Fulfilling IMF conditions was no easy task, says CM Maryam
LAHORE: Punjab Chief Minister Maryam Nawaz stated that the Punjab government's decision not to impose a single new tax in the provincial budget is nothing short of a miracle.
She emphasized that instead of introducing new taxes, the government expanded the tax net. She also announced that Punjab's domestic debt, which had persisted for the last 30 years, had been reduced to zero.
Addressing the Punjab Assembly, CM Maryam Nawaz said fulfilling the International Monetary Fund's (IMF) conditions while meeting the province's constitutional responsibilities was no easy task. She remarked that running over 150 development projects and allocating Punjab's resources for public welfare made achieving the IMF's stringent surplus target extremely challenging—yet her administration succeeded.
Maryam Nawaz highlighted that unlike previous governments, her administration did not merely announce projects but also implemented Punjab's largest-ever annual cash-backed development program. She revealed that last year's Annual Development Program (ADP) was worth Rs. 840 billion, but due to successful project execution and public demand, it was increased to over Rs. 1 trillion. Out of this, Rs. 1.013 trillion had already been spent on public welfare, marking the highest allocation in Punjab's development history.
She noted that Punjab's fund utilization, previously at Rs. 585 billion, had now reached Rs. 1,100 billion. The Chief Minister also expressed gratitude to the Members of the Provincial Assembly (MPAs), acknowledging that their support was instrumental in these achievements.
Chief Minister Maryam Nawaz added that those who once called for the political ouster of former Prime Minister Nawaz Sharif had now been sidelined themselves—not by others, but by their own poor performance.
'Those who chanted 'minus Nawaz' are now themselves 'minus.' Even Aleema Khan has acknowledged this,' she said, referring to recent remarks by Khan's sister.
Taking a firm stance against her opponents, the CM stated that false promises to South Punjab had long been a political tactic to form and dismantle governments. 'Unlike previous governments, we have moved beyond slogans. We are delivering on our promises,' she declared, announcing the launch of the province's largest clean drinking water project, starting in South Punjab.
Her remarks were met with protests and noise from the opposition benches. Responding calmly, she said, 'Let them protest. I respect their democratic right.'
Maryam also presented what she termed a 'historic' and 'tax-free' provincial budget of Rs. 5,335 billion, praising Finance Minister Mujtaba Shuja-ur-Rehman and Finance Secretary Mujahid Sherdil for crafting a budget aligned with Nawaz Sharif's economic vision.
Referencing military and diplomatic achievements, she congratulated the nation on 'the victory over India' and commended the armed forces and Prime Minister Shehbaz Sharif for their leadership. She also condemned Israel's recent strikes on Iran, reaffirming Pakistan's commitment to peace and solidarity with the Iranian people.
Maryam Nawaz underscored her administration's equitable development efforts, stating, 'Every district—whether Bhakkar, Layyah, Rajanpur, D.G. Khan, or Rahim Yar Khan—has the same share in development as Lahore.'
She clarified that her competition was not with political rivals but with her own family's legacy. 'My benchmark is Nawaz Sharif and Shehbaz Sharif—I aim to surpass their record of public service.'
The Chief Minister also acknowledged the Mines and Minerals Department's contributions, citing Rs. 30 billion in savings, and noted that public spending had risen by only 3%, including pay and pension increases.
Opposition members in the Punjab Assembly may be barred from entering the premises following their misconduct during Chief Minister Maryam Nawaz's speech. They created chaos, hurled abusive slogans, and tore copies of the agenda, throwing them toward the Chief Minister and Speaker Malik Muhammad Ahmad Khan.
During her address, opposition members attempted to approach the Speaker's chair, shouting slogans and disrupting proceedings. Government members intervened to restrain them. Sources indicate the opposition could face entry restrictions due to their actions, including storming the Speaker's podium, using inappropriate language, and throwing documents.
It may be recalled that Speaker Malik Muhammad Ahmad Khan had issued a ruling the previous day outlining a code of conduct for assembly sessions. The ruling prohibits reading books/newspapers or bringing them into the house. It also prohibits passing between a speaking member and the chair.
Additionally, eating, drinking, chewing, or smoking inside the assembly is not allowed. Damaging furniture or electronic equipment is strictly prohibited, and carrying sticks or rods without the Speaker's permission is forbidden.
Copyright Business Recorder, 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
9 hours ago
- Business Recorder
HCSTSI team participates in ‘Financing Agreement Signing' ceremony
HYDERABAD: A high-level delegation of Hyderabad Chamber of Small Traders & Small Industry (HCSTSI) participated in the 'Financing Agreement Signing Ceremony' and the event organized in connection with the Global Micro, Small and Medium Enterprises Day (MSMEs Day). The delegation was led by Acting President Ahmed Idrees Chohan, who was invited as the Chief Guest at the prestigious event. The program was organized by the Sindh Agricultural and Forestry Workers Coordinating Organization (SAFWCO) under the Growth for Rural Advancement and Sustainable Progress (GRASP) project, aimed at supporting and financing MSMEs. On this occasion, selected SMEs were awarded grants of Rs. 10 million and Rs. 20 million. While addressing the ceremony, Ahmed Idrees Chohan highlighted that the Global MSMEs Day, observed annually on June 27 under the United Nations, serves as a reminder that small and medium enterprises are the backbone of any economy. In a developing country like Pakistan, MSMEs are key drivers of employment, innovation and economic sustainability. He appreciated the efforts of SAFWCO, GRASP, European Union (EU), International Trade Centre (ITC), Pakistan Poverty Alleviation Fund (PPAF) and other partner institutions for making financial support for SMEs a reality and celebrating the day with full spirit. Copyright Business Recorder, 2025
Express Tribune
10 hours ago
- Express Tribune
Regulator's meeting at hill station raises eyebrows
Listen to article In a move that raises questions about fiscal discipline and public accountability, the Securities and Exchange Commission of Pakistan (SECP) has planned a high-end Registrar Conference at the tourist hill station of Malam Jabba, Khyber-Pakhtunkhwa. This conference is slated for June 28-29 and SECP officials left on Friday to attend the event, estimated to cost Rs8 million, as approved by the commission. According to sources, for the first time in SECP's history, the Registrar Conference is being held at a luxury hill station with management lodging at an A-class hotel for the SECP chairman, commissioners, executive directors and heads of departments. Sources within the SECP confirmed that the stated agenda of the conference was to discuss regulatory reforms and promote the exchange of ideas among registrars to address existing and emerging challenges. The timing of the event is also controversial as it comes at a time when the prime minister has issued clear directives to all government departments to adopt austerity measures, cut unnecessary expenditures and avoid lavish events – a policy that comes in the wake of Pakistan's fiscal situation and reliance on IMF support. "This is a blatant contradiction of the federal government's austerity instructions," said a senior official familiar with the matter. "Spending millions on a luxury conference undermines the credibility of the government's reform agenda." Further compounding the problem is the SECP's recent revision of its fee structure, where incorporation charges were nearly doubled and the cost of filing documents was increased significantly. Effective from April 21, 2025, the commission has imposed new and higher fees across various company types and submission modes. It has also introduced non-refundable processing fees for applications seeking regulatory approvals, exemptions and directions, affecting thousands of businesses and professionals. Adding to the controversy is the SECP's frequent foreign travel. In the past year alone, the commission's top leadership reportedly undertook dozens of foreign visits to attend international conferences and events. Many of these trips were funded by the public exchequer. The cabinet has already placed restrictions on such publicly funded foreign travel, citing the need for financial restraint. When the SECP spokesperson was contacted, he stated "the conference is a strategic session of the commission, which is held annually". "Only employees attend it and their families do not attend," he added.
Express Tribune
10 hours ago
- Express Tribune
SBP injects Rs12.38 trillion
Listen to article The State Bank of Pakistan (SBP) injected Rs12.38 trillion into the financial system through two separate Open Market Operations (OMOs) on June 27, 2025, to manage the liquidity vacuum caused by Eid-related cash demand and fiscal needs of the government constrained by International Monetary Fund (IMF) conditions. The larger of the two was a conventional reverse repo OMO, in which SBP accepted Rs12.20 trillion out of Rs12.42 trillion offered by banks at a rate of 11.07% for a seven-day tenor. A total of 34 bids were accepted out of 36 received, with rates ranging between 11.20% and 11.04%. Additionally, a Shariah-compliant Mudarabah-based OMO saw the SBP accept Rs178 billion out of Rs326 billion offered at a slightly higher rate of 11.13% for the same tenor. Only two bids were received and accepted, showing limited participation from Islamic financial institutions. Analysts attributed the rise in OMO stock to higher currency in circulation during Eid (a temporary effect) and a lag between debt repayments and incoming inflows. They expect OMO levels to ease as inflows materialise in the coming weeks. In the currency market, the Pakistani rupee slightly weakened against the US dollar on Friday, falling by 0.02% in the interbank market. By day's end, the rupee closed at 283.72, down five paisas from Thursday's close of 283.67. Meanwhile, gold prices in Pakistan also saw a steep decline, mirroring a global drop of nearly 2% after confirmation of a US-China trade agreement boosted investor risk appetite and reduced demand for safe-haven assets. According to the All-Pakistan Gems and Jewellers Sarafa Association, the per tola gold price dropped by Rs5,000 to Rs351,000, while the 10-gram price fell Rs4,287 to Rs300,925. This came after gold gained Rs1,335 per tola the previous day, reaching Rs356,000. Adnan Agar, Director at Interactive Commodities, said gold hit a new intra-day low on Friday. "Gold touched a low of $3,255 and is now trading around $3,276 after opening at $3,320," he said, adding that, "The trend remains bearish, with potential downside targets near $3,213 before any short-term rebound." He added that confirmation of a US-China trade deal has dampened gold's momentum, and if similar agreements emerge with other major economies like the European Union, gold could revisit levels between $3,000 and $2,800 in the medium term. "Sentiment is currently tilted towards the downside, and the market may continue to face pressure into next week," Agar said.
