g SAYS APPROVAL OF $1.2 BILLION TRANCHE BY IMF BOOSTS INVESTOR CONFIDENCE, TO ATTRACT FDIS IN AGRICULTURE, IT, MINES AND MINERALS
g UK MINISTER BARONESS CHAPMAN HIGHLIGHTS PAKISTAN’S TRADE POTENTIAL AND GLOBAL ROLE, SAYING DIASPORA ENGAGEMENT TO UNLOCK PRIVATE CAPITAL
Prime Minister Muhammad Shehbaz Sharif on Saturday reaffirmed Pakistan’s commitment to further strengthening its multifaceted partnership with the United Kingdom highlighting the depth of bilateral ties grounded in shared history, robust institutional cooperation and mutual respect, as well as the pivotal role played by the British Pakistani diaspora in advancing people-to-people links
The emphasis came as the UK s Minister of State for International Development and Africa, the Right Honourable Baroness Jenny Chapman, called on the prime minister during her official visit to Pakistan underscoring continued engagement on development cooperation climate resilience economic collaboration and key regional issues
Prime Minister Muhammad Shehbaz Sharif, Saturday, underscored that Pakistan and the United Kingdom en-
joyed a longstanding relationship rooted in shared history strong institutional linkages and mutual respect He also highlighted the dynamic role of the British Pakistani diaspora, which continues to
The prime minister and Baroness Chapman exchanged views on matters of mutual interest including development cooperation climate resilience economic engagement and broader regional issues
Both sides reaffirmed their shared commitment to further deepening cooperation in these key areas
The prime minister welcomed the visit as an important opportunity to advance bilateral dialogue and expressed confidence that it would contribute to strengthening the partnership between Pakistan and the United Kingdom Education Minister hailed £10m second phase of Pak-UK Education Gateway partnership Pak istan, UK reaffirm deepening par tnership as Baroness Chapman meets PM
K h A sif holds ex-ISI chief Faiz Hameed responsible for Nawaz ’s ouster
Defence Minister Khawaja Asif on Saturday held ex-spymaster Faiz
Hameed responsible for the ouster of former prime minister Nawaz Sharif in 2017 adding that more charges against him were to come soon
Addressing a press conference in Sialkot, the defence minister said, A former head of ISI has been convicted in a trial that ran for 15 months; there are still other charges on which legal proceedings will be initiated soon
The defence minister assailed the former spymaster claiming that the former prime minister was ousted through a “conspiracy”
“The removal of Nawaz, the cases lodged against him the allegations and Imran s coming into power this whole project was enacted under the supervision of Faiz Hameed, the defence minister said
main beneficiary was Imran
The minister termed the period a shameful chapter in the country s history
He recalled that during PTI’s tenure, the ex-spymaster facilitated the “imprisonment of opponents” He used to threaten and imprison political opponents he said, stressing that Imran s vision was materialised through Hameed The minister alleged that Hameed’s
He said that Hameed, along with his “partner” Imran, was responsible for causing “significant damage to the country Asif also said that Hameed was “in charge of project Imran” highlighting the 2018 general elections Faiz was the most important part of that government, the minister stated
The minister alleged that bringing Imran into power, lodging cases against Nawaz Sharif, exiling him, imprisoning his family and his party leaders and workers all of this was orchestrated by one mind which was of General Faiz and its main beneficiary and the person whose interests were being protected was Imran Khan ”
ISLAMABAD
ADB CLEARS FIVE HUNDRED FORT Y MILLION DOLL ARS FOR PAKISTAN’S SOE OVERHAUL AND SINDH COASTAL RESILIENCE
Pakistan’s former finance czar questions Binance selection for $2bn asset tokenisation deal, seeks transparency
asad umar asks whether global financial giants such as blackRock, ubs, goldman s achs, jp morgan and hsbc were invited to par ticipate
initiative, calling for transparency in the selection process at what he described as a critical juncture for Pakistan s digital finance trajectory Umar s remarks came after the government confirmed on Friday that it had granted early regulatory clearances to Binance and HTX under Pakistan s newly established virtual assets framework, while separately signing a memorandum of understanding with Binance to explore the tokenisation of major state-owned assets In a post on X Umar said a real-world asset tokenisation agreement worth $2 billion had been signed between the government of Pakistan and Binance, but questioned how the exchange was chosen for the task “What process was used to select Binance?” he asked adding that Binance was neither a major global player in asset tokenisation nor carried what he described as a high level of credibility for such an initiative Umar further raised concerns about whether established global financial firms were consulted or invited to participate, questioning: “Were the leading global players in asset tokenization like Blackrock, UBS, Goldman Sachs JP Morgan HSBC etc invited to participate? Umar said Pakistan s first transaction in digital tokenisation would be crucial in establishing long-term credibility and success stressing that decision-making should be conducted through a transparent process The government’s move is part of a broader push to regulate and integrate digital assets into Pakistan’s financial system On Friday the Pakistan Virtual Assets Regulatory Authority confirmed it had issued preliminary approvals to Binance and HTX following an assessment of governance standards and compliance systems The approvals allow the exchanges to register under national anti-money laundering protocols establish local entities and begin preparing applications for full licences Alongside the regulatory clearances the Ministry of Finance announced it had signed an MoU with Binance to evaluate the digitisation of up to $2 billion worth of government-owned real-world assets According to officials, the discussions will cover sovereign bonds, treasury bills and commodity reserves, including oil gas and metals with the stated aim of improving liquidity transparency and access to international investors Tokenisation which involves creating digital representations of traditional assets on blockchain-based systems, is gaining traction globally as governments seek new ways to modernise capital markets under tighter regulatory oversight Countries including the
Rawalpindi Ring Road cost jumps to Rs50b as completion deadline extended to March 2026
Gov t to distribute 700,000 Chromebooks to students nationwide under youth programme devices to be rolled out in phases for schools, colleges and universities, including a jk and gilgit-baltistan, with monitoring mechanism to track use
via open market operations
through
RUSSIA , PAKISTAN EXPLORE ALTERNATIVE PAYMENT CHANNELS TO BYPASS WESTERN SYSTEMS
Economy out of woods as key indicators showing remarkable improvement: PM
CONTINUED FROM PAGE 01
He underlined Pakistan s youthful population and the expansion of vocational training with international certification enabling youth to secure productive jobs both at home and abroad Terming the launch of the regulatory framework a quantum jump, he said it would streamline business, industry, agriculture, and FDI processes while curbing time wastage, corruption, and nepotism
The prime minister also commended the federal and provincial teams and thanked the UK government and International Development UK for their support, while highlighting strong ties with the US, Saudi Arabia, and other Middle Eastern partners Special Assistant Haroon Akhtar described the reforms as a foundational step in transforming Pakistan from a regulatory state into a developmental state guided by tariff rationalization, regulatory modernization, and export-led industrial revival UK Minister Baroness Jenny Chapman lauded Pakistan’s entrepreneurial potential natural resources and its strategic role in global trade noting that Pakistan-UK trade now stands at £5 5 billion annually, with diaspora engagement helping unlock private capital
Pakistan, UK reaffirm deepening par tnership as Baroness Chapman meets PM
CONTINUED FROM PAGE 01
In related development Federal Minister for Education and Professional Training, Dr Khalid Maqbool Siddiqui appreciated the efforts of the Higher Education Commission (HEC) and British Council for launching the £10 million second phase of Pak-UK Education Gateway partnership The Gateway will help the UK s world class institutions work with their Pakistani counterparts on shared challenges from climate change to mobility and growth, he said According to the HEC on Saturday, a launch ceremony was organized at the HEC Secretariat which also celebrated the achievements of Phase-I of the PakUK Education Gateway partnership Federal Minister for Education and Professional Training, Dr Khalid Maqbool
Authorities say those held include the tanker s captain, while Iran’s semi-official Fars news agency reports the crew comprises nationals from India Sri Lanka and Bangladesh Iranian authorities detained 18 crew members of a foreign tanker seized in the Gulf of Oman on Friday, which they said was carrying 6 million litres of smuggled fuel Iranian media reported on Saturday citing the Hormozgan province judiciary It said those detained under the ongoing investigation include the captain of the tanker The semi-official news agency Fars said the crew were from India Sri Lanka and Bangladesh The authorities said the tanker had committed multiple violations, including “ignoring stop orders attempting to flee (and) lacking navigation and cargo documentation Iran which has some of the world s lowest fuel prices due to heavy subsidies and the plunge in the value of its national currency has been fighting rampant fuel smuggling by land to neighbouring countries and by sea to Gulf Arab states
Pakistan Post tightens parcel checks af ter rise in non- duty-paid goods
Iran detains 18 crew members of foreign tanker seized in Gulf of O man PR OFIT
s ta f f r e p o r t
Pakistan Post has tightened parcel booking procedures across the country after customs authorities flagged a renewed rise in the movement of non-customs-paid goods through post offices particularly from Balochistan according to a news report Following recent seizures of illicit consignments, Pakistan Post headquarters issued fresh directives to its nationwide network warning that continued lapses could expose the organisation to legal and operational risks Under the new instructions all counter staff have been told to thoroughly inspect the contents of domestic and international parcels before booking to ensure no prohibited or non-duty-paid items are
dispatched Officials said the checks are mandatory and noncompliance will attract responsibility at the local level
Senders are now required to present their original national identity card, submit a copy, and provide complete sender and recipient details, including postal codes and contact numbers to improve traceability and accountability
The directives state that any future seizure of parcels or merchandise by customs authorities will be the responsibility of the concerned postal circle unit or post office rather than the central organisation
The issue resurfaced months after a police raid in Hub in July, during which postal staff were detained on suspicion of handling non-customs-paid consignments That operation later led to the suspension of several police offi-
Nvidia considers increasing H200 chip output due to robust C hina demand, sources say
nese market that was released in late 2023
Trump s decision on the H200 comes at a time when China is pushing to promote its own domestic AI chip industry As domestic chip companies have yet to produce products that match the H200, there have been concerns that allowing the H200 into China could stymie the
IMF conditions
THE prospect that the State Bank of Pakistan will not ease its money supply has grown after the news that the IMF has recommended that interest rates be kept high, so as to keep off any inflationary pressures The relative easing of inflation had given hopes to the belief that the SBP s Monetary Policy Committee would bring its benchmark rate below its present 11 percent However, that seems not possible now that the IMF has imposed its veto One factor was probably the improved growth forecast, with the ADB revising it upward However, the growth forecast is not enough to create the jobs, or restore the business confidence, needed by the government to show its economic performance to the electorate The interest rate is to be held steady for the rest of the financial year, and there may be a cut in the beginning of the next Keeping the rate steady means keeping debt servicing costs high which means that the benefits of lowering the inflation rate will be lost Apart from its advice about the interest rate, which will have the effect of strangling the economy, the IMF has revealed it has imposed 11 new conditionalities in its latest review of its EFF programme, bringing the total of 64 Among the new conditions are the publication of civil servants’ asset statements by year-end, and of a new action plan to end corruption by next October Apart from corruption, the conditionalities include reducing power sector losses, improving governance and reducing CBR inefficiency Clearly, the IMF has moved merely from economic management to more political areas It is true that these areas affect the economy, but there is still no escaping the feeling that the IMF is intruding more than it should It has to be admitted that the present government has given it the space to do so It should not be forgotten that the economics behind the URAAN programme also makes recommendation resembling those of the IMF but it is insecure for a government to have its policies determined by an outside agency Corruption and poor governance are both evils, and should be eliminated but whether this should be the condition of a loan is another matter The IMF should remember that the government might find itself forced to decide whether the IMF s approval is worth the price of its veto Though the government is committed to ending the dependency on the IMF the word is already out that Pakistan will probably need another programme
Dedicated to the legac y of late Hameed Nizami Arif Nizami (Late) Founding Editor
M A Niazi Editor Pakistan Today Babar Nizami Editor Profit
would have found Pakistan more to his purpose
NICCOLO Machiavelli wrote his famous treatise The Prince in 1513 At the time, Machiavelli’s treatise made a clear break from the Western tradition of political philosophy Beginning with the great Greek philosophers Plato and Aristotle the thinkers of political philosophy were primarily concerned with issues of justice and human happiness, and with the constitution of thie ideal state In contrast, The Prince was a shockingly practical manual for rulers who aim either to establish and retain control of a new state or to seize and control an existing one Instead of basing his advice on ethics morality or philosophical principles Machiavelli based his political programme on realpolitik Since the publication of The Prince in 1532, Machiavellian as an adjective has been in use as a synonym for political manoeuvres marked by cunning bad faith and duplicity to stay in power at all costs In Pakistan politics has long been a grand theatre of strategy intrigue betrayal and perpetual power play If Niccolò Machiavelli were alive today, he might find in Pakistan a case study richer than the Prince himself, where rulers rise not through statesmanship or institutional strength but through manipulation patronage and a persistent zero sum pursuit of power Yet the tragedy is that this style of politics once merely unsavory has
Over
this
(a) chronic fiscal deficits due to reluctance to implement unpopular but necessary reforms, (b) reliance on IMF bailouts, now almost cyclical, because political and even military leaders fear the fallout of structural adjustments (c) capital flight as businesses seek more stable environments and rule of law and (d) stagnant industrial growth because domestic and foreign investors alike struggle to plan in the face of political uncertainty and rule of law
Machiavelli might argue that instability is the price of political cunning, but Pakistan’s economy has paid that price far too many times No modern state
cooperation in training cyber
While addressing the Bahraini investors and business leaders the PM duly courted them with Pakistan s sweeping economic overhaul blueprint and invited them to visit Pakistan and explore the opportunities available in the food security, IT, construction, mines and minerals, healthcare, renewable energy and tourism sectors It is worth mentioning here that the historical brotherly warmth in the bilateral relations between Pakistan and Bahrain have never been questioned at any level the discussions in Manama between the visiting Pakistani PM and host Bahraini top leadership have quite appreciably and in a welcome way focused on further expanding bilateral trade, investment, defence partnerships and cultural ties which obviously signalled a more future-oriented approach which hopefully was aligned closely with the sustainable development goals and economic cooperation of the top leadership of both Pakistan and Bahrain
As mentioned by the PM during his bilateral discussions with the host Bahrain King a pretty large number of Pakistanis are residing in Bahrain and positively contributing to strengthening Bahrain s economy and there is every possibility of exporting more manpower from Pakistan not only to Bahrain but
a collaborative framework for training Pakistani manpower in duly specified
fields Presently the Pakistani community in Bahrain includes doctors engineers bankers businessmen as well as workers engaged in different fields
Spor t meets spite
SINCE
Climate ignorance costs
Diploma does not cure
MuhaMMad Zahid Rifat
Machiavelli
Trump’s Gaza Peace Plan in Jeopardy
Tas of December 2, the plan is facing its gravest crisis Both major actors Israel and Hamas have violated core commitments raising deep concerns that the fragile framework could unravel The UN-mandated International Stabilization Force (ISF) meant to secure Gaza during the transition, has yet to take shape because governments are reluctant to contribute
troops And the Board of Peace the body authorized to govern Gaza during the transitional phase is struggling to form weighed down by political tensions regional mistrust, and operational uncertainty The promise of stability is buckling under the pressure of reality The peace plan began with a hopeful breakthrough After months of war a ceasefire took effect on 10 October Hamas released several of the remaining living hostages while Israel freed groups of Palestinian detainees Humanitarian aid began flowing into Gaza more steadily, offering a lifeline to a population battered by bombardment displacement hunger and disease The ceasefire was imperfect but held long enough to persuade the United Nations Security Council to endorse Trump s 20-point plan in a rare consensus vote Resolution 2803 gave the plan legal standing, international legitimacy, and a mandate for intervention But optimistic diplomacy has collided with deteriorating conditions on the ground Despite the agreement both Israel and Hamas have continued actions that violate core pillars of the plan Israel has carried out repeated airstrikes in Gaza, claiming to target “remaining Hamas infrastructure ” but killing civilians in the process and stoking resentment among the very population the peace plan aims to stabilize Even more alarming are recent Israeli military raids in the occupied West Bank, particularly around Tubas and Tammun, which many diplomats warn could destabilize the entire ceasefire architecture These operations completely outside Gaza signal that Israel continues to act with near-total impunity unconstrained by
the spirit of de-escalation the plan requires
At the heart of the plan is the commitment by Israel to withdraw its forces from Gaza in agreed phases This has not happened Israel argues that Hamas remains armed entrenched and capable of renewed attacks Without full demilitarization another part of the agreement Israel insists it cannot risk a full withdrawal Critics counter that Israel is using security concerns as justification for indefinite control, effectively hollowing out the plan’s political foundation The United Nations has repeatedly urged Israel to comply with withdrawal commitments but those calls have gone unheeded Hamas for its part has accepted the ceasefire but rejected the plan s requirement for complete disarmament While it has cooperated on prisoner exchanges and the return of some remains of deceased hostages it refuses to surrender its weapons or submit to what it calls foreign guardianship of Gaza
Caught between these violations is the United Nations, tasked with constructing the International Stabilization Force (ISF) that would take over security responsibilities as Israel withdraws But weeks after Resolution 2803 passed not a single major country has committed significant combat troops Many governments express support for the idea in principle but fear the political and operational risks involved Participating in the ISF means deploying soldiers
into a volatile war zone where they could face attacks from militant groups opposed to foreign presence, hostility from parts of the population traumatized by war, and unpredictability from Israeli forces still conducting operations in and around Gaza Arab and Muslim-majority states initially mentioned as potential contributors have pulled back wary of being perceived as legitimizing an arrangement that could be interpreted as internationalizing or fragmenting Palestinian territory Turkey has been excluded by Israel from the ISF despite offering involvement Egypt perhaps the most natural candidate
pro-American regional security system of the energy-rich Persian Gulf and the potential counterbalance to Iran ruled by viscerally anti-American mullahs
does not brook opposition and denies popular participation This is a recipe for political instability and perhaps even regime change
TDonald Trump reprimanded the ABC correspondent at the joint press conference who dared to raise the Khashoggi issue The visit was also a success for MBS in concrete policy terms It augmented the strong strategic ties that already exist between the United States and Saudi Arabia President Trump announced that he had decided to recognize Saudi Arabia as a major non-NATO ally a designation that among other things, allows Riyadh expedited access to American military hardware President Trump also announced that he had authorized the sale of F-35 fighter jets and other military equipment to Saudi Arabia although the jets will lack capabilities that would erode Israel s military superiority in the region This has been the standard American practice in weapon deals with other Middle Eastern states
The American interest in cultivating Saudi Arabia is obvious It is an energy powerhouse the swing producer in the oil market and given the fast pace of modernization under MBS provides vast investment opportunities to American companies It is also the kingpin of the
Moreover Saudi Arabia s participation in the Abraham Accords is essential to Israel s integration into the Middle East During his visit, MBS expressed interest in normalizing relations with Israel on the condition that it be accompanied by a clear path to a Palestinian state On the surface the relationship works to the advantage of both sides However Washington needs to recognize the pitfalls that may arise from a close relationship with MBS An autocratic regime driven by the whims and fancies of one person is not a bulwark of stability As the Iranian revolution clearly demonstrated domestic politics cannot be delinked from foreign relations Changes in domestic power structures can radically alter a country s foreign policy orientation
The fate of Imperial Iran should act as a salutary reminder for Washington Saudi society is undergoing rapid modernization under the direction of the crown prince just as Iranian society was undergoing Shah Mohammad Reza Pahlavi s White Revolution Such top-down transformations disturb traditional social and political structures without allowing new ones to take root
Moreover, modernizing societies demand responsive and accountable political institutions As it happens MBS s strategy is a carbon copy of the Shah s: societal modernization under a repressive regime that
Just as the Shah alienated Iran s clerical establishment with his social reforms, MBS is increasingly alienating Saudi Arabia’s Wahhabi imams This may turn out to be even more dangerous for the Saudi regime than it was for the Shah since the latter was never as dependent on religious legitimacy as the Saudi monarchy
The Saudi state came into existence as a result of the compact between the royal House of Saud and the founder of Wahhabi theology Muhammad ibn Abdul Wahhab
The Wahhabi ulema led by his descendants played a leading role in legitimizing Saudi rule over the whole peninsula Even when the Saudi rulers deviated from strict Wahhabi religious interpretations, the Al Asheikhs, the descendants of Muhammad Abdul Wahhab, provided cover for them as long as the royal family protected their basic interests and refrained from publicly violating Islamic norms
MBS has breached this compact and sidelined the Wahhabi establishment, threatening their social and religious status If the Shia ulema of Iran, who were on the fringes of political power could bring down the Shah the Wahhabi ulema who have traditionally been an integral part of the Saudi power structure would have even greater incentive and opportunity to undermine the current Saudi regime With the old compact eroding and with no nascent democratic or constitutional structures to replace it, the foundations of MBS’s rule appear extremely shaky The absence of both religious and popular legitimacy could prove to be its Achilles heel There is a further twist to this
tale Since the inception of the Saudi state the royal family numbering in the thousands has decided on domestic and foreign policy issues through consensus among the most powerful princes This glue held the power structure together The leading princes understood that if they did not hang together, they would hang separately King Salman broke this fundamental rule of governance when he selected MBS as crown prince and de facto ruler in 2017 To add insult to injury, MBS
Tenter the bloodstream Beijing s efforts, coupled with the establishment of an early warning and emergency response system, better regulation of pollution activities, relocation of factories from
populated areas and incentives for farmers to discourage agricultural burning, made a lasting impact showing a dramatic 35 percent improvement in highly polluted areas by 2017 In the following years Beijing continued its campaign against air pollution Average PM2 5 concentration dropped by a half, from 72 micrograms per cubic metre (µg/m³) in 2013 to 36µg/m³ in 2019 dropping further to 29 3µg/m³ in 2024 Although substantially higher than the World Health Organization s guidelines – 5µg/m³ – it still marked a major breakthrough in China s push against air pollution Despite the challenges posed by the pandemic, China sustained its battle for blue skies rolling out targeted air pollution control policies such as limiting construction-related emissions deploying clean industrial technologies cutting steel production retiring old cars and encouraging the adoption of electric energy vehicles The measures paid dividends as China’s capital transformed from an environmental backwater into an emblematic case of urban air quality governance Blue skies are indeed back in Beijing given PM2 5 concentration averaged 24 9µg/m³ in the first three quarters of 2025, per the government The recent improvement builds on prior gains In 2022, average annual PM2 5 con-
centration across China fell to 29µg/m³ according to Chinese media and the number of days classified as having good air quality in 339 cities reached 316 – a progress not many regional countries could match As many parts of the world experienced rising PM2 5 levels, China’s steep reductions were so
TRUMP APPEARS IN NEWLY RELEASED PHOTOS FROM JEFFREY EPSTEIN’S ESTATE
China holds national memorial for Nanjing Massacre victims, calling for remembrance of history
The 12th national memorial day was observed on Saturday to honor the 300,000 victims killed by Japanese troops during the Nanjing Massacre, as this year marks the 80th anniversary of the end of World War II Despite the winter chill thousands dressed in dark attire gathered at the public square of the Memorial Hall of the Victims in Nanjing Massacre by Japanese Invaders in Nanjing capital of east China s Jiangsu Province, with white flowers
unison while pedestrians paused to observe a moment of silence in memory of the victims The Nanjing Massacre took place when Japanese troops captured the then-Chinese capital on December 13, 1937 Over the course of six weeks they proceeded to kill approximately 300 000 Chinese civilians and unarmed soldiers in one of the most barbaric episodes of WWII
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were politicising the investigation by “cherry-picking photos and making targeted redactions
create a false narrative about President Trump ” Democrats said the tens of thousands of photos include images of the wealthy and powerful men who spent time with Jeffrey Epstein and photographs of women and Epstein properties, and more will be released in the coming days “These disturbing photos raise even more questions about Epstein and his relationships with some of the most powerful men in the world Representative Robert Garcia of California, the top Democrat on the oversight committee, said in a statement
PSIC ’s Role in Promotion of SME S ec tor
MUHAMMAD TAYYAB
Small and medium enterprises (SMEs) form the backbone of sustainable economic growth in developing economies particularly in Pakistan where resilience and competitiveness depend on diversified production and broad-based participation As global markets evolve and supply chains become more innovation-driven the strategic development of small-scale industries artisans and cottage sectors has become crucial In Punjab, the Punjab Small Industries Corporation (PSIC) stands at the center of this transformation, demonstrating how a dynamic public-sector institution can nurture entrepreneurship strengthen industrial foundations and drive inclusive prosperity
PSIC s contribution rests on a holistic model of SME development that integrates access to finance industrial infrastructure skill enhancement technological modernization and sustainable production practices Over several decades, PSIC has laid the groundwork for industrial expansion through the establishment of 23 Small Industrial Estates (SIEs) across the province
These estates have evolved into productive hubs equipped with essential facilities enabling entrepreneurs to launch and scale businesses efficiently Most estates today are significantly colonized and host industries ranging from light engineering to handicrafts chemicals packaging and agro-processing The corporation s regional network
ensures continuous support helping small manufacturers overcome operational challenges, comply with regulations, and adopt new business models in response to shifting market needs
In recent years PSIC has undergone an internal transformation aimed at modernizing its operations and improving service delivery
The digitization of all 23 industrial estates marked a significant breakthrough, embedding transparency, efficiency and improved estate management into the system This digital shift has produced measurable outcomes: recovery performance increased from 49 percent in 2023–24 to 80 percent in 2024–25, demonstrating strengthened institutional credibility and better stakeholder engagement Digital integration has also allowed faster processing of industrial applications real-time monitoring of estate activities, and enhanced responsiveness to investor concerns
Equally important has been PSIC’s leadership in promoting environmentally sustainable industrial growth Under the World Bank–funded Punjab Green Development Program (PGDP), the corporation implemented the Resource Efficiency and Cleaner Production (RECP) initiative to encourage SMEs to adopt energy-efficient and climate-friendly production technologies Achieving PGDP s stringent performance benchmarks enabled PSIC to secure USD 30 million for advancing industrial sustainability SMEs themselves invested USD 5 million in cleaner
quickly Trump has warmed to Brazil’s President Luiz Inacio Lula da Silva and moved on from an aggressive defence of his right-wing predecessor The US had sanctioned Justice Alexandre de Moraes under the Global Magnitsky Act in July punishing him for overseeing the trial that led to former President Jair Bolsonaro s conviction and imprisonment for attempting a coup after losing his 2022 re-election bid Trump had called that trial a witch hunt and his administration accused Moraes of weaponising courts, authorising arbitrary
technologies reflecting growing private sector recognition of the long-term cost savings and competitiveness associated with environmental compliance PSIC disbursed Rs 921 258 million to 99 SMEs, allowing them to reduce energy consumption improve resource utilization and align their manufacturing processes with global quality and sustainability standards
A defining feature of Punjab s economic policy under Chief Minister Maryam Nawaz Sharif is the expansion of entrepreneurial opportunity through inclusive interestfree financing Guided by this vision, PSIC has implemented two flagship interventions: the CM Punjab Asaan Karobar Finance and the CM Punjab Asaan Karobar Card These initiatives reflect a comprehensive response to longstanding structural barriers that have prevented micro and small businesses from accessing formal finance
The Asaan Karobar Card has proven to be a transformative instrument With 104 133 cards approved and PKR 44 billion disbursed the initiative has empowered shopkeepers home-based workers street vendors, young entrepreneurs, and micro-industries The availability of interest-free credit, combined with the push toward digital payments, has enabled beneficiaries to stabilize working capital expand inventory invest in equipment and transact more efficiently
The writer is a Lahore-based public policy promoter and can be reached at muhammadtayyab729@gmail com
pre-trial detentions and suppressing free speech
On Friday the Treasury Department also removed sanctions imposed in September on Moraes wife Viviane Barci as well as sanctions placed on the Lex Institute a financial entity controlled by Barci and other family members The sanctions had stoked tensions between Brasilia and Washington this summer, when Trump imposed hefty tariffs on many goods imported from Brazil some of which he began rolling back last month Lula welcomed the move on Friday saying he pushed for the sanctions to be lifted on a call with Trump last week
In my conversation with Trump last week, he asked, ‘Is this good for you?’ I said it is good for Brazil and for Brazilian democracy ” Lula said at an event in Sao Paulo on Friday Moraes at the same event called the Treasury s decision a triple win for Brazil s democracy justice system and sovereignty I couldn t help but thank President Lula for his efforts
Love with beloved Prophet integral part of every muslim faith: Gilani
S
Chairman Senate Syed Yousaf Raza Gilani said that it is his wish that the blessed birth of the Holy Prophet Muhammad (peace be upon him and his family) be celebrated throughout the world He expressed these views while addressing the annual Milad-un-Nabi Conference held at the residence of political leader Mehr Irshad Ahmad Khan Sial in Mauza Thattha Sialan Muzaffargarh Syed Yousaf Raza Gilani said that devotion to the Holy Prophet Muhammad (peace be upon him) is an integral part of our faith He is the last Prophet and no Prophet will come after him He further said that Shaheed Zulfikar Ali Bhutto won the hearts of the Muslim Ummah by declaring the Qadianis as non-Muslims, and this act will always be remembered He added that Muslims have been celebrating the Milad of the Holy Prophet for hundreds of years and this celebration will continue in the future as well At the conclusion of the conference, Chairman Senate Syed Yousaf Raza Gilani led a collective prayer for the prosperity of the Muslim Ummah and the development of the country Later Syed Yousaf Raza Gilani paid visits to sacred relics including the Ghilag e Khana Kaaba Naalain Mubarak
A Night of Nostalgia: NHM Celebrates Pakistani Cinema by screening Zinda Laash
The National History Museum (NHM) hosted a free public screening of Zinda Laash (1967) Pakistan s first horror classic at its open-air amphitheatre Organised to highlight the rich legacy of Pakistani cinema and revive memories of its golden era, the event aimed to familiarise younger audiences with the aesthetics and storytelling of earlier times The event also revived the tradition of open-air cinema in Pakistan The screening received an enthusiastic public response drawing a diverse audience Young visitors attended to experience the grandeur of vintage Lollywood, while older attendees came to relive cherished nostalgia It felt just like old times, the black-and-white era of Pakistani cinema Experiencing it again was truly refreshing ” said a 50-year-old visitor Another attendee shared “It was my first time watching a black-and-white film and that too in an open-air setting It
ZTBL, Mr Tahir Yaqoob Bhatti, emphasized that ZTBL is committed to empower youth and strengthen professional talent pool He informed that ZTBL has provided employment opportunities to more than 600 fresh graduates/post graduates during last two years and hiring of fresh batch of 300 Mobile Credit Officers (MCOs)/OG-IIIs is under process
Peshawar RTO takes unprecedented enforcement action against illicit tobacco
ISLAMABAD S ta f f r e p o r t Pakistan continues to face the serious challenge of illicit trade and unlawful activities in the tobacco sector, which adversely affect the national economy and result in substantial loss of public revenue The unchecked movement, storage, and use of non-dutypaid un-manufactured tobacco being the primary raw material for cigarette manufacturing poses a grave risk as it directly facilitates large-scale evasion of Federal Excise Duty and other applicable taxes Recognizing the gravity of this issue and its farreaching economic implications, the Prime Minister of Pakistan has issued clear and categorical directions to decisively curb illicit practices in the tobacco and cigarette sector and to ensure strict enforcement of tax laws across the entire supply chain including raw materials In pursuance of these directions the Federal Board of Revenue (FBR) has implemented a comprehensive and multi-layered enforcement strategy aimed at eliminating non-duty-paid cigarette production, strengthening intelligence-based monitoring and disrupting illegal manufacturing and supply networks This national initiative is being supported by relevant stakeholders and lawenforcement agencies to reinforce enforcement actions and safeguard government revenue
INDEPENDENT GROUP ‘SECURES MA JORIT Y’ IN PBC ELECTIONS ON PUNJAB SEATS
TField Marshal Asim Munir, Bilawal celebrate Army ’s win at 35th National Games
t
The 35th National Games concluded in a colourful ceremony in Karachi today, with the Pakistan Army securing the highest medal count Chief of Defence Forces and Chief of Army Staff Field Marshal Syed Asim Munir attended as the chief guest while PPP Chairman Bilawal Bhutto Zardari along with Sindh s Chief Minister and Sports Minister, were present to witness the grand finale Bilawal presented a Sindhi cap and Ajrak to Field Marshal Munir symbolising the province s pride in hosting the national sporting event Pakistan Army claimed first position with 353 medals, including 200 gold, 97 silver and 56 bronze Wapda finished second with 232 medals – 85 gold 73 silver and 74 bronze – while Pakistan Navy secured third place with 110 medals
comprising 36 gold, 39 silver and 35 bronze Host province Sindh finished sixth with 96 medals, including 11 gold 26 silver and 59 bronze In addition Punjab earned 126 medals with 16 gold 38 silver and 72 bronze while the Higher Education Commission (HEC) collected 108 medals, including 14 gold, 38 silver and 56 bronze Pakistan Police received the Best Performance Trophy while swimmer Hamza Asif Kot was awarded for setting national records in the 50-metre freestyle and breaststroke events
After distributing trophies to the top three teams – Pakistan Army receiving the Quaid-e-Azam Trophy Wapda the runner-up trophy and Pakistan Navy the President Pakistan Olympic Association Trophy – Field Marshal Munir officially declared the games closed Addressing the ceremony, Bilawal Bhutto Zardari emphasised that the National Games were “not
merely a competition of speed, strength or skill; they were a celebration of Pakistan itself ” He highlighted that athletes from across the country from Gilgit-Baltistan to Gwadar and Khyber to Karachi represented their provinces but competed under one flag Bilawal praised the athletes as “ambassadors of discipline, perseverance and national unity ” noting that sports instil teamwork courage respect for rules and resilience values critical to the nation
Touching on the May conflict with India, he lauded the armed forces professionalism and coordination, stating, “Pakistan emerged victorious with its sovereignty defended and its honour upheld This victory reflected the unity of our people and the discipline of our forces
As the National Games conclude, may the friendships, lessons, and unity displayed here continue to strengthen our federation,” he added
Journalists protec tion body demands immediate arrest in unsolved murder c ase
KARACHI
s ta f f r e p o r t
The Sindh Commission for the Protection of Journalists and Other Media Practitioners today expressed serious concern over the non-submission of a police report into the murder of journalist Tufail Rind demanding the immediate arrest of the culprits and a detailed report on the case
The demand was made during a meeting chaired by Aijaz Ahmed Memon where the panel reviewed recent incidents involving media professionals While the commission expressed satisfaction with police reports submitted for Karachi-based journalists Khawar Hussain and Imtiaz Mir, Khairpurbased reporter Allah Dino alias
A D Shar, and press club photographer Sabir Hussain the lack of progress in the Tufail Rind case was a point of major contention Chairman Memon also informed the meeting that directives have been issued to all media houses in Sindh to ensure mandatory safety training and life insurance for their employees He noted however a disappointing lack of cooperation from media organizations which have also been instructed to provide complete data on their journalists to aid in evidence-based policymaking
The chairman added that media owners are bound to adhere to the provincial government s minimum wage policy In response to the inadequate compliance, the commission resolved to approach
AGP asked to present mechanism to address violations of 24-hour produc tion rule
tices of all high courts while the chief justice of the Federal Constitutional Court of Pakistan participated on special invitation Commercial Litigation Corridor Reviewing progress on the Commercial Litigation Corridor (CLC), the committee examined the recommendations of a sub-committee formed to tackle protracted litigation and injunctive orders in commercial revenue and fiscal matters
The sub-committee proposed several reforms, including the establishment of dedicated benches, measures to curb frivolous litigation, the creation of a screening committee at the Federal Board of Revenue (FBR) level avoidance of coercive revenue targets for state-owned enterprises and improvements in tribunal structures The report shared with the high courts for feedback, was unanimously approved
comprehensive mechanism to redress complaints of non-compliance, which would be presented at the next meeting During Saturday’s session, the NJPMC reviewed the implementation status of decisions taken earlier and deliberated on key policy matters The committee unanimously reaffirmed its commitment to strengthening institutional capacity, expediting access to justice, and ensuring the efficient and effective delivery of justice
The meeting held at the Supreme Court of Pakistan building was attended by the chief jus-
The NJPMC decided to implement the recommendations and directed the Law and Justice Commission of Pakistan (LJCP) to forward them to the FBR The LJCP was also asked to request the FBR to establish a taxation and revenue case management mechanism at each high court, similar to the system in place at the Supreme Court Case disposal timelines On case disposal timelines the committee praised the disposal of 558 474 cases out of 1 253 425 in specified categories within the notified timeframe during the previous quarter, calling it a reflection of the high courts strong commitment Special appreciation was recorded for the
representative bodies such as the Council of Pakistan Newspaper Editors (CPNE) and the All Pakistan Newspapers Society (APNS) to help enforce laws on life insurance, safety, and wages, stressing that these organizations must fully support the effort
Furthermore, the commission was briefed on proposed amendments to its governing law which have been forwarded to the Information Department Key changes include granting the body disciplinary powers for non-compliance with its directives, the inclusion of two women members adding a representative from the Association of Electronic Media News Editors and Directors (AEMEND) and extending the tenure of non-official members from one to three years
Lahore High Court (LHC) for deciding a record
465 455 cases in the notified categories The Peshawar High Court (PHC) was also commended for prioritising inheritance cases and implementing a double docket regime
The committee directed the high courts to dispose of the oldest succession cases up to the year 2019 within 30 days
Participants also appreciated the establishment of model trial courts to deal with chronic civil and criminal cases During the period under review, the LHC disposed of 6,246 civil and 22,594 criminal cases; the Sindh High Court (SHC) 1,108 civil and 8 368 criminal cases; the PHC 308 and 332; the Balochistan High Court (BHC) 235 and 374; and the Islamabad High Court (IHC) 99 and 21 cases respectively District judiciary and jail reforms
The NJPMC directed a special committee to finalise its recommendations on District Judiciary Reforms within 30 days for consideration at the next meeting The chief justice of the LHC was asked to convene a meeting of the reform committee in Lahore for this purpose
On jail reforms, the LJCP Secretariat informed the forum that reports of the relevant sub-committees, along with a consolidated action plan, had been shared with the chairpersons of the Provincial Justice Committees Use of AI in judiciary
Following extensive consultations with experts a draft titled National Guidelines for the Use of Artificial Intelligence in Judicial Institutions in Pakistan was presented to the committee
