Business
Pakistan Day: more than a day of remembrance | The Express Tribune
In modern world, sovereignty has evolved; it is no longer just political; it is deeply economic
ISLAMABAD:
Every year on March 23, Pakistan commemorates the Lahore Resolution – a defining moment that set the course for the creation of a sovereign state. It was a vision rooted in dignity, self-determination, and the right to shape an independent future.
More than seven decades later, Pakistan Day must be more than remembrance. It must also be reflection. Because sovereignty today cannot be measured by flags and borders alone.
In the modern world, sovereignty has evolved. It is no longer just political; it is deeply economic. A country that cannot sustain its economy without external support, which repeatedly returns to institutions such as the International Monetary Fund, must confront a difficult question: how independent is its decision-making in practice?
Economic fragility narrows policy space, limits strategic options, and forces governments into short-term decisions that often come at the cost of long-term stability. Over time, it creates an illusion of sovereignty – where political independence exists, but economic autonomy does not.
Pakistan is not alone in having emerged from colonial rule. Many nations that gained independence in the mid-20th century began their journeys with similar or even weaker starting points.
Consider South Korea. In the 1950s, it was war-ravaged, resource-constrained, and heavily aid-dependent. Today, it is a global industrial and technological power. Malaysia transitioned from a commodity-based economy to a diversified manufacturing and services hub through consistent policy direction and export-led growth. Vietnam, once devastated by conflict, has emerged as a major export economy, integrating deeply into global supply chains.
These transformations were not accidental. They were the result of sustained policy discipline, institutional consistency, and a clear understanding that economic strength is the foundation of sovereignty.
Pakistan’s economic story, by contrast, is defined by repetition. Crisis leads to stabilisation. Stabilisation leads to temporary relief. Relief delays reform. And the cycle begins again. Export bases remain narrow. Productivity growth is slow. Fiscal pressures are constant. Policy direction often shifts with political transitions rather than long-term national priorities.
The issue is not the absence of ideas. Pakistan has produced numerous reform frameworks and policy roadmaps. The issue is continuity. Without sustained implementation, even the best strategies remain unrealised.
Why this Pakistan Day feels different
This year, Pakistan Day carries a sharper edge. Amid evolving regional tensions and shifting geopolitical realities, the meaning of sovereignty has become more immediate. National security is no longer confined to defence capabilities; it is inseparable from economic strength. A fragile economy is not just a developmental concern; it is a strategic vulnerability.
The spirit that led to the Lahore Resolution was rooted in the desire for control over destiny. Today, that control depends as much on fiscal stability, export strength, and institutional credibility as it does on political independence. Pakistan does not need another diagnosis. Its challenges are well understood. What it needs is discipline; expressed through three forms of consistency.
Consistency in policy means that economic priorities must outlive political cycles. Investors, industries, and institutions respond to predictability, not periodic shifts. Without stable policies, even the most promising sectors fail to mature.
Consistency in reform requires that structural changes are not abandoned midway. Tax reforms, export strategies, industrial policies – these cannot be crisis-driven exercises. They must be sustained, even when immediate pressures subside.
Consistency in direction is perhaps the most critical. Nations that progress do so not because they avoid setbacks, but because they do not lose sight of their long-term trajectory. Pakistan has often changed course just when continuity was needed most. Without these three forms of consistency, reform remains episodic and progress remains fragile.
From political freedom to economic strength
The generation that gathered in 1940 secured a political future for Pakistan. The responsibility of the present generation is to secure its economic one. With a population exceeding 240 million – of which nearly 65% is youth – Pakistan stands at a defining moment. This demographic reality can either become a powerful engine of growth or a source of economic strain.
Without economic expansion, job creation, and productivity growth, the promise of youth becomes a pressure point. At the same time, the global economy is evolving rapidly. Competition is intensifying. Technological shifts are redefining industries. Countries that fail to adapt risk being left behind.
Economic strength, therefore, is not a luxury; it is a necessity. It is essential to safeguard political freedom. It is essential to provide dignity to citizens. It is essential to position Pakistan as a credible and confident member of the global community.
Pakistan Day is also a moment of remembrance. It is a reminder of those who struggled, sacrificed, and envisioned a state that would stand with dignity among nations. Their aspiration was not merely for territorial independence, but for a system that would ensure justice, opportunity, and self-reliance.
To honour that sacrifice is not only to remember it but to complete it. That requires moving beyond symbolic celebration to substantive progress. It requires building institutions that work, policies that endure, and an economy that sustains. It requires asking not only what Pakistan is but what it is becoming.
A day for decision
Pakistan Day should not only celebrate what was achieved; it should define what comes next. A nation that is politically free but economically dependent remains strategically constrained. When Pakistan came into being, it did so as a state with limited resources, fragile institutions, and immense uncertainty. Yet, through resilience and determination, it survived, stabilised, and laid the foundations of a functioning state against considerable odds.
That history is not a story of weakness; it is a story of endurance. But endurance alone is no longer enough. The world is moving faster than ever. Economies are transforming, technologies are redefining industries, and nations are competing not just for survival, but for relevance. In such a world, standing still is not stability; it is decline.
To catch up with the pace of global development, Pakistan must move with clarity of direction, consistency of decisions, and the courage to translate ambition into execution. Vision must become policy. Policy must become implementation. Implementation must deliver results. The generation of 1940 created Pakistan. This generation must now strengthen it. The promise was made. Its fulfilment still lies ahead.
The writer is a PhD; former executive director general, Board of Investment, Prime Minister’s Office; public policy & corporate law expert
The FTSE 100 closed higher on Monday, recouping most of Friday’s hefty falls amid a calmer bond market and as Iran responded to the latest US peace proposal.
The FTSE 100 closed up 128.38 points, 1.3%, at 10,323.75. The FTSE 250 ended up 15.56 points, 0.1%, at 22,611.70, but the AIM All-Share fell 8.72 points, 1.1%, at 800.17.
Iran said it had responded to a new US proposal aimed at ending the war, adding that diplomatic exchanges continue despite Iranian media reports describing Washington’s demands as excessive, AFP reported.
Washington and Tehran have been swapping proposals in an effort to end the conflict, which the US and Israel launched on February 28, but they have held only a single round of talks despite a fragile ceasefire.
“As we announced yesterday, our concerns were conveyed to the American side,” foreign ministry spokesman Esmaeil Baqaei told a news briefing, adding that exchanges were “continuing through the Pakistani mediator”.
Mr Baqaei defended Iran’s demands, including the release of Iranian assets frozen abroad and the lifting of long-standing sanctions.
“The points raised are Iranian demands that have been firmly defended by the Iranian negotiating team in every round of negotiations,” he said.
But with no signs of clear progress, the oil price remained inflated and volatile.
Brent crude for July delivery was trading at 110.80 dollars a barrel on Monday, up compared to 108.83 at the time of the equities close in London on Friday.
After a frantic Friday, the bond markets calmed, while sterling also rebounded as investors weighed the latest political developments.
The yield on UK 10-year gilts traded at 5.14% compared to 5.17% at the same time on Friday.
The pound traded at 1.3397 dollars on Monday afternoon, up from 1.3319 on Friday. Against the euro, sterling firmed to 1.1506 euros from 1.1462 on Friday.
Prime Minister Sir Keir Starmer insisted he would not set out a timetable to leave No 10 as potential leadership challenger Andy Burnham vowed to “change Labour” if he is successful in his effort to return to Parliament.
The Prime Minister said he still wants to lead Labour into the next general election amid calls from within the party to set out a timetable for his exit.
Greater Manchester Mayor Mr Burnham hopes to be Labour’s candidate in the Makerfield by-election, which could provide him with a route back to the Commons to challenge for the party leadership and the keys to Downing Street.
Speaking to broadcasters in London, Sir Keir said he was not going to set out a timetable to stand down if Mr Burnham returns to Westminster.
He added: “I do want to fight the next election. Obviously, I recognise that after the local election results, the elections in Wales and Scotland as well, that the first task is obviously turning things around and making sure that my focus is in the right place.”
Meanwhile, the International Monetary Fund said growth in the UK economy will be stronger this year than previously thought.
The IMF updated its growth projections a month after warning of a sharp slowdown caused by the global energy shock from the US-Iran war.
The influential financial body said it was now predicting UK gross domestic product to rise by 1% in 2026, higher than the 0.8% growth it was forecasting last month.
Responding to the latest report, Chancellor Rachel Reeves said: “The IMF upgrading its growth forecasts and backing our fiscal strategy is yet more proof that this Government has the right economic plan.”
In Europe, equity markets on Monday, the Cac 40 in Paris ended up 0.4%, and the Dax 40 in Frankfurt advanced 1.5%.
In New York, the Dow Jones Industrial Average was down 0.1%, the S&P 500 fell 0.4%, and the Nasdaq Composite was 0.7% lower.
On the FTSE 100, Whitbread closed up 2.3% after Corvex Management urged the Premier Inn owner to put itself up for sale, slamming its recently announced new five-year strategic plan.
In a damning letter to Whitbread management, the New York-based activist hedge fund called the status quo “untenable” and said that the need to pursue “meaningful strategic and structural reform had become unignorable”.
As a result, Corvex, which holds a stake of around 7% in Whitbread, said the only “credible” path to unlocking value at Whitbread is a sale of the company.
Anglo America fell 1.4% as it struck a deal to sell its portfolio of steelmaking coal mines in Australia to Dhilmar for up to 3.88 billion dollars in cash.
The London-based mining house said Dhilmar will pay the FTSE 100-listing 2.3 billion dollars upfront, and the deal has a price-linked earnout of up to 1.58 billion dollars.
Anglo American chief executive officer Duncan Wanblad said: “This agreement represents another major step in the simplification of our portfolio ahead of completing our merger with Teck. Through this transaction, we will complete our exit from steelmaking coal.”
Susannah Streeter, chief investment strategist at Wealth Club, said: “This not only strengthens the balance sheet, ahead of its planned merger with Canada’s Teck Resources, but also keeps it exposed to future strength in coal prices.”
Capita shares rose 8.9% as the London-based outsourcing and business services company said adjusted revenue rose 2.9% on-year in the first four months of 2026, which it said was in line with expectations.
Looking ahead, Capita said it continues to expect a low to mid-single digit revenue climb in Capita Public Service and expects mid-teen revenue growth in its Pension Solutions business.
The biggest risers on the FTSE 100 were Centrica, up 7.70p at 196.95p, National Grid, up 43.50p at 1,231.50p, Pearson, up 37.00p at 1,136.50p, Relx, up 81.00p at 2,504.00p, and SSE, up 74.00p at 2,345.00p.
The biggest fallers on the FTSE 100 were 3i Group, down 128.00p at 2,082.00p, Airtel Africa, down 15.60p at 312.80p, Mondi, down 16.40p at 734.60p, Polar Capital Technology Trust, down 12.50p at 659.00p and Diploma, down 95.00p at 6,625.00p.
Tuesday’s global economic calendar has UK consumer and wholesale inflation figures, eurozone inflation data and the minutes of the last Federal Open Market Committee meeting.
Tuesday’s local corporate calendar has full-year results from business services group DCC, half-year numbers from supplier of specialised technical products and services, Doploma, and electricals retailer Currys.
Lloyds Banking Group is considering phasing out its Halifax brand, a move that could bring an end to the 173-year-old institution.
The Sun reports that bosses are expected to announce the end of Halifax as a standalone brand this summer.
It is understood that no definitive decisions have yet been made about the brand, which granted its first mortgage in 1853.
Should Halifax be phased out, account numbers would remain unchanged, and customers’ automatic protection under the Financial Services Compensation Scheme (FSCS) would be unaffected.
“We regularly look at the role our brands play in supporting our customers,” a spokesperson for Lloyds said.
“Our banking customers can already use any Lloyds, Halifax or Bank of Scotland branch, and see any of their products and services in any of their apps – there are no changes for our customers today.”
The Sun, citing industry insiders, reported that any transition would begin on 1 July when people will no longer be able to open new Halifax accounts online or through the app.
By October, Halifax will stop taking on new customers entirely and existing account holders will be gradually migrated to Lloyds Bank, the reports say.
Lloyds declined to comment on the potential timings for any plans.
Britain’s biggest mortgage lender made changes in 2025 that meant its three brands, Lloyds, Halifax and Bank of Scotland, could share branches and mobile banking services.
The shake-up meant some customers could access a branch that is closer to their home because they will be able to access face-to-face banking regardless of the brand.
However, the banking giant has also shut hundreds of high street branches over recent years.
It started another round of closures this month, which will see 95 branches shuttered across the three brands by March 2027.
The closures will leave the group with 610 branches in total, of which 306 are Lloyds, 238 Halifax and 66 Bank of Scotland.
Lloyds has said that all employees currently working at the affected branches will be offered alternative roles within the business or at other locations.
Halifax and Lloyds operate in the same market in England and Wales, while Bank of Scotland is the group’s only brand in the country.
The Reserve Bank of India (RBI) on Monday decided against activating the countercyclical capital buffer (CCyB), indicating that current financial and credit conditions do not warrant an additional capital requirement for banks, PTI reported.The central bank said the decision followed a review and empirical assessment of indicators used under the CCyB framework.“Based on review and empirical analysis of CCyB indicators, it has been decided that it is not necessary to activate CCyB at this point in time,” RBI said in a statement.Under the RBI (Commercial Banks – Prudential Norms on Capital Adequacy) Directions, 2025, the CCyB framework is activated when financial conditions indicate rising systemic risks linked to excessive credit growth.The framework primarily relies on the credit-to-GDP gap as a key indicator, along with supplementary metrics.According to the RBI, the CCyB mechanism is intended to serve two broad objectives.Firstly, it requires a bank to build up a buffer of capital in good times, which may be used to maintain the flow of credit to the real sector in difficult times.Secondly, it achieves the broader macro-prudential goal of restricting the banking sector from indiscriminate lending in the periods of excess credit growth that have often been associated with the building up of system-wide risk.The framework was introduced globally after the 2008 financial crisis as part of measures proposed by the Group of Central Bank Governors and Heads of Supervision (GHOS) under the Basel framework to strengthen financial system resilience.
Thomas Massie faces Trump-backed challenger in GOP primary: Can he win?
What to expect from "Survivor 50" finale
FTSE 100 up amid calmer bonds but oil rises again
-
Entertainment6 days agoConan O’Brien hat tricks as Oscar host
-
Tech1 week agoCould Contact-Tracing Apps Help With the Hantavirus? Not Really
-
Fashion5 days agoItaly’s Zegna Group’s Q1 growth boosted by strong organic performance
-
Entertainment1 week agoMartin Short: Facing tragedy with joy
-
Entertainment1 week agoTom Brady gets back at Kevin Hart during Netflix roast
-
Sports1 week agoJacob Fatu unleashes vicious assault on Roman Reigns after World Heavyweight Championship loss at WWE Backlash
-
Entertainment1 week agoMartha Stewart: How to make an omelet
-
Tech1 week agoPapa Johns Is Getting Into Drone Delivery—but Not for Pizza