Pakistan Archives - Page 3 of 19

Pakistan launches first digital loan scheme for women entrepreneurs

June 23, 2026 by Newsdesk

KARACHI: Pakistan has introduced its first digital lending product aimed at supporting women entrepreneurs, with financing of up to Rs1.5 million approved under the “Khud Mukhtar Khatoon Program.”

The Securities and Exchange Commission of Pakistan (SECP) has approved the initiative, which targets women-led micro, small and medium enterprises (MSMEs).

Under the scheme, eligible businesswomen will be able to obtain asset financing ranging from Rs100,000 to Rs1.5 million based on the results of their credit assessments.

Officials said the program marks the country’s first digital loan product specifically designed for enterprises managed by women, with the aim of improving access to finance and promoting female entrepreneurship.

The initiative is expected to provide greater financial inclusion and support the growth of women-owned businesses across the country.

Iran to expand trade with Pakistan after ceasefire

June 18, 2026 by Newsdesk

TEHRAN: Following the reported ceasefire agreement with the United States, Iran has decided to significantly expand trade with Pakistan, marking a new phase in bilateral economic relations.

According to reports, Iran’s second major trade delegation in two months visited the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), where agreements were signed for investment in liquefied petroleum gas (LPG) storage facilities in Pakistan.

FPCCI leader Muhammad Ali Haider said the agreements were signed during a meeting at the chamber, adding that the Iranian delegation included mining investors, rice importers, and other business representatives.

He said both sides have set an ambitious target of increasing Pakistan-Iran trade to $10 billion following the stabilization of the regional situation.

Focus on Energy, Trade Expansion and Connectivity

In a separate development, discussions were held in Islamabad between the Iranian ambassador and Pakistan’s Board of Investment minister.

Federal Minister Qaiser Ahmed Sheikh assured cooperation with relevant ministries to resolve outstanding issues.

According to an official statement, Iran has also offered Pakistan access to Central Asian markets through its territory, while both countries reaffirmed their commitment to expanding bilateral trade to the agreed $10 billion target.

Both sides also agreed on measures to enhance border trade, including proposals to increase the daily number of cross-border trucks to 2,000.

The statement added that the leadership of Prime Minister Shehbaz Sharif and Field Marshal Asim Munir was appreciated during the meetings, highlighting improved political and economic coordination between the two countries.

Pakistan playing mediator role in complex US–Iran situation

June 16, 2026 by Newsdesk

ISLAMABAD: Pakistan is handling a highly complex issue involving the United States and Iran in a mediating capacity, senior security officials said on Tuesday.

Speaking to journalists, top security officials said Pakistan’s role in the matter is that of a facilitator, adding that the leadership’s primary focus is peace and stability in the region.

Officials said Pakistan does not engage in “headline diplomacy” and has fulfilled all requirements of mediation, adding that the international community is gradually recognizing Pakistan’s efforts. They described the situation as a conflict that, in their view, was averted without escalation through what they called diplomatic skill and strategic engagement.

Security sources said that several regional countries, including Qatar, Saudi Arabia, Türkiye, Egypt and the United Arab Emirates, also played a role in supporting de-escalation efforts.

They added that attempts to destabilize the situation continue, alleging that certain international actors exert influence over global media narratives.

Officials said Pakistan maintains separate and balanced relations with Iran, the United States and Gulf countries, and emphasized its desire for stable ties with Afghanistan.

On reports regarding Iranian Foreign Minister Abbas Araghchi’s visit to India, security sources said Pakistan is not concerned with bilateral engagements between other states and views such developments with an open diplomatic approach.

Security officials also provided details of internal security operations, stating that 32,092 intelligence-based operations were conducted by June 15, 2026, with 2,170 terrorist incidents recorded. They said 1,861 militants were killed, while 640 members of security forces and civilians were martyred. Officials added that hundreds of militants were killed in operations in Afghanistan and within Pakistan.

Commenting on unrest in Azad Kashmir, security sources said groups involved in incitement would be dealt with under legal and constitutional procedures. They said the state continues to prioritize dialogue but will not allow violence or threats against civilians.

Officials also said modern warfare is increasingly technology-driven, noting that defense budget constraints are being discussed within military and political leadership circles.

On the Indus Waters Treaty, security sources reiterated that Pakistan rejects any unilateral move by India and will safeguard its water rights under international agreements.

Security officials also denied any meeting between the military leadership and former prime minister Imran Khan, and said those involved in the May 9 violence would be brought to justice through legal processes.

Gold prices jump sharply in Pakistan

June 15, 2026 by Newsdesk

Karachi: Gold prices across Pakistan surged by more than Rs10,000 per tola on Monday, tracking a strong rally in the international bullion market, according to the All Pakistan Gems and Jewellers Association.

The price of gold per tola increased by Rs10,800 to reach Rs455,136, while the rate of 10 grams rose by Rs9,720 to settle at Rs389,600.

In the global market, gold climbed by $108 per ounce to $4,327, reflecting continued bullish momentum in precious metals trading worldwide.

Silver prices witnessed a notable increase in both international and domestic markets, reflecting a broader bullish trend in precious metals.

In the global market, the price of silver per ounce rose by $2.30 to reach $70.30.

Following the international rally, local bullion markets also recorded gains. In Pakistan, the price of silver per tola increased by Rs. 230 to settle at Rs. 7,509, while the price of 10 grams rose by Rs.197 to reach Rs6,396.

Pakistan unveils historic defence spending plan in new budget

June 12, 2026 by Newsdesk

ISLAMABAD: Pakistan has proposed increasing the defence budget to Rs 3,000 billion for the upcoming fiscal year, according to official budget documents.

For the current fiscal year, the defence budget was initially set at Rs 2,550 billion, while the revised allocation has reached Rs 2,595 billion.

The new budget proposal also includes Rs 822 billion for military pensions, compared to Rs 742 billion allocated in the current fiscal year.

Under administrative expenditures, Rs 10.9 billion has been proposed for the next fiscal year. In the current year, these expenses were set at Rs 7.95 billion, while revised figures have increased to Rs 11.74 billion.

Personnel-related expenditures in the defence sector are projected at Rs 967 billion for the upcoming year, up from Rs 846 billion allocated in the current budget and Rs 851 billion in revised estimates.

Operational expenses are proposed at Rs 743 billion for the next fiscal year, compared to Rs 704 billion in the current year and Rs 721 billion in revised spending.

The proposed allocations reflect an overall increase in defence-related expenditures amid evolving security and administrative requirements.

Finance Minister Muhammad Aurangzeb said the increase in Pakistan’s defense budget for the 2026–27 fiscal year was driven by internal security challenges in two provinces and broader border-related security concerns.

Speaking to media after presenting the federal budget, Aurangzeb said the government had to take into account the security situation along Pakistan’s borders while formulating defense allocations.

“The defense budget has been increased in view of security issues at two borders and the deteriorating law and order situation in two provinces,” he said.

Pakistan to present Rs17.5 Trillion federal budget for 2026-27

June 11, 2026 by Newsdesk

ISLAMABAD: Federal government is set to present a federal budget exceeding 17.5 trillion rupees for the fiscal year 2026-27 on Friday, with proposals under consideration for salary and pension increases for government employees and tax relief measures worth up to 50 billion rupees.

According to official reports, Prime Minister Shehbaz Sharif will chair a special federal cabinet meeting to approve the budget draft and related fiscal proposals before it is presented in parliament by Finance Minister Muhammad Aurangzeb.

The budget aims to set tax revenue targets at around 15.267 trillion rupees, while also offering potential relief for salaried individuals through revisions in income tax slabs.

Officials said no major changes are expected in taxes on solar panels, stationery items, or the stock market. A previously proposed increase in sales tax on solar panels from 10% to 18% has been withdrawn.

However, the government is considering raising sales tax on imported electric vehicles up to 25%, while maintaining existing tax rates on hybrid vehicles. Incentives for locally manufactured electric vehicles are also under review, including reduced duties on motors, batteries, and other components.

A petroleum levy target of 1.727 trillion rupees has been proposed for the upcoming fiscal year. Debt servicing is expected to require 7.824 trillion rupees, while defence spending is projected at around 3 trillion rupees.

Economic projections suggest exports of $32.8 billion against imports of $70 billion, leaving a projected trade deficit of more than $37 billion.

Growth targets include 3.8% for agriculture, 4% for industry, 4.5% for large-scale manufacturing, and 4.2% for the services sector. The government also aims to create 2 million new jobs across agriculture, industry, and services.

Officials said the National Economic Council has already approved a national development plan worth 3.669 trillion rupees, including a federal Public Sector Development Programme of 1 trillion rupees.

The budget also includes proposals for new taxation measures, including bringing cryptocurrency transactions into the tax net and imposing capital gains tax on crypto trading profits. Officials are also considering removing tax exemptions for former tribal areas and expanding sales tax coverage on several food and consumer goods.

Authorities said up to 220 billion rupees in new taxes may be introduced, with overall revenue enhancement measures expected to generate up to 1 trillion rupees in additional income.

Saibzada Farhan named captain of Pakistan T20 team for Asian Games

June 10, 2026 by Newsdesk

LAHORE: The Pakistan Cricket Board (PCB) has announced a 15-member squad for the Asian Games 2026, with Saibzada Farhan appointed as captain of the national T20 side.

According to the PCB, the men’s T20 International competition at the Asian Games will begin on September 24 in Aichi, Japan, with medal matches scheduled for October 3.

Abdul Samad has been named vice-captain of the squad.

Farhan, 30, has represented Pakistan in 46 T20 internationals, scoring 1,305 runs, including two centuries and 10 half-centuries.

Several players, including Aaqif Javed, Ali Raza, Mauaz Sadaqat, and Saad Masood, are set to make their T20 international debuts.

The squad includes Saibzada Farhan (captain), Abdul Samad (vice-captain), Abrar Ahmed, Ahmed Daniyal, Aaqif Javed, Ali Raza, Arafat Minhas, Haider Ali, Hassan Nawaz, Mauaz Sadaqat, Muhammad Salman Mirza, Saad Masood, Saim Ayub, Sufiyan Muqeem, and Usman Khan.

The PCB said 14 of the 15 players will also participate in a white-ball training camp starting June 15 in Lahore ahead of the tournament.

PSDP cuts agreed as Pakistan moves closer to budget 2026–27 approval

June 10, 2026 by Newsdesk

ISLAMABAD: Pakistan’s coalition partners Pakistan Muslim League-Nawaz (PML-N) and Pakistan Peoples Party (PPP) have agreed on cuts to the Public Sector Development Programme (PSDP), paving the way for the approval of the federal budget for 2026–27, officials said on Wednesday.

Following a meeting between the leadership of both parties, it was agreed to reduce development spending at the federal and provincial levels, helping streamline the budget process.

President Asif Ali Zardari approved summoning sessions of the National Assembly at 5 p.m. and the Senate at 4 p.m. today, officials said.

According to sources, the federal government has reduced the proposed PSDP by Rs 126 billion, while additional cuts are expected across provincial development programs except in Balochistan.

The adjustments are expected to generate around Rs 500 billion in savings, which will be redirected toward strategically important projects, including major water and energy schemes such as Diamer-Bhasha, Mohmand, and Dasu dams.

Officials said the federal government had initially sought nearly Rs 1.2 trillion in additional fiscal space from provinces, but revised arrangements are now under consideration. Balochistan’s development program will remain unchanged due to its revised allocation of Rs 308 billion.

Sources said the National Economic Council meeting, chaired by Prime Minister Shehbaz Sharif, will finalize key decisions regarding the PSDP size and broader budget framework. The federal budget for 2026–27 is expected to be presented after approval from cabinet and parliamentary forums.

The government is also considering adjustments in provincial shares, defense spending requirements, and potential relief measures for salaried individuals and the corporate sector, depending on fiscal space.

Shaheen Afridi not included in Pakistan Test squad

June 8, 2026 by Newsdesk

LAHORE: Pakistan’s ODI captain Shaheen Shah Afridi has not been included in the national Test squad setup, as the Pakistan Cricket Board (PCB) continues to restructure its selection strategy, according to media reports.

The PCB has reportedly invited 49 players to a training camp in Lahore, with 22 players selected for the red-ball (Test) group and 27 players named for the white-ball (ODI and T20) camp.

Officials said the white-ball camp is scheduled to begin on Sept. 18, while the red-ball training camp is expected to continue until July 10. The camp for Pakistan’s upcoming West Indies tour is likely to start from July 15.

According to sources, Shaheen, who currently leads Pakistan’s ODI side, has been placed only in the white-ball group and is expected to report for training on June 15.

PCB insiders said the decision reflects a strategic focus on workload management and format specialization, with selectors reportedly excluding him from the Test setup.

Shaheen, 26, made his Test debut in December 2017 against New Zealand in Abu Dhabi and has since played 34 Tests, taking 126 wickets.

He last featured in Test cricket against Bangladesh in May 2026, where Pakistan suffered a 104-run defeat in Mirpur. Despite a strong bowling workload in the series, his pace reportedly came under scrutiny, with analysts noting a drop compared to his white-ball speeds.

Reports suggest concerns within the selection committee over his limited first-class cricket participation and its impact on red-ball performance.

The PCB has not issued an official statement confirming long-term exclusion, but sources indicate he is unlikely to be considered for future Test selections under the current planning model.

Australia set Pakistan 232-run target in second ODI in Lahore

June 2, 2026 by Newsdesk

LAHORE: Australia posted 231 all out in 50 overs, setting Pakistan a target of 232 runs in the second match of the one-day series on Wednesday.

Batting first after Pakistan won the toss, Australia struggled to build big partnerships but managed to reach a competitive total despite regular wickets falling.

Cameron Green and captain Josh Inglis top-scored with 51 runs each, while Matt Renshaw made 43 and Oliver Peake added 31. Matthew Short scored 15, Marnus Labuschagne 5, Matthew Kuhnemann 5, and Alex Carey was dismissed for a duck.

For Pakistan, captain Shaheen Shah Afridi led the bowling attack with three wickets, while Arafat Minhas, Abrar Ahmed, and Haris Rauf took two wickets each.

Pakistan will now chase 232 runs to take control of the series.