Railways posts gross earnings of Rs65b
According to the Economic Survey 2024-25 presented on Monday by Minister for Finance Muhammad Aurangzeb, the data highlights Pakistan Railways as a cornerstone of the country's transportation infrastructure, playing a vital role in fostering national integration and economic development.
Meanwhile, the Economic Survey 2024-25, highlighted a significant financial turnaround for PIA, the national flag carrier. According to the survey, PIA recorded an operating profit of Rs9.3 billion in 2024, more than double its Rs3.9 billion profit in 2023. This marks the second consecutive year of operational profitability for the airline, reflecting continued progress under a strategic reform plan.
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Express Tribune
10 hours ago
- Express Tribune
PYMA rejects 'black laws' in Finance Bill
Yarn Merchants Association has pointed out that the local manufacturers are still using outdated machines, which are not energy efficient and such energy losses are built into yarn prices. photo: file Listen to article The Pakistan Yarn Merchants Association (PYMA) has categorically rejected the inclusion of Articles 37-A and 37-B in the Sales Tax Act, recently introduced under the federal government's Finance Bill. In a statement issued on Wednesday, the association made a direct appeal to Prime Minister Shehbaz Sharif, Federal Finance Minister Muhammad Aurangzeb, and Federal Board of Revenue (FBR) Chairman Rashid Mehmood Langrial, calling for the immediate withdrawal of what it has described as "black laws" that have raised alarm across Pakistan's business community. PYMA Chairman Muhammad Saqib Goodluck, while voicing the concerns of yarn traders and related stakeholders, stated that these new legal provisions would open the doors to unchecked harassment and intimidation of legitimate businesses. He said that empowering FBR officials with wide-ranging discretionary powers under Articles 37-A and 37-B is unjust but sends a negative signal to entrepreneurs and industrialists already grappling with inflation, high utility costs, and uncertain policy environments. "If the government is genuinely serious about increasing tax revenues, it must create an environment that encourages businesses to grow and prosper," Saqib Goodluck asserted. "Thriving businesses contribute more to the national exchequer. But policies that stifle entrepreneurship will only shrink the tax base and hurt the economy." He further stated that these laws portray business owners as suspects instead of law-abiding citizens, warning that actions based merely on suspicion erode the principles of fairness and justice. The statement added that, calling for a change in direction, the PYMA chief urged the government to introduce policies focused on economic growth and improving the ease of doing business. "Such measures will help ensure industrial sustainability, generate employment, and ultimately strengthen the national economy," he concluded.
Business Recorder
13 hours ago
- Business Recorder
IBF hosts panel discussion: Aurangzeb underscores criticality of SMEs to Pakistan's economy
SEVILLE, (Spain): Federal Minister for Finance and Revenue, Senator Muhammad Aurangzeb, on Wednesday represented Pakistan in a high-level panel discussion titled 'Scaling up SME Finance' hosted at the International Business Forum, held on the sidelines of the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain, said a press release. The discussion brought together global policymakers and financial leaders to exchange ideas on strengthening financing mechanisms for small and medium enterprises (SMEs), which are widely recognised as critical engines of inclusive economic growth. Addressing the session, Finance Minister Aurangzeb underscored the importance of SMEs to Pakistan's economy, noting that these enterprises account for approximately 40 percent of the country's GDP, 25 percent of exports, and nearly 78 percent of non-agricultural employment. Despite their significant contribution, he observed that SME access to formal finance remains disproportionately low, with a small percentage of private-sector lending currently directed towards them. The Finance Minister highlighted that the Government of Pakistan has adopted a whole-of-government approach to address these challenges and unlock the full potential of the SME sector. As part of its strategic vision, the government aims to raise SME financing to 17 percent of total private-sector credit by 2028. This target is designed to bring Pakistan more in line with comparable South Asian economies such as Bangladesh and India, and with global emerging market benchmarks. He said the Government of Pakistan is actively working through the central bank to encourage commercial banks to expand their SME lending portfolios. This expansion is expected to enhance the contribution of SMEs to GDP, exports, employment, youth and women's digital empowerment, and overall financial inclusion, laying the foundation for sustained and inclusive economic growth. To support this agenda, a multi-billion credit guarantee facility has been rolled out under the Prime Minister's Youth, Business and Agriculture Loan Scheme. The government has also committed to bearing up to 50 percent of potential credit losses on principal for small businesses. The Finance minister also highlighted the government's intention to revise and expand the National SME Policy 2021 to set a comprehensive five-year roadmap for sectoral development. Parallel efforts are underway to strengthen the institutional capacity of the Small and Medium Enterprises Development Authority (SMEDA) so it can extend market linkages, provide regulatory relief, enhance advisory services, and lead capacity-building initiatives. Copyright Business Recorder, 2025
Business Recorder
13 hours ago
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Aurangzeb for global development cooperation revitalisation
SEVILLE: Federal Minister for Finance and Revenue Muhammad Aurangzeb has called for a renewed global commitment to revitalising international development cooperation to meet the aspirations of the 2030 Agenda for Sustainable Development, said a press release. Speaking at a Multi-stakeholder Round Table during the Fourth International Conference on Financing for Development (FfD4) in Seville, Spain, the minister emphasised that such revitalisation is not merely desirable but essential at this pivotal juncture for global development. In his remarks, the finance minister laid out a comprehensive three-pronged strategy to effectively implement the Seville Outcome and foster meaningful progress. Aurangzeb urges global push to revive development cooperation at FfD4 As a first step, he stressed the need for urgent execution of priority actions to transition from pledges to tangible delivery. This, he noted, must involve greater country ownership of development agendas, with national strategies taking precedence over donor-driven models. Aligning frameworks with domestic priorities is the key to ensuring sustainability and relevance on the ground. The minister further underscored the importance of expanding access to concessional and blended financing—particularly for climate initiatives and Sustainable Development Goals (SDG)-related investments — in order to catalyse private capital in fiscally constrained developing countries. He called for a thorough reform of the global financial architecture, urging multilateral development banks, international financial institutions, and credit rating agencies to better reflect countries' reform efforts, climate vulnerabilities, and developmental ambitions in their lending terms and assessments. Senator Aurangzeb also highlighted the need for a paradigm shift in how development cooperation is approached within developing countries themselves. He advocated moving away from input-focused models towards strategies that are results-oriented and linked to measurable development outcomes. He urged the integration of cross-cutting themes such as climate resilience, gender equity, and digital inclusion into development plans, while emphasising the need to scale up South-South and triangular cooperation through context-specific, peer-driven solutions rather than externally imposed frameworks. As a third key measure, the minister proposed the establishment of global delivery mechanisms to accelerate implementation of the Sevilla Commitments. These could include expanded blended finance platforms designed to de-risk private investment through instruments such as guarantees, first-loss capital, and outcome-linked bonds. He called for the formation of new multi-stakeholder partnerships that would bring together governments, development banks, philanthropic entities, and private investors around shared, measurable goals. Additionally, the minister recommended setting up a dedicated global facility or task force tasked with monitoring and fast-tracking the Sevilla action agenda, complete with timelines, assigned responsibilities, and robust accountability systems. Concluding his address, Aurangzeb reaffirmed Pakistan's commitment to fostering inclusive and results-driven partnerships. Copyright Business Recorder, 2025
