DAWN Editorials 19th September 2026

Dialogue needed

AS the situation in Yemen remains explosive, with the potential to spark a wider military conflagration in the region, as well as global economic chaos, Pakistan has taken a balanced position on the Saudi-Houthi conflict.

While reaffirming support for Saudi Arabia on Thursday, and terming the situation around Bab al-Mandeb “exceptionally serious”, the Foreign Office said that “dialogue and diplomacy” were required, not “coercive measures”. This should answer questions pertaining to Pakistan’s commitments regarding its defence pacts with the kingdom. Though Islamabad remains committed to Riyadh’s security, at this time it supports a negotiated settlement to the conflict with the pro-Iran Houthis.

It is a logical position for Pakistan to take, for while Saudi Arabia’s security is important, it would be unwise to jump into an open-ended quagmire. The region’s recent history supports this position. Saudi Arabia and the UAE — with Western military support — had been unable to dislodge the Houthis since the Saudi military campaign began in 2015, and in 2022, Riyadh opted for a ceasefire, which has now collapsed.

To simply dub the Houthis Iranian ‘proxies’ is simplistic. While the Zaidi Shia movement has strong ties to Iran, it is an indigenous Yemeni group with centuries-old cultural and political roots in their homeland, and the support of local tribes, particularly in the north. Therefore, it cannot be bombed into oblivion. Any solution to the Yemeni imbroglio must involve the Houthis.

The humanitarian situation in Yemen itself is dire. Nearly 100,000 people have been uprooted in the latest round of fighting, while the UN says that around 20m people require aid as they have to contend with “acute hunger”. Yemen’s health system has also collapsed due to the never-ending war. Externally, the closure of Bab al-Mandeb by the Houthis could deliver a painful blow to an already frail global economy. And if the conflict draws in other regional states, the situation could transform into a dangerous maelstrom.

Hence, any call for dialogue makes sense. There are reports that the Saudis have sought talks with the Houthis via Oman. Hopefully, this channel can deliver positive results and lead to a halt in fighting. For long-term peace, the Houthis must pledge to keep Bab al-Mandeb open for all, and stop their attacks on Saudi Arabia. In return, the kingdom must lift its blockade of Houthi-held territory.

Once calm is established, talks can begin for a broad-based Yemeni government, which incorporates all the country’s tribal and confessional stakeholders. Ultimately, any peace agreement must guarantee the security of both Yemen and Saudi Arabia, and lead to an inclusive system where all Yemeni parties are accommodated.

Published in Dawn, September 19th, 2026

Restrained court

THE state continues to leave no stone unturned in demonstrating that there is no rule of law in Pakistan. Even the highest courts appear to have no writ where the will of the state is concerned. This week, for yet another time, a Supreme Court order expired at the gates of a prison. The administration overruled the Supreme Court’s bail orders for Imaan Mazari-Hazir and Hadi Ali Chattha late Thursday evening with a hitherto unknown FIR, reportedly carrying a terrorism charge inked in by hand. The young couple are well-regarded in legal and rights circles. They were known for taking up cases few others would be willing to touch. That, precisely, is what seems to have irked some in the corridors of power, which led to the two being sentenced last January to 17 years in prison for posting ‘harmful’ content on social media. They have remained in custody since then. When the Supreme Court ordered their release on bail, the state swung into action. It discovered a case registered 18 months ago that had never been pursued or consolidated, and activated it hours before they were meant to be released. An Anti-Terrorism Court promptly remanded them to judicial custody.

The sequence of events leaves many questions unanswered. If such a serious terrorism case had been pending against the two lawyers, why was it not pursued for such a long period? And why was it not brought before the Supreme Court’s attention when the decision to allow bail was being made? Furthermore, the new case pertains mainly to Pakistan Penal Code violations, and it seems the two were only brought before an ATC judge due to a terrorism charge added as an afterthought. The ATCs, which were created to prosecute violent terrorists, seem to have become a general-purpose tool for handling inconvenient people. The rulers of the day should remember that precedents are being set. If every bail order can be neutralised with a dormant FIR, this tool will invariably be used against any citizen who falls afoul of the state. The Supreme Court must also decide how far it is willing to allow itself to be subjected to external pressure. If the executive can do with a court order whatever it pleases without any consequence whatsoever, it also exposes the judiciary’s own unwillingness to enforce its writ.

Published in Dawn, September 19th, 2026

Beyond the dollar

PAKISTAN’S plan to seek a larger currency-swap facility with China while pursuing a similar arrangement with the US is a prudent financial diversification effort. Despite improvements, our foreign exchange reserves remain vulnerable to debt repayments, import costs and external shocks. More liquidity backstops can ease that pressure. A currency swap lets central banks temporarily exchange their respective currencies, giving the liquidity-constrained country access to foreign exchange for payments and easing pressure during shortages. Pakistan has drawn China’s 30bn yuan facility, due for renewal in 2027 when Islamabad seeks an increase, while awaiting America’s approval for $10bn.

Pursuing both arrangements would give Pakistan more options when external financing comes under pressure. The Chinese facility can also support trade and payments with China in renminbi, reducing the immediate need for dollars for some transactions. A dollar facility would provide more direct support for dollar-denominated obligations and foreign-exchange market pressures. But the limits of these facilities must be clear. A drawn facility creates a liability that must be repaid. The State Bank reserve figures should therefore disclose and distinguish between freely available reserves and funds with repayment obligations. That said, these facilities are not a substitute for economic reform. They can provide breathing space, but cannot permanently strengthen the external account. The risk would be to use easier access to liquidity to postpone the difficult work of raising productivity, expanding exports and reducing dependence on external borrowing. For now, however, the strategy is useful. Pakistan needs stronger buffers against oil-price spikes, debt-service pressures and other external shocks. A wider network of bilateral liquidity facilities can reduce the risk of a temporary shock turning into another protracted balance-of-payment crisis. The aim should be simple. Build credible external buffers and use them sparingly. More importantly, increase exports, attract stable FDI and boost the economy’s capacity to earn foreign exchange.

Published in Dawn, September 19th, 2026