Month: July 2026

Karachi: Governor State Bank of Pakistan (SBP), Jameel Ahmad, Wednesday, urged banks to move beyond traditional lending approaches and reliance on government supported schemes and develop sector specific products that match the cash-flow cycles of agriculture, SMEs, and other productive sectors.

The SBP governor, addressing the concluding session of Pakistan Banking Summit 2026, said that expanding financing to priority sectors will support entrepreneurship, create jobs, raise productivity, and strengthen Pakistan’s long-term growth potential.

Identifying expansion of financing to priority sectors as one of the most important challenges for Pakistan’s financial sector, he said that agriculture, SMEs, and affordable housing were critical drivers of employment, exports, and economic resilience.

Referring to ongoing digital transformation in the banking industry due to rapid advances in artificial intelligence and digital technologies, he said that SBP was pursuing a futuristic reform agenda with focus on ac
celerating digital transformation, harnessing emerging technologies, including artificial intelligence, promoting customer-centric financial services, expanding financing for priority sectors, and integrating climate and sustainable finance into the financial system.

The SBP governor urged banks to view digital transformation as a long-term strategic investment rather than a technology project and develop products and services that respond to the evolving needs of customers, particularly women, youth, SMEs, and other underserved segments.

The policy framework is firmly in place and the next step is to translate these opportunities into scale through innovation, partnerships, and sustained commitment from the banking industry, he emphasized and advised banks to strengthen credit assessment through alternative data, expand outreach to underserved businesses and make greater use of digital platforms to reduce transaction costs.

The governor highlighted the central bank’s initiatives for modernizing agricultur
al finance, promoting value-chain financing and investment in storage infrastructure, climate-resilient agriculture, use of digital technologies, land information systems, and alternative delivery channels to improve access to finance, particularly for small farmers.

SBP not only strengthened refinance, guarantee, and risk-sharing arrangements through various initiatives but also removed key regulatory barriers and revised the prudential regulations for SME financing, he informed.

These reforms resulted in a significant increase in outstanding SME financing and the number of SME borrowers, he said, adding that a target has been set to increase outstanding SME financing to Rs. 1.5 trillion by June 2028 and expand the number of SME borrowers to 750,000.

He urged the banks to make greater use of technology, data, and partnerships with fintechs and other service providers. The revised regulatory framework provides banks with greater flexibility to design products that reflect the diverse needs and risk profile
s of different sectors, he added.

Reflecting on the remarkable economic and financial performance of Pakistan during FY26, the governor said that we have preserved stability, built modern digital infrastructure and introduced reforms to support innovation and expand access to finance and the macroeconomic environment remained conducive for our financial sector to undergo the necessary transformation.

Karachi: Federation of Pakistan Chambers of Commerce and Industry (FPCCI), Wednesday, launched the inaugural ‘Home to Hub’ initiative to encourage participation of women entrepreneurs in export oriented sectors.

President FPCCI, Atif Ikram Sheikh, in a statement issued here, informed that the inaugural event marked the formal beginning of a structured journey designed to transform Pakistan’s women entrepreneurs from home-based beginners to export-ready business leaders.

The ice-breaking event gathered a carefully curated mix of established and emerging women entrepreneurs, university students, senior business mentors, and finance representatives.

FPCCI president thanked the key institutional partners; including, the Small and Medium Enterprises Development Authority (SMEDA), the State Bank of Pakistan (SBP), the Trade Development Authority of Pakistan (TDAP), and the Pakistan Single Window (PSW) for providing actionable insights on business planning, funding opportunities, and global export facilitation to the women entrepreneurs.

Patron-in-Chief, United Businessmen Group, S. M. Tanveer, underscored the macroeconomic importance of the Home to Hub initiative and said that transition from informal, home-based setups to structured, scalable hubs is vital. Providing women with the structural support to navigate this journey ensures their long-term integration into the mainstream commercial sector, he added.

SVP FPCCI, Saquib Fayyaz Magoon, said that our focus is to ensure that emerging women entrepreneurs are not operating in isolation. Through structured networking, access to finance, and dedicated facilitation, FPCCI is committed to bridging the gap between local innovation and global supply chains, he said.

VP FPCCI and Regional Chairman Sindh, Abdul Mohamin Khan, explained that the Home to Hub framework was engineered to achieve six core outcomes for its participants; i.e. inspire, inform, connect, classify, register, and validate.

VP FPCCI, Qurrat ul Ain, emphasized the apex body’s foundational role in female economic empowerment, saying that FPCCI is a key supportive platform for Women Entrepreneurs. By formalizing these enterprises and providing them with direct pathways to international markets, we are driving critical, inclusive economic growth for the nation, she added.

The initiative was spearheaded and organized by FPCCI’s consultant on Women Entrepreneurs Affairs (Sindh Region), Naheed Masud. Concluding the event and outlining the way forward, she noted that the inaugural event presented the program roadmap.

She said that participants will be classified into sector-specific clusters- such as IT and Digital, Fashion and Textiles, and Health and Nutrition- and then registered into a digital database to provide customized mentorship and targeted access to finance.

Karachi: The Sindh government, with the cooperation of the Asian Development Bank (ADB), has decided to provide special IT training for all educational board staff and supply modern equipment to the boards.

This decision was made in an important meeting chaired by Sindh Minister for Universities and Boards, Muhammad Ismail Rahu, at the office of the Secretary of Universities.

Under the Sindh Secondary Education Improvement Project (SSEIP), the government will introduce modern technology, e-marking, modernization of the examination system, and digitalization of governance systems across all educational boards. For this purpose, IT experts will provide specialized training to board staff with ADB’s support, while scanners, cutting machines, servers, and other modern equipment will also be supplied.

This decision was made in an important meeting chaired by Sindh Minister for Universities and Boards, Muhammad Ismail Rahu, at the office of the Secretary of Universities.

Karachi: A child lost his life after accidentally falling into a well in Karachi’s Ghas Mandi area on Wednesday, according to rescue sources quoted by TV channels.

Initial reports stated that the child was on his way home when he suddenly fell into the well. The rescue team rushed to the scene after receiving information about the incident and recovered the body.

The body was shifted to a nearby hospital for legal formalities. Authorities have launched an investigation to determine the circumstances surrounding the incident.

Karachi: Sindh Chief Minister (CM) Syed Murad Ali Shah held a high-level meeting with the National Assembly Standing Committee on Planning, Development and Special Initiatives to review the progress of major Public Sector Development Programme (PSDP) projects in Sindh and discuss measures to accelerate implementation of critical road infrastructure schemes worth over Rs140.9 billion.

The meeting focused on five strategic road projects being executed through federal-provincial cost-sharing arrangements, including the Sindh Coastal Highway, Mehran Highway, Rohri-Guddu Road, Tando Allahyar-Tando Adam dual carriageway and the Sanghar-Rohri Road project. Collectively, the schemes are expected to significantly improve regional connectivity, facilitate trade and transportation, and support economic development across the province.

The delegation was led by MNA Syed Abdul Qadir Gilani, Chairman of the National Assembly Standing Committee on Planning, Development and Special Initiatives. Committee members Ms Naz Baloch, Farhan Chishti, Syed Sami-ul-Hassan Gillani, Ms Akhtar Bibi, Zulfiqar Bachani and Shabbir Bijarani attended the meeting.

Provincial Minister for Planning and Development Jam Khan Shoro, Minister for Works and Services Haji Ali Hassan Zardari, Secretary to the Chief Minister Asif Jameel, Secretary Works Nawaz Soho and other senior officials were also present.

During the briefing, the chief minister was informed that the five federal PSDP schemes have a combined revised cost of Rs140.916 billion, with the federal government contributing Rs 96.757 billion and the Sindh government Rs 44.159 billion. All projects are targeted for completion by June 2027.

The meeting reviewed the status of the 36-kilometre Sindh Coastal Highway Extension, costing Rs 37.7 billion. The CM informed the visiting parliamentarian that the work order had been issued in June 2026 and the contractor had mobilised machinery and resources at the site.

The 150-kilometre Rohri-Guddu Barrage Road via Khanpur Mahar, Mirpur Mathelo and Mureed Shakh, with a revised cost of Rs17.79 billion, is currently under construction, with asphalt base work completed on 44 kilometres.

The committee was also briefed on the 31.4-kilometre Tando Allahyar-Tando Adam Road Dualisation Project, estimated at Rs 9.28 billion. Progress is continuing, although utility relocation, transmission line clearance and pending approvals from Pakistan Railways remain key implementation challenges.

Similarly, work is underway on the 135-kilometre Dualisation of Mehran Highway from Nawabshah to Ranipur, a Rs 41.03 billion project considered one of the province’s most important transport corridors.

The meeting also reviewed progress on the 221-kilometre Sanghar-Rohri Road Project, costing Rs 35.08 billion. Officials reported that widening and base work on significant sections have been completed and asphalt paving is expected to commence shortly.

Speaking on the occasion, CM Murad Ali Shah said that modern road infrastructure was essential for economic growth, regional integration and improved public mobility. ‘These projects are not merely roads but are economic corridors that will connect communities, facilitate trade and create new opportunities for development across Sindh,’ the chief minister said.

He emphasised the need for close coordination between federal and provincial agencies to ensure timely completion of the schemes. ‘All bottlenecks, including utility shifting, approvals and funding issues, must be resolved on priority so that the people of Sindh can benefit from these strategic projects without delay,’ he added.

Chairman of the Standing Committee, Syed Abdul Qadir Gilani, appreciated the Sindh government’s efforts in advancing infrastructure development and assured the province of the committee’s support in addressing project-related issues at the federal level. ‘The Standing Committee is committed to facilitating coordination among all stakeholders to ensure that these nationally important projects are completed within the stipulated timeframe,’ he said.

The meeting concluded with a commitment from both federal and provincial stakeholders to strengthen coordination, expedite fund utilisation and remove administrative hurdles to ensure timely completion of all ongoing PSDP projects in Sindh.

Karachi: Pakistan has achieved a historic milestone on the global philatelic stage as prominent businessman and renowned philatelist M Arif Balgamwala became the first philatelist in the world and the first Pakistani in the country’s 79-year history to win a Gold Medal in the highly competitive Five-Frame category at the Macao 2026 Specialized World Stamp Exhibition for his exhibit, ‘British India Stamps Overprints Pakistan 1947-1949.’

This remarkable achievement has earned a landmark distinction for Pakistan and brought unprecedented international recognition to the country.

The Macao victory adds another milestone to an exceptional year for the veteran philatelist. Earlier in 2026, he won a Gold Medal at the Dubai 2026 World Stamp Exhibition for his exhibit ‘Pakistan Overprints on India Stationery 1947-1949.’

In yet another unprecedented achievement, Balgamwala became the first Pakistani in history to earn a place in the Court of Honor at the Boston World Stamp Expo 2026, USA, one of the highest recognitions reserved for distinguished exhibitors on the international philatelic circuit.