Pakistan

Islamabad: The Finance Division has rejected the Power Division’s request for PSDP allocations in FY 2025-26 to reduce power sector loans, citing constrained fiscal space. During a recent ECC meeting, the Power Division sought non-cash adjustments but was advised to re-submit after consultations with the Economic Affairs Division and Ministry of Planning. The ECC directed routing energy-related issues through the Cabinet Committee on Energy for better coordination.In a major relief move, the ECC approved MoUs with nuclear power plants (NPPs) and three government-owned plants (Haveli Bahadur Shah, Balloki, Quaid-e-Azam), waiving late payment interest (LPI) claims up to December 31, 2024. PAEC and GPPs relinquished all LPI rights; from January 1, 2025, delayed payments will carry 3-month Kibor + 1%.CPPA-G cleared Rs614.92 billion to GPPs, with Rs140 billion outstanding as of July 31, 2025. It is authorized to retire PHL’s Rs683.25 billion debt using circular debt financing. Revised LPI waiver for GPPs stands at Rs116.83 billion (up from Rs87.58 billion). CPPA-G will settle Rs23.6 billion PHL loans and waive Rs114.15 billion LPI. NEPRA petitions by PAEC are approved for tariff rationalization.

Islamabad: Pakistan foiled an attempt to import 23 metric tonnes of Afghan-origin fresh fruits through Iran’s Taftan border on November 8, exploiting the Early Harvest Programme amid suspended bilateral trade. Customs rejected the consignment—backed by Afghan invoices, phytosanitary certificates, and export declarations—ruling the reciprocal programme inapplicable due to closed borders.Over 5,500 Afghanistan-bound containers remain stranded in Pakistan, including 4,650 at ports and 729 at Chaman, 142 at Torkham. Border closures following skirmishes halted processing under the Afghanistan Transit Trade Agreement to prevent congestion, underscoring Kabul’s reliance on Pakistan’s shorter, cheaper routes (150-300 km vs. 1,200 km via Iran).To shield Central Asian trade, Pakistan approved Uzbekistan’s airlift of five urgent cargoes and rerouting 29 containers through China under international conventions. Afghan exporters face spoilage risks and 30-50% higher costs via Iran or Chabahar, compounded by US sanctions. Last year, Pakistan exported $1.1 billion to Afghanistan against $600 million imports. Weekly inflation eased 0.6% (PBS), with tomatoes down 38%, onions 5%, and garlic 3.3%, as markets adjusted to reduced Afghan perishables.

Islamabad: In a major facilitation for Hajj 2026 aspirants, the Ministry of Religious Affairs and Interfaith Harmony has announced that all designated bank branches handling Hajj operations will remain open on Saturday, November 15, 2025, from 9:00 a.m. to 2:30 p.m. This special arrangement allows intending pilgrims to deposit the second installment of Hajj dues without weekday constraints.The decision follows a formal request by the ministry to ensure smooth and timely payments amid tight deadlines. Thousands of selected applicants are required to complete their financial obligations to secure confirmed seats for the annual pilgrimage. Banks have been directed to activate dedicated counters and extend working hours exclusively for Hajj-related transactions. Pilgrims are advised to bring original CNICs, Hajj application forms, and payment slips. The ministry urged applicants to avoid last-minute rushes and utilize the extended window to prevent any disqualification due to delayed payments.

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.

Islamabad Former Chief Justice of Pakistan Jawwad S. Khawaja has petitioned the Supreme Court to strike down the proposed 27th Constitutional Amendment, decrying it as a mortal threat to judicial independence and the separation of powers doctrine. Filed under Article 184(3) through counsel Khawaja Ahmed Hosain, the plea urges suspension of any provisions curbing the apex court’s jurisdiction or shifting it to alternative forums, amid parliamentary pushes to enact the bill.Khawaja, in a stark admonition, argues the tweaks erode the hard-won consensus of the 1973 Constitution, setting a “haunting precedent” that undermines the social contract and invites historical repetition. “A nation whose foundational document is fundamentally controversial cannot prosper,” the petition states, invoking the Rule of Law: “Do we want to be governed by Laws or Men?” It contends Parliament lacks authority to diminish SC powers, rendering such changes “patently unconstitutional” and akin to abolishing the court itself.The move resonates amid judicial disquiet, with sitting judges and retirees urging CJ Yahya Afridi to convene a full court, yet no such meeting has materialized. Ex-Additional AG Tariq Mahmood Khokhar lambasted the inertia: “The CJP presides over the liquidation of the Supreme Court,” warning of executive-legislative overreach echoing past dictators like Ayub, Yahya, and Musharraf. He highlighted ironic self-sabotage: empowering a “constitutional court” via SC disempowerment, dooming democracy.Khawaja seeks declarations barring jurisdiction transfers, including high court judges, and SC intervention to avert “irreparable harm.” Lawyers decry the bill’s oath-violating essence, as opposition critiques its legitimacy in a polarized assembly. With the amendment nearing passage, the petition spotlights an existential judicial brink, demanding the SC uphold its oath to defend the Constitution or risk irrelevance. “The death of the Supreme Court will be the death of an independent judiciary,” it concludes, rallying for urgent hearings to salvage institutional sanctity.

Islamabad The International Monetary Fund (IMF) has initiated a two-week technical assistance mission in Pakistan, responding to Islamabad’s plea for reforms to enhance budget management and eradicate a staggering Rs448 billion statistical discrepancy recorded in the first quarter of the current fiscal year.Led by Nino Tchelishvili from the IMF’s Fiscal Affairs Department, the four-member delegation commenced consultations on Monday with federal and provincial officials, set to conclude on November 21. The mission will dissect Pakistan’s fiscal laws, regulations, and operational norms to pinpoint vulnerabilities, culminating in a comprehensive report aimed at bolstering data integrity.Government sources revealed the exercise targets fiscal data governance, leveraging the IMF’s framework spanning six pillars: legal structures, data strategies, architecture, storage/privacy protocols, digital tools, organizational setups, and internal controls. Emphasis will be on interoperability to support the rollout of the Government Integrated Financial Management Information System (GIFMIS), fostering data-driven fiscal decisions.This comes as Pakistan grapples with opaque accounting—federal expenses lacked visibility for Rs93 billion, while provinces showed Rs354 billion in revenue gaps, per the Finance Ministry’s July-September summary. Discrepancies stem from reporting lags between the State Bank of Pakistan (SBP), Federal Board of Revenue (FBR), and Economic Affairs Division, alongside provincial issues like delayed cheque clearances and bank deposit fluctuations (Punjab: Rs209bn; Sindh: Rs47bn; KP: Rs33bn; Balochistan: Rs66bn).The probe extends to treasury/cash management, tax/non-tax revenue booking (with monthly variances of Rs10-15bn), budget ceilings, procurement systems, and central bank payments. Debt management—criticized for excluding circular debt and pensions—will also face scrutiny, amid debates over reporting standards.Distinct from program reviews, this advisory could morph into bailout benchmarks, especially with the impending release of the Governance and Corruption Diagnostic Assessment report, a precondition for $1.2 billion in December tranches. Sponsors like the EU, UK, Germany, France, Saudi Arabia, Belgium, and Denmark will review findings.Experts like former Debt Management DG Abdul Rahman Warriach decry Pakistan’s debt transparency deficits, though current DG Mohsin Chandna defends compliance. The mission underscores persistent World Bank/IMF nudges for systemic upgrades, vital for Pakistan’s $7 billion EFF revival and economic stabilization.