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Business Recorder
a day ago
- Business
- Business Recorder
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
Business Recorder
4 days ago
- Business
- Business Recorder
KMC unveils surplus budget
KARACHI: Karachi Mayor Barrister Murtaza Wahab presented the budget for the Karachi Metropolitan Corporation (KMC) for the fiscal year 2025-26 in the City Council. The total revenue for KMC's 2025-26 budget stands at Rs. 55,283.606 million, while total expenditures are Rs. 55,137.334 million, resulting in a surplus of Rs. 146.272 million. The KMC Budget shows revenue breakdown as current receipts Rs. 44,149.843 million, capital receipts Rs. 2,133.763 million, district ADP (Annual Development Program) funds Rs. 9,000 million and expenditure breakdown as establishment costs Rs. 31,591.494 million, contingent expenses Rs. 3,048.015 million, repair & maintenance Rs. 414.610 million, development projects/ works Rs. 3,013.200 million, development works (CLICK) Rs. 7,434.000 million and District ADP expenditure Rs. 9,000.000 million. Key allocations in the budget include pension fund, miscellaneous expenses & bailout package Rs. 13,410.000 million, medical & health services Rs.7,298.559 million, municipal services Rs.5,304.944 million, engineering department Rs. 4,375.192 million, revenue departments (Land Enforcement, Estate, Katchi Abadi, PD Orangi, Charged Parking) Rs. 2,101.327 million, parks & horticulture Rs. 1,773.377 million, cultural, sports & recreation Rs. 1,284.042 million, finance & accounts (MUCT) Rs. 602.243 million, law department Rs.254.645 million, CLICK (World Bank Funded Project) Rs.7,434.000 million, enterprise & investment promotion Rs. 135.729 million, information technology Rs. 98.507 million, project director terminals Rs. 56.225 million, and district ADP Rs. 9,000 million.
Express Tribune
17-06-2025
- Business
- Express Tribune
K-P utilises Rs120b ADP budget for current fiscal
K-P Chief Minister's Advisor on Finance and Interprovincial Coordination Muzzammil Aslam told the K-P Assembly that the Khyber-Pakhtunkhwa government not only successfully completed the Annual Development Program (ADP) worth Rs120 billion for the ongoing fiscal but also incurred development expenditures exceeding Rs150 billion. Responding to questions during the provincial assembly's budget session, the CM's aide said the current government, prioritizing public welfare, introduced financial reforms, curtailed expenditures, increased revenues, and succeeded in presenting a surplus budget — a first in the province's history. He further noted that the government had secured Rs150 billion in a debt fund to gradually pay off the province's debts. The finance advisor emphasized the need for the federal government to fulfill the province's financial rights, adding that Chief Minister Ali Amin Gandapur had forcefully and effectively advocated for the protection of Khyber-Pakhtunkhwa's constitutional and financial rights in relation to the National Finance Commission (NFC) Award. As a result of these efforts, positive outcomes are emerging, and the federal government is now preparing to announce the 11th NFC Award, said Aslam. Drawing attention to the challenges in the education sector, he highlighted that although the out-of-school children situation in Khyber Pakhtunkhwa was better than in other provinces, 30% of children in the province were still out of school — a concerning reality. In light of this, the government is declaring an "education emergency" to ensure that every child has access to education, the K-P CM advisor said.
Business Recorder
16-06-2025
- Business
- Business Recorder
Punjab tags record Rs1240bn for ADP
LAHORE: The Punjab government has unveiled a record allocation of Rs. 1,240 billion for the Annual Development Program (ADP) for fiscal year 2025-26, reflecting a significant 47.3% increase from the Rs. 842 billion allocated in the previous year. According to the budget documents released on Monday, this marks the largest ADP in Punjab's history and underscores the government's focus on sustainable, inclusive, and forward-looking development. With a population of over 127.7 million, Punjab continues to drive Pakistan's economy, contributing more than 55% to the national GDP, nearly 60% of total exports, and about 68% of agricultural output. Amid growing urbanisation and rising pressure on infrastructure, energy, and environmental resources, the government has positioned this ADP as a strategic response to evolving challenges. Aligned with URAAN Pakistan, the 13th National Development Plan, and the Sustainable Development Goals (SDGs) 2030, the development program aims to promote equity, innovation, and climate resilience, particularly benefiting underserved regions like South Punjab. The ADP 2025-26 focuses on major public investments across key sectors. The education sector has been allocated Rs. 148 billion, up from Rs. 82 billion last year, while healthcare will receive Rs. 182 billion, compared to Rs. 165 billion previously. Agriculture has been earmarked Rs. 80 billion, with Rs. 145 billion set aside for urban development and Rs. 120 billion for roads. The transport sector will get Rs. 85 billion, local government and community development Rs. 142 billion, and irrigation Rs. 38 billion. Additionally, Rs. 38 billion has been allocated for planning and development, Rs. 15 billion for environment and climate change, Rs. 25 billion for forestry, wildlife and fisheries, and Rs. 28 billion for tourism and archaeology. Industries, commerce and investment, and skill development and entrepreneurship will each receive Rs. 12 billion, while Rs. 6 billion has been allocated for water supply and sanitation. Copyright Business Recorder, 2025
Business Recorder
16-06-2025
- Business
- Business Recorder
Punjab unveils Rs5.335trn budget
LAHORE: Punjab Finance Minister Mujtaba Shuja-ur-Rehman presented the Punjab budget for the financial year 2025-26 in the assembly session on Monday, outlining a total outlay of Rs 5,335 billion. The budget reflects significant allocations for development, social welfare, and infrastructure, marking, what the minister described as, a 'strategic shift' in Punjab's history. The provincial government has allocated Rs 2,706.5 billion for non-development expenditures, including pensions and salaries, reflecting a 6% increase from the previous year. Additionally, Rs 590 billion has been budgeted under current capital expenditure. Despite opposition lawmakers disrupting the session by protesting near Chief Minister Maryam Nawaz's seat and labeling the budget as 'unrealistic', the finance minister proceeded with his speech, detailing sector-wise allocations. Shuja-ur-Rehman began by acknowledging the political and military leadership for safeguarding national interests during recent tensions with India. He emphasized the government's commitment to economic stability, noting a 94% reduction in internal debt servicing and an 88% decrease in estimated expenditures under Account-II (Food) compared to the current fiscal year. A substantial portion of the budget, Rs 1,240 billion (23% of the total outlay), has been allocated for development programs, representing a 47% increase from the previous year's Rs 842 billion. The social sector, including health and education, remains a top priority, receiving Rs 494 billion (40% of the Annual Development Program). Revenue collection for 2025-26 is estimated at Rs 4,890.4 billion, with Punjab expected to receive Rs 4,062.2 billion from the federal divisible pool under the National Finance Commission (NFC). Provincial receipts are projected at Rs 828.2 billion, with the Punjab Revenue Authority (PRA) tasked with collecting Rs 340 billion, the Board of Revenue Rs 135.5 billion, and the excise department Rs 70 billion. The budget also incorporates Rs 470 billion under the federal government's agreement with the IMF, contingent on the Federal Board of Revenue (FBR) meeting its targets. The government has allocated Rs 148 billion for education development, a 127% increase from the previous year. Initiatives include Rs 15 billion for student scholarships, Rs 40 billion for missing facilities in schools, Rs 5 billion to reduce dropout rates, and Rs 5 billion for centers of excellence in 36 districts. Additionally, Rs 3 billion has been earmarked for the Nawaz Sharif Center of Excellence in 10 divisions while Rs 35 billion will support the Punjab Education Foundation for private-sector collaboration. The health sector receives Rs 181 billion, a 131% increase, with Rs 72 billion allocated for the Nawaz Sharif Institute of Cancer Treatment and Research in Lahore. Rupees 123 billion have been set aside for agriculture, livestock, and irrigation, alongside Rs 795 billion for climate resilient projects - a first in Punjab's history. This includes Rs 277.4 billion for climate adaptation, Rs 371.7 billion for mitigation, and Rs 146 billion for environmental protection capacity-building. Rupees 336 billion (27% of the development budget) will fund infrastructure projects, while Rs 85 billion supports Chief Minister Maryam Nawaz's T-30 transport vision. Seed money of Rs 1 billion has been allocated for a feasibility study on Punjab's first public-private airline, and Rs 2 billion will initiate regional railway tracks in collaboration with the federal government. The energy sector receives Rs 7.5 billion, including Rs 600 million for a bio-fertilizer plant in Gujjar Colony and Rs 8 billion for solarizing courts, schools, and hospitals. Social protection programs are allocated Rs 31.4 billion, while Rs 11.6 billion will promote information, culture, and the film industry. The finance minister announced a 10% salary increase for government employees from Grade 1 to 22 and raised the minimum wage from Rs 37,000 to Rs 40,000. Additional allocations include Rs 400 million for the Housing Foundation and Rs 1 billion for the Journalist Endowment Fund. Shuja-ur-Rehman concluded by highlighting the completion of 6,104 projects in the current fiscal year and reaffirmed the government's commitment to sustainable development and economic growth. This budget, he stated, represents the highest-ever development expenditure in Punjab's history, setting a new benchmark for progress. Copyright Business Recorder, 2025
