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PAKISTAN’S request for a $10 billion Exchange Stabilisation Support Facility from the US Treasury involves one of Washington’s most powerful, but least understood financial tools. Finance Minister Muhammad Aurangzeb requested the facility, with a maturity period of up to five years, during a visit to Washington earlier this month. The request comes as Pakistan continues to face external financing pressures, including the need to maintain foreign exchange reserves, meet international debt obligations and support stability in the currency market. Unlike traditional assistance programmes from multilateral lenders, an arrangement through the US Treasury’s Exchange Stabilisation Fund (ESF) would represent a direct bilateral financial mechanism between Washington and Islamabad. From Mexico in 1995 to Argentina last year, the US has quietly deployed its Exchange Stabilisation Fund to rescue struggling economies If approved, an ESF-backed facility could ...

ISLAMABAD / HYDERABAD / LAHORE: Interior Minister Mohsin Naqvi’s call for an overhaul of the country’s governance structur e and the carving out of new administrative units has ignited an animated debate across the country, with the PPP referring the question to its top decision-making forum, the Sindh chief minister flatly rejecting it, Lahore’s lawyers terming it unconstitutional and Sindhi nationalist groups demanding the minister’s resignation. Addressing the Pakistan Economic Summit in Islamabad on Thursday, Mr Naqvi said the present system of governance had collapsed and was fundamentally incapable of resolving the country’s problems. He urged all political parties to sit together and settle every outstanding issue, including the creation of new units and provinces, warning that without structural change the same debates would be taking place a decade from now. He described more administrative units as the only way to bring facilities closer to citi...

• LPG rates for August increased to Rs254.32 per kg • Ogra says five spot cargoes had to be procured after no shipment secured from Qatar • Regulator finally reveals lower prescribed prices for gas utilities, finalised on June 23 • Rs50bn savings from lower gas rates to be used for circular debt adjustment ISLAMABAD: In a major price shock, Ogra on Friday notified a record 32pc increase in regasified liquefied natural gas (RLNG) prices for August, fixing the rate at $25.83 per mmBtu for Sui Northern Gas Pipelines Limited (SNGPL) and $25.09 per mmBtu for Sui Southern Gas Company Limi­ted (SSGCL), while denying consumers about Rs50bn in savings from lower natural gas rates. This translates into a retail price of around Rs7,204 per mmBtu. The revised price is based on five imported LNG cargoes procured from the spot market, as no shipment could be secured from Qatar due to the US war on Iran. This is the biggest-ever increase in RLNG prices in the commodity’s decade-long history....

• Tarbela, Mangla levels continue to rise amid monsoon rains • Medium-flood at Guddu and Sukkur barrages; Chenab may reach high-flood at Marala • PDMA says 45 killed in Punjab LAHORE: As the River Indus continues to flow at a medium flood level at Guddu and Sukkur barrages, water levels in the country’s major reservoirs — Tarbela and Mangla dams — have risen significantly over the past 15 days due to torrential rains in their catchment areas. According to reports issued by the Water and Power Deve­lopment Authority (Wapda), the water level at Tarbela dam increased from 1,504.31 feet on July 16 to 1,537 feet on July 31, a rise of 32.69 feet. The reservoir is now just 13 feet below its maximum conservation level of 1,550 feet. Also, the water level at Chashma Lake, which has a total capacity of 649 feet, rose to 648.50 feet on Friday from 646.80 feet on July 16. Similarly, the water level at Mangla dam rose from 1,173.20 to 1,195.55 feet over the same period, while its maximum conser...

• Earth barriers now seal off 85pc of boundary • Satellite images show land cleared, olive groves razed, buildings demolished beyond Yellow Line • Troops forcing families from tent camps into ever-shrinking safe zone ISRAEL’s military is systematically expanding an extensive network of earth barriers and shifting demarcation markers deeper into the Gaza Strip, displacing Palestinian families and raising concerns of a prolonged occupation, according to a BBC News report. Under a US-brokered ceasefire agreement between Israel and Hamas last October, Israeli forces agreed to withdraw to a designated demarcation known as the Yellow Line, leaving Israel in temporary control of 53pc of Gaza’s territory. However, Israeli PM Benjamin Netanyahu recently stated the military controlled over 60pc of the teritory, and in May said his directive was to increase that area to 70pc, the report said. Hamas maintains that Israel is violating the agreement by pushing the Yellow Line westward. The I...

• Alpine Club seeks helicopter support, says it is in touch with authorities • Another 8-member team summits Gasherbrum II; over 200 climbers advance on K2, Gasherbrum peaks GILGIT: The Alpine Club of Pakistan (ACP) said it was deeply concerned after it lost contact with a 10-member international climbing team on Broad Peak, after an avalanche struck around midday on Thursday. The avalanche on the 8,047-metre peak hit an expedition led by renowned mountaineer Nir­mal ‘Nims’ Purja, according to initial reports from the club. The team comprises Pakistani mountaineer Sohail Sakhi of Hunza, five Nepalese climbers, an American, an Omani, a Chinese, and one other foreign climber. According to ACP’s Karrar Haidri, the club was closely monitoring the situation. A statement issued on Wednesday night said that they were coordinating with government authorities and rescue agencies to mobilise helicopter support and ground rescue teams as soon as weather and operational conditions allow. Acco...

ISLAMABAD: The Election Commission of Pakistan (ECP) on Thursday refused to recognise National Assembly Opposition Leader Mehmood Khan Achakzai as chairman of the Pakhtunkhwa Milli Awami Party (PkMAP) over the party’s failure to hold intra-party elections. A full five-member bench of the commission, headed by Chief Election Commissioner Sikandar Sultan Raja, heard the matter. Two other cases related to the party were also fixed for hearing. It was learnt that not only Achakzai’s leadership but also certain “controversial” amendments made to the party’s constitution and PkMAP’s account details were under question. At the initial hearing last week, the ECP bench had observed that a decision would first be made regarding the party’s counsel, Aimal Mandokhail. On Thursday, the chief election commissioner said an order would be issued regarding the power of attorney. Raja made the remarks after asking the lawyer who had signed the power of attorney submitted to the commission. Mandokha...

AFTER being forced to leave his home submerged in the waters of Bhed Nullah, Aslam and his family have come back to the flooded village in Ferozwala to pick up some clothes, bedding, and other essential items. A large number of people, including his relatives, moved to higher ground and other cities after the nullah breached its bank and inundated villages along the GT Road. “Flooding in Bhed Nullah has always ruined our houses and farmland, throwing our life out of gear,” Aslam, a resident of Rahim Colony, told Dawn while walking beside a railway track towards his flooded house to pick up clothes. They had to vacate their houses after the floodwater suddenly entered their village, he said, adding that they left everything behind because there was no time to prepare. Several villages along the Lahore-Gujranwala tract of GT Road have been fully submerged after nearby nullahs overflowed For Aslam, life had been difficult before the floods, but he fears more hardships in the near ...

LAHORE: At least 22 mouzas (villages) in Multan district have been submerged under three to four feet of floodwater from the River Chenab, forcing thousands of residents to move to safer places, while standing crops over large tracts have also been damaged, according to the district administration’s latest flood situation report. The report compiled by the assistant commissioners, available with Dawn , said the district has 545 mouzas, of which 138 are flood-prone. It said 22 mouzas have been partially inundated with up to 3-4 feet of water, including four in Multan Saddar, seven in Shujaabad and 11 in Jalalpur Pirwala tehsils. Residents said the advancing floodwater drove thousands of people to relocate with their cattle to safer areas, while cotton, fodder and other standing crops were submerged, causing substantial agricultural losses. The district administration said no mouza had been categorised as severely affected and no formal evacuation order had been issued. It added tha...

• Met Office predicts rain across country from today until Aug 5; warns of likely flash floods, landslides • Indus in medium-flood at Guddu, eastern rivers may surge amid fresh spell • Rescue efforts continue as villages on Lahore outskirts remain submerged • PM reviews monsoon response LAHORE/RAWALPINDI: With another torrential spell of monsoon rains expected from July 29, the water level in the Indus River on Tuesday was steadily increasing, with the river likely to experience a medium-level flood at Guddu Barrage within 24 hours (Wednesday evening), while flooding in the Ravi and Chenab rivers had reduced considerably. According to an irrigation official in Punjab, the situation in the eastern rivers had improved, but the looming monsoon spell in the catchment areas could increase their flow again. From July 29 to Aug 5, almost all parts of the country will receive heavy rains, which may generate flash floods in hilly regions and inundate urban centres, prompting the prime minist...

A specially modified Airbus A350 plane touched down in France on Tuesday after a record 24-hour test flight from Australia, ahead of its joining Qantas’s fleet next year. Its 23,076-kilometre journey — across three continents and two oceans, and through two sunsets and two dawns — was one of the most-watched flights shown on the Flightradar24 tracking site. It was also a crucial step before Australian airline Qantas receives its first A350-1000ULR in April next year, to be followed by 11 others for services able to link Australia non-stop to destinations in the United States and Europe. The ULR in its designation stands for “ultra long distance”, a feat made possible by an additional 20,000-litre rear centre fuel tank being fitted to Airbus’s A350-1000 model. The flight from Australia to France took precisely 24 hours and 24 minutes. On its outbound flight last week, from Toulouse to Melbourne, the test aircraft flew 17,000 kilometre...

AFTER two weeks of escalating violence, the US has halted its strikes on Iran , with Tehran also silencing it guns. But rather than any newfound belief in the benefits of peace, the Trump administration may have made the U-turn on account of the mounting practical costs of continuing the conflict. Moreover, efforts by regional states, including Pakistan, may have also helped convince both sides to give diplomacy another chance. Whatever the motivations for the belligerents to refrain from hostilities, the cessation of conflict in the Gulf is a welcome development, and it is hoped that the dialogue process can be brought back on track and a more permanent peace established in the region. America’s ambassador to the UN said that President Donald Trump wanted to give “talks some space”. While that may be so, there are also reports in the US media — denied by Mr Trump — that America was running low on munitions. Besides, some of America’s top generals have...

PESHAWAR: The Peshawar High Court (PHC) on Monday restrained authorities from deporting a petitioner named ‘Quaid-e-Azam’ and directed him to appear before the National Database and Registration Authority (Nadra)’s verification board. A two-member PHC bench, comprising Justice Waqar Ahmed and Justice Inamullah Khan, was hearing a petition filed by resident Quaid-e-Azam against the blocking of his national identity card. Advocate Saifullah Mohib Kakakhel appeared on behalf of the petitioner, while Nadra’s legal representative Shahid Imran Gigiyani represented the authority. During the hearing, the petitioner’s counsel informed the court that his client was doing business in Dubai and Pakistan. He said the authorities had blocked his client’s national identity card. The counsel said his client was a Pakistani citizen who was running a business and paying taxes to the government. He said his client was being penalised by the blocking of his identity card, which was causing him immense...

ISLAMABAD: Presi­dent Asif Ali Zardari, Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar and other federal cabinet members received dozens of gifts from foreign dignitaries this year, with the items being deposited in Toshakhana. The information ministry recently issued details of gifts received by the premier, deputy premier and other officials over the past three months, as the cabinet division also made available on its official website records of gifts received by officeholders since 2002 although the names of foreign dignitaries who presented the gifts were not disclosed. Following the release of the latest Toshakhana rec­o­rds, Information Mini­ster Attaullah Tarar told Dawn that the government periodically publishes details of gifts received by officials and that the latest information covered the previous three months. Interestingly, the cabinet division’s website, while releasing details of gifts, mentioned that the evaluation [of ...

Israel will allow a multinational security force to enter Gaza as proposed under US President Donald Trump’s ceasefire plan for the enclave, an Israeli official said on Sunday, a day before Prime Minister Benjamin Netanyahu heads to Washington. Netanyahu’s security cabinet on Sunday approved the legal framework that would allow the force’s entry to Gaza, the official said. Netanyahu is scheduled to depart for Washington on Monday and is expected to meet Trump on Tuesday. The official said that the mission, called the International Stabilisation Force (ISF), will include 200 members from “friendly countries such as Uganda and Morocco” deploying in areas that are not under Israeli control. Each contingent requires individual Israeli approval to enter Gaza. It was unclear when the forces would deploy. Much of Gaza remains in ruins from two years ​of relentless Israeli bombing triggered by the Hamas-led attacks on Israel on Oct 7, 2023. After a ceas...

A known suspect in the driving of a minivan into a crowd near a major LGBTQ Pride gathering in Berlin was shot dead by law enforcement officers in the city’s Spandau district, police said on Sunday. The ramming attack happened in the Tiergarten park near the Brandenburg Gate at about 10pm (2000 GMT) on Saturday, not far from one of Europe’s biggest annual LGBTQ celebrations, Christopher Street Day. One person was killed, and 29 were injured, authorities said. “Around 6pm (1600 GMT), the suspect involved in yesterday’s attack in Tiergarten was located at an allotment garden complex in Spandau,” Berlin police wrote on X. “According to initial findings, he ran towards officers while armed with a bladed weapon; police… subsequently opened fire. Despite immediate resuscitation efforts by the Berlin Fire Department, he died at the scene.” A federal prosecutor’s spokesperson confirmed one person had been shot and declared dead. Berlin police had identified the suspect as Abdul B, 21, and...

Syria’s President Ahmed al-Sharaa receives UN Secretary General Antonio Guterres at presidential palace.—AFP • Guterres pledges support for Syria’s reconstruction; backs Syria’s request for EU support; calls situation in Golan Heights ‘totally unacceptable’ • Damascus demands Israeli withdrawal from ‘buffer zone’ DAMASCUS: UN Secretary General Antonio Guterres pledged help for Syrian reconstruction on Saturday during the first visit to Damascus by a serving United Nations chief since 2009, before the start of a civil war that killed hundreds of thousands and displaced millions. Syrian President Ahmed al-Sharaa received Guterres at the presidential palace in Damascus, state news agency SANA said, without providing further details. “No country emerges from a very severe conflict and rebuilds itself on its own,” Guterres said after the talks with Sharaa at a joint press conference with Foreign Minister Asaad al-Shaibani. “We must help Syria in its determin...

The government on Saturday kept the prices of petrol and high-speed diesel unchanged for July 26 and 27 due to the non-publication of “Platts prices on weekends”. A day earlier, the prices of petrol and high-speed diesel (HSD) were increased by Rs3.66 and Rs4.80 per litre, respectively. The current price of petrol stands at Rs335.18 per litre, while HSD is priced at Rs383.46 per litre. The government is charging a total of Rs110 per litre in taxes and duties on petrol and Rs96 on diesel. The Petroleum Division’s notification said the price increase announced for July 25 would also remain applicable on July 26 and 27. The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali P...