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Business Recorder
11-06-2025
- Business
- Business Recorder
Rs17.6trn FY26 Budget unveiled under the shadows of IMF conditions, US tariff tensions and war threat
ISLAMABAD: Finance Minister Muhammad Aurangzeb on Tuesday presented the federal budget 2025-26 to the parliament, with a total outlay of Rs17.573 trillion, targeting a GDP growth target of 4.2 percent against 2.7 percent in the outgoing year. Aurangzeb termed the budget the start of a strategy to create a competitive economy and economic productivity to increase exports and fundamentally change the economy's DNA. The government has set inflation target of 7.5 percent for the next fiscal year. Regarding the fiscal deficit, the government projected a target of 3.9 percent of the GDP — or Rs5,037 billion — from the outgoing fiscal year's target of 5.9 percent. The primary surplus is targeted at 2.4 per cent of the GDP against the budgeted 2 percent in the current fiscal year, which has been revised to 2.2 percent. Pakistan's Rs17.6trn budget to be unveiled today The finance minister stated that it was unavoidable to aim for a 14 percent tax-to-GDP ratio and added that achieving the national targets was 'impossible without the transformation of the Federal Board of Revenue (FBR).' The government has set an ambitious tax collection target for the FBR at Rs14,131 billion, an 8.95 percent increase from the current fiscal year of Rs1,2970 billion and 18.7 percent higher than the revised estimate of Rs11,900 billion. Non-tax revenue is estimated to be Rs5,147 billion for the next fiscal year against the budgeted Rs4,845 billion for the current fiscal year. 'We are providing tax relief to those who need it the most, ie, the salaried class,' Aurangzeb said, noting that the government has decided to significantly reduce tax rates in various income tax slabs. Salaries of government employees were proposed to be raised by 10 percent with a seven percent increase in pensions. The Special Conveyance Allowance of 4,000 rupees monthly for special persons will be increased to 6,000 rupees. Further, 30 percent Disparity Reduction Allowance for deserving government employees has been proposed in the budget. The Armed Forces of Pakistan have rendered exemplary services for the defence of the motherland, said the minister, adding that in recognition of their services, it has been proposed to give a Special Relief Allowance to the officers, JCOs and soldiers of the Armed Forces of Pakistan. These expenditures will be met from the allocated Defence Budget of 2025-26. The federal government has proposed a significant increase in the defence budget for the upcoming fiscal year, allocating a total of Rs2,550 billion. 'The spirit with which we protected our national sovereignty, we need to ensure our financial security in the same way,' he maintained. 'Pakistan has now achieved economic stability and is moving towards a Pakistan that is prosperous,' he added. The minister said for the salaried class falling under the Rs600,000-Rs1.2 million annual tax slab, the government has decided to reduce the tax rate from five per cent to one per cent. Tax amount has been reduced to 6,000 rupees from existing 30,000 rupees on the employees getting 1.2 million rupees, whereas, the income tax rate on those earning between Rs1.2 million-Rs2.2 million has been reduced from 15 per cent to 11 per cent. Those earning between Rs2.2 million-Rs3.2 million are proposed to pay 23 per cent income tax as compared to the current 25 per cent,' he said. Further, the government, in a bid to reduce the ongoing 'brain drain', has decided to reduce the surcharge on those earning over Rs10 million by oneper cent. Aurangzeb said that from July onwards, the tax filing process will be simplified. Talking about relief measures to ease taxes on the corporate sector, Aurangzeb said a reduction of 0.5 per cent in the super tax has been proposed for the corporations generating 200 million to 500 million rupees annual income. He said this concession indicates government's resolve to rationalise the ratio of the corporate tax. The minister said withholding tax on purchase of property is being reduced from four per cent to 2.5 per cent and 3.5 per cent to 2.5 per cent as well as three per cent to 1.5 per cent. He said there is proposal to completely abolish the Federal Excise Duty (FED) up to seven per cent on the transfer of commercial properties, plots and houses to lessen burden on the construction sector. To encourage mortgage for the provision of loan on low-cost housing, tax credit is being introduced on houses up to 10 marlas and flats of 2,000 square feet. He said the government would promote mortgage financing and comprehensive mechanism would be introduced in that regard. Aurangzeb said stamp paper duty on purchase of property in Islamabad Capital Territory would be reduced from four per cent to one per cent so that shortage of houses could be addressed. He expressed the confidences that these measures will accelerate the housing sector, enabling it to play its due role in the economic development of the country. The government, in its bid to promote horizontal equity has proposed to raise tax rate on interest income from 15 per cent to 20 per cent. The government has proposed Rs16,286 billion for current expenditure in the budget for fiscal year 2026 budget, a 5.33 per cent decrease from the outgoing fiscal year. Civil administration expenditure would be Rs0.97 trillion, pension expenditure Rs1.06 billion, power and other sectors Rs1.19 billion. He said 971 billion rupees are being allocated for the civil administration expenditures, while 1,055 billion rupees have been reserved for the pension expenditures. He said 1,186 billion rupees are being earmarked for subsidy on electricity and other sectors. Speaking on tax revenues, he said the tax-to-GDP ratio was only 8.8 per cent in June 2024, which was raised to 10.3 per cent in the first nine months of fiscal year 2025, and would reach 10.4 per cent by the end of June. The government's revenue was now at 11.6 per cent, including the provinces' 0.8 per cent contributions. 'The FBR has increased tax-to-GDP ratio by 1.6 per cent, which is historic not just in Pakistan but the world,' he asserted. The government has announced to end the distinction between filers and non-filers. Only individuals who submit a wealth statement will be allowed to carry out major financial transactions. An 18 per cent sales tax will now be imposed on the import of solar panels to promote local manufacturing. The finance minister said it has been proposed to impose 'carbon levy' at the rate of 2.5 rupees per litre on furnace oil, high-speed diesel and petrol with the aim to discourage the use of fossil fuel and ensure availability of financial resources for climate change and Green Energy programmes. He said this levy will be enhanced to five rupees per litre in the fiscal year 2026-27. The budget also envisages enforcement measures under FED. The finance minister said it has been proposed to seize those items having no barcodes or original tax stamps under Track and Trace System. He said enforcement powers are also being delegated under FED to the particular provincial officers in small cities and rural areas in view of limited presence of FBR. He said this step is especially aimed at effectively curbing the smuggling of non-duty paid cigarettes. New taxation measures include a five per cent income tax on annual pensions exceeding 10 million rupees. The tax on cash withdrawals by non-filers has been increased from 0.6 per cent to one per cent. An 18 per cent sales tax will be imposed on small vehicles up to 850cc, aiming to bring uniformity in sales tax on petrol, diesel, and hybrid vehicles. The government plans to take strict measures against unregistered businesses. Bank accounts of such businesses will be frozen, and there will be a ban on property transfers. In severe cases, business premises can be sealed and goods confiscated. However, businesses will have the right to appeal within 30 days. The finance minister proposed that Balochistan and the merged districts in KP, which 'had a leeway with taxes for the past seven years', were now to pay sales tax starting from 10 per cent for five years. However, noting that the agriculture sector was the economy's engine of growth, Aurangzeb said no further tax on fertiliser and pesticides was being mulled. He warned that those committing theft in sales tax would face strict punishments, with the right to appeal. An automated risk-based income tax adjustment would be introduced to prevent the misuse of the income tax system. He said that foreign vendors from countries having no bilateral tax agreements with Pakistan could be taxed. 'A five per cent tax on items from foreign vendors has been proposed.' Petrol, diesel and hybrid cars that were excluded from an 18 per cent sales tax would now be hit with the same tax as well, the minister said. The government has proposed several tax measures in the federal budget for the financial year 2025-26, aiming to increase revenue and bring various sectors into the tax net. One key decision is to impose tax on e-commerce or online businesses and shoppers, bringing online transactions under the tax umbrella. Individuals or companies selling goods or services through online platforms will be subject to 18 per cent tax, and tax will also be applicable on goods and services ordered online. E-commerce businesses will be required to submit detailed data and tax reports of their monthly transactions to relevant authorities. Additionally, the budget proposes a 25 per cent tax on income earned on debt, while the tax rate on profits earned on shares remains unchanged. The federal government has announced plans to expand the Benazir Income Support Programme (BISP) with a proposed 21 per cent increase in allocation, bringing the total to Rs716 billion. As part of this expansion, the Kafaalat program under BISP will be extended to cover 10 million families, providing financial support to more households in need. The classification of all state-owned enterprises (SOEs) under SOE reforms has been finalised. Inefficient SOEs have been costing the government over Rs800 billion annually, and reforms aim to reduce these losses. Privatisation of Pakistan International Airlines (PIA) and the Roosevelt Hotel is scheduled for the next fiscal year, and privatisation efforts for power distribution companies (DISCOs) and generation companies (GENCOs) will continue. The Cabinet has approved downsizing staff in 10 federal ministries, with a total of 45 government entities marked for privatisation or closure, he added. The minister said 390,000 high-value non-filers of tax were identified through data integration, with Rs300m recovered. The minister highlighted that there was a 100pc increase in the number of tax filers, taking the revenues to Rs105 billion. 'For the first time, the IMF has acknowledged Rs389 billion revenues through law enforcement,' he said. The minister said those who were raising alarm about a mini-budget, no such move had been taken by the government. The finance minister said that there was a 31 per cent reduction in electricity prices, as well as 50 per cent reduction in prices for protected consumers. The minister said that the government had made plans to procure cheap energy. Noting the closure of costly power plants and reforms in the oil and gas sector, he said Turkish and other international companies were willing to invest in Pakistan. He mentioned the $5 billion investment pledge by RekoDiq and pointed out fuel price deregulation aimed to promote competition. 'Gold mines in RekoDiq are a key part of our future. The plan's feasibility study was completed in January,' he noted. 'We expect $71 billion in cash flows as well as $7 billion in tax and $8 billion in royalties,' he said, terming the project a 'game changer'. Aurangzeb said additional customs duties will come to an end in four years, regulatory duties will end in five years, Customs Act's Schedule 5 will also be eliminated in five years, and customs duty will be structured in slabs, with the maximum being 15 per cent. 'Tariff reforms will be applied step by step so that businesses can adjust and challenges are reduced. This will apply to all economic areas, including pharma, IT, telecom, textile and engineering.' Aurangzeb said that these instruments would lower the tariffs, bringing them to the same level as Indonesia. The minister said IT exports are projected to reach $25 billion in the next five years. Aurangzeb said that the Small and Medium Enterprise Development Authority had launched a three-year plan for financing small and medium enterprises (SMEs). He said that under the SME risk coverage scheme, 95,000 SMEs had received Rs300 billion in funding till May 2025. He affirmed that the government was taking steps for overseas Pakistanis, including an online system, civil procedure laws to prevent fraud, a quota in chartered medical schools, and civil awards for the top 15 senders. Speaking about the agricultural sector, Aurangzeb said Rs2.64 billion were earned in fiscal year 2024-25, adding that the National Seed Policy 2025 and the National Agri Technology Policy 2025 had been 'nearly approved'. The minister also praised the Strategic Investment and Facilitation Council (SIFC) for taking forward 'strategic Brownfield and Greenfield projects'. 'Inter-provincial and inter-federal connection improved,' he added. Aurangzeb stressed the need for the country to increase its water reservoirs and ensure water security. Under the 2018 National Water Policy, he mentioned the goals of 10m-acre increase in water storage, 35 per cent reduction in water waste and 30 per cent increase in water-use efficiency. He detailed that Rs133 billion would be allocated for projects, Rs34 billion for investment and Rs2 billion for 15 key schemes, detailing the breakdown for various dams. The minister said that the government needed to ensure the provision of cheap energy. He said that 47 schemes and Rs90.2 billion were allocated to the energy sector, including Rs840m for the Tarbela 5th Extension, Rs10.9 billion for the Dasu hydel project, Rs3.5 billion for the 884MW Suki-Kinari Hydropower Project, and Rs35.7 billion for the Mohmand hydel dam. The allocations for other power projects included Rs4.4 billion for the Allama Iqbal Industrial City grid station, Rs1.1bn for the Quaid-i-Azam Business Park, Rs1.6bn for the 100KVA and 200KVA transformers asset performance management system, Rs2.9 billion for the Islamabad Electric Supply Company (IESCO) advanced metering infrastructure, Rs1.8bn for the Multan Electric Power Company (MEPCO), Rs1.9 billion for the Hyderabad, Rs2.4 billion for the Peshawar, Rs67.2bn for the Water and Power Development Authority (Wapda) clean electricity scheme, Rs3bn for five energy schemes of Azad Jammu and Kashmir and Gilgit-Baltistan, and 1.2 billion for GB grids. 'Genetic improvement and post-harvest processes will be focused on,' he said, adding that a total of 1,000 agriculture graduates had been sent to China on government-funded programmes. He also announced five new livestock schemes. Aurangzeb said the Higher Education Commission (HEC) would be receiving Rs39.5 billion for 170 projects, of which, Rs38.5 billion would be set aside for the provinces. Aurangzeb said the a total of 164 billion rupees have been earmarked in the PSDP 2025-26 for the Azad Jammu and Kashmir, Gilgit-Baltistan and merged districts of Khyber-Pakhtunkhwa. Forty-eight billion rupees each has been allocated for Azad Kashmir and Gilgit-Baltistan while sixty-eight billion rupees have been reserved for merged districts of Khyber-Pakhtunkhwa. He further said the federal government has made block allocations of 32 billion rupees for Azad Jammu and Kashmir, 22 billion rupees for Gilgit-Baltistan and 65 billion rupees for merged districts of Khyber-Pakhtunkhwa and 10-year erstwhile FATA plan under the Annual Development Plan. Besides, the federal government has allocated five billion rupees for Azad Jammu and Kashmir and four billion rupees for Gilgit-Baltistan as Prime Minister's Special Package. The minister said that the government has formulated a new Electric Vehicle (EV) Policy aimed at promoting the use of two- and three-wheeled EVs over traditional petrol and diesel-powered vehicles. 'This initiative seeks to reduce environmental pollution while decreasing the country's reliance on imported fossil fuels,' he added. Highlighting the key features of the EV Policy, he said that the policy encourages the manufacturing and sale of electric two- and three-wheelers by introducing a levy on petrol and diesel vehicles. The levy will be applied at varying rates based on engine power, affecting both local sales and imports of fossil fuel-based vehicles. Copyright Business Recorder, 2025
News18
08-06-2025
- Politics
- News18
Soundly Thrashed, Yet Pakistanis Convince Themselves Of Victory
Last Updated: Operation Sindoor was a resounding success for India, resulting in considerable damage to Pakistan's air defence system and air bases. Yet, Pakistan claims that it won Deceiving others is bad, but deceiving oneself is worse. Having acquired consummate skills in lying to the world about anything, Pakistan's immersion into mendacity is complete. It can no longer distinguish between fact and fiction—and between defeat and triumph. It got smacked in the four-day skirmish with India last month; there is a mountain of evidence (including videos by Pakistani social media) to prove that Operation Sindoor was a resounding success, resulting in considerable damage to Pakistan's air defence system and air bases. And Pakistan's reaction? It claimed that it won! Never was a lie as blatant. Six days after the cessation of hostilities, Pakistani Prime Minister Shehbaz Sharif said in a statement, 'This is a victory of the Armed Forces of Pakistan as well as the self-reliant, proud, and dignified Pakistani nation. The entire nation is standing by the armed forces like a wall made of lead." The Army chief, Gen Syed Asim Munir, was made Field Marshal. It is not just the Pakistani government and military that claimed to have emerged victorious in a skirmish in which they were soundly thrashed; people believed in the lie. A Gallup Pakistan survey conducted between May 11 and 15 showed that 96 per cent of more than 500 respondents believed Pakistan had won the conflict," Al Jazeera reported. 'Initial data and survey trends shared exclusively with Al Jazeera showed 82 per cent rated the military's performance as 'very good,' with fewer than 1 per cent expressing disapproval. Most significantly, 92 per cent said their opinion of the military improved as a result of the conflict." Pakistanis, however, don't need a Copperfield to create a new reality; they themselves do it—and fall in love with it. Conspicuously, the Pakistani people did not fall prey to the propaganda by Rawalpindi and Islamabad; they chose to ignore the zillion social media videos they themselves had made and circulated showing attacks on their air bases and other places. Rejecting the sanctity of sensory perception, commonsense, and reason, and refusing to accept the unmistakable weaknesses of their military, they found refuge in the Islamist fantasy of the invincibility of the ghazi, the jihadist soldier. It needs to be mentioned here that the Western mainstream media and the Trump administration underpinned Pakistanis' self-deception. It took foreign journalists several days to realize that India had licked Pakistan. So, the New York Times reported on May 14, 'Where India appears to have had a clear edge is in its targeting of Pakistan's military facilities and airfields, as the latter stretch of fighting shifted from symbolic strikes and shows of force to attacks on each other's defense capabilities." Yet, Pakistan keeps celebrating its 'victory.' Most Pakistanis genuinely believe that they have won the military conflict with India. Pakistan may be a military dictatorship, but its state, deep state, and society are symbiotically intertwined. It is a weird totalitarianism. George Orwell, Rightists' favourite Leftist, is often quoted in describing and explaining totalitarianism, the ruthless exercise of power, the abuse of language, and so on. But even his genius will not be able to fully explain the monstrosity that Pakistan is. O'brien, the party commissar who tricks the protagonist Winston of 1984 into believing in him, tells him, 'We control matter because we control the mind. Reality is inside the skull. You will learn by degrees, Winston. There is nothing that we could not do. Invisibility, levitation—anything. I could float off this floor like a soap bubble if I wished to. I do not wish to, because the Party does not wish it. You must get rid of those nineteenth-century ideas about the laws of nature. We make the laws of nature." Winston rightly finds all this utter nonsense; though not philosophically sophisticated, he even knows that there is a word to describe this stupid theory. O'brien helps him: 'I told you, Winston," he says, 'that metaphysics is not your strong point. The word you are trying to think of is solipsism. But you are mistaken. This is not solipsism." Then the commissar goes on to explain, 'The real power, the power we have to fight for night and day, is not power over things, but over men." He continues: 'Obedience is not enough… Power is in inflicting pain and humiliation. Power is in tearing human minds to pieces and putting them together again in new shapes of your own choosing." Orwell's narrative beautifully describes the evil of a communist state, but Pakistan is even worse. It doesn't have a party; it has an army—and it has radical Islam. Radical Islam tears human minds to pieces, bestialises hearts, and coarsens sensibilities. And it makes the adherents see what they want to see. So, they see defeat as victory. Location : New Delhi, India, India First Published: June 08, 2025, 19:47 IST News opinion Opinion | Soundly Thrashed, Yet Pakistanis Convince Themselves Of Victory
Business Recorder
29-05-2025
- Politics
- Business Recorder
‘Youm-e-Takbeer' Armed forces, CJCSC, services chiefs felicitate nation
RAWALPINDI: The Armed Forces of Pakistan, along with the Chairman Joint Chiefs of Staff Committee and Services Chiefs, have extended heartfelt felicitations to the people of Pakistan on the 27th anniversary of Youm-e-Takbeer. According to a statement of Inter-Services Public Relations (ISPR), Youm-e-Takbeer commemorates the momentous occasion in 1998 when Pakistan emerged as a nuclear power, restoring the strategic balance in South Asia and asserting its sovereign right to self-defence. This historic achievement epitomises the nation's resolve, unity, and unwavering pursuit of a dignified and peaceful existence. Pakistan's strategic capability is a national trust, reflecting the collective aspirations of its people. The commemoration of Youm-e-Takbeer is a tribute to the foresight of visionary leadership, the brilliance of our scientists and engineers, and the countless contributions of all those who rendered Pakistan's defence unassailable. This day underscores Pakistan's steadfast commitment to preserving its sovereignty and territorial integrity. It affirms our doctrine of credible minimum deterrence, rooted in the principle of maintaining peace and strategic stability in the region. The Armed Forces of Pakistan reiterate their unflinching resolve to defend the motherland against all threats across the full spectrum of conflict. As responsible custodians of the nation's strategic assets, we reaffirm that our nuclear capability remains solely for defensive purposes and stands as a guarantor of peace. Let this day renew our collective pledge to remain vigilant, united, and resolute in our commitment to the security, progress, and prosperity of our beloved homeland. The Armed Forces stand in solidarity with the nation, honouring the sacrifices that made this milestone possible and continuing the journey toward strength, stability, and self-reliance. The team of Pakistan's scientists led by founder of Pakistan's nuclear programme, Dr Abdul Qadeer Khan, and Dr Samar Mubarakmand carried out nuclear tests in the RasKoh Hills in the Chaghai District of Balochistan. In his message on the occasion of Youm-e-Takbeer, President said that Pakistan's nuclear capability continues to serve as a credible minimum deterrent that guarantees peace and ensures no one can undermine our sovereignty and national security. He said Pakistan does not seek conflict and is committed to the principles of peaceful coexistence and respect for international law. Asif Ali Zardari said that Pakistan demonstrated its strategic patience and commitment to peace in the face of recent unprovoked Indian aggression. In his message on the occasion, Prime Minister Shehbaz Sharif hailed Pakistan's nuclear journey and called for renewed unity and determination to transform the country into an economic power. The Prime Minister linked this year's commemoration with what he described as Pakistan's recent success in defending itself from an unjustified war imposed by India. He urged the nation to carry the spirit of Youm-e-Takbeer beyond defense and into economic transformation.
Business Recorder
28-05-2025
- Politics
- Business Recorder
Youm-e-Takbeer: President, PM, and Armed Forces resolve to protect sovereignty
President Asif Ali Zardari and Prime Minister Shehbaz Sharif renewed on Wednesday the pledge to uphold and safeguard the sovereignty and territorial integrity of Pakistan. On the occasion of Youm-e-Takbeer, President said that Pakistan's nuclear capability continues to serve as a credible minimum deterrent that guarantees peace and ensures 'no one can undermine our sovereignty and national security', as per Radio Pakistan. He said Pakistan does not seek conflict and is committed to the principles of peaceful coexistence and respect for international law. 'Pakistan demonstrated its strategic patience and commitment to peace in the face of recent unprovoked Indian aggression.' In his message, PM Shehbaz honoured the brilliant scientists and engineers who turned the vision and aspirations of the entire nation into reality. 'We commend our valiant armed forces for their unwavering resolve and determination to defend the nation's frontiers against all external and internal threats,' the PM wrote on X. 'In the same spirit of unity and resolve, we pledge to build Pakistan into a strong economic power that would become the envy of the world. InshaAllah!' Meanwhile, the Armed Forces of Pakistan, along with the Chairman Joint Chiefs of Staff Committee and Services Chiefs, also extended heartfelt felicitations to the people of Pakistan. 'Youm-e-Takbeer commemorates the momentous occasion in 1998 when Pakistan emerged as a nuclear power—restoring the strategic balance in South Asia and asserting its sovereign right to self-defence,' the Inter-Services Public Relations (ISPR) said in a press release today. Youm-e-Takbeer: Sindh govt declares public holiday on May 28 The statement added that this historic achievement epitomizes the nation's resolve, unity, and unwavering pursuit of a dignified and peaceful existence. 'The Armed Forces of Pakistan reiterate their unflinching resolve to defend the motherland against all threats across the full spectrum of conflict. As responsible custodians of the nation's strategic assets, we reaffirm that our nuclear capability remains solely for defensive purposes and stands as a guarantor of peace.'
Business Recorder
28-05-2025
- Politics
- Business Recorder
Youm-e-Takbeer: president, PM and armed forces resolve to protect sovereignty
President Asif Ali Zardari and Prime Minister Shehbaz Sharif renewed on Wednesday the pledge to uphold and safeguard the sovereignty and territorial integrity of Pakistan. On the occasion of Youm-e-Takbeer, President said that Pakistan's nuclear capability continues to serve as a credible minimum deterrent that guarantees peace and ensures 'no one can undermine our sovereignty and national security', as per Radio Pakistan. He said Pakistan does not seek conflict and is committed to the principles of peaceful coexistence and respect for international law. 'Pakistan demonstrated its strategic patience and commitment to peace in the face of recent unprovoked Indian aggression.' In his message, PM Shehbaz honoured the brilliant scientists and engineers who turned the vision and aspirations of the entire nation into reality. 'We commend our valiant armed forces for their unwavering resolve and determination to defend the nation's frontiers against all external and internal threats,' the PM wrote on X. 'In the same spirit of unity and resolve, we pledge to build Pakistan into a strong economic power that would become the envy of the world. InshaAllah!' Meanwhile, the Armed Forces of Pakistan, along with the Chairman Joint Chiefs of Staff Committee and Services Chiefs, also extended heartfelt felicitations to the people of Pakistan. 'Youm-e-Takbeer commemorates the momentous occasion in 1998 when Pakistan emerged as a nuclear power—restoring the strategic balance in South Asia and asserting its sovereign right to self-defence,' the Inter-Services Public Relations (ISPR) said in a press release today. Youm-e-Takbeer: Sindh govt declares public holiday on May 28 The statement added that this historic achievement epitomizes the nation's resolve, unity, and unwavering pursuit of a dignified and peaceful existence. 'The Armed Forces of Pakistan reiterate their unflinching resolve to defend the motherland against all threats across the full spectrum of conflict. As responsible custodians of the nation's strategic assets, we reaffirm that our nuclear capability remains solely for defensive purposes and stands as a guarantor of peace.'
