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ISLAMABAD: The Pakistan Stock Market witnessed a range-bound session today, Tuesday, with the index fluctuating within a narrow band amid uncertainty surrounding the budget announcement. 

Pakistan will unveil its annual federal budget for the coming fiscal year on Tuesday evening, seeking to kickstart growth while finding resources for an expected hike in defense expenditure following a military conflict with India last month, the worst between the nuclear-armed neighbors in decades. 

Islamabad will also have to contend with remaining within the discipline of its International Monetary Fund program and the uncertainty from new trade tariffs being imposed by the United States, its biggest export market.

“The index recorded an intraday high of 970 points and a low of 51 points, eventually closing at 122,024 — gaining 383 points or 0.32 percent,” brokerage house Topline Securities said in its daily market review. 

“Market participation remained healthy, with total traded volume reaching 591 million shares and a traded value of PKR 21 billion.”

Media reports say the government is likely to present a 17.6 trillion rupee ($62.45 billion) budget for the fiscal year beginning July 1, down 6.7 percent from this fiscal year. It has projected a fiscal deficit of 4.8 percent of GDP, against a targeted 5.9 percent deficit in 2024-25, the reports say.

Analysts said they expect an increase of around 20 percent in the defense budget, likely offset by cuts in development spending.

Pakistan allocated 2.1 trillion Pakistani rupees($7.45 billion) for defense in the outgoing fiscal year, including $2 billion for equipment and other assets. An additional 563 billion rupees ($1.99 billion) was set aside for military pensions, which are not counted within the official defense budget.

The government of Pakistani Prime Minister Shehbaz Sharif has projected 4.2 percent economic growth in 2025-26, saying it has steadied the economy, which had looked at risk of defaulting on its debts as recently as 2023. Growth this fiscal year is likely to be 2.7 percent, against an initial target of 3.6 percent set in the budget last year.

Pakistan’s growth lags far behind the region. In 2024, South Asian countries grew by an average of 5.8 percent and 6.0 percent growth is expected in 2025, according to the Asian Development Bank.

With inputs from Reuters

ISLAMABAD: A Pakistani parliamentary delegation visiting key global capitals in the wake of last month’s military standoff with India told British lawmakers Islamabad remains committed to ensuring the revival of the Indus Waters Treaty and promoting regional peace, according to an official statement issued on Wednesday. 

The outreach comes after India and Pakistan engaged in their most intense military exchange in years, sparking fears of a full-scale war under a nuclear overhang. Over four days in May, both sides exchanged missile strikes, launched drone attacks and engaged in air combat before a US-brokered ceasefire was announced by President Donald Trump on May 10.

The crisis was triggered by a militant attack that killed 26 tourists in Indian-administered Kashmir. New Delhi blamed the assault on Pakistan-based elements, an allegation Islamabad denied, instead calling for an independent international probe. As tensions escalated, the global community moved swiftly to defuse the situation.

Before launching its military strikes, India took several punitive measures against Pakistan, including suspending a decades-old, World Bank-backed water-sharing treaty between the two countries.

“The High-Level Parliamentary delegation from Pakistan, led by the Chairman of Pakistan People’s Party and former Foreign Minister Bilawal Bhutto-Zardari, briefed the All Party Parliamentary Group (APPG) on Pakistan during a meeting hosted by APPG Chair Yasmin Qureshi MP at Westminster Palace, which was attended by cross-party British parliamentarians,” the statement said.

“The delegation underscored Pakistan’s commitment to restraint, revival of the Indus Waters Treaty and initiation of a composite dialogue between the two countries on all outstanding issues, particularly the Jammu and Kashmir dispute.”

According to the statement, Bhutto-Zardari briefed lawmakers on the consequences of what he described as India’s unprovoked aggression, including violations of Pakistan’s sovereignty in the aftermath of the attack in Indian-administered Kashmir.

He rejected India’s allegations against Pakistan as baseless, saying they lacked credible investigation or verifiable evidence.

He further warned India’s unilateral suspension of the Indus Waters Treaty violated international law and could have serious implications for regional and global peace.

Pakistan’s Minister for Climate Change and Environmental Coordination Musadik Malik also addressed the session, highlighting the environmental and food security risks of disrupting the treaty. 

He warned the suspension threatened the survival of Pakistan’s 240 million people, most of whom rely on agriculture. 

The delegation also emphasized Pakistan’s military response to the Indian actions was measured and consistent with international law, including the right to self-defense under Article 51 of the UN Charter.