News from November 15, 2025

Business

Resignations of two SC judges accepted

ISLAMABAD: President Asif Ali Zardari on Friday accepted the resignations of Supreme Court judges Justice Mansoor Ali Shah and Athar Minallah. According to official confirmation, the President has approved the resignations of both Supreme Court judges. Justices Mansoor Ali Shah and Athar Minallah had submitted their resignations to President Asif Ali Zardari on Thursday. Their departure comes at a time of significant transition within Pakistan’s judiciary, following major constitutional changes and the recent oath-taking of Justice Aminuddin Khan as the first Chief Justice of the newly established Federal Constitutional Court. In his resignation letter, Justice Mansoor Ali Shah sharply criticised the 27th Constitutional Amendment, describing it as a “severe blow” to the Supreme Court and an “attack on the Constitution.” Justice Athar Minallah also issued a strongly worded resignation, asserting that the amendment had effectively abolished the very Constitution he had sworn to protect. Copyright Business Recorder, 2025

Naveed Butt 6 hours ago

World

‘A New Global Order, Yet Again”: IBA Karachi organises fifth annual international conference

KARACHI: IBA hosted the Fifth Annual International Conference on “A New Global Order, Yet Again”, which was organized in collaboration with IBA’s School of Economics and Social Sciences (SESS) and the IBA’s Centre for Business & Economic Research (CBER). Dr. S Akbar Zaidi, Executive Director, IBA Karachi, in his opening remarks, expressed gratitude, acknowledged the support of the World Bank Group and Asian Development Bank, and welcomed the participants to the conference. He reflected on the uncertainties of the emerging global order and stressed the importance of strong institutions, climate resilience, and historical perspective in shaping future development pathways. Hina Rabbani Khar, Chair of the National Assembly’s Foreign Affairs Committee and former Foreign Minister, highlighted the unraveling of the post-1945 global order, noting how unchecked UNSC vetoes continue to block global accountability. She pointed to China’s rise—from under 5 percent of global manufacturing in 1995 to over 33 percent today, and from 8 percent to 22 percent of US imports—as a key shift redefining global power. She warned that selective sanctions and fractured blocs are pushing the world toward a 2.6–3.6°C climate overshoot. For Pakistan, she stressed acute climate vulnerability, the importance of strategic non-alignment, and emerging technological opportunities. She called for a foreign policy rooted in national interest and a stronger Global South voice. Prominent attendees included Bolorma Amgaabazar, Country Director for Pakistan, World Bank; Mahir Binici, Resident Representative for Pakistan, International Monetary Fund; Farzana Noshab, Lead Economist, Asian Development Bank, and Professor Adnan Qadir Khan, Professor, School of Public Policy, LSE, and former Chief Economist, UK’s Foreign, Commonwealth & Development Office. The Conference featured thought-provoking panel discussions, beginning with Pakistan’s Poverty, Equity and Resilience Assessment, followed by New Order, Old Debts—Can Pakistan Trade Its Way to Stability?, which brought together experts from the IMF, ADB, OPM and LUMS. The final session, What is New in the New World Order?, moderated by Dr Zaidi, explored shifting geopolitical dynamics, rising multipolarity and the implications for Pakistan’s future development. Copyright Business Recorder, 2025

Press Release 6 hours ago

Politics

Asif assails former SC judges Shah, Minallah

ISLAMABAD: Defence Minister Khawaja Asif on Friday strongly criticised the resignations of two Supreme Court judges, describing the move as a “desperate manoeuvre” in response to the loss of their ‘judicial monopoly’ following the passage of the 27th Constitutional Amendment. The resignations of Justices Syed Mansoor Ali Shah and Athar Minallah came mere hours after President Asif Ali Zardari signed the amendment into law on Thursday, an act now officially recognised by the president. Speaking in a heated National Assembly session, Asif accused the judiciary of suffering from “selective amnesia,” suggesting that the two justices had conveniently forgotten their past actions while now attempting to position themselves as protectors of democracy. He argued that their sudden concern for judicial independence was merely a reaction to the reduction of their powers. The minister traced the judiciary’s involvement in the political crisis that led to the removal of former Prime Minister Nawaz Sharif, reminding lawmakers of the Supreme Court’s role in orchestrating his ousting. “Four to five years ago – in fact, eight to 10 years ago – when the process to remove Nawaz Sharif began, I want to remind you of the role our Supreme Court judges played,” Asif said, adding that the judiciary had effectively turned a political conspiracy against Sharif into a reality. As the opposition chanted slogans, Asif continued his accusations, recalling the landmark Panama Papers case. He highlighted the formation of two benches under then-Chief Justice Saqib Nisar, which ultimately declared Sharif ineligible to hold office, leading to his removal from politics. Asif pointed to Justices Asif Saeed Khan Khosa, Ejaz Afzal, Gulzar Ahmed, and Ijazul Ahsan as part of the bench that made this ruling, emphasising that their role in disqualifying a democratically elected leader should not be overlooked. “As Nawaz Sharif was declared ineligible, another bench was formed to decide the duration of his ineligibility,” Asif noted, criticising the judiciary’s practice of dismissing elected prime ministers with a single stroke of the pen. He also referenced a bench that ruled Sharif’s disqualification would be permanent, with a subsequent decision declaring that an ineligible person could not lead a political party. “These ‘kangaroo courts’ victimised Nawaz Sharif, with an agenda to ensure he would be permanently ousted from politics,” Asif added, pointing to the resignations of Justices Shah and Minallah after the 27th Amendment’s passage. Asif also mocked Justice Shah for including a poem by renowned poet Ahmad Faraz in his resignation letter. “Now they’re writing poetry and issuing political statements after their time in the courts,” he said, deriding the judges for their post-resignation conduct. The minister further claimed that their actions, cloaked in the guise of upholding judicial independence, were nothing more than a bid to reclaim the monopoly they had once enjoyed in the country’s highest court. “The amendment seeks to establish the supremacy of the constitution,” Asif stressed, arguing that the judges’ claims of the amendment undermining the judiciary’s independence were without merit. In accused the Pakistan Tehreek-e-Insaf (PTI) of prioritising the interests of ‘an individual’ over the constitution. He also lambasted the opposition for failing to denounce recent terrorist attacks in Wana and Islamabad, accusing them of aligning themselves with “protectors of terrorists.” Meanwhile, the National Assembly referred four bills to the relevant standing committees for further deliberation. Copyright Business Recorder, 2025

Unknown 6 hours ago

Business

IHC rules all tax reference pleas to be sent to ATIR as pending appeals

ISLAMABAD: The Islamabad High Court (IHC) has held that all tax reference applications filed directly before it against orders of the Commissioner Inland Revenue (Appeals) CIR(A) are to be remitted to the Appellate Tribunal Inland Revenue (ATIR), where such cases will be treated as pending appeals before the ATIR. Historically, Pakistan’s tax appellate framework was straightforward: a taxpayer aggrieved by a tax authority’s assessment order would file a first appeal with the CIR (A). A further appeal lay before the ATIR, and questions of law arising from the ATIR’s decision could be taken to the High Court through a tax reference application. This long-standing scheme was disrupted by the Tax Laws (Amendment) Act, 2024, which restructured the appellate hierarchy. Under that new regime, depending on the monetary impact of a tax assessment order, the first appeal could lie either before the CIR (A) or the ATIR, and thereafter a reference would lie before the High Court against the decision of either forum. The Finance Act, 2024, maintained this approach. However, these changes triggered confusion, procedural complexity, and litigation. The Finance Act, 2025; therefore, reversed course. Under the currently applicable law, a taxpayer may appeal to the CIR (A) and, thereafter, to the ATIR, or file an appeal directly before the ATIR against a tax assessment order. A further challenge to an ATIR order lies with the High Court by way of a reference. As a result, reference applications can no longer be filed against CIR (A) orders. Against this legislative backdrop, the IHC confronted the status of reference applications already pending before it that had been filed against CIR (A) orders under the now-defunct 2024 regime. The Court held that the amendments introduced through the Finance Act, 2025- being procedural in nature and restoring an additional forum of appeal—must be applied retrospectively to all pending cases. Relying on long-standing jurisprudence from the Supreme Court, the Court reaffirmed that procedural changes, particularly those that confer a beneficial right such as an additional appeal, operate retrospectively unless they disturb vested rights or reopen past and closed matters. Since no party would suffer prejudice from being granted an additional level of adjudication, the IHC ordered that all such pending references be transmitted to the ATIR to be heard as appeals. The Court also endorsed the Lahore High Court’s earlier view in Harris Hasan Syed v. CIR that court fees paid for filing these references should be refunded to the applicants. The taxpayers were represented by several eminent tax practitioners from Islamabad, whereas the Federal Board of Revenue was represented by its legal counsel, Osama Shahid. Both parties concurred that the references should be forwarded to the ATIR. Copyright Business Recorder, 2025

Sohail Sarfraz 6 hours ago

Politics

Four TTP members arrested over Islamabad bombing

ISLAMABAD: The security agencies have arrested four members of the Tehreek-e-Taliban Pakistan/Fitna al-Khawarij (TTP/FAK) for their involvement in a suicide attack at the Islamabad District Judicial Complex, G-11, on November 11, the government said on Friday. According to an official statement, issued on X, a joint operation was carried out by the Intelligence Bureau Division and the Counter-Terrorism Department (CTD) that led to the arrest of the four suspects. During the interrogation, Sajidullah alias Sheena, the handler of the suicide bomber, confessed that the TTP/FAK commander Saeed-ur-Rehman alias Daadullah (resident of Charmang, Bajaur, currently in Afghanistan, and serving as TTP’s Intelligence Chief for Nawagai, Bajaur) contacted him via the Telegram application and assigned him the task of carrying out a suicide attack in Islamabad aimed at causing maximum casualties among law-enforcement agencies (LAEs). The statement noted that Daadullah sent photographs of the suicide bomber (SB) Usman alias Qari to Sajidullah alias Sheena for receiving him. SB Usman Qari belonged to the Shinwari tribe and was a resident of Achin, Nangarhar, Afghanistan. When he reached Pakistan from Afghanistan, Sajidullah alias Sheena arranged his stay in a residence near Islamabad. The government further said that on the directions of Afghanistan-based TTP/FAK Commander Daadullah, Sajidullah alias Sheena collected a suicide jacket from Akhun Baba graveyard in Peshawar and brought it to Islamabad. On the day of the blast at Judicial Complex G-11, Sajidullah Sheena set the suicide jacket on SB Usman alias Qari. The network was handled and guided at every step by the Fitna al-Khawarij/TTP high command based in Afghanistan. The entire cell involved in the incident, including its commander and three other members, has been arrested. Investigations are continuing, and more revelations and arrests are expected. At least 12 people were killed and 20 were injured as a bomb blast ripped through the district and sessions court building in Islamabad’s G-11 area. Copyright Business Recorder, 2025

Recorder Report 6 hours ago

Politics

Justice Aminuddin takes oath as first CJ of FCC

ISLAMABAD: President Asif Ali Zardari on Friday administered the oath of office to Justice Aminuddin Khan as the Chief Justice of the newly established Federal Constitutional Court (FCC) after the enactment of the 27th Constitutional Amendment into law just a day earlier. The oath-taking ceremony was held at Aiwan-e-Sadr in Islamabad, attended by Prime Minister Muhammad Shehbaz Sharif, Chief Justice of Pakistan Justice Yahya Afridi, Chief of Army Staff (COAS) Field Marshal Asim Munir, Chairman Joint Chiefs of Staff Committee (CJCSC) General Sahir Shamshad Mirza, PPP Chairman Bilawal Bhutto Zardari, Deputy Prime Minister Ishaq Dar, National Assembly Speaker Ayaz Sadiq, Senate Chairman Yousuf Raza Gillani, PPP’s Aseefa Bhutto-Zardari and members of the federal cabinet. Supreme Court Chief Justice Yahya Afridi, President Asif Ali Zardari, and Prime Minister Shehbaz Sharif sat alongside Justice Aminuddin on the stage. During the ceremony, Justice Aminuddin pledged to perform his duties in accordance with the Constitution and the law, and to adhere to the code of conduct prescribed by the Supreme Judicial Council. “That I will not allow my personal interest to influence my official conduct or my official decisions. That I will preserve, protect and defend the Constitution of the Islamic Republic of Pakistan and that in all circumstances, I will do right to all manner of people according to law, without fear or favour, affection or ill will,” he said, before shaking hands with the president. His appointment was formally made by President Zardari a day earlier under Clause 3 of Article 175A, read with Article 175C of the Constitution. The appointment took effect upon his oath-taking. The establishment of the FCC is a key component of the judicial reforms introduced under the 27th Constitutional Amendment. President Zardari also appointed six other judges to the FCC. According to a notification issued by the law ministry, the appointments were made under Clause 3 of Article 175A, read with Article 175C of the Constitution. The judges appointed to the FCC include Justice Syed Hasan Azhar Rizvi, Justice Aamer Farooq, and Justice Ali Baqar Najafi of the Supreme Court; Justice Muhammad Karim Khan Agha of the Sindh High Court; Justice Rozi Khan Barrech, former Chief Justice of the Balochistan High Court; and retired Justice Arshad Hussain Shah. The initial strength of the FCC has been set through a presidential order, while any future increase in the number of judges will require approval from Parliament through legislation. Copyright Business Recorder, 2025

Naveed Butt 6 hours ago

Technology

SC Full Court unanimously approves updated Rules 2025

ISLAMABAD: The Supreme Court of Pakistan, in a Full Court meeting, on Friday unanimously updated the Supreme Court Rules, 2025, on the recommendation of the Judges’ Committee. After the objections raised by four senior judges of the Supreme Court, Chief Justice of Pakistan Yahya Afridi constituted the Judges’ Committee on September 8, 2025. The committee, which comprises Justice Shahid Waheed, Justice Irfan Saadat Khan, Justice Naeem Akhtar Afghan, and Justice Aqeel Ahmed Abbasi, works under Rule 1(4) of Order I of the Supreme Court Rules, 2025, for the removal of difficulties arising in giving effect to its provisions. Justice Yahya Afridi postponed the meeting and decided that the Committee would consider the suggestions from the judges. The Full Court extended sincere appreciation to each member of the Committee individually for undertaking such a massive task of meticulously reviewing the Supreme Court Rules, 1980, drafting the Supreme Court Rules, 2025, and addressing the suggestions thereon for the removal of difficulties. The updated Supreme Court Rules, 2025, are to improve service delivery and ensure inexpensive and expeditious administration of justice. The Full Court also unanimously approved the grant of the status of Senior Advocate Supreme Court to Muhammad Munir Paracha, Advocate, Supreme Court of Pakistan, in terms of Rule 5 of Order IV of the Supreme Court Rules, 2025. The 156th Full Court of the Supreme Court on September 8 unanimously decided to postpone the implementation of amendments to the Supreme Court Rules, 2025, as Justice Syed Mansoor Ali Shah and Justice Athar Minallah, who resigned a day ago, and Justice Munib Akhtar, Justice Ayesha Malik did not attend the meeting. Before the September 8 meeting, they wrote a letter to CJP and said that unless the Full Court itself had expressly resolved to adopt circulation for this purpose, the Chief Justice alone could not unilaterally resort to it. “The present Rules; therefore, suffer from both substantive and procedural illegality,” said their letter. They had criticized the procedure, saying, “A Full Court at this stage is not only puzzling but fallacious in purpose. They pointed out that on 9th August 2025, the Rules were already notified as ‘approved’.” Yet, within three days after; i.e., 12th August 2025, the Chief Justice sought suggestions for amendment in the same Rules and has now convened the Full Court to discuss them. The four judges’ letter maintained that after notifying the Rules, the exercise reduces the Full Court to a cosmetic role. In effect, the meeting is being used to give a veneer of legitimacy to an otherwise invalid process. They also demanded that the constitutionally consistent and institutionally honest course would be to place the Rules, in their entirety, before the Full Court, permit genuine discussion and deliberation, and only thereafter seek formal approval. Copyright Business Recorder, 2025

Terence J Sigamony 6 hours ago

World

Urban development: Multiple major projects under way in Karachi: Sharjeel

KARACHI: Sindh Senior Minister Sharjeel Inam Memon said that multiple major projects for urban development are underway in Karachi at rapid pace. Nine major projects are being completed in the city at the cost of 7.66 billion rupees, 76 KDA projects worth 13.22 billion rupees are ongoing, while KMC is spending 18.36 billion rupees on 200 projects. KW&SC and the Lyari Development Authority are also working on multiple projects. Memon, who is also the Minister for Information, Transport and Mass Transit said the Hub Canal and Dumlottee water pipeline projects will be completed within a year and will supply 10 MGD of water to DHA. Under foreign funding, the Karachi Water and Sewerage Services Improvement Project Phase-I is being completed at the cost of 25.47 billion rupees, and Phase-II will renovate Karachi’s old water and sewerage system for 167.10 billion rupees. The CLICK and SWEEP projects are also moving forward to modernize waste and water systems in the city, said an official statement here on Friday. Copyright Business Recorder, 2025

Recorder Report 6 hours ago

Politics

Jordan King due today

ISLAMABAD: At the invitation of Prime Minister Muhammad Shehbaz Sharif, King Abdullah II ibn Al Hussein, King of the Hashemite Kingdom of Jordan, will undertake a state visit to Pakistan on 15–16 November 2025. The Foreign Office said that this high-level visit reflects the longstanding and fraternal relations between Pakistan and Jordan. It will serve to further strengthen the strategic direction of Pakistan–Jordan relations and place them on a higher trajectory, encompassing a comprehensive and broad-based partnership in the political, economic, and cultural spheres. During his visit, King Abdullah II ibn Al Hussein will hold important meetings with the President and the Prime Minister of Pakistan. The full range of bilateral relations between the two brotherly countries will be discussed. A special investiture ceremony to confer the highest civilian award upon the guest will also take place at Aiwan-e-Sadr. The visit of King Abdullah II ibn Al Hussein will further consolidate the longstanding Pakistan– Jordan relationship and contribute to expanding the scope and spectrum of bilateral cooperation between the two brotherly countries. Copyright Business Recorder, 2025

Recorder Report 6 hours ago

World

The coming water reckoning

EDITORIAL: Pakistan, one of the world’s most water-stressed countries, faces an intensifying crisis that is both environmental and geopolitical in nature. The first edition of the World Bank’s Global Water Monitoring Report titled “Continental Drying: A Threat to Our Common Future” paints a troubling picture of how unsustainable water use, climate change, and regional politics are converging to exacerbate this country’s growing water vulnerability. According to the report, Pakistan is among six nations with the highest levels of inefficient agricultural water use amid increasingly arid conditions. The agricultural sector — which consumes over 90 percent of our freshwater resources — remains dominated by water-intensive crops, such as rice and sugarcane. Alarmingly, rice cultivation has expanded into the semi-arid zones of southern Punjab, a practice that is accelerating groundwater depletion. The report notes that two-thirds of inefficient irrigation in drying areas is linked to the cultivation of such water-hungry crops, highlighting a critical mismatch between Pakistan’s agricultural choices and its hydrological reality. However, the water challenge is not solely the result of domestic inefficiencies. It is being compounded by India’s weaponisation of transboundary river waters. Under the Indus Waters Treaty (IWT) of 1960, the waters of the western rivers — Indus, Jhelum, and Chenab — were allocated to Pakistan, while India retained rights over the eastern rivers. Yet, India has not only intensified the construction of upstream dams and hydroelectric projects on our rivers, but during the recent months its senior leaders, including Prime Minister Narendra Modi, have openly been threatening to divert and block water flows into Pakistan, vowing that “not a drop of water from the Indus River will be allowed to reach Pakistan”. Such rhetoric fundamentally undermines the spirit of the IWT that has served as a cornerstone of South Asian water diplomacy for over six decades. The combination of internal mismanagement, inefficient irrigation, and external threats poses a grave risk to our economy, food security, and overall well-being. The World Bank’s report further reveals that the planet is losing 324 billion cubic meters of freshwater annually, largely due to droughts, deforestation, and poor water management. For Pakistan, where per capita water availability has fallen below the scarcity threshold of 1,000 cubic meters, these global losses only amplify local vulnerabilities. This situation demands urgent reform. Our policymakers must overhaul water governance framework, promote efficient irrigation technologies, shift toward smarter and less water-intensive crop patterns, invest in large-scale reforestation, and strengthen groundwater regulation. In essence, Pakistan’s water crisis is not merely an environmental issue; it is a national challenge, intertwined with weak agricultural policy and volatile regional politics. The World Bank’s findings are a stark reminder that water could become a trigger for conflict unless managed with foresight, equity, and resilience. Copyright Business Recorder, 2025

Unknown 6 hours ago

Business

Ownership, trademark rights of Basmati rice: New Zealand High Court rejects India’s plea

KARACHI: In a major boost for the rice export sector, Pakistan has secured a significant legal victory over India, which lost the case in the New Zealand High Court concerning the ownership and trademark rights of Basmati rice. Industry sources said that the New Zealand High Court has also dismissed an appeal filed by the Agricultural and Processed Food Products Export Development Authority (APEDA) against the rejection of its application for a certification trade mark for Indian basmati. The Indian food export authority attempted to register Basmati as a certification mark in New Zealand, which would have restricted the sale of Basmati rice in New Zealand exclusively to Indian-grown rice. Flood-hit Pakistan, India face rising basmati prices amid crop losses Six years back, in February 2019, APEDA approached the Intellectual Property Office of New Zealand (IPONZ) for certification mark protection for basmati Rice solely to India. However, this application was rejected by the IPONZ in July 2024. Following the rejection, Indian Authority appealed to the High Court of New Zealand for the ownership and trademark rights of Basmati rice. Now, the High Court of New Zealand has now upheld the IPONZ decision, ruling that New Zealand consumers do not exclusively associate Basmati with Indian rice. The New Zealand High Court has upheld the IPONZ ruling, observing that the Basmati Growing Area covers regions in both Pakistan and India. The court said giving India exclusive certification would place Pakistani basmati producers at an unfair disadvantage and limit their ability to sell in the New Zealand market. Instead, New Zealanders view Basmati as a descriptor of a particular type of rice rather than a geographical indicator tied solely to India. Granting APEDA exclusive rights would have unfairly excluded Pakistani producers from the New Zealand market. Rafique Suleman, former chairman of the Rice Exporters Association of Pakistan (REAP) and a senior member of the Businessmen Panel (BMP) at the FPCCI, welcomed the ruling and said the New Zealand High Court decided the matter on merit. He said India has repeatedly tried to mislead international markets on basmati rice, but Pakistan’s position has now been reaffirmed. This is a significant achievement for the Government of Pakistan and the Ministry of Commerce. The Geographical Indications (GI) Cell of the Commerce Ministry continues to actively contest Basmati-related GI matters in both Australia and New Zealand, he added. He said that the Court Order repeatedly recognises Pakistan as a legitimate grower of Basmati rice and this acknowledgment will further strengthen Pakistan’s position in other international jurisdictions where APEDA has filed similar claims and Pakistan is defending the matter. Copyright Business Recorder, 2025

Rizwan Bhatti 6 hours ago

World

NA told: Public debt skyrockets by Rs9.3trn in FY25

ISLAMABAD: The National Assembly was informed on Friday that the country’s public debt surged by an alarming Rs9.3 trillion during the 2024-25 fiscal year, equating to a daily increase of Rs25.4 billion – an unsettling figure that questions fiscal oversight. In a written response to questions raised by lawmakers, Finance Minister Muhammad Aurangzeb confirmed that the public debt had risen by Rs9.3 trillion to Rs80.5 trillion by June 2025, equating to a daily increase of Rs25.4 billion. However, the minister clarified that under the Fiscal Responsibility and Debt Limitation Act (FRDLA) of 2005, which offers a narrower definition of public debt, the increase was Rs8.2 trillion, or Rs22.3 billion per day. Debt burden reaches alarming levels: Every Pakistani now owes Rs318,252 As a result, Pakistan’s public debt-to-GDP ratio climbed to 70.8% in FY25, up from 67.8% in FY24. Under the FRDLA definition, the ratio stood at 64.4%. The minister outlined a series of fiscal consolidation measures the government has introduced in an effort to manage the mounting debt burden. These measures include generating primary surpluses for two consecutive fiscal years to reduce deficit financing, shifting the borrowing strategy towards longer-term securities to mitigate refinancing risks, and conducting Pakistan’s first-ever sovereign debt buybacks. In FY25, the government bought back Rs1.5 trillion in debt, with another Rs1.1 trillion buyback scheduled for FY26. Aurangzeb also revealed that the government had successfully extended the average maturity of domestic debt from 2.8 years to 3.8 years, delivering interest expense savings of over Rs880 billion in FY25. Meanwhile, Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal confirmed that eight China-Pakistan Economic Corridor (CPEC) projects, valued at around USD759.56 million, are currently under implementation. He added that, to date, 43 CPEC projects, with a total value of USD24.7 billion, have been completed. He also provided details on the ongoing implementation of five Public Sector Development Programme (PSDP) projects related to foreign scholarships, with a total cost of Rs54.7 billion, including Rs52.4 billion in foreign exchange components. The government has allocated Rs5.5 billion for these initiatives in the current fiscal year. Earlier, Minister of State for Finance Bilal Azhar Kayani highlighted the government’s focus on export-led growth, stressing that achieving macroeconomic stability was a prerequisite for sustainable economic development. He also pointed to the government’s efforts to enhance the tax base, including a reduction in tax rates for the salaried class in FY25. Copyright Business Recorder, 2025

Naveed Butt | Zulfiqar Ahmad 6 hours ago

Technology

Weekly SPI inflation up 0.53pc

ISLAMABAD: The Sensitive Price Index-based inflation showed an upward trend with an increase of 0.53 percent for the week ending November 13, 2025. The uptick is mainly driven by double-digit increases in the prices of chicken and vegetable oil. A major increase was observed in the prices of chicken (20.33 percent), tomatoes (12.03 percent), bananas (2.32 percent), LPG (1.97 percent), potatoes (1.08 percent), cooking oil 5 litres (0.38 percent), shirting (0.36 percent), pulse masoor (0.33 percent), firewood and beef (0.26 percent each), and mutton (0.07 percent). On the other hand, significant decreases were recorded in the prices of onions (6.65 percent), pulse gram (2.61 percent), salt powder (1.80 percent), gur (1.78 percent), sugar (1.07 percent), wheat flour (0.69 percent), pulse mash (0.66 percent), and pulse moong (0.27 percent). Weekly SPI inflation down 0.59pc During the week, out of 51 items, the prices of 15 items (29.41 percent) increased, 12 items (23.53 percent) decreased, and 24 items (47.06 percent) remained stable. The year-on-year trend shows an overall increase of 4.15 percent. Significant increases were recorded in the prices of ladies’ sandals (55.62 percent), sugar (40.25 percent), gas charges for Q1 (29.85 percent), wheat flour (18.70 percent), gur (16.47 percent), beef (14.29 percent), firewood (12.23 percent), bananas (11.71 percent), vegetable ghee 2.5 kg (10.93 percent), diesel (9.29 percent), cooking oil 5 litres (8.43 percent), and mutton (8.16 percent). Meanwhile, decreases were noted in the prices of garlic (36.29 percent), pulse gram (29.89 percent), electricity charges for Q1 (26.26 percent), tomatoes (23.01 percent), potatoes (22.46 percent), Lipton tea (17.79 percent), pulse mash (15.35 percent), LPG (11.00 percent), pulse masoor (5.40 percent), and IRRI-6/9 rice (3.02 percent). Copyright Business Recorder, 2025

Hamza Habib 6 hours ago

Politics

Opposition alliance rejects 26th & 27th amendments

ISLAMABAD: Tehreek-e-Tahaffuz-e-Aain-e-Pakistan (TTAP), an alliance of opposition parties, on Friday sharply rejected the 26th and 27th Constitutional Amendments, denouncing the revisions as an attack on the judiciary and a serious threat to the integrity of the country’s constitution. At a tense meeting following the passage of the 27th Amendment – now law after receiving presidential assent – TTAP leaders, led by Mahmood Khan Achakzai, launched a scathing critique of the amendments. They accused the government of undermining judicial independence and destabilizing the country’s democratic framework. NA in chaos as opposition assails 27th Amendment Bill “These amendments are not about reforming the law; they are about consolidating power,” Achakzai said. “They weaken the constitution, dismantle democratic principles, and turn the judiciary into a mere instrument of the executive.” The opposition alliance, which includes several major political parties, condemned the amendments as a “constitutional robbery” aimed at diminishing the authority of the Supreme Court and rendering it powerless. “This is not reform; it is destruction,” a TTAP statement read. “These amendments violate the very core of our constitution and threaten the balance of power in our democracy.” The government’s push for the amendments has sparked widespread condemnation, with TTAP insisting that the changes are not aimed at strengthening democratic institutions, but at consolidating executive control. The opposition alleges that the amendments deliberately subordinate the judiciary, sidelining the country’s highest court in the face of growing executive dominance. A focal point of the opposition’s anger has been the resignation of two senior Supreme Court justices, Mansoor Ali Shah and Athar Minallah. Both have emerged as symbols of resistance against what they perceive as the erosion of judicial independence. TTAP leaders have praised their stance, calling it a stand against “constitutional plunder.” Achakzai vowed that the opposition would resist the amendments using all democratic means at its disposal. “We will not back down,” he declared. “We will fight this assault on our constitution with everything we have. The people will rise, and so will we.” In response, TTAP announced a series of protests beginning Monday. Members of the National Assembly (MNAs) and senators will march from Parliament to the Supreme Court in Islamabad, while provincial assemblies in Khyber Pakhtunkhwa and Punjab will hold similar demonstrations. Lawyers’ groups in Lahore will also hold a major protest outside the Lahore High Court (LHC). The TTAP also declared next Friday a “Black Day,” urging supporters to take to the streets nationwide to oppose the amendments and demand the restoration of the constitution in its original form. Additionally, TTAP intensified its calls for the immediate release of imprisoned Pakistan Tehreek-e-Insaf (PTI) leaders, including former prime minister Imran Khan, his wife Bushra Bibi, and other political figures currently detained. In a final act of defiance, TTAP expressed strong support for the Khyber Pakhtunkhwa Peace Jirga’s resolution, calling for its swift implementation. Prominent opposition leaders, including PTI’s Asad Qaiser, Barrister Gohar Khan, and Akhtar Mengal of the Balochistan National Party-Mengal (BNP-M), attended the meeting and pledged their full support to the movement, reaffirming their commitment to restoring the constitution. Copyright Business Recorder, 2025

Zulfiqar Ahmad 6 hours ago

Business

Cabinet directs PD to complete PHL winding up process

ISLAMABAD: The federal cabinet has directed the Power Division to complete all necessary formalities leading to the winding up of the Power Holding Limited (PHL) and submit an attendant timeline to the Economic Coordination Committee (ECC), sources told Business Recorder. These directions were issued by the ECC on November 7 while approving the issuance of the GoP guarantee amounting to Rs 659.6 billion for circular debt financing totaling Rs 1.225 trillion, which has been ratified by the Cabinet on November 12, 2025. The PHL is under the administrative control of the Ministry of Energy (Power Division) and is wholly owned by the Government of Pakistan. The company was established to reduce power sector liabilities through borrowings from financial institutions. The PHL is a not-for-profit entity registered under the Companies Ordinance, 1984. Power Holding Ltd approves early redemption of Rs400bn Pakistan Energy Sukuk The company was being used to borrow from banks on behalf of the power Distribution Companies (DISCOs) and pay interest to the banks on loans. Sharing the details, sources said, the Federal Cabinet approved an Indicative Term Sheet for CD Financing on June 18, 2025, for the settlement of the PHL debt and overdue payments to Independent Power Producers (IPPs). The Central Power Purchasing Agency-Guarantee (CPPA-G) is a Public sector entity and is responsible for arranging fresh facilities up to Rs 1.225 trillion. The financing and security agreements for circular debt financing amounting to Rs. 1.225 trillion were executed on October 3, 2025, between CPPA-G and various financial institutions. In terms of the Federal Cabinet’s approval and executed Financing Agreements, the first demand, irrevocable, unconditional and continuing Government of Pakistan’s Guarantee amounting to Rs. 659.646 billion (Guaranteed Principal Amount) is required to be issued by the Finance Division on behalf of the Government of Pakistan. The Guarantee shall replace the following earlier guarantees issued by the GoP in favor of the PHL loan of the same amount and will not affect any debt limitation of the GoP. Under the terms of the executed Financing Agreements, a Letter of Comfort was required to be initiated by the Finance Division upon the approval of the ECC. Security Agent (HBL) will accept Letter of Comfort as satisfactory compliance with the condition precedent to the first drawdown of the CD Financing. However, the Finance Division has been requested to issue the GoP Guarantee within 30 days of the first drawdown of the CD Financing. The Power Division, in its summary, had sought approval of the Government on the following proposals; (i) issuance of GoP guarantee amounting to Rs. 659.646 billion guaranteed principal amount by the Government of Pakistan; (ii) authorization to Finance Division to issue letter of comfort on an immediate basis; and (iii) authorization to Finance Division to issue GoP guarantee within 30 days of first drawdown under the executed Financing Agreements. According to sources, the proposal regarding winding up of the PHL came from the Finance Division, which was duly endorsed by the ECC and the federal cabinet. Copyright Business Recorder, 2025

Mushtaq Ghumman 6 hours ago

Business

Third-party validation of subsidised tubewells: PD and QESCO at loggerheads over funds

ISLAMABAD: The Power Division and the Quetta Electric Supply Company (QESCO) are said to be at loggerheads over the release of funds for third-party validation of subsidized agricultural tubewells, as the distribution company has flagged several discrepancies in the consultant’s report. On October 28, 2025, the Power Division directed all DISCOs to release funds to ICore Business Solutions. In response, QESCO has submitted that, under Clause VI of the Memorandum of Understanding (MoU) signed between the Government of Pakistan (GoP) and the Government of Balochistan (GoB) regarding the solarization of agricultural tube wells (ATWs) in Balochistan, the GoB is responsible for engaging a consulting firm—upon clearance from the Steering Committee—for third-party verification of solarisation, grid disconnection, documentation and undertakings, and removal of transformers and fixtures by QESCO for each batch of feeders. The MoU further states that the cost of this service will be borne by the GoP and GoB in the agreed ratio, and that work on a subsequent batch may begin only after the third-party verification report confirms compliance for the preceding one. Poor performance of 3 Discos earns PD’s ire The GoB is also required to present the verification report for each batch before the Steering Committee during its monthly meeting or upon completion of that batch, whichever occurs first. Following this agreement, the GoB engaged ICore Business Solutions, which later shared three provisional field verification reports—Release-1, Release-2, and Release-3—with QESCO. However, sources claim that QESCO was neither consulted nor taken on board by ICore Business Solutions during the verification process. They contend that, contrary to the MoU’s requirements, the GoB has not presented verification reports for each feeder batch before the Steering Committee. Field checks by QESCO also revealed that the third party visited only a limited number of locations in Quetta and Pishin. Furthermore, QESCO identified several discrepancies in the three provisional reports (D1, D2, and D3). These concerns have been formally conveyed to ICore Business Solutions, with copies also forwarded to the Energy Department of the Government of Balochistan. QESCO maintains that it has still not received the complete and final third-party validation report. Copyright Business Recorder, 2025

Mushtaq Ghumman 6 hours ago

Politics

Talks with terror groups ruled out: Trade, transit only possible if Kabul takes ‘clear steps’: FO

ISLAMABAD: Pakistan said on Friday that normal trade and transit with Afghanistan are only possible if the Afghan Taliban regime takes clear steps against “anti-Pakistan elements” operating from its soil. Islamabad also ruled out talks with any terrorist group, including the Tehreek-e-Taliban Pakistan (TTP), targeting Pakistan’s civilians and security forces. At the weekly media briefing on Friday, the Foreign Office spokesperson Tahir Andrabi said that the “value of human lives surpasses the value of any trade” with Afghanistan. He said that Pakistan is ready to receive any Pakistani living in Afghanistan and their families, provided they are handed over at the border crossings of Torkham or Chaman. He said that Pakistan will take up the involvement of Afghan national in the Islamabad suicide bombing with the Afghan Taliban regime. He said, “We will be taking all the necessary measures to protect our people.” He said that there is a “strong lobby (within the Afghan Taliban) with monetary support from foreign actors” that has been tasked to stoke “tensions” with Pakistan. Afghan nationals carried out two suicide bombings in Pakistan: interior minister He said that Pakistan took a very strong exception to the remarks by the spokesperson of the Indian Ministry of External Affairs attempting to link President Trump’s comment on nuclear testing with allegations about Pakistan’s past nuclear record. He said that Pakistan’s nuclear program operates under a robust command and control structure, comprehensive export controls, and an impeccable record of compliance with the global non-proliferation regimes. “Allegations of clandestine or illegal nuclear activities are baseless, malicious, and part of India’s disinformation campaign aimed at diverting attention from its own irresponsible conduct,” he said. He said that Pakistan and the United States share multifaceted cooperation in strategic defense, economy, trade and commerce, and social sector. The effort of the governments is to enhance this all-encompassing cooperation across all domains. When asked about the recent blast in New Delhi, he said that India wrongly linked it to just struggle in Indian occupied Kashmir and Pakistan. India is, indeed, much obsessed with Pakistan on the issue and the bogey of terrorism which the Indian leadership uses to divert attention from its own internal challenges. Responding to a question about the purported meeting of adviser to Prime Minister with an Israeli official, the spokesperson said that he had not seen any report on this development. He; however, he said that it is not fair to link this (purported development) with the broader issue of Abraham Accords or the recognition of Israel. “Such linkage is too far-fetched, and I would request our distinguished media personnel to not venture into such speculation,” he said. He said that no decision has been taken as yet on Pakistan’s participation in International Stabilisation Force that is going to be deployed in Gaza. He rejected the assertions of spokesperson of Indian Ministry of External Affairs, linking Pakistan with terrorism. He said India is clearly habitual of such diversionary tactics aimed at concealing the subversive activities within the region and beyond. India’s track record of sponsoring terrorism and violence in Pakistan is well documented and internationally recognized. India’s extremist mindset funds regional instability promotes hatred and undermines peace across South Asia. Copyright Business Recorder, 2025

Fida Hussain 6 hours ago

Business

Private property rentals for govt: FD chides ministries, divisions for breaching rules

ISLAMABAD: The Finance Division has reprimanded federal ministries and Divisions for repeatedly violating official rules while renting private properties for government offices. It has issued a warning that no ex-post facto approvals will be entertained in future. In a sharply-worded office memorandum, the Finance Division highlighted that several organizations have been bypassing established procedures and submitting hiring cases only after audit objections, despite clear instructions issued as far back as October 2001. The Division noted that it had discovered instances where ministries entered into lease agreements with private parties at rental rates exceeding those allowed by the Ministry of Housing & Works — without obtaining the mandatory prior approval from the Finance Division’s Regulation Wing. Govt employees: Housing rent allowance to go up by 85pc The memorandum stated: “It has been observed that ministries/Divisions/departments/organizations are not adhering to these instructions in letter and spirit. Instances have come to the notice of the Finance Division where certain cases, involving requests for ex-post-facto approval, have been forwarded after audit objections, in clear violation of the Finance Division’s instructions issued in the aforementioned memorandum.” Ministries, divisions, and departments are, therefore, once again urged to strictly follow the procedures for hiring office accommodation and refrain from entering into any lease agreement with a private party involving rental rates higher than those permissible and issued by the Ministry of Housing & Works. Prior approval from the Finance Division’s Regulation Wing must be obtained. In the future, no ex-post facto approval will be granted by the Finance Division for such lease agreements. Furthermore, cases involving initial hiring or subsequent rent increases beyond the prescribed limits must be forwarded to the Finance Division’s Regulation Wing with the approval of the Secretary in charge of the concerned Ministry or Division. These cases must also be supported by the prescribed documents and follow the correct procedures. It should also be noted that, in future incomplete proposals missing any one of the required documents – ie, (i) Consent of owner, (ii) Statement of space entitlement, (iii) Detail of sanctioned strength of officers/officials duly approved by Ministry of Housing & Works, (iv) Hiring particulars on the Standard Format duly signed by Grade-20 officer or equivalent with complete entries, (v) Authentic copy of the map of the premises in question, (vi) Copies of previous lease agreement in cases of enhancement, (vii) Self contained note along with specific recommendations of concerned JS-Exp, will not be entertained and will be returned at initial stage without examination.” Copyright Business Recorder, 2025

Tahir Amin 6 hours ago

Politics

Vanishing air quality data

EDITORIAL: The Environment Protection and Climate Change Department (EPCCD) of Punjab has found itself at the centre of a fresh controversy after admitting that “due to a technical issue, AQI monitoring at some stations had been interrupted.” The department, in a post on X, assured citizens that a team was working to restore the data and that the missing information would be available soon. But this admission came only after a storm of criticism erupted on social media, sparked by climate activists who accused the department of turning off air quality monitors at a time when Lahore’s pollution levels had soared to hazardous highs. Screenshots shared by one prominent activist showed that several monitoring stations listed on the government’s official website — aqipunjab.com — had not updated their readings for hours, with some still displaying data from many days earlier. The activist claimed that the EPCCD had deliberately shut down several monitors in Lahore, while the ones left running were reading “beyond index” — a term used when pollution levels are so severe that they exceed the equipment’s measuring capacity. Another user went further, suggesting a “strategic motive” behind the alleged shutdowns. In a sharply worded post, he wrote, “Punjab government’s new air quality strategy: if pollution levels look bad, just turn off the monitors. Eight out of ten monitors are shut beyond 10 p.m. in Lahore (when air quality dips further) to lower the average.” He tagged Punjab’s Senior Minister Marriyum Aurangzeb, urging her to ensure uninterrupted monitoring, noting that millions of rupees have already been spent on the air quality infrastructure. The outrage is understandable. Lahore’s Air Quality Index (AQI) reportedly reached a hazardous 517 between 8 and 9 a.m. recently — a level at which simply breathing outdoors poses serious health risks to everyone. In such a situation, any perceived suppression or mishandling of environmental data becomes more than a technical issue; it becomes a matter of public trust and accountability. If the problem was indeed technical, the department should have been transparent from the outset. Timely and proactive communication can prevent misinformation and maintain credibility. But when officials remain silent until forced to respond, speculation fills the vacuum eroding trust in public institutions. In recent years, Punjab has invested heavily in air monitoring infrastructure as part of a broader shift towards data-driven environmental policy. That investment must be matched with transparency, reliability, and the political will to confront pollution honestly, rather than manage its optics. As smog season grips Lahore and other urban centres across the province, one thing is clear: fixing broken monitors will not be enough. What truly needs restoration is public confidence — the assurance that the government will face environmental reality, however unpleasant, with honesty, consistency, and an urgent science-based mitigation strategy. Copyright Business Recorder, 2025

Unknown 6 hours ago

Technology

Digitalisation, AI and climate financing: SBP governor asks banks to chart future course

KARACHI: Governor of the State Bank of Pakistan Jameel Ahmad has urged banks to chart a forward-looking strategy focused on digitalisation, Artificial Intelligence (AI), climate financing, and export facilitation. Addressing the 10th Pakistan Banking Awards ceremony was held in Karachi, he emphasized embedding digital tools across operations, leveraging AI for smarter risk management and tailored financial products, integrating climate risk into lending, and realigning business models to support Pakistan’s exporters. Jameel Ahmad, graced the event as chief guest and presented the prestigious Best Bank Award to Meezan Bank, recognizing their outstanding performance and commitment to excellence. Public-private collaboration vital for digital economy: SBP Governor In his address, Governor SBP observed the important role of these awards in helping raise the standard of banking in the country. In this context, he offered a blueprint for the needed transformation of the banking system for the next decade, driven by innovation, inclusion and responsibility. He observed that this transformation would not be possible unless banks reorient their business models towards serving the financial needs of the private sector, especially SMEs and small depositors. “Banks that continue to rely on easy returns from lending to the government will eventually be left behind by institutions that are mobilizing deposits and meeting the growing credit needs of the underserved segments,” he said. For the way forward, Governor SBP encouraged banks to focus on four main areas. First, banks should embed digitalization into everyday digital experiences of their customers and their own business operations, including mobile commerce, agriculture supply chains, credit scoring, and risk management. Second, banks should put in place artificial intelligence and machine learning tools to build smarter risk models incorporating alternative information furnished by AI; and design tailor-made financial products for small firms, start-ups, and entrepreneurs who may lack conventional documentation. Third, there is a need to integrate climate risk into banks’ credit decisions; set clear sustainability targets; and develop green bonds and sustainability-linked loans for climate financing. And finally, banks should reassess their priorities and strategically realign their business model to better facilitate and strengthen Pakistan’s exporters. The 10th Pakistan Banking Awards ceremony was organized by the National Institute of Banking and Finance (NIBAF) Pakistan, in collaboration with DAWN Media and A.F. Ferguson & Co. Governor SBP commended the three partners and the Pakistan Banking Awards for promoting excellence, innovation, and integrity in the financial sector consistently for 10 years. The Best Bank for Women Inclusion went to The Bank of Punjab; Best Microfinance Institution Award went to Kashf Foundation; the Award for Best Bank for SMEs went to The Bank of Punjab; while The Bank of Punjab was declared the Best Bank for Agriculture Inclusion. In addition, Bank Alfalah received the Best Bank for Digital Excellence; Bank Alfalah bagged the award for Best Bank for Customer Engagement, Faysal Bank won the award for Best Mid-sized Bank. The HBL was declared best bank for ESG. Copyright Business Recorder, 2025

Recorder Report 6 hours ago