Maryam Shah

Chinese electric vehicle maker BYD recorded a 55 percent decline in first-quarter net profit, a Hong Kong stock filing showed on Tuesday, as weaker domestic demand added to pressure from cutthroat competition.

Shorts

BYD’s first-quarter net profit fell 55 percent as weak Chinese demand and fierce competition hurt profitability, prompting the EV giant to pursue stronger growth in overseas markets.

Chinese EV giant BYD reports 55% drop in Q1 net profit

Web Desk

ISLAMABAD: Pakistan on Thursday called for renewed momentum behind a Libyan-led peace process, arguing before the United Nations Security Council that financial transparency and unified spending could be decisive in stabilizing the country. Ambassador Asim Iftikhar Ahmad, Pakistan&#39;s Permanent Representative to the United Nations, addressed the Council&#39;s quarterly session on the UN Support Mission in Libya, framing the crisis around three interlinked tracks -- political, security, and economic -- and placing emphasis on the economic dimension as &quot;central to sustainable peace.&quot; &quot;Pakistan considers Libya a brotherly country,&quot; the envoy said, welcoming what he described as a &quot;milestone&quot; agreement among Libyan leaders on a unified spending framework. According to the press release, the ambassador suggested it could reduce fragmentation and restore confidence in state institutions if implemented effectively. Pakistan also sought to reframe UN sanctions, stressing that asset freezes should not be seen as punitive but as &quot;safeguards for Libyan resources.&quot; The envoy pointed to provisions under a recent Security Council resolution aimed at improving transparency and management of frozen assets, including cooperation with Libya&rsquo;s sovereign wealth structures. On security, Islamabad welcomed a relative calm in and around Tripoli and backed continued efforts to unify all Libyan stakeholders. It also supported ongoing UN mediation between eastern and western factions. Pakistan cited unresolved disputes between Libya&rsquo;s rival legislative bodies over electoral laws and institutional control, endorsing the UN&rsquo;s structured dialogue approach to bridge these gaps. Ahmad concluded by committing to continued cooperation with Security Council partners in support of a &quot;stable, secure and united Libya.&quot;

Statement by Ambassador Asim Iftikhar Ahmad, Permanent Representative of Pakistan to the UN, at the UN Security Council Briefing on UN Support Mission in Libya (UNSMIL) on 22 April, 2026 (Photo: X/@PakistanUN_NY)

Foreign Affairs

Pakistan's representative to the UN says the unified spending agreement could reduce fragmentation and restore confidence in state institutions if implemented effectively.

Pakistan calls economic track 'central' to Libya peace at UN briefing

ISLAMABAD: Pakistan&rsquo;s Minister for Finance and Revenue Muhammad Aurangzeb held a series of meetings on the sidelines of the IMF-World Bank Spring Meetings and separate engagements in Washington, according to posts the Ministry of Finance shared on X. The minister&rsquo;s meetings covered global economic issues, Pakistan&rsquo;s reform program, debt and development finance, sovereign credit, bilateral cooperation, privatization, capital markets and investor outreach. US Commerce Secretary Howard LutnickIn a meeting with US Commerce Secretary Howard Lutnick, the discussion focused on advancing trade and broader economic interests between Pakistan and the United States.&nbsp; Both sides discussed avenues to deepen bilateral economic partnership, focusing on enhancing trade, promoting investment flows, and facilitating private-sector engagement.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2044554714440782273&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2Fnew%2F&sessionId=886b2172d64ae80ba4f3b023633c5cb1ffa39203&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 600px; display: block; flex-grow: 1;"></iframe></div></div>The discussions also covered cooperation in key sectors, including mining, energy, and information technology, with an emphasis on unlocking new opportunities for mutually beneficial economic collaboration. United Nations Secretary-General Ant&oacute;nio GuterresMinister Aurangzeb also met with United Nations Secretary-General Ant&oacute;nio Guterres, during which the discussion focused on global economic challenges and international cooperation.&nbsp; The two sides discussed the global economic implications of the ongoing situation in the Middle East, particularly its impact on food and energy security in developing countries.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2044602031093280899&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2Fnew%2F&sessionId=886b2172d64ae80ba4f3b023633c5cb1ffa39203&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 672px; display: block; flex-grow: 1;"></iframe></div></div>The UN Secretary-General lauded Pakistan&rsquo;s role in facilitating peace and stability in the region and beyond and expressed confidence in its continued constructive engagement on the global stage. IMF Managing Director Kristalina GeorgievaAccording to Pakistan&rsquo;s Ministry of Finance, the finance minister also met with IMF Managing Director Kristalina Georgieva, who commended Pakistan&rsquo;s reform progress and economic stability. She credited strong program implementation with helping maintain macroeconomic stability and build investor confidence, and said sound policies and deeper structural reforms would be important for sustaining growth. Borrowers&rsquo; PlatformAurangzeb also participated in the launch of the Borrowers&rsquo; Platform. He said that the platform addresses a long-standing gap as borrowing countries have lacked a dedicated forum to share experiences, identify emerging risks, and bring coherence to their collective perspectives.&nbsp; He said that the platform is not intended as a negotiating bloc but rather as a voluntary, Member State-led initiative focused on peer learning, experience sharing and amplifying the voices of borrowing countries in global financial discourse. Fitch RatingsMinister Aurangzeb later met with Fitch Ratings, during which discussions covered Pakistan&rsquo;s credit profile and market strategy. The meeting came shortly after Fitch affirmed Pakistan&rsquo;s long-term foreign-currency issuer default rating at B- with a Stable Outlook, citing progress on fiscal consolidation and macroeconomic stability measures in line with the IMF program. President, Asian Development Bank, Masato KandaThe minister also met with the president of the Asian Development Bank, Masato Kanda, to discuss bilateral cooperation.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-2" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-2&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2044619726949867882&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2Fnew%2F&sessionId=886b2172d64ae80ba4f3b023633c5cb1ffa39203&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 672px; display: block; flex-grow: 1;"></iframe></div></div>According to Radio Pakistan, the finance minister highlighted the recent signing of the Country Partnership Strategy as an important milestone in advancing bilateral cooperation between Pakistan and the Asian Development Bank. He thanked President Kanda for ADB&rsquo;s support in providing credit enhancement for the issuance of Pakistan&rsquo;s inaugural Panda Bond. JP Morgan ChaseAurangzeb also met senior management of JP Morgan in Washington and briefed them on Pakistan&rsquo;s planned inaugural Panda Bond issuance as a green bond, acccording to Radio Pakistan. Radio Pakistan said he also discussed privatization, interest in Reko Diq, EXIM Bank participation and Saudi Arabia-Pakistan digital collaboration through the GO AI Hub initiative. Franklin TempletonThe finance minister also met the senior leadership of investment firm Franklin Templeton. The discussion focused on privatization and capital markets.&nbsp; The minister updated the delegation on the government&rsquo;s ongoing privatization program. He also discussed the outsourcing of airports, including Islamabad, Karachi, and Sialkot, as well as the privatization of electricity distribution companies, according to Radio Pakistan. Citi Macro ForumAurangzeb then addressed the Citi Macro Forum, where he briefed investors on Pakistan&rsquo;s economic strategy.&nbsp; He said that Pakistan has reached a Staff-Level Agreement with the IMF for the third review under the EFF and second review under the RSF, with Executive Board approval expected in early May.&nbsp; The finance minister described the Middle East crisis as one of the most significant supply shocks in recent history, outlining a three-stage government response to address its cascading economic effects and expressing gratitude for Saudi Arabia&#39;s financial support. On the capital markets front, the minister said Pakistan has launched its Global Medium-Term Note program, with RFPs issued for Eurobonds, Islamic Sukuk, and a novel dollar-settled, rupee-linked bond. Additionally, the country&#39;s first-ever Panda Bond issuance is targeted for May, following the signing of counter-indemnity agreements with the ADB and AIIB. Looking ahead, the finance minister stressed the need to build strategic petroleum reserves and accelerate the shift toward renewable energy as key lessons from the current crisis. He also pointed to emerging opportunities, including rising transit activity at Karachi Port and renewed potential for Gwadar to emerge as a major strategic trade corridor.

Economy

Pakistan’s finance minister held a string of important meetings on his official trip to the US, including US Commerce Secretary, UN Secretary General, IMF MD and several others.

Pakistan finance minister holds talks on trade, reform and investment

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has granted a license to Alibaba-backed Koko Tech Pakistan Pvt. Ltd. to operate a &quot;Buy Now Pay Later&quot; business in Pakistan. In a press release issued on Tuesday, the SECP said the development marked a significant step for Pakistan&rsquo;s digital financial ecosystem.&nbsp; Koko Tech is owned by Alibaba, making the move a notable entry by a major global technology company into Pakistan&rsquo;s fintech space. The regulator said Alibaba&rsquo;s move reflected growing international confidence in Pakistan&rsquo;s large consumer base, expanding digital economy and untapped financial services market.&nbsp; It added that Koko Tech was expected to introduce innovative, data-driven lending solutions in the Buy Now Pay Later segment by using advanced AI-driven credit assessment systems and globally tested digital infrastructure. According to the SECP, the company&rsquo;s entry would help expand access to consumer financing, particularly for young users, freelancers and small businesses that remain underserved by traditional banking channels.&nbsp;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2044020211641397593&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2Fnew%2F&sessionId=59cf929660b953b1a57fd64f6b4703305659807c&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 897px; display: block; flex-grow: 1;">&nbsp;</iframe></div></div>The commission said the new license could also help support small and medium-sized enterprises, increase e-commerce activity and accelerate the shift toward a more inclusive, technology-led financial system. The SECP described the development as a direct inflow of foreign investment into Pakistan&rsquo;s financial sector.&nbsp; In the press release, SECP Chairman Dr Kabir Ahmed Sidhu said the entry of Alibaba Group would boost competition and innovation in Pakistan&rsquo;s fintech market.&nbsp; He added that Pakistan remains an attractive destination for international investment because of its large population, growing digital adoption and an improving regulatory framework. The licensing of KTPL comes as Pakistan seeks to deepen financial inclusion and broaden the use of digital financial services across the economy.&nbsp; Buy Now Pay Later services, which allow consumers to pay for purchases in installments, have expanded rapidly in many markets as an alternative form of short-term consumer credit, especially in online retail. The move is likely to be closely watched by Pakistan&rsquo;s banking, fintech and e-commerce sectors, as Alibaba&rsquo;s entry in the Buy Now Pay Later segment could intensify competition and spur further innovation in consumer lending and digital payments. Alibaba Group has a significant and growing presence in Pakistan. Its operations span e-commerce, digital payments, logistics, and cloud computing, including platforms such as Daraz and AliExpress.

Pakistan’s SECP grants a 'Buy Now Pay Later' license to Alibaba-backed Koko Tech Pakistan, signaling the growing confidence of foreign companies in its digital financial market.

Alibaba-backed firm granted Buy Now Pay Later license for Pakistan

MOSCOW: Kremlin envoy Kirill Dmitriev is in the United States for talks on the economy, Russia said Friday, stressing that he would not be holding discussions on the Ukraine war. &quot;Kirill Dmitriev is not conducting negotiations on a settlement of the Ukrainian issue. This does not constitute a resumption of negotiations,&quot; Kremlin spokesman Dmitry Peskov told reporters, including AFP. &quot;Kirill Dmitriev heads the economic affairs group and he continues his work within the framework of this group.&quot; Dmitriev, who heads a Russian state investment fund, has been one of Moscow&#39;s main conduits for talks with Washington since Donald Trump returned to the White House last year and has travelled to the US several times, including last month. He is pushing for the US to relax sanctions and boost business ties with Russia, though has made little progress. Talks on the Ukraine war have been stalled for weeks, with Moscow sticking to hard-line territorial and political demands that Ukraine has ruled out. Trump has flipped between putting pressure on Moscow and Kyiv to end the conflict, which he claimed he would resolve within hours of returning to office.

Asia

Americas

Kremlin envoy Kirill Dmitriev is in Washington for economic talks, Russia said, stressing he is not discussing Ukraine, as broader negotiations remain stalled and Moscow continues pressing for sanctions relief.

Russian envoy in US for economy talks: Kremlin

WASHINGTON: President Donald Trump said Friday that the United States is &quot;locked and loaded&quot; to respond if Iran kills protesters, after cost-of-living demonstrations in the country turned deadly. Protesters and security forces clashed in several Iranian cities on Thursday, with six people reported killed in the first deaths since the unrest escalated. Shopkeepers in the capital Tehran went on strike Sunday over high prices and economic stagnation, actions that have since spread to other parts of the country. Trump said on his Truth Social platform that &quot;if Iran shoots and violently kills peaceful protesters, which is their custom, the United States of America will come to their rescue.&quot; &quot;We are locked and loaded and ready to go,&quot; the Republican leader added. Iran warns of response to any US interventionIran on Friday warned against any US intervention in the country, vowing a response after President Donald Trump said he would come to the aid of protesters in the Islamic Republic. &quot;Any interventionist hand that attacks Iran&#39;s security under any pretext whatsoever will be exposed to a response,&quot; Ali Shamkhani, an adviser to the supreme leader, wrote on X. &quot;Iran&#39;s security is a red line.&quot; Iran&#39;s Fars news agency reported Thursday that two people were killed in clashes between security forces and protesters in the city of Lordegan, in the province of Chaharmahal and Bakhtiari, and three in Azna, in neighbouring Lorestan province. State television reported earlier that a member of Iran&#39;s security forces was killed overnight during protests in the western city of Kouhdasht. The demonstrations are smaller than the last major incident in 2022, triggered by the death in custody of Mahsa Amini, who was arrested for allegedly violating Iran&#39;s strict dress code for women. Her death sparked a nationwide wave of anger that left several hundred people dead, including dozens of members of the security forces.

US President Donald Trump at his Mar-a-Lago estate on Dec. 22, 2025 (AFP)

Middle East

US president threatens action if Tehran violently suppresses cost-of-living protesters, saying America will 'come to their rescue'; Iran says any intervention attacking the country's security will invite a response.

Trump vows US 'locked and loaded', Iran says any intervention a 'red line'

ISLAMABAD: Pakistan Prime Minister Shehbaz Sharif on Thursday said that facilitating investors is the &ldquo;government&#39;s top priority&rdquo; during an annual review meeting with ministers and government officials in Islamabad, according to an official statement by the Prime Minister&rsquo;s Office (PMO).&nbsp;During the meeting, PM Sharif sought comprehensive strategies and recommendations from all economy-related ministries. He also sought a review on the ongoing developmental projects, administrative and economic reforms.&nbsp;&ldquo;All ministries should formulate recommendations for external and internal investment and development projects related to their sectors as soon as possible,&rdquo; the prime minister said.&nbsp;He told the ministers that mutual cooperation between &ldquo;federal and provincial governments&rdquo; played a key role in &ldquo;effective economic reforms&rdquo; and overall economic growth, according to the statement.&nbsp;PM Sharif also focused on the promotion of the export sector and engaging foreign investors through Pakistani embassies from around the world.&nbsp;&ldquo;Ministries should give equal attention to industrial production, agriculture, and all other important sectors to increase investment,&rdquo; he said.&nbsp;The meeting was attended by Minister for Foreign Affairs Ishaq Dar, Minister for Planning and Development Ahsan Iqbal, Minister for Information and Broadcasting Attaullah Tarar, Minister for Petroleum Ali Pervaiz Malik, Minister for Economic Affairs Ahad Khan Cheema, and other relevant government officials. &shy;&shy;

Prime Minister Shehbaz Sharif said facilitating investors is the government’s top priority, urging ministries to propose investment strategies, accelerate reforms, boost exports, coordinate federally and provincially, and promote industry, agriculture, and foreign investment through embassies.

Facilitating investors is Pakistan government’s top priority: PM Sharif

ISLAMABAD: Relations between China and Japan have deteriorated dramatically in the past week after Japan issued one of its strongest warnings yet regarding a potential conflict in the Taiwan Strait. China slammed on Monday Japan&#39;s decision to push ahead with a planned deployment of missiles on an island near Taiwan, according to the AFP. Its foreign ministry said Japan&#39;s missile deployment was a &quot;deliberate attempt to create regional tension and provoke military confrontation.&quot; Earlier this month, Japanese Prime Minister Sanae Takaichi had said that any attack on Taiwan could constitute a &ldquo;survival-threatening situation&rdquo; for Japan, a designation under its security laws that could allow limited collective self-defence in support of allies. The statement reflects growing concern in Tokyo over regional stability and the security of sea routes near Okinawa. China condemned the remarks, accusing Japan of interfering in its internal affairs. The Chinese foreign ministry said Tokyo was violating the One-China principle and &ldquo;sending the wrong signal&rdquo; to what it calls &ldquo;separatist forces&rdquo; in Taiwan. Beijing also lodged a diplomatic protest with officials from Japan&rsquo;s Embassy in Beijing. In parallel, China expanded its coast guard and maritime militia presence near the Senkaku Islands, a territory claimed by China but administered by Japan. These patrols have become increasingly regular and assertive, raising tensions in already contested waters. Background: China and Taiwan China and Taiwan have operated under separate governments since 1949, after the Chinese Civil War, when the Nationalist government relocated to Taiwan and the Communist Party founded the People&rsquo;s Republic of China (PRC) on the mainland. The PRC insists that Taiwan is part of &ldquo;one China&rdquo; and maintains that the Beijing government is the sole legitimate representative. Official PRC sources cite UN General Assembly Resolution 2758 to argue that Taiwan has no independent status in the UN system. At the same time, Taiwan maintains its own democratic government, military, and domestic policies. The feud reaches the United Nations&nbsp;China&#39;s permanent representative to the UN, Fu Cong, wrote in a letter to UN Secretary-General Ant&oacute;nio Guterres on Friday that &ldquo;if Japan dares to attempt an armed intervention in the cross-Strait situation, it would be an act of aggression.&rdquo; China maintains that the strait dividing mainland China from self-governing Taiwan is part of its territory. Economic pressure adds to the strainOn November 14, China issued a no-travel advisory for Japan, followed by recommendations that students reconsider enrolling in Japanese universities. Shares in Japanese tourism and retail firms fell sharply after Beijing discouraged its citizens from visiting Japan. Three Chinese airlines offered free cancellations or refunds for flights to Japan scheduled for November 15. China also suspended imports of Japanese seafood. This follows a partial easing earlier in 2025, when China resumed seafood imports from some Japanese regions, subject to strict documentation requirements. Beyond trade and tourism, two Japanese animated films scheduled for release in Chinese theaters were postponed indefinitely. State media reported that the delays were part of Beijing&rsquo;s countermeasures.&nbsp;At a routine press conference this week, He Yongqian, a spokesperson for China&rsquo;s commerce ministry, stated that PM Takaichi&#39;s remarks had &ldquo;severely damaged&rdquo; economic relations between the two nations. Where does Taiwan stand?Taiwan has maintained a measured stance amid escalating tensions while continuing to strengthen its defense posture. Authorities have expanded air and maritime surveillance, conducted regular readiness exercises, and developed missile defence and early warning capabilities. Taiwanese officials say they are closely monitoring regional developments, particularly as Chinese aircraft and ships operate near the island. Taiwan lifts restrictions on JapanAccording to AFP, Taiwan lifted all restrictions on Japanese food imports on Nov. 21&nbsp;in a show of support for Tokyo. Previously, the Taipei government had banned food imports from five Japanese regions around the site of the 2011 Fukushima nuclear accident. Taiwan&#39;s Food and Drug Administration said&nbsp;that &ldquo;Japanese food safety management measures return to normal,&rdquo; effective immediately. What is happening now?Japanese Prime Minister Sanae Takaichi said on Nov. 21 that she wants &ldquo;constructive&rdquo; ties with China and that Japan&rsquo;s stance on Taiwan remains &ldquo;unchanged&rdquo; amid the dispute with Beijing. &ldquo;At the end of last month, President Xi [Jinping] and I confirmed the broad direction of comprehensively advancing our strategic, mutually beneficial relationship and building a constructive and stable relationship,&rdquo; Takaichi told reporters. &ldquo;The government&rsquo;s position remains unchanged&rdquo; on Taiwan, she added. China, however, has signaled a cooling of diplomatic engagement. Premier Li Qiang will not meet one-on-one with Japanese Prime Minister Takaichi on the sidelines of the next G20 Summit, according to China&rsquo;s foreign ministry. &ldquo;A meeting with the Japanese leader is not on Premier Li Qiang&#39;s agenda,&rdquo; Chinese foreign ministry spokeswoman Mao Ning said last week in Beijing at a regular news briefing.

China

Central Asia

China-Japan tensions have escalated after Tokyo warned that an attack on Taiwan could trigger collective self-defence. Beijing responded with diplomatic protests, military activity, and economic pressure; Taiwan has strengthened its defence and backs Japan, as high-level China-Japan diplomacy stalls.

Tensions in East Asia: What exactly is going on?

Simran Siraj

KARACHI: Pakistan&rsquo;s financial system has become more accessible to women than ever before, with the number of active bank accounts held by women reaching 37 million by June 2025, the State Bank of Pakistan (SBP) said on Tuesday. The central bank attributed the increase to policy reforms aimed at closing gender gaps in financial access. According to the SBP, women&rsquo;s active bank accounts grew from 20 million in 2021 to 37 million in 2025, narrowing the gender gap in financial inclusion from 39% to 30%. Over the same period, more than 14,600 women joined the banking sector workforce. SBP Governor Jameel Ahmad, speaking at the World Bank&rsquo;s annual meetings in Washington, credited the progress to the Banking on Equality policy launched in 2021, Pakistan&rsquo;s first gender-mainstreaming framework for the financial sector. &ldquo;The initiative has helped triple female microfinance borrowers and double women&rsquo;s access to SME and agricultural financing,&rdquo; he said. Mobility and independenceFor many young women, financial inclusion translates directly to autonomy. Karachi-based filmmaker Zainab Farid, 24, recently became the first woman in her family to obtain a car loan. &ldquo;My motivation behind getting a car was mobility and independence,&rdquo; she told Pakistan TV Digital. &ldquo;In cities where public transport is limited, having your own car changes everything.&rdquo; She described the loan process as &ldquo;surprisingly simple,&rdquo; saying banks now provide clearer guidance for women borrowers. &ldquo;When I opened my first account in 2019, I wasn&rsquo;t earning yet, but I could open a women-specific account with minimal requirements. Banks have made it easier for women to begin.&rdquo; Zainab said her experience encouraged her family to explore financing options as well. &ldquo;Once one woman takes the step, others around her start believing it&rsquo;s possible too.&rdquo; Digital platforms expand accessMobile wallets and fintech platforms are also reshaping access, particularly for women outside major cities. Apps like Easypaisa, JazzCash, and Oraan allow users to save, transfer money, and access services without visiting a bank branch. According to fintech practitioners, simplified onboarding and digital literacy tools are enabling more women to join the formal economy &ldquo;from their homes and even from remote regions.&rdquo; Microfinance: credit plus confidenceThe Pakistan Microfinance Investment Company (PMIC) continues to push financial access deeper into rural and low-income communities. PMIC representative Rimsha Taj told Pakistan TV Digital that partner institutions are required to prioritize women borrowers. &ldquo;In practice, 88% of our portfolio is currently deployed among women,&rdquo; she said. She emphasized that credit is paired with training. &ldquo;We bundle financial products with learning opportunities so that financing is used productively, helping women generate income, stability, and confidence.&rdquo; PMIC is also piloting alternative credit-scoring models to support women without collateral or formal histories. From microcredit to micro-enterpriseAt Lahore&rsquo;s Delhi Gate, 46-year-old salon owner Saira Bibi said an interest-free loan from the Akhuwat Foundation helped launch her business. &ldquo;It gave me a start, but more than that, it made me believe I could manage my own business,&rdquo; she said.Saira now supports a family of six, but says the next challenge is growth: &ldquo;You need someone to guide you on how to expand, not just the money.&rdquo; The road aheadExperts observe that Pakistan has largely addressed the initial challenge of access to financial services, and the next phase centers on strengthening women&rsquo;s ability to independently use and manage those services. Recent assessments indicate that women entrepreneurs increasingly require support in areas such as financial literacy, business management, marketing skills, and opportunities for networking and mentorship. The State Bank&rsquo;s upcoming phase of the Banking on Equality policy will place greater emphasis on women-led micro, small, and medium enterprises, while expanding digital facilitation tools and improving gender-disaggregated financial data. Additionally, the SBP, together with 22 commercial banks, has adopted the WE-Finance Code to reinforce institutional commitment toward reducing gender gaps in the financial sector

Pakistan’s banking access for women surged to 37 million accounts by June 2025, driven by policy reforms like the Banking on Equality initiative, digital platforms, and microfinance, boosting women’s financial inclusion, autonomy, and entrepreneurship opportunities

Pakistan central bank highlights expansion of banking access for women

FRANKFURT: Europe&#39;s economy is holding up better than expected in the face of US President Donald Trump&#39;s new tariffs &mdash; in part because the European Union didn&#39;t retaliate with self-defeating tariffs of its own, the head of the European Central Bank said Tuesday. Christine Lagarde said the impact of Trump&#39;s trade war on growth and inflation in the 20 countries that use the euro currency had also been softened by a stronger euro and by the conclusion of a trade deal with Trump. The agreement capped tariffs at 15% and took away the uncertainty that threatened to delay or disrupt business investment. &ldquo;A year ago, most would have assumed that US tariffs ... would trigger a major adverse shock to the euro area economy,&rdquo; Large said in a speech delivered at a central banking conference in Helsinki, Finland. &ldquo;Yet some of these assumptions have not been borne out.&rdquo; There had been little impact on inflation, she said, and effects on growth have been &ldquo;relatively moderate&rdquo; due to European governments taking pro-growth measures in response. The European Union&#39;s executive commission prepared a list of goods to hit with retaliatory tariffs, or import taxes, but suspended them once the tariff deal was struck between Trump and Commission President Ursula von der Leyen in July. The reasons for nonretaliation included pressure from business groups not to get into a prolonged cycle of tit-for-tat tariff increases, as well as concerns about jeopardizing US support for Ukraine. As a result, Europe continued to receive the imported raw materials and goods it needed for its economy without hindrance from high tariff costs or bottlenecks that could raise prices. &ldquo;As a result, we have not yet seen significant supply chain disruption,&rdquo; Lagarde said. &ldquo;Global supply chain pressures remain contained, and in the euro area, bottleneck indicators are close to historical averages.&rdquo; Trump&#39;s policies have been accompanied by a fall in the dollar and a corresponding strengthening of the euro. That makes Europe&#39;s imports cheaper and helps the ECB in its efforts to contain the annual rate of inflation, which was a moderate 2% in August. The EU and its member governments have taken additional measures to strengthen growth, including free trade agreements with the South American Mercosur countries &mdash; Argentina, Brazil, Bolivia, Paraguay, and Uruguay &mdash; and with Mexico. National governments have increased defense spending due to the perceived threat from a newly assertive Russia. At the same time, Germany has committed to large-scale investment in roads, rails, and bridges after years of underspending. Nonetheless, growth remains mediocre, coming in at only 0.1% in the second quarter compared to the previous quarter. Tariffs and the associated uncertainty will still reduce the growth rate by approximately 0.7 percentage points through 2025 and 2027.

Business

Banking

ECB chief Christine Lagarde said Europe’s economy has withstood Trump’s tariffs better than expected. A trade deal, stronger euro, and pro-growth measures limited inflation and disruption, though growth remains weak and tariffs will weigh modestly until 2027.

Articles tagged with "Economy"