Author name: Bussiness

Islamabad: Justice Aminuddin Khan took oath Friday as the first Chief Justice of the newly created Federal Constitutional Court, a landmark step in Pakistan’s judicial evolution. President Asif Ali Zardari administered the oath during a dignified ceremony at Aiwan-e-Sadr.Attendees included Prime Minister Shehbaz Sharif, Field Marshal Asim Munir, Air Force and Navy chiefs, Chief Justice Yahya Afridi, National Assembly Speaker Ayaz Sadiq, Senate Chairman Yousaf Raza Gilani, federal ministers, lawmakers, and PPP Chairman Bilawal Bhutto-Zardari, alongside senior judges and dignitaries.Established under Article 175B via the 27th Amendment—passed by the Senate and signed by the President a day earlier—the court aims to strengthen constitutional governance. President Zardari stressed the judiciary’s vital role in national stability, while PM Shehbaz vowed to safeguard judicial independence and constitutional supremacy. What the new Court means The FCC has been created under the recently passed 27th Constitutional Amendment, which introduces major changes to the judicial framework of Pakistan. The new court is designed to deliver constitutional interpretation and tackle federal-provincial disputes, transferring many of those responsibilities from the Supreme Court of Pakistan. Background to the appointment Before this elevation, Justice Aminuddin Khan served at the Supreme Court and previously at the Lahore High Court. His appointment comes amid substantial reform of the judiciary—some senior judges of the former apex court have resigned in protest over the restructuring. Key details Why it matters The installment of a dedicated constitutional court and its inaugural chief justice marks a new chapter for Pakistan’s legal system. It signals institutional overhaul and attempts to streamline how constitutional cases and disputes among provinces and the federal government are managed. With Justice Aminuddin at the helm, attention will now shift to how the FCC operates operationally and its impact on judicial independence.

Karachi The State Bank of Pakistan (SBP) reported a modest uptick in its foreign exchange reserves, rising $22 million to $14.52 billion for the week ending November 7, 2025, signaling tentative stabilization in the nation’s volatile financial landscape. Total liquid foreign reserves across the country climbed to $19.72 billion, with commercial banks contributing $5.20 billion to the pool, according to Thursday’s central bank data.“SBP’s FX reserves increased by US$22 million to US$14,524.6 million,” the SBP stated, marking a slight rebound from the prior week’s $14.50 billion level. This incremental gain comes against a backdrop of aggressive IMF-backed reforms, including subsidy cuts and revenue drives, aimed at bolstering depleted coffers strained by debt repayments and import pressures.Economists view the uptick as a fragile positive, potentially easing rupee volatility and supporting import cover for essentials like oil and wheat. However, with external debt servicing looming at $28 billion annually, experts caution that sustained inflows from remittances—hovering at $30 billion yearly—and export growth are vital.

Justice Mansoor Ali Shah and Justice Athar Minallah Two senior judges of the Supreme Court of Pakistan — Justice Mansoor Ali Shah and Justice Athar Minallah — have tendered their resignations in protest against the recently passed 27th Constitutional Amendment, which they say undermines judicial independence, Aaj News reported. According to the report, both judges have formally submitted their resignation letters to the President of Pakistan and vacated their chambers at the Supreme Court. Justice Mansoor Ali Shah’s 13-page resignation letter outlines his objections in detail, calling the 27th Amendment a “serious blow to the Constitution of Pakistan” that places the judiciary “under the control of the executive.” He wrote that the change “strikes at the very heart of constitutional democracy” and expressed concern that “justice has become increasingly out of reach for ordinary citizens.” “I have served this institution with dignity and integrity. I step down as Senior Judge of the Supreme Court of Pakistan with a clear conscience and without regrets,” Justice Shah stated in his letter. Justice Athar Minallah’s seven-page resignation echoed similar sentiments, stating that “the Constitution I had sworn to protect no longer stands intact.” Sources said both judges had written to Chief Justice Yahya Afridi prior to submitting their resignations. The twin resignations mark a watershed moment in Pakistan’s judicial history, intensifying the ongoing debate over constitutional reforms and the autonomy of the judiciary.

Islamabad: The revised text of the 27th Constitutional Amendment, embedding sweeping judicial reforms, faces a crucial Senate vote today, just a day after securing National Assembly approval amid fierce opposition uproar. A Senate session has been convened at Parliament House, with Law Minister Azam Nazeer Tarar slated to table the bill, sources told Aaj News. An afternoon federal cabinet huddle will greenlight ancillary law tweaks to align with the changes.Government maneuvers ensure smooth passage: PTI dissidents Saifullah Abro and JUI-F’s Ahmad Khan remain voting-eligible, their resignations unprocessed and no Article 63 disqualifications filed. Yesterday’s NA triumph—234 votes surpassing the 224 two-thirds threshold—unfolded chaotically, with opposition ripping bill copies, besieging the speaker’s podium, and boycotting. JUI-F opposed, but the coalition’s tally prevailed despite the drama.At its core, the amendment injects eight clauses, notably revamping Article 6 Clause 2 to bar courts from validating “high treason” acts, incorporating the nascent Federal Constitutional Court (FCC) alongside high and Supreme Courts. It enshrines Chief Justice Yahya Afridi’s tenure uninterrupted, dubbing him CJP until retirement; thereafter, the senior-most judge from Supreme Court or FCC assumes the mantle. Tarar debunked abolition fears: “The CJP office endures; Justice Afridi retains Supreme Judicial Council and Judicial Commission leadership.”

Islamabad: The International Monetary Fund (IMF) has placed Pakistan on the agenda of its Executive Board meeting scheduled for December 8, paving the way for the final approval of a crucial $1.2 billion tranche under its ongoing bailout programs. This disbursement includes $1 billion from the Extended Fund Facility (EFF) following its second review and approximately $200 million from the Resilience and Sustainability Facility (RSF) in its first review.The move comes after a staff-level agreement (SLA) was reached last month in Washington DC between IMF officials and Pakistani authorities. The SLA, signed post the EFF’s second economic review, underscores Pakistan’s progress in fiscal reforms, revenue mobilization, and structural adjustments amid persistent inflation and external vulnerabilities.Upon board approval – often a procedural formality after SLA clearance – the funds will elevate total disbursements under the EFF and RSF to about $3.3 billion. This infusion is vital for stabilizing Pakistan’s foreign reserves, currently hovering around $9 billion, and supporting balance-of-payments needs.Finance Minister Muhammad Aurangzeb, speaking at the 9th Edition of The Future Summit titled ‘Course Correction: Redefining The Direction’ last month, had anticipated the approval in “early December.” He emphasized the government’s commitment to tough reforms, including energy sector tariffs and tax base expansion, to meet IMF benchmarks.However, the impending decision has ignited debate in Islamabad. Critics, including opposition lawmakers, argue that stringent IMF conditions exacerbate public hardships, while proponents hail it as a step toward long-term macroeconomic stability. Economists project the tranche could ease pressure on the rupee and curb borrowing costs, fostering investor confidence in South Asia’s sixth-largest economy.As the board convenes, all eyes are on whether any last-minute hurdles emerge, though optimism prevails given the SLA’s robustness. Pakistan’s successful navigation of this review could unlock further international financing, signaling resilience in its reform trajectory.