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In Focus
Imran and Bushra file appeals with IHC
They challenged their conviction in the Toshakhana-2 case
On 30 December, Dawn reported that PTI founder Imran Khan and his wife Bushra Bibi on Monday filed separate appeals with the Islamabad High Court (IHC) challenging their conviction in the Toshakhana-2 case. The couple's lawyers contended that the cases against them were politically motivated, adding that “the overarching objective of the present prosecution appears to be the continued incarceration of the appellant, thereby preventing his participation in national politics and curtailing his political role and influence.”
It was further noted that the Toshakhana-2 conviction was the fourth prosecution in the Toshakhana cases and constituted double jeopardy, “reflecting a repetitive and overlapping invocation of criminal process in respect of the same subject matter”. The appeals also state that the conviction ignored the 2018 Toshakhana policy, with Clause I, mandating that all gifts received shall be duly reported and deposited with the Toshakhana. It argued that there was no violation of the Toshakhana policy, as the gifts were deposited and fees to retain the gifts were paid.
On 20 December, a special court had sentenced Imran and Bushra to 17 years in prison in the case related to the purchase of an expensive Bulgari jewellery set, which was gifted to Imran by the Saudi crown prince during an official visit in May 2021 at a throwaway price. The prosecution contended that Imran retained the jewellery set, which was valued at approximately PKR 80 million, after paying only PKR 2.9 million. (“PTI founder Imran Khan, Bushra Bibi challenge Toshakhana 2 verdict in IHC,” Dawn, 30 December 2025)
In Brief
POLITICS & GOVERNANCE
Afridi to visit Sindh and Balochistan after Punjab tour
On 30 December, Dawn reported that after the Chief Minister of Khyber Pakhtunkhwa, Sohail Afridi, toured Punjab, he will next visit Sindh and Balochistan as part of Tehreek-i-Insaf’s street movement. His special assistant, Shafi Jan, said that the love of Punjab residents for the PTI was evident from the warm welcome accorded to the delegation on arrival in Lahore. He regretted that the Chief Minister was denied permission to visit the houses of some PTI workers in the cantonment area. Shafi condemned the Punjab government’s conduct towards Afridi. Afridi said that the federal government owed PKR 4.758 trillion to KP and that the finance ministry tried to hold a media trial of the provincial government on the issue of fiscal releases through false propaganda. These funds are related to the Accelerated Implementation Programme. (“After Punjab, Afridi to tour Sindh, Balochistan to spur PTI’s street movement,” Dawn, 30 December 2025)
SECURITY
Major terror attack thwarted as minor recruited online by BLA intercepted
On 29 December, The Express Tribune reported that, according to Sindh officials, a major terrorist attack was averted after a police officer intercepted an underage girl who had been recruited through social media and was being moved to Karachi for a potential attack. According to the police, the girl said she was first contacted through her Instagram account, where individuals began sharing content about the separation of Balochistan and alleged oppression in the province. She was later added to a WhatsApp group that circulated anti-state and anti-military material and glorified Baloch separatist figures, which included Shari Baloch. The girl spoke in a recorded video at a press conference, saying that she gradually came to believe the narratives shared in the WhatsApp group. (“Major terror attack thwarted as minor recruited online by BLA is intercepted,” The Express Tribune, 29 December 2025)
Major and five terrorists killed during IBO in KP’s Bajaur, says ISPR
On 29 December, Dawn reported that according to a statement by the Inter-Services Public Relations (ISPR), a major-ranked officer was killed during an intelligence-based operation (IBO) in Khyber Pakhtunkhwa’s Bajaur district. The military identified the major as 36-year-old Major Adeel Zaman from Dera Ismail Khan. Five terrorists were also killed during the operation. The security forces conducted an intelligence-based operation in the general area of Khar, Bajaur district, on the reported presence of Khwarij belonging to the Indian Proxy, Fitna al Khwarij. Fitna al Khwarij is a term that the state uses for terrorists belonging to the banned Tehreek-i-Taliban Pakistan (TTP). (“Major martyred, 5 terrorists killed during IBo in KP’s Bajaur: ISPR,” Dawn, 29 December 2025)
JUDICIARY
Appeal filed against Faiz Hameed’s military court conviction
On 30 December, Dawn reported that a former chief of the Inter-Services Intelligence, Faiz Hameed, is seeking an appeal of the 14-year sentence handed out by a military court. His lawyer confirmed on 29 December that the appeal had been filed. Earlier this month, Hameed was convicted by the Field General Court on four charges, including breaching secrecy legislation and being politically involved in his official capacity, abusing his power to cause harm or discomfort to another party, and causing harm or discomfort through unlawful means. Under the Pakistan Army Act, the military appellate authority will conduct an internal review of the appeal. The Chief of Army Staff has the authority to confirm, amend, or overturn the sentence as they see fit. Appeal processes for a full military trial have historically taken anywhere from a few years to decades before any decision was made, including appeals that were filed but never decided. Even though the incidents that led to his conviction occurred during a raid in 2017 concerning a property dispute, it was not until 2023 when the Supreme Court directed a review of the case, resulting in new evidence being introduced (“Appeal filed against ex-spymaster Faiz Hameed’s conviction by military court: lawyer,” Dawn, 29 December, 2025)
ECONOMY
SBP mandates climate stress tests to shield banks from rising risks
On 30 December, Dawn reported that the State Bank of Pakistan has introduced new "shock covering" measures for banks and other regulated financial institutions in Pakistan. These measures require banks and other financial institutions to incorporate hydrometeorological and transition climate risks into their financial stress tests and political stress tests due to the growing vulnerability of Pakistan's economy to climate change. Systemically important banks will have to include the consideration of climate shocks in their annual macro stress tests, whereas all regulated institutions will be required to perform separate climate stress tests using data available as of year-end, along with the previously mentioned exercises. The purpose of implementing these measures, according to the State Bank of Pakistan, is to enhance the management of climate risk, protect the lending portfolio from the impact of climate shocks, and preserve financial stability. The SBP has stated they will likely require full compliance with the SBP's Climate Risk Regulatory Framework by June 2029. (“SBP rolls out ‘shock covering’ measures for banks,” Dawn, 30 December, 2025)
Telecom industry demands rational spectrum auction policy
On 30 December, as reported by Dawn, the telecom industry demanded rational conditions in the spectrum auction policy expected to be announced by the federal cabinet in the coming days, suggesting that the government needs to prioritise long-term economic benefits over short-term revenue generation. Since financial technology adoption, freelancer platforms, and digital tools used by schools and hospitals all depend on mobile broadband capacity, the demand for connectivity has surged in the country while spectrum availability remains scarce. CEO of Jazz, Amir Ibrahim commented that a pragmatic, long-term approach aligned with national objectives, similar to the PIA auction model, was essential to deliver affordable internet at scale and unlock Pakistan’s digital future. Meanwhile, as 5G services are set to be launched in Pakistan, Zong and Huawei have successfully tested ultra-high-capacity backhaul technology to meet the growing data traffic in the country. (“Telecom industry demands rational spectrum auction policy,” Dawn, 30 December, 2025)
Editorials/Opinions
Education
Editorial, “Necessary reform,” The Express Tribune, 29 December 2025
“Scrapping rigid subject groupings at the matric and intermediate levels is a decisive step towards aligning Pakistan's education system with the flexibility of the Cambridge model. The Inter-Board Coordination Commission's proposal to replace entrenched streams — pre-medical, pre-engineering, humanities — with a subject-based pathway clearly indicates a growing recognition that academic ability cannot be neatly boxed at the age of 15 or 17. Breaking free of outdated silos is necessary. But reform in Pakistan has too often confused ambition with readiness. If alignment with the Cambridge system is the goal, then the scaffolding that makes such flexibility work must come first. As an idea, the reform is sound. As policy, it demands far greater care than has so far been evident."
https://tribune.com.pk/story/2584372/necessary-reform
Economy
Arifa Noor, “What will 2026 bring?” Dawn, 30 December 2025
“Away from the noise and bluster that dominated the news in the last few weeks of 2025, not enough attention was paid to a statement. Last month, at a business event in Islamabad, Lt-Gen Sarfraz Ahmed, national coordinator, SIFC, said Pakistan had no growth plan; adding that Pakistan had made a mess of its fiscal situation. He said the government could only think of raising taxes and indicated that the business community was an easy prey because they were already in the net. He said that the high taxes discouraged investment, internally and externally. Speaking of the need to reduce taxes, he was reported as saying the ‘business-as-usual approach’ would not work. More was said in a similar vein, attracting greater attention than speeches at similar business-related events. It was seen by many as an acknowledgment that the economy was not doing all that well and that neither was it sustainable."
https://www.dawn.com/news/1964083/what-will-2026-bring
Climate resilience
Shoko Noda, “Path to resilience,” Dawn, 30 December 2025
“When systems work, recovery is faster: Fast forward to 2025, I visited Pakistan again after two decades, this time to witness how the country has applied these lessons. Monsoon floods this year affected 6.9 million people, destroyed more than 246,000 homes, and caused widespread damage to farmland and local infrastructure. Yet amidst the devastation, I also witnessed something profoundly hopeful — a system better prepared, coordinated, and connected across national, provincial, and local levels. Pakistan’s experience shows that resilience is built long before a disaster strikes. The systems that protect people — strong institutions, local leadership, and empowered women — are what every country needs as risks grow. These lessons are not Pakistan’s alone. When these foundations are strong, communities everywhere can face uncertainty with greater confidence and hope."
https://www.dawn.com/news/1964081/path-to-resilience
Internal violence
Editorial, “A lethal year,” Dawn, 30 December 2025
"Data released by an Islamabad-based think tank confirms that 2025 was a lethal year where terrorism-related fatalities are concerned. In fact, the statistics compiled by the Pakistan Institute for Conflict and Security Studies say that the outgoing year saw the highest level of terrorism-related violence in over a decade, with a 73pc increase compared to 2024. However, what is concerning is the high fatality rate of security personnel and civilians in 2025; at least 664 security men were martyred in the outgoing year, along with 580 civilians. In 2026, the state will need to place renewed focus on CT strategies. Unless there is internal peace, long-term economic revival will be near impossible to achieve. To attract foreign and local investment, the state must ensure an environment free of violence and terrorism. If foreign states are involved in fomenting terrorism, they should be confronted diplomatically, while internal security protocols must be improved. With a dynamic CT strategy, it is possible to bring down incidents of terrorist violence in the coming year."
https://www.dawn.com/news/1964086/a-lethal-year
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