Month: July 2026

Islamabad: Deputy Prime Minister and Foreign Minister Senator Muhammad Ishaq Dar Monday chaired the 4th meeting of the Shanghai Cooperation Organization (SCO) Follow-up Committee which reviewed preparations for Pakistan’s upcoming SCO CHS Chairmanship (Sept. 2026-27) and the CHS Summit to be hosted in Islamabad in 2027.

Sub-committees briefed the meeting on progress regarding the venue, accommodation, security, finance, media management, transport and logistics for delegations visiting for the SCO CHS Summit.

The DPM/FM directed the concerned heads of the sub-committees to expedite the work. He further emphasised to the chairmen of the sub-committees the need to actively pursue and implement the decisions of this forum. He reiterated the importance of this event and urged everyone to take it as a national task.

The meeting was attended by SAPM Tariq Bajwa, the Federal Secretaries of Foreign Affairs, Cabinet, Defence and Interior, as well as the Chief Commissioner and IG Islamabad, along with senior officials from the relevant departments.

Islamabad: The Supreme Court (SC) of Pakistan on Monday ruled that while the State has the authority to acquire land for public purposes, it is constitutionally bound to pay affected landowners full, fair and real compensation.

According to a 20-page verdict authored by Justice Muhammad Ali Mazhar dismissed all civil appeals filed by the Government of Khyber Pakhtunkhwa in a case relating to compensation for land acquired for an irrigation canal project in Swabi. The Court upheld the decisions of both the Reference Court and the Peshawar High Court.

The judgment held that the value of acquired land could not be determined solely on the basis of official government rates. Instead, authorities must also consider the land’s prevailing market value, its potential use and its future development prospects while assessing compensation.

The Court further observed that where there was an extraordinary delay in the land acquisition process, any increase in land prices and the impact of inflation during the intervening period must also be reflected in the compensation to ensure genuine financial justice for the affected landowners.

Reaffirming a well-established principle, the Supreme Court stated that compensation for acquired land should be based on the concept of “gold for gold, not copper,” meaning that landowners must receive compensation that fully indemnifies them for their loss.

The judgment emphasized that although land acquisition served a public purpose, achieving that objective could not come at the cost of causing unfair financial loss to citizens. It stressed that compensation must be determined by taking into account the land’s actual market value, nature, future utility and all other relevant factors.

The case arose after landowners in Swabi challenged the compensation fixed by the government for land acquired for an irrigation canal project, arguing that it was inadequate. The Reference Court enhanced the compensation on the basis of evidence, a decision that was subsequently upheld by the Peshawar High Court.

The Khyber Pakhtunkhwa government challenged those rulings before the Supreme Court, but the apex court dismissed all appeals and maintained the judgments in favour of the landowners.

Islamabad: Pakistan Stock Exchange Limited (PSX) on Monday released a Concept Paper on the PSX Sustainability Index (PSI), marking a defining milestone in Pakistan’s journey toward mainstream sustainable finance.

The PSI is a proposed benchmark designed to identify and measure the performance of listed companies that embed financially relevant and material environmental, social, and governance risks and opportunities in their business models, according to PSX press release received here.

Commenting on the development, Chief Executive Officer of Pakistan Stock Exchange, Farrukh Sabzwari said, ESG was no longer a conversation held at the margins of capital markets, it was increasingly central to how companies are valued, how capital is allocated, and how long-term risks are priced.

‘The PSX Sustainability Index is our commitment to giving Pakistan’s capital markets a credible, transparent, and internationally comparable tool to identify companies that are not simply performing today but are building the resilience to perform tomorrow,” he said.

The PSI is designed as a total-return performance benchmark, applying a rigorous, materiality-adjusted scoring methodology across Environmental, Social, and Governance pillars.

Sector-specific factor weights ensure that companies are assessed against the risks and opportunities that are genuinely financially relevant to their business, not a uniform checklist applied indiscriminately across industries.

The Index is relevant to listed companies seeking recognition and access to responsible capital, asset managers and institutional investors building ESG-aligned products on a credible benchmark, and investors seeking structured exposure to companies with sustainable business models.

PSX believes that broad market consultation is essential to building an index that reflects the realities of Pakistan’s corporate landscape, accommodates the current state of sustainability disclosure, and sets a clear and achievable improvement pathway for companies across all sectors.

The PSX has invited written comments from stakeholders before 17 July 2026, via email to [email protected].

The Concept Paper is available on the PSX website at: https: //dps.psx.com.pk/download/attachment/279463-1.pdf

Islamabad: The Standing Committee on Overseas Pakistanis and Human Resource Development, Chaired by Syed Rafiullah, met here on Monday at Parliament House, to receive a comprehensive briefing from the Workers Welfare Fund (WWF) on the Fund’s constitutional status, financial management, investment portfolio and welfare initiatives for industrial workers.

The meeting was attended by MNAs including Zulfiqar Ali Bhatti, Dr Mehreen Razzaq Bhutto, Fatehullah Khan, Muhammad Ilyas Choudhry, Sofia Saeed Shah, Zulfiqar Ali Behn, Mah Jabeen Khan Abbasi, Saeeda Jamshid, Mian Khan Bugti, Farhan Chishti and Erum Hamid, along with senior officials of the Ministry of Overseas Pakistanis and Human Resource Development and the Workers Welfare Fund, said a press release.

The Committee registered strong displeasure over the absence of both the Federal Minister and the Secretary of the Ministry, observing that parliamentary oversight cannot be effectively exercised when the principal executive authorities fail to appear before the Committee.

The Committee undertook an extensive review of the longstanding issue concerning the constitutional and administrative status of the Workers Welfare Fund following the Eighteenth Constitutional Amendment.

Officials informed the Committee that while all provinces except Khyber Pakhtunkhwa had enacted the relevant legislation, the broader question of devolution remained unresolved and was awaiting further consideration through the appropriate constitutional mechanism. Members expressed dissatisfaction over the continued uncertainty and questioned the absence of legal clarity despite years of deliberation.

Chair Syed Rafiullah observed that the prolonged delay in resolving the issue was directly affecting Pakistan’s labour community, remarking that “the Ministry and WWF are not resolving this issue because it relates to the weakest segment of Pakistan i.e. its labour.”

The Committee consequently directed that all documents relating to devolution, deliberations before the Council of Common Interests and the proposed future course of action be furnished for examination.

The Committee also undertook a detailed examination of the Fund’s financial management. Members were informed that approximately Rs.350 billion collected under the WWF head presently remains with the Finance Division.

Expressing concern over the opportunity cost of idle public resources, the Committee recommended that WWF funds be placed in interest-bearing accounts, ensuring that returns generated are utilised exclusively for the welfare of industrial workers.

Members also sought detailed information regarding the Fund’s investment policy, expenditure, income, banking arrangements and overall financial governance.

The Committee revisited the controversial Zone-V labour housing project, questioning the circumstances under which housing allotments had been announced in the absence of a duly approved policy framework.

Members stressed that public assets cannot be distributed outside established legal procedures, irrespective of administrative or political directives.

The Committee directed that responsibility be fixed wherever irregularities had occurred and sought a comprehensive fact-finding report together with complete documentary details of the project.

It also reviewed matters relating to land acquired for the proposed medical university in Islamabad, where officials informed the Committee that the matter had previously been examined by investigative authorities and is presently under review by a newly constituted committee.

Members further examined the implementation of labour welfare programmes, including scholarship schemes, Hajj assistance, health projects, workers’ housing, educational facilities and digital services. While appreciating the introduction of the WWF online portal and mobile application, the Committee observed that many workers remain unable to benefit from these initiatives because their employers fail to register them. It directed WWF to incorporate a mechanism enabling workers to initiate their own registration where employers fail to fulfil their legal obligations.

The Committee also instructed that the portal and mobile application be made fully available in Urdu, alongside English, to improve accessibility for workers across the country.

Additionally, the Committee directed the Ministry to provide comprehensive details regarding WWF assets, immovable properties settled with provinces, hybrid administrative arrangements following devolution, expenditure records, audit reports, audit observations and income generated from investments. It also ordered a comprehensive financial audit of the Workers Welfare Fund to strengthen transparency, financial discipline and parliamentary oversight.

Islamabad: Speaker of National Assembly Sardar Ayaz Sadiq paid rich tribute to Havaldar Lalak Jan Shaheed (Nishan-e-Haider) on the occasion of his 27th martyrdom anniversary, saying that the valiant soldier laid down his life while defending the motherland.

He said that Havaldar Lalak Jan Shaheed’s exemplary courage, unwavering sense of duty and supreme sacrifice have earned him an enduring place in the nation’s history and remain a source of immense pride for every Pakistani.

Ayaz Sadiq said that on July 7, 1999, during the Kargil conflict, Havaldar Lalak Jan Shaheed embraced martyrdom while bravely repelling repeated enemy attacks with exceptional courage, steadfastness and professional excellence.

Despite intense shelling and extremely challenging battlefield conditions, he continued to defend his post until his last breath, foiling the enemy’s designs through his extraordinary resilience and determination.

NA Speaker said that the mountains of Kargil still stand as silent witnesses to his remarkable bravery and sacrifice.

Ayaz Sadiq said that the officers and personnel of Pakistan’s armed forces have always rendered unparalleled sacrifices in defence of the country’s sovereignty, independence and territorial integrity.

He said that the entire nation salutes its martyrs and holds their families in the highest esteem for their patience, resilience and invaluable sacrifices.

Ayaz Sadiq said that the sacrifices of the nation’s martyrs continue to strengthen the spirit of national unity, stability and the collective resolve to safeguard the homeland.

The Speaker said that the nation will always remember the sacrifices made by its brave defenders in the line of duty.

Ayaz Sadiq also prayed to Allah Almighty to elevate the ranks of Havaldar Lalak Jan Shaheed in Jannat-ul-Firdous and to bless Pakistan with lasting peace, security, progress, and prosperity.

Deputy Speaker Syed Ghulam Mustafa Shah also paid rich tribute to Havaldar Lalak Jan Shaheed and said that his courage, devotion to duty and unwavering loyalty to the motherland serve as a shining example for future generations.

He said that the nation remains the custodian of the legacy of its martyrs and will always remember their extraordinary sacrifices with profound respect, honour, and pride.

Mustafa Shah said that the matchless sacrifices of the nation’s martyrs constitute the foundation of Pakistan’s security, freedom and sovereignty.

He also prayed to Allah Almighty to grant Havaldar Lalak Jan Shaheed the highest ranks in Jannah and bless Pakistan with enduring peace, stability, and security.

Islamabad: President Asif Ali Zardari on Monday expressed deep grief over the martyrdom of Group Captain Asim Tariq, who lost his life on Sunday while trying to protect an innocent woman here.

The president, in a statement, said that sacrificing one’s life to protect an innocent woman was a bright example of high human values and national service.

He extended his condolences to the family of the martyred Group Captain Asim Tariq and prayed for strength to them to bear the loss.

The president said that such an incident on a main avenue in Islamabad was a matter of concern, stressing the need to ensure the complete eradication of such crimes.