Entertainment
Pakistan’s external liabilities stands at $130bn, dollar amounts to 58% of total debt

- External financing to rely on multilateral, bilateral sources.
- $1bn Panda Bond programme established, first issuance in FY26.
- Preparatory work underway for launch of Sustainable Bonds.
ISLAMABAD: Pakistan’s external debt and liabilities, currently standing at around $130 billion, are heavily concentrated in five major currencies, with the US dollar alone accounting for nearly 58% of the total burden, The News reported on Thursday
“The external debt portfolio is predominantly denominated in a few major currencies. The US dollar leads with a 57.8% share, followed by Special Drawing Rights (SDRs) at 29.88%, Chinese Yuan 5.21%, Japanese Yen 3.95%, and the Euro 2.62%,” reads the government’s latest Debt Management Strategy (DMS) for 2026-2028.
The Finance Ministry’s strategy underscores that external financing will continue to rely mainly on multilateral and bilateral sources offering concessional terms and longer maturities.
However, in an effort to diversify, Pakistan plans to re-enter international capital markets with new instruments, including Panda Bonds, Sustainable Bonds, and Eurobonds — subject to favourable global interest rate conditions and domestic economic stability.
A $1 billion Panda Bond programme has already been established, with the first issuance of $200-250 million scheduled for FY2026, followed by additional tranches in the medium term.
Preparatory work is also underway for the launch of Sustainable Bonds, backed by a newly developed Sustainable Financing Framework, which is currently under cabinet review. This framework will guide the structure, maturity, and repayment terms of all future sustainable bond issuances.
Although access to Eurobond markets has remained constrained since 2022, the strategy outlines a plan for re-entry into international capital markets as conditions improve.
In the meantime, Panda Bonds — Renminbi-denominated securities in the Chinese market — are being developed as an alternative, supporting diversification of funding sources, lowering borrowing costs, reducing refinancing risk and enhancing Pakistan’s financial integration with Chinese markets.
To actively manage foreign exchange risks, the government intends to employ hedging instruments while also developing domestic futures and interest rate swap markets.
Innovative options, including debt-for-nature swaps, are under consideration to help manage external liabilities while aligning with climate goals.
Domestic debt is expected to remain the primary source of government financing during the strategy period. Under the International Monetary Fund (IMF) programme, the ceiling for government guarantees is set at Rs5,600 billion as of end-June 2025.
By March 2025, guarantees worth Rs405 billion —equivalent to 0.35% of GDP — had been issued, raising the total outstanding stock to Rs4,548 billion.
These include guarantees extended to state-owned enterprises such as TCP and PASSCO for commodity-related financing.
Entertainment
Psychic predicts major problem in King Charles, Camilla’s marriage

A celebrity psychic has predicted there may be a problem in King Charles and Queen Camilla’s marriage.
The astrologer has also disclosed the ’cause for concerns’ in King Charles marriage to Camilla, adding it was also in the monarch’s relationship with former wife Princess Diana.
Speaking to Cheat Sheet, Inbaal Honigman said the one thing about their compatibility which may be ‘cause for concern’, is that they both share a rising sign.
“In many cases, having the same rising sign could indicate a couple who have a lot in common, but since both these royals have proud Leo as their ascendant, this could create a clash,” the expert said and added, “Leos like being center stage, and struggle to share the limelight.”
Inbaal went on saying the two partners with Leo rising will therefore sometimes “argue over who’s right.”
The report further says one of the problems in Charles and Diana’s relationship was that the king was never comfortable with how all the focus and attention was always on Prince William and Harry’s mother and not him.
And Camilla is fully aware of that, it added.
However, body language expert Darren Stanton believes King Charles and Queen Camilla have an unbreakable bond, noting, “The strength of Charles and Camilla’s relationship is unmistakable.”
“While Charles often commands attention in public, it’s Camilla who remains his anchor,” he added.
Entertainment
Constitutional matters to be only heard by CB, says Justice Mazhar

- “Full court” term is not mentioned in Article 191-A: Justice Mazhar.
- Adds CJ has “no authority” in full court-related matters anymore.
- Specific judges cannot be included in full court: Justice Mandokhail
ISLAMABAD: Supreme Court’s Justice Muhammad Ali Mazhar on Monday remarked that constitutional matters “will only be heard by the constitutional bench”.
Justice Mazhar passed these remarks as the SC constitutional bench, headed by Justice Amin-ud-Din, heard several petitions filed against the 26th Constitutional Amendment passed by parliament in October 2024.
Other members of the bench include Justice Jamal Khan Mandokhail, Justice Ayesha A Malik, Justice Syed Hasan Azhar Rizvi, Justice Musarrat Hilali, Justice Naeem Akhter Afghan, and Justice Shahid Bilal Hassan.
“Whether one likes it or not, the term full court is not mentioned in Article 191-A. Constitutional matters will only be heard by the constitutional bench.”
Justice Mazhar added that the petitioners want the chief justice to refer the matter to a full court, adding that, “under Article 191-A, the chief Justice no longer has that authority [to do so].”
Inquiring the counsel representing one of the petitioners, Justice Mazhar remarked that some parties suggested the exclusion of judges from the full court appointed after the 26th Constitutional Amendment.
“The judges you wish to include in the full court are indeed judges but not part of the constitutional bench,” he remarked.
During the hearing, Justice Jamal Mandokhail observed that a full court cannot mean a bench made up of specific judges. “You can only request a full court,” he told Advocate Abid Zuberi.
Justice Mandokhail said that if judges appointed before the 26th Amendment are to be included, some other judges would have to be left out.
Advocate Zuberi clarified that he is not suggesting the removal of any judges from the Supreme Court.
Justice Mandokhail then asked, “If the Judicial Commission declares that all Supreme Court judges are part of the constitutional bench, would you accept that?” To which Advocate Zuberi replied, “Yes, absolutely — we would accept it.”
The proceedings of the case were streamed live as per the earlier decision of the apex court. The court, after hearing the arguments, adjourned the hearing till tomorrow (Tuesday).
It is to be noted here that multiple political parties, including Pakistan Tehreek-e-Insaf (PTI), Jamaat-e-Islami (JI), Sunni Ittehad Council (SIC), as well as various bar associations and former presidents of the Supreme Court Bar Association (SCBA), had challenged the amendment back in October 2024.
The tweaks in the constitution, which have since come into effect, require the legislature to pick the chief justice, fixing the top post’s tenure, and forming constitutional benches.
Key points of 26th Amendment
- Chief Justice of Pakistan’s (CJP) tenure fixed at three years.
- Constitutional benches to be established at the SC and high courts.
- Senior-most judge of each bench to serve as presiding officer.
- Parliamentary committee to nominate new CJP from panel of three most senior judges.
- Committee to propose name to PM, who will then forward it to president for final approval.
- JCP, led by CJP and three others, responsible for appointment of SC judges.
- JCP to monitor judges’ performance, report any concerns to Supreme Judicial Council.
- Complete eradication of Riba (interest) from country by January 1, 2028.
Entertainment
Palace insiders fear history repeating as William breaks from royal tradition

Prince William’s desire to give his and Kate Middleton’s children, Prince George, Princess Charlotte, and Prince Louis, a grounded, more ordinary upbringing is causing quiet concern among senior palace staff.
According to a new report, the Prince of Wales is focused on raising his family away from the royal mold, however, some insiders see his approach as potentially risky.
A source told Radar Online that the firm is drawing comparisons to Princess Diana’s past struggles with the “Men in Grey Suits.”
They fear that similar tensions may be resurfacing because William is determined and stubborn in his choices and insists on doing things his way.
“William’s vision is rooted in normality – he wants his kids George, Charlotte and Louis to grow up grounded,” they said.
“But some of the senior staff see that as a risk. They remember Diana’s battles with the Men in Grey Suits, and they see history repeating itself in a new form.”
The tipster further shared, “But William is pig-headed. He’s determined to do things his own way. The establishment – those Men in Grey Suits so feared and hated by Diana – are watching closely.
“They respect his instincts, but they’ll never let him forget that the monarchy survives not through change alone, but through community and presenting itself as all-powerful.”
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