logo
Punjab ministers praise provincial budget

Punjab ministers praise provincial budget

LAHORE: The provincial ministers have stressed that the Punjab Budget 2025-26 is not merely a collection of numbers but a concrete commitment to public welfare, prosperity and transparent governance; significant relief has been provided to the people in the Punjab Budget 2025-26
During a post-budget press conference here on Tuesday, Punjab Finance Minister Mujtaba Shuja-ur-Rehman and Punjab Senior Minister Marriyum Aurangzeb reiterated the Chief Minister's clear directives for the timely completion of every project, full transparency, and maximum benefit to the public. The total budget amounts to Rs 5,335 billion, with Rs 1,240 billion allocated specifically for development projects, they added.
Punjab Finance Minister Mujtaba Shuja-ur-Rehman said that, similar to last year, Punjab has once again presented a tax-free budget, with the development outlay amounting to 23 percent of the total provincial budget. He averred that no new taxes will be imposed in the budget for the upcoming fiscal year 2025-26. He described the budget as a historic package for public services. He added that the budget is expected to set new records in development.
He emphasised that the budget was prepared under the direct supervision of CM Maryam Nawaz, ensuring that the needs of all social classes were carefully considered. He further assured that no new taxes have been imposed on the public. 'Measures are underway to expand the tax net through the modernisation of the Punjab Excise and Taxation Department. Additionally, transparency is being enhanced through the implementation of e-governance, e-auctions, and e-tendering to curb corruption,' he added.
Punjab Senior Minister Marriyum Aurangzeb noted that this is the largest development budget in Punjab's history; the CM has introduced an unprecedented development budget, increasing it from Rs 832 billion (allocated in the 2024-25 budget) to Rs 1,240 billion. The Chief Minister has also brought all major development projects under public accountability, setting new standards for good governance, she added.
According to her, significant allocations include Rs 81.1 billion for education, Rs 56.3 billion for healthcare and Rs 81.29 billion for agriculture. Special focus areas, based on the Chief Minister's priorities, include healthcare, education, agriculture, clean drinking water, sanitation and environmental protection. Moreover, as part of the 'Apni Chhat, Apna Ghar' initiative, 50,000 families have already received homes, with construction underway on an additional 100,000 housing units.
On transport, she said that rapid progress is being made on the Automated Rapid Transport (ART) and e-bus projects in Lahore, Faisalabad, and Gujranwala. The Chief Minister has also directed that every city should have access to clean, quality public transport, with 1,100 new buses being added to the fleet this year; 24 electric buses are currently operating in Lahore.
In the education sector, she said, Rs 40 billion is being utilised via school management councils to provide additional classrooms, IT labs and other facilities. Higher education will receive Rs 25 billion, the laptop scheme Rs 15 billion, scholarships for talented students Rs 15 billion, and the school meal programme Rs 7 billion, she added.
'In healthcare, Rs 181 billion has been allocated, including Rs 14.5 billion for the Nawaz Sharif Institute of Cancer Treatment and Research in Lahore, and Rs 8 billion for a new state-of-the-art children's hospital in Rawalpindi. Centres of excellence in nursing will be established in Lahore, Multan, and Rawalpindi, with an allocation of Rs 23 billion,' she stated.
According to her, under social protection, Rs 40 billion has been allocated for a ration card programme, along with prioritised schemes such as Himmat Card, Minority Card and Labour Card to provide immediate relief to vulnerable segments of society. Moreover, the CM Punjab Parwaaz Programme continues to offer technical training and respectable employment opportunities for youth.
Aurangzeb further highlighted that improving the environment has become a mission for the Chief Minister, with Rs 795 billion allocated for this purpose. 'Funds have been designated for the installation of 25 air quality monitoring stations, climate observatories, and the creation of an environmental protection force.'
In a move to revive the film industry, a Rs 7 billion fund has been established. For the welfare of journalists, a Rs 1 billion Journalist Endowment Fund and Rs 400 million for the Journalist Housing Foundation have been allocated, she said, adding that the Punjab Higher Education Commission will allocate Rs 18 billion to universities this year. Rs 40 billion has been earmarked for advanced IT laboratories in schools.
Additionally, Aurangzeb mentioned that the School Nutrition Programme will be expanded to eight districts, with an investment of Rs 148 billion in health and education. 'Rural Health Centres (RHCs) and Basic Health Units (BHUs) will be transformed into Maryam Nawaz Health Clinics. The first Nawaz Sharif Cancer Hospital is also under construction in Lahore.
Copyright Business Recorder, 2025

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Mega corruption scandal: NAB Lahore recovers Rs2bn
Mega corruption scandal: NAB Lahore recovers Rs2bn

Business Recorder

timea day ago

  • Business Recorder

Mega corruption scandal: NAB Lahore recovers Rs2bn

LAHORE: Under the supervision of Director General (DG) NAB Lahore, Ghulam Safdar Shah, the NAB Lahore investigation team has successfully concluded a major recovery of Rs 2 billion in ongoing probe pertaining to a mega corruption scandal involving officers and officials of the Public Health Engineering Department (PHED), Sheikhupura. The DG NAB Lahore formally handed over first installment of the recovered amount to Additional Secretary Finance, Punjab Khalid Mehmood in NAB office, Lahore. According to the details, NAB Lahore launched Inquiry proceedings in September 2024 pertaining to the issuance of bogus cheques worth Rs 5 billion (approx.) by the Officers and staff of the Public Health Engineering and District Accounts Office, Sheikhupura. During the inquiry proceedings, some of the accused persons confessed to their crimes and filed Plea Bargain (PB) requests of Rs2 billion, which were duly approved by the Accountability Court, Lahore. Following court approval, the Bureau succeeded to ensure recovery within a remarkably short period and the initial tranche of the recovered amount has been submitted into the national treasury. On the occasion, DG NAB Lahore commended the exceptional performance of the investigation team, noting that the recovery of looted public funds in such a short time reflects team's commitment and competence. He further stated that investigations are actively underway against other accused persons involved in alleged embezzlement of public funds. Highlighting Chairman NAB's vision, DG Ghulam Safdar Shah emphasized that providing immediate relief to common citizens is NAB's top priority, however, all possible measures are being taken towards this end. He added that in order to recover and distribute the looted amounts to the rightful victims, the process of auctioning-off seized properties of the accused persons has been initiated. In this regard, a public auction of valuable confiscated properties was held at Deputy Commissioner Office, Lahore. However, the auction of seized assets will continue as per given schedule in other districts, as well. Copyright Business Recorder, 2025

Weekly Cotton Review: Mixed trend persists on improved trading
Weekly Cotton Review: Mixed trend persists on improved trading

Business Recorder

timea day ago

  • Business Recorder

Weekly Cotton Review: Mixed trend persists on improved trading

KARACHI: The cotton market witnessed a mixed trend. Trading activities showed improvement. The spot rate recorded a decline of Rs 200 per maund. In the recent budget, the government has fulfilled the long-standing demand of APTMA by discontinuing the Export Facilitation Scheme (EFS) on imported cotton, yarn, and fabric. This move has provided a level playing field for the local industry to compete internationally, earning appreciation from industrial circles. Recent rains in Sindh and Punjab have led to the partial closure of ginning factories, affecting production activities. However, experts suggest that while the rainfall will benefit the cotton crop, standing water in the fields could pose a risk of damage. Earlier, the crop had already suffered due to extreme heat, prompting farmers to remain vigilant about weather fluctuations. On another front, discussions were held between the leadership of China and APTMA to promote bilateral trade. Both sides emphasized maximizing benefits from the Free Trade Agreement (FTA) to further strengthen trade relations between the two countries. Joint measures in this regard are currently under consideration. Sohail Talat, Chairman of the Pakistan Business Forum (PBF) and the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), has demanded the revival of the cotton industry in South Punjab. He declared that the struggle to eliminate taxes on cotton would continue until the government meets their demands. Ahsan-ul-Haq, Chairman of the Ginners Forum, stated that Pakistan's agriculture sector, particularly cotton crops, is facing severe damage due to the inefficiencies of the Meteorological Department. He emphasized the need for better weather forecasting and policy interventions to protect farmers' livelihoods. The Pakistan Cotton Ginners Association (PCGA) had demanded the removal of taxes on Khal and Banola, but the government has yet to take action. This delay has caused significant unrest among cotton growers, who are already struggling with financial and operational challenges. The local cotton market witnessed mixed trends in cotton prices over the past week. While prices in Sindh remained relatively weak, the Karachi Cotton Association's Spot Rate Committee reduced the spot rate by PKR 200 per maund, closing it at PKR 16,300 per maund. The supply of phutti (seed cotton) increased in both Sindh and Punjab, leading to the resumption of operations in several ginning factories. However, due to the distribution of phutti among a larger number of factories, many are operating only partially. The recent rains in Sindh and Punjab have discouraged ginners from purchasing large quantities of phutti, which is expected to disrupt the arrival of phutti and affect cotton quality. The government has discontinued the Export Facilitation Scheme (EFS) for cotton, yarn, and fabric in the budget and imposed an 18% sales tax on imported cotton, yarn, and fabric. This fulfills APTMA's long-standing demand for a level playing field, which is expected to benefit cotton farmers and encourage textile mills to purchase local cotton, thereby boosting domestic trade. According to a report, the sales tax on imported cotton, yarn, and fabric—as well as local cotton—may be reduced from 18% to 10%. However, confirmation of this news will only be possible after the official notification is issued. Meanwhile, the Pakistan Cotton Ginners Association (PCGA) remains concerned as its demand for the removal of taxes on cotton by-products, such as cottonseed oil and cake, has not been met. The Pakistan Kissan Ittehad has also raised its concerns and urged the government to address PCGA's demands. Sohail Talat, Chairman of the Pakistan Businesses Forum (PBF) and FPCCI, emphasized that the struggle to eliminate taxes on cotton will continue until the demands are met. The rate of cotton in Sindh is in between Rs16,200 to Rs 16,500 per maund, while the rate of phutti is in between Rs 7,500 to Rs 8,200 per 40 kg. In Punjab, cotton prices stood at Rs 16,700 to Rs 16,800 per maund. The rate of Phutti is in between Rs 7,800 to Rs 8,400 per 40 kg. However, prices of Banola have declined. The Spot Rate Committee of the Karachi Cotton Association reduced the spot rate by Rs 200 per maund, closing it at Rs 16,300 per maund. Karachi Cotton Brokers Forum Chairman Naseem Usman said that international cotton prices showed a mixed trend, with New York cotton futures trading between 66.00 to 69.00 cents per pound. According to the USDA's weekly production and sales report, 27,300 bales were sold for the 2024-25 season. Pakistan remained the top buyer, purchasing 9,200 bales, followed by Vietnam with 7,700 bales, and Japan in third place with 2,500 bales. For the 2025-26 season, sales reached 64,700 bales. Vietnam led with 34,300 bales, followed by El Salvador with 15,300 bales, and Malaysia in third place with 8,000 bales. Chinese Consulate General and All Pakistan Textile Mills Association (APTMA) leadership have resolved to upsurge bilateral trade, take maximum advantage of Free Trade Agreement (FTA) and to explore possibilities of joint ventures in textile industry. Zhao Shiren Consul General of China, Li Haoteng, Commercial Counsellor and Wang Yaqiang, Vice Consul visited APTMA office on Tuesday and discussed in detail prospects, ways and means to increase volume of trade and joint ventures in textile industry. Dr Gohar Ejaz, Patron-in-Chief APTMA and Chairman APTMA Kamran Arshad welcomed the Chinese Consul General at APTMA. They were accompanied by Syed Ali Ahsan, former Chairman APTMA, Zonal Management Committee members including Haroon Ellahi, Muhammad Ali, Faisal Jawed, Ahsan Shahid, Ismail Fareed, Habib Anwar, leading textile exporters, Secretary General APTMA Shahid Sattar and Secretary General North Mohammad Raza Baqir. Speaking on the occasion, Zhao Shiren said both China and Pakistan enjoy strong economic and cultural relations and China Pakistan Economic Corridor (CPEC) is an example of this robust relationship between both the countries. He highly appreciated the role of APTMA in general and of Dr Gohar Ejaz in particular in expansion of bilateral economic relations. He enumerated highly plausible services rendered by Dr Gohar Ejaz in cementing relation between China and Pakistan not only as Commerce Minister but also in his private capacity. He also spoke volume about community and welfare services being performed by Gohar Ejaz Foundation for poverty alleviation, medical services, educational and research uplift and industrialization of the country. Consul General highlighted expansion of bilateral trade since the signing of China-Pakistan Free Trade Agreement (FTA) in 2006 and resolved to further uplift the said volume by taking maximum benefits from FTA. He noted that balance of trade is presently in favour of China and assured of his help to not only expand trade volume but also to bridge the gap in balance of trade. He informed that textile goods falling in more than 800 HS tariff lines of customs chapters 50 to 63 enjoy duty free status under FTA on import into China from Pakistan. He emphasised Pakistani textile industry to avail duty free regime widely liberalized for Pakistani textile products since implementation of Phase II of FTA in 2020. According to reports, cotton has been cultivated on 3.128 million acres in Punjab and 1.005 million acres in Sindh. The expected yield per acre is estimated at 170 kg. Punjab is projected to produce 4.898 million bales, while Sindh is expected to yield 2.519 million bales. The total anticipated cotton production for both provinces stands at 7.417 million bales. Copyright Business Recorder, 2025

Chinese IPPs face Rs500bn in unpaid dues
Chinese IPPs face Rs500bn in unpaid dues

Business Recorder

timea day ago

  • Business Recorder

Chinese IPPs face Rs500bn in unpaid dues

ISLAMABAD: Chinese Independent Power Producers (IPPs), established under the China-Pakistan Economic Corridor (CPEC) framework, are still grappling with delayed payments, with total outstanding receivables having reached approximately Rs 500 billion ($1.72 billion). Of this amount, Rs 450 billion ($1.5 billion) is owed by the Central Power Purchasing Agency-Guaranteed (CPPA-G), which has been unable to clear the dues due to ongoing financial and foreign exchange constraints. The Chief Executive Officers (CEOs) of various Chinese coal-fired IPPs—including Port Qasim, China Hub, and Sahiwal power plants—as well as wind power projects, have repeatedly written to authorities requesting payment clearance. However, the responses received have reportedly left them dissatisfied. Similarly, the National Grid Company (formerly NTDC) has failed to clear overdue payments owed to the 660 MW Pak Matiari–Lahore Transmission Company (Pvt.) Ltd. (PMLTC). Overdue payment issue: PQEPC threatens to suspend plant operations Recently, PMLTC President and CEO, Xiong Feng, addressed a letter to the Managing Director of the National Grid Company. In the letter, he referred to the legally binding Transmission Services Agreement (TSA) signed on May 14, 2018, specifically highlighting Section 9.5 (Payment), which stipulates that invoices must be paid within 30 days of receipt. 'Despite these explicit terms,' the CEO noted, 'NGC (formerly NTDC) is still in the process of settling the invoice for December 2024, which became overdue on January 31, 2025. In addition, invoices for January, February, March, April, and May 2025 remain outstanding and unpaid. 'As a result, the total amount payable to PMLTC under the TSA has ballooned to Rs 55.071 billion (exclusive of sales tax), with Rs 47.076 billion now long overdue, including interest on delayed payments. 'We have repeatedly emphasized the critical importance of making full and timely payments under the TSA,' Mr. Xiong wrote. 'PMLTC must meet various operational costs necessary for the continuous and stable operation of the HVDC project.' The letter further states that PMLTC has suffered financial losses and other negative consequences due to NGC's continued defaults in meeting its payment obligations. It calls on NGC to take immediate corrective measures, indemnify the company, and prevent further losses. 'In light of the prolonged delays and the extremely low rate of daily payments in recent months, we request NGC/CPPA-G to accelerate payments under the outstanding invoices by increasing the daily payment rate,' the CEO urged. 'Strict adherence to the payment terms of the TSA is crucial to avoid disruptions in the HVDC project's operation.' According to sources, the Government of Pakistan may release some payments to Chinese IPPs ahead of Prime Minister Shehbaz Sharif's expected visit to China in August or September 2025. Currently, Rs 5 billion has been disbursed to Chinese IPPs through an Escrow Account established following extensive negotiations with Chinese stakeholders and the government. Copyright Business Recorder, 2025

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store