ISLAMABAD: Prime Minister Shehbaz Sharif on Saturday described Pakistan’s small and medium enterprises (SMEs) as the backbone of national economy, issuing directives to take necessary measures to integrate them into the global supply chain, according to a statement from his office.
Pakistan has been striving to attract foreign investment as it recovers from a prolonged economic crisis characterized by a tough balance of payments situation, dwindling foreign currency reserves and a depreciating national currency.
While the government has signed various agreements with close allies and sought to promote business-to-business partnerships to drive growth, Sharif recently noted that foreign investment would remain elusive without first strengthening domestic investment.
“Small and medium enterprises are the backbone of the economy,” he said while presiding over a meeting in Lahore to evaluate the SME sector, according to the statement. “Comprehensive steps are needed to make Pakistani industries a part of the global supply chain.”
The prime minister received a detailed briefing on the operations of the Small and Medium Enterprise Development Authority (SMEDA) and was told its board of directors had been constituted and had started holding regular meetings.
“The process of hiring international-standard experts for the development of the SME sector has been initiated,” the official statement said.
“The State Bank of Pakistan has also instructed banks to simplify and streamline the loan application forms for SMEs,” it added.
The meeting was also informed that authorities were in the process of gathering data on SMEs across Pakistan to enable informed decision-making for the sector.
Pakistan PM calls SMEs ‘backbone’ of national economy, seeks steps for their global integration
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Pakistan PM calls SMEs ‘backbone’ of national economy, seeks steps for their global integration
- The government has initiated the process of hiring experts for the development of the SME sector
- State Bank of Pakistan has also directed banks to simplify the loan application process for SMEs
Pakistan approves authority to regulate, accelerate growth of virtual assets economy
- Pakistan set up national crypto council in March to create legal framework for cryptocurrency trading, luring foreign investment
- Last month, government introduced first policy framework to set rules for how digital money, service providers should operate in Pakistan
KARACHI: The government has approved setting up the Pakistan Digital Assets Authority (PDAA) to regulate blockchain-based financial infrastructure, the finance ministry said on Wednesday, as the country moves to adopt a strategy to regulate and accelerate the growth of its virtual assets economy.
Pakistan set up a national crypto council (PCC) in March to create a legal framework for cryptocurrency trading in a bid to lure international investment. One of the world’s most powerful people in crypto, co-founder and former CEO of Binance Changpeng Zhao, was subsequently appointed as a strategic adviser to the PCC.
Cryptocurrencies including bitcoin are not officially regulated in Pakistan but are also not illegal or banned. As of Jan. 16, 2021, the State Bank of Pakistan has not authorized any individuals or organizations to carry out the sale, purchase, exchange, and investment of virtual currencies, coins, and tokens.
Last month, Pakistan introduced its first-ever policy framework, created by a special government group under the Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) authority, to set rules for how digital money like cryptocurrencies and the companies that deal in it should operate in Pakistan. The policy has been formulated to align with compliance and financial integrity guidelines of the global Financial Action Task Force (FATF).
“The aim is to ensure FATF-compliant innovation, economic inclusion, and responsible adoption of digital assets,” the finance ministry said, announcing the approval of the Pakistan Digital Assets Authority.
Pakistan is experiencing a surge in the adoption of digital assets, driven by a growing tech-savvy population and increasing government support for blockchain technology.
“Pakistan must regulate not just to catch up but to lead. With the PDAA, we are creating a future-ready framework that protects consumers, invites global investment, and puts Pakistan at the forefront of financial innovation,” the finance ministry statement said, quoting finance minister, Muhammad Aurangzeb, who is also the chairman of the Pakistan Crypto Council.
The PDAA will serve as a specialized regulatory body with a mandate to oversee licensing, compliance, and innovation within the digital asset ecosystem. It will regulate exchanges, custodians, wallets, tokenized platforms, stablecoins, and DeFi applications, all under a single framework.
“This strategic decision aligns Pakistan with other forward-thinking economies such as the UAE, Japan, Singapore, and Hong Kong, all of which have established digital asset regulators to foster innovation while ensuring compliance with global financial norms,” the finance ministry said.
The PDAA is expected to regulate an over $25 billion informal crypto market, enable tokenization of national assets and government debt, provide legal clarity to global and local investors, facilitate monetization of Pakistan’s surplus electricity through regulated bitcoin mining and empower young people and startups to build blockchain-based solutions at scale.
“This is not just about crypto,” Bin Saqib, CEO of Pakistan Crypto Council, said.
“It’s about rewriting our financial future, expanding access, and creating new export channels through tokenization, digital finance, and Web3 innovation.”
According to Statista, a German online platform that specializes in data gathering and visualization, the projected revenue in the digital assets market in Pakistan is estimated to reach $1.6 billion by 2025 while the number of users is expected to reach 27.10 million users.
Pakistan drop stars Shaheen, Azam and Rizwan for Bangladesh T20s
- Batsmen Azam and Rizwan were omitted for the second consecutive T20 series after being criticized for slow scoring
- Salman Ali Agha will captain Pakistan as they look to next year’s Twenty20 World Cup hosted by India and Sri Lanka
KARACHI: Pakistan dropped stars Shaheen Shah Afridi, Babar Azam and Mohammad Rizwan on Wednesday as they named a new-look squad for three home Twenty20 internationals against Bangladesh.
Former New Zealand coach Mike Hesson will take charge for the first time after being appointed last week, replacing Aaqib Javed.
Salman Ali Agha will captain Pakistan as they look toward next year’s Twenty20 World Cup, to be hosted by India and Sri Lanka.
Fast bowler Shaheen had played in Pakistan’s last T20 series in New Zealand in March, but batsmen Azam and Rizwan were omitted for the second consecutive T20 series after being criticized for slow scoring.
“The squad has been selected based on players’ performances in the ongoing Pakistan Super League, which concludes on May 25,” the Pakistan Cricket Board said in a statement.
Shaheen has taken 12 wickets for Lahore Qalandars in 10 PSL matches at an economy rate of 8.20.
Opener Sahibzada Farhan earned a recall after topping the PSL batting charts with 394 runs.
Batsmen Saim Ayub and Fakhar Zaman return after missing the New Zealand tour with injuries.
Fast bowler Hasan Ali is back after being sidelined with multiple injuries since May last year.
The PCB said that the series match schedule, which has been affected by a 10-day delay to the PSL caused by the deadly India-Pakistan conflict, will be announced soon with all three matches to be held in Lahore.
Pakistan squad: Salman Ali Agha (captain), Shadab Khan, Abrar Ahmed, Faheem Ashraf, Fakhar Zaman, Haris Rauf, Hasan Ali, Hassan Nawaz, Hussain Talat, Khushdil Shah, Mohammad Haris, Mohammad Wasim, Mohammad Irfan Khan, Naseem Shah, Sahibzada Farhan, Saim Ayub.
Pakistani delegation prepares to visit world capitals in diplomatic push following India standoff
- Head of delegation Bilawal Bhutto Zardari says contentious issues like disputed Kashmir, terrorism, water should be resolved
- Pakistan Peoples Party chairman laments India “weaponizing” water, calls it “both unfortunate and extremely dangerous”
ISLAMABAD: A high-level delegation set up by Prime Minister Shehbaz Sharif to present Pakistan’s position and advocate for the country in world capitals following a recent military conflict with India is receiving briefings from top foreign office officials and would carry a “message of truth and peace,” the head of the team said on Wednesday.
Sharif announced the diplomatic group last week and said it would be headed by Pakistan Peoples Party Chairman Bilawal Bhutto Zardari, who is a former foreign minister.
Speaking to media on Wednesday, Bhutto Zardari said his team had received a briefing from the ministry of foreign affairs on the recent standoff with India and a ceasefire brokered by the US, as well as on contention issues like the Kashmir dispute, terrorism, and India’s unilateral move to suspend the Indus Water Treaty.
“We are very thankful to the Foreign Secretary and the entire team here for briefing us. We hope that when we go forward with Pakistan’s message, a message of truth and peace, people will be willing to listen,” Bhutto Zardari said.
“We have always aimed to ensure that not only between India and Pakistan, but also throughout the entire region, flashpoints, whether it is the long-standing issue of Kashmir or terrorism, are addressed.”
As a victim of terrorism itself, Pakistan was “committed to seeing it dealt with and eliminated,” Bhutto Zardari said.
Tensions between nuclear-armed neighbors Pakistan and India are high after they struck a ceasefire on May 10 following the most intense military confrontation in decades.
Both countries accuse the other of supporting militancy on each other’s soil — a charge both capitals deny.
The latest military escalation, in which the two countries traded missile, drones and artillery fire, was sparked after India accused Pakistan of supporting militants who attacked dozens of tourists in Indian-administered Kashmir on April 22, killing 26. Islamabad denies involvement.
“We have just witnessed how, after a terrorist incident, two nuclear countries were on the warpath. This makes it even more important for us to address the issue of terrorism,” Bhutto Zardari said.
“We should not only talk about it but also work toward finding a solution. Our goal should be to rid this region of terrorism. And if, God forbid, such a problem arises in the future, there should never be a situation where two nuclear-armed countries are pushed toward war.”
After the tourist attack, Delhi “put in abeyance” its participation in the Indus Waters Treaty of 1960, which governs usage of the Indus river system. The accord has not been revived despite the rivals agreeing on a ceasefire last week following the conflict.
Islamabad said after India suspended the treaty that it considered “any attempt to stop or divert the flow of water belonging to Pakistan” to be an “act of war.”
About 80 percent of Pakistani farms depend on the Indus system, as do nearly all hydropower projects serving the country of some 250 million.
Bhutto Zardari lamented that India was “weaponizing” water, calling it “both unfortunate and extremely dangerous.”
“The people of Pakistan want peace, and I believe the majority of Indians also desire peace between our two nations. But that peace will not be possible unless we resolve the issues of Kashmir, terrorism, and the water dispute that India has initiated,” he said.
“At this moment, Pakistan is clearly saying that we want peace, we want dialogue, while India lags behind on this path.”
Three children among five killed in school bus attack in Pakistan’s southwest
- Around 40 students were on bus headed to army-run school, administrator of Khuzdar where attack took place says
- Pakistan military blames assault on “Indian terror proxies,” New Delhi has not yet commented on the accusations
KARACHI: The Pakistani military said on Wednesday five people including three children were killed in a militant attack on a school bus in Pakistan’s southwestern Balochistan province, with a government official saying the bus had been en route to an army-run school.
Around 40 students were on the bus headed to a military school and several had been injured, Yasir Iqbal, the administrator of Khuzdar district told media.
The attack took place in Khuzdar, the military said, blaming “Indian terror proxies.”
“As per the initial reports, three innocent children and two adults have embraced martyrdom and multiple children have sustained injuries,” the army’s statement said.
Tensions between nuclear-armed neighbors Pakistan and India are high after they struck a ceasefire on May 10 following the most intense military confrontation in decades.
Both countries accuse the other of supporting militancy on each other’s soil — a charge both capitals deny.
The latest military escalation, in which the two countries traded missile, drones and artillery fire, was sparked after India accused Pakistan of supporting militants who attacked dozens of tourists in Indian-administered Kashmir on April 22, killing 26. Islamabad denies involvement.
“After having miserably failed in the battlefield, through these most heinous and cowardly such like acts [attacking school bus], Indian proxies have been unleashed to spread terror and unrest in Balochistan and Khyber Pakhtunkhawa,” the army said, referring to two Pakistani provinces.
New Delhi has not yet commented on the accusations.
There was no immediate claim of responsibility for the attack but suspicion is likely to fall on separatist groups such as the Balochistan Liberation Army, which in March blew up a railway track and took passengers from a train hostage, killing 31.
Southwestern Balochistan is Pakistan’s largest province by area, but smallest by population and most impoverished. The region of some 15 million people is home to key mining projects and a deep seaport that China is building, but has been roiled by a decades-old insurgency.
“Targeting innocent children is a barbaric act, those responsible deserve no leniency,” Interior Minister Mohsin Naqvi said in a statement, describing the attack as a “vile conspiracy to destabilize the country.”
Wednesday’s attack was reminiscent of one of the deadliest militant attacks in Pakistan’s history when over 130 children were killed in a military school in the northern city of Peshawar in 2014. That attack was claimed by the Pakistani Taliban group.
With inputs from Reuters
In Pakistan, people don’t run with bulls, they race them in spectacular style
- Bull racing, Punjabi style, captures the raw energy of village life and is a world away from floodlit Pakistani cricket and hockey stadiums
- Bull racing has deep roots in Attock district of Punjab province where is more than just a sport but part of region’s living heritage
MALAL, Pakistan: Bulls are yoked together by thick wooden frames in a sun-scorched field of rural Pakistan, while behind them, holding onto nothing more than ropes and his honor, is a man on a plank.
Hundreds of spectators whoop and cheer as the animals begin to hurtle down a track, whipping up a storm of dust and imminent danger.
This is bull racing, Punjabi style.
The traditional sport captures the raw energy of village life and is a world away from the floodlit cricket and hockey stadiums found in many Pakistani cities.
Bull racing has deep roots in the Attock district of eastern Punjab province. It is more than just a sport there, it is a part of the region’s living heritage.
In the village of Malal, one of bull racing’s most vibrant hubs, hundreds of people gather every year to witness the spectacle. Jockeys crouch behind the animals on a plank, gripping onto some reins and relying on experience and instinct to triumph.
But there’s always a chance for chaos as it’s common for the bulls to throw the jockey off his platform and drag him through the dirt.
“This isn’t just entertainment, it’s tradition,” said Sardar Haseeb, whose family has been holding races for generations. “We take pride in our animals. Farmers and landowners raise their bulls year round just for this moment. People are willing to pay high prices for a winning bull. It becomes a symbol of pride.”
The bull race creates a festive atmosphere, complete with dancing and banknotes thrown into the air — a celebratory practice normally seen at weddings.
The scent of freshly fried sweets rises from hot pans to lure the crowds. Stallholders prepare roasted chickpeas and other delicacies. The hustle and bustle becomes a source of income for enterprising locals, who benefit from the cultural event.
More than 100 bulls competed in the event that Haseeb hosted, with people traveling from across Pakistan to be part of the race.
Among the competitors was farmer Muhammad Ramzan.
“My bull came in fifth place and I’m thrilled,” he said. “It left 95 others behind.”
