Latest news with #Budget2025-26
Business Recorder
13 hours ago
- Business
- Business Recorder
Israeli aggression: Pakistan expresses solidarity with Iran: PM
ISLAMABAD: Prime Minister Shehbaz Sharif on Friday said that Pakistan expressed full solidarity with the Iranian government and people at all levels during the recent Israeli aggression on Iran. Speaking to members of the Senate and National Assembly after the approval of Budget 2025-26, he said that Iranian leaders, notably President Dr Masoud Pezeshkian, maintained continuous contact with him throughout the crisis. 'The resolution of the Israel-Iran conflict will unlock a new era of peace and prosperity across the region,' he said, underlining Pakistan's commitment to regional stability. Shifting focus to domestic affairs, Sharif hailed the tireless efforts of his economic team for crafting a 'people-friendly' budget designed to meet the aspirations of all Pakistanis. He expressed deep gratitude to allied political parties, whose crucial consultations paved the way for the budget's smooth approval. 'This exemplary unity among our coalition partners is the backbone of our economic revival,' he said, urging collective hard work for the nation's development. Turning to security and foreign policy, Sharif proudly recounted Pakistan's recent victory in countering India's 'unjustified aggression.' He credited the Armed Forces, political leadership, civil society, and media for collectively foiling hostile designs and elevating Pakistan's prestige on the global stage. Under the leadership of PPP Chairman Bilawal, Pakistan's diplomatic delegation exposed India's malign intentions and won international acclaim. The delegation's efforts were warmly lauded by overseas Pakistanis, who praised both the government and the military for their decisive diplomatic and military triumphs, he added. The parliamentarians who called on the Prime Minister include MNAs Khail Das Kohistani, Dr Darshan, Nelson Azeem from PML-N, and Ramesh Lal and Naveed Amir from PPP. They congratulated the Prime Minister on the budget's approval and discussed pressing constituency issues. Minister for Parliamentary Affairs Rana Mubashir Iqbal, Minister of State for Power Abdul Rehman Kanju, and Special Assistant Talha Burki also met the Prime Minister. In a separate meeting, Sharif welcomed MNAs Abrar Shah, Tahir Iqbal, Salahuddin Junejo, Jam Abdul Karim Bajar, Abdul Qadir Gilani, and Sardar Yaqub Khan Nasir, who reiterated their congratulations and brought forward local concerns. Copyright Business Recorder, 2025
Express Tribune
19-06-2025
- Business
- Express Tribune
Senators urge relief for people
Senators on Wednesday termed the federal budget for fiscal year 2025-26 a critical step towards economic stabilisation, national resilience, public relief, and called for further measures to support low-income groups, promote clean energy, and address regional disparities. While participating in the general discussion on Budget 2025-26, Senator Shahzaib Durrani lauded the federal budget for fiscal year 2025-26, termed it as a reflection of the government's commitment to stabilizing the economy, providing relief to citizens, and strengthening the nation's independence. Senator Danesh Kumar expressed concern over Pakistan's growing debt burden, added that 50 percent of the national budget is being consumed by interest payments, primarily to service existing loans through further borrowing. "The IMF loans are not grants; we are borrowing to repay previous loans, which is not a sustainable solution," he added. Senator Pervaiz Rashid termed the federal budget for fiscal year 2025-26 balanced and pragmatic, adding that the budget offered relief to the common man and was well-received by financial markets. Senator Palwasha Muhammad Zia Khan, emphasized the need to retain the Roosevelt Hotel as a national asset, urged the government to protect it from privatization. Expressing dissatisfaction over the 10 per cent increase in government employees' salaries and a seven per cent rise in pensions, she termed the increment insufficient in the face of ongoing economic hardships and called for a review of the decision to provide greater relief to the public sector workforce and retirees. She said that unchecked tree-cutting is contributing to rising temperatures and environmental degradation. Senator Palwasha also opposed the imposition of an 18 percent tax on solar panels, stating that such measures could hinder Pakistan's transition to clean energy. "The country is moving swiftly towards solar energy, and this taxation will discourage that shift," she added.
Express Tribune
18-06-2025
- Business
- Express Tribune
Senators call for fiscal reforms
Lawmakers in the Upper House on Tuesday called for providing more relief to the common man and stressed the need to address rising poverty, national debt, agricultural decline, and institutional inefficiencies while reaffirming their support for national defense and unity in the face of regional challenges. While participating in the general discussion on Budget 2025-26, Senator Kamran Murtaza said that during every budget exercise, two types of approaches emerge — one focused on ideological vision and the other aimed at immediate public relief. He stressed that the major challenge in Khyber Pakhtunkhwa and Balochistan remains the law and order situation, which demands concrete and sustained measures. "We stand united with our armed forces and remain loyal to the country," he stated. Highlighting socio-economic concerns, Senator Murtaza said nearly half of the population is facing extreme poverty and lacks access to essential items such as food and medicine. He emphasized the need to tackle overpopulation wisely and called for empowering the youth through technical education and skills development. He criticized the budget, citing a decline in crop yields and the deteriorating state of agriculture. "Farmers are struggling, and taxes are being levied on those already burdened," he remarked. He urged the government to review its policies and provide greater relief to the underprivileged. Senator Saadia Abbasi also expressed reservations about the federal budget, stating that the country faces a multitude of challenges including trade imbalances, climate change impacts on agriculture, inadequate infrastructure reforms, mismanaged debt, and stagnating industrial growth. Meanwhile, the debate on Pakistan's proposed budget for the upcoming fiscal year in the National Assembly intensified on Tuesday as tensions flared between PPP and MQM members. PPP's Shazia Marri, in her address, called criticised the government's failure to announce minimum wages for workers and called for a reasonable increase in government employees' salaries. Her speech took an unexpected turn when a heated exchange broke out between PPP and MQM members, escalating tensions in the assembly. As Shazia stressed the importance of Karachi remaining an integral part of Sindh, MQM's Asiya Ishaq approached PPP members, leading to an intervention by Aseefa Bhutto, Sahar Kamran, and others. This led to a tense exchange of harsh words between both parties. Javed Hanif remarked, "You people have abandoned Karachi, and now you threaten us."
Business Recorder
16-06-2025
- Politics
- Business Recorder
Fazl, Vawda discuss political situation
KARACHI: Former federal minister Senator Faisal Vawda hosted JUI-F chief Maulana Fazlur Rehman at his residence here as they discussed current political situation of the country. During the meeting, Faisal Vawda admired Maulana Fazlur Rehman, and mentioned that Pakistan needs his leadership and guidance. He accepted Fazlur Rehman as his mentor and a guiding force in Pakistan's political arena, and pointed out that his inspiration is essential for stability of nation. He termed his relationship with Maulana Fazlur Rehman as brotherhood, and highlighted his promise to stand by him in political matters. Vawda also indicated security issues that some specific people from Khyber Pakhtunkhwa were using tax money for violent activities. He pointed out that Maulana Fazlur Rehman's true leadership would provide a long-term vision in replying to such challenges. However, Maulana Fazlur Rehman emphasised the importance of being united in politics, expressing that without JUI-F's participation the governments cannot be shaped or continued. He further said we have fought for the people of Pakistan, and we stand with them. He admired the mutual consideration being nurtured in political circles and called for continued teamwork. Both leaders condemned the ongoing Israel's attack on Iran, and mentioned the importance of peace. The meeting took place in the context of ongoing discussions regarding constitutional reforms, and governance strategies. Vawda expressed his intention to seek Fazlur Rehman's advice on navigating the political future of Pakistan. Additionally, he praised Fazlur Rehman for his support of the armed forces, indicating previous successes against India. Earlier, Jamiat Ulema-e-Islam (JUI-F) chief Maulana Fazlur Rehman rejected the recent Budget 2025-26, stating that imposing multiple taxes does not make a budget admirable. Rehman disapproved of the unnecessary taxation policies. He emphasised the need for economic reforms in Pakistan, highlighting that the country must learn from the GDP growth of other countries like China, India, and Bangladesh.
Business Recorder
14-06-2025
- Business
- Business Recorder
Lawmakers call for providing relief to masses
ISLAMABAD: Law-makers in the son Saturday delivered a detailed and constructive review of the federal budget for FY2025-26 and called for providing more relief to the common man. While participating in the general discussion on Budget 2025-26, Pakistan Peoples Party (PPP) senior leader Mirza Ikhtiar Baig emphasized the pivotal role of the industry, agriculture and services sector in driving long-term economic stability. Acknowledging the ongoing economic challenges, he said the government's push toward reforms, though modest GDP growth of 2.6% continues to be overshadowed by inflation, population pressure and mounting national debt. He raised concern over pension reforms, particularly the withdrawal of posthumous benefits for pensioners' children after 10 years, warning this could create financial distress for many families. The lawmaker also cautioned against harsh tax enforcement measures, such as granting arrest powers to income tax officers, which he said could dampen business confidence. However, he welcomed incentives in the construction and property sectors, including the reduction in withholding tax on property transactions from 4% to 2.5%, elimination of federal excise duty on commercial property transfers and reduction of stamp duty in Islamabad from 4% to 1%—measures expected to boost real estate activity. He also supported the increased defense budget, recognizing the valor and international standing of Pakistan's armed forces, particularly in light of recent hostilities. Mirza Ikhtiar praised the record-breaking $38 billion in remittances sent by overseas Pakistanis and called for an export-led growth model, especially through sectors like IT and rice. Pakistan Tehreek-e-Insaf (PTI) legislator Asad Qaiser urged the government to revisit its decision to impose new taxes in the erstwhile FATA region, emphasizing the area's sacrifices in the war on terror. Asad Qaiser warned that further burdens could hinder socio-economic rehabilitation. He also highlighted issues of power outages and damage to household appliances in Khyber Pakhtunkhwa due to erratic electricity supply, urging greater PSDP allocations for the province. Asad Qaiser raised alarms about the tobacco sector, noting the lack of a fixed minimum support price, which is driving companies out of KP. He called for urgent government intervention to protect farmers. Senior MQM leader Dr. Farooq Sattar hailed the armed forces for their resilience during recent Pakistan-India tensions, crediting divine help and national unity under Field Marshal General Asim Munir. He appreciated relief measures for salaried classes in the budget but warned that the middle class continues to bear a disproportionate tax burden. Farooq Sattar urged reforms to reduce electricity and gas tariffs and proposed a national economic dialogue to adopt a unified 'Charter of Economy.' He stressed the importance of taxing agricultural income through provincial consensus under Article 177 to improve Pakistan's fiscal credibility with international lenders. Condemning Israeli aggression, he reaffirmed solidarity with Iran amid recent tensions. PPP stalwart Syed Naveed Qamar took a strategic view, asserting that the federal budget must not be limited to a balance sheet but should reflect a coherent economic vision. He stressed that budgetary allocations must align with policy goals rather than serve as mere political optics.
