DONALD TRUMP SWORN IN FOR SECOND TERM, DECL ARES ‘GOLDEN AGE OF AMERICA’ BEGINS
£190m case is part of a political strategy to force him into making a deal and has dismissed any suggestions of negotiations or compromise During a media interaction outside Adiala Jail, Imran s sister, Aleema Khan, conveyed her brother ’s position, stating that the PTI founding chairman had firmly rejected the notion of a deal He is not going to make any deals He has no intention of negotiating with the government He will continue to face the cases against him, regardless of how long he stays in prison, Aleema Khan remarked Imran Khan’s comments were in response to his conviction in the £190 million Al-Qadir Trust case which saw both him and his wife Bushra Bibi sentenced Khan however believes the sentence is politically motivated and designed to break his resolve Aleema Khan further clarified that the decision had nothing to do with any ongoing negotiation committees She emphasised that her brother had advocated for the case to be taken to higher courts where it could be examined thoroughly She added that the case would reveal more facts as it proceeded through the legal system She also questioned the fairness of the judicial process pointing out that figures like former President Asif Ali Zardari and former Prime Minister Nawaz Sharif were not held accountable in similar cases “Why is it only Imran Khan and Bushra Bibi who are facing these charges?” she asked The PTI leadership has expressed confidence that the higher courts will offer a fair hearing and allow them to present a detailed case Khan s legal team is preparing to challenge the conviction, believing that the proceedings will shed light on alleged political biases within the judicial system
PM Shehbaz war ns negligence in Hajj preparations won’t be
Prime Minister Shehbaz Sharif has issued strict directives for the special preparations of Hajj 2025 emphasising that no negligence in serving the pilgrims will be tolerated
The prime minister presided over a review meeting regarding Hajj 2025 preparations He reiterated that pilgrims are Allah’s guests and ensuring their comfort is the government s top priority Federal ministers Ahsan Iqbal and Chaudhry Salik Hussain and senior officials attended the meeting They were briefed on the progress of the Hajj Fund, which is now in its final stages Officials informed the prime minister that like the previous year SIM cards for pilgrims will be provided from Pakistan, and the Hajj Mobile Application will continue to function to assist them during their pilgrimage During the briefing the prime minister directed that a comprehensive report on Hajj preparations be presented in the coming days He also stressed that highly reputed officers should be appointed for Hajj duties ensuring transparency and efficiency in the process
Shehbaz Sharif further instructed authorities to provide toptier training facilities for Hajj 2025 pilgrims, ensuring that they are well-prepared before their journey
The prime minister emphasised that pilgrims’ housing trans-
portation, and other facilities should be meticulously planned and executed He further underscored that the selection of assistants for the pilgrims must be done transparently and based on merit
Concluding the meeting PM Shehbaz reaffirmed his commitment to facilitating the pilgrims, stating, “Pilgrims are the guests of Allah, and I will not tolerate any negligence in their service and support from the government
Previously Minister for Religious Affairs and Interfaith Harmony Chaudhry Salik Hussain and Saudi Minister of Hajj and Umrah, Dr Tawfiq bin Fawzan Al-Rabiah on Monday signed the annual Hajj agreement 2025 between Pakistan and Saudi Arabia
Under the agreement 179 210 Pakistani pilgrims will perform Hajj this year The agreement includes a commitment to provide
the best possible facilities for Pakistani pilgrims, who will be offered special accommodation in Mina at reduced rates
According to a statement issued by the Ministry of Religious Affairs the Saudi minister assured his Pakistani counterpart of all possible support for better facilities for the pilgrims
Chaudhry Salik Hussain will also participate in a four-day international Hajj conference and expo organised by the Saudi Ministry of Hajj in Jeddah where additional agreements will be made with institutions and companies responsible for providing facilities to pilgrims “To make the Hajj journey more accessible easier and comfortable the Ministry of Religious Affairs and Interfaith Harmony has introduced a short Hajj program of 20 to 25 days like the previous year ”
Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan has directed his party’s negotiation team to withdraw from further talks with the government if a judicial commission is not formed within seven days according to Barrister Gohar Speaking to media outside Adiala Jail, Gohar emphasised that the establishment of the judicial
should not derail the talks by turning minor issues into major controversies he said adding that recent discussions focused on law and order and should not be politicised PTI is insisting on the judicial commission to ensure accountability and transparency “Imran Khan has made it clear that the fourth meeting will only happen if
Gohar urged the ruling coalition to focus on dialogue for the country s benefit Successful negotiations mean success for Pakistan,” he said, calling for patience and mutual understanding in the process The PTI leader concluded by dismissing rumours about official invitations from former U S President Donald Trump
KSE-100 GAINS 57 3 PoINtS AS
PM direc ts parallel privatization and provincialization of power Discos
Pakistan’s trade deficit with regional countries surges by 43% in Jul-Dec
China, Bangladesh, Sri Lanka India Iran Nepal Bhutan and the Maldives rose by 7 85% to
Punjab cracks down on illegal housing schemes in 32 distric ts
four are already operational, with progress on the remaining zones moving at full throttle,” Dr Iqbal stated She underscored that the SEZ model proven globally and in China is being applied in Pakistan to create centers of excellence for economic development Government-to-government government-to-business, and business-to-business initiatives are all underway to strengthen our SEZ framework The first one-stop service office for foreign investors will soon be operational in Islamabad she revealed She emphasized the inseparability of economic and environmental progress asserting that Pakistan s economic develop-
development initiatives and financial markets to drive sustainability He underscored the necessity of starting with small-scale successful industrial parks that could evolve into green eco-industrial parks Stressing the importance of strategic site selection for SEZs, Sayed criticized the location of Rashakai SEZ, terming it politi-
COMMENT
TH
finance inherently lowers borrowing costs or increases depositor returns
Meezan Bank s success offers lessons for other institutions but also highlights the limitations of the sector as a whole The perception of Islamic banking as a profit powerhouse is largely a function of one standout performer rather than systemic advantages For other banks the challenge lies in matching Meezan’s operational efficiency and customer trust especially in a market that demands both innovation and adaptation
As Pakistan s financial system transitions to Islamic banking the shift represents an evolution in regulatory frameworks rather than a fundamental economic transformation The true test will be whether the sector can deliver value to customers while maintaining profitability Ultimately the success
Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late)
M A Niazi
BE Y O N D Kotri Barrage to the sea, and Indus tributaries in Punjab Jhelum, Chenab, Ravi, and Sutlej flow past barrages to Kotri Now the dry beds of all these rivers are filled with sewage water industrial waste and agricultural runoff We are doomed if this doesn t change Rivers must flow with clean water For this to happen, two things need to be done simultaneously: first, wastewater treatment plants must be established to make water suitable for fisheries and agriculture Second a structure must be built to store floodwaters on the rivers Our issue is not a shortage of water but its mismanagement We need a revolutionary change in our water vision We have to respect our rivers and treat them as living entities The land belongs to the river In 2019, Bangladesh granted all its rivers the same legal status as humans in a court of law (source) Around the same time Pakistan also planned to do something sustainable for the Indus River delta The federal government proposed a barrage on the Indus River, named the Sindh Barrage (source) The project was fully supported by the Sindh government, which even promised to contribute funds if needed The Sindh Barrage was planned to be built 45 km from the sea 160 km downstream of Kotri Barrage 130 km east of Karachi and 65 km south of Thatta The reservoir capacity was planned to be around 2 0 million acre-feet (MAF)
Two canals were proposed on either side of the river: a right bank canal from Ghorabari to Gharo and a left bank canal from Sujawal to Golarchi Chief Minister Syed Murad Ali Shah rightly suggested extending these canals to Dhabeji and Tharparkar to provide drinking water to Thar and Karachi The project was expected to be completed by December 2024
However, opposition emerged from within the Sindh government, citing concerns about waterlogging salinity and harm to river agriculture (source) I am surprised that this idea wasn’t considered earlier or even proposed by the Sindh government itself It is equally perplexing why intellectuals and environmentalists in Sindh didn t raise their voices in favor of the Sindh Barrage I suspect someone more powerful than the Chief Minister might be losing their land to water The Sindh Barrage is the first project that genuinely tries to redress the harm we have done to the Indus River I believe the Special Investment Facilitation Council (SIFC) should take up the Sindh Barrage project and other initiatives to address the challenges of the Indus Delta Yes, I support the two canals proposed for the Sindh Barrage However my support for the Cholistan Canal is conditional For now the focus should remain on this barrage and its two canals
The real owners and children of the Indus are the people living in the Indus Delta They have suffered the most We must do whatever it takes to uplift
The real owners and children of the Indus are the people living in the Indus Delta They have suffered the most We must do whatever it takes to uplift their socioeconomic status and livelihoods The proposed Sindh Barrage reservoir belongs to the inhabitants of the Indus Delta
Two canals were proposed on either side of the river: a right bank canal from Ghorabari to Gharo and a left bank canal from Sujawal to Golarchi Chief Minister Syed Murad Ali Shah rightly suggested extending these canals to Dhabeji and Tharparkar to provide drinking water to Thar and Karachi. The project was expected to be completed by December 2024
AA m b i t i o u s e c o n o m i c t r a n s f o r m a t i o n p l a n
for investment in the digital and technology sectors and artificial intelligence (AI) s role in boosting productivity and competitiveness in the country in a positive manner The plan has been set against the back out of the International Monetary Fund (IMF) recent bailout package and the official quarters at the appropriate highest level have been emphatically stating that if all goes well as being planned this will be the last time Pakistan had sought IMF help With ambitious goals and a commitment to sustainable growth, the Uraan Pakistan initiative by the PM aims to transform Pakistan’s economy and position it as a regional economic powerhouse over the next five years hoping that all will go well as planned and expected As briefly stated above Uraan Pakistan targets were quite ambitious and perquisites for its success and achievement of the targets in next five years included national unity, political stability complete maintenance of law and order and commitment on the part of all for achieving something which under the prevailing circumstances rather seems difficult For realising the ambitious targets, everyone will have to work, irrespective of being in the public or private sector committed, determinedly and sincerely for developing Pakistan as an economically strong country This scribe cannot help but to state here quite regretfully and shamefully that ours was a nation of work shirkers and making them all to work was quite difficult nay impossible to say the least
However, the federal government should make concerted efforts for securing the help and assistance from the legislators at the federal and provincial levels for reaching out to their voters in particular and the people at large explain to them the salient features of Uraan Pakistan and tell them what they can do for its success
The federal government just should not sit idle after the plan launching and get its main highlights in booklets in easily understood manner in all languages written and spoken in all parts of the country telling the people as to what the country their own motherland expected from them to do as a national obligation
The federal budget 2024-25 documents contained mention of 13th Five Year Plan and the Just c launched Uraan Pakistan was also of five-years duration mainly This also needs to be clarified by the official quarters concerned to avoid any confusion in the minds of the people at large please
The writer is a freelance columnist
Some targets fixed for achieving during next five year under this transformation plan included taking countryÊs exports to a high level of $60 billion annually, adopting measures for moving Information TechnologyÊs free licencing industry to $5 billion by preparing two lakhs IT graduates annually, emission of Greenhouse Gases will be reduced up to 50 percent, increasing cultivable land by more than 20 percent and water storage facility up to 10 million acres feet (MAF) , enhancing share of renewable energy share in the energy Sector to 10 percent, reducing the ratio of poverty by 13 per cent and launching of massive development projects under Public Private Partnership by promoting peoples partnership
rule of law helped the countries grow economically In contrast, the countries that had vicious political and social institutions deteriorated economically The flaw in this argument is that the research team took the coming together of these political and economic institutions as a given and did not explain why some countries had virtuous institutions and others had vicious In the political economy analysis offered by the likes of Prof Mushtaq and others, mature and inclusive political institutions evolved due to structural changes in the economy, and the virtuous institutions were the result of structural transformation, and not the cause of it
In other words, Acemoglu and his collaborators figured out the incorrect sequence of causality The Marxist analysis offers a much better explanation of historical change by trying to understand the capitalist transformation Capitalism which was born out of a violent process of colonialism slavery and land-snatching, led to limited democracy Acemoglu skipped all that structural and theoretical rigour
FOQIA SADIQ KHAN ISLAMABAD
A license delayed
T H E Teachers’ Licence Test conducted for the first time in Sindh in January last year marked a historic milestone The initiative was aimed at elevating the quality of teaching and strengthening the foundation of educational activities in the province However, despite the initial enthusiasm, the process has since stagnated, leaving deserving teachers in a prolonged state of uncertainty and disappointment
A year has passed, but there has been no substantial progress or update regarding the issuance of the licence The delay has created a sense of frustr-ation among the teachers who had invested their time effort and resources into preparing for the test It also undermines the primary objective of the initiative: to improve the quality of education in Sindh by empowering teachers with validated credentials The said licence is more than just a certificate It is a recognition of the deserving individuals Unfortunately, the current inertia threatens to derail the promising initiative
Without timely implementation the purpose of conducting the test
MuHaMMad ZaHid RiFat
Faisal Hassan
Unmasking Indian hegemony
IN D I A’S recent surge of inflammatory rhetoric against Pakistan spearheaded by its political and military leaders reveals the ugly truth behind the country s dangerously aggressive regional strategy Far from being a promoter of peace, India’s actions betray an orchestrated agenda of deflection destabilization and hegemonic expansion Rather than acknowledging its internal failures and aggressive tactics India seeks to shift the focus by leveling baseless accusations at Pakistan, making itself appear as the innocent victim
Recent remarks by India’s Defense Minister Rajnath Singh who claimed territorial ownership over Pakistanadministered Kashmir alongside the baseless allegations made by General Upendra Dwivedi about Pakistan s role in terrorism, expose India s hypocrisy This rhetoric, aimed at casting Pakistan as the “epicenter of terrorism,” conveniently serves to divert attention from India’s own transgressions At a time when international investigative bodies have substantiated India s role in statesponsored terrorism and covert operations such allegations ring hollow These accusations are nothing but a smokescreen to hide India’s own history of violence, subversion and clandestine activities
The international media has recently uncovered disturbing revelations about India s involvement in covert operations including a transnational assassination program The Washington Post, in particular, has reported on India’s secretive activities targeting Pakistani territory, exposing a nation that portrays itself as the victim while simultaneously committing acts of terrorism across borders India s systematic support for insurgent groups in Balochistan its interference in regional politics, and its sponsorship of destabilizing movements throughout South Asia demand closer scrutiny and serious accountability India’s aggressive rhetoric concerning Kashmir only compounds its image as a destabilizing force in the region Singh s provocative remarks about reclaiming Pakistan-administered Kashmir disregard long-standing United Nations Security Council resolutions and underscore India’s
imperialistic mindset These statements come at a time when the world is increasingly aware of the atrocities committed by India in Kashmir Human rights abuses in the region from arbitrary arrests to extrajudicial killings, continue unabated India s ongoing occupation of Kashmir contradicts its claims to be a democracy and exposes the depths of its hypocrisy The international community’s selective silence on these violations only emboldens India s aggression leaving Kashmiris to suffer in silence India s aggressive foreign policy is not confined to its immediate neighborhood; it has extended its destabilizing reach to the global stage The assassination of a Sikh activist on Canadian soil followed by the foiled plot to target an American citizen highlights India s willingness to extend its coercive influence even in foreign territories These acts of violence contradict India s self-portrayal as a responsible democratic nation and reveal its true, authoritarian nature The evidence is irrefutable: India’s international campaign of repression and intimidation undermines the principles of sovereignty justice and human rights Within South Asia, India s interference in the domestic affairs of its neighbors has further solidified its image as a destabilizing force India’s involvement in Bangladesh’s internal politics its support for separatist movements in Sri Lanka and its role in undermining Nepal s sovereignty all point to a disturbing pattern of meddling in the affairs of weaker states By imposing its will on these countries, India has sought to consolidate its hegemony, disregarding the fundamental principles of self-determination and peaceful coexistence India s actions fuel unrest foster animosity and undermine the region s stability India s expanding influence in Afghanistan also highlights its long-term strategy to dominate the region Through
billions of dollars in aid and investments, India has sought to solidify its presence in Afghanistan while simultaneously seeking to destabilize Pakistan This strategy involves backing anti-Pakistan factions in Afghanistan, providing them with military and financial support to create further tensions between the two neighboring states While India presents its investments as a means of fostering development they are strategically designed to weaken Pakistan s influence and create chaos in the region India s actions in Afghanistan expose its true objectives of regional dominance and the further undermining of Pakistan s security The strategic importance of Iran’s Chabahar Port in India’s regional ambitions cannot be ignored While India’s investments in the port are presented as a commercial and economic initiative they carry a deeper more insidious purpose By bypassing Pakistan, India seeks to establish alternate trade routes to Afghanistan and Central Asia, diminishing Pakistan’s strategic value in regional connectivity The geopolitical implications of India s Chabahar investments are far-reaching
as they not only aim to weaken Pakistan but also challenge China’s growing influence in the region especially in relation to the ChinaPakistan Economic Corridor (CPEC) The competing interests between India s Chabahar Port and China s CPEC paint a stark picture of India s hegemonic tendencies, prioritizing expansionism over cooperation India’s efforts to sabotage CPEC further underscore its destabilizing agenda By providing support to insurgent groups in Balochistan India seeks to disrupt the development of CPEC a critical project
Recent remarks by IndiaÊs Defense Minister Rajnath Singh, who claimed territorial ownership over Pakistan-administered Kashmir, alongside the baseless allegations made by General Upendra Dwivedi about PakistanÊs role in terrorism, expose IndiaÊs hypocrisy This rhetoric, aimed at casting Pakistan as the „epicenter of terrorism,‰ conveniently ser ves to diver t attention from IndiaÊs own transgressions At a time when international investigative bodies have substantiated IndiaÊs role in state-sponsored terrorism and cover t operations, such allegations ring hollow
of his family life take up a good half of this book but it is an enjoyable indulgence that also serves a wider purpose Francis is never so crude as to repeat the line often uttered by less articulate Catholic priests that they too grew up in a family and so, despite having taken a vow of celibacy are well-placed to advise their parishioners on the challenges of married life Instead he is at pains to emphasise just what a normal guy he is I m a citizen at heart, he says – someone who loves football, adores cutting-edge cinema, wasn t a swot at school, and has suffered “melancholy spells” periodically since his 10th birthday He also draws on his family background as economic and political migrants from Mussolini s Italy in 1929 to good effect making an important and impassioned plea for today s world to behave with more compassion and humanity towards those fleeing their home country for similar reasons Likewise, the slaughter that his father Mario witnessed during military service in the first world war prefaces his outspoken opposition to warfare and his prescient warning that a future global conflict is beginning in hearts in our age of intolerance and ultra-nationalism
and
(he
Elsewhere, on the chronological skeleton of his biography, he hangs many of the causes for which he has been among the most persistent advocates on the international stage: the poverty he witnessed while working with the marginalised of Buenos Aires s villas miseria or shantytowns; the devastation already being caused by the climate crisis that he has seen on his travels as pope; the corruption of culture and threat to youngsters posed by unregulated media On sex usually such an obsession of Catholicism he is all but silent In his introduction Francis states that an autobiography is not our private story, but rather the baggage we carry with us His meaning becomes clearer as the book progresses and he addresses the criticisms and controversy – the baggage as he would have it – that has dogged his papacy He has made many mistakes he confesses but then doesn t say what they were The main reason for my trip to Argentina a year after his election was to meet some of those who, at the time of Bergoglio s election as pope in 2013, insisted that as a young provincial superior (regional leader) of the Jesuits in the mid1970s when 30 000 of his fellow citizens died or disappeared at the hands of the ruling military junta he did not do enough to hold the murderous regime to account Chief among the accusations is that he didn’t try hard enough to protect two radical Jesuit priests under his charge, Orlando Yorio and Franz Jalics who worked in the shantytowns They were detained for five months in May 1976 and tortured In his brief and unenlightening account of this episode Francis sidesteps any mention of the criticism of his actions in their case – including from Father Yorio, who told friends before his death that Bergoglio had betrayed him – and prefers to give a list of oth-
ers he tried to help It is one of a number of instances where recollections differ “After my apostolic journey to Chile in 2018 ” the pope writes “I would learn over the following months the full extent of the many abuses in the diocese of Osorno He is referring to the scandal of clerical sex abuse revealed there but offers no more details What actually happened was that, on the visit, he was confronted by
MajiD nabi burfat
NIGERIA TANKER TRUCK BL AST
TOLL RISES TO 86
President X i chairs CPC leadership meeting to review repor ts, opinions
Xi Jinping, general secretary of the Communist Party of China (CPC) Central Committee on Monday chaired a meeting of the Political Bureau of the CPC Central Committee
The meeting reviewed a report from the Standing Committee of the Political Bureau of the CPC Central Committee after it heard and discussed the work reports of the leading Party members groups of the Standing Committee of the National People s Congress (NPC), the State Council, the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) the Supreme People’s Court (SPC) and the Supreme People s Procuratorate (SPP) as well as the work report of the Secretariat of the CPC Central Committee
Also reviewed at the meeting were opinions on comprehensively promoting ecological protection and high-quality development in the Yellow River Basin
tee over the past year, and approved their work plans for 2025
In 2025 the leading Party members groups of the five state institutions must make it a priority to get things done, pool strength to push forward reforms, and make new contributions to advancing high-quality development and Chinese modernization the meeting noted
The Secretariat should boost political ability, strengthen strict self-governance, and well accomplish all tasks entrusted by the CPC Central Committee, it added
of forty million we are committing injustice against twenty million people he added referring to the female population of Afghanistan The comments were among the strongest public criticism in recent years by a Taliban official of the school closures, which Taliban sources and diplomats have previously told Reuters were put in place by the supreme spiritual leader Haibatullah Akhundzada despite some internal disagreement
The Taliban have said they respect women s rights in accordance with their interpretation of Islamic law and Afghan culture
They made a sharp u-turn on promises to open high schools for girls in 2022, and have since said they were working on a plan for the schools to re-open but have not given any timeline They closed universities to female students at the end of 2022 The policies have been widely criticised internationally including by Islamic scholars and Western diplomats have said any path towards formal recognition of the Taliban is blocked until there is a change on their policies towards women A Taliban administration spokesman in the southern
The meeting fully recognized the work of the leading Party members groups of the NPC Standing Committee, the State Council the CPPCC National Committee the SPC and the SPP as well as the work of the Secretariat of the CPC Central Commit-
The meeting also highlighted the significance of ecological protection and high-quality development in the Yellow River Basin calling for promoting the full enforcement of the Yellow River Protection Law
Work should be done to systematically enhance the water source conservation capacity in the upper reaches of the Yellow River strengthen soil and water conservation in the middle reaches, and advance wetland protection and ecological governance in the lower reaches according to the meeting
The meeting also urged efforts to ensure the safety of important dams, reservoirs and infrastructure, strengthen the synergy of the Yellow River ’s high-quality development with strategies of the large-scale development of the western region and the rise of the central region improve the holistic and systematic protection of cultural heritage, and promote the integration of culture and tourism development
in order to familiarize themselves with the presentation of new programs of the Cambridge International Educational Organization for the 2025/2027 academic year, teaching methods, and laboratory work
The specialized school named after Muhammad al-Khwarizmi in the system successfully passed the first stage of the implementation of the International Baccalaureate Organization (IB) program and the process of preparation for accreditation was completed
ized for executive and academic directors of the Presidential Schools as well as foreign and domestic teachers in STEM disciplines,
It should be noted that an agreement has been signed between the Scientific and Practical Center for Pedagogical Excellence and International Assessment at our Agency and the IB organization Also in May-June of this year the Agency and the Korean Educational Center at the Embassy of the Republic of Korea in Uzbekistan held the Incheon Education Festival The Education of Natural Sciences” festival, held on August 13-14, was aimed at ensuring the participation of young people in specialized international programs projects and competitions with a focus on modern professions by organizing practical classes based on natural and exact sciences, comprehensive support for the for-
mation of creative abilities as well as the formation of creative ideas among teachers working in the system and the development of skills for presenting them to students, linking them with practice In addition, negotiations were held between the Agency’s management and delegations from foreign countries devoted to issues of cooperation in the field of education In particular during the dialogue with the international educational organization of the United States of America Cognia, an agreement was reached on cooperation in studying and improving the activities of Presidential creative specialized schools and boarding schools raising the quality of education in schools to a higher level For reference the international educational organization Cognia
The
A c ase for Cr ypto regulation in Pakistan
In the beginning there were stones Polished round and laboriously hewn, these stones became whispers of worth between neighbors and tribes Seashells followed their intricate patterns as valuable as their scarcity Humanity ever restless sought a way to make trade lighter to detach value from the weight of things Thus, gold coins shimmered into existence, their radiance a testament to civilization’s dreams
Then came paper an alchemy of trust and ink A promise from kings and governments that these slips held the same worth as gold locked away Money, once tangible and tied to the earth, became ethereal, an idea a fiction sustained by collective belief Fast forward centuries and the clinking of coins gives way to the hum of computers Money dematerialized into binary code, a flow of zeros and ones that traversed the globe in milliseconds And yet, even this marvel this digital money clung to the pillars of old systems banks governments central authorities
But there was a rebellion brewing in the quiet corners of cyberspace It began as whispers among mathematicians, cryptographers, and dreamers Could money exist without intermediaries? Could trust be coded? And so in 2008 the world met Bitcoin a digital phoenix rising from the ashes of the financial crisis Its creator, shrouded in mystery as Satoshi Nakamoto laid the foundation for what we now call cryptocurrencies Bitcoin was more than money; it was defiance an anthem for decentralization No longer would trust be bestowed upon banks or states Instead, a distributed ledger, the blockchain, would carry the burden of truth But with great freedom came profound questions If money was an idea what then was Bitcoin? Was it money? An asset? A commodity? Or something entirely new?
In Pakistan, this question echoes in courtrooms and policy debates Cryptocurrencies defy traditional classifications They lack the stability of currency their value
swinging like a pendulum in a storm They are not commodities in the traditional sense, for their worth is not tied to the tangible Yet, they are undeniably valuable in terms of securities, trading hands in millions every day David Fox in his erudite treatise on money reminds us that to be currency an object must meet two thresholds: legality and universal acceptance Cryptocurrencies, though revolutionary, fail this test They are not legal tender in Pakistan nor are they universally embraced as a medium of exchange As courts in the US and UK have ruled, cryptocurrencies are closer to commodities than currency They are traded not for daily necessities but for speculative gain, much like gold or silver
And yet the answer is not to ban them outright To do so would be akin to shutting the door on history itself, to stifle innovation with the chains of fear Regulation, not prohibition, is the path forward a truth recognized by progressive jurisdictions like the European Union and Japan
Why regulate? The reasons are manifold Cryptocurrencies offer financial inclusion to Pakistan s unbanked millions They are transparent their transactions recorded immutably on the blockchain They hold potential as hedges against inflation a godsend in economies where currency values are perpetually in flux
But regulation also addresses risks Without oversight, cryptocurrencies can become havens for illicit activities money laundering tax evasion and fraud
By bringing them into the legal fold Pakistan can impose taxes on crypto gains, ensuring that the state benefits from this burgeoning market
The EU’s Markets in CryptoAssets (MiCA) framework is a model worth emulating It recognizes cryptocurrencies as digital assets setting rules for exchanges wallets, and issuers Similarly, Japan treats cryptocurrencies as property, with strict anti-money laundering measures in place These examples demonstrate that regulation does not stifle innovation; rather it fosters it by providing clarity and trust
In contrast countries that have chosen outright bans like China have seen crypto activity persist in the shadows, beyond the reach of law enforcement Prohibition, far from solving problems, only exacerbates them For Pakistan the stakes are high Ranked third in global crypto adoption the country s youth are already immersed in this digital revolution The State Bank of Pakistan’s blanket prohibition, based on a 2018 circular has not stopped crypto trading but driven it underground This approach not only denies the state its share of tax revenue but also leaves traders vulnerable to scams and blackmail
In the uncharted waters of crypto trading, Pakistani merchants often find themselves trapped in a vicious cycle of harassment and extortion at the hands of authorities
Among the central grievances is the role of the Federal Investigation Agency (FIA), whose actions have been criticized as a blatant misuse of regulatory ambiguities surrounding crypto transactions It is time to embrace regulation
By treating cryptocurrencies as assets rather than currency, Pakistan can create a framework that safeguards investors, generates revenue and fosters innovation Agencies like the SECP and PTA must collaborate to establish licensing regimes for exchanges and enforce robust KYC (Know Your Customer) protocols
In a nut-shell, money, at its heart, is a story we tell ourselves
From stones to shells from gold to Bitcoin it evolves as society s needs change Cryptocurrencies are the next chapter in this narrative They are not the end of money as we know it but its metamorphosis Pakistan must not cling to old pages but turn to new ones writing its future with foresight and courage
Let this be the beginning a tale of innovation tempered by wisdom, of progress guided by regulation In this story, Pakistan can emerge not as a bystander but a leader shaping the future of money for generations to come
The author is a lawyer based in Islamabad
ALI ABBAS
GWADAR ON THE PATH OF PROSPERIT Y THROUGH CPEC: ASIF AT AIRPORT INAUGURATION
TFirst commercial flight lands at Pakistan’s largest airpor t in Gwadar
Khawaja Muhammad Asif welcomed the inaugural flight describing the airport as a gateway to new economic trade, and tourism opportunities This airport is not just an aviation hub; it represents Gwadar ’s growing importance as a center for trade and regional connectivity ” he said during the ceremony The New Gwadar International Airport, which spans an impressive 4,300 acres, is now Pakistan s largest airport Designed to accommodate domestic and international flights, the facility is expected to enhance connectivity with key global markets including the UAE Europe the Far East Central Asia and Africa
KP CM reiterates PTI’s commitment to rule of law,
judicial independence
Khyber Pakhtunkhwa Chief Minister Ali Amin Gandapur has reiterated Pakistan Tehreek-e-Insaf s (PTI) unwavering commitment to upholding democracy, safeguarding the rule of law, and ensuring the protection of citizens’ fundamental rights In a statement issued on Sunday, Gandapur emphasized that PTI founder Imran Khan and his wife Bushra Bibi continue to demonstrate steadfast faith in the law even in the face of what they perceive as unfair treatment The Chief Minister further affirmed that their political struggle will persist, stating, We will stand by PTI founder Imran Khan until my last breath Gandapur ’s statement comes as part of PTI’s ongoing efforts to reaffirm its position on governance and judicial matters He highlighted the significance of an independent judiciary and the freedom of media stressing that these pillars are essential for the wellbeing of democracy The Chief Minister noted that individuals who are fearful often compromise their principles, but PTI, under Imran Khan’s leadership, remains resolute in its mission to ensure that democracy flourishes in Pakistan and the rule of law is upheld The statement also emphasized the broader political struggle PTI is engaged in particularly in the face of challenges that the party perceives as unjust Gandapur s comments underscore the continuing ideological divide between PTI and the current government, with a focus on holding the judiciary and media free from external influence or pressure
In parallel with Gandapur ’s comments the PTI negotiation committee led by party spokesperson Sahibzada Hamid Raza has communicated that PTI will not engage in further negotiations with the government unless a judicial commission is established to investigate the events of May 9 and November 26 The committee set a clear deadline for the government to act demanding that the commission be formed by January 31 Without this commission PTI has warned that talks will not progress Raza who met with Imran Khan at Adiala Jail recently reiterated that the ball is now in the government s court He emphasized that PTI is not asking for a commission with a judge of their choosing, but for an impartial and fair body to investigate the events of May 9 and November 26 These incidents have been a focal point of controversy with PTI alleging that injustices were committed against its leadership and supporters The committee s other key demand involves the release of prisoners, a matter that has garnered significant attention in recent weeks Raza underscored that although negotiations were being conducted in a controlled environment the next steps are ultimately up to the government He urged swift action to resolve the situation stating We have shown as much flexibility as we could Raza made it clear that the formation of a judicial commission is a non-negotiable precondition for moving forward with talks As the political situation continues to unfold, PTI remains focused on securing the formation of a fair and impartial judicial body to investigate alleged injustices The government now faces mounting pressure to respond to PTI s demands as the political drama surrounding these negotiations intensifies The formation of a judicial commission, along with other key demands, could play a pivotal role in determining the future direction of the country’s political landscape
judges, marking a significant expansion in the judicial capacity of both courts At the IHC two new additional judges Justice Raja Inam Amin Minhas and Justice Muhammad Azam Khan officially took their oaths of office in a ceremony presided over by Chief Justice Aamer Farooq at the Islamabad judicial complex These appointments bring the IHC closer to addressing its growing caseload Following the ceremony a new bench roster was released increasing operational capacity to five division benches and 10 single benches According to the revised ros-
ter, Chief Justice Aamer Farooq will pair with Justice Raja Inam Amin Minhas in one division bench while Justice Mohsin Akhtar Kiani and Justice Sardar Ejaz Ishaq Khan will preside over another Other notable pairings include Justice Mian Gul Hassan Aurangzeb with Justice Summaira Rafat Imtiaz Justice Tariq Jahangiri with Justice Muhammad Azam Khan and Justice Babar Sattar with Justice Arbab Muhammad Tahir
Meanwhile, in Quetta, the Balochistan High Court saw the induction of three new judges: Justice Asif Reki Justice Ayub Tareen and Justice Najmuddin Mengal Chief Justice Hashim Kakar administered the oaths at a ceremony attended by senior government officials, including the Chief Secretary and key provincial
secretaries With these appointments the total number of judges in the BHC has risen to 14 reflecting a boost in judicial capacity for the province In a related development, the Judicial Commission of Pakistan (JCP) has scheduled a meeting on February 1 to nominate nine additional judges for the Peshawar High Court (PHC) Sources indicate that a list of 40 candidates has been submitted for consideration, including four district and session judges and several prominent lawyers
The candidates include Kaleem Arshad Khan Farrukh Jamshed Inaamullah Khan and Sophia Waqar Khattak from the judiciary Lawyers under consideration feature notable names like Abdul Fayyaz, Kaleem Khan, Mansoor Tariq, and Qazi Babar Irshad among others
ISLAMABAD S TA F F R E P O R T
The Supreme Court has issued notices to the Federation of Pakistan regarding restoration of Students Union in Universities and adjourned the hearing for a date to be fixed latter A six-member constitutional bench of the Supreme Court of Pakistan, headed by Justice Amin ud Din Khan and comprising Justice Jamal Khan Mandokhail Justice Muhammad Ali Mazhar, Justice Hasan Azhar Rizvi, Justice Musarrat Hilali and Justice Naeem Akhtar Afghan was hearing Constitutional Petition against Ban on Students of Universities to form Association and Union and Indulging in Politics The petitions are filed by Hamza Muhammad Khwaja vs Federation of Pakistan through Secretary Federal education and Professional
Training Islamabad and others and Muhammad Usama Amir, General Secretary, Islami Jamiat Talaba Pakistan vs Federation of Pakistan through Secretary, Ministry of Interior and others The Court after initial proceedings issued notices to the respondents and observed that the Quaid-e-Azam University had announced schedule for holding elections of the Students Union It can be a rule model for rest of the universities in the country The Court, however, expressed
Rizvi
according to Chen include the organization of Chinese film festivals martial arts exhibitions and programs focused on engaging Pakistan s youth We are focused on the younger generation, said Chen Peng Our goal is to bridge cultural gaps and promote enduring friendships between Pakistan and China through various cultural initiatives ” He also highlighted the importance of language in enhancing relations noting that
efforts would be made to promote the Chinese language in Pakistan Chen emphasized that language is an essential tool for strengthening mutual understanding and pointed to future plans to offer Chinese language courses and organize student exchange programs Zafar Bakhtawari, Chairman of PCF, reiterated the Forum’s four-decade-long commitment to promoting cultural diplomacy He stressed the importance of the ChinaPakistan relationship and underscored the role of cultural exchanges in advancing ties Bakhtawari highlighted the significance of programs like food festivals, film screenings, and joint artistic collaborations in fostering cultural connectivity
“This partnership with China is an opportunity to continue the legacy of friendship and cooperation between our two nations
Bakhtawari stated Ahsan Bakhtawari, who also attended the meeting emphasized that cultural diplomacy should go hand-in-hand with economic collaboration He pointed to Gwadar as a key strategic point for enhancing not only bilateral trade but also cultural ties Bakhtawari further highlighted the potential for Pakistan to tap into China’s rapidly growing market noting that both nations could benefit from closer cultural and economic cooperation China s emergence as a global market presents immense opportunities for Pakistani exports, Bakhtawari said The Free Trade Agreement (FTA) between our countries is a great step forward, and we should utilize it to enhance trade especially in sectors like pharmaceuticals agriculture and