievance Redressal Committees at the level of power distribution companies (DISCOs) to address public complaints related to electricity supply and other issues across the country. He directed that the redressal committees should also include public representation and ordered that the grievance committees be made functional within one week. The meeting was informed that electricity consumers could lodge their complaints through helpline number 118 and that, upon registering a complaint, the consumer is provided with a token number as well as the expected time for resolution of the complaint. The meeting was further informed that, at present, except for six electricity consumers in Rajanpur district, no consumer across the country was facing disruption in power supply due to monsoon rains. The meeting was attended by Federal Minister for Planning Ahsan Iqbal, Minister for Economic Affairs Ahad Khan Cheema, Federal Minister for Climate Change Musadik Malik, Federal Minister for Information and Broadcasting Attaullah Tarar, Minister for Petroleum Ali Pervaiz Malik, Federal Minister for Power Division Sardar Awais Leghari, Advisor to the Prime Minister Rana Sanaullah, Minister of State for Finance and Railways Bilal Azhar Kayani, and other senior government officials concerned. PM CONDOLES DEATH OF FORMER HOCKEY CAPTAIN KHALID MAHMOOD Meanwhile, Prime Minister Shehbaz Sharif on Friday expressed deep grief over the passing of former captain of the Pakistan hockey team and Olympic gold medalist Khalid Mahmood. Paying rich tribute to the late player, the Prime Minister praised his invaluable services to the national sport of hockey. Prime Minister Shehbaz extended his heartfelt condolences to the bereaved family and prayed for eternal peace for the departed soul.

of up to one year for listing of Rental and Investment-based REITs in justified cases

where delays arise from circumstances beyond RMC’s control. Furthermore, the proposed amendments also seek to facilitate RMCs in acquiring property from government entities through legally binding agreements, subject to conditions specified by SECP, to accommodate procedural constraints. Moreover, to provide regulatory clarity, a proposed provision has been notified clarifying that Hybrid REIT Schemes combining Investment-based and Rental REIT components may earn and realize rental income from their real estate during the holding period. Chairman SECP Dr. Kabir Ahmed Sidhu said, “These reforms are aimed at creating a more enabling REIT framework that can mobilize long-term capital, broaden investor participation and unlock greater potential in Pakistan’s real estate sector.” The draft amendments have been placed for public consultation, and stakeholders are invited to submit their comments and suggestions before finalization.

Govt buys back Rs585b floating-rate PIBs to ease refinancing pressure PROFIT

STAFF REPORT

The government repurchased Rs585 billion worth of five-year floating-rate Pakistan Investment Bonds (PIBs) on Thursday, as it moved to reduce refinancing pressure on securities maturing in 202829 and support interbank liquidity. The buyback auction covered six floating-rate PIBs with semi-annual securities across different issue and maturity dates, according to the State Bank of Pakistan (SBP). The government had set a buyback target range of Rs500 billion to Rs600 billion. The auction attracted offers

worth Rs1.306 trillion, of which Rs585 billion, or roughly 45%, were accepted. Including accrued interest, the total payout is estimated at around Rs605 billion. All six securities were repurchased slightly below face value. In the largest offered security, the government accepted only Rs2.5 billion against offers worth Rs336 billion. The exercise is expected to reduce the share of floating-rate domestic debt and ease refinancing pressure on bonds maturing in 2028-29. Settlement on September 11 could also inject liquidity into the interbank market and help con-

tain short-term yields. The buyback comes almost two weeks after the government made its largest-ever early repayment of domestic debt, retiring Rs1.2 trillion owed to the SBP ahead of schedule. hat repayment took the total amount of domestic debt retired before maturity to more than Rs5.92 trillion. The government’s capacity to retire debt ahead of maturity has also been supported by SBP profit transfers, tax collection and expenditure management. The central bank transferred Rs1.9 trillion in profits to the government in FY26, compared with Rs2.5 trillion in FY25.

Petrol rises to Rs375.82, diesel crosses Rs400 after fresh price hike CONTINUED FROM PAGE 01

Petrol is mainly consumed by motorcycles, cars, rickshaws and other light vehicles, meaning repeated increases directly affect daily commuters and households. Higher petrol prices also raise transportation and operating expenses for businesses and service providers using petrol-powered vehicles. HSD has an even broader economic impact as it is extensively used by trucks, buses, commercial

vehicles, agricultural machinery, construction equipment and other heavy-duty vehicles. The latest Rs5.28-per-litre increase is therefore likely to add to freight, public transport, agricultural and construction costs. The Petroleum Division attributed the latest revision to changes in international oil prices and related pricing factors, including Platts rates, premiums and incidentals. The sharp rise in both products within only five days comes amid

the government’s shift towards more frequent petroleum price revisions, allowing prices to be adjusted in response to movements in international oil markets and other relevant factors. With the latest revision, the total increase during the current week stands at Rs29.95 per litre for petrol and Rs25.27 per litre for HSD, while the latest rates will remain applicable for three days, from September 12 to September 14, 2026.

SE Fruits and Vegetable gets SECP nod for IPO to raise up to Rs1.92b PROFIT

STAFF REPORT

SE Fruits and Vegetable Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) for its prospectus to launch an initial public offering (IPO) of 30 million ordinary shares on the Pakistan Stock Exchange (PSX), potentially raising up to Rs1.92 billion. The SECP approval, dated September 9, follows approval from the PSX on September 7. Book building is scheduled for September 21 and 22, while subscription by the general public will take place on September 28 and 29. The Punjab-based exporter plans to offer 30 million ordinary shares, equivalent to 32.01% of its post-IPO paid-up capital, at a floor price of Rs40 per share. The strike price can rise by up to 60% through the book-building process to a maximum of Rs64 per share. As a result, the company could raise between Rs1.20 billion and Rs1.92 billion through the offering. Under the IPO structure, 22.5 million shares, or 75% of the total issue, will be offered through book building. The remaining 7.5 million shares will be offered to the general public. Topline Securities Limited and Growth Securities Limited are acting as joint lead managers to the issue. The company plans to use the proceeds to strengthen its working capital, allowing it to increase seasonal procurement and processing capacity and meet established international demand. SE Fruits generated $4 million in export revenue during FY26 and plans to increase this to approximately $18 million in FY27, potentially taking its market share to just under 4%. Based in Sargodha and formerly operating as Shaheen Enterprises, the company has been operating for nearly three decades. It exports kinnow, mangoes, potatoes and other agricultural produce to more than 22 countries.

Army pays tributes to Major Aziz Bhatti Shaheed on 61st martyrdom anniversary RAWALPINDI

STAFF REPORT

Field Marshal Syed Asim Munir, NI (M), HJ, Chief of the Army Staff & Chief of Defence Forces, Admiral Naveed Ashraf, NI, NI (M), T Bt, Chief of the Naval Staff, Air Chief Marshal Zaheer Ahmed Baber Sidhu, NI (M), HJ, Chief of the Air Staff, General Syed Aamer Raza, NI (M), S Bt, Commander National Strategic Command on behalf of the Armed Forces of Pakistan, solemnly commemorate the 61st martyrdom anniversary of Major Raja Aziz Bhatti Shaheed, Nishan-e-Haider and pay rich tribute to his exceptional courage, leadership and supreme sacrifice. During the 1965 War, Major Aziz Bhatti Shaheed defended the Burki sector near Lahore with extraordinary valour, holding his ground against relentless enemy assaults for five days and nights. His resolute leadership and indomitable spirit halted the enemy’s advance and became an enduring symbol of courage, duty and sacrifice. His legacy lives on as an inspiration to the nation and generations of Pakistan’s defenders.

PSX stages sharp recovery, shrugs oﬀ regional tensions after early plunge PROFIT

STAFF REPORT

The Pakistan Stock Exchange (PSX) staged a sharp intraday recovery on Friday, reversing early losses despite escalating geopolitical tensions, oil prices above $100 a barrel, and intensifying attacks along key Middle Eastern shipping routes that have fuelled fears of prolonged supply disruptions. According to the PSX website, the market opened on a weak note, with the benchmark KSE-100 Index plunging to an intraday low of 166,141.17, shedding more than 2,600 points in the opening minutes of trade. The market, however, clawed back its losses as the session progressed. Momentum strengthened during the second session,

pushing the index into positive territory and as high as 170,764.79. The KSE-100 closed at 170,511.85, up 1646.81 points or 0.98% from the previous close. The positive momentum was visible across several key sectors, including automobile parts and accessories, cement, closed-end mutual funds, exchange-traded funds, leather and tanneries, and oil and gas exploration companies. The recovery follows a sharp sell-off on Thursday, when renewed US-Iran attacks and surging international crude prices triggered aggressive selling across the market amid heightened concerns over inflation, the external account and broader macroeconomic stability. The benchmark KSE-100 Index had

plunged 3,078.56 points, or 1.79%, on Thursday to close at 168,865.04 points. Geopolitical uncertainty remains the principal near-term risk for the equity market. Intermarket Securities said in its weekly review that investor sentiment was likely to remain driven by developments around the Strait of Hormuz, the upcoming International Monetary Fund (IMF) review and progress on domestic reforms. Pakistan and the IMF are scheduled to begin talks on September 22 for the fourth review of the $7 billion Extended Fund Facility (EFF), alongside Article IV consultations after a two-year gap. Globally, treasury yields hit multi-year highs and Asian shares slumped on Friday as soaring oil prices inflamed inflation risks,

sending investors scrambling to price in more policy tightening from central banks across the globe. Asian bonds extended the global selloff, with Australia's three-year government bond yields surging 14 bps to a 15-year high of 5.01%. Japan's 10-year government bond yields rose 8 bps to 2.98% as data showed Japan's wholesale inflation stayed elevated to bolster the case for an imminent rate hike from the Bank of Japan. MSCI's broadest index of Asia-Pacific shares outside Japan lost 1.5% while Japan's Nikkei tumbled 2.2%. Chinese blue-chips fell 0.8% and Hong Kong's Hang Seng dropped 0.6%. Oil prices fell on Friday but both major benchmarks are on track to end the week

above $100 a barrel for the first time since mid-May, as increasing attacks along key shipping routes in the Middle East fuel fears of a prolonged disruption to supplies. Brent crude futures fell $1.64, or 1.5%, to $105.99 a barrel by 0643 GMT. U.S. West Texas Intermediate crude fell $1.28, or 1.3%, to $101.20 a barrel. The benchmarks were still trading more than 10% higher on a weekly basis - the steepest gain since the week ended July 17. Both benchmarks rose more than 6% on Thursday. Iran-aligned Houthis seized control of Yemen's port of Mocha on Thursday, posing a further threat to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz as tanker attacks in the region have intensified in recent days.

04 COMMENT

Saturday, 12 September, 2026

A Nation Cannot Move Forward While Looking Backward

Remittances start strongly

Remittances have become an integral source of foreign exchange

This is important, but not all-important

MIDST the customary hand-wringing about young people hankering to go abroad, the kernel of an uncomfortable truth stays hidden. That we want our sons, our best and brightest, to go abroad, to devote their energies there so that the foreign exchange they send back home can be used to keep the country afloat. The problem is that this encourages laziness; no one thinks that a diaspora which can send such large sums home, can contribute considerably to the growth of their own country. It must be remembered that remittances are actually a portion of what they earn, and that in turn reflects a portion of their contribution to the production of the country they have gone to. What overseas Pakistanis send home is thus only a portion of what they have contributed to another country. It is thus only expedient to examine why young people go abroad. It is not just the lack of jobs; it is also the unfortunate fact that jobs or promotions do not get doled out on merit, but because of nepotism and jobbery. Then there is the lack of respect shown by officialdom to ordinary people, especially the young. The attractions of a lifestyle abroad do not apply to all countries, but it should work to reducing the unnecessary restraints on our people. It is also particularly corrosive if there is inequality. If some can enjoy freedom to violate, indeed ignore, the law; it will drive young people abroad. The first two months of FY27, July and August, have seen a remittance inflow of $7.3 billion, which if sustained, would lead to an annual target of $44 billion. In FY26, the total was $41.6 billion. This was actually more than the Rs 30 billion in goods and services. With imports of $69.76 billion, it can be seen that it was remittances that covered the gap. It should be realized that this money means that Pakistani is exporting labour. From a national point of view, this cannot be healthy. Instead of making this country the sort of country where people would like to stay, we are in danger of forcing our young people abroad. Already, there is a skewing visible in our educational system, particularly in professional and vocational institutions, of the ‘export market’ being kept in mind. Not enough thought is being put into the complications created by having such large diasporas abroad. It is not enough to chortle over remittances which, after all, just keep the country for another year, another month, another day.

VERY nation carries the weight of its history, but no nation can build its future by carrying that weight forever. The real strength of a society lies not in how long it remembers its past, but in how wisely it learns from it and how courageously it moves forward. Pakistan has a long and complicated history, marked by extraordinary achievements, painful setbacks, political transitions, institutional struggles, and moments of remarkable national resilience. Yet perhaps one of our greatest challenges today is that we often treat history not as a source of wisdom, but as a permanent argument about the present. We continue to revisit the same questions, reopen the same wounds, and fight the same battles in different forms. Political generations change, institutions evolve, and circumstances transform, but our national conversation frequently returns to yesterday. We debate what happened decades ago with the same intensity with which we should be discussing what Pakistan must become decades from now. There is nothing wrong with remembering. In fact, a nation that forgets its history risks repeating its mistakes. But there is a difference between remembering history and living inside it. One produces wisdom; the other produces paralysis. Pakistan’s history contains lessons that should be studied seriously. There have been constitutional crises, political disagreements, institutional tensions, economic difficulties, and periods when the distance between the aspirations of the people and the performance of the state became painfully visible. These experiences should not be dismissed or hidden. They should be examined honestly because mature nations do not fear their history. But maturity also means knowing when history has finished teaching its lesson. A country cannot continuously construct its future around old grievances. If every political generation inherits the unfinished arguments of the previous generation, national progress becomes increasingly difficult. Every new government begins by explaining the failures of the past, every opposition begins by promising to correct yesterday’s wrongs, and every public debate eventually becomes a contest over who is responsible for what happened years ago. Meanwhile, the future waits. The ordinary Pakistani does not wake up every morning thinking about the political controversies

Arif Nizami (Late) Founding Editor

M. A. Niazi

Babar Nizami Editor Profit

of previous decades. The ordinary citizen wants a functioning school, a reliable hospital, a safe road, affordable electricity, employment, justice, and dignity. A young person wants an opportunity to build a career without having to leave the country. A businessperson wants predictable policies. A farmer wants security and a fair return for hard work. A parent wants a future for the next generation that is better than the present. These aspirations do not belong to the past. They belong to tomorrow. Pakistan therefore needs a different relationship with its history. We must neither glorify everything that happened before us nor condemn everything that came before us. Both approaches are intellectually lazy. History is rarely completely black or completely white. It is a collection of decisions, circumstances, successes, failures, and consequences from which nations are expected to develop wisdom. The purpose of studying history is not to decide whom to hate. It is to understand why things happened and how similar failures can be prevented in the future. There is an important distinction between accountability and permanent political inheritance. Accountability requires truth, law, and institutional responsibility. Permanent political inheritance simply means passing old conflicts from one generation to another. The first strengthens a nation; the second exhausts it. Pakistan’s younger generation deserves better than a national conversation permanently occupied with yesterday. Young Pakistanis are growing up in a world transformed by technology, artificial intelligence, changing global markets, climate pressures, and new forms of communication. Their competition is not merely with another political party or another generation. Their competition is with the rest of the world. The question is no longer simply what happened to Pakistan. The more important question is what Pakistan will do next. That question requires imagination. We need to imagine cities where public transport works, schools where children learn how to think rather than merely memorise, universities connected to industry, courts that inspire confidence, public offices where competence matters, businesses that can grow without unnecessary obstacles, and institutions that function according to law rather than personality. None of this requires us to abandon our history. It requires us to use history properly. The greatest nations in the world have painful chapters in their past. What distinguishes successful

The task before Pakistan is not to erase the past. It is to rise above its divisions, absorb its lessons, and build something worthy of the future.A nation cannot move forward while constantly looking backward. At some point, we must turn around, take the lessons with us, and begin walking towards tomorrow

Dedicated to the legacy of late Hameed Nizami

Editor Pakistan Today

RIZWAN AHMAD

The writer is a freelance columnist

When Power Writes the Rules

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

Border infrastructure lacking

Venezuela’s oil deal unpacked SAQLAIN ABID

HE most lucrative strategic deal the USA could have imagined in the post-1970 energy order may now have emerged from Venezuela. What makes the development particularly controversial is not simply the size of Venezuela’s oil reserves, but the political circumstances surrounding the agreement. The capture of President Nicolás Maduro, the subsequent political transition and Washington’s growing influence over Venezuela have created a situation that critics are increasingly describing as a new form of power politics— one in which political pressure and regime change can ultimately be converted into economic access. US President Donald Trump may heave a sigh of relief after securing a deal with Venezuela’s new leadership that reportedly gives the USA a 55 percent stake in a major joint venture, while private US oil companies also gain access to Venezuela’s energy sector. At a time of rising global oil prices and continuing instability surrounding the Iran war, the agreement appears to offer Washington a strategic solution to its growing energy concerns. What Is Actually the Deal? According to reports from Washington, the USA will take a 55 percent stake in a new joint venture with a private Venezuelan operator. The reported 100-year oil-field lease could create one of the largest oil companies in the world in terms of proven reserves, potentially ranking behind Saudi Aramco. For Washington, therefore, the arrangement represents more than a commercial transaction. It is a strategic victory. At a time when the Iran war has contributed to uncertainty in global energy markets and increased pressure on oil prices, the Trump Administration appears to have found what it considers a prudent solution: direct and long-term access to one of the largest concentrations of oil reserves on earth. What Is the Gain for Venezuela in the Deal? Venezuela possesses approximately 303 billion barrels of proven oil reserves, and the newly formed company is expected to control around 65 billion barrels of those reserves. That amount alone would represent a major strategic energy asset and would significantly expand American access to global oil resources. Venezuela’s new leadership has argued that the agreement could boost the country’s economy, attract investment and provide support for reconstruction and public recovery following recent disasters. The argument is simple: greater investment in the oil sector could generate revenue, restore infrastructure and improve the living conditions of ordinary Venezuelans. But giving such extraordinary leverage

societies is not the absence of mistakes, but the ability to convert mistakes into institutional learning. They do not spend every generation relitigating the past. They build systems that make it harder to repeat the same failures. This is perhaps the lesson Pakistan most urgently needs. We cannot change what happened yesterday. We can change what yesterday teaches us. A nation also needs confidence in itself. Pakistan is often discussed through the language of crisis. Economic crisis, political crisis, institutional crisis, governance crisis, and social crisis have become familiar phrases. Problems certainly exist, and pretending otherwise would be irresponsible. But a country that constantly describes itself as broken eventually begins to believe that it cannot be repaired. Pakistan is not without problems. But neither is it without potential. It has a large young population, extraordinary human talent, a strategic geographical position, natural resources, entrepreneurial energy, and a cultural heritage that has produced poets, philosophers, scientists, artists, thinkers, and reformers. There is much that needs to be corrected, but there is also much upon which to build. Perhaps what Pakistan needs most is not another argument about its past, but a serious national commitment to its future. That commitment would require political leadership capable of thinking beyond electoral cycles, institutions capable of thinking beyond individual personalities, and citizens capable of thinking beyond immediate political loyalties. It would require us to disagree without destroying one another, to criticise without losing perspective, and to remember without becoming prisoners of memory. The past belongs to history. The future belongs to those who have the courage to imagine it. Pakistan cannot afford to spend another generation asking who was responsible for yesterday while neglecting the responsibility we have for tomorrow. The country we inherit is not entirely of our making, but the country we leave behind will be. That is where national responsibility truly begins. We should remember our history, but we should not allow it to become the boundary of our imagination. We should study our failures, but we should not make failure our national identity. We should respect the struggles of previous generations, but we must also accept that our generation has its own duty. The task before Pakistan is not to erase the past. It is to rise above its divisions, absorb its lessons, and build something worthy of the future. A nation cannot move forward while constantly looking backward. At some point, we must turn around, take the lessons with us, and begin walking towards tomorrow.

to a foreign power also raises serious concerns. A country suffering from political instability, sanctions and economic collapse cannot necessarily negotiate on equal grounds with the world’s most powerful economic and military power. The margins for independent decision-making become extremely narrow. Even if sanctions are removed and investment begins to flow, the benefits may take years to reach ordinary Venezuelans. The question is whether this agreement represents genuine economic cooperation—or whether Venezuela’s political weakness has been transformed into an opportunity for external powers to acquire long-term strategic control over its resources. How Will the World Respond—Will It Remain Silent? This is perhaps the most important question of all. If Russia invades Ukraine, the world speaks of international law and sovereignty. If China were to invade Taiwan, the consequences would be discussed as a potential global catastrophe. If Pakistan were to intervene militarily in Afghanistan, or when Israel’s military actions in Gaza are debated, the international community invokes principles of territorial integrity, human rights and international law. Yet the reality remains uncomfortable:

might increasingly appears to be right. There is no international order that consistently applies the same standards to every country. Powerful nations often shape the interpretation of international law according to their strategic interests. What is condemned when done by a rival may be justified when carried out by an ally or a dominant power. When a deal is made, it should be made on equal grounds and through mutual respect. National sovereignty, territorial integrity and political independence cannot become negotiable commodities simply because one country is economically or politically weaker than another. The Venezuelan oil deal may ultimately produce economic benefits and increase oil production. But the larger issue is the precedent it could establish. If political pressure, regime change and strategic intervention are followed by privileged access to natural resources, then the world must ask whether the principles it claims to defend still have any universal meaning. The real danger is not simply who controls Venezuela’s oil. The real danger is the continued erosion of a global order in which power increasingly determines legitimacy—and where, once again, might makes right. The writer is a freelance columnist

The real danger is not simply who controls VenezuelaÊs oil. The real danger is the continued erosion of a global order in which power increasingly determines legitimacy· and where, once again, might makes right

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BORDER management in Pakistan has largely been underdeveloped and quite inefficient. Most border crossing points, particularly in Balochistan, such as BP-250, Mand, Pishin and Panjgur, lack modern and essential facilities, and, therefore, cannot be considered fully established Customs stations or terminals. Mand and Panjgur operate without terminal operators. After a prolonged delay, the National Logistics Cell (NLC) has finally established a cargo terminal with a weighbridge at BP-250. However, developing a fully equipped terminal will require time. At present, cargo arriving from Iran is cleared using primitive and conventional methods. There is no proper mechanism for inspecting LPG cargo, with rotametres being used to check goods. Consignments requiring laboratory tests face delays owing to the absence of modern laboratory servises, resulting in goods being referred to Karachi. Essential services, such as quarantine operations, phytosanitary controls and food safety inspections, take significantly longer time due to staff shortages and the lack of dedicated offices at border points. Banking facilities are also unavailable at most stations. Alarmingly, even a stable internet connectivity is absent, limiting traders’ ability to file goods declarations (GDs) and make online payments. This lack of modern infrastructure undermines trade competitiveness and does weaken regional connectivity. Even boarding and lodging facilities for Customs staff are poor since these land border stations are located at considerable distances from central urban areas. It is noteworthy that this region hosts one of Pakistan’s most critical trade corridors, highlighting the urgent need for robust infrastructure development to strengthen regional connectivity. Key initiatives, such as China-Pakistan Economic Corridor (CPEC), Central Asia Regional Economic Cooperation (CAREC), bilateral trade with Iran, and connectivity with Central Asian Republics (CARs), are heavily reliant on these routes. At present, a significant volume of LPG destined for Punjab is transported through these land corridors, while a portion of Afghan transit trade is routed through Gwadar. In the coming years, trade activity in the region is expected to expand substantially due to transit trade agreements with the CARs, increased utilisation of Gwadar port, anticipated growth in transit and trans-shipment operations, bilateral trade with Iran, and the implementation of Transports Internationaux Routiers (TIR) operations. Furthermore, the establishment of common border markets, along with the opening of new border crossing points and checkposts, is likely to further boost trade at various land stations. To address these challenges, the federal government must prioritise the develop-ment of modern infrastructure at these long-neglected land border stations. Adequate physical infrastructure, modern equipment and gadgets, trained human resources, and operational facilities are essential to meet the requirements. Equally important is the development of digital infrastructure to modernise the trade environment and enhance efficiency. SHAHID ALI ABBASI KARACHI

Turbat cash crisis

TURBAT has been facing a lack of ATM for quite some time, even though consistent complaints have been made by citizens. Despite being the second the second most populated city in Balochistan, there are still not enough ATMs. Citizens often have to wait for hours on end when they need to withdraw money. And even after hours of waiting, many people often return home empty-handed as machines either lack cash or fail to process transactions — leaving them without their funds. The government of Balochistan must pay heed to the inconvenience that our people are facing and provide more bank branches as well as ATMs in Turbat so that people do not have to go home empty-handed. MUZZAMIL KARIM TURBAT, KECH

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Reversing Age

COMMENT 05

Saturday, 12 September, 2026

Humanity’s Oldest Dream Nears Reality

QAMAR BASHIR

UMAN beings have always resisted the idea that aging and death are unavoidable. Civilizations created stories about fountains of youth, elixirs of life, resurrection and immortality. Egyptian pharaohs were mummified and buried with possessions needed for the afterlife, although this reflected religious beliefs about spiritual continuity rather than a scientific plan to regenerate their bodies. Modern science fiction transformed the same ancient longing into suspended animation, imagining astronauts sleeping for centuries before awakening unchanged at distant destinations. Until recently, however, restoring youth to an old body belonged almost entirely to mythology. Medicine could treat individual diseases, exercise could preserve strength and nutrition could reduce health risks, but nothing could instruct an aged cell to become biologically younger. Research into cellular reprogramming has made that possibility scientifically conceivable— although it remains far from proven in human beings. The sequencing of the human genome and advances in molecular biology allowed

scientists to study how genes behave as organisms grow older. Contrary to some popular explanations, aging is not controlled by one gene containing a predetermined expiration date. DNA itself can accumulate mutations and other damage, while mitochondria malfunction, proteins lose their proper form, stem cells become exhausted and senescent cells accumulate. Another important process is epigenetic change. Epigenetic markers act like instructions telling cells which genes to activate or silence. The underlying DNA sequence may remain substantially the same, but cells can become less effective at reading and executing their instructions. Patterns of DNA methylation change predictably enough with age that researchers use them to construct “epigenetic clocks.” Scientists have also observed a remarkable rejuvenation process during reproduction. Although an egg and sperm come from adults, a resulting embryo does not begin life at the biological age of its parents. During early development, many age-associated epigenetic markers are reset. The crucial question is whether part of that resetting process can be activated later in life without erasing a cell’s identity or causing cancer. In 2006, Shinya Yamanaka discovered that four genes— Oct4, Sox2, Klf4 and cMyc— could return mature cells to a state resembling embryonic stem cells. These became known as the Yamanaka factors. The discovery earned him the 2012 Nobel Prize, but applying all four factors inside a living organism can be dangerous. Excessive reprogramming may cause cells to lose their identities or form tumours. Researchers subsequently explored “partial reprogramming”: turning back some bi-

Humanity is not yet approaching immortality. It may, however, be approaching the ability to repair particular tissues by restoring some of their youthful biological instructions. If that achievement expands safely from eyes to other organs, it could transform medicine and economics. The greatest challenge will not only be making a longer, healthier life possible· but ensuring that its benefits belong to humanity rather than to a privileged minority

ological markers of age while allowing cells to remain, for example, functioning skin, muscle or nerve cells. In a landmark 2020 Nature study, researchers associated with David Sinclair’s Harvard laboratory used three factors— Oct4, Sox2 and Klf4, collectively called OSK— on retinal ganglion cells in mice. The treatment restored more youthful patterns of gene expression, promoted nerve regeneration and improved vision in aged mice and mouse models of glaucoma. The experiment supported the extraordinary possibility that old mammalian cells retain recoverable information about their younger state. Other researchers have reported encouraging results involving muscle, skin and organs in animals. Yet rejuvenating cells in a mouse, or even improving a particular tissue in a primate, is not equivalent to reversing the age of an entire human being. Animal findings frequently fail when transferred to people, and the dangers of gene therapy and uncontrolled cell growth remain serious. The field crossed an important threshold in 2026. The US Food and Drug Administration cleared Life Biosciences to begin a Phase 1 trial of ER-100, an experimental epigenetic-reprogramming therapy for optic neuropathies, including open-angle glaucoma and non-arteritic anterior ischemic optic neuropathy. This should be described precisely. It is not yet a trial proving that human aging can be reversed, nor is it intended to make participants generally younger. It is an early trial designed primarily to evaluate safety and tolerability in a small number of patients, while also observing whether visual function improves. The eye is a logical starting point because treatment can be delivered locally and monitored closely. A harmful reaction may be easier to contain than it would be after attempting to reprogram the liver, brain or entire body. Even if the therapy restores some vision, years of larger trials would be needed before scientists could establish its effectiveness and understand its long-term cancer risk. Still, successful rejuvenation of a human tissue would represent a historic medical advance. It could open a route toward treating diseases once considered irreversible rather than immediately producing ageless human beings. The economic implications could be immense because aging contributes simultaneously to cancer, cardiovascular disease, dementia, diabetes, frailty and many other conditions. A therapy that delayed several diseases together could generate more value than treating each one separately after it appeared. A 2021 study co-written by economists Andrew Scott and Martin Ellison and geneticist David Sinclair estimated that slowing aging sufficiently to add one year to American life expectancy would be worth approximately $38 trillion; a 10-year gain was valued at $367 trillion. These figures represent an estimated aggregate social willing-

Still, successful rejuvenation of a human tissue would represent a historic medical advance. It could open a route toward treating diseases once considered irreversible rather than immediately producing ageless human beings ness to pay— including the value assigned to healthier and longer lives. A later international study estimated that a one-year improvement in healthy longevity could produce an annual welfare benefit equivalent to roughly 4 to 5 percent of GDP. The benefit would come through healthier workers, longer productive careers, reduced disability, lower demand for expensive latelife care and the intrinsic value people place on living well for longer. Pakistan offers a different but equally important case. Its population reached approximately 255 million in 2025, life expectancy was about 68 years and nominal GDP was approximately $407 billion. Only 3.55 percent of the population was 65 or older in the 2023 census, while nearly 56 percent was of working age. Applying the international estimate mechanically, a one-year improvement in healthy longevity might carry an annual welfare value equivalent to approximately $16 billion to $20 billion— 4 to 5 percent of Pakistan’s present GDP. The potential is enormous for the least developed and developing countries. These countries could retain experienced doctors, teachers, engineers, farmers and entrepreneurs for longer. Families might spend less on chronic illness, while healthier older adults could remain independent instead of requiring full-time care. Reduced disability could also increase household savings and national productivity. Longer lives would also affect employment, pensions, inheritance, housing and population growth. If retirement ages remained unchanged, the fiscal burden could

Why Jamaica’s petition to King Charles is rattling Western capitals September 6 commemorates the 1781 departure of the slave ship Zong, aboard which more than 140 enslaved Africans were thrown into the sea so their owners could collect an insurance payout RT EGOUNTCHI BEHANZIN

On September 7, 2026, a high-level Jamaican delegation delivered a historic legal petition to Buckingham Palace addressed to King Charles III. Its objective was to compel the monarch, as Jamaica’s head of state, to refer to the Judicial Committee of the Privy Council, the island’s highest court of appeal, three questions that have haunted the British Empire for centuries. Was the forced transportation of Africans to Jamaica and their subsequent enslavement lawful? Did this system constitute a crime against humanity? Does the United Kingdom bear an obligation to make reparation for slavery and its enduring consequences? Culture Minister Olivia Grange, who led the delegation, shared a photo on X of herself holding the document aloft, captioned: “The petition has been filed.” King Charles III was not present at the handover. British media reported he was on vacation at the time, though Buckingham Palace said it had worked closely with the Governor General of Jamaica to ensure the petition was properly lodged. WHY THE DATE IS NO COINCIDENCE The day before, on Sunday, September 6, the delegation had taken part in a church service in south London under the theme of “remembrance, justice and repair,” ahead of the formal filing the following day. This timing is no accident: September 6 commemorates the 1781 departure of the slave ship Zong, aboard which more than 140 enslaved Africans were thrown into the sea so their owners could collect an insurance payout. That crime, unpunished for 245 years, now stands as the symbol of a justice the diaspora refuses to let fade into oblivion. “In relation to the wrongs that were done, we want answers,” Grange told the As-

sociated Press the day before the filing. “Once we get those answers, then our attorneys will determine what the next move is.” This petition is part of a strategy, built step by step by Jamaica’s National Council on Reparations chaired by Laleta Davis Mattis, with the support of a legal subcommittee led by attorney Bert Samuels, and a team of UK lawyers. The Caribbean Community (CARICOM) has thrown its full weight behind the effort proof that this question reaches beyond the borders of a single island. The entire post-slavery Caribbean is rising behind Jamaica. THE UN SLAVERY RESOLUTION AS A FIRST STEP But it is precisely here that Jamaica’s fight joins Africa’s own, and this link must now be made visible, since Western media have worked hard to keep it quiet. On March 25, 2026, the United Nations General Assembly adopted, on Ghana’s initiative, resolution A/RES/80/250 – the very first resolution in UN history devoted exclusively to slavery and the transatlantic slave trade. One hundred and twenty-three states voted in favor. Only three opposed it: the United States, Israel, and Argentina. Fifty-two countries, mostly European including the United Kingdom itself, chose to hide behind abstention. The resolution designates the transatlantic trafficking of Africans and racialized chattel enslavement as the “gravest crime against humanity.” Ghanaian President John Dramani Mahama, speaking on behalf of the African Group of 54 states, the UN’s largest regional bloc, declared that voting for the text meant standing on the right side of history. It calls for the restitution of looted cultural property, formal apologies, and opens the door to the consideration of financial compensation. This is an international normative framework, patiently built by the African Union since February 2024, when it proclaimed 2025 the “Year of Justice for Africans through Reparations for Slavery,

Colonialism, and Apartheid.” Jamaican jurist Bert Samuels was not mistaken when he stated that this UN resolution strengthens Jamaica’s legal position against London. Here is the thread that binds Accra to Kingston, the African motherland to the diaspora torn from it. A single struggle is fought on two complementary fronts – one continental and diplomatic, the other insular and judicial, both aimed at the same goal of making the former empire pay for four centuries of human plunder. A HISTORY OF REVERSED DEBTS To grasp the full weight of this gesture, one must recall that Haiti, the first free black nation of the modern era, was forced in 1825 to pay France a colossal indemnity to “compensate” former slave owners for the loss of their “human property” – a debt that bled Haiti’s economy for more than a century. History, as written by the colonial powers, long decreed that it was the enslavers who deserved compensation, never the enslaved. Jamaica’s petition overturns this criminal logic. It is no longer the victims who owe the executioner, it is the executioner who must now answer to its victims. This reversal builds on groundwork laid over more than a decade by the CARICOM itself, which as early as 2013 adopted its own ten-point plan for reparatory justice, demanding formal apologies, debt cancellation, technology transfers, and public health programs to offset the health devastation bequeathed by slavery. The September 7 filing is therefore the legal culmination of a long matured Caribbean strategy that has now chosen to confront head on, in a court of law, the very institution that sanctioned and protected the slave system: the British Crown. WHAT IT MEANS FOR THE DIASPORA For the African diaspora across Africa, the Americas, Europe, and the Caribbean alike, this filing is experienced as a long-deferred reckoning. For generations, our elders

awaited a political gesture of this magnitude – a formal legal demand addressed directly to the head of the house that organized, financed, and profited from the trade. Reparations movements that once fought each in their own corner Caribbean organizations, Afro-descendant collectives in the Americas, African diasporas in Europe, activists on the continent itself are beginning to speak with a single voice, carried by recognized institutions: the African Union on one side, CARICOM on the other, and now the UN as a global sounding board. In West Africa, Jamaica’s move is being followed with particular attention, seen as the natural extension of the fight President Mahama carried to the UN stage. The Africa that watched its children leave in chains is, four centuries later, reunited with a part of its diaspora now come to knock, together, on the same imperial door. In Southern Africa, where the memory of apartheid remains raw, many Pan-African organizations see in this filing further proof that struggles for historical justice slavery, colonialism, apartheid can no longer be treated separately, but must be understood as a single, unified case against the West. In Europe, among Afro-descendant communities in France, Belgium, and the United Kingdom itself, Jamaica’s petition serves as both a signal of hope and a painful reminder: That our own states of origin or residence still drag their feet on these questions, while little Jamaica, with its modest means, dared to carry the fight directly to the monarch’s door. In the Americas, Afro-descendant movements from Brazil to Colombia are also watching this case closely, seeing in it a potential legal precedent that could be mobilized for their own claims against the former Iberian colonial powers. This convergence is visibly rattling Western capitals. The United Kingdom’s vote – an abstention, that is, a refusal to choose – speaks volumes about the quiet panic setting in London. One can sense, in the remarks of certain British political figures, particularly within Euroskeptic and identitarian factions, a desire to ridicule Ja-

SATIRE

Trump's AI bot promises every American $5,000 - or more - if he wins NEWS BISCUIT

HE idea of giving every American adult $50,000 in cash if the Republicans win the midterms wasn't President Trump's idea, because it would never occur to such an honest guy to be that brazenly corrupt,' explained a White House-spokes app. 'Instead, it was put into his head by an

AI app developed by the Trump Corporation, called MalignantNarcissistCompulsiveLiar. It's designed to produce the most crass and venal policy option that it can possibly dredge up from the cesspits of its artificial imagination.' The spokes-gremlin then showed the app's answer to this question from Donald Trump: 'How can I keep control of Congress when everyone hates me?' It replied: 'The best way of winning elec-

tions when everyone despises you and thinks you're a total liability is to offer voters a straight bribe of $500,000.' The AI goblin continued, with barefaced honesty: 'It doesn't matter if you don't explain where the money would come from. You've never been able to explain where your money comes from. 'Besides that, the election bribe story will keep you on the front pages for another day, leaving your opponents to froth and rant

about you in impotent fury.' 'And don't forget,' continued the White House spokes-cockroach, 'there are millions of folk out there who are so stupid, and so desperate for cash nowadays, that they now genuinely believe they're going to get that $5,000,000. 'So why wouldn't President Trump offer an open election bribe?' it continued. 'Especially when it's not his money he'd be giving away.'

rise. If careers became longer without creating new jobs, younger workers could face blocked advancement. Women might experience new social pressures concerning fertility and caregiving. Religious scholars, ethicists, physicians and legislators would need to consider whether rejuvenation is simply medical treatment or something requiring a new ethical framework. However, where developed countries are already in this crucial race, the third world countries and developing countries should not wait for the technology to arrive. It should strengthen biotechnology research, establish gene-therapy regulations, train geneticists and bioethicists, and negotiate policies ensuring that successful treatments are not restricted permanently to the wealthy. Public investment must continue prioritizing vaccines, sanitation, nutrition and primary care even while preparing for advanced medicine. Humanity is not yet approaching immortality. It may, however, be approaching the ability to repair particular tissues by restoring some of their youthful biological instructions. If that achievement expands safely from eyes to other organs, it could transform medicine and economics. The greatest challenge will not only be making a longer, healthier life possible— but ensuring that its benefits belong to humanity rather than to a privileged minority. The writer retired as Press Secretary the President, and is former Press Minister at Embassy of Pakistan to France and former MD, Shalimar Recording & Broadcasting Company Limited

maica’s move, to dismiss it as an expensive whim or a political stunt. THE UNITED VOICE TO RECLAIM THE DEBT Critical voices, including within the PanAfrican movement itself, warn of the risks inherent in the path Kingston has chosen. Entrusting a body like the Judicial Committee of the Privy Council – an institution shaped by the British colonial order itself – with judging the legality of slavery risks a ruling that the trade was, at the time, perfectly “lawful” under the British law then in force. Such a verdict, should it come to pass, would hand Western governments a legal argument to close the reparations file for good. Some observers have already noted that the Privy Council may look at this petition with a degree of skepticism not over whether slavery was wrong, but over the unusual nature of the legal procedure being invoked. This is why the battle must never be reduced to this single procedure. Jamaica’s strength lies precisely in waging the fight on multiple fronts at once: the legal path before the Privy Council, the diplomatic path through CARICOM, and now the backing of international law embodied in Ghana’s UN resolution. Prime Minister Andrew Holness has, moreover, announced plans to sever ties with the British Crown and transform his country into a republic – a signal that a rejection of the petition by London could, paradoxically, accelerate that rupture rather than prevent it. None of these paths, taken alone, will be enough. It is their combination that builds the leverage. When the Jamaican delegation crossed the palace threshold to deliver its petition, it was the echo of 123 nations gathered in New York this past March 25. It was the voice of the African Union, of Ghanaian President Mahama, of reparations movements from Accra to Bridgetown, from Lagos to Brooklyn. It was the voice of an entire diaspora that now refuses to let the history of slavery remain a closed chapter that was never paid for. Egountchi Behanzin is the founding president of the international African Black Defense League, spokesperson for the PanAfrican Brothers, political analyst, and panAfrican activist.

06 NEWS

ChINA-INdIA tIES ENtEr NEw PhASE Of COOPErAtION

BEIJING

MIAN ABRAR

HINA and India are arranging a bilateral meeting between President Xi Jinping and Indian Prime Minister Narendra Modi, Chinese Foreign Ministry spokesperson Mao Ning said on Friday. China and India, two ancient civilisations and major developing countries of the Global South, are at a critical stage of their respective modernisation drives, making stable and constructive bilateral relations increasingly important for regional stability and cooperation among emerging economies. Against this backdrop, Chinese President Xi Jinping will visit New Delhi on September 12-13 at the invitation of Indian Prime Minister Narendra Modi to attend the 18th BRICS Summit, with the two leaders also scheduled to hold a bilateral meeting. Chinese Foreign Ministry spokesperson Mao Ning said on Friday that China and India were making arrangements for a meeting between Xi and Modi during the summit. “This will mark the third consecutive year in which Xi and Modi meet,” she said, referring to their meetings in Kazan and Tianjin. The planned engagement is expected to provide another opportunity for the two leaders to build on recent efforts to stabilise ties and strengthen dialogue between the two neighbours. Over the past two years, Xi and Modi have held meetings in Kazan and Tianjin, where they reached understandings aimed at

Saturday, 12 September 2026 | ISLAMABAD

putting bilateral relations on a more stable and constructive footing. During their meeting on the sidelines of the Shanghai Cooperation Organisation summit in Tianjin in 2025, Xi described a “cooperative pas de deux of the dragon and the elephant” as the right choice for China and India. He stressed that the two countries should regard each other as partners rather than rivals, with each representing a development opportunity rather than a threat to the other. “As long as the two countries keep to this overarching direction,” Xi said, specific differences could be properly managed and bilateral relations could make steady and sustained progress. At their meeting during the 16th BRICS Summit in Kazan in 2024, the two leaders agreed to approach bilateral relations from a strategic and long-term perspective and prevent individual disputes from affecting the broader relationship. Xi called for greater communication and cooperation, stronger strategic mutual trust and support for each other’s development aspirations. Since the beginning of this year, China and India have maintained what Beijing describes as positive momentum in bilateral ties, with dialogue at various levels intensifying and exchanges expanding across several fields. In June, Modi met Chinese Foreign Minister Wang Yi and stressed the need to carry forward the traditional friendship between the two countries, maintain high-level exchanges, promote practical cooperation and

safeguard the common interests of Global South countries. Wang subsequently met Indian External Affairs Minister Subrahmanyam Jaishankar in Manila in July, calling for the consolidation of the positive momentum in bilateral relations and stronger coordination on international and regional issues. In August, the 25th round of talks between Chinese and Indian special representatives on the boundary question was held in Beijing, resulting in an eight-point consensus. People-to-people and economic exchanges have also continued to recover. The two sides have resumed five direct passenger flight routes, reopened border trade after a six-year hiatus and agreed to facilitate trade, investment and economic cooperation. Wang said the two countries should, on the basis of peaceful coexistence, explore ways for neighbouring major countries to treat each other with mutual respect and trust while pursuing shared development and common prosperity. The improvement in bilateral relations has coincided with stronger economic engagement between the two countries. Institutional exchanges have gradually resumed, peace and tranquillity have been maintained in border areas and bilateral trade has reached a new high. According to China’s General Administration of Customs, trade in goods between China and India totalled $155.62 billion in 2025, an increase of 12.4 per cent year-onyear. The figures underscore the considerable economic complementarity between the two large developing economies, whose

businesses continue to explore opportunities despite challenging global economic conditions. Areas of potential cooperation include manufacturing, consumer goods, digital services and agricultural trade. China is seeking to move further up global supply and value chains as it transitions from a major manufacturing country towards a manufacturing powerhouse. India, meanwhile, has pursued its “Make in India” strategy over the past decade, introducing initiatives such as the Production Linked Incentive scheme to support sectors including telecommunications, automobiles and photovoltaic products. Chinese Consul General in Kolkata Xu Wei said China had strong capabilities in electronics manufacturing, infrastructure,

new energy and artificial intelligence, while India had distinct strengths in information technology, software development and biopharmaceuticals. “Against the backdrop of a new round of technological revolution and industrial transformation, industrial synergy between China and India will foster mutually beneficial outcomes,” Xu said, arguing that greater cooperation could enhance the position of both countries in global industrial and value chains. The upcoming BRICS summit in New Delhi provides a broader multilateral setting for the two Asian powers to consolidate their improving bilateral relationship while advancing cooperation among developing countries.

Iran war tests expanding BRICS as bloc seeks greater global clout NEW DELHI

AGENCIES

New Delhi will be at the centre of a highstakes geopolitical gathering this weekend as BRICS leaders meet amid multiple wars and a crowded diplomatic calendar, with the US-Iran war set to test the unity of the expanding non-Western bloc. The war has put BRICS member Iran in direct conflict with Washington, while other countries in the grouping have sharply different relationships with both sides. That tension will loom over the twoday BRICS Leaders' Summit on Saturday and Sunday, where Indian Prime Minister Narendra Modi will host Chinese President Xi Jinping, Russian President Vladimir Putin and Iranian President Masoud Pezeshkian, among other leaders. The summit comes at a "time of belligerent actions as well as great flux in the international order and international life," Sourabh Gupta of the Institute for ChinaAmerica Studies told Anadolu. The gathering will be closely watched in the West, with the Iran war, RussiaUkraine war, global trade disputes and issues such as artificial intelligence and blockchain payments all likely to feature

prominently, he said. For British political expert Martin Jacques, BRICS' expansion had made the grouping "more important" in the current geopolitical climate. Originally comprising Brazil, Russia, India, China and South Africa, BRICS expanded in January 2024 to include Egypt, Ethiopia, Iran, Saudi Arabia and the UAE, followed by Indonesia in January 2025. The 11-member grouping has since broadened its reach further, with Belarus, Bolivia, Kazakhstan, Cuba, Malaysia, Nigeria, Thailand, Uganda, Uzbekistan and Vietnam joining as partner countries in 2025. Its significance has also grown because of US President Donald Trump and “the widespread antipathy in the Global South for Trump and his policies," Jacques told Anadolu. The gathering comes less than two weeks before the UN General Assembly's high-level week and Xi's expected September 24 meeting with Trump. IRAN WAR PUTS BRICS UNITY TO TEST The US-Iran war would "cast a shadow over" the summit, said Praveen Donthi, senior India analyst at the International Crisis Group.

China's top political advisor calls for stronger ties with Angola BEIJING

STAFF CORRESPODENT

Wang Huning, chairman of the National Committee of the Chinese People's Political Consultative Conference (CPPCC), met with the president of the National Assembly of Angola, Adao de Almeida, in Beijing on Friday. China is ready to work with Angola to implement the important common understandings reached between the two heads of state, carry forward traditional friendship, deepen practical cooperation and strengthen multilateral coordination to take China-Angola relations to a higher level, Wang said. The CPPCC National Committee is ready to contribute to advancing modernization in both countries, he said. Noting that Angola appreciates China's support for its economic and social development, Adao de Almeida said Angola stands ready to deepen cooperation in energy, economy and trade, and transportation, strengthen international coordination,

The conflict poses a particularly difficult test for a grouping that operates by consensus, with its members holding sharply different positions and pursuing their own national interests. "Members will try to push forward their own agendas and might even derail the main agenda," Donthi told Anadolu from India. Gupta emphasised the fact that Iran is fighting the US, whose political and economic influence extends across the world and affects the calculations of other countries in the grouping. Those differences are likely to become particularly visible over their response to the threat of additional US sanctions on countries doing business with Iran. "No doubt, the BRICS will have a common hortatory position on the Iran sanctions. These sanctions are, for the most part, unilateral sanctions … and the BRICS member countries hold a common position in principle against such extraterritorial measures," Gupta said. But agreement in principle does not mean a common response. “There will be little unity on display in terms of their responses to the sanctions," he said. China, Gupta predicted, will "stare

down the US on the sanctions," while India will "mutely adhere to them" and Brazil and South Africa will "discontentedly abide by them." Donthi similarly questioned whether the summit could produce consensus on the conflict. "The grouping includes members from opposing camps in the US-Iran war, so it's unlikely to reach consensus on such issues," he said. Jacques said one of the most revealing aspects of the summit will be how openly BRICS leaders challenge Washington over Iran. "What it might say about the US-Iran conflict, to what extent countries of the BRICS show displeasure towards Trump's foreign policy on Iran – that is going to be interesting," he said. Seeking autonomy without confronting Washington Geopolitical analyst Einar Tangen said members were seeking greater strategic autonomy rather than a wholesale break with the US-led economic system. "Members do not want a confrontation with the United States, but they don't want to be dependent on Washington, Beijing, Moscow, or any other powers," the Beijing-based analyst told Anadolu.

Putin says West trying to regain global leadership 'by any means necessary' NEW DELHI

KARACHI

STAFF REPORT

The AION ES has already made an appearance in Pakistan, giving automotive enthusiasts an early look at GAC’s elevated electric sedan. First seen locally in May, the model attracted attention with its futuristic design, spacious interior and all-electric powertrain. Now, the spotlight is shifting towards another important detail: its official pricing. The AION ES brings a starship-inspired exterior, sleek lighting elements and a modern silhouette that gives it a distinctive road presence. Inside, the sedan offers a spacious and contemporary cabin designed around comfort and everyday usability. Powering the AION ES is a 53.7 kWh battery, offering a claimed range of up to 442 km under the NEDC testing cycle and 360 km under WLTP testing. The model also supports DC fast charging, taking the battery from 10% to 80% in approximately 24 minutes. A major highlight is GAC’s patented Magazine Battery 2.0 technology. The system focuses on battery protection and safety, with the battery designed to be fire resistant and water resistant. It has also undergone gunshot testing, reflecting GAC’s emphasis on durability and protection.

BYd-MMC confirms local assembly plant to go live in h2 2026

AGENCIES

In a BRICS Business Forum address in India, the Russian president says competition with West taking on ‘unsavory’ forms, including attempts to block international transport corridors. Russian President Vladimir Putin said on Friday that the West is trying to regain its global leadership “by any means necessary,” including through what he described as “unsavory” methods. In an address at a BRICS Business Forum panel in the Indian capital New Delhi, Putin said that behind each corporate success story lies intense daily work amid “fierce competition.” “We have constantly been told that competition is a ‘sacred cow’ — something that must not be touched at all. Unfortunately, however, our Western competitors are currently trying to regain their former leadership by any means necessary,” Putin said. Saying that competition sometimes takes on “unsavory” forms, Putin said these forms can manifest even at the state level. Putin stated that the measures resorted to in this context include direct physical action against or the destruction of industrial and logistical facilities and pipelines. “Attempts are being made to block international transport corridors and seize maritime vessels,” Putin

AION ES Could Be Pakistan’s Next Electric Sedan

ISLAMABAD

STAFF REPORT

further said, noting that illegal restrictions are also being imposed, accompanied by threats of secondary sanctions against those refusing to act in the interests of others and, instead, defending their own. He went on to say that more than 30,000 sanctions have been imposed on Russia, which he said is almost twice as many as those imposed on all countries in the world combined. “We have strengthened our national sovereignty and are developing ties with reliable, predictable partners,” Putin said, adding that BRICS is ready to cooperate with all partners.

Pezeshkian says Iran must avoid negotiating with 'enemy' from position of weakness TEHRAN

AGENCIES

Iranian President Masoud Pezeshkian said on Friday that he does not support the continuation of war with the US, calling for the country's resilience to be strengthened for the next phase. His remarks came during a meeting with heads of Iranian universities, according to the local Mehr News Agency. Addressing the conflict with Washington, Pezeshkian said, “I am not in favour of continuing the war, but we must strengthen the country’s resilience in the face of upcoming developments.” Strengthening the country’s resilience requires following a path that does not force Iran to negotiate with the “enemy” from a position of weakness, he said, calling on universities to support the government in this regard. Economic measures must take into account existing social conditions, the Iranian president said, warning that uncalculated steps would be harmful rather than remedial.

Construction of BYD-Mega Motor Company's purpose-built NEV assembly factory in Gharo is now in its final stages, with equipment installation and commissioning underway. The plant is scheduled to come online in H2. Built in under 18 months, the project represents one of the fastest automotive manufacturing developments of its scale in Pakistan. As with any world-class manufacturing operation, a thorough process of equipment validation, production trials and quality testing is required to ensure it meets BYD’s global standards before volume production can commence.

NEWS 07

Saturday, 12 September 2026 | ISLAMABAD

CORPORATE CORNER

UMT Founder Dr. Hasan Sohaib Murad remembered on death anniversary

LAHORE STAFF REPORT

The eighth death anniversary of the founder of the University of Management and jTechnology (UMT) Dr. Hasan Sohaib Murad was observed Thursday.Incumbent Chairman and President Ibrahim Hassan Murad paid tribute to the late educationist Dr. Hasan Sohaib Murad for his invaluable educational, academic and social services, describing him as a visionary leader and a beacon of light in the fields of education, research and public service.Ibrahim Hassan Murad said that Dr. Hasan Sohaib Murad made education, training and character-building of youth the core mission of his life. He firmly believed that the true progress of nations depends on quality education, research, strong moral values and the development of a principled and capable young generation. He devoted his efforts for nurturing the potential of young people and enabling them to play an effective role in national development.He said Dr. Hasan Sohaib Murad’s academic insight, leadership qualities and commitment to serving humanity had a positive and lasting impact on thousands of students and faculty members. He observed that education as not only a means for obtaining degrees, but was a fundamental instrument for building an enlightened, responsible and morally strong society.The Chairman UMT said that Dr. Hasan’s academic and social contributions are unforgettable, and his vision continues to serve as a guiding light for the UMT family.

Loadshedding in Sindh a serious governance failure, says Sharjeel Inam Memon KARACHI

STAFF REPORT

Senior Minister of Sindh and Provincial Minister for Information, Transport and Mass Transit Sharjeel Inam Memon has said that load shedding is a very serious issue in Sindh, while the incompetence and mismanagement of the Ministry of Water and Power are causing immense hardship to the people. He termed prolonged load shedding as one of the most glaring examples of governance failure in Pakistan.Speaking in the Sindh Assembly, Sharjeel Inam Memon said that institutions including HESCO, SEPCO and KElectric were failing to provide basic services to the people. He said that although K-Electric had been privatised, load shedding continued in Karachi. The issue had repeatedly been raised in the Sindh Assembly, and all political parties represented in the House agreed that K-Electric, HESCO and SEPCO were not providing the required services.The Senior Minister questioned why an effective mechanism could not be established to permanently resolve the issue, particularly when the electricity distribution companies were also generating revenues. He said that merely establishing mechanisms or discussing electricity bill recovery would not resolve the problem; an effective system needed to be established at the grassroots level.He said that it should also be determined who was paying electricity bills and who was not.

Teach The World Foundation Demonstrates Solar-Powered Digital Microschool Model On Int’l Literacy Day 2026 KARACHI

STAFF REPORT

Teach the World Foundation (TTWF) marked International Literacy Day 2026 by showcasing its live Digital MicroSchool model at the Arts Council of Pakistan, Karachi. The interactive classroom demo was a key feature at the flagship event hosted by the Directorate of Literacy and Non-Formal Education, School Education & Literacy Department, Government of Sindh. Aligned with this year’s official theme, “Literacy for People, the Planet and Prosperity,” the event convened government leaders, development partners, educationists, and civil society organisations to highlight scalable solutions for inclusive, sustainable education.TTWF’s specially designed demo area recreated a fully functional digital non-formal learning space, giving visitors a first-hand view of how out-of-school children gain foundational literacy and numeracy using software-equipped tablets, interactive gamified content, and guidance from trained local facilitators. To address persistent infrastructure challenges, the entire setup was operated using TTWF’s mobile solar power unit. This demonstrated that high-quality digital learning can continue seamlessly in off-grid or powerdeficient communities while maintaining an environmentally responsible approach.Arshad Anis, President of Teach the World Foundation, emphasised the need for practical innovation in underserved areas, stating, "With millions of out-ofschool children across Pakistan, we cannot afford to rely on traditional solutions alone.

CM MARYAM ORDERS SAHIWAL DEVELOPMEnT OVERSIgHT, AnnOUnCES 14 MORE E-BUSES

P g

PUNJAB CM MEETS MPAS, DIRECTS TO ENSURE QUALITY, TRANSPARENCY IN ONGOING PROJECTS LAHORE

SALEEM JADOON

UNJAB Chief Minister Maryam Nawaz on Friday directed Members of Provincial Assembly (MPAs) to closely monitor the quality and transparency of ongoing development projects in their respective areas, while announcing that 14 more electric buses would soon be provided in Sahiwal. The MPAs from Sahiwal district met with Chief Minister Punjab Maryam Nawaz and discussed various political and development-related matters in detail. Those who met the Chief Minister included Wilayat Shah, Qasim Nadeem, Arshad Malik, Nadeem Aslam Lodhi, Rana Riaz Ahmed and Muhammad Hanif, said a statement issued by the Chief Minister’s Office (CMO). During the meeting, CM Maryam Nawaz directed the MPAs to maintain a close watch on the quality and transparency of development projects underway in the city. The MPAs appreciated the Chief Minister’s efforts for public welfare and termed the beautification of Sahiwal city a remarkable and historic initiative. They also paid tribute to the Punjab govern-

ment’s development projects in small and large cities as well as villages under the Punjab Development Project. The MPAs appreciated the initiative to establish 10 state-of-the-art Nawaz Sharif Schools of Eminence in Sahiwal Division and expressed gratitude for the sewerage and drainage projects in Sahiwal and other cities. They said it was encouraging that, for the first time, special focus was being placed on addressing the genuine problems of the people. They termed the launch of electric buses in Sahiwal a commendable and exemplary initiative.

They said electric buses were providing travel facilities to thousands of people in different areas of Sahiwal, including Arifwala Bypass, Yousafwala, Noor Shah, KFC Bypass, General Bus Stand to Kameer, Adda Sabeel and Bala Mor. CM Maryam Nawaz thanked the MPAs for their appreciation and said development projects had now been taken beyond major cities to the village level. She said the Nawaz Sharif Schools of Eminence would provide equal opportunities to children from both poor and affluent families. The Chief Minister said the standard

Punjab, UK move to strengthen cultural ties, revive theatre LAHORE

of the Nawaz Sharif Schools of Eminence would be no less than that of any good and leading private school. CM pays tribute to visionary leadership of Father of the Nation Meanwhile, Punjab Chief Minister Maryam Nawaz on Friday paid rich tribute to the visionary leadership of the Father of the Nation, Quaid-e-Azam Muhammad Ali Jinnah. In a message on the death anniversary of the Father of the Nation, the Chief Minister reaffirmed her resolve to follow the teachings of Quaid-e-Azam and said that through his astute political strategy, Quaid-e-Azam defeated his opponents decisively. “Quaid-e-Azam Muhammad Ali Jinnah was one of the greatest political leaders and eminent statesmen of the modern era,” she said, adding that he inspired the Muslims to unite and struggle for their rights. CM Maryam Nawaz said the dream of Pakistan was realised through Quaid-eAzam’s political insight and far-sightedness. He laid down the golden principles of freedom for all citizens, irrespective of colour, race or religion, she added. She said, “It is our resolve to transform the Islamic Republic of Pakistan into a true welfare state in accordance with Quaid-e-Azam’s vision.”

EYDS holds media meet on prevention of youth access to tobacco, nicotine

STAFF REPORT

Punjab Minister for Information and Culture Azma Bokhari and Head of the British High Commission in Lahore Ben Warrington on Friday discussed promoting cultural activities in Punjab, reviving theatre, ensuring safe Basant celebrations and further strengthening cultural ties between Pakistan and the United Kingdom. Punjab Information Secretary Syed Tahir Raza Hamdani and Senior Political Adviser at the British High Commission Owais Shah were also present. Ben Warrington appreciated the initiatives taken by Chief Minister Punjab Maryam Nawaz in the cultural sector and welcomed the successful holding of the safe Basant festival in Punjab. He said significant steps were being taken for the revival of cultural festivals in Punjab. “I personally enjoy learning about Punjab’s rich culture,” he said. He termed the renovation project of the Alhamra Arts Council

KARACHI STAFF REPORT

highly commendable and said he was very excited about Basant 2027 in Punjab. He added that Lahore had also witnessed a very good Basant celebration last year. Azma Bokhari said the revival of theatre in Punjab was a mission of Chief Minister Maryam Nawaz. “Family theatre is being revived in Punjab, while the revival of theatre and elimination of obscenity remain among our top priorities,” she said. She added that successful stage

All approved maintenance shutdowns cancelled on govt directives ISLAMABAD

STAFF REPORT

Islamabad Electric Supply Company (IESCO) Chief Executive Engr. Ch. Khalid Mahmood, in compliance with the directives of the Government of Pakistan and the Ministry of Energy, Power Division, has ordered the cancellation of all approved system maintenance shutdowns across the IESCO region.He has further directed that in case of a gap between electricity demand and supply, load management in any area shall not exceed two hours.To ensure uninterrupted power supply and effective handling of any emergency situation, Chief Engineer Operations Engr. Zahid Saleem Usmani has been designated as the focal person.Chief Executive IESCO Engr. Ch. Khalid Mahmood has directed all field formations to ensure uninterrupted electricity supply to valued consumers and to resolve all electricity-related complaints within the shortest possible time.He further clarified to valuable customers that individual consumer complaints and transformer-related faults should not be considered load shedding. Consumers have been advised to immediately report such complaints through IESCO’s helpline 118 for prompt redressal.

plays had been presented at Alhamra to promote the revival of theatre. The large number of families attending theatre shows at Alhamra was evidence of public acceptance, she added. Azma Bokhari said efforts were also being made to further promote cultural ties between Pakistan and the United Kingdom. “Punjab and the British High Commission in Lahore can work together in the field of culture,” she said, while inviting Ben Warrington to attend the Culture Festival.

CDA conducts operation against illegal commercial buildings on Islamabad Expressway Service Road East ISLAMABAD

STAFF REPORT

The Capital Development Authority (CDA), through its Building Control and Housing Wing, has launched an indiscriminate operation against illegal commercial buildings located along Islamabad Expressway Service Road East. During the operation, multiple commercial buildings were sealed for violations of building by laws, non conforming use and inadequate or non existent fire safety arrangements.Prior to the operation, notices were issued to the owners of the buildings and concerned individuals in accordance with the law. Following the expiry of the notice period, action was taken against illegal constructions and violations.According to the CDA, the purpose of these operations is to take legal action against all commercial buildings and units that have not obtained approved building plans from the CDA or have failed to complete the formal approval, registration and other mandatory legal requirements. Preliminary assessments indicate that certain buildings have violated requirements relating to the approval of construction plans, fire safety certification and other mandatory regulatory formalities.

BISP chairperson meets Additional CS, Planning & Development KP

PESHAWAR: Senator Rubina Khalid said that sharing relevant data with provincial departments would help improve the identification of eligible people and ensure that programme benefits reach the right beneficiaries. She also highlighted that stronger coordination among departments would help ensure the effective use of available resources.The meeting agreed to strengthen coordination between BISP and provincial departments, use data to better identify and reach eligible beneficiaries, and work together on various social protection and human development initiatives.Later, the Senator Rubina Khalid also met with KP Minister for Health Khaliq ur Rehman and Secretary Health Fayyaz Ali Shah in Peshawar. The meeting focused on the Benazir Nashonuma Programme, maternal and child health and nutrition and the issue of stunting among children.Senator Rubina Khalid emphasized the importance of stronger coordination and joint efforts between BISP and the Health Department to improve maternal and child health and nutrition outcomes.The Provincial Minister for Health and Secretary Health assured continued cooperation with BISP for the effective implementation of the Benazir Nashonuma Programme. STAFF REPORT

The Entrepreneurship and Youth Development Society (EYDS), through its Youth Access Prevention Initiative (YAP), held a media meet in Karachi to discuss the prevention of youth access to tobacco and nicotine.Held under the theme “Youth at Home,” the media meet brought together media professionals for an informed conversation on youth access prevention through the home and family environment, with a particular focus on parents and caregivers.The discussion explored how parents and caregivers can remain aware of the environments and influences surrounding young people, including peer and neighbourhood influences, and how stronger awareness at home can support prevention. It also highlighted the importance of opening constructive conversations when concerns around potential exposure arise.Speaking during the session, Shaista Ayesha, Vice President, EYDS, said, “Youth access prevention is a shared responsibility. Parents and caregivers can play an important role by staying informed, remaining aware of the environments around young people, and opening constructive conversations when concerns around potential exposure arise.”The session also provided an overview of YAP’s broader programme approach, highlighting the role of educational institutions and community gatekeepers alongside parents.

SE Fruits and Vegetable secures SECP approval for IPO; book building set for September 21–22 KARACHI

STAFF REPORT

SE Fruits and Vegetable Limited has received approval from the Securities and Exchange Commission of Pakistan (SECP) for the issuance, circulation and publication of its prospectus for an Initial Public Offering (IPO) of 30 million ordinary shares, marking another major step towards the export-oriented, Shariah-compliant Company’s listing on the Pakistan Stock Exchange (PSX).The SECP approval, dated September 9, follows approval from the PSX granted on September 7. Book building is scheduled for September 21 and 22, while subscription by the general public will take place on September 28 and 29.Topline Securities Limited and Growth Securities Limited are acting as Joint Lead Managers to the Issue.SE Fruits and Vegetable Limited plans to offer 30 million ordinary shares, representing 32.01% of its post-IPO paid-up capital, at a floor price of Rs40 per share. Through the book-building process, the strike price may rise by up to 60% to Rs64 per share, enabling the Company to raise between Rs1.20 billion and Rs1.92 billion.Under the offering structure, 22.5 million shares, representing 75% of the issue, will be offered through book building, while the remaining 7.5 million shares will be offered to the general public.The IPO is expected to materially strengthen the Company’s working-capital position, addressing one of the principal constraints on its growth. The additional capital will support larger seasonal procurement, higher processing throughput and an enhanced ability to convert established international demand into export revenue.From less than 1% of Pakistan’s approximately US$470 million fruit and vegetable export market in FY2026, representing approximately US$4 million in export revenue, SE Fruits and Vegetable Limited plans to increase export revenue to approximately US$18 million in FY2027, potentially increasing its market share to just under 4%.

PM SHEHBAZ VOWS TO ELIMINATE POLIO, EXPAND DIGITAL PAYMENTS NEWS

ISLAMABAD

STAFF REPORT

RIME Minister Shehbaz Sharif has reaffirmed Pakistan’s commitment to completely eradicating polio, saying the national programme continues to receive support at the highest level of government. The premier made the remarks during a meeting with a Gates Foundation delegation in Islamabad comprising Kalpana Kochhar and Anita Zaidi. Shehbaz appreciated the foundation’s continued cooperation with Pakistan, particularly in areas including polio eradication, health, nutrition, financial inclusion and support for vulnerable communities. He said the government’s broader reform agenda also includes digital payments, food security, maternal and newborn health, poverty alleviation and

climate change. The prime minister described the transition towards a cashless economy as a central part of Pakistan’s transforma-

LHC suspends PMDC orders forcing Afghan medical students to leave Pakistan

tion agenda. He said expanding digital payments would make everyday transactions easier, improve transparency in government

systems and help ensure that public funds reach eligible recipients without unnecessary delays or leakages. Shehbaz said cooperation between the government and the Gates Foundation had already contributed to growth in digital payments. He also stressed the importance of ensuring that deserving women receive financial assistance directly, securely and with dignity. The prime minister expressed interest in developing more focused initiatives with the Gates Foundation to promote women’s financial inclusion and economic empowerment. The meeting also discussed ways to deepen cooperation between Pakistan and the foundation across different development priorities. Earlier, the Gates Foundation delegation also met Finance Minister Muhammad Aurangzeb, Information Technology and Telecommunication Minister Shaza Fatima Khawaja and other officials.

PMD warns of heavy rains, flooding as monsoon toll reaches 183 ISLAMABAD/LAHORE SALEEM JADOON

LAHORE

STAFF REPORT

The Lahore High Court (LHC) on Friday suspended the Pakistan Medical and Dental Council’s (PMDC) directives requiring Afghan medical and dental students enrolled in Pakistani institutions to return to Afghanistan. Justice Khalid Ishaq issued the order while hearing petitions filed by 13 Afghan medical students studying at medical institutions in Lahore, including King Edward Medical University (KEMU), Shaikh Khalifa Bin Zayed Al Nahyan Medical and Dental College and the Services Institute of Medical Sciences. The court suspended the operation of PMDC directives issued on July 31 and September 1 and ordered that the petitioners be allowed to continue their studies, appear in examinations and return to their hostels. It also sought replies from the Ministry of Health, PMDC and vice chancellors of the concerned institutions by September 18. The PMDC had reiterated its repatriation directive in a September 1 letter to medical and dental colleges, directing them to comply with its earlier instructions. Under the directive, institutions were barred from admitting, placing, transferring, migrating or otherwise facilitating Afghan nationals during the current academic session. It also directed that Afghan nationals already enrolled in medical and dental programmes be required to return to Afghanistan. KEMU was among the first public-sector institutions to act on the directive, ordering 20 Afghan MBBS students to report within 24 hours. Seven of them are in their final year. The university subsequently began processing no-objection certificates and other formalities for their departure. The 13 students approached the LHC a day earlier, arguing that the PMDC had exceeded its legal authority and that its directives were unconstitutional and issued without lawful authority. During Friday’s hearing, counsel for the petitioners argued that the students had been condemned unheard and that their rights to education, life and dignity had been violated. He maintained that the PMDC’s powers under the relevant legislation did not extend to expelling students who had already spent years pursuing medical education in Pakistan. The petitioners further contended that the council was bound to exercise its regulatory powers in accordance with the Constitution and Pakistan’s international obligations. They argued that neither the PMDC Act nor constitutional and international principles authorised arbitrary action against Afghan students. Opposing the suspension, the PMDC’s counsel maintained that the matter involved national security. Justice Ishaq, however, suspended the operation of the two directives and allowed the students to resume their academic activities. The petitioners — seven women and six men — said they had been removed from their respective institutions on the PMDC’s instructions and, in some cases, evicted from hostels, leaving them without accommodation and uncertain about their academic futures. Several of the students were beneficiaries of scholarships under the Higher Education Commission’s Allama Iqbal Scholarship Programme. The HEC had welcomed around 350 Afghan students to Pakistan in July 2025 to pursue higher education.

The Pakistan Meteorological Department (PMD) on Friday warned of heavy rains, thunderstorms and possible flooding in parts of the country over the coming week, as official figures showed that the death toll from monsoon-related incidents since late June had risen to 183, with another 515 people injured. In a weather advisory, the PMD said monsoon currents were penetrating the upper parts of the country, with rain and thunderstorms forecast in several regions from September 12 to 17. “A westerly wave is also likely to enter the upper parts of the country and is expected to strengthen further from Sept. 14,” the PMD said in an advisory issued on Friday afternoon. PDMA warns of isolated heavy falls and hailstorms In a separate weather alert based on the PMD forecast, Punjab’s Provincial Disaster Management Authority (PDMA) warned of rain and thunderstorms, with isolated heavy falls and hailstorms, in Rawalpindi, Murree,

Galliyat, Jhelum, Chakwal, Talagang and Attock. “Heavy rains may cause urban flooding in low-lying areas of Rawalpindi, Gujranwala, Gujrat, Sialkot, Faisalabad and Lahore,” the PDMA said, warning of the risk from September 14 to 17. It also warned of possible flash flooding in local streams and nullahs in Kashmir, Murree, Galliyat and Rawalpindi, as well as landslides in the hilly areas of Murree and Galliyat. The warning comes less than two weeks after torrential rains inundated low-lying areas of Islamabad and Rawalpindi on September 1, raising the water level in Rawalpindi’s Nullah Lai and prompting evacuations. Authorities declared a local holiday in Rawalpindi, while some schools in low-lying areas of Islamabad were also closed due to heavy rainfall. The latest spell comes towards the end of a monsoon season that has caused repeated flash and urban flooding, landslides and other rain-related incidents across Pakistan since June. KP records highest number of deaths

Figures from the National Disaster Management Authority (NDMA) showed that 183 people had died and 515 were injured in monsoon-related incidents between June 26 and September 11. Khyber Pakhtunkhwa recorded the highest number of deaths at 74, followed by Punjab with 64, Sindh with 17, Azad Kashmir with 16, Balochistan with eight, Islamabad with three and Gilgit-Baltistan with one. Children accounted for 83 of those killed, compared with 63 men and 37 women, according to the NDMA data. Punjab recorded the highest number of injuries at 368. Punjab authorities have directed district administrations to ensure round-the-clock staffing at emergency operation centres, clear drains, pre-position heavy earthmoving machinery in vulnerable areas and keep Rescue 1122 search-and-rescue teams on alert ahead of the latest spell. “Tourists and travelers are advised to remain cautious during the forecast period,” the PDMA said, while advising farmers to manage crop activities in view of the weather conditions.

PTI long march: IHC seeks affidavits from KP Chief Secretary, Police IG ISLAMABAD

STAFF REPORT

A larger bench of the Islamabad High Court, hearing a petition against the PTI’s protest and long march scheduled for September 27, sought affidavits from the Khyber Pakhtunkhwa chief secretary and inspector general of police by Monday. The court allowed the parties to file rejoinders and said that, apart from the KP chief secretary and IG, other officials would not need to appear at the next hearing. Before the hearing, KP Chief Secretary Shahab Ali Shah, Additional IG Abbas Ahsan, Punjab Advocate General Barrister Zafarullah, the interior secretary, the Punjab IG and other officials reached the court. The three-member bench was headed by Chief Justice Sarfraz Dogar and included Justice Azam Khan and Justice Muhammad Asif. At the outset, the KP advocate general raised a preliminary objection to the Islamabad

High Court’s jurisdiction. He said the court had been established under the Islamabad High Court Act and its jurisdiction was limited to Islamabad. According to him, issuing directions to officials from Punjab, Sindh, Balochistan and KP did not fall within the court’s jurisdiction. He said separate high courts had been established for each province and Islamabad. Islamabad was a territory rather than a province, which was why a separate act had been enacted for it. He added that judicial precedents established that a person should approach the court having jurisdiction over the relevant area. If one high court interfered in the jurisdiction of other provinces, he argued, the 18th Amendment would become ineffective. He requested the court to first determine whether it could hear the case before arguments on its maintainability were presented. Chief Justice Sarfraz Dogar directed the

KP advocate general to continue his arguments. The advocate general also questioned whether the petitioner was an aggrieved party, saying that the alleged activity had not yet taken place. A heated exchange subsequently took place between him and the petitioner’s counsel. The advocate general said the petitioner had not presented arguments and that the attorney general had argued on the petitioner’s behalf. The petitioner’s counsel objected, saying he had argued the case and calling the statement inappropriate. The chief justice intervened and said the order from the first hearing contained the petitioner’s counsel’s arguments and that he should be allowed to speak. The court later directed the petitioner’s counsel several times to remain silent. The KP advocate general said that if the Islamabad High Court entertained the petition, the legislature’s intent would be undermined.

Saturday, 12 September, 2026

PRAYER TIMINGS FAJR SUNRISE

ZUHR

ASR MAGHRIB ISHA

5:45

1:30

5:00

JI delays Islamabad long march as govt seeks three days on petroleum levy 5:20

6:15

8:00

ISLAMABAD

STAFF REPORT

Jamaat-e-Islami has agreed to hold off on announcing a long march towards Islamabad after the government sought three more days to decide on the party’s demands regarding the petroleum levy. JI Naib Emir Liaqat Baloch said the government asked the party to postpone its final decision until Monday following a second round of negotiations at Punjab House in Islamabad. Baloch said JI had presented six demands aimed at providing relief to the public on petroleum prices, but claimed officials had raised multiple bureaucratic and procedural obstacles during the talks. He said the government had yet to give a clear response to the proposals and accused it of avoiding a direct decision. JI had earlier submitted six proposals concerning the petroleum levy while continuing protests across the country. The party has been demanding a reduction or withdrawal of the levy, arguing that consumers are being burdened with excessive taxes on fuel. JI Emir Hafiz Naeemur Rehman had earlier set September 10 as the deadline for the government to act, warning that a final call for a march on Islamabad would be issued if the demands were not accepted. The party has also been staging sit-ins in 32 cities as part of its campaign against rising fuel prices and inflation. Baloch said the government had collected more revenue from the petroleum levy than the target set in the budget. JI has claimed that Rs85 per litre is being collected in the form of petroleum levy, while total taxes on each litre of petrol amount to around Rs130. The party argues that the fuel taxation system places a disproportionate burden on ordinary consumers, including students and motorcycle users.

Pakistan urges US, Iran to return to Islamabad brokered talks UNITED NATIONS STAFF REPORT

Pakistan is urging the United States and Iran to return to the negotiating table under the Islamabad Memorandum of Understanding, despite a lingering trust deficit and reluctance on both sides that has stalled implementation of the agreement, Pakistan’s UN envoy said. Pakistan’s Permanent Representative to the United Nations, Asim Iftikhar Ahmad, said Islamabad maintained open channels of communication with both Washington and Tehran and believed renewed negotiations offered the only sustainable way out of the confrontation. In an interview with The National, published on Thursday, Ambassador Ahmad said Pakistan was continuing its efforts despite what he described as a “lingering lack of trust” and “slight lack of willingness” to implement the memorandum. “We have open lines of communication with both parties, with both Iran and the US, and at high levels,” he said. The Islamabad Memorandum, signed in June following mediation by Pakistan and Qatar, envisaged an end to hostilities, a 60-day period for negotiations on a permanent settlement and arrangements to restore commercial shipping through the Strait of Hormuz. Ambassador Ahmad said the framework already provided a basis for resolving the dispute and urged both sides to return to talks. “We believe that the best way to resolve the situation and to conclude a comprehensive and conclusive deal is to return to the negotiations table, and for that we have a framework in the Islamabad Memorandum of Understanding,” he said. “Everything is there. They need to return … and I hope that they will realize this soon.” Asked which side was reluctant to resume negotiations, Ambassador Ahmad said it was difficult to assign responsibility to one party. “It’s not as simple as that,” he said, while expressing hope that Washington and Tehran could overcome their differences and resume dialogue. Iran has accused the United States of failing to implement key provisions of the memorandum, particularly those relating to sanctions and the US naval blockade. Washington and Gulf countries, meanwhile, have stressed the need to ensure freedom of navigation through the strategically vital Strait of Hormuz. Ambassador Ahmad said Pakistan remained committed to its mediation efforts and believed it could again bring the two sides to the negotiating table. He pointed to Islamabad’s earlier role in helping secure a ceasefire and bringing the United States and Iran together despite intense fighting and escalating tensions. “If we were able to pull this off, if we were able to get a ceasefire announced in April, in the midst of heavy fighting and a continuing escalation, and then we were able to bring them together, and then we … led the two parties to this memorandum of understanding, there is no reason that we cannot again bring them back to the table,” he said.

Houthis seize key Yemeni port, advance towards Bab el-Mandeb, threatening Saudi oil exports through Red Sea PROFIT

REUTERS

Iran-aligned Houthis seized Yemen's port city of Mocha on Thursday and advanced along the Red Sea coast towards strategic islands, raising concerns over Saudi oil exports and shipping through the Bab el-Mandeb Strait. Yemeni government military sources said the Houthis had strengthened their position around Bab el-Mandeb, the southern outlet of the Red Sea and a critical shipping route, and had reached the Hanish islands. The advance is particularly significant for Saudi Arabia, which has relied on the Red Sea route for oil exports since the Iran conflict effectively closed the Strait of Hormuz, through which about a fifth of global oil previously flowed. Brent crude prices jumped as much as 4% on Thursday to above $105 a barrel amid concerns over further disruption to energy supply routes. The US national average

diesel price also surpassed $6 a gallon for the first time, according to price tracker GasBuddy. The Houthi-run humanitarian operations coordination centre said Red Sea navigation remained safe for all shipping companies except Saudi vessels. Yemeni government forces and their allies, meanwhile, were relocating south along the Red Sea coast to Dhubab on the Bab el-Mandeb Strait, across from Perim Island. Government military sources said control of Dhubab and the island was key to gaining control of the strait. The United Nations warned that the Houthi advance had pushed the Yemen conflict into "a new and more dangerous phase". UN Special Envoy for Yemen Hans Grundberg said the capture of Mocha had given the Houthis a direct presence on the approaches to one of the world's most important straits, raising concerns about freedom of navigation. Yemeni government, Iranian and re-

gional sources said the Houthi advance along the coast this week came with direct guidance from Iran's Revolutionary Guard Corps. Iran's foreign ministry, however, said the Yemen conflict could not be resolved through a blockade or military action against the Houthis and called for dialogue, without addressing Iran's own role. The Houthis said their operations were defensive and would stop once attacks on Yemen ended. The group declared a naval blockade against Saudi Arabia in July after joining the wider war with an attack on Israel in March, and has stepped up attacks this month. Regional tensions have continued to rise, with Saudi civil defence authorities issuing emergency alerts in the southwestern city of Khamis Mushait for the fourth time in 24 hours amid Houthi attacks. Pakistan has also delivered a Saudi warning to Iran asking Tehran to rein in the Houthis in an effort to prevent further escalation, according to Saudi, Pakistani and

Iranian sources. A senior Iranian official responded that Iran did not control the Houthis. The escalation comes as shipping through the Strait of Hormuz remains heavily disrupted. Only seven vessels transited the strait on Wednesday, around half the 10day average, according to preliminary shiptracking data. Iranian state media also reported on

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

Thursday that the Revolutionary Guards Navy had struck a US unmanned vessel at the entrance to Hormuz. The developments have raised the prospect of disruption at two strategically important energy transit routes simultaneously, with Hormuz already constrained and the Houthi advance increasing risks around the Bab el-Mandeb Strait.