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Reinstated civil servants entitled to full back pay, rules SC

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ISLAMABAD: In a ruling with far-reaching implications for public service law, the Supreme Court has held that a civil servant who is reinstated after a wrongful dismissal is, as a general rule, entitled to receive full back pay and benefits for the period he remained out of service. The verdict, authored by Justice Shahid Waheed, came while adjudicating the question of whether police officials, upon annulment of a dismissal order, automatically acquire the right to back pay. The five-judge bench, led by Justice Waheed, issued the 13-page judgment reaffirming that…

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Afridi orders swift relief for Tirah

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PESHAWAR: Khyber-Pakhtunkhwa Chief Minister Muhammad Sohail Afridi on Monday directed the authorities to complete the verification process for the disbursement of relief funds to the affected families of Tirah within one week, stressing that payments must be ensured at the earliest. The directives were issued during a high-level meeting chaired by the chief minister to review matters relating to the payment of compensation and relief funds to the affectees of Tirah, Kurram and Bajaur. The meeting was briefed in detail on ongoing relief measures in the affected areas, utilisation of…

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Judges must follow law, not sentiment: FCC

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ISLAMABAD: In a judgment reasserting the primacy of constitutional discipline over personal sentiment, the Federal Constitutional Court (FCC) has ruled that judges of superior courts must not allow morality, compassion, personal beliefs or political realities to shape their decisions, stressing that courts exist solely to interpret and apply the law. The ruling came as the FCC set aside a Sindh High Court (SHC) decision that had directed Benazir Bhutto Medical University to allow a student to appear in a “special/super supplementary examination” for second year MBBS physiology. In doing so,…

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Gold falls $215 per ounce as prices slide for third straight session

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KARACHI: Gold and silver prices continued to decline for a third straight session in international and domestic markets on Monday. In the international bullion market, gold prices fell sharply by $215 per ounce to $4,676. In Pakistan’s local market, the price of gold per tola dropped by Rs21,500 to Rs490,362, while the price of 10 grams declined by Rs18,433 to Rs420,406. Silver prices also registered losses, with the price per tola falling by Rs601 to Rs8,504. The price of 10 grams of silver declined by Rs516 to Rs7,205. Spot silver…

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Slump in commodities rattles global markets

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Commodities markets slumped on Monday, led by deep losses in gold, silver, oil and industrial metals as the choice of Kevin Warsh as the next Fed chair set off a wave of selling in risk assets that sent precious metals tumbling for a second session. Gold slid 9 per cent to its lowest in more than two weeks, while silver fell more than 13 per cent after both metals hit records last week. Oil dropped nearly 5.5 per cent, easing from multi-month highs, and London Metal Exchange copper fell almost…

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The IMF programme dilemma

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BRUSSELS: Pakistan is halfway into the ongoing $7 billion 36-month long Extended Fund Facility (EFF) approved in October 2024 by the International Monetary Fund (IMF) board. This austerity programme like all previous IMF programmes is causing jitters across Pakistan’s political and media landscape. Former and current ministers including economic commentators are openly blaming the IMF-mandated policies for being anti-growth and worsening the country’s financial health and increasing social distress. Recently, even the SIFC national coordinator said that the “country’s growth plan was missing” and that “we have made a mess…

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Global inflation to fall to 3.8% this year, says IMF chief

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Global inflation is expected to fall to 3.8% this year and to 3.4% in 2027, helped by softer demand and lower energy prices, the IMF chief said on Monday. Managing Director Kristalina Georgieva said in a speech in the Annual Arab Fiscal Forum in Dubai that global growth has held up ‘remarkably well’ amid profound shifts in geopolitics, trade policy, technology, and demographics. Read: Fuel prices likely to rise from Feb 1 amid inflation pressures Georgieva also called for more trade integration as unilateral trade agreements are seen to increase. “In…

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Public debt breaches limit by Rs17tr

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ISLAMABAD: Pakistan’s total public debt remained Rs17 trillion higher than the maximum statutory limit set by Parliament to ensure fiscal discipline during the last fiscal year, but the government has still managed to reduce refinancing risks by extending the tenor of domestic loans. The Debt Policy Statement 2026 disclosed that, against the maximum permissible debt limit of 56% of Gross Domestic Product (GDP), public debt surged to 70.7%. The statement has been prepared for the information of the National Assembly under the requirement of the Fiscal Responsibility and Debt Limitation…

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Kazakhstan President Tokayev to visit Pakistan on February 3–4

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The President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, is set to undertake his first official state visit to Pakistan from February 3 to February 4 at the invitation of Prime Minister Shehbaz Sharif, the Foreign Ministry said on Monday. The Ministry of Foreign Affairs, in a statement on X, said, “During the visit, President Tokayev is expected to meet with the President of Pakistan, hold talks with the Prime Minister, and address the Pakistan-Kazakhstan Business Forum.” The president will be accompanied by a high-level delegation, comprising senior cabinet ministers…

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PM Shehbaz holds talks with World Bank President Ajay Banga

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Prime Minister Shehbaz Sharif met World Bank Group (WBG) President Ajay Pal Singh Banga in Islamabad on Monday, welcoming him on his first official visit to Pakistan as WBG President. Banga is on a four-day high-level visit, touring several official and cultural sites. His visit began on February 1 and will continue until February 4. During his stay, he is scheduled to meet Prime Minister Shehbaz Sharif, Deputy Prime Minister Ishaq Dar, Federal Minister for Finance Muhammad Aurangzeb, and other senior officials. Discussions are expected to focus on economic reforms,…

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