ISLAMABAD: The federal cabinet has approved a comprehensive financing plan involving a Rs 1.275 trillion loan from commercial banks at historically low interest rates in a landmark move to 'resolve' the longstanding issue of circular debt in Pakistan’s power sector. According to a state-run news agency, APP, the approved plan aims to secure Rs 1.275 trillion from commercial banks at an interest rate 0.9% lower than the historical three-month KIBOR benchmark. The initiative marks a strategic shift from the previous approach of maintaining a fixed circular debt level, with a focus now on gradually reducing it through structured bank financing. For the first time, instead of merely managing the stock of circular debt, the government will utilize the borrowed funds to retire dues owed to Independent Power Producers (IPPs) and settle liabilities of the Power Holding Company. The bank’s loan, scheduled for repayment over six years, is expected to stabilize the sector without placing additional pressure on the national budget. Out of the total Rs 1.275 trillion, Rs 683 billion will be allocated to clear arrears of the Power Holding Company. The loan will be repaid in 24 equal installments, with each installment due every three months, and will bear an interest rate set at 0.9% below the prevailing 3-month KIBOR. An annual repayment cap of Rs 323 billion has been established, with a total ceiling of Rs 1.938 trillion in the event of future interest rate hikes.

WASHINGTON DC: Chief of Army Staff (COAS) Field Marshal Syed Asim Munir and United States (US) President Donald Trump held a two-hour-long meeting at the White House.The US president hosted Field Marshal Syed Asim Munir on luncheon and described the meeting as an ‘honour’ for him.“I was honoured to meet him today,” Donald Trump said. The US president also expressed gratitude to Syed Asim Munir for his role in averting war with India.Following a closed-door lunch with Pakistan’s army chief, Donald Trump also revealed that trade negotiations are ongoing with both Pakistan and India.Iran-Israel conflictThe US president confirmed that the meeting included discussions on the ongoing Israel-Iran conflict. Syed Asim Munir is also expected to meet Secretary of State Marco Rubio and Defence Secretary Pete Hegseth on his US trip.First time US president meets foreign army chiefIt may be noted here that for the first time in history, a sitting US president is scheduled to meet the army chief of another country. This unprecedented event involves US President Donald Trump hosting Pakistan’s Field Marshal Asim Munir at the White House.Defence Minister Khawaja Asif termed the meeting between Filed Marshal Syed Asim Munir and Donald Trump as a ‘milestone’.In a statement issued here, Khawaja Asif hailed the luncheon held in honor of Field Marshal Asim Munir by the US president as a significant milestone.He said that an ‘unprecedented’ warmth in Pakistan-US relations, will yield positive impacts both in the region and beyond it.https://www.youtube.com/watch?v=ilXhhK35ZDA&embeds_referring_euri=https%3A%2F%2Farynews.tv%2FKhawja Asif disclosed that a meeting between Field Marshal Syed Asim Munir and President Trump was scheduled even before his to the US.“Pakistan can play a vital and constructive role in the current crisis [Israel-Iran conflict],” the defence minister added.Earlier in the day, former foreign minister and Pakistan People's Party (PPP) Chairman Bilawal Bhutto Zardari also termed the  meeting a 'positive step' in Pakistan-US relations."Especially given the president’s role in mediating a ceasefire. Following Pakistan’s decisive victory in the recent five-day war, India has regrettably resisted all efforts toward a permanent peace, including US-led diplomacy. Pakistan neither seeks conflict nor are we desperate for dialogue. But we do recognize that peace is in both nations’ interests," Bilawal said in his post on X."There is no military solution to our disputes. India’s weaponization of water, repression in Kashmir, and politicization of terrorism are unsustainable positions. The path forward lies in honest diplomacy - not denial," Bilawal added.

ISLAMABAD: The Foreign Office of Pakistan has refuted claims of a Pak-Iran border closure, labeling such reports as misleading and baseless.The spokesperson for the Foreign Office clarified that all border crossings between Pakistan and Iran remain fully operational, with regular movement of people and goods continuing as usual.The Foreign Office added that there is no truth to the rumors regarding the border situation, reaffirming that all crossings are functioning normally.Prime Minister (PM) Shehbaz Sharif on Wednesday termed the regional situation very alarming due to escalated armed conflict between Iran and Israel and said it posed threat not only to the regional but also to the global peace.Read More: PIA begins safe return of Pakistanis stranded in IranThe prime minister reiterated Pakistan’s complete solidarity with brotherly country Iran and its people against Israeli aggression and called upon the international community to make efforts for ensuring immediate ceasefire in the ongoing armed conflict.Addressing a meeting of the cabinet, which was telecast on national Tv channels, the prime minister said that Pakistan had strongly condemned the Israeli aggression against Iran in which hundreds of Iranian people lost their lives and a larger number of others were injured.“The global community should ensure a ceasefire,” he stressed and expressed the optimism for lasting peace.

ISLAMABAD: Defence Minister Khawaja Asif on Wednesday termed the scheduled meeting between Pakistan’s Chief or Army Staff (COAS) Field Marshal Syed Asim Munir and United States (US) President Donald Trump as a ‘milestone’.In a statement issued here, Khawaja Asif hailed the luncheon held in honor of Field Marshal Asim Munir by the US president as a significant milestone.He said that an ‘unprecedented’ warmth in Pakistan-US relations, will yield positive impacts both in the region and beyond it.Khawja Asif disclosed that a meeting between Field Marshal Syed Asim Munir and President Trump was scheduled even before his to the US.“Pakistan can play a vital and constructive role in the current crisis [Israel-Iran conflict],” the defence minister added.Read More: Field Marshal Asim Munir to meet US President Trump at White HouseHe said that Syed Asim Munir’s presence in the US could help reduce regional tensions.First time US president meets foreign army chiefIt may be noted here that for the first time in history, a sitting US president is scheduled to meet the army chief of another country. This unprecedented event involves US President Donald Trump hosting Pakistan’s Field Marshal Asim Munir at the White House.

Online taxi service Careem has announced the closure of its ride-hailing services in Pakistan from 18th July, marking the end of almost a decade-long presence in the country.Careem’s CEO Mudassir Sheikha, in a LinkedIn post revealed its ‘new chapter in Pakistan’ and said, ”It is with a heavy heart that I share this update: Careem will suspend its ride-hailing service in Pakistan on July 18.”Mudassir Sheikha cited increasing competition and global investment challenges as reasons behind the closure, maintaining that a reliable service has become ‘unfeasible’ under current conditions.“This was an incredibly difficult decision. The challenging macroeconomic reality, intensifying competition, and global capital allocation made it hard to justify the investment levels required to deliver a safe and dependable service in the country. In the end, the Careem Rides team had to make this tough call,” the CEO added.Read More: Careem ended operations in this country as part of Uber takeover deal“It’s the end of an iconic chapter - one built with purpose, grit and a ton of relentless hustle.”Mudassir Sheikha hoped to bring back the service in Pakistan in future.“Pakistan is in Careem’s DNA - our first line of code was written here, and the country remains a rich source of innovation and talent for us. Our commitment to Pakistan remains strong, and I sincerely hope to bring Careem’s services back to the country in the future,” he said.Careem, had launched its services in Pakistan in 2015.

ISLAMABAD: Finance Minister Senator Muhammad Aurangzeb on Wednesday said that Pakistan has successfully come out of its balance of payments crisis, ARY News reported.The finance minister passed these remarks in the National Assembly’s Standing Committee on Finance, chaired by Pakistan People’s Party MNA Syed Naveed Qamar.Muhammad Aurnagzaib said that the milestone has enabled the government to reduce duties on raw materials. The finance minister added that the Tariff Policy Board will now continuously review tariffs on raw materials.He said that the resolution of the balance of payments crisis has made it feasible to lower these duties, with expectations that exports could rise by up to 14 percent as a result.Muhammad Aurangzeb said that imports might increase by up to 6 percent due to the reduced tariffs.https://www.youtube.com/watch?v=NNTtjbBjzHoThe finance minister recalled that plans to reduce taxes and tariffs on raw materials were initially set for 2019 but were delayed.Muhammad Aurangzeb explained that the increase in tariffs in 2020 was a response to the COVID-19 pandemic, followed by further hikes in 2022 due to the balance of payments crisis.Read More: Policy rate will drop in next FY to single digit: FinMinEarlier, in an interview to ARY News finance minister highlighted the proposed government steps for the next financial year 2025–26.He said that the policy rate will come down to single digit in the next financial year. The business circles are demanding drop in the central bank’s interest rate to single digit. President FPCCI Atif Akram has demanded bringing the policy rate to seven percent.He said various taxes have been slashed in the budget. “Which tax when increased in the past brought down,” he asked.The finance minister said that privatization of Pakistan International Airlines (PIA) and the Roosevelt Hotel is scheduled for the next fiscal year, and privatization efforts for three power distribution companies (DISCOs) will continue.

Karachi, June 18, 2025 – The Canadian Dollar (CAD) is trading at 207.32 Pakistani Rupee (PKR) today at 07:24 PM PST, showing a slight decline from earlier this week’s high of 208.31 PKR.Despite this dip, the CAD remains stronger than last week’s 206.39 PKR and reflects a significant 2.83% rise from 201.55 PKR a month ago. These movements in the CAD/PKR exchange rate highlight a mix of global economic factors and regional pressures influencing currency valuations. Valuation Dynamics The CAD’s performance against the PKR over the past month has been driven by Canada’s resilient economic fundamentals. Strong oil prices, a key driver for Canada’s commodity-based economy, have supported the CAD, as Canada is a major oil exporter. Additionally, the Bank of Canada’s steady monetary policy stance has maintained investor confidence, keeping the CAD robust in forex markets. The currency’s climb from 201.55 PKR last month to its recent peak of 208.31 PKR earlier this week underscores these favorable conditions.However, the PKR continues to face challenges due to Pakistan’s economic landscape, marked by high inflation, a persistent trade deficit, and limited foreign exchange reserves. Efforts by the State Bank of Pakistan to stabilize the currency through tighter monetary policy have had mixed results, with the PKR remaining vulnerable to external pressures. The CAD’s slight retreat to 207.32 PKR today from 208.31 PKR earlier this week suggests short-term market corrections, possibly driven by profit-taking or shifts in global risk sentiment. Impact on Trade and Consumers The Canadian Dollar’s appreciation over the past month affects Pakistan-Canada trade dynamics. Pakistani importers of Canadian goods, such as canola oil, lentils, and machinery, face higher costs due to the stronger CAD, which could translate to increased prices for consumers or reduced margins for businesses. This is particularly relevant for Pakistan’s food sector, which relies on Canadian agricultural imports to meet domestic demand.Conversely, Pakistani exporters, particularly in textiles and apparel, may find their products more competitive in Canada, as the weaker PKR makes Pakistani goods cheaper in CAD terms. However, Pakistan’s relatively low export volume to Canada limits the overall benefit, potentially exacerbating the trade imbalance.For individuals, the CAD’s strength impacts remittances and travel. Pakistani workers in Canada sending money home receive more PKR per CAD, providing a boost to household budgets in Pakistan. However, Pakistani students and travelers in Canada face higher costs for tuition, accommodation, and other expenses, straining financial resources. Outlook and Market Sentiment Market analysts view the CAD’s recent fluctuations as part of a broader trend of consolidation, with the currency likely to remain sensitive to global commodity prices, particularly oil, and Pakistan’s macroeconomic developments. A potential strengthening of the Pakistani Rupee could emerge if Pakistan secures additional IMF support or sees a surge in remittances, while CAD strength may persist if oil prices remain elevated or Canada’s economic data continues to outperform expectations. Traders are monitoring Canada’s inflation figures and Pakistan’s foreign exchange reserves for near-term signals. DOLLAR RATE TODAY IN PAKISTAN- LIVE About CAD and PKR The Canadian Dollar (CAD), often referred to as the “Loonie,” is the official currency of Canada, managed by the Bank of Canada. As a major global currency, the CAD is heavily influenced by Canada’s commodity exports, including oil, natural gas, and minerals, and is widely traded in forex markets due to Canada’s stable economy and financial system.The Pakistani Rupee (PKR) is the official currency of Pakistan, regulated by the State Bank of Pakistan. Introduced in 1948, the PKR is used across Pakistan and is subject to economic pressures from inflation, trade imbalances, and foreign debt obligations. Its value is closely tied to Pakistan’s macroeconomic stability and external financial inflows.

Karachi, June 18, 2025 – The Australian Dollar (AUD) is trading at 183.36 Pakistani Rupee (PKR) today at 06:57 PM PKT, maintaining a stable position since June 10 but marking a notable 1.77% increase from 180.17 PKR earlier this month.This upward movement in the AUD/PKR exchange rate has caught the attention of traders, businesses, and policymakers, highlighting the interplay of global economic trends and regional financial dynamics. Valuation Dynamics The AUD’s rise against the PKR since early June reflects a combination of factors. Australia’s robust economic indicators, including steady commodity exports and resilient demand for iron ore and coal, have bolstered the AUD. As a commodity-driven currency, the AUD benefits from global demand for Australia’s natural resources, particularly from major trading partners like China. Additionally, the Reserve Bank of Australia’s cautious approach to monetary policy has supported investor confidence, keeping the AUD attractive in forex markets.Conversely, the PKR has faced persistent pressure due to Pakistan’s economic challenges, including high inflation, a widening trade deficit, and reliance on external borrowing. While the State Bank of Pakistan has implemented measures to stabilize the currency, such as tightening monetary policy, the PKR’s value remains sensitive to foreign exchange reserves and remittances. The AUD’s recent gains against the PKR underscore these contrasting economic trajectories, with the pair stabilizing around 183.36 since June 10 after its earlier climb. Impact on Trade and Consumers The Australian Dollar’s appreciation has significant implications for Pakistan-Australia bilateral trade. Pakistani importers of Australian goods, such as agricultural products, dairy, and machinery, now face higher costs, potentially passing these onto consumers or squeezing profit margins. For instance, Australian wheat and pulses, critical for Pakistan’s food security, are now more expensive in PKR terms, which could contribute to inflationary pressures in local markets. Currency Rates in Pakistan Today On the other hand, Pakistani exporters to Australia, particularly in textiles and leather goods, may benefit from the exchange rate shift, as their products become relatively cheaper in AUD terms. However, the overall trade balance could tilt further in Australia’s favor given the larger volume of imports from Australia compared to Pakistan’s exports.For individuals, the stronger AUD impacts remittances and travel. Pakistani workers in Australia sending money home receive more PKR per AUD, boosting household incomes. Conversely, Pakistani students and tourists in Australia face higher costs for tuition and living expenses, straining budgets. Outlook and Market Sentiment Analysts suggest the Australian Dollar/Pakistani Rupee pair’s stability since June 10 indicates a consolidation phase, with markets awaiting further cues from global economic data and regional policy decisions. A potential strengthening of the PKR could occur if Pakistan secures additional IMF support or sees a surge in remittances, while AUD strength may persist if commodity prices remain elevated. Traders are closely monitoring Australia’s employment data and Pakistan’s foreign exchange reserves for near-term signals. About AUD and PKR The Australian Dollar (AUD), often nicknamed the "Aussie," is the official currency of Australia and its territories, including Christmas Island, Cocos Islands, and Norfolk Island. Managed by the Reserve Bank of Australia, the AUD is one of the world’s major currencies, widely traded in global forex markets due to Australia’s commodity-based economy and stable financial system.The Pakistani Rupee (PKR) is the official currency of Pakistan, regulated by the State Bank of Pakistan. Introduced in 1948, the PKR is used across Pakistan and is subject to economic pressures from inflation, trade imbalances, and foreign debt obligations. Its value is closely tied to Pakistan’s macroeconomic stability and external financial inflows.

Doha, June 18, 2025 – The Qatari Riyal (QAR) has edged higher against the Pakistani Rupee (PKR), trading at 77.81 PKR on Wednesday, up from 77.72 PKR on June 14 and 77.39 PKR the previous week, according to regional forex market data.This modest increase reflects ongoing fluctuations in the currency pair, driven by a mix of economic factors affecting both nations. Valuation Dynamics The Qatari Riyal’s valuation is heavily influenced by Qatar’s robust economic stability, underpinned by its vast natural gas and oil exports. The QAR is pegged to the US dollar at a fixed rate of 3.64, which provides a stable anchor but ties its movements indirectly to global USD dynamics. This peg ensures minimal volatility for QAR against other currencies, including the PKR, unless significant shifts occur in the USD or regional markets.In contrast, the Pakistani Rupee’s value is shaped by domestic economic conditions, including trade balances, inflation, and foreign exchange reserves. Pakistan’s economy often faces volatility due to external debt obligations and fluctuating remittance inflows. The State Bank of Pakistan occasionally intervenes to stabilize the PKR, but market-driven supply and demand dynamics largely dictate its value against currencies like the QAR. Recent data indicates a 28.8% surge in workers’ remittances to Pakistan, reaching nearly $35 billion from July 2024 to May 2025, which has bolstered the PKR to some extent.The slight appreciation of QAR against PKR this week may be attributed to Qatar’s steady export-driven economy and a marginal weakening of the PKR amid rising global commodity prices, particularly oil, which impacts Pakistan’s import-heavy trade balance. Geopolitical tensions, such as the Israel-Iran conflict, have also spiked oil prices, adding pressure on the PKR. Currency Rates in Pakistan Today Economic Impact The Qatari Riyal’s uptick has implications for trade, remittances, and investment between Qatar and Pakistan. For Pakistani workers in Qatar, a stronger QAR means higher PKR returns when converting their earnings, potentially boosting remittance inflows. In May 2025, overseas Pakistanis sent $3.69 billion in remittances, with significant contributions from Gulf countries like Qatar. This trend supports Pakistan’s foreign exchange reserves and household incomes.However, a stronger QAR could increase the cost of Qatari imports for Pakistan, particularly in energy and construction materials, straining bilateral trade. Pakistani exporters to Qatar, dealing in textiles and agricultural goods, may benefit marginally as their products become relatively cheaper in QAR terms. For investors and businesses, the stable QAR-PKR exchange rate encourages predictable cross-border transactions, though minor fluctuations require close monitoring. About QAR and PKR The Qatari Riyal (QAR), symbolized as QR or ر.ق, is Qatar’s official currency, subdivided into 100 dirhams. Managed by the Qatar Central Bank, it is pegged to the US dollar, reflecting Qatar’s wealth as a leading energy exporter. The Pakistani Rupee (PKR), denoted by ₨, is Pakistan’s official currency, subdivided into 100 paisa. Issued by the State Bank of Pakistan, the PKR’s value is influenced by economic policies, inflation, and remittances, often experiencing volatility due to Pakistan’s trade and debt dynamics.

KARACHI, June 18, 2025 – The UAE Dirham (AED) strengthened against the Pakistani Rupee (PKR) today, trading at Rs77.14 in Pakistan’s open market, up from yesterday’s rate of Rs77.04. This marks a continuation of a stabilizing upward trend observed earlier this week, with the AED rising steadily from Rs76.44 to Rs76.96 over recent days, according to forex market data. Valuation Dynamics The appreciation of the UAE Dirham against the Pakistani Rupee is driven by a combination of regional demand, robust remittance inflows, and broader economic factors. The AED, pegged to the US Dollar at a fixed rate of approximately 3.67 AED/USD, benefits from the stability of the US Dollar and the UAE’s strong economic fundamentals. The Pakistani Rupee, operating under a managed float system, is more susceptible to domestic pressures such as inflation, trade deficits, and foreign exchange reserve fluctuations, often leading to volatility. The State Bank of Pakistan occasionally intervenes to stabilize the PKR, but open market rates largely reflect supply and demand dynamics.Recent data highlights the significant role of remittances in this dynamic. In May 2025, overseas Pakistanis in the UAE sent $754.2 million in remittances, securing the UAE’s position as the second-largest source of remittances to Pakistan, behind Saudi Arabia. This influx bolsters Pakistan’s foreign exchange reserves, indirectly supporting the AED-PKR exchange rate stability. However, the PKR’s value is also influenced by Pakistan’s economic challenges, including high inflation and external debt obligations, which can weaken the currency relative to the AED. Impact on Trade and Remittances The strengthening of the AED against the PKR has significant implications for the economic relationship between Pakistan and the UAE. With over 1.7 million Pakistanis residing in the UAE, constituting one of the largest expatriate communities, remittances play a critical role in supporting Pakistan’s economy. A stronger Dirham means families in Pakistan receive more Rupees per Dirham sent, enhancing their purchasing power. Conversely, this trend increases the cost of imports from the UAE, particularly in sectors like food, clothing, and construction goods, which could impact Pakistani businesses and consumers.Bilateral trade, already robust with the UAE as Pakistan’s third-largest trading partner after China and the United States, benefits from stable exchange rates, fostering confidence among investors and traders. However, experts caution that global factors, such as fluctuations in oil prices or geopolitical tensions, could indirectly affect the AED through its US Dollar peg, potentially introducing volatility to the AED-PKR rate in the long term. UAE’s Economic Strength The UAE’s economy continues to demonstrate remarkable resilience and growth, underpinning the Dirham’s stability. Bolstered by a diversified economic base, including tourism, real estate, and technology, alongside its traditional oil-driven wealth, the UAE remains a global financial hub. Strategic initiatives, such as investments in clean energy and fintech, further enhance its economic outlook. The Central Bank of the UAE’s prudent monetary policies, including maintaining the Dirham’s peg to the US Dollar, ensure minimal currency volatility, making the AED a reliable currency for international transactions. This economic stability not only supports the Dirham’s value but also reinforces the UAE’s role as a key partner for countries like Pakistan. Introduction to AED and PKR The UAE Dirham (AED), introduced in 1973, is the official currency of the United Arab Emirates, issued by the Central Bank of the UAE and subdivided into 100 fils. Pegged to the US Dollar, it is widely used across the Emirates, particularly in economic hubs like Dubai and Abu Dhabi, and is occasionally accepted in neighboring regions due to the UAE’s status as a trade hub. The Pakistani Rupee (PKR), symbolized as ₨, has been Pakistan’s currency since 1947, issued by the State Bank of Pakistan and divided into 100 paisa. Operating under a managed floating exchange rate, the PKR’s value is influenced by market forces and economic indicators, with periodic interventions by the State Bank to curb volatility.This steady rise in the AED-PKR exchange rate underscores the UAE’s economic strength and the deep financial ties between the two nations, with remittances and trade continuing to shape their economic partnership.

KARACHI: Jamaat Islami Karachi's leader Munaam Zafar has filed a review petition on Wednesday against approval of the K-Electric’s write-off plea by the Nepra on June 05.The National Electric Power Regulatory Authority (Nepra) had issued its decision on K-Electric’s write-off petition, allowing partial claims of PKR 50 billion against the company’s claims worth PKR 76 billion pertaining to the Multi-Year Tariff (MYT) control period spanning FY17-23.JI Karachi's Ameer called the regulator's decision as violation of the rules and regulations."The Nepra has ignored the evidence about 19 fake bills," JI leader said. "The regulator's silence over the fake bills has question mark," he said."The burden on the power consumers has been unacceptable," Munaam Zafar said. "Why Karachiites bear the burden of the ineligibility of the power utility," he asked."The people of Karachi have already been victims of worst load-shedding and overbilling," he said.He pleaded for keeping the June 05 decision of the Nepra in abeyance immediately

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Wednesday established a high-level committee to promote cashless economy and speed up the digitization.The committee, chaired by the prime minister himself, will review the progress and initiatives related to the promotion of digitization and cashless economy on a weekly basis.Chairing a meeting in this regard, the prime minister emphasized that digitization of the economy was among the government’s top reform priorities.The prime minister directed to encourage the digital money transfers and digital payments through policy initiatives.He pointed out that in the federal budget 2025-26, the government had proposed a number of initiatives for the promotion of cashless economy.He told that the government was also taking steps to discourage the informal economy and to promote digital transactions for shopping and money transfers.“During the holy month of Ramazan, the transfer of funds to rightful beneficiaries through digital wallets was ensured in a transparent, efficient, and effective manner,” the prime minister said.He added that the use of digital wallets ensured that beneficiaries received their rightful assistance without any human interference, allowing for a transparent distribution of aid.The prime minister highlighted that the inflation rate reduced and the foreign remittances increased due to improvement in the country’s economy.“Bullish trend in the stock market reflects the investors’ trust over the government policies,” the prime minister said adding that by the grace of Allah Almighty, the government’s economic teams’ efforts were yielding fruits.During the briefing, the meeting was informed that the traders were given instructions regarding digital payments and transfers of money through digital means.

ISLAMABAD: Prime Minister (PM) Shehbaz Sharif on Wednesday termed the regional situation very alarming due to escalated armed conflict between Iran and Israel and said it posed threat not only to the regional but also to the global peace.The prime minister reiterated Pakistan’s complete solidarity with brotherly country Iran and its people against Israeli aggression and called upon the international community to make efforts for ensuring immediate ceasefire in the ongoing armed conflict.Addressing a meeting of the cabinet, which was telecast on national Tv channels, the prime minister said that Pakistan had strongly condemned the Israeli aggression against Iran in which hundreds of Iranian people lost their lives and a larger number of others were injured.“The global community should ensure a ceasefire,” he stressed and expressed the optimism for lasting peace.He informed the cabinet that during the conflict, he had talked to Iranian President Masoud Pezeshkian and condemned Israeli aggression besides expressed nation’s solidarity.The prime minister said that he had also held discussion with President of Turkiye Recep Tayyip Erdogan over the evolving situation.About Gaza situation, he said scenes there were heart-wrenching and painful as over 50,000 innocent Palestinians had been martyred.“The brutality is being unleashed but when will the world’s conscience wake up!” he questioned. Click here for complete Israel-Iran conflict coverage The prime minister further apprised that Deputy Prime Minister/Foreign Minister Mohammad Ishaq Dar would be attending a meeting of the OIC foreign ministers in Turkiye on 21-22 June.Earlier, the supreme leader Ayatollah Ali Khamenei said that Iran “will stand firm against an imposed war, just as it will stand firm against an imposed peace”.In a televised address reported by the Tasnim news agency Iranian Supreme Leader Ali Khamenei said that “This nation will not surrender to anyone in the face of imposition.”Khamenei also pointed to statements made by Trump, saying those who know Iran and its history “know that Iranians do not answer well to the language of threat”.“And the Americans should know that any US military intervention will undoubtedly be accompanied by irreparable consequences", says Ayatollah Ali Khamenei.It is worth mentioning here that Iran and Israel launched new missile strikes at each other on Wednesday as the air war between the two longtime enemies entered a sixth day amid a call from U.S. President Donald Trump for Tehran’s unconditional surrender.The Israeli military said two barrages of Iranian missiles were launched toward Israel in the first two hours of Wednesday morning. Explosions were heard over Tel Aviv.Israel told residents in a southwestern area of Tehran to evacuate so its air force could strike Iranian military installations. Iranian news websites said Israel was attacking a university linked to Iran’s Revolutionary Guards in the east of the capital.Iranian news websites said Israel was also attacking a university linked to Iran’s Revolutionary Guards in the country’s east, and the Khojir ballistic missile facility near Tehran, which was also targeted by Israeli airstrikes last October.

ISLAMABAD: Prime Minister Shehbaz Sharif on Wednesday said that the IMF was informed that no tax will be imposed over agriculture in budget, ARY News reported.Talking in federal cabinet meeting, Shehbaz Sharif thanked the International Monetary Fund (IMF) over consenting to the issue.Prime minister said that the government has decided to impose one percent tax on the six lacs to 1.2 million annual incomes.Shehbaz Sharif said that the government employees' salaries have been enhanced by 10 percent.He said that the Public Sector Development Program (PSDP) has been brought to 1,000 billion rupees.He said that the fiscal space for the armed forces has been increased.The PM also thanked the delegation led by Bilawal Bhutto for effectively representing Pakistan in the United States and Europe. He commended the delegation for wholehearted representation of Pakistan.

ISLAMABAD: Deputy Prime Minister and Foreign Minister Senator Mohammad Ishaq Dar on Wednesday warned that the government would take strict action against any malpractices of hoarding, artificial shortage of food items and overpricing.The deputy prime minister was chairing a high-level meeting to review the supply and availability of essential food commodities especially sugar.He directed the authorities concerned to fully implement the government’s policy of supply of essential food items to common men at affordable prices.The meeting was attended by the Minister for National Food Security Rana Tanveer Hussain, SAPM Tariq Bajwa, Secretary Industries and Production, Member of Federal Board of Revenue, DG Federal Investigation Agency and representatives from Pakistan Sugar Mills Association and provincial government departments.Read More: Pakistan’s weekly inflation drops by 0.11 percentEarlier, Pakistan’s weekly inflation, measured by the Sensitive Price Indicator (SPI), decreased by 0.11 percent for the combined consumption groups during the week ended on June 12, Pakistan Bureau of Statistics (PBS) reported on Friday.According to the PBS data, the SPI for the week under review in the above-mentioned group was recorded at 309.51 points as compared to 309.85 points during the past week.As compared to the corresponding week of last year, the SPI for the combined consumption group in the week under review witnessed a decrease of 1.41 per cent.The weekly SPI with the base year 2015-16 =100 covers 17 urban centres and 51 essential items for all expenditure groups.The SPI for the lowest consumption group of up to Rs 17,732 witnessed an increase of 0.15 per cent and went up to 299.44 points from last week’s 298.99 points while consumption group of Rs 17,732 to 22,888 also increased by 0.04.

KANANASKIS, ALBERTA: India’s Prime Minister Narendra Modi on Wednesday rejected U.S. President Donald Trump’s offer to mediate between India and Pakistan, according to Indian Foreign Secretary Vikram Misri.Indian media reported that Modi had a telephone conversation with President Trump on the sidelines of the G7 Summit in Canada.During the call, Modi briefed Trump on India’s Operation Sindoor and reiterated that India has never accepted and will never accept foreign mediation in its issues with Pakistan, Misri said.“Prime Minister Modi made it clear to President Trump that during the recent India-Pakistan conflict, at no time, on any level, were issues such as an India-U.S. trade deal or U.S. mediation between India and Pakistan discussed,” Misri noted. “The decision to halt military action was reached directly between India and Pakistan through existing military communication channels.”“Prime Minister Modi emphasized that India has never accepted mediation, does not accept it, and will never accept it,” he added.These remarks follow repeated claims by President Trump that he had used trade leverage to help achieved a ceasefire between India and Pakistan.Read More: Trump Again Offers to Mediate on KashmirEarlier, US President Donald Trump has once again offered to mediate on the issue of Indian Occupied Kashmir, stating that he told India and Pakistan, “I’ll be your arbitrator.”President Trump said he feels proud to have managed a ceasefire between India and Pakistan, preventing a potential nuclear war.“I stopped a war between India and Pakistan. And I stopped it with trade. I don’t think I’ve ever seen a story written about it, but it was pretty cool,” Trump told reporters after a “Bills Signing” ceremony at the White House.“They (India and Pakistan) were getting ready. Pakistan was now their turn to hit, and eventually they’re going to go nuclear and I stopped it,” said the President.Talking about the Kashmir conflict, President Trump said that he told India and Pakistan, “You’ve had a long-time rivalry over Kashmir. And I said, I can solve anything. I’ll be your arbitrator. I will be your arbitrator, I could solve anything, and how long has it been going on? They said, 2,000 years. I said oh, that’s a long time.”

KARACHI: At least 250 shops were destroyed and millions of rupees in financial losses were reported after a massive fire engulfed Millennium Mall on Rashid Minhas Road in Karachi on Wednesday, ARY News reported.Rescue workers battled the flames for several hours before finally bringing the fire under control, which caused extensive damage to the Millennium Mall.According to rescue officials, the fire broke out in the early hours of Wednesday. Initial investigations have pointed to negligence on the part of the mall’s management, among other contributing factors.[video width="848" height="478" mp4="https://arynews.tv/wp-content/uploads/2025/06/WhatsApp-Video-2025-06-18-at-1.28.45-PM.mp4"][/video]Speaking to ARY News, 1122 Incharge, Hassan, said they received the first alert about the incident at 4:06 AM.“We responded quickly. A security guard informed us that a short circuit in the ‘Control and Surveillance Room’ on the third floor triggered a minor explosion, which caused the fire,” Hassan said.https://www.youtube.com/watch?v=C4jkl6mmjhcHe further revealed that the Millennium Mall’s firefighting system was inactive and there was no proper fire exit. The building had only one entry and exit route, which hampered firefighting efforts.Read More: Fire breaks out at electronic market in Karachi“The boilers and chillers on the upper floors were in unsafe condition, and chemicals stored there also fueled the flames,” he added.

ISLAMABAD: Pakistan's solar imports have reached to 32,000 megawatts capacity till now, an official document disclosed."The country has so far imported 2.25 billion solar panels," as per the paper came to the knowledge of the media.Pakistan has connected 6271MW electricity on net metering, an electricity billing mechanism that allows consumers who generate their own electricity through solar panels.Moreover, 6506 megawatts of electricity have been installed without the net metering mechanism, as per the official paper.According to the document, the country has 5521MW off-grid solar and the solar inventory to generate around 13,000 megawatts of electricity.Concerned sources said that the local industry being damaged owing to absence of tax over the solar imports."Tax-free imported solar panels being dumped in the country," sources added."The government intends to promote local solar industry with 18 percent sales tax on the imports, proposed in the budget to help the local industry," sources said.It is to be mentioned here that 18 percent GST has already been imposed over the local manufacturing of solar panels.The National Assembly’s standing committee for finance on Tuesday rejected the budget proposal regarding 18% sales tax on imported solar panels.Chairman FBR informed the NA body’s session chaired by Naveed Qamar that the sales tax is not imposed over photovoltaic cells. “There is no sales tax over the import of complete solar panels. Tax being imposed over parts being imported to complete them here,” FBR chief said.“Tax should not be slapped over solar panels if you talk about the renewable energy,” Mirza Iftikhar said. “Imported solar panels are cheaper than the locally manufactured, which are also sub-standard in quality,” he said.The standing committee’s members rejected the FBR’s proposal with majority vote.MQM’s Javed Hanif in his note of dissent said that imported solar panels are being dumped in Pakistan and supported budget proposal of imposing 18% general sales tax on solar panels.

The German Embassy in Islamabad has introduced a new Consular Services Portal to simplify and accelerate the application process for all types of work visas for Pakistani citizens.The embassy announced that the online system, accessible at digital.diplo.de/visa, will increase the number of visas processed and eliminate the need for waiting lists.The portal guides applicants through a streamlined process, requiring them to complete a questionnaire and upload necessary documents for preliminary review.“This ensures applications are fully prepared before in-person appointments, speeding up processes at the embassy,” the embassy stated on its Facebook page.Applicants must attend an in-person appointment to verify their identity, submit biometric data, and pay the visa fee.The new system covers various employment visa categories, including skilled employment, EU Blue Card, Opportunity Card, self-employment, and recognition of Pakistani degrees.The German embassy urged those who have not yet received an appointment to begin their applications on the portal, noting that additional visa categories will be transitioned to the system in the future to further enhance efficiency.In a separate development earlier, Germany’s Consulate General in Karachi introduced a new visa appointment system, effective immediately.Read More: NADRA NICOP fee for Pakistanis living in GermanyDue to high demand, applicants can no longer book appointments directly. Instead, they must register on a waiting list, and appointments will be allocated later based on availability.It is now mandatory for Pakistani citizens to register their names on the waiting list.According to a statement issued by the Consulate, this change affects the procedure for booking appointments for Schengen and long-term visas (excluding the Opportunity Card/Chancenkarte).Appointments for opportunity card/Chancenkarte can still be booked directly through German Consulate’s appointment allocation systems.The Consulate explained that applicants must first register on the waiting list, after which appointments will be allocated in chronological order based on the registration date and available capacity.“Due to the constant high demand, it has been decided to set up a waiting list in order to efficiently adapt the appointment allocation to the capacities of our visa office” the statement said.

KARACHI: Sea breeze restored in Karachi last night improving weather conditions in the city after days of scorching hot weather, the Met Office stated on Wednesday.According to the weather report, a hot and humid weather will prevail in the metropolis with sporadic blowing winds.The city's current temperature recorded 33 Celsius, that could soar to 40 C, meteorological department said. Owing to higher levels of humidity in the air severe heat being felt in Karachi.The southwestern winds are blowing with 15 kilometers wind speed, according to the Met Office.Karachi's outskirts are likely to experience drizzling, while on June 19 (tomorrow) drizzling is expected in the city in the morning as well as in the evening, the Met Office said.The first monsoon spell is expected in the port city on June 25.The Met Office has issued extremely hot weather's warning in the most plains of the country from June 18 till 20.Yesterday maximum rainfall was received in Sindh's southeastern parts (Mithi 31mm, Nagar Parkar 30mm, Islam Kot 14mm and Diplo 06mm).Rainfall with thunderstorm also received at some places in Kashmir, upper Khyber Pakhtunkhwa and Gilgit Baltistan.