Pakistan

Pakistan Banking Spread Narrows: A Small Shift with Big Signals for the Economy
Pakistan

Pakistan Banking Spread Narrows: A Small Shift with Big Signals for the Economy

The Pakistan Banking Spread became a major talking point in February 2026 as new data revealed a modest rise in deposit returns alongside a sharper decline in lending rates. According to figures released by the State Bank of Pakistan, the evolving rate dynamics are reshaping the financial outlook for consumers, businesses, and investors across Pakistan. Read More: https://theboardroompk.com/adb-country-partnership-strategy-pakistan-a-transformative-vision-for-the-next-five-years/ This shift has sparked curiosity among the public is it a sign of relief for borrowers or a challenge for savers? Let’s break it down in simple terms. Deposit Returns Show Slight Improvement but Stay Under Pressure In February 2026, the weighted average return on bank deposits edged up to 5.04%, compared to 4.97% in January. While this increase of 7 basis points signals a marginal improvement, depositors still face weaker returns compared to last year. On a year-on-year basis, deposit returns fell from 5.46% in February 2025, highlighting how savers continue to struggle to preserve the real value of their money. For many households relying on savings accounts and fixed deposits, this trend means cautious financial planning is more important than ever. Even though inflationary pressures have eased recently, real deposit returns dropped to 1.94%, down from 2.14% in January. This indicates that the purchasing power of savings remains constrained a concern particularly for retirees and conservative investors. Pakistan Banking Spread Shrinks as Lending Rates Fall The most notable development was on the lending side. Banks reduced their weighted average lending rate to 11.02%, reflecting a 37 basis point drop compared to January and a significant 139 basis point decline compared to February 2025. This decline suggests a more accommodative financial environment, potentially encouraging businesses to borrow for expansion and consumers to consider financing options for homes, vehicles, or education. As a result, the Pakistan Banking Spread, defined as the difference between lending and deposit rates, narrowed sharply to 5.98% in February from 6.41% in January. In real terms, lending rates eased further to 8.12%, down from 8.36% a month earlier, reinforcing expectations that borrowing conditions may gradually become more favourable if inflation continues to stabilize. What This Means for Businesses and Everyday Pakistanis A narrowing banking spread often signals changing economic conditions. For businesses, lower lending costs can improve cash flow management and support investment in growth projects. Small and medium enterprises, which form the backbone of Pakistan’s economy, could benefit from improved access to credit. For individuals, the story is mixed. Borrowers may find relief as loan instalments become more manageable, but savers might feel the pinch due to relatively low deposit returns. This shift could also encourage investors to explore alternative avenues such as mutual funds, equities, or real estate in search of higher returns. At a broader level, the trend reflects the central bank’s ongoing balancing act supporting economic growth while keeping inflation under control. Looking Ahead: Will the Pakistan Banking Spread Continue to Decline? Financial experts believe the future direction of the Pakistan Banking Spread will depend largely on inflation trends, monetary policy decisions, and overall economic momentum. If inflation continues to ease and policy rates remain stable or decline further, lending rates could soften even more. However, sustained improvement in deposit returns may require stronger economic growth and increased competition among banks for customer funds. For now, February’s data offers a glimpse into a shifting financial landscape one that could gradually reshape borrowing behaviour, savings patterns, and investment decisions across the country.

ADB Country Partnership Strategy Pakistan: A Transformative Vision for the Next Five Years
Pakistan

ADB Country Partnership Strategy Pakistan: A Transformative Vision for the Next Five Years

The ADB Country Partnership Strategy Pakistan is set to redefine the country’s economic trajectory for the period 2026–2030. Recently unveiled by the Asian Development Bank, the strategy presents a comprehensive roadmap aimed at driving sustainable growth, boosting private sector participation, and strengthening climate resilience. Read More: Athttps://theboardroompk.com/wind-producers-say-their-affordable-electricity-is-not-being-delivered-to-the-public/ a time when Pakistan is navigating global economic uncertainty and structural reforms, the initiative has sparked curiosity among policymakers, investors, and development experts alike. Could this be the catalyst that reshapes Pakistan’s economic future? ADB Country Partnership Strategy Pakistan and Its Three Core Pillars The ADB Country Partnership Strategy Pakistan is built on three fundamental priorities designed to address long-standing economic challenges while unlocking new growth opportunities. First, the strategy emphasizes private sector development as a key engine of economic expansion. By improving the business climate, simplifying regulations, and enhancing access to finance, the initiative seeks to encourage entrepreneurship and investment. Second, the strategy focuses on inclusion and empowerment. This includes strengthening human capital, expanding access to essential services, and promoting greater participation of women in the workforce. These measures aim to ensure that economic progress benefits all segments of society. Third, the plan underscores environmental sustainability and resilience. With climate risks becoming more frequent and severe, investments in disaster preparedness, flood control, and clean energy are expected to play a critical role in safeguarding long-term development. Driving Private Sector Growth and Investment Momentum A defining feature of the ADB Country Partnership Strategy Pakistan is its strong focus on private sector expansion. The development bank plans to support reforms that reduce regulatory barriers, modernize infrastructure, and encourage public–private partnerships. According to Emma Fan, targeted investments and policy support under the strategy are designed to stimulate job creation and strengthen macroeconomic stability. The move comes as Pakistan shows signs of gradual stabilization after facing multiple external shocks in recent years. By fostering export-oriented and investment-led growth, the strategy also aims to improve public financial management and enhance overall competitiveness. High-Impact Sectors Under the ADB Country Partnership Strategy Pakistan The strategy identifies several priority sectors with the potential to generate long-term economic value. These include critical minerals development, railway and multimodal transport systems, energy security initiatives, clean energy expansion, agriculture value chains, water resource management, and workforce skills development. Rather than viewing these areas in isolation, the ADB Country Partnership Strategy Pakistan promotes an integrated approach. Policy reforms, financing support, technical expertise, and knowledge sharing will be deployed simultaneously to maximize impact and accelerate progress. Social Development and Climate Resilience Take Center Stage Beyond economic growth, the ADB Country Partnership Strategy Pakistan places significant emphasis on social development. Investments in education, healthcare, and skills training are expected to strengthen human capital and enable inclusive growth. Climate resilience is another cornerstone of the plan. Proposed interventions include disaster risk management, climate adaptation programs, food security initiatives, and efforts to improve air quality. These measures are critical as Pakistan remains among the countries most vulnerable to climate change. Global Partnerships and Strategic Alignment The ADB Country Partnership Strategy Pakistan aligns closely with Pakistan’s national economic transformation goals and the bank’s long-term Strategy 2030 framework. It also highlights continued collaboration with global development partners such as the World Bank and the International Monetary Fund. This coordinated approach is expected to enhance policy coherence, improve resource mobilization, and ensure sustained support for key reforms. The Road Ahead As Pakistan steps into a crucial phase of economic transition, the ADB Country Partnership Strategy Pakistan offers a bold vision for growth that is inclusive, resilient, and future-ready. Its success will depend not only on financial commitments but also on effective implementation and strong institutional collaboration. For businesses, investors, and the public, the strategy signals new opportunities and a renewed sense of optimism about the country’s long-term economic prospects.

CCP Approves Merger of Cyan Limited and DH Partners Limited into Dawood Lawrencepur
Pakistan

CCP Approves Merger of Cyan Limited and DH Partners Limited into Dawood Lawrencepur

ISLAMABAD: The Competition Commission of Pakistan (CCP) has approved a merger as part of a corporate restructuring within the Dawood Group, following a review under the Competition Act, 2010. Read More: https://theboardroompk.com/wind-producers-say-their-affordable-electricity-is-not-being-delivered-to-the-public/ The transaction involves the amalgamation of Cyan Limited and DH Partners Limited into Dawood Lawrencepur Limited (DLL). The approved transaction relates to a Scheme of Amalgamation dated 16 December 2025, under which Cyan Limited and DH Partners Limited will be merged into Dawood Lawrencepur Limited. As part of the arrangement, all assets, liabilities, and obligations of the merging entities will be consolidated into DLL, with shares of Dawood Lawrencepur Limited to be issued to the shareholders of Cyan Limited and DH Partners Limited. Dawood Lawrencepur Limited is a public listed company and a subsidiary of Dawood Corporation (Private) Limited, primarily engaged in managing investments in subsidiaries and associated companies involved in renewable energy solutions, including wind and solar energy, as well as maintaining an investment portfolio in local capital markets. Cyan Limited is also a public listed investment company and a subsidiary of Dawood Corporation, focusing on equity investments in companies with high growth potential. DH Partners Limited is an investment management company that manages equity investments and was listed on the Pakistan Stock Exchange in February 2025. In its Phase-I competition assessment the Commission observed that all three companies operate primarily as investment vehicles, managing portfolios and investments across different sectors. The proposed transaction represents an internal restructuring within the Dawood Group, as the entities involved are associated companies under the same management control. After reviewing the available information, the Commission concluded that the amalgamation would not create or strengthen a dominant position nor substantially lessen competition in the relevant market. The merger is therefore unlikely to raise competition concerns. Accordingly, the Commission authorized the transaction under Section 31(1)(d)(i) of the Competition Act, 2010. Such corporate restructuring can improve efficiency in managing investment portfolios and strengthen institutional investment capacity. Through its review, the CCP ensures that these transactions are aligned with competition principles and do not adversely affect market dynamics.

Wind Producers Say Their Affordable Electricity is Not Being Delivered to the Public
Pakistan

Wind Producers Say Their Affordable Electricity is Not Being Delivered to the Public

Karachi: A consortium of Pakistan’s leading wind energy producers today issued an urgent rebuttal to recent claims made by the Independent System and Market Operator (ISMO), warning that the systematic and unjustified curtailment of wind power plants— the nation’s most affordable energy source at just Rs. 14 per unit —is driving the renewable energy sector toward a catastrophic financial breaking point.The consortium explicitly rejects recent media statements from the ISMO suggesting that curtailment is not occurring or is being managed effectively. Read More: https://theboardroompk.com/pakistan-iran-trade-flows-smoothly-amid-middle-east-turmoil-envoy/ Furthermore, the consortium highlights that the current compensation mechanism for lost energy is a mathematical failure that is crippling project cash flows. By throttling the country’s most cost-effective power source, the ISMO is not only compromising national energy security but also jeopardizing the long-term viability of billions of dollars in sustainable investment. This is the stance taken by the FFPCCI Committee on Renewable Energy in its meeting held on 17th March 2026 and chaired by Fawad Jawed. Correcting the Record: The Reality of Curtailment• The NPMV Fallacy:The ISMO’s assertion that the Non-Project Missed Volume (NPMV) adequately compensates producers is completely false. This massive shortfall is fundamentally crippling the liquidity of these projects. • Misplaced Grid Risk: At the time of investment, wind power plants did not account for grid unavailability (Grid Risk). These projects were established under the legal mandate of mandatory off-take. To now force projects to bear the cost of an inadequate grid is a breach of the foundational trust upon which these multi-billion rupee investments were built • Financial Jeopardy: Current curtailment levels have slashed plant utilization to 70% annually. While projects are fighting to remain solvent, if this trajectory persists, it will become impossible for producers to fulfill international debt obligations. This trajectory threatens a systemic collapse of renewable energy financing in Pakistan. • Broken Task Force Assurances: Wind producers agreed to lower tariffs following explicit assurances from the Energy Task Force that curtailment would be eliminated or significantly reduced. Instead, curtailment has intensified, violating both the Renewable Energy Policy and signed Energy Purchase Agreements (EPAs). • The “Rooftop Solar” Narrative: The ISMO’s attempts to justify the curtailment of “must-run” wind projects by citing rooftop solar are unacceptable. The licensing of such projects occurred under ISMO’s purview; it is an abdication of responsibility to blame market conditions that the ISMO and CPPA enabled, particularly when those conditions should have been factored into demand forecasting and license allocations. • The “Wheeling” Contradiction: While the ISMO promotes new “Wheeling Auctions,” it is failing to dispatch existing, fully-built plants. Launching new competitive models without resolving current grid management failures is a strategic failure that destabilizes the entire market. • A Costly Dispatch Policy: By prioritizing expensive thermal plants over “must-run” wind energy, the ISMO is effectively adding an avoidable burden to the national economy and the common man. Demands for Immediate Action: The consortium calls for an immediate intervention from the Ministry of Energy and NEPRA: “The ISMO’s narrative that we are ‘adequately compensated’ is a distortion of the facts,” said a spokesperson for the consortium. “Paying 38% for 100% readiness is a recipe for bankruptcy. At Rs. 14, our energy is the cheapest in the country, yet it is being wasted while the nation pays for expensive imports. We demand transparency and a compensation structure that reflects the reality of our operations and the requirements of our debt providers.” “We are maintaining 100% plant readiness for only 70% utilization, creating a financial strain that is rapidly becoming unsustainable,” said a spokesperson for the consortium. “It is an economic tragedy to witness the ISMO waste Pakistan’s cheapest power while the country struggles with fuel import bills. The ISMO is effectively forcing the people of Pakistan to pay for fossil fuel while the wind blows freely and clean energy is wasted. This is not just a technical failure; it is an economic crime against the common man.” We are calling for transparency and accountability for these dispatch decisions that favor thermal plants over our nation’s energy security.”

Rs50/kg adhoc charge by Gerry’s Dnata threatens meat exports: APMEPA
Pakistan

Rs50/kg adhoc charge by Gerry’s Dnata threatens meat exports: APMEPA

KARACHI: Pakistan’s meat exporters have raised serious concerns over the imposition of additional adhoc charges by Gerry’s Dnata, warning that the move could undermine the country’s export competitiveness and disrupt shipments to key international markets. Read More: https://theboardroompk.com/pakistan-business-council-unveils-startup-pitch-competition-at-harvard-to-drive-innovation-and-jobs/ The All Pakistan Meat Exporters & Processors Association (APMEPA) has formally approached the Ministry of Commerce, urging the government to immediately intervene and stop what it described as “unauthorized and unjustified charges” being imposed on exporters. According to the association, Gerry’s Dnata has recently introduced an additional charge of PKR 50 per kilogram on meat exports, while also warning exporters that consignments would not be processed for export if the charges are not paid. Complaint Regarding Unauthorized Additional Adhoc Charges by Gerry’s Dnata.pdf NoneExporters argue that such measures place an unfair burden on the industry and could significantly raise the cost of exporting meat from Pakistan at a time when the country is struggling to increase its export earnings. Industry representatives said the additional charge translates into approximately $180 per ton, sharply increasing logistics costs and potentially making Pakistani meat less competitive in international markets. Complaint Regarding Unauthorized Additional Adhoc Charges by Gerry’s Dnata. APMEPA Chairman Mian Abdul Hannan said exporters were already operating in a highly competitive global environment where even small increases in logistics costs can determine whether a product secures or loses market share. “Pakistan’s exporters require stable, predictable and rational logistics costs in order to remain competitive in global markets,” he said, warning that sudden and unilateral cost increases could damage the credibility of Pakistan’s export supply chain. The association also questioned the legality of the charges, stating that exporters were not the appropriate party to bear such costs.According to exporters, all relevant handling and service charges are already paid by the airlines, and any operational or financial matters should be resolved between the airline and the service provider rather than passed on directly to exporters. Complaint Regarding Unauthorized Additional Adhoc Charges by Gerry’s Dnata.pdf NoneExporters say the situation is particularly alarming because Pakistan is currently trying to expand its export base to stabilize its external accounts and reduce reliance on imports. “At a time when the country is striving to increase exports, any additional charges imposed on exporters must be carefully examined to ensure they do not weaken Pakistan’s export competitiveness,” Hannan said. Industry stakeholders warned that if the charges continue, they could disrupt shipments, raise export prices, and potentially push international buyers toward competing suppliers from countries with lower logistics costs. The association has therefore requested the federal government — and particularly the Prime Minister — to take immediate notice of the issue and direct the relevant authorities to ensure that exporters are not subjected to what they describe as anti-export measures.Exporters argue that protecting Pakistan’s export ecosystem requires not only supportive policies but also ensuring that logistics and handling services remain efficient, transparent and free from sudden cost shocks. Failure to address the issue promptly, they warned, could threaten the growth of Pakistan’s meat exports — one of the country’s emerging value-added export sectors.

Pakistan Business Council Unveils Startup Pitch Competition at Harvard to Drive Innovation and Jobs
Pakistan

Pakistan Business Council Unveils Startup Pitch Competition at Harvard to Drive Innovation and Jobs

Pakistan: The Pakistan Business Council (PBC) and the Pakistan Initiative (TPI) have announced their first Startup Pitch Competition to spotlight high-potential Pakistani and Pakistan- focused ventures at one of the most prominent Pakistan convenings in North America. Read More: https://theboardroompk.com/pakistan-iran-trade-flows-smoothly-amid-middle-east-turmoil-envoy/ This platform aims to provide high visibility to surface investable ideas and to bridge the gap between the next growth champions and potential investors, senior business leaders and stakeholders. Directly sitting under the Conference’s theme “From Potential to Performance”, this will focus on how talent and ideas are converted into measurable outcomes within the Pakistani economy. The Startup Pitch Competition will follow a rigorous selection process, where only shortlisted cohort of founders will pitch live at the Conference. These pitches will be assessed by a jury including business leaders, venture capital representatives and investors. The organizers aim to focus on the ambitions, and the practical outcome of the ideas, thereby giving preferences to ventures that demonstrate a clear problem, a practical solution to it and their pathways to scale.Why it matters now? Pakistan is a young nation with about 67 percent of its population being less than 30 years old and recent estimates reveal that to absorb the growing workforce into the market and to be less susceptible to economic shocks, Pakistan needs to have 25-30 million jobs by 2030. Against this backdrop, the PBC-TPI Startup Pitch Prize is structured as a practical intervention which brings together founders and scale-ups with viable Pakistan-centered models. This prize is a signal that the Pakistani private sector is ready to support commercially plausible and nationally pertinent innovation. “At a time when competitiveness and productivity matter more than ever, Pakistan’s next phase of growth will depend on how effectively we convert ideas into scalable, competitive enterprises. At PBC, we strongly believe in business as a driver of growth, job creation and long-term economic resilience. This partnership reflects a clear intent from the private sector to back innovation that is commercially viable and globally relevant. Platforms such as the Pakistan Conference at Harvard provide an important bridge, connecting Pakistani talent and enterprise with international capital, networks and credibility. It is through such interventions that we can begin to shift the narrative from potential to performance,” said Dr Zeelaf Munir, Chairperson, Pakistan Business Council. Commenting on the PBC-TPI Startup Pitch Prize, Ziad Bashir, Vice Chairman, Pakistan Business Council, said, “The PBC-TPI partnership reflects the willingness of Pakistani enterprises in backing startups that can scale responsibly and competitively. Pakistan needs such startups for growth and to raise productivity and this platform brings them into one of the world’s most influential academic ecosystems.” Sannan Pervaiz and Muhammad Hadi, Co-Founders of the Pakistan Initiative, said the Pitch Competition is a way to convert ambitions into implementations. “The first-ever innovation forum and the Startup Pitch Prize, in collaboration with PBC, brings a new dimension to the agenda: it bridges the scale gap and promotes productivity and investment in the Pakistani ecosystem,” they said. Hashaam Javed, MBA student at the Harvard Business School and the Chair Lead for the Pakistan Conference at Harvard 2026 reflected on the Startup Pitch Competition as a direct extension of creating tangible impact beyond conversations, commenting on the importance of enabling “a credible platform for Pakistani-origin founders to showcase what they are building on a global stage.”, and emphasizing the objective to “highlight performance, not just potential, and to demonstrate that globally competitive companies are being built by Pakistani founders across the world.” “This initiative reflects our belief in business as a catalyst for innovation, investment and job creation. The Startup Pitch Competition is designed as a practical platform to connect founders with investors, business leaders and global networks. By focusing on ventures that demonstrate both ambition and execution, we aim to support ideas that can scale, create jobs and contribute meaningfully to Pakistan’s productivity and competitiveness,” noted Javed Kureishi, CEO, Pakistan Business Council. Moreover, this partnership is embedded in the broader national agenda of human capital development and is a way to push for shifting Pakistan’s global narrative from crisis framing to capability. This will showcase solutions, enterprise and execution at a prominent international convening coming from Pakistani youth. The Pakistan Conference at Harvard 2026 The Pakistan Conference at Harvard 2026, to be held on 12th April, is expected to be one of the largest Pakistan-focused convenings in North America. This conference will feature participation from across government, business, academia, media and the Pakistani diaspora. Building on last year’s inaugural conference, the 2026 conference is being centered around core national questions including Pakistan’s global narrative, governance, institutional trust, productivity and investment and innovation. PBC-TPI collaboration at the conference will point to a broader move to position Pakistan’s innovation economy on a credible, and investible global platform. The organizers said that the Pitch Competition is intended as a foundation for future collaborations which are aligned with Pakistan’s competitiveness agenda.

LNG Crunch Hits Asia: Pakistan Turns to Homegrown Solar, Wind, Nuclear, Coal, Hydropower
Pakistan

LNG Crunch Hits Asia: Pakistan Turns to Homegrown Solar, Wind, Nuclear, Coal, Hydropower

Pakistan is ramping up domestic power production to counter the biting effects of Asian LNG shortages. Read More: https://theboardroompk.com/israel-claims-killing-irans-security-chief-ali-larijani/ The shortages stem from war-related disruptions in the Middle East.Shipments through the Strait of Hormuz have nearly halted. Qatar, a major exporter, has stopped LNG deliveries. This has caused spot LNG prices in Asia to double to three-year highs. It marks the second major supply shock in four years.The first came after Russia’s 2022 invasion of Ukraine. Pakistan aims to avoid repeating past outages from LNG volatility.Power Minister Awais Leghari emphasized this shift.He noted that domestic sources now cushion the risks. Domestic Shift Gains Momentum About 74% of Pakistan’s electricity comes from local resources. These include solar, wind, nuclear, coal, and hydropower. The goal is to reach even higher self-reliance.Solar additions have played a key role. They helped prevent widespread blackouts in recent crises.Local coal plants will ramp up during off-peak hours. This replaces reduced LNG-based generation. LNG now forms only about 10% of the power mix.It mainly handles peak evening demand and grid stability. Regional Impacts and Lessons Asia faces demand destruction from high prices. Many countries are switching back to coal. Bangladesh, Philippines, and Vietnam are increasing coal use. South Korea lifted coal output limits. Japan maintains high coal utilization. Poorer nations struggle to pass on costs. This threatens economic backbones. South Asia risks $107 billion in delayed LNG projects. Pakistan has canceled cargoes for 2026-2027. This reflects lower demand and more domestic supply. Experts see renewables gaining from these shocks. High import costs refute reliance on foreign fossil fuels. Pakistan’s strategy focuses on indigenous growth. It includes boosting local coal mining. Solar expansion continues rapidly. This builds resilience against global volatility. The country avoids heavy exposure to LNG price spikes.Future plans prioritize domestic over imports.This approach stabilizes supply and costs. It supports long-term energy security.

From Rs 25K to Rs 250K: Proposed Renewal Fees Spark Punjab Arms Debate
Pakistan

From Rs 25K to Rs 250K: Proposed Renewal Fees Spark Punjab Arms Debate

The Punjab government is set to review a proposal that would significantly increase renewal fees for various categories of firearm licenses. Read More: https://theboardroompk.com/uae-golden-visa-return-emirates-steps-up-to-bring-residents-home-safely/ This move aims to strengthen and make the arms licensing system more effective, according to sources familiar with the matter. No final decision has been made, and the recommendation is expected to come under official consideration soon. Proposed Fee Structure Under the suggested revisions, renewal costs would rise substantially depending on the type of weapon: Shotgun licenses: Rs 25,000Pistols and revolvers: Rs 50,000Semi-automatic rifles: Rs 100,000Automatic rifles: Rs 250,000 These figures represent proposed hikes, though current renewal fees are not detailed in the report for direct comparison. The changes target different weapon categories, potentially distinguishing between non-prohibited bore (NPB) items like shotguns and pistols versus higher-caliber or prohibited bore arms. Rationale and Context The primary goal cited is to enhance the overall effectiveness of Punjab’s arms licensing framework. This proposal arrives amid broader scrutiny of weapon ownership in the province, including past concerns over licenses issued to non-tax filers (as highlighted by a Senate committee earlier in 2026, noting disparities in issuance). Recent years have seen efforts to computerize licenses, halt manual renewals, and enforce stricter regulations to curb proliferation. While no explicit link to revenue generation is stated, higher fees could deter casual ownership or informal use while funding better administration and verification processes. Potential Implications If approved, the increases could impact thousands of license holders across Punjab, raising renewal costs considerably and possibly encouraging surrenders or non-renewals for some. Critics, including public comments on related reports, have questioned how fee hikes alone would improve licensing integrity or security. The proposal reflects ongoing provincial attempts to regulate arms more stringently in a context of public safety and administrative reforms. Licensees are advised to monitor official announcements from the Punjab Home Department for updates, as no timeline for finalization has been confirmed.

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