In partnership with
Profit
PM slAMs PTI’s 13-yeAr KP rule, urges PMl-N To PrIorITIse PublIc welfAre Sunday, 1 November, 2026 | 20 Jumada al-Awwal, 1448
g
g
PREMIER SHEHBAZ SAYS CENTRE LEFT WITH NO OPTION BUT TO IMPOSE EMERGENCY, GOVERNOR’S RULE IN KP
g
SAYS POLITICAL PROTESTS OVERSHADOWED PUBLIC WELFARE, DEVELOPMENT AND SECURITY NEEDS OF KP
g
Rs 20.00 | Vol XVII No 218 | 8 Pages | Lahore Edition
BLAMES PTI-LED PROVINCIAL GOVT'S NON-COOPERATION FOR FAILURE TO TACKLE RISING TERRORIST ATTACKS QUESTIONS UTILISATION OF RS800B NFC FUNDS, POINTS TO 8,000 VACANT POLICE POSTS
– orders round-the-clock work to fast-track Daanish Schools nationwide LAHORE
STAFF REPORT
P
ISLAMABAD SALEEM JADOON
RIME Minister Shehbaz Sharif on Saturday reiterated that the federal government had been left with no option but to consider imposing emergency and governor's rule in Khyber Pakhtunkhwa (KP) in view of the PTIled provincial government's alleged noncooperation and failure to address rising terrorist attacks in the province. He regretted that the PTI leadership remained preoccupied with political protests and sit-ins instead of addressing the socioeconomic needs of the people. “We were then left with no choice but to consider imposing governor’s rule and taking action under the relevant con-
stitutional provisions,” Prime Minister Shehbaz said while addressing members of the Pakistan Muslim League-Nawaz (PML-N) Khyber Pakhtunkhwa chapter. The prime minister called upon the provincial leadership of PML-N to urgently prioritise short-term, public welfare-oriented initiatives, observing that the people of the province had suffered years of developmental neglect. Criticising the governance record of the previous PTI-led provincial government, he said that despite its tall claims of revolutionary reforms in education and health, people continued to yearn for even basic facilities. “How many development projects were completed? Were public funds spent judiciously, and what steps were taken against corruption?” the prime minister
Marka-e-Haq victory enhanced Pakistan's global standing, says Khawaja Asif SIALKOT
STAFF REPORT
Defence Minister Khawaja Asif said on Saturday that Pakistan’s success in Marka-e-Haq had strengthened the country’s international standing, with the performance of its armed forces drawing recognition from international media. Addressing the annual convocation of the University of Central Punjab in Sialkot, the minister said Pakistan had defeated an adversary five times larger than itself and that the Pakistan Armed Forces had shot down several enemy aircraft during the 2025 conflict. “Pakistan's success has also been acknowledged by international media,” he said, according to Radio Pakistan. Asif said the armed forces had been engaged in the fight against terrorism for several decades while continuing to discharge their responsibility of defending the country’s borders. He described the country’s youth as its most valuable asset, saying educated and skilled young people could make a significant contribution to national development and prosperity. Marka-e-Haq refers to the May 2025 military confrontation between Pakistan and India, which followed the April 22 attack in Pahalgam, Indian Illegally Occupied Jammu and Kashmir (IIOJK), in which 26 people were killed. India accused Pakistan of involvement without presenting evidence, while Islamabad rejected the allegations. On April 23, India announced the closure of the Wagah border crossing, the revocation of Pakistani visas and the suspension of the Indus Waters Treaty. Pakistan condemned the measures and announced reciprocal steps, warning that further escalation would carry serious consequences.
Prime Minister Muhammad Shehbaz Sharif has directed the authorities concerned to accelerate the construction of Daanish Schools across the country by ensuring round-the-clock work for their timely completion, making it clear that no compromise on quality standards would be tolerated. Chairing a review meeting on Saturday to assess progress on the construction of Daanish Schools nationwide, the prime minister emphasised the need for expediting the projects while maintaining the highest standards of construction and educational facilities. “Our children are the future of the country, and Daanish Schools represent an investment in a bright future,” the prime minister said, underscoring that
asked, raising questions about transparency and the implementation of the previous provincial government's policies. Turning to the security situation, the prime minister paid rich tribute to the immense sacrifices rendered by the people of Khyber Pakhtunkhwa, law enforcement agencies and the armed forces
admissions to these institutions would be granted strictly on merit to children belonging to the poorest and most deserving families. He directed the authorities concerned to adopt modern artificial intelligence (AI) and information technology (IT)-based methods for the education and training of students to equip them with contemporary knowledge and skills. The prime minister also ordered third-party validation to ensure an independent assessment of the quality of infrastructure, facilities and services being provided at Daanish Schools. Directing the Ministry of Communications, he called for the development of an efficient road network to ensure convenient access to Daanish Schools in Gilgit-Baltistan and Azad Jammu and Kashmir (AJK).
CONTINUED ON PAGE 03
in the fight against terrorism during 2017-2018. He recalled that the country had lost approximately 80,000 precious lives, while economic losses had mounted to between $150 billion and $200 billion during the prolonged war against terrorism.
CONTINUED ON PAGE 03
Pakistan slams Afghan Taliban over failure to curb cross-border terrorism ISLAMABAD STAFF REPORT
The Ministry of Information and Broadcasting on Saturday strongly rejected the Afghan Taliban's stance on the ongoing conflict between the two countries, criticising its “persistent refusal to address terrorism” emanating from Afghan soil and describing it as the principal obstacle to normalising bilateral relations. In a strongly worded statement, the ministry said the Afghan spokesperson's remarks reflected the “regime's deeply misguided approach and unwillingness to confront the root cause of deteriorating relations with Pakistan”. “The Taliban leadership continues to blame Islamabad's policies while conveniently ignoring the single most important issue poisoning bilateral relations: its persistent failure to address terrorism emanating from Afghan soil,” the statement said. The ministry's response came after Afghan Taliban spokesperson Zabihullah Mujahid blamed Islamabad's “wrong policies” for preventing a resolution to the conflict and maintained that Kabul was not responsible for the coun-
Pakistan urges Taliban to curb terrorism, end restrictions on women UNITED NATIONS STAFF REPORT
Pakistan has called on the Afghan Taliban regime to end restrictions on women and girls, prevent terrorist groups from using Afghan territory to launch attacks and fulfil its international obligations. Speaking during an interactive dialogue with the UN Special Rapporteur on the human rights situation in Afghanistan at the General Assembly’s Third Committee, Counsellor Muhammad Jawad Ajmal urged Kabul to take decisive action against militant groups operating from Afghan soil.
terterrorism challenges. “Pakistan does not want to resolve the conflict with Afghanistan through talks,” Mujahid told Hurriyat Radio, claiming that Islamabad “lacks the necessary readiness for a peaceful resolution of differences”. Reiterating Pakistan's “unequivocal” position, the ministry
He said the denial of fundamental freedoms and basic dignity to Afghan women and girls reflected the Taliban regime’s continued retreat from its international commitments. Such discriminatory practices, he added, were also inconsistent with Islamic laws, traditions and the fundamental principles of the Muslim faith. Pakistan has witnessed a sharp rise in terrorist incidents in Balochistan and Khyber Pakhtunkhwa, the two provinces bordering Afghanistan, since the Taliban returned to power in 2021.
declared that terrorism remained a red line and the security of its citizens was non-negotiable. “The Afghan Taliban regime must understand that Pakistan will not tolerate terrorist sanctuaries across its borders that impact its security nor allow its people to remain targets of terrorism emanating from Afghanistan,” it stated.
Fakhar's century powers Pakistan to tri-series title LAHORE
STAFF REPORT
Fakhar Zaman struck a magnificent century, backed by half-centuries from Saad Baig and Arafat Minhas, to guide Pakistan to a thrilling three-wicket victory over Sri Lanka in the home ODI tri-series final at Gaddafi Stadium on Saturday. Chasing a challenging target of 326, Pakistan reached 326-7 with nine balls to spare, clinching the title before their home crowd. The hosts got off to a disastrous start as Sri Lankan pacer Dilshan Madushanka struck twice in his opening two overs, dismissing Maaz Sadaqat for five and Babar Azam for a duck to leave Pakistan reeling at 14. Fakhar and Saad Baig then steadied the innings with a crucial 149-run partnership for the third wicket. Both batters scored halfcenturies, bringing Pakistan back into the contest after the early setbacks. Maheesh Theekshana broke the stand in the 27th over, dismissing Baig for 74 off 75 balls, an innings featuring 11 boundaries. Pakistan had reached 163-3 at that stage.
Fakhar continued to anchor the chase, adding 57 runs for the fourth wicket with Salman Ali Agha. During the stand, the lefthander brought up his 12th ODI century. Madushanka eventually ended Fakhar’s outstanding innings in the 34th over, bowling him for 127 off 99 deliveries. His knock included 11 fours and six sixes. Agha departed two overs later for 17 off 25 balls, leaving Pakistan at 230-5 after 36.5 overs and setting up a tense finish. Hasan Nawaz and Arafat Minhas then took charge, putting together a decisive 94run partnership that brought Pakistan within sight of victory. Minhas led the charge with an explosive 61 off just 31 balls, striking four sixes and three fours. Asitha Fernando dismissed him in the 48th over and removed Faheem Ashraf for a golden duck in the same over, leaving Pakistan at 324-7. Captain Shaheen Shah Afridi sealed the triumph in style, launching Madushanka over square leg for six on the third delivery of the penultimate over. Madushanka finished as Sri Lanka’s
leading wicket-taker with 3-63 in 9.3 overs. Fernando claimed two wickets, while Theekshana and Dunith Wellalage took one apiece. Earlier, Sri Lanka had posted 325-8 in their allotted 50 overs after being put in to bat, with Kamindu Mendis leading the way with a superb century. Kamindu and Avishka Fernando gave Sri Lanka a solid start, adding 87 runs for the opening wicket before Salman Ali Agha trapped Fernando lbw for 38 off 49 deliveries. Captain Kusal Mendis managed only eight runs before Salman claimed his second wicket through a caught-and-bowled dismissal, reducing Sri Lanka to 109-2. Kamindu then combined with Pavan Rathnayake to rebuild the innings, with the pair adding 146 runs for the third wicket. Kamindu completed his maiden ODI century before Shaheen dismissed him for 131 off 128 balls, an innings featuring 12 fours and two sixes. Rathnayake continued the charge with 77 off 65 deliveries, hitting eight boundaries, before Haris Rauf ended his innings. Shaheen also removed Dasun Shanaka for 17, while Naseem Shah dismissed Janith
Anti-encroachment drive to continue regardless of political influence, says Talal ISLAMABAD
STAFF REPORT
Minister of State for Interior Talal Chaudhry on Saturday said the anti-encroachment campaign in Islamabad would continue without discrimination, insisting that political influence would not shield anyone from action and questioning the legality of a security cabin and generator installed at the residence of Jamiat Ulema-e-Islam-Fazl (JUI-F) chief Maulana Fazlur Rehman. His remarks came a day after the Capital Development Authority (CDA) issued a notice to Fazl’s residence, identifying alleged illegal constructions and encroachments on government land and directing their removal within 15 days. The notice was issued amid a growing exchange of criticism between the government and the JUI-F chief, who had accused the government of misusing the Constitution. Federal ministers subsequently hit back at him in parliament. Speaking in a televised address, Chaudhry said the anti-encroachment drive had been under way for more than a year and a half, with notices issued across Islamabad. He said anyone found occupying public or government land illegally had been served a notice, regardless of status or political affiliation. Describing the notice issued to Fazl’s residence as a routine measure, the minister said it concerned a fourby-four-foot security cabin and gave the occupants 15 days to remove it. He said the cabin was a cage-like structure in which a guard had to sit in extreme weather, but argued that the need to provide shelter for security personnel did not make an illegal construction lawful.
Pakistan says Afghan Taliban's inaction on terrorism main obstacle to ties ISLAMABAD
STAFF REPORT
Pakistan on Saturday said the Afghan Taliban regime's continued failure to address terrorism emanating from Afghan soil remained the principal obstacle to normal relations between the two countries, warning that it would take all necessary measures to protect its national security. In a statement issued by the Ministry of Information and Broadcasting, Islamabad criticised the latest tweet by the Afghan Taliban spokesperson, saying it reflected the regime’s “deeply misguided approach” and unwillingness to address the root cause of deteriorating bilateral relations. The ministry said the Taliban leadership continued to blame Pakistan’s policies while ignoring what Islamabad described as the central issue undermining ties: the presence of terrorist sanctuaries in Afghanistan and the failure to act against them. “Pakistan’s position is unequivocal: terrorism is a red line and the security of its citizens is non-negotiable,” the statement said. It warned that Pakistan would not tolerate terrorist sanctuaries across its borders that threatened its security or allow its citizens to remain targets of attacks originating from Afghanistan. The statement said Pakistan reserved the right to take all necessary measures, in accordance with international law, to eliminate threats to its national security, regardless of their origin. It added that the responsibility for addressing these threats rested squarely with the Afghan Taliban regime, cautioning Kabul against mistaking Pakistan’s resolve to protect its people for weakness.
Liyanage and Sahan Arachchige. Haris claimed another wicket by sending back Dunith Wellalage. Late contributions from Asitha Fernando and Maheesh Theekshana helped Sri Lanka
cross the 320-run mark. Fernando remained unbeaten on six, while Theekshana finished on nine not out. Shaheen, Naseem, Salman and Haris took two wickets each for Pakistan.
02 NEWS
ML-I fIrst phase to cost $2.1b as govt seeks fundIng for second phase
t
PROFIT
MONITORING REPORT
HE federal government has estimated the first phase of the Mainline-I (ML-I) railway project at $2.1 billion, while Prime Minister Shehbaz Sharif has formed a committee to arrange financing for the second phase of the delayed Karachi-Peshawar railway upgrade. Railways Minister Hanif Abbasi informed the Senate on Friday that the 480-kilometre Karachi-Rohri section would cost approximately $2.1 billion, although the final estimate would be determined after completion of the detailed engineering design. Construction is expected to begin during the current fiscal year, subject to regulatory approvals, financing and procurement arrangements, with completion estimated to take two and a half years. The 1,872-kilometre ML-I project has faced repeated delays because of financing difficulties. Pakistan was unable to secure $8 billion from China towards the project's estimated $10 billion cost, despite its strategic importance under the China-Pakistan Economic Corridor (CPEC).
The government is now considering alternative financing arrangements, including loans from multilateral institutions and borrowing from domestic banks against railway land. Prime Minister Shehbaz Sharif has constituted a committee headed by the State Bank of Pakistan governor to develop a financing plan for the second phase, covering the Multan-Rohri section. The committee met this week to examine the possibility of using Pakistan
fbr receives record 7.5m tax returns as tax bars seek deadline extension PROFIT
WEB DESK
The Federal Board of Revenue (FBR) received a record 7.5 million income tax returns by October 30, 2026, compared with 5.7 million by the same date last year, marking an increase of 1.8 million filings. The increase comes as the Pakistan Tax Bar Association (PTBA) and Lahore Tax Bar Association (LTBA) have sought another extension in the filing deadline for Tax Year 2026, citing insufficient time for taxpayers to complete their returns. However, FBR sources said the authority had no plans to extend the deadline further and would impose penalties on taxpayers who failed to file their returns. In a letter to FBR Chairman Rashid Mahmood Langrial, PTBA President Sheikh Ahsan Ul Haq and General Secretary Tahir Mahmood Butt requested an additional 34 days, arguing that the original filing notification was issued on September 2, creating a delay of 64 days from July 1. The association said the two extensions of 15 days each granted by the FBR had only partially compensated for the delay, leaving taxpayers with 34 fewer days than the prescribed filing period. The LTBA separately demanded that taxpayers be allowed the full statutory period of 90 days to submit their returns. The PTBA also raised concerns over tax collection, citing figures indicating that 7.3 million returns filed by October 29 generated Rs85 billion, compared with Rs88.5 billion collected during the corresponding period last year. It argued that additional time could encourage taxpayers with larger tax liabilities to complete their filings and improve revenue collection.
abhI Microfinance bank gets approval for Ipo, bidding set for november 5–6 PROFIT
NEWS DESK
The Securities and Exchange Commission of Pakistan (SECP) has approved the prospectus for ABHI Microfinance Bank Limited's initial public offering (IPO) of 132 million ordinary shares, with book-building scheduled for November 5 and 6, 2026. According to a notice issued by the Pakistan Stock Exchange (PSX), the offering will be conducted through the book-building mechanism, with 99 million shares, representing 75% of the total issue, allocated to eligible investors. The floor price has been fixed at Rs15 per share, including a premium of Rs5, while the maximum bidding price is Rs22.50 per share, reflecting a price band of 50% above the floor price. At the floor price, the total offering would amount to Rs1.98 billion, while the 99 million shares allocated to book-building would be valued at Rs1.485 billion. The PSX has also approved the schedule for publication of the prospectus, book-building and public subscription.
Railways' land as collateral to secure financing from commercial banks. Planning Minister Ahsan Iqbal said the government was exploring ways to utilise railway land valued at trillions of rupees to raise funds for the project. The Frontier Works Organisation (FWO) has proposed constructing the Multan-Rohri section under a build-andlease arrangement at an estimated cost of Rs470 billion. Under the proposal, approximately
Rs365 billion would be raised through borrowing, with the remaining amount provided by the federal government as a grant. The arrangement envisages FWO financing up to 80% of construction costs through domestic banks, with at least 20% provided by the government as viability gap funding. FWO would complete construction within three years and lease the infrastructure to Pakistan Railways for 25 years before transferring ownership. However, disagreements over debt repayment responsibilities and sovereign guarantees have delayed progress. Sources said total lease payments over 25 years were estimated at Rs1.1 trillion, while the railways ministry had indicated willingness to contribute only Rs29 billion. Pakistan Railways projected operational profits of Rs485 billion over the lease period, which the finance ministry wanted committed towards repayment obligations. The railways ministry was unwilling to pledge the entire amount, while the finance ministry was reluctant to provide sovereign guarantees covering the full 25-year repayment period.
SIFC in talks with Punjab govt to establish special economic zone in Islamabad PROFIT
MONITORING REPORT
The Special Investment Facilitation Council (SIFC) is consulting the Punjab government to identify a suitable location for establishing a special economic zone (SEZ) in Islamabad, with the matter expected to be resolved soon. According to a news report, SIFC National Coordinator Lieutenant General Asad ur Rehman Afzal Cheema shared the development during a meeting on Friday with a delegation of the Islamabad Chamber of Commerce and Industry (ICCI), led by its president, Mohammad Zikria Akbar Zia. The ICCI president called for allocating land for a modern industrial estate in the federal capital to support industrial expansion, attract investment and create employment opportunities.
He also proposed establishing an international-standard exhibition and convention centre in Islamabad to facilitate trade exhibitions, promote Pakistani products and improve exporters' access to international markets. The SIFC coordinator supported the exhibition centre proposal and assured the delegation that its concerns would be referred to the relevant authorities for resolution. He said businesses could submit regulatory and administrative complaints through the SIFC portal, which forwards issues to the concerned government departments for action. Cheema also highlighted investment opportunities at the Karachi Industrial Estate and encouraged Islamabad's business community to explore the facilities available there. During the meeting, the ICCI president raised concerns over State
Bank of Pakistan regulations concerning debt recovery and high port charges, which he said were creating difficulties for businesses. He stressed the need for a predictable economic policy framework covering at least 10 years to strengthen investor confidence and encourage long-term investment. ICCI Senior Vice President Mohammad Ashfaq Hussain Chatha also highlighted administrative and regulatory issues involving the Capital Development Authority (CDA) and the Federal Board of Revenue (FBR). The meeting concluded with an agreement that an ICCI delegation representing different business and industrial sectors would visit SIFC next week to review its investment facilitation initiatives and discuss private-sector concerns. ICCI Secretary General Ghulam Murtaza was also part of the delegation.
Pakistan's listed oil and gas sector earnings rise 43% to Rs113.4b in 1QFY27 PROFIT
NEWS DESK
Pakistan's listed oil and gas exploration and production (E&P) sector recorded earnings of Rs113.4 billion in the first quarter of FY27, up 43% year-on-year but down 47% quarter-on-quarter, according to Topline Research. The annual increase was driven mainly by higher international oil and gas prices, while the sequential decline reflected lower oil prices and the impact of a tax reversal recorded in the preceding quarter. Sector sales increased 32% yearon-year to Rs279.1 billion but declined 9% from the previous quarter. Arab Light crude averaged $90 per barrel during 1QFY27, compared with $71.5 in 1QFY26, representing a 26% increase. However, oil prices fell 13% quarter-on-quarter. The Oil and Gas Regulatory Authority (OGRA) also revised wellhead gas prices for selected fields by approximately 8–10% for the first half of FY27. Exploration costs increased 45% year-on-year but dropped 61% quarter-on-quarter to Rs10.2 billion. The sector reported one dry well, Ishraq X-1, operated by Pakistan Petroleum Limited (PPL), compared with two dry wells, Chak-203 and Saidpur, operated by Oil and Gas Development Company Limited (OGDC) in 4QFY26. The sector recorded a tax pro-
vision of Rs52.1 billion at an effective tax rate of 31.5%, compared with Rs44.6 billion and 35.9%, respectively, in 1QFY26. The preceding quarter included a Rs54.8 billion tax reversal following the Federal Constitutional Court's decision concerning super tax levies. Listed companies declared interim dividends totalling Rs26.9 billion, up 31% year-on-year. The sector's payout ratio stood at 23.7%, against 25.7% a year earlier and 39.8% in the previous quarter. Mari Petroleum Company Limited (MARI) and Pakistan Oilfields Limited (POL) announce dividends on a semi-annual basis. Among individual companies, OGDC reported a 53% year-onyear increase in earnings, supported by higher sales and finance income and lower administrative expenses. However, earnings declined 54% quarter-on-quarter. The company
declared a cash dividend of Rs5 per share, with a payout ratio of 37%. PPL's earnings rose 25% yearon-year on higher sales and other income despite increased exploration costs, while declining 33% quarter-on-quarter. It announced a dividend of Rs2 per share, representing a payout ratio of 22%. MARI posted a 36% annual increase in earnings, supported by 24% higher sales and a lower effective tax rate of 23%. Its earnings declined 42% quarter-on-quarter, while exploration costs fell 7% year-on-year and 75% quarter-onquarter to Rs2.1 billion. POL recorded earnings growth of 51% year-on-year, driven by a 26% increase in sales and 58% higher other income, supported by increased investment income. However, its earnings fell 34% quarteron-quarter, while sales declined 18% sequentially.
Sunday, 1 November, 2026 | LAHORE
Weekly inflation falls 0.35%, remains up 11.32% year-on-year PROFIT
NEWS DESK
Pakistan's weekly inflation, measured by the Sensitive Price Indicator (SPI), declined by 0.35% during the week ended October 29, 2026, although prices remained 11.32% higher than a year earlier, according to data released by the Pakistan Bureau of Statistics (PBS). The latest decline followed a 0.65% increase in the preceding week, bringing the combined SPI down to 373.51 from 374.84 on October 22. The weekly reduction was mainly driven by lower electricity charges for the lowest consumption group, which fell 3.92%, alongside decreases in chicken prices by 2.95%, eggs by 2.81%, wheat flour by 0.83% and liquefied petroleum gas (LPG) by 0.73%. Prices of bananas declined 0.71%, while IRRI rice and pulse masoor became 0.43% cheaper each. Petrol prices fell 0.39%, sugar 0.35% and powdered milk 0.33%. However, tomato prices recorded a 34.91% weekly increase, rising to an average of Rs125.70 per kilogramme from Rs93.17 in the previous week. Potato prices increased 3.27%, high-speed diesel 2.53%, pulse gram 2.11% and bread 1.29%. Prices of onions, fresh milk, curd and vegetable ghee also registered increases. Of the 51 essential commodities monitored by PBS, prices of 15 items increased, 12 declined and 24 remained unchanged during the week. Despite the weekly decline, annual SPI inflation stood at 11.32%, reflecting substantial increases in energy and food prices compared with the corresponding week of last year. LPG recorded the largest annual increase of 106.86%, followed by electricity charges for the lowest consumption group at 52.38%, diesel at 45.13% and petrol at 43.61%. Wheat flour prices were 34.87% higher than a year earlier, while chicken increased 31.72%, mutton 14.66%, bread 12.26% and beef 12.10%. In contrast, potato prices were 38.67% lower yearon-year, tomatoes 27.99%, eggs 26.70% and sugar 25.21%. The weekly decline was recorded across all five consumption groups, ranging from 0.07% for households in the lowest expenditure category to 0.41% for those in the highest category. On an annual basis, inflation was 8.07% for the lowest expenditure group and 12.13% for the highest, indicating a greater increase in the measured cost of essential commodities for higherexpenditure households. PBS calculates the weekly SPI using prices of 51 essential items collected from 50 markets across 17 cities.
govt confirms decision to shut down passco despite profits in eight of last 10 years PROFIT
WEB DESK
The federal government has decided to proceed with the closure of the Pakistan Agricultural Storage and Services Corporation (PASSCO), despite the state-owned entity reporting profits in eight of the past 10 financial years, Minister for National Food Security and Research Rana Tanveer Hussain informed the National Assembly on Friday. Responding to a written question from MNA Shahida Rehmani, food minister said the Economic Coordination Committee (ECC) approved the winding-up of PASSCO on December 9, 2025, followed by federal cabinet approval on December 23, 2025. The minister said the decision formed part of agricultural reforms aimed at reducing government expenditure on wheat procurement and storage, increasing competition and encouraging private investment in the sector. The shift towards a market-based wheat system began under the Interim National Wheat Policy 2025-26 and is being continued through the National Wheat Policy 2026-30. According to financial statements presented to the National Assembly, PASSCO recorded profits in eight financial years between 2016-17 and 2025-26, with losses reported only in 2023-24 and 2024-25. The corporation earned a profit after tax of Rs343.19 million in 2016-17, Rs408.71 million in 2017-18 and Rs1.59 billion in 2018-19. Its profit increased to Rs6.02 billion in 2019-20 before declining to Rs4.05 billion in 2020-21. Earnings subsequently fell to Rs955 million in 202122 and Rs418.66 million in 2022-23, before the corporation reported a loss of Rs862.48 million in 2023-24. The loss increased to Rs20.48 billion in 2024-25, although PASSCO returned to a profit of Rs6.02 billion in 2025-26, according to the submitted figures. The government also disclosed that the corporation paid dividends of Rs985.52 million in 2020-21 and Rs238.75 million in 2021-22. Hussain said PASSCO's financial performance was affected by government-mandated wheat procurement, storage, financing and carrying costs, making it inappropriate to assess the organisation solely on commercial profitability.
PSO plans import of 120,000 tonnes diesel in November amid Gulf supply disruptions PROFIT
MONITORING REPORT
Pakistan State Oil (PSO) plans to import about 120,000 metric tonnes of high-speed diesel (HSD) through two shipments in November after a scheduled 55,000-tonne cargo failed to arrive in October due to disruptions from the Gulf conflict. The News reported, citing industry sources, that PSO intends to procure two cargoes of around 60,000 tonnes each to compensate for the delayed shipment and maintain adequate domestic diesel supplies. The government permitted PSO to import diesel after international petroleum prices rose due to the Middle East conflict, which also disrupted shipping and fuel supply arrangements.
During the first four months of the current fiscal year, Pakistan received only 83,000 tonnes of imported HSD, with the entire quantity arriving in August. No diesel shipments reached the country in September or October. However, increased production by domestic refineries has provided additional support to the country's diesel supply position. Monthly HSD output from local refineries has increased from approximately 450,000 tonnes to more than 500,000 tonnes, reflecting higher capacity utilisation across the refining sector. Industry sources said Cnergyico, National Refinery Limited (NRL) and Pakistan Refinery Limited (PRL) had increased their operating capacity, while Pak-Arab Refin-
ery Limited (Parco) continued operating at optimum levels. The additional domestic production is expected to compensate partly for the disruption in imports and reduce pressure on the country's fuel supply chain. Pakistan's petroleum imports remain vulnerable to disruptions in international shipping routes, particularly those affecting oil trade in the Gulf region. Diesel is widely consumed in the transport, agricultural and industrial sectors, making uninterrupted supplies important for freight operations, public transport and farming activities. Industry sources expect diesel demand to increase in November as agricultural activity picks up ahead of the wheat-sowing season.
NEWS 03
Sunday, 1 November, 2026 | LAHORE
FBR COLLECTS RS974B IN OCTOBER, RS4.06 TRILLION IN FOUR MONTHS OF FY27
T
PROFIT
STAFF REPORT
HE Federal Board of Revenue (FBR) collected Rs4.06 trillion in taxes during the first four months of fiscal year 2026-27, missing its July-October target by Rs124 billion despite recording a 6% increase over the corresponding period last year. According to provisional figures compiled until Friday evening, tax receipts increased by Rs220 billion compared with the same period of the previous fiscal year, substantially below the 17.4% growth required to achieve the annual collection target. The FBR has been assigned a tax col-
lection target of Rs15.263 trillion for FY27 under the government's programme with the International Monetary Fund (IMF). However, its internal projections indicate that receipts could reach only Rs14.3 trillion to Rs14.6 trillion by June 2027. For October alone, the FBR collected Rs974 billion against a target of Rs1.132 trillion, recording a shortfall of Rs158 billion. Monthly receipts increased by just Rs23 billion, or 2.5%, compared with October last year. Tax authorities expect an additional Rs20 billion to Rs25 billion from income tax returns filed on October 31, the final day of the twice-extended filing deadline, alongside further receipts from import taxes. As of October 28, income tax payments
accompanying returns stood at Rs85.2 billion, compared with Rs88.5 billion during the corresponding period last year. Officials expect these collections to exceed Rs100 billion by Saturday evening, reducing but not eliminating the overall revenue shortfall. A breakdown of the four-month collection showed that income tax receipts reached Rs1.85 trillion, falling Rs165 billion below the target. Sales tax remained the strongest-performing component, with collections of Rs1.515 trillion, exceeding the target by Rs67 billion. Receipts increased by Rs155 billion, or 11.3%, year-on-year, marking the fourth consecutive month in which sales tax collection surpassed its target.
Federal excise duty collections stood at Rs277 billion, broadly meeting the target, although growth remained limited to 6.5%. Customs duty receipts totalled Rs424 billion, falling Rs25 billion short of the target and remaining almost unchanged from the corresponding period last year.
SBP proposes mandatory data sharing by banks under open banking regulations PROFIT
STAFF REPORT
The State Bank of Pakistan (SBP) has proposed requiring banks, microfinance banks and electronic money institutions to provide authorised third-party service providers with access to customer financial data and payment services under a new open banking framework. The central bank released its draft Open Banking Regulations 2026 for public consultation on Friday, seeking to promote digital payments, competition and access to financing while introducing safeguards for customer information. Under the proposed regulations, financial institu-
tions holding customer accounts would be required to provide access through application programming interfaces (APIs), allowing authorised service providers to retrieve account balances and transaction histories with customers' consent. The framework would cover current accounts, savings accounts and other accounts used for payments, enabling customers to access financial information from multiple institutions through a single platform. The SBP has proposed using Raast as the centralised API hub for exchanging customer-authorised information and initiating payments. Licensed third-party providers would be permitted to facilitate business-to-business payments, consumer
payments to merchants and transfers between accounts belonging to the same customer. The regulations would also allow authorised providers to analyse transaction histories and develop credit scores for individuals and small and medium enterprises, which could be shared with regulated financial institutions for lending assessments. The central bank said the arrangement was intended to improve access to credit by allowing lenders to assess customers using their existing financial transaction records. Under the proposed consent requirements, customers would have to explicitly authorise data sharing or payment initiation, specifying the purpose, duration and applicable transaction limits.
World Bank team to assess complaints over compensation, land devaluation and safety risks linked to Dasu transmission line PROFIT STAFF REPORT
The World Bank's independent Inspection Panel will visit Pakistan from November 2 to 10, 2026, to assess complaints from 15 residents of two Punjab villages over compensation, land devaluation and safety concerns linked to the Dasu Hydropower Project's 765-kilovolt transmission line, Business Recorder reported. The complaint, submitted on July 24, concerns the World Bank-financed transmission component of the Dasu Hydropower Stage-I Project, for which $700 million in additional financing was approved in April 2020. Residents of the Tanda village, located in Gujrat District of Punjab, say that the transmission line passing through their ancestral agricultural land has substantially reduced property values and restricted future development. According to the complainants, restrictions within the transmission line's right-of-way corridor prohibit construction and limit tree height to 2.5 metres, resulting in an estimated 80% reduction in land value. They also claim that the restrictions have prevented
plans to construct residential properties and establish a dairy farm, while compensation offered for affected land remains inadequate. The complaint further raises concerns about the safety of children and nearby communities, along with alleged shortcomings in public consultations and disclosure of the project's Resettlement Action Plan. The Inspection Panel registered the complaint on September 11 after completing initial consultations with the complainants on August 21 and World Bank Management on August 26. The upcoming visit forms part of an eligibility assessment to determine whether the allegations warrant a formal investigation. In an October 27 letter, World Bank Country Director for Pakistan Bolormaa Amgaabazar requested a meeting with the Ministry of Energy's Power Division on November 5 to obtain the government's position. The delegation will be led by Inspection Panel Chairperson Ibrahim James Pam, accompanied by Senior Policy Officer Serge Selwan, Research Analyst Dion Lorenz Romano and Safeguards Analyst Margaret Seijo Scotti. Meetings are also planned with the Ministry of
Economic Affairs, National Grid Company and other relevant authorities and project stakeholders. The complainants have not requested confidentiality but have expressed concerns about possible retaliation following submission of their complaint. The transmission project involves construction of a 255-kilometre, 765-kilovolt high-voltage alternating current line connecting Dasu Hydropower Stage-I with the Islamabad West Substation, alongside a substation at Mansehra. The infrastructure is intended to transmit electricity from the project's planned 2,160-megawatt first-stage hydropower plant on the Indus River. The Inspection Panel operates independently of World Bank Management and reports to the Bank's Board of Executive Directors. Its mandate is to examine potential harm associated with Bank-financed projects rather than investigate governments or their agencies. The World Bank clarified that registration of the complaint and the upcoming assessment do not constitute approval for a full investigation. A recommendation will be made after the panel reviews the evidence and consults relevant stakeholders.
PM slams PTI’s 13-year KP rule, urges PML-N to prioritise public welfare CONTINUED FROM PAGE 01
He specifically recalled the tragic attack on the Army Public School (APS) in Peshawar as an unforgettable manifestation of barbarism, while acknowledging the sacrifices made by political figures and security personnel in the fight against terrorism. Reflecting on past political and economic developments, the prime minister criticised the PTI's 2014 sit-ins, saying they coincided with and delayed the historic visit of Chinese President Xi Jinping to Pakistan. He contrasted the political disruption with the subsequent signing of major bilateral agreements in 2015 and the eventual elimination of crippling, hours-long power outages under the leadership of former prime minister Nawaz Sharif.
The prime minister also expressed deep concern over the security challenges that emerged in subsequent years, stressing the need for sustained vigilance, economic uplift and grassroots development to provide tangible relief to the people of Khyber Pakhtunkhwa. Referring to the proposed imposition of governor's rule and emergency in the province, he described the measure as an unavoidable step to protect the state, the economy and the welfare of the provincial population. Addressing party leaders, the prime minister recalled the 2010 National Finance Commission (NFC) Award, which was finalised under then prime minister Yousuf Raza Gilani with the unanimous consensus of all chief ministers and allocated a one per cent financial share directly to Khyber Pakhtunkhwa. He said the province had received approximately Rs800 billion under this arrangement over the years. Questioning the utilisation and transparency of these funds, the prime minister asked how much of the allocation had actually been invested in strengthening the Counter-Terrorism Department (CTD) and local law enforcement agencies. He argued that had these resources been properly utilised, the provincial police force would have been significantly better equipped to tackle security challenges. He also pointed out that around 8,000 vacancies in the provincial police force remained unfilled. Addressing the broader economic situation, the prime minister acknowledged that
ongoing crises in the Gulf region had driven up global energy prices. However, he said the federal government had ensured uninterrupted supplies of petrol and diesel across the country. He highlighted the launch of a targeted fuel subsidy programme in February, backed by an allocation of Rs75 billion, under which relief vouchers had been provided to approximately 130 million citizens. Elaborating on the breakdown of political negotiations, the prime minister said the federal government had made concerted efforts to engage the PTI leadership in Khyber Pakhtunkhwa to address pressing national challenges through cooperation. He said that following negotiations conducted by a joint PML-N and Pakistan Peoples Party (PPP) delegation, the draft proposals had been finalised, but their implementation was delayed by Sohail Afridi, leaving the government with no alternative course of action. “We had no other option but to save the country, the economy, the society, and KP,” he said, warning that any further delay or hesitation could have led to catastrophic consequences. The prime minister also outlined ongoing initiatives to establish Daanish Schools in remote districts of Khyber Pakhtunkhwa, including Chitral, Haripur, Mansehra, Bajaur and Shangla. He said several additional campuses
would also be announced later in the year. Earlier, Minister for Kashmir Affairs and Gilgit-Baltistan Engineer Amir Muqam said the PML-N enjoyed massive public support in Khyber Pakhtunkhwa and had consistently overcome challenges.
The collection figures come as the IMF has linked approval of the sixth loan tranche to Pakistan's achievement of its first-half tax revenue target, increasing pressure on the FBR to improve collections during the remaining months of the fiscal year.
PM orders round-the-clock work to fast-track Daanish Schools nationwide CONTINUED FROM PAGE 01
He further directed the relevant authorities to present, at the earliest, a comprehensive strategy for establishing Daanish Schools in the merged districts of Khyber Pakhtunkhwa (formerly FATA). During the meeting, the prime minister was briefed on the progress of construction of Daanish Schools in Gilgit-Baltistan, AJK, Sindh and Balochistan. Federal Ministers Ahsan Iqbal, Ahad Khan Cheema, Attaullah Tarar, Shaza Fatima Khawaja and Dr Musadik Masood Malik, along with senior officials of the relevant departments and institutions, attended the meeting, which was held online through Zoom. MNA DARESHAK CALLS ON PM SHEHBAZ Meanwhile, Member of the National Assembly (MNA) Dr Hafeezur Rehman Khan Dareshak called on Prime Minister Muhammad Shehbaz Sharif here on Saturday. During the meeting, the MNA appreciated the government's public welfare initiatives and policies aimed at ensuring economic stability. Matters relating to the overall political situation in the country, as well as public welfare and development projects in his constituency, also came under discussion.
Petroleum Division proposes shifting LPG pricing powers from OGRA to PSO, SSGC LPG Limited CONTINUED FROM PAGE 01
The Petroleum Division has proposed transferring liquefied petroleum gas (LPG) pricing authority from the Oil and Gas Regulatory Authority (Ogra) to state-owned companies, including Pakistan State Oil (PSO) and SSGC LPG Limited (SLL), under a new import parity pricing (IPP) mechanism, The News reported. According to official documents, the proposal was circulated through an Office Memorandum on October 27, 2026, for consideration by the federal cabinet. It follows an earlier draft submitted to the Cabinet Committee on Energy on September 30. Under the proposed arrangement, Ogra would stop issuing LPG price notifications from November 1, with PSO and SLL determining the domestic pricing benchmark based on their actual monthly import costs. Both companies would be required to publish their landed costs on their websites to provide a reference for LPG prices in the local market. The proposal also introduces a Producer-Price Differential Fund to finance targeted subsidies for vulnerable households registered under the Benazir Income Support Programme (BISP). Under this mechanism, indigenous LPG production would be linked to import parity prices, while the specified difference between the import-based benchmark and the applicable domestic producer price would be deposited into the proposed fund. The policy further proposes reserving 10% of locally produced LPG for state-owned marketing companies to supply remote areas.
04 COMMENT
LULA’S VICTORY AND SOCIAL JUSTICE
Offshore oil storages
B
P
Saudi Arabia comes up with a new concept
AKISTAN may be the place where Saudi Arabia tries out a new idea, that of having oil storages abroad, in Pakistan as a matter of fact. This transpired in a meeting of federal Petroleum Minister Ali Pervaiz Malik with the new Saudi Ambassador to Pakistan, Dr Rajeh ibn Tami Al-Baqami, in Islamabad. Apart from the oil storage plan, a number of other matters were also decided, including refinery upgrades, crude oil and LPG procurement. The storage plan is rooted in the Iranian closure of the Strait of Hormuz, which has not only meant that Pakistan has its crude oil supplies disrupted, while Saudi Arabia has had to cut back on its exports. Storing crude in Pakistan would allow Saudi Arabian companies to have supplies to fulfill commitments if supply was interrupted. As these companies would build the storage facilities themselves, Pakistan would find answered one of the biggest objections to its developing reserves, the expense. Not only would Pakistan avoid having to pay for these storages, but the crude would be stored on a bonded tax-neutral policy, which would mean that Pakistan would not have to pay for the oil. Obviously, some of that crude would be released to Pakistani refiners, and though the blessings of both governments would be there, the arrangements would be between companies. Saudi Arabia has only followed China, which has high hopes of getting Pakistan to provide it access to both agricultural and industrial facilities through the China-Pakistan Economic Corridor, in using Pakistan’s strategic location. Both are trying to escape geographical constraints. China is trying to find a shorter route off the New Silk Road to the Indian Ocean, assuming that it will face constraints in the Pacific from the USA. Saudi Arabia needs to find an alternative route to both the Hormuz and Bab AlMandab Straits. Thisone example of something that is happening all over the world: the struggle to bypass the Hormuz Strait. The problem of the blockage is most acute for those countries which use it for export, like Saudi Arabia, but it is also something that exercises countries which, like Pakistan, rely on the Strait for oil supplies. One of the matters which should have been discussed was Pakistan’s request for an extension of the Saudi oil facility, but it should not be mixed with the storage plan, which is so clearly of mutual benefit.
Founding Editor
M. A. Niazi
Babar Nizami Editor Profit
class position. Religion, race, region, political identity, culture, and democratic values also influence voting behaviour. Nevertheless, it is impossible to provide a comprehensive explanation of political outcomes while ignoring economic inequality. The significance of Lula’s political programme lies in its potential to use state policies to provide greater protection to those sections of society that are disadvantaged by the unequal distribution of power within the market, measures to increase the minimum wage, strengthen social protection, improve public healthcare and education, and eradicate poverty form part of this debate. However, it is also important to recognise that social welfare programmes and changes to the fundamental structure of capitalist property relations are two distinct matters. Poverty-reduction programmes can bring genuine improvements to
Within the global capitalist system, the limits of a countryÊs sovereignty are influenced by its trade dependence, debt, access to technology, and relations with international financial institutions. Therefore, the crucial question for LulaÊs government is whether Brazil can manage its global economic relations in such a way that the benefits of national development reach broader sections of society
Arif Nizami (Late) Editor Pakistan Today
AYAZ ALI SHEIKH
RAZILIAN President Luiz Inácio Lula da Silva, commonly known as Lula, has won the second round of the presidential election held on 25 October, securing election to the presidency for a fourth term. According to Brazil’s electoral authority, Lula received 51.79 per cent of the vote, while his opponent, Flávio Bolsonaro, secured 48.21 per cent. This result represents not merely a contest between two political candidates, but also reflects the ongoing struggle between competing political visions concerning Brazil’s social divisions, democratic institutions, economic policies, and future. To understand Lula’s victory in the context of left-wing politics, it is essential neither to view it simply as an electoral triumph nor to regard it as a guarantee of immediate socialist transformation. Its significance lies in a fundamental question: can an elected government, while operating within the existing framework of a capitalist economy, take effective measures to reduce poverty and class inequality, protect workers’ rights, address environmental destruction, and overcome the crisis in public services? There is no doubt that Lula’s political journey has a background distinct from that of conventional ruling-class politics. Coming from a working-class background, Lula was active in Brazil’s labour movement and played a significant role in the founding of the Workers Party (PT) in 1980. His political identity has remained closely associated with workers organisations, social rights, and the struggle against economic inequality. The fundamental political context of Lula’s victory can be traced to Brazil’s social and economic inequalities. Brazil is the largest economy in Latin America, yet the benefits of its economic development have not been distributed equally among all sections of society. From the perspective of Marxist political economy, elections in such a society are not merely contests based on the popularity of individual candidates; they are also arenas of political struggle over competing class interests, social expectations, and the distribution of state resources. This does not mean that every voter’s decision is determined solely by their
Dedicated to the legacy of late Hameed Nizami
S
MUHAMMAD ZAHID RIFAT
MALL and Medium-sized Enterprises (SMEs) are recognized as a crucial force in job creation and industrial growth, contributing to employment generation, strengthening value addition, and supporting broader economic expansion. For empowering SMEs in fulfilling their quite important and significant role in economic development, the Federal Government had established the Small and Medium Enterprises Development Authority (SMEDA) way back in October 1998 as an autonomous body. Since then, SMEDA is working for betterment and encouragement of SMEs by providing them necessarily required guidance, information and also taking steps for putting them at the international stage, duly supporting and developing the fast growing SME sector, enhancing SMEs access to finance, boosting e sports through SME Certification, International Accreditation and Quality Programme, Export Assistance Progress for SMEs and SMEs sub-contracting etc through its initiatives, plans and programmes with the passage of time. There are an estimated 5.2 million to 7.14 million SMEs in almost all sectors of the national economy in varying numbers.. The
SMEs are employing on the whole around 78 percent to 80 percent of the non-agriculture workforce . As for as their export-related activities and performance are concerned, they account for over 30 percent of Pakistan's exports. Recent developments which have taken place in Islamabad following the presentation on Export Development Fund of the Federal Commerce Ministry to Prime Minister Muhammad Shehbaz Sharif, and in pursuance of his directives on the occasion, augur well for the welfare, growth and promotion of the SMEs in the country in the coming days, weeks, months and years. The federal Finance Ministry's Export-Import Bank Pakistan (Pak EXIM) and Federal Commerce Ministry's Export Development Fund (EDF) have quite recently executed what is being described as a Master Export-Insurance Framework Agreement and have created an initial Export Credit Insurance Risk-Sharing Pool for SMEs. The Pool thus created will be providing Export Credit Insurance to Pakistani SME exporters, protecting them against non-payment by international buyers which may be caused by commercial and political risks. This facilitation in the form of Export Credit Insurance will not only be making the SMEs more bankable but also be supporting their growth and global reach duly aligned with PM Shehbaz Sharif's vision of export-led economic growth through SME focused policies and initiatives. Furthermore, as regards significance of this initiative, whether an SME exports on open account terms, either on Telegraphic Transfer (TT ) or against a Letter of Credit (LC) basis, quite obviously it carries the risk that the international buyers or their banks may not make the due payment. It is also a fact that most Pakistani SMEs cannot absorb this risk, so they either decline orders from the intending international buyers or otherwise prefer to stay within their already familiar markets or trust-worthy international buyers. With Export Credit Insurance post-shipment under the risk-sharing pool,
This is a positive,appreciable move for helping the small and medium -sized enterprises in their growth and protecting their financial interests vis a vis their export deals with international buyers and thus on the whole helping them to increase their contributions in to Pakistan's total exports as well as to the national Gross Domestic Product (GDP).. Such an initiative as a matter of fact should have been undertaken much earlier but still it is better and most welcome than never
Lahore – Ph: 042-36300938, 042-36375965
I
Karachi – Ph: 021-32640318 I
Pak EXIM will cover this risk in order to safeguard the Pakistani SME exporters. So being protected against non-payment which may be caused by any political and/or commercial risks, SME s will surely and certainly be in a better position to negotiate favourable terms with their prospective international buyers, accept larger orders and enter new markets globally with greater confidence, thereby putting themselves at part with their inter national competitors. Under this scheme, which is going t o be formally launched in early November 2026, the SME exporters will be provided security against any non-payment risks,, they will be enter new international markets and buyers in a confident manner, will be securing the desired growth in open account business, and have better access to bank financing and also an improved global competitiveness. As far as the participating banks and development finance institutions (DFIs) are concerned, they will be getting a somewhat new channel for providing Export Credit Insurance to their SME clients, ND have an added service that will be strengthening their relationship with SME exporters and also have a better-duly protected SME exporter portfolio. On the whole, Export Credit Insurance is going to be made accessible and affordable for SMEs and first -time exporters. quite expectedly there will be stronger engagement between banks export-oriented SMEs, a larger insured export portfolio and stronger competitiveness, and export-led economic growth. For the information and benefit of the SMEs exporters, it is being briefly mentioned here that Export Credit Insurance will protect an exporter against the risk of not being paid by its international buyer and if the international buyer somehow fails to make the due payment because of a covered risk, the insurer Pak EXIM will compensate the exporter as per the policy terms thereby giving the confidence toSME exporters to sell their products to new buyers and markets and help them access funding, often on better terms. Export Credit Insurance under the Pak EXIM & EFD Risk-Sharing Pool will be released to the SMEs under two products namely Comprehensive Short -Term Policy and Bank Master Policy. This is a positive,appreciable move for helping the small and medium -sized enterprises in their growth and protecting their financial interests vis a vis their export deals with international buyers and thus on the whole helping them to increase their contributions in to Pakistan's total exports as well as to the national Gross Domestic Product (GDP).. Such an initiative as a matter of fact should have been undertaken much earlier but still it is better and most welcome than never.
The writer is Lahore-based Freelance Journalist, Columnist and retired Deputy Controller (News) , Radio Pakistan, Islamabad and can be reached at zahidriffat@gmail.com Islamabad – Ph: 051-2204545
people’s lives, but they do not automatically eliminate the unequal distribution of ownership over wealth and the means of production. Therefore, in assessing Lula’s government, it will be essential to examine the extent to which social reforms move beyond temporary relief and lay the foundations for lasting economic and institutional change. Lula’s victory cannot be understood in isolation from the global political economy. Brazil must maintain relations simultaneously with the USA, China, European countries, and other global economic powers. China is one of Brazil’s major trading partners, while trade, investment, and diplomatic relations with the USA are also important. According to one analysis, a key challenge for Lula’s government will be to strike a balance between advancing economic relations with China and maintaining practical cooperation with the USA. An important aspect of Lula’s political outlook in this context is the question of Brazil’s national sovereignty. For developing countries, economic sovereignty means not merely political independence, but also the ability to make decisions in accordance with their national priorities concerning technology, industry, energy, financial policy, and natural resources. Within the global capitalist system, the limits of a country’s sovereignty are influenced by its trade dependence, debt, access to technology, and relations with international financial institutions. Therefore, the crucial question for Lula’s government is whether Brazil can manage its global economic relations in such a way that the benefits of national development reach broader sections of society. The writer may be ayazshaikh6606@gmail.com
reached
at
Editor’s mail
Export insurance for SMEs Boosting a crucial sector
Sunday, 1 November, 2026
I
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
Healing family ties
FAMILY conflicts often start with a small misunderstanding, a harsh word, or an unmet expectation. But when ignored, these little issues can grow into a silent poison that slowly destroys love, peace and trust at home. Psychologists say that most problems come from poor communication, lack of patience and unrealistic expectations. When family members stop listening to each other and try only to prove themselves right, emotional distance grows. This leads to feelings of loneliness and mental stress even within a house full of people. The good news is: this can be prevented. Start by talking and listening regularly, even about small things. Be patient during disagreements, and accept that everyone has strengths and weaknesses. Use kind words like “I understand” or “I’m sorry” to build bridges, not walls. Also, make time for fun and togetherness. Shared moments bring hearts closer and reduce negativity. Disagreements are natural but solving them with love, respect and understanding is the real strength of a happy family. Don’t let silence ruin what love has built. ARONA SAGHIR KARACHI
Nuclear past repeats
FOR more than 30 years, the world has avoided slipping back into the dangerous cycle of escalation that defined the Cold War era. After the superpowers realised how close they had come to nuclear catastrophe, they slowly built a system of restraint. Arms-control treaties, verification mechanisms, and a shared understanding of mutual destruction pushed nuclear testing into history. This long period of relative calm makes today’s renewed talk of testing all the more worrying. Against this backdrop, United States President Donald Trump’s recent directive to Pentagon to explore new nuclear test possibilities appears historically tone-deaf and strategically short-sighted. It overlooks the hardearned lessons of the Cold War. At the time, both the United States and the erstwhile Soviet Union believed that strength came from building bigger and more destructive weapons. But each new test only provoked another response, pushing both sides closer to the edge. It was a dangerous game where one misstep could have meant annihilation. The world eventually stepped back from the brink, not because of luck, but because leaders finally recognised that nuclear one-upmanship had no winners. Today’s world is far more complex than the bipolar Cold War order. Instead of two major powers, there is now a multipolar rivalry involving the US, China, Russia and several emerging nuclear states. Reintroducing nuclear tests in such an environment is like lighting a match in a room full of fuel barrels. There are more players, more tensions, and fewer rules. The old arms-control framework — the one that helped stabilise the Cold War — has weakened over the years. Key treaties have collapsed, verification has eroded, and trust among major powers is at its lowest point in decades. In essence, bringing back a Cold War-era practice now risks replaying the darkest chapters of the 20th century, but this time without the safety nets that once kept competition in check. A single test by one country could trigger a chain reaction, pushing others to respond with tests of their own. Such a spiral would make diplomatic restraint harder, and strategic miscalculations more likely. Supporters of new testing argue that it strengthens deterrence, but this argument ignores the fact that modern nuclear technology does not require explosive testing to remain credible. Instead, political signalling becomes the real motive — and that is precisely what makes the situation so dangerous. Using nuclear tests as symbols of power invites others to do the same. The world cannot afford to treat nuclear weapons as tools of political theatre. The lessons of history are clear: once the cycle of testing begins, it becomes difficult to stop. What kept the world safe for three decades was not louder threats, but quieter diplomacy and strong global norms. Reviving nuclear testing would not make any nation safer. It would simply drag the world back towards an era of fear — an era we worked so hard to leave behind. SANAULLAH MIRANI DAHARKI
Web: www.pakistantoday.com.pk
I
Email: editorial@pakistantoday.com.pk
COMMENT 05
Tehran and Islamabad Sunday, 1 November, 2026
T
Diplomatic gains and losses after Ali Khamenei NAQI AKBAR
EHRAN and Islamabad; the two capitals in the eastern stretch of the Arab-dominated Middle East have been characterized by a deep attachment to the causes, which in a normal discourse could be a cause of concern for the Arabs. History is witness to the fact that the Pakistani street has been attached to the cause of Palestine more than any Arab capital. Likewise, the PAF can be pointed out as the only air force; whether it was the 1967 conflict or the 1973 Yom Kippur war where it participated, with confirmed kills of the IDF assets, more than what the collective air forces of Syria, Jordan, Egypt and Iraq could manage in the two conflicts. Historical records can confirm that the Pakistani pilot Saif Azam; who was later repatriated to the then newly formed Bangladeshi Air Force in 1972; had confirmed IDF kills first in Iraqi air space and later in the Jordanian air space. He had the honour of being taken personally by the then king Hussain of Jordan to the Salti Muwafiq Airbase near the Jordanian capital of Amman. Likewise, the on-ground sentiment in Iran, when even it was under the seemingly secular Shah, was such that the Iranian monarch had to show to the populace that he cared fo,r the Palestinians. The 1979 revolution in Iran; sealed for all times the Iranian stance on Palestine; which meant that the restoration of the rights of the Palestinians was part and parcel of the objectives of the Iranian theocratic state. As of today even the reformists who otherwise seek an Iranian delink from Palestine cannot say it openly. Given the fact that Pakistan, despite being in the US camp off and on since the
Ayub days down to the current hybrid arrangement, there has been a tacit understanding even in the corridors of power that not every US wish is to be granted approval as and when required. It is an established fact that the Pakistani military was engaged in the two US-based military pacts, SEATO and CENTO. SEATO specifically bound the Pakistani forces, especially the air force, for any needed participation in the Vietnam conflict. It is a hard fact listed down in the US State department Dossier dated 21 July 1965 that Pakistan failed on the commitment for troops and combat jets in the Vietnam Theatre. During the Zia years, despite the cozy relationship between the USA and Pakistan over Afghanistan, in the other raging conflict in the region, the Iran-Iraq war of 19801988, there has been no credible indication whatsoever of the military dictatorship colluding with the USA against Iran. After the two attempts in 1981 for ending the war between Iran and Iraq in March, when the Pakistani military dictator was part of the OIC delegation, Pakistan maintained its unique neutrality, despite also helping the Saudi government then in propping up that monarchy’s security in the aftermath of the Kaaba uprising by the Sunni Saudi radicals. Pakistan maintained a very fine balance between the Saudi Arabian monarchy and the Iranian theocracy, no matter if it was ruled by a complete democratic setup, a military dictatorship, or a hybrid arrangement like the current ‘unique’ arrangement. Theoretically, it has been a fine balance maintained in Islamabad, where the goodwill of Tehran was sought. If in the case of other states, the late supreme leader Ali Khamenei was selective in granting audience, Pakistan and Turkey were the exceptions where the late leader allowed access to the variety of political leaders in the capacity of the Prime
The coming weeks, if the US newspapers are to be believed, precipitate a big assault on Iran; PakistanÊs situation will be even more demanding in the context of a balancing act. Likewise, Iran will have to careful when dealing with Pakistan. In the final analysis the developments during the last one year have invariably dented the relationship between the two capitals; whose corrective action might still take some time to recover
Ministers and Presidents of Pakistan, even a meeting with the then exiled prime minister late Benazir Bhutto in the late 1990s. That balance continues to date with a varied intervention of pressures and realities which is the subject of debate today. Despite a traditional balance where if on one hand Pakistan fulfills its image and reputation in Tehran as the only non-Arab ally in the Muslim world, who is willing to hear its version of narratives. Recent developments, in the form of firstly the US Iran war, the MoU and the response yo it from within the Iranian establishment, the Yemeni dispute and the consequent Makkah military pact has in fact created a situation where for a third party observer, it is not a benign convergence of the perceptions, but is a tightrope policy treaded by both Iran and Pakistan. If there had been any other air force as part of the military pact, they would not have refrained from flying sorties against the Yemeni Houthi forces without any inhibition. The Pakistani military has been tightlipped despite few diplomatic condemnations of what they feel are Houthi acts of aggression against the Saudi targets. The Houthi strikes are reported but as military incidents. In the early days of the conflict Iran and the Houthis were almost being accused of targeting the Holy Mosque in Makkah by a select section of the Pakistani religious landscape, but that sentiment has given way to a saner approach towards Iran.
That saner approach is not a change of heart, rather a diplomatic balancing, which the Pakistani side had to undertake in a manner that does not alienate the Iranians, but also does not create an impression with the Saudis that Pakistan has ditched them. Likewise, the pro-Dialogue Iranians, despite having a good communication with the Pakistani side, as Pakistanis are willing partners in midwifing a sort of normalization between Tehran and Washington, are talking care not be projected in the radical circles as part of the political spectrum, which is seen as more pro-US than proIranian interests. The reasons for that emanate from not just the Houthi situation. The radical corridors of power whose ideas are visible in the form of the select diplomatic handles, feel that the Pakistani interest in the MoU and a final deal between the USA and Iran does not spring from the Pakistani desire for safeguarding the interests for Iran or for Pakistan itself; rather, there is a growing impression that the Pakistani visits of the highest officials are inspired by US goals and interests. Given that ground reality, what seems to be the ongoing development is that, Pakistan for all purposes will resist any pressure to put any pressure on Iran, if the war escalates or restarts. However, Pakistani and Iranian pro-US quarters will continue to maintain contacts, though the Pakistani role will diminish as has been demonstrated in the way the other regional
Q
AXIOS BARAK RAVID
ATARI mediators held talks in Tehran for more than 12 hours on Friday in an effort to reach a deal to restart direct negotiations between the U.S. and Iran and avoid an outbreak of war after the midterms, according to diplomatic sources. Why it matters: The U.S. is now just days away from a possible military operation that would inflict enormous damage on Iran and likely lead to retaliatory strikes
negotiations, Trump is skeptical Iran will ever agree to a deal he finds acceptable. "There are talks. They want to talk. They keep talking. ... We have time, frankly. It's a war, but it is not a typical war," Trump told reporters on Friday. Treasury Secretary Scott Bessent, who is leading an economic pressure campaign dubbed "Operation Economic Outcast," is one of Trump's closest aides urging him to let the initiative play out rather than rush back into combat. Russia and China, which signalled an American retrenchment. The Trump administration has taken this further, reverting to the kind of isolationist, tariff-based protectionism that postwar institutions such as the UN security council and WTO were built to avoid. It’s hard not to spot echoes here of the 1930s – the time, incidentally, when the slogan “America first” was popularised. How to offset these risks? Rachman surveys a handful of mechanisms that have helped maintain the peace, and finds them wanting. The rules-based international order, for instance, barely functioned in its heyday; now, as Mark Carney put it plainly, it “no longer works”: we are living through a “rupture”. What about spreading democracy and economic stability as a path to peace – a principle exemplified by the “Golden Arches” theory, which states that no two nations with McDonald’s will wage war on each other? There’s no comfort here either, as that was proved wrong in the 1990s, and the number of democracies has been declining steadily since 2006. Then there’s deterrence, which still by and large keeps us safe. But it hasn’t stopped fighting between nuclear-armed India and Pakistan, and China and North Korea are rapidly expanding their atomic arsenals. What we’re left with, then, as American primacy declines, is a global version of Trump’s “Donroe doctrine”, in which each major power gets a “sphere of influence” where they call the shots. In this scenario, Washington rules over the Americas, Beijing over east Asia, and
A
Moscow the old Soviet zone. Clashes are sorted out by one-to-one conversations between authoritarian leaders. But what if these rulers fall out? And anyway, who wants to live in the shadow of an overbearing neighbour? While the outlook of War Is Interested in You is undoubtedly gloomy, Rachman’s book is not. His writing is engaging and anecdotal, and he brings vast experience to bear on a vital subject. He won’t go so far as to say a new world war is inevitable, but the threat is becoming impossible to ignore. War Is Interested in You: The Breakdown of International Order and the Threat of World War Three by Gideon Rachman is published by Bodley Head (£25).
"If he feels embarrassed or disenfranchised he will do something bold. That's what everyone are telling the Iranians. Their best shot to get a deal is right now" The intrigue: Inside Trump's inner circle, there are different opinions on what he should do. Defense Secretary Pete Hegseth and Secretary of State Marco Rubio are highly skeptical that any nuclear agreement can be reached with the current Iranian regime. They think Trump's legacy should be to weaken the regime even more, including with further strikes, a U.S. official said. The person said that while Vice President Vance and Trump envoys Steve Witkoff and Jared Kushner want to resume
Are we on the brink of World War III? THE GUARDIAN CHARLIE ENGLISH
RE we on the brink of a new world war? This bleak subject is increasingly invoked by leaders, soldiers and officials, from Donald Trump to Vladimir Putin to the heads of our military and intelligence services. It’s an urgent theme, then, for the FT foreign affairs columnist Gideon Rachman to explore in his latest survey of global diplomacy. Rachman draws his title from the expression, sometimes attributed to Trotsky: “You may not be interested in war, but war is interested in you” – the idea being that conflict doesn’t much care whether we like to think about it or not: it will come knocking on our doors regardless. Clearly, humanity is in a particularly unsafe spot right now, but seeing our security issues laid out like this, catalogued and mapped and analysed, they seem almost overwhelming. To summarise: the most powerful, nuclear-armed states – the US, China and Russia – are led by unscrupulous, self-dealing “strongmen”, each of whom is playing with the nationalist “Great Again” politics epitomised by Trump. Democracy is being rolled back around the world, and even bastions of liberalism such
as the UK, France and Germany seem vulnerable to takeover by the Putin-friendly far right. The so-called rules-based international order and its institutions – the UN, the WTO, Nato – are being deliberately undermined by the aforementioned strongmen, and are as weak now as they have ever been. Putin has described the new world order with the term “might makes right”, and the result is that conflicts have been breaking out at a rate unprecedented in the postwar era. According to Rachman, there were 61 in 2024 alone, and 11 full-blown wars. This included Gaza as well as some conflicts far less visible in the west, such as the one in Sudan, which by mid-2025 had led to 150,000 battlefield deaths. In 2026 many “state-based conflicts” are ongoing, including the largest land war in Europe since 1945 (in Ukraine) and the most disruptive in the Middle East for more than 20 years (Iran). Although these are mostly confined to their regions, they have begun to overlap and spread, as Russia deploys North Korean troops and tests Nato’s resolve, Iran throttles global shipping, and Ukraine advises Gulf states on drone use. And even as these grind on, others threaten to explode, including between India and Pakistan, North and South Korea, and China and Taiwan. Of these potential flashpoints, it is Tai-
wan that may offer the fastest route to a world war, since it could bring China and the US into direct conflict. For decades, Taiwan’s security was guaranteed by US naval superiority; now Beijing, after a massive military buildup, has more warships than Washington. It’s said that the single Chinese shipyard on Changxing Island has more capacity than all US yards combined. Still, Xi Jinping knows that if the US comes to Taiwan’s aid, the result would be a bloodbath, which is why US presidents have mostly been keen to emphasise the US’s commitment to Taiwan. But Trump has been far more ambivalent – declaring in May this year, for instance, that “I think the last thing we need right now is a war that’s 9,500 miles away” – which only increases the risk of China attempting an assault. It’s here, in the shifting power balance between China and the US, that the root of the new global insecurity lies. Whatever you think of American hegemony, the US maintained a sort of stability, after the cold war, in which victims could plausibly appeal to international law. The 2003 invasion of Iraq destroyed that system, and US failure there and in Afghanistan persuaded future presidents against intervention. Three times, between 2012 and 2015, Obama chose not to step in to address illegal acts by the Assad regime,
The writer is a freelance columnist
Zoom out: Countries in the region like Egypt, Turkey, Iraq, Pakistan and Saudi Arabia have been urging Iran to agree to resume negotiations before the midterms, a regional source said. One U.S. official said Trump might be more inclined to order a major military operation if Republicans lose badly in the midterms. "If he feels embarrassed or disenfranchised he will do something bold. That's what everyone are telling the Iranians. Their best shot to get a deal is right now," the official said. A White House official said the election results won't be a factor in Trump's decision-making about Iran. The leaders of Saudi Arabia and Turkey urged Trump in recent days to allow more time for diplomacy. At the same time, Israeli Prime Minister Benjamin Netanyahu is lobbying Trump to launch a joint operation against Iran immediately after the election. The big picture: Renewed war could lead to massive destruction not only in Iran but in Gulf countries, exacerbating the global energy crisis. Iran has vowed to respond to any U.S. strikes on its energy infrastructure by attacking oil and gas facilities in Saudi Arabia, the UAE, Qatar, Kuwait and Bahrain. Any U.S. attack on Iran would be conducted jointly with Israel. Iran would likely retaliate with missile strikes, while Hezbollah could also wage attacks on Israel.
Qataris hold marathon talks in Tehran in bid for US-Iran deal before midterms against Israel and a host of Gulf countries. Driving the news: A diplomatic source said Qatari mediators were in regular contact with the White House during Friday's daylong session. "There was positive progress. Talks are still ongoing in an effort to unlock a deal between the U.S. and Iran," the source said. The Qataris are prodding the U.S. and Iran to agree on a set of reciprocal steps that would be implemented over a few days and get the parties back to direct talks on the Iranian nuclear program and other issues. A U.S. official said two competing demands have stymied the talks so far: the Trump administration's insistence that Iran make nuclear concessions as part of resuming talks, and Iran's stipulation that the U.S. first lift its naval blockade, release frozen funds and allow it to sell oil. The Qataris are trying to convince Iran to allow U.N. inspectors to visit its bombed nuclear sites as a confidence-building measure that the U.S. would respond to with some sanctions relief.
stakeholders converged in Iran. The current level of convergence between Tehran and Islamabad is reflective of the fact that there is a widening of the Gulf between Tehran and Islamabad, yet the sensitivity of the relationship demands that the appearance of diplomatic decency is maintained, given the fact that neither Iran can afford to be alienated with the Muslim world as a whole and neither Pakistan can sacrifice its long-term goodwill for the short-term geo strategic pressures. However, the modalities of the conflict, the pressure on Pakistan to follow the US line and its resistance to the same are the hard facts which will further narrow down the choices for both the countries. Iran, despite its declaration to hit the US assets across the region, will be fairly constrained to do anything in Pakistan. Likewise, Pakistan will have to tread a very sensitive line between the Saudis and the Iranians. The coming weeks, if the US newspapers are to be believed, precipitate a big assault on Iran; Pakistan’s situation will be even more demanding in the context of a balancing act. Likewise, Iran will have to careful when dealing with Pakistan. In the final analysis the developments during the last one year have invariably dented the relationship between the two capitals; whose corrective action might still take some time to recover.
06 NEWS
ARAGHCHI CALLS US BID TO OPEN DIALOGUE A 'POSITIVE STEP'
I
TEHRAN
AGENCIES
RANIAN Foreign Minister Abbas Araghchi on Saturday described Washington’s attempt to open dialogue with Tehran as a “positive step”, saying an Iranian delegation is in Qatar to continue consultations with mediators amid renewed concerns over the possibility of another conflict. In an interview with Al Jazeera, Araghchi said Tehran had studied a letter sent by US Vice President JD Vance last week, while declining to rule out the possibility of another military confrontation. “We do not rule out any possibility regarding the outbreak of war, and we are prepared for all scenarios,” he said, adding that Iran had upgraded its weaponry, addressed vulnerabilities and tested new arms. “Our forces are at the highest level of readiness,” he said. Araghchi acknowledged the impact of US-imposed economic pressure on Iran but insisted that Tehran would not surrender. “We will continue to stand firm and re-
sist and we will overcome this difficult phase through our own capabilities,” he said. The foreign minister also confirmed that an Iranian delegation had travelled to Qatar to continue consultations with mediators, including Qatar and Pakistan, over Tehran’s conditions. “My aide is currently in Qatar to continue consultations. Qatari and Pakistani mediators are continuing consultations regarding our conditions,” he said. However, Araghchi ruled out any immediate meeting with US officials, describing reports suggesting otherwise as media speculation. “We see no need to meet with the Americans at present. Our conditions are clear, and mediators are continuing their consultations regarding them,” he said. Khamenei orders unrestricted military response Earlier, Iran's Supreme Leader Mojtaba Khamenei has ordered the armed forces to respond immediately and without "geographic limits to any enemy threat", according to a statement published on his official Telegram account on Saturday.
Khamenei said Iran would determine the timing and conditions for ending any renewed military or "terrorist attacks by its enemies," and ordered an update of the military target list to bring US and Israeli "physical and nonphysical" assets within the reach of Iranian forces. Iran provincial official says US attacked fishing boats off Qeshm Island, state media ranian state broadcaster IRIB, citing a Hormozgan province official, said on Saturday that the US attacked two fishing boats near Qeshm Island, leaving two fishermen missing and one wounded.
Trump administration plans to deport Afghan refugees to Pakistan: report WASHINGTON AGENCIES
The Trump administration is preparing to deport Afghan refugees to Pakistan as early as Monday, despite concerns that they could subsequently be returned to Afghanistan under Taliban rule, media reports said Friday. The proposed deportation flight has not been publicly announced, but rights advocates and families of detainees said it could take place in the coming days, according to NBC News. The reported plans come amid continued uncertainty surrounding Afghan refugees housed at Camp As Sayliyah in Qatar, where the US government has repeatedly extended deadlines for removing residents. The State Department initially announced that everyone would be removed from the facility by March 31, but the deadline was subsequently extended to Sept. 30.
There was no immediate US confirmation of the attack. The attack comes as spokesperson for
Sunday, 1 November, 2026 | LAHORE
the Iranian army Brigadier General Mohammad Akraminia said on Saturday that renewed war would “engulf a much wider area” if US President Donald Trump “resorts to another adventure in the region” alongside Israel. “If the US president once again embarks on another military adventure in the region under pressure from and inducement by the Zionists, the flames of war will undoubtedly engulf a much wider geographical area,” Akraminia wrote on US social media company X.
NEWS 07
Sunday, 1 November 2026 | LAHORE
CORPORATE CORNER
Syed Babar Ali, A Centennial Tribute launched in Islamabad
ISLAMABAD STAFF REPORT
Leading figures from public life, literature, policy and business gathered here in Islamabad to mark the 100th year of Syed Babar Ali at the launch of Syed Babar Ali, A Centennial Tribute, a book by Muhammad Azfar Ahsan on the life and contributions of the veteran industrialist, educationist and philanthropist. The ceremony was organized by the Corporate Pakistan Group and Nutshell Group. It was highlighted that it is very rare that a hero is celebrated during his lifetime and Syed Babar Ali is one of the few who have this honor in the form of this book by Azfar Ahsan. Noted poet and intellectual, Iftikhar Arif mentioned his relationship with Syed Babar Ali and said, “People talk about his contributions to business, industry and education, but very few know that his services to language, literature and the arts. Syed Babar Ali has preserved languages, literature, calligraphy and the pool of rich traditional and regional knowledge in a way no single person anywhere in the world has done.”Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb said that he started his career with the Packages Group and under the mentorship of Syed Babar Ali and remains linked till this day. “The sharpness, the intellect and perspective and vision of Syed Babar Ali remains amazing till now. People build institutions and Syed Babar Ali is an institution.”
SECP Marks Over 39,000 Non-Filing Companies Inactive ISLAMABAD
STAFF REPORT
The Securities and Exchange Commission of Pakistan (SECP) has marked 39,704 companies “Inactive by Registrar” after they failed to file annual returns and/or financial statements for four years. Marking non-filing companies as inactive will make the corporate register more reliable and help prevent dormant companies from being misused.The inactive status will appear in the SECP’s system and be visible to banks and other stakeholders. These companies will not be able to open new bank accounts until they file their overdue documents with the SECP and regain active status. They will also be unable to access financial services or register changes in their directors.The inactive companies include 13,927 in Lahore, 13,859 in Islamabad, 4,868 in Karachi, 2,031 in Peshawar, 1,861 in Multan, 1,384 in Faisalabad, 1,102 in Gilgit, 436 in Quetta and 236 in Sukkur.Filing annual returns and, where required, financial statements is a legal requirement under the Companies Act, 2017. These filings keep public information about companies, their ownership and their management up to date. The SECP said prolonged non-filing weakens the corporate register and can hinder efforts to prevent money laundering and terrorist financing.The corporate register continues to grow. Pakistan had 317,002 registered companies at the end of September 2026. The SECP registered 43,559 new companies in the previous financial year, 24 per cent more than the year before. Company name reservation and incorporation are now fully digital, and 99.9 per cent of new companies are registered online.“A clean and credible registry is the bedrock of trust in the corporate sector. SECP is protecting the integrity of the financial system while giving companies a clear opportunity to return to compliance,” SECP Chairman Dr. Kabir Ahmed Sidhu said.
Hajj and Umrah Balloting, Promotion Ceremony Mark Police Darbar at Police Lines Headquarters
ISLAMABAD STAFF REPORT
According to the details, Inspector General of Police (IGP) Islamabad Captain (Retd.) Muhammad Sohail Chaudhry presided over a Police Darbar held at Police Lines Headquarters, where a balloting process was conducted to provide police officers and officials with the opportunity to perform Hajj and Umrah. The officers and officials selected through the balloting were congratulated. This initiative is part of Islamabad Police’s ongoing efforts to promote the welfare of its force.During the Police Darbar, IGP Islamabad also interacted directly with officers and officials from various divisions across the district and listened to their personal and departmental grievances. He issued necessary directions to the concerned officers for the prompt resolution of their issues and stated that the welfare of the police force, timely resolution of legitimate grievances and provision of better facilities are among his key priorities.
CM MARYAM VOWS CLEANER, GREENER CITIES, URGES PUBLIC TO EMBRACE SAVING CULTURE
P g
PUNJAB CM SAYS MODERN URBAN FACILITIES, SUSTAINABLE DEVELOPMENT EVERY CITIZEN'S FUNDAMENTAL RIGHT LAHORE
SALEEM JADOON
UNJAB Chief Minister Maryam Nawaz on Saturday said clean, green, safe and modern cities were a fundamental right of every citizen, emphasising that urban development was not merely about improving infrastructure but, more importantly, enhancing people's quality of life. In a message on World Cities Day, the chief minister said equipping Punjab's cities with modern urban facilities was among the government's key priorities. She stressed that environment-friendly and sustainable urban development had become the need of the hour. She said the government was taking measures to improve sanitation, drainage, traffic management and the provision of basic facilities in urban areas. Modern technology, she added, could play a vital role in transforming cities into smarter urban centres and making everyday life easier for citizens.
CM Maryam Nawaz said keeping cities free of encroachments, clean and beautiful was a collective responsibility, stressing that public participation and responsible civic behaviour were essential for sustainable urban development. She said the government's commitment was to leave behind greener, safer
and more sustainable cities for future generations. Urban planning, she added, should focus on ensuring equal access to facilities and opportunities for all segments of society. ‘Saving habits lay foundation for a better and secure future’ In a related development, Chief Min-
Green tractors, farmland scheme to empower farmers: Sanaullah FAISALABAD
STAFF REPORT
Prime Minister’s Adviser on Political and Public Affairs Senator Rana Sanaullah Khan has said that modern agricultural facilities along with access to cultivable land and sustainable livelihood opportunities will open new avenues for agricultural productivity and economic self-reliance. Addressing a ceremony at Ayub Agricultural Research Institute (AARI) Faisalabad on Saturday, he distributed keys of 80 green tractors among successful applicants under the fourth phase of Punjab Green Tractor Scheme and pay orders among 354 selected farmers under “Apna Khet Apna Rozgar” scheme. The ceremony was attended by PML-N leaders Mian Qasim Farooq and former MPA Mian Ajmal Asif, Deputy Commissioner (DC) Faisalabad Muhammad Nauman Siddique, Additional Deputy Commissioner Revenue Shireena Janjua, Assistant
Commissioner (AC) Saddar Faisal Shehzad, Divisional Director Agriculture Khalid Mahmood, Deputy Director Hafiz Muhammad Adeel, agriculture department officials and a large number of farmers. Congratulating the successful applicants, Rana Sanaullah said that green tractor scheme and “Apna Khet Apna Rozgar” program would play a significant role in modernizing agricultural sector, improving farmers’ production capacity and enabling small landholders to become economically independent. He said that provision of modern machinery and access to agricultural land would allow farmers to cultivate their fields more efficiently, increase agricultural output and contribute towards strengthening the national economy. These facilities would also create opportunities for dignified employment and improve living standards of farming families, he added. He emphasized that merit and transparency were fundamental
Pakistan–SADC Summit highlights new opportunities for trade, investment cooperation
ISLAMABAD STAFF REPORT
The Pakistan–SADC summit discussion on trade and investment has highlighted opportunities to strengthen commercial ties between Pakistan and the Southern African Development Community (SADC) through improved market access, targeted buyer-supplier connections and sectorbased business partnerships. Building on the objectives of the 1st Africa Diplomatic & Economic Conference 2026, organised by the Pakistan SADC Chamber Trade Federation (PSCTF), Pakistan Chapter, the initiative is associated with the Federation’s leadership, including Dewan Muhammad Yousuf Farooqui, Patron-in-Chief, and Muhammad Rafiq Memon, Chairman of PSCTF, Pakistan Chapter. According to figures attributed to the Ministry of Commerce Year Book in the summit presentation, Pakistan–Africa merchandise trade reached US$4.85 billion in FY2024–25, comprising US$2.24 billion in exports and US$2.61 billion in imports. The presentation also reported total trade of US$5.45 billion in FY2023–24.
principles of all public welfare and development initiatives of the Punjab government, ensuring that government resources reached only deserving and eligible beneficiaries. He urged the successful farmers to make effective use of the facilities provided under these schemes and fully utilize their agricultural potential. In case of any difficulty or complaint, they should approach the relevant government offices so that their issues could be addressed promptly, he added. Sanaullah said that fundamental responsibility of federal, provincial and district governments was to listen to public representatives and citizens, resolve their problems and ensure provision of best possible facilities through coordinated efforts. Referring to regional and international situation, he said that Prime Minister Muhammad Shehbaz Sharif and Field Marshal Syed Asim Munir were making vigorous diplomatic efforts to promote peace and secure a ceasefire in the region.
PFPP’s Behtarqadam Programme reaches an estimated 100,000 people through 755 events across Punjab
KARACHI STAFF REPORT
Since its launch, the Punjab Family Planning Program (PFPP), through its Behtarqadam programme, implemented by the RIZ-Rayn Consortium, has been promoting a Nayi Soch, a renewed way of thinking about family wellbeing, across Punjab. Through 755 events and sessions across all 41 districts of the province, including Sehat Melas, awareness sessions at universities and colleges, meetings with CSOs, NGOs and religious scholars, and sports events, the programme has reached an estimated 100,000 people directly and indirectly by the end of September 2026.Focused on promoting family wellbeing with particular emphasis on maternal, newborn, child and youth health, Behtarqadam engages communities through awareness activities and interactive sessions that encourage participants to learn about relevant topics, ask questions, and take part in meaningful discussions.The programme’s activities give participants opportunities to exchange perspectives, seek information.
Magsi Calls for Transforming Pakistan’s Halal Potential into Global Opportunities
KARACHI: Federal Minister for Science and Technology Khalid Hussain Magsi called for greater international cooperation, stronger regulatory frameworks and technological innovation to unlock Pakistan’s potential in the rapidly expanding global halal industry. Addressing the First Pakistan Halal Forum 2026 in Karachi, he said Pakistan is well-positioned to emerge as a competitive player in the international halal market, backed by its strong agricultural base, livestock resources and food processing industry.The Federal Minister highlighted the growing significance of the global halal economy, which extends beyond food products to pharmaceuticals, cosmetics, tourism, logistics and financial services. He stressed that Pakistan needs to build on its existing strengths and develop a comprehensive, internationally competitive halal ecosystem to capture emerging opportunities in global markets.Emphasising the importance of consumer confidence, he said transparent certification systems, internationally recognised standards and modern digital traceability mechanisms are essential for ensuring the credibility of halal products and expanding market access. STAFF REPORT
ister Maryam Nawaz said the habit of saving laid the foundation for a better and secure future, emphasising that savings and financial discipline played a fundamental role in the economic progress of nations. In her message on World Savings Day, the chief minister said reducing unnecessary expenditures and making prudent use of available resources were the need of the hour. Savings made today, she said, could guarantee prosperity and economic stability tomorrow. She stressed the importance of raising public awareness about savings and financial planning, observing that even small savings could develop into a significant source of financial support in the future. CM Maryam Nawaz said women and youth should be encouraged to achieve financial independence and cultivate the habit of saving. he said strengthening the national economy required protecting national resources and promoting austerity. The chief minister emphasised that saving was not merely about accumulating money but also reflected a responsible way of life. Promoting savings, austerity and financial responsibility, she added, was essential for a prosperous Punjab and a stronger Pakistan.
1st Pakistan Halal Forum 2026 Concludes in Karachi
KARACHI STAFF REPORT
The landmark 1st Pakistan Halal Forum 2026 concluded successfully today at the Pearl Continental Hotel, Karachi, bringing together national and international stakeholders to shape the future of Pakistan’s Halal economy under the theme “The Intelligent Halal Economy.”Organized by Halal Development Council (HDC), coorganized by Pakistan Halal Authority (PHA) and International Halal Certification (IHC), with DinarStandard as Knowledge Partner and endorsed by the World Halal Council (WHC), the forum marked Pakistan’s first dedicated platform for the $3 trillion global Halal industry.The day-long forum featured keynote addresses, panel discussions, B2B networking, certification insights and growth strategies covering Halal Food, Pharma, Cosmetics, Modest Fashion, Halal Tourism, Logistics, Islamic Finance, and Technology-driven traceability.Speaking on the occasion, organizers said Pakistan, despite being the world’s second-largest Muslim population, holds less than 1% share in the global Halal economy. The Forum aims to transform this challenge into a $40-50 billion export opportunity by shifting from raw material exports to valueadded, certified products, supporting SMEs and establishing One National Halal Mark, One Standard.
Sardar Shahid Leghari Hosts Dinner in Honour of SM Tanveer, UBG Leaders
KARACHI STAFF REPORT
Former Chairman of Pakistan Red Crescent Society and FPCCI Executive Committee Member for 2027, Sardar Shahid Ahmed Laghari, hosted a dinner in honour of SM Tanveer and senior leaders of United Business Group (UBG) at his residence Laghari House, DHA Phase 6, Karachi.UBG Patron-in-Chief, Chairman of Din Group, Patronin-Chief of Korangi Association of Trade and Industry (KATI) and newly elected President of FPCCI, SM Tanveer attended the dinner.Other distinguished guests included Nazir Ahmed, CEO of Royal Travel, Hanif Gohar, Chairman of Gohar Group of Companies, Rauf Ahmed Mukhtar, leader of Pakistan Flour Mills Association, and Mian Zahid Hussain, Chairman of FPCCI Policy Advisory Board.The gathering was also attended by former Senior Vice President of FPCCI Syed Mazhar Ali Nasir, UBG President and former President of FPCCI Zubair Tufail, President of KATI Sheikh Umar Rehan, Ibrahim Khalid Tawab and Convener of FPCCI Central Executive Committee Syed Turab Shah.Several other prominent business personalities also attended the dinner, which brought together leading figures of Pakistan's business community.
QATAR LNG SQUEEZE RAISES FEARS OF WINTER GAS CRUNCH IN PAKISTAN NEWS
P
ISLAMABAD
STAFF REPORT
AKISTAN is bracing for a potential winter gas crunch after QatarEnergy extended its force majeure on liquefied natural gas (LNG) supplies until December 29, raising concerns about fuel availability during the peak winter months, officials said on Saturday. QatarEnergy halted production and declared force majeure in March following attacks on its facilities during the United States-Iran conflict in the Middle East. Pakistan is particularly vulnerable to disruptions in Qatari supplies because of its heavy reliance on the Gulf producer. The extension could further squeeze LNG availability in December and January, when household gas consumption typically surges, potentially forcing the government to restrict supplies to power plants, industries, fertilizer manufacturers, cement factories and compressed natural gas (CNG) stations. However, government officials and industry representatives expressed confidence that Pakistan could manage the situation by prioritising domestic consumption, arranging additional LNG cargoes from the international spot market, if required, and relying on alternative
fuels for power generation. “There could be complaints during peak winter, but gas will be available during cooking hours. It may not be available for space heating and water heating though,” a senior official of Pakistan’s Petroleum Ministry told Arab News on Saturday, requesting anonymity. According to Pakistan’s latest Economic Survey, imported LNG accounted for approximately one-fifth of the country’s total gas consumption between July 2025 and March 2026. Pakistan imported 36 LNG cargoes last winter, of which 35 came from Qatar, according to official
Safdar’s remarks on women, Asma Jahangir spark fierce backlash LAHORE
STAFF REPORT
data. The country received six cargoes in November 2025, 10 in December, 12 in January 2026 and eight in February. Asked whether the situation could deteriorate during the coming winter months, the official said the government could procure additional LNG cargoes from the international spot market if necessary. He, however, acknowledged that spot market purchases would be considerably more expensive than supplies secured from Qatar under a long-term contract. “A cargo which normally costs around $30 million can cost around $80 to $90 million from the spot market,” he
Pakistan urges sustained global action against rising Islamophobia, religious hatred ISLAMABAD STAFF REPORT
Punjab Chief Minister Maryam Nawaz’s spouse, retired Capt Muhammad Safdar, has drawn widespread criticism over his disparaging remarks about women advocating bodily autonomy, with the chief minister herself expressing heartbreak over his comments and two leading lawyers’ bodies strongly condemning his separate remarks about renowned human rights activist Asma Jahangir. Speaking at a Khatm-i-Nabuwwat rally in Chiniot earlier this week, Safdar took aim at the slogan “mera jism, meri marzi” (my body, my choice), questioning why women who assert control over their bodies turn to religious scholars for prayers when diagnosed with serious illnesses such as cancer. “They say, ‘My body, my choice.’ But when they fall ill or develop cancer, they turn to religious scholars, seeking prayers and blessed water for a cure. They should understand that if they claim ownership over their bodies, they should also be able to cure them. In reality, the human body is under God’s control,” he said. On Friday, Maryam responded to a post on X referring to the speech, which stated: “Maryam Nawaz’s husband, Captain Safdar, also lost his mother-in-law to cancer, yet here he is mocking women who are battling cancer.” The chief minister’s mother, Kulsoom Nawaz, passed away in 2018 after a months-long battle with cancer. “Heartbreaking,” Maryam said in response, accompanying her post with a broken-heart emoji. “The silent battles a woman, a wife, fights behind closed doors … The strength she must find even when she feels like breaking. Some battles are fought in silence and some wounds are invisible,” she added. The remarks also triggered criticism from social media users, who questioned the insensitivity of using women's illnesses and religious beliefs to mock their demand for bodily autonomy. TV anchor Ajmal Jami, sharing his reaction on X, said: “My [mother] has been a cancer patient, and God knows how we managed to get through those difficult times. Her survival was nothing short of a miracle. Listening to Capt Safdar’s remarks on this matter is utterly shameful and disgraceful!” He also thanked CM Maryam for her “thoughtful and compassionate words for all those brave women”. Another user, Maheen Ghani, questioned the argument behind Safdar’s remarks, saying: “So a woman who says ‘mera jism, meri marzi’, which is essentially about autonomy and consent, loses the right to ask for prayers when she gets cancer? Is that seriously the argument? “To take a woman’s illness, her fear and her faith and turn them into an opportunity to humiliate her. What an ugly, twisted understanding of both women’s rights and religion.” On the other hand, some social media users, including journalist Benazir Shah, praised the chief minister for publicly expressing her disapproval. “It takes real courage to take a public stand like this. More power to you, Maryam Nawaz Sharif,” she said. Lawyers’ bodies condemn remarks about Asma Jahangir Meanwhile, two leading lawyers’ bodies on Saturday strongly condemned Safdar’s remarks about Asma Jahangir, a renowned senior lawyer and human rights activist who passed away in 2018.
said, adding that the government would have to decide whether to absorb the additional cost. The additional expense would not be passed on entirely to domestic consumers, with the industrial, commercial and CNG sectors likely to bear a larger share of the financial burden, according to the official. On fertilizer production, he said seven of Pakistan’s 10 fertilizer plants operated on dedicated gas networks, while two others had been informed that their supplies would depend on LNG availability. He ruled out the possibility of a fertilizer shortage, saying manufacturers maintained additional inventories of around 300,000 tons. The official said the power sector had sought LNG supplies for winter, but power plants could switch to alternative fuels, including furnace oil, if imported gas became unavailable. “There could be some form of loadshedding, but we hope [electricity] demand will decrease during winter and there will not be any load-shedding,” he said. “The top priority is the domestic consumer, then the power and fertilizer sectors, followed by cement and CNG.” Asif Inam, chairman of the Sui Southern Gas Company (SSGC) board of directors, also expressed confidence that Pakistan would be able to manage the situation despite supply constraints.
Pakistan on Saturday voiced deep concern over the growing prevalence of Islamophobia, religious intolerance, racism and xenophobia worldwide, calling for sustained international efforts to combat hatred, promote mutual respect and foster peaceful coexistence. The concern was expressed by Ambassador Usman Jadoon, Pakistan’s acting permanent representative to the United Nations (UN), during the presentation of the UN Human Rights Council (HRC) report to the General Assembly, which called on states to ensure respect for human rights. Pakistan has repeatedly raised concerns at the United Nations over what it describes as a growing global tide of Islamophobia
and religious intolerance, urging stronger international measures to combat discrimination against Muslims. Islamabad has also been a leading advocate of the UN-designated International Day to Combat Islamophobia, observed annually on March 15, and has consistently called for promoting interfaith harmony, safeguarding freedom of religion and addressing hate speech targeting religious communities. “Pakistan also expressed deep concern over the growing prevalence of Islamophobia, religious intolerance, racism and xenophobia, urging sustained international efforts to counter hatred and promote mutual respect, tolerance and peaceful coexistence,” Pakistan’s UN mission said, quoting Ambassador Jadoon. The Pakistani diplomat empha-
sised that the Council’s work must be guided by the principles of universality, impartiality, objectivity and non-selectivity, serving as a platform for constructive dialogue and international cooperation. He cautioned that selectivity and double standards undermined the Council’s credibility and weakened the international human rights system. “Civil, political, economic, social and cultural rights are universal, indivisible and interdependent,” Jadoon said, pointing out that “developing countries continue to face persistent poverty, inequality, debt burand climate-related dens challenges”. He called for greater engagement with the interlinkages between human rights, development and sustainability.
CM Maryam courts French investment, pushes expanded trade and industrial ties LAHORE SALEEM JADOON
Punjab Chief Minister Maryam Nawaz on Saturday held a meeting with newly appointed French Ambassador to Pakistan Jean-Noël Poirier to explore avenues for strengthening bilateral relations, boosting trade and investment, and expanding industrial cooperation between Punjab and France. The chief minister warmly welcomed the French ambassador on his arrival in Lahore, congratulated him on assuming his new diplomatic responsibilities and appreciated his diplomatic services. During the meeting, both sides discussed ways to enhance economic, commercial and investment cooperation between Pakistan and France, with particular emphasis on developing stronger provincial-level partnerships between Punjab and French institutions. The chief minister invited French investors to explore investment opportunities in Punjab's agriculture, industrial and
livestock sectors through the PIVOT initiative. She emphasised that greater engagement with French companies could open up new avenues for industrial development, technology transfer and economic growth. The French ambassador, in turn, invited the chief minister to visit France to explore opportunities for expanding bilateral trade and economic relations. Maryam Nawaz thanked him for the invitation and expressed her keen interest in further strengthening commercial and industrial ties between the two sides.
The meeting also focused on Pakistan's GSP+ status and its significance for the country's exports and industrial economy. The chief minister described the preferential trade arrangement as a lifeline for Pakistan's exports, particularly for Punjab's textile, garments, sports goods and leather industries, which rely heavily on preferential access to European markets. She stressed that France's support was important for safeguarding Pakistan's trade interests within the European Union (EU) and maintaining preferential market access for Pakistani products.
Sunday, 1 November, 2026
PRAYER TIMINGS FAJR SUNRISE
ZUHR
ASR MAGHRIB ISHA
6:13
1:30
4:00
Court grants bail to Iqrarul Hassan in anti-state content case 5:40
5:20
7:00
KARACHI
STAFF REPORT
A city court on Saturday granted bail to media personality Iqrarul Hassan in a case relating to the alleged dissemination of anti-state content on social media, ordering his release against surety bonds of Rs200,000. Judicial Magistrate Karachi East Gulraiz Memon observed in the written order that bail could not be withheld as a form of pre-trial punishment. The court also noted that the National Cyber Crime Investigation Agency (NCCIA) had opposed the application without identifying any extraordinary grounds warranting Hassan’s continued detention. Hassan was handed over to the NCCIA on four-day physical remand on October 13. The District and Sessions Court East dismissed a petition challenging the remand on October 15, after defence counsel questioned the legality of the proceedings and argued that the case involved digital and cyber-related matters. His physical remand was extended by another two days the following day. According to Advocate Ahmad Masood, the investigating agency had submitted the charge sheet against Hassan, while his mobile devices remained in its custody. The NCCIA informed the court that no further investigation into Hassan was required, although the forensic report was still awaited. The FIR alleges that Hassan used his personal accounts on X, Instagram and Facebook to disseminate false, fabricated and defamatory content against the state, its institutions and officials, with the intention of provoking the public. It further alleges that his posts presented the state and its institutions in a distorted manner and portrayed lawful measures as controversial to incite public opposition to constitutionally established authorities. According to the FIR, Hassan had a substantial following on the platforms and published the content openly, making it accessible to audiences across Pakistan and abroad. Hassan’s wife, Farah Iqrar, had told the media on October 12 that unidentified individuals claiming to be NCCIA officials took him from their residence in Lahore’s Defence C area. She alleged that between five and seven people, including women, arrived at the house late on Sunday night and asked Hassan to come outside. When he did not, they threatened to break down the door, she said. Farah further alleged that the group entered the house, forcibly took Hassan from a room and removed him from the premises.
Tarar proposes national council to tackle cyber threats, combat misinformation ISLAMABAD
STAFF REPORT
Federal Minister for Information and Broadcasting Attaullah Tarar has proposed the establishment of a National Cyber Security and Social Media Awareness Council to strengthen institutional coordination, promote digital literacy and enhance public awareness about misinformation and emerging cyber threats. The minister floated the proposal while addressing the inaugural ceremony of Cyber Security Awareness Week 2026, organised by the Pakistan Telecommunication Authority (PTA) under the theme “Building a Safe, Secure and Resilient Cyberspace”. He attended the ceremony as the chief guest. The event was attended by PTA Chairman Major General (Retd) Hafeez ur Rehman, United Nations Development Programme (UNDP) Resident Representative Dr Samuel Rizk, UNDP representative Babar Yaqoob Fateh Muhammad and Pakistan Electronic Media Regulatory Authority (PEMRA) Chairperson Ambreen Jan. Tarar proposed that the council bring together federal ministries and divisions, provincial governments, regulatory authorities and other relevant institutions to formulate a coordinated national response to cyber security challenges and promote the responsible use of digital platforms. Urging stakeholders to incorporate the proposal into the concluding declaration of the event, he suggested holding consultations within one to two weeks to take the initiative forward, with the PTA steering the process. He assured the participants that the Ministry of Information and Broadcasting would extend full support and facilitation for the council's establishment. He said the proposed council would help coordinate awareness initiatives throughout the year, ensuring sustained public engagement on digital safety instead of restricting efforts to occasional campaigns. Highlighting the rapidly evolving media landscape, the minister said Pakistan had witnessed a major transition from traditional media, including print, radio and television, to an increasingly expanding digital environment. However, the pace of technological advancement had outstripped the development of regulatory frameworks, creating challenges for policymaking, regulation and implementation.
Pakistan offers Saudi investors tax-free oil storage facilities, refinery opportunities PROFIT
MONITORING REPORT
Pakistan has invited Saudi companies to invest in petroleum storage and refining infrastructure, offering tax-free commercial oil storage facilities under a newly approved policy and proposing a major energy complex at Hub, Balochistan. The proposals were discussed during a meeting between Federal Minister for Petroleum Ali Pervaiz Malik and Saudi Ambassador Dr Rajeh bin Tami Al-Baqami on Friday, focusing on expanding bilateral cooperation in crude oil supplies, refinery modernisation and liquefied petroleum gas (LPG) imports. Malik informed the Saudi ambassador that Pakistan had approved a tax-neutral bonded storage policy allowing foreign companies to maintain commercial petroleum reserves in the country without incurring local tax liabilities. The framework, developed with refer-
ence to international energy trading centres such as Fujairah and Singapore, is intended to encourage investment in oil storage infrastructure and facilitate petroleum supplies to regional markets. The minister also presented plans for a petroleum storage and refining complex at Hub, designed to handle Very Large Crude Carriers (VLCCs) and increase Pakistan's capacity to receive and store large crude oil shipments. The proposed project, being developed with guidance from Technip Energies UK, is intended to support energy trade with China and Central Asian countries. Malik said the initiative had the backing of the prime minister and the chief of defence forces. He added that establishing alternative storage and supply arrangements in Pakistan could help Saudi Arabia reduce exposure to shipping disruptions around the Strait of Hormuz and Bab el-Mandeb while improving access to Asian markets. The meeting also covered potential Saudi participation in Pakistan's refinery
upgradation programme, which seeks to modernise existing facilities, improve refining efficiency and enable the production of fuels meeting Euro 5 standards. On current energy supplies, Malik acknowledged Saudi Arabia's support in prioritising crude oil shipments to Pakistan through Yanbu port during disruptions affecting international energy markets. He said Pakistan was coordinating with Saudi Aramco to explore additional crude oil purchases and dedicated LPG shipments to meet expected increases in domestic demand during winter. The discussions took place amid continued geopolitical tensions affecting maritime trade routes and raising concerns over the reliability of international energy supply chains. The Saudi ambassador reaffirmed his country's commitment to strengthening economic and energy cooperation with Pakistan, highlighting the importance of bilateral defence and energy arrangements. Al-Baqami also announced that the
Saudi Embassy in Islamabad had introduced same-day visa processing for Pakistani applicants to facilitate business, cultural and other exchanges between the two countries. Separately, the petroleum minister invited Saudi Vice Minister of Mining Khalid
Published by Asad Nizami at Qandeel Printing Press, 4 Queens Road, Lahore, for PT Print (Pvt) Limited. Ph: 042-36300938, 042-36375965. Email: newsroom@pakistantoday.com.pk
al-Mudafier to participate in the Pakistan Minerals Investment Forum, scheduled for November 12-13 in Islamabad. The invitation was aimed at exploring further Saudi investment opportunities in Pakistan's mineral resources sector.