Pakistan

ISLAMABAD — Lucky Investments Limited has announced the launch of the Lucky Islamic Dividend Yield Fund (LIDYF), an open-end Shariah-compliant equity fund aimed at providing investors with competitive Halal returns. The fund seeks to achieve this through investments in dividend-yielding Shariah-compliant listed equities, while also offering the potential for long-term capital appreciation. What Happened On July 6, Lucky Investments Limited unveiled its latest financial product, the Lucky Islamic Dividend Yield Fund. This fund is crafted to attract investors interested in Shariah-compliant financial products, offering them a viable option to earn dividends while adhering to Islamic financial principles. The fund is open-ended, allowing investors to enter and exit at their convenience, and focuses on equities that are compliant with Shariah law, ensuring that all investments are made in accordance with Islamic guidelines. The fund aims to provide a dual benefit to investors: competitive returns through dividends and the potential for capital growth over time. This is achieved by targeting investments in companies that consistently pay dividends and are compliant with Shariah principles. Lucky Investments has positioned the LIDYF as a strategic choice for investors seeking to balance ethical considerations with financial returns. According to a statement from Lucky Investments, the fund is designed to meet the growing demand for ethical investment options in Pakistan’s financial market. The company emphasized that the LIDYF will adhere strictly to Shariah compliance, ensuring that all investments are screened and approved by a Shariah advisory board. Background The concept of Shariah-compliant finance has been gaining traction in Pakistan and other Muslim-majority countries, as investors increasingly seek financial products that align with Islamic principles. Shariah-compliant funds avoid investments in businesses that deal in alcohol, gambling, pork, and other activities prohibited by Islamic law. Instead, they focus on sectors such as technology, healthcare, and manufacturing, which are deemed permissible. In recent years, the Pakistani financial market has seen a rise in the introduction of Islamic financial products, driven by both consumer demand and regulatory support. The State Bank of Pakistan and the Securities and Exchange Commission of Pakistan have been instrumental in promoting Islamic banking and finance, providing a framework that supports the growth of Shariah-compliant financial instruments. Why It Matters The launch of the Lucky Islamic Dividend Yield Fund is significant for several reasons. Economically, it provides a new avenue for investors seeking Shariah-compliant options, potentially increasing participation in the equity market. This could lead to greater liquidity and stability in the market, as more investors are drawn to ethical investment options. Socially, the fund caters to a segment of the population that prioritizes ethical considerations in their investment decisions. By offering a product that aligns with Islamic values, Lucky Investments is tapping into a market that is often underserved by conventional financial products. Politically, the introduction of such funds aligns with the government’s broader goals of promoting Islamic finance as a key component of the national economy. It reflects a commitment to diversifying financial products available to Pakistani investors and enhancing the country’s reputation as a hub for Islamic finance. Internationally, the fund positions Pakistan as a competitive player in the global Islamic finance market, which is estimated to be worth trillions of dollars. By expanding its range of Shariah-compliant products, Pakistan can attract foreign investment from individuals and institutions seeking ethical investment opportunities. Key Takeaways Lucky Investments Limited has launched the Lucky Islamic Dividend Yield Fund, a Shariah-compliant equity fund. The fund offers competitive Halal returns through investments in dividend-yielding equities. It caters to investors seeking ethical investment options in line with Islamic principles. The launch supports the growth of Islamic finance in Pakistan, aligning with national economic goals. It enhances Pakistan’s position in the global Islamic finance market. Source Attribution This article is based on official statements and public communications from Lucky Investments Limited. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: NEN Reporter This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

ISLAMABAD — The Securities and Exchange Commission of Pakistan (SECP) has introduced a new fast-track initiative aimed at facilitating the corporatization of the steel sector. This initiative, announced on July 6, 2023, is designed to streamline the conversion of Associations of Persons (AOPs) into formal companies, enhancing regulatory compliance and operational efficiency. What Happened In a move to bolster the steel sector’s growth and formalization, SECP has established a dedicated facilitation desk to assist AOPs in transitioning to corporate entities. This decision was made under the guidance of Minister of State for Finance Bilal Azhar Kayani, with SECP Chairman Dr. Kabir Ahmed Sidhu spearheading the initiative. The facilitation desk will provide comprehensive support, ensuring that the conversion process is smooth and efficient. Dr. Sidhu emphasized the importance of this initiative, stating, “The establishment of a dedicated facilitation desk is a significant step towards enhancing the ease of doing business for the steel sector. By converting AOPs into companies, we aim to improve transparency, governance, and access to finance for these entities.” The SECP’s measures are expected to simplify the registration process, reduce bureaucratic hurdles, and encourage more AOPs to formalize their operations. The steel sector, a critical component of Pakistan’s industrial landscape, has long been dominated by AOPs. These entities often face challenges in accessing credit and investment due to their informal status. By promoting corporatization, the SECP aims to address these issues, enabling steel manufacturers to benefit from improved legal protections and financial opportunities. Background The steel industry in Pakistan has historically been characterized by a large number of small and medium-sized enterprises operating as AOPs. These entities have played a pivotal role in meeting domestic steel demand but have struggled with issues related to informality, such as limited access to formal financial markets and regulatory compliance challenges. In recent years, the Pakistani government has been actively working to formalize various sectors of the economy to enhance transparency and improve tax collection. The SECP’s initiative aligns with these broader efforts, aiming to bring more businesses into the formal economy, thereby increasing their contribution to national development. Previous attempts to encourage corporatization in the steel sector have faced obstacles, including resistance from AOPs due to perceived complexities and costs associated with the transition. However, the new facilitation measures are designed to address these concerns by providing targeted support and reducing the administrative burden on businesses. Why It Matters The SECP’s fast-track initiative is significant for several reasons. Economically, it is expected to enhance the steel sector’s contribution to Pakistan’s GDP by enabling companies to operate more efficiently and access new markets. Corporatization can lead to increased investment in technology and infrastructure, boosting productivity and competitiveness. Socially, the move towards formalization can improve labor conditions and worker rights within the steel industry. Companies are more likely to adhere to labor laws and safety standards, benefiting employees and reducing workplace hazards. Politically, this initiative reflects the government’s commitment to economic reform and modernization. By facilitating the transition of AOPs to formal companies, the SECP is supporting broader policy goals of economic growth, job creation, and increased tax revenues. Internationally, a more formalized steel sector can enhance Pakistan’s trade relationships by ensuring compliance with global standards. This can open up new export opportunities and attract foreign investment, contributing to the country’s economic stability and growth. Key Takeaways The SECP has launched a fast-track initiative to corporatize the steel sector, focusing on converting AOPs into companies. A dedicated facilitation desk has been established to assist businesses in the transition process. The initiative aims to improve transparency, governance, and access to finance for steel manufacturers. This move aligns with broader government efforts to formalize the economy and enhance tax collection. Corporatization is expected to boost economic growth, improve labor conditions, and strengthen international trade relations. Source Attribution This article is based on official government statements, press releases, and public communications from relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: NEN Reporter This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

GILGIT — Chairman of the Pakistan Peoples Party (PPP), Bilawal Bhutto Zardari, emphasized the enduring legacy of Zulfikar Ali Bhutto in Gilgit-Baltistan (GB) during a recent address. Speaking at the oath-taking ceremony of the new Chief Minister of Gilgit-Baltistan, Amjad Hussain Advocate, Bilawal reflected on historical reforms and the region’s ongoing aspirations. What Happened On July 6, Bilawal Bhutto Zardari addressed the gathering in Gilgit, marking the appointment of Amjad Hussain Advocate as the Chief Minister of Gilgit-Baltistan. During his speech, Bilawal praised the late Prime Minister Zulfikar Ali Bhutto for his significant contributions to the region, particularly the abolition of the Frontier Crimes Regulations (FCR) and the introduction of subsidies. He noted that these initiatives have left a lasting impact on the people of Gilgit-Baltistan. Bilawal highlighted the historical context of Gilgit-Baltistan’s struggle for independence from the Dogra regime and its subsequent integration into Pakistan. He remarked, “The people of this region defeated the Dogra rule to gain independence and joined Pakistan, and to this day, they are waiting to be a full part of it.” His comments underscore the region’s continued quest for political and constitutional recognition within Pakistan. The ceremony was attended by various political leaders and dignitaries, signifying the importance of the event in the political landscape of Gilgit-Baltistan. Bilawal’s remarks were met with applause, reflecting the deep respect for his grandfather’s legacy in the region. Background Gilgit-Baltistan, a region of strategic importance due to its location and resources, has historically been governed under special administrative arrangements. The abolition of the FCR by Zulfikar Ali Bhutto in the 1970s was a pivotal moment, as it removed a colonial-era legal framework that restricted civil liberties and imposed harsh penalties. This reform was part of a broader effort to integrate the region more fully into Pakistan’s administrative and legal systems. Subsequent governments have continued to grapple with the region’s status, with varying degrees of autonomy and representation in the national framework. The introduction of subsidies by Zulfikar Bhutto was aimed at improving the economic conditions of the region, which remains one of the less developed areas in Pakistan. Why It Matters Bilawal Bhutto Zardari’s speech serves as a reminder of the historical reforms that have shaped Gilgit-Baltistan’s current status. The abolition of the FCR and the introduction of subsidies were crucial steps in addressing the region’s socio-economic challenges and integrating it into the national fold. Politically, the speech highlights the ongoing debate about Gilgit-Baltistan’s constitutional status. Despite being part of Pakistan for decades, the region lacks full provincial status, which affects its political representation and access to resources. Bilawal’s remarks resonate with the local population’s aspirations for greater autonomy and recognition. Economically, the subsidies introduced by Zulfikar Bhutto have had a lasting impact on the region, helping to alleviate poverty and improve living standards. However, the region still faces significant challenges, including infrastructure development and access to basic services. Internationally, Gilgit-Baltistan’s strategic location near the China-Pakistan Economic Corridor (CPEC) adds another layer of significance. The region’s stability and development are crucial for the success of CPEC, which is a key component of Pakistan’s economic strategy. Key Takeaways Bilawal Bhutto Zardari highlighted Zulfikar Ali Bhutto’s legacy in Gilgit-Baltistan during the Chief Minister’s oath-taking ceremony. The abolition of the Frontier Crimes Regulations by Zulfikar Bhutto was a significant reform for the region. Subsidies introduced by Zulfikar Bhutto have had a lasting economic impact on Gilgit-Baltistan. The region continues to seek greater political and constitutional recognition within Pakistan. Gilgit-Baltistan’s strategic importance is underscored by its proximity to the China-Pakistan Economic Corridor. Source Attribution This article is based on official government statements, press releases, and public communications from relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: NEN Reporter This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

ISLAMABAD — Federal Minister for Information Technology and Telecommunication Shaza Fatima Khawaja met with Saudi Minister of Communications and Information Technology Abdullah Alswaha on Monday. The meeting took place on the sidelines of the ‘AI for Good’ Summit, where both nations committed to enhancing collaboration in the fields of information technology and digital technologies. What Happened During the meeting, held in Geneva, Switzerland, both ministers discussed various strategies to strengthen bilateral ties in the technology sector. The discussions focused on leveraging digital technologies to foster economic growth and improve public services. Minister Shaza Fatima Khawaja emphasized Pakistan’s interest in adopting advanced digital solutions and learning from Saudi Arabia’s experiences in implementing large-scale IT projects. Minister Abdullah Alswaha expressed Saudi Arabia’s willingness to share its expertise in digital transformation and innovation. He highlighted the Kingdom’s Vision 2030, which aims to diversify the economy by investing heavily in technology and innovation. Both ministers agreed to set up joint working groups to explore specific areas of cooperation, including artificial intelligence, cybersecurity, and digital infrastructure development. “Our collaboration with Saudi Arabia in the IT sector will open new avenues for growth and development,” stated Minister Shaza Fatima Khawaja. “We are keen to learn from Saudi Arabia’s successful digital initiatives and apply similar strategies in Pakistan.” Background Pakistan and Saudi Arabia have a long history of cooperation in various sectors, including trade, energy, and defense. However, collaboration in the field of information technology has been relatively limited until now. The recent meeting between the two ministers marks a significant step towards deepening ties in the digital domain. Saudi Arabia’s Vision 2030 initiative, launched in 2016, aims to transform the country’s economy by reducing its dependence on oil and developing public service sectors such as health, education, infrastructure, recreation, and tourism. Technology plays a crucial role in this transformation, with significant investments being made in digital infrastructure and innovation. Pakistan, on the other hand, has been making strides in its IT sector, with a growing number of tech startups and increasing exports of IT services. The government has been actively seeking international partnerships to accelerate digital transformation and improve the country’s technological capabilities. Why It Matters The agreement between Pakistan and Saudi Arabia to enhance cooperation in information technology holds significant implications for both countries. For Pakistan, this partnership presents an opportunity to access advanced technologies and expertise, which can help in modernizing its IT infrastructure and boosting economic growth. By learning from Saudi Arabia’s experiences, Pakistan can implement successful digital strategies and improve public services, ultimately benefiting its citizens. For Saudi Arabia, collaborating with Pakistan can help in expanding its influence and establishing itself as a leader in digital innovation in the region. By sharing its expertise and resources, Saudi Arabia can foster stronger economic ties with Pakistan, which could lead to increased trade and investment opportunities. On a broader scale, this partnership reflects a growing trend of regional cooperation in technology and innovation. As countries in the Middle East and South Asia seek to diversify their economies and embrace digital transformation, such collaborations can drive regional development and stability. Key Takeaways Pakistan and Saudi Arabia have agreed to enhance cooperation in information technology and digital technologies. The meeting between the IT ministers took place on the sidelines of the ‘AI for Good’ Summit in Geneva. Both countries aim to set up joint working groups to explore areas such as artificial intelligence and cybersecurity. This partnership aligns with Saudi Arabia’s Vision 2030 and Pakistan’s efforts to modernize its IT sector. The collaboration could lead to increased economic growth and improved public services in both countries. Source Attribution This article is based on official government statements and public communications from relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: Press Release from Government of Pakistan This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

ISLAMABAD — Pakistan’s push towards a cashless economy has led to a significant milestone, with the number of digital merchants surpassing the 2 million mark. This achievement was discussed during a high-level meeting chaired by Minister of State for Railways and Finance, Bilal Azhar Kayani, on Monday, where the first-year progress of the initiative was reviewed. What Happened The meeting, held in Islamabad, focused on the progress made in the digital payments ecosystem over the past year. Minister Bilal Azhar Kayani highlighted the substantial growth in digital transactions, the increase in digital merchants, and the rise in banking users. This development is part of Pakistan’s broader strategy to modernize its financial infrastructure and reduce reliance on cash-based transactions. According to the details shared, annual digital transactions have seen a notable increase, reflecting the growing acceptance and adoption of digital payment methods across the country. The initiative aims to enhance financial inclusion, improve transparency, and provide a more secure and efficient payment system for businesses and consumers alike. Minister Kayani emphasized the government’s commitment to fostering a conducive environment for digital financial services. “The growth in digital merchants is a testament to our efforts in promoting a cashless economy,” he stated, underscoring the importance of technological advancements in achieving economic goals. Background Pakistan’s journey towards a cashless economy began with the launch of several government-backed initiatives aimed at digitizing financial transactions. The State Bank of Pakistan (SBP) has been pivotal in this transformation, introducing policies to encourage digital payments and reduce cash dependency. The COVID-19 pandemic further accelerated the shift towards digital transactions, as consumers and businesses sought safer and more convenient payment methods. Historically, Pakistan has been a cash-dominated economy, with a significant portion of transactions conducted in cash. However, recent years have seen a shift, with increasing internet penetration and smartphone usage driving the adoption of digital financial services. The government’s efforts to promote financial literacy and digital infrastructure have also played a crucial role in this transformation. Why It Matters The rise in digital merchants is a significant indicator of Pakistan’s progress towards a more inclusive and modern financial system. This shift has far-reaching implications for the economy, as it enhances transparency, reduces the cost of transactions, and minimizes the risks associated with cash handling. Economically, the growth of digital transactions can lead to increased tax revenues, as digital payments leave an electronic trail that is easier to monitor and audit. This can help reduce tax evasion and increase government revenue, which is crucial for funding public services and infrastructure projects. Socially, the move towards a cashless economy promotes financial inclusion by providing access to financial services for unbanked and underbanked populations. This is particularly important in rural and underserved areas, where traditional banking infrastructure is limited. On an international level, embracing digital payments positions Pakistan as a forward-thinking economy, attracting foreign investment and fostering innovation in the fintech sector. This can lead to job creation and economic growth, contributing to the country’s overall development. Key Takeaways Pakistan’s digital merchants have surpassed 2 million, marking significant progress in the cashless economy initiative. Annual digital transactions have increased, reflecting growing acceptance of digital payment methods. The initiative aims to enhance financial inclusion, improve transparency, and reduce cash dependency. The shift towards digital payments can lead to increased tax revenues and economic growth. Pakistan’s embrace of digital financial services positions it as an attractive destination for foreign investment. Source Attribution This article is based on official government statements, press releases, and public communications from relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: NEN Reporter This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

ISLAMABAD — The Pakistan Stock Exchange Limited (PSX) has initiated a public consultation process regarding the proposed PSX Sustainability Index (PSI), aimed at evaluating the performance of listed companies based on sustainability criteria. This move, announced on July 6, 2023, represents a strategic effort to integrate sustainable finance into Pakistan’s capital markets. What Happened The PSX released a Concept Paper outlining the framework for the PSX Sustainability Index, which is set to serve as a benchmark for assessing the environmental, social, and governance (ESG) practices of companies listed on the exchange. The PSI is designed to identify and measure the performance of companies that incorporate financially relevant and material sustainability factors into their operations. The consultation process invites feedback from a broad range of stakeholders, including investors, listed companies, regulatory bodies, and the general public, to refine the index’s methodology and criteria. The initiative reflects PSX’s commitment to promoting sustainable business practices and enhancing transparency and accountability in the corporate sector. PSX Managing Director Farrukh H. Khan emphasized the importance of the index, stating, “The PSX Sustainability Index is a significant step towards aligning our capital markets with global sustainability trends. It will provide investors with a reliable tool to assess companies’ ESG performance and make informed investment decisions.” Stakeholders are encouraged to submit their feedback by the end of the consultation period, which is scheduled to conclude in September 2023. The PSX aims to finalize the index framework by the end of the year, with plans to launch the index in early 2024. Background The concept of sustainability indices is not new to global financial markets. Such indices have been established in various countries to guide investors in identifying companies that adhere to sustainable practices. The introduction of the PSI is part of a broader trend in Pakistan towards embracing sustainable finance, driven by increasing awareness of ESG issues and their impact on financial performance. In recent years, Pakistan has witnessed significant developments in its financial sector aimed at promoting ESG principles. The Securities and Exchange Commission of Pakistan (SECP) has been proactive in issuing guidelines and regulations to encourage corporate transparency and accountability in ESG matters. The PSI is expected to complement these efforts by providing a standardized measure of sustainability performance, thereby facilitating the integration of ESG considerations into investment decision-making processes. Why It Matters The launch of the PSX Sustainability Index holds considerable significance for Pakistan’s economic and environmental landscape. By encouraging companies to adopt sustainable practices, the index can contribute to the country’s long-term economic resilience and environmental sustainability. Economically, the PSI is poised to attract both local and international investors who are increasingly prioritizing ESG factors in their investment strategies. This shift could lead to increased foreign direct investment and enhance the overall competitiveness of Pakistan’s capital markets. Socially, the index promotes corporate responsibility and ethical business practices, which can lead to improved labor conditions, community development, and social welfare. Companies that score well on the PSI are likely to enjoy enhanced reputations and stronger relationships with stakeholders, including customers, employees, and regulators. On an international level, the PSI aligns Pakistan with global sustainability trends and commitments, such as the United Nations Sustainable Development Goals (SDGs). By fostering a culture of sustainability, Pakistan can enhance its standing in the global community and contribute to international efforts to combat climate change and promote sustainable development. Key Takeaways The PSX has launched a public consultation on the proposed PSX Sustainability Index. The index aims to measure the ESG performance of listed companies. Feedback from stakeholders is sought to refine the index’s framework. The initiative aligns Pakistan’s capital markets with global sustainability trends. The PSI is expected to launch in early 2024 following the consultation period. Source Attribution This article is based on official statements and public communications from the Pakistan Stock Exchange Limited and other relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: NEN Reporter This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

PESHAWAR — The Khyber Pakhtunkhwa (KP) government has received more than Rs 34.88 trillion in federal funds over the past five years, according to official documents presented in the provincial assembly on Monday. These funds were transferred by the federal government under the National Finance Commission (NFC) Award between 2021 and 2025. What Happened The KP government has been allocated a substantial sum of Rs 34.88 trillion from the federal government over a period of five years, as revealed in official documents. These funds are part of the National Finance Commission (NFC) Award, which is a mechanism for the distribution of financial resources between the federal and provincial governments in Pakistan. The funds are intended to support various developmental and administrative activities within the province. The documents, presented during a session of the provincial assembly, highlight the financial allocations made from 2021 to 2025. The NFC Award is a constitutional obligation, ensuring that provinces receive a fair share of federal revenues, and these allocations are critical for the functioning and development of the provinces. The KP government has been utilizing these funds for infrastructure development, health, education, and other essential services. Speaking on the occasion, a provincial assembly member emphasized the importance of these funds in addressing the developmental needs of the province. “The federal funds have been instrumental in supporting our initiatives to improve infrastructure and public services,” the member stated. Background The National Finance Commission (NFC) Award is a constitutional mechanism established under Article 160 of the Constitution of Pakistan. It is designed to ensure a fair distribution of financial resources between the federal and provincial governments. The award is revised periodically, taking into account various factors such as population, poverty levels, and revenue generation capabilities of the provinces. Historically, the NFC Award has been a subject of significant political negotiation, with provinces often advocating for a larger share of the federal revenue pie. The current award, under which KP received its funds, reflects these negotiations and the broader fiscal policy framework aimed at equitable resource distribution. Why It Matters The allocation of Rs 34.88 trillion to the KP government is significant for several reasons. Economically, these funds are crucial for the province’s development, enabling the government to invest in critical infrastructure projects, healthcare systems, and educational institutions. Such investments are expected to enhance the quality of life for residents and stimulate economic growth within the province. Socially, the funds help address disparities in service delivery, particularly in remote and underdeveloped areas of KP. By improving access to essential services, the provincial government can work towards reducing poverty and enhancing social welfare. Politically, the distribution of funds under the NFC Award underscores the importance of federal-provincial cooperation in Pakistan’s governance structure. The equitable distribution of resources is a cornerstone of maintaining national unity and ensuring that all regions of the country can progress. Internationally, the effective utilization of these funds can enhance Pakistan’s image as a country committed to balanced regional development. It demonstrates the government’s dedication to fulfilling constitutional obligations and promoting equitable growth across its provinces. Key Takeaways The KP government received Rs 34.88 trillion in federal funds over five years under the NFC Award. The funds are aimed at supporting developmental and administrative activities in the province. The NFC Award is a constitutional mechanism for resource distribution between federal and provincial governments. The allocation supports infrastructure, health, education, and other essential services in KP. Effective use of these funds is crucial for economic growth and social welfare in the province. Source Attribution This article is based on official government statements, press releases, and public communications from relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: NEN Reporter This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

ISLAMABAD — The price of gold in Pakistan’s local market experienced a significant drop on Monday, with the rate for 24-karat gold per tola decreasing by Rs2,400. This adjustment brings the price to Rs437,436, as reported by the All Pakistan Sarafa Gems and Jewellers Association. What Happened The gold market in Pakistan saw a notable shift as prices for 24-karat gold fell by Rs2,400 per tola. This decline was confirmed by the All Pakistan Sarafa Gems and Jewellers Association, which regularly updates the market with the latest gold rates. The new price for 24-karat gold stands at Rs437,436 per tola. This change reflects fluctuations in the international gold market, which often influences local prices. The drop in gold prices comes amid varying trends in the global market, where gold rates have been subject to volatility due to economic uncertainties and geopolitical tensions. In Pakistan, gold is not only a precious metal but also a popular investment and a traditional component of cultural ceremonies, making its price a matter of significant interest to the public. Market analysts suggest that the recent decrease in gold prices could be attributed to a stronger Pakistani rupee against the US dollar, as well as changes in international gold prices. The local currency’s performance often impacts the cost of imported goods, including gold, which is primarily traded in US dollars. Background Gold has historically been a preferred form of investment in Pakistan, serving as a hedge against inflation and currency devaluation. The country’s gold market is influenced by several factors, including international gold prices, currency exchange rates, and domestic demand. The All Pakistan Sarafa Gems and Jewellers Association plays a crucial role in setting and announcing daily gold rates, which are keenly followed by investors and consumers alike. Over the past few years, gold prices in Pakistan have seen significant fluctuations, often mirroring global trends. The COVID-19 pandemic, for instance, led to a surge in gold prices worldwide as investors sought safe-haven assets amidst economic uncertainty. However, as global economies began to recover, gold prices started to stabilize, though they remain sensitive to geopolitical developments and economic indicators. Why It Matters The decrease in gold prices has several implications for Pakistan’s economy and its citizens. For consumers, particularly those planning weddings or other cultural events where gold jewelry is traditionally exchanged, the reduction in prices could offer some financial relief. Lower gold prices may encourage more purchases, boosting the local jewelry market. From an economic perspective, the drop in gold prices could indicate a strengthening of the Pakistani rupee, which would be a positive sign for the country’s economy. A stronger currency can reduce the cost of imports, including gold, and help manage inflationary pressures. However, for investors who have traditionally relied on gold as a safe investment, the decrease in prices might prompt a reevaluation of their investment strategies. They may need to consider diversifying their portfolios to mitigate risks associated with gold price volatility. Internationally, the fluctuation in gold prices can affect Pakistan’s trade balance, as gold is a significant import. A decrease in gold prices may reduce the overall import bill, potentially improving the country’s trade deficit. Key Takeaways The price of 24-karat gold in Pakistan has decreased by Rs2,400 per tola, now at Rs437,436. This change reflects fluctuations in the international gold market and the strengthening of the Pakistani rupee. Lower gold prices could benefit consumers, especially those purchasing jewelry for cultural events. Investors may need to reassess their strategies due to the volatility in gold prices. The decrease may positively impact Pakistan’s trade balance by reducing the import bill. Source Attribution This article is based on official statements from the All Pakistan Sarafa Gems and Jewellers Association and public communications from relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: NEN Reporter This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

ISLAMABAD — Tatsuya Suga, the Islamabad Bureau Chief for Kyodo News, a prominent Japanese news agency, met with Muhammad Asim Khichi, the Managing Director of the Associated Press of Pakistan (APP), at the APP Headquarters in Islamabad on July 6. The meeting aimed to foster media collaboration and explore opportunities for mutual cooperation between the two news agencies. What Happened The meeting between Tatsuya Suga and Muhammad Asim Khichi was held at the APP Headquarters, marking a significant step in strengthening ties between the Japanese and Pakistani media outlets. During the meeting, both parties discussed various aspects of media collaboration, including the exchange of news content and the potential for joint projects that could benefit both agencies. Muhammad Asim Khichi, while welcoming Tatsuya Suga, emphasized the importance of international cooperation in the media sector. He stated, “The exchange of news and information between APP and Kyodo News can enhance the understanding of our respective audiences and contribute to a more informed global community.” Tatsuya Suga expressed his appreciation for the warm reception and highlighted the significance of the meeting in building a bridge between the two countries through media. He remarked, “Kyodo News is keen to explore avenues for collaboration with APP, as such partnerships are crucial in today’s interconnected world.” As a gesture of goodwill, Muhammad Asim Khichi presented a souvenir to Tatsuya Suga, symbolizing the beginning of what both parties hope will be a fruitful partnership. Background The Associated Press of Pakistan, established in 1947, is the country’s national news agency, providing news coverage on a wide range of topics, including politics, economy, and culture. It plays a pivotal role in disseminating information both domestically and internationally. Kyodo News, founded in 1945, is one of Japan’s leading news agencies, known for its comprehensive coverage of domestic and international news. With a network of correspondents across the globe, Kyodo News is a significant player in the global media landscape. This meeting is part of APP’s ongoing efforts to expand its international partnerships and enhance its global reach. By collaborating with international news agencies like Kyodo News, APP aims to bring diverse perspectives to its audience and enrich its news content. Why It Matters The meeting between Kyodo News and APP is significant for several reasons. Firstly, it underscores the importance of international media cooperation in an era where global events are increasingly interconnected. By sharing news and insights, both agencies can provide their audiences with a more comprehensive understanding of global issues. Economically, such collaborations can lead to the sharing of resources and expertise, potentially reducing costs and increasing efficiency for both agencies. This can be particularly beneficial in an industry where financial constraints are a common challenge. Socially, the partnership can foster greater cultural understanding between Japan and Pakistan. By exchanging news stories and cultural content, both countries can learn more about each other’s societies, traditions, and values, promoting mutual respect and appreciation. On a broader scale, this collaboration aligns with Pakistan’s efforts to strengthen its international relations and enhance its global image. By partnering with a reputable Japanese news agency, APP can showcase Pakistan’s developments and achievements to a wider audience, potentially attracting international interest and investment. Key Takeaways Tatsuya Suga of Kyodo News met with APP Managing Director Muhammad Asim Khichi in Islamabad. The meeting focused on enhancing media collaboration and exploring joint projects. Both agencies aim to exchange news content to provide diverse perspectives to their audiences. The partnership can foster cultural understanding and strengthen international relations. APP’s collaboration with Kyodo News aligns with its goal to expand its global reach. Source Attribution This article is based on official government statements, press releases, and public communications from relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: Press Release from Government of Pakistan This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.

LAHORE — The Pakistan Cricket Board (PCB) has made history by becoming the first cricket board globally to introduce the AI-powered TruMan 3 bowling machine. The unveiling took place on Monday at the National Cricket Academy (NCA) in Lahore, marking a significant advancement in the use of technology for player development. What Happened The Pakistan Cricket Board (PCB) on Monday introduced the TruMan 3, an advanced AI-powered bowling machine, at the National Cricket Academy (NCA) in Lahore. This innovative machine is designed to simulate a wide range of bowling styles and conditions, offering players an unprecedented level of training precision. The TruMan 3 utilizes artificial intelligence to mimic the delivery styles of various bowlers, allowing players to practice against different types of deliveries, from fast-paced bouncers to deceptive spin balls. According to PCB officials, the machine’s AI capabilities will enable it to analyze a batsman’s performance and adjust its deliveries to target specific weaknesses, thereby providing a more tailored and effective training experience. The introduction of the TruMan 3 is part of the PCB’s broader strategy to integrate advanced technology into cricket training and player development programs. PCB Chairman Zaka Ashraf commented on the unveiling, stating, “The TruMan 3 represents a leap forward in how we prepare our players. By harnessing AI technology, we can offer our athletes a more dynamic and challenging training environment, which is crucial for their growth and success on the international stage.” Background The introduction of AI technology in sports is not entirely new, but its application in cricket has been limited until now. The PCB’s decision to adopt the TruMan 3 reflects a growing trend among sports organizations to leverage technology for performance enhancement. Historically, cricket training has relied heavily on human coaches and traditional equipment, but the advent of AI presents new opportunities to refine training methodologies. In recent years, the PCB has been actively seeking ways to improve its training facilities and methodologies. The National Cricket Academy in Lahore has been at the forefront of these efforts, serving as a hub for innovation and development in Pakistani cricket. The integration of the TruMan 3 into the NCA’s training regimen is expected to set a new standard for cricket training in Pakistan and beyond. Why It Matters The introduction of the TruMan 3 AI-powered bowling machine is a significant development for the PCB and Pakistani cricket as a whole. This move underscores the PCB’s commitment to modernizing its training facilities and adopting cutting-edge technology to enhance player performance. By providing players with access to advanced training tools, the PCB aims to improve the competitiveness of Pakistani cricketers on the international stage. Economically, the adoption of such technology could have far-reaching implications for the PCB. As the first cricket board to implement the TruMan 3, the PCB positions itself as a leader in cricket innovation, potentially attracting sponsorships and partnerships with tech companies. This could lead to increased investment in Pakistani cricket, benefiting players and the sport’s infrastructure. On a broader scale, the use of AI in cricket training could influence other cricket boards to follow suit, leading to a global shift in how the sport is practiced and played. The PCB’s pioneering step may inspire other nations to explore similar technological advancements, ultimately raising the standard of cricket worldwide. Key Takeaways The PCB has introduced the AI-powered TruMan 3 bowling machine at the NCA in Lahore. This makes the PCB the first cricket board in the world to adopt this technology. The TruMan 3 uses AI to simulate various bowling styles and tailor training to individual players. The move is part of the PCB’s strategy to modernize cricket training and enhance player performance. The adoption of AI technology could attract new investments and partnerships for the PCB. Source Attribution This article is based on official statements from the Pakistan Cricket Board and public communications from relevant authorities. Author: NEN Editorial Desk | Editor: NEN Newsroom | Fact Checked By: NEN Editorial Team Author: NEN Editorial Desk  |  Editor: NEN Newsroom  |  Last Updated: July 06, 2026  |  Source: NEN Reporter This article was produced by the NEN Editorial Desk in accordance with NEN Agency’s Editorial Policy and Fact-Checking Policy.