Latest news with #FarooqSattar
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.
Express Tribune
30-05-2025
- Business
- Express Tribune
Postal Life Insurance awaits Rs48b refund
PML-N-led coalition government in the Centre now has 229 members in the NA. PHOTO: APP The National Assembly Standing Committee on Privatization has directed the finance ministry to make a plan of returning Rs48 billion to Postal Life Insurance, as the company is struggling to meet its expenditures. A meeting of the standing committee was held on Friday under the chair of Dr Farooq Sattar. Finance ministry officials told the panel that the government had earmarked Rs14 billion over the last four financial years for the insurance firm. However, it has utilized only half the amount. The company officials told the committee that the organization was established in 2021 on an emergency basis to get Pakistan's name removed from the Financial Action Task Force (FATF)'s grey list. Postal Life Insurance currently possesses Rs48 billion in funds but the amount is lying with the finance ministry, which is neither returning the amount nor paying interest, the company officials told the NA panel. They added that the company failed to pay its clients their insurance claims on time due to paucity of funds.
Express Tribune
28-04-2025
- Politics
- Express Tribune
'PPP to exit govt if canal issue not resolved in CCI'
Pakistan Peoples Party (PPP) leader and Sindh Energy Minister Nasir Shah has warned that the party may part ways with the federal government if the canal-related issue is not resolved in the upcoming meeting of the Council of Common Interests (CCI). Speaking to the media following a meeting with Muttahida Qaumi Movement Pakistan (MQM-P) leaders at the party's headquarters on Sunday, Shah said, "If the issue of canals is not resolved in the CCI meeting, the PPP will separate from the government." During the meeting, PPP leaders requested that MQM withdraw their candidate for the upcoming Senate election, to which MQM leaders asked for some time to respond. He stressed that the canal issue holds serious importance for Sindh and has united people across the province. "On the canal issue, everyone in Sindh is on the same page, and MQM has also extended its full support to PPP both in the Sindh Assembly and the National Assembly," he said. Shah expressed confidence that the matter would be resolved, citing strong coordination among Prime Minister Shehbaz Sharif, President Asif Ali Zardari, and PPP Chairman Bilawal Bhutto Zardari. "I am confident that the decision taken between the Prime Minister, the President, and Chairman Bilawal will be final," he said. He warned that if PPP exits the coalition, the federal government may not survive. "We know that if PPP leaves the government, it won't be able to continue. That's why we expect the government to fulfill its promise on the canal issue." A PPP delegation, led by Shah and including senior leaders Waqar Mehdi and Saeed Ghani, met with MQM-P leaders Dr Farooq Sattar, Aminul Haque, and others to discuss multiple political matters. During the meeting, the PPP requested MQM-P to withdraw its candidate from the upcoming Senate by-election for a vacant seat. Speaking to reporters after the meeting, Dr Farooq Sattar said the MQM-P would consult its central committee before making a decision on PPP's request. "A final response will be given after internal discussions," he stated, adding that the proposed amendments to the local government system were also discussed during the meeting. Answering a question, Nasir Hussain Shah said that Karachi's development requires substantial funding, but people from Islamabad just visit, talk, and leave. Only the Green Line project was provided by the Centre, he said. Shah said the federal government needs to 'do more' for Karachi which is the backbone of Pakistan's economy. During Imran Khan's tenure, Karachi was completely neglected. He said the federal government must announce a major package for Karachi, as 10 to 15 billion are not enough.
Express Tribune
05-04-2025
- Politics
- Express Tribune
MQM-P criticises PPP's stance on canals project
Muttahida Qaumi Movement-Pakistan (MQM-P) leader Dr. Farooq Sattar has criticised the Pakistan Peoples Party (PPP) for its inconsistent stance on the six-canal project. He stated that President Asif Ali Zardari initially supported the project, but the PPP is now opposing it due to public pressure. Speaking at a press conference at MQM-P's central office in Bahadurabad on Friday, Dr. Sattar demanded that the president should apologise to the public for this reversal. Senior party leaders Aminul Haque, Nasreen Jalil, and Fozia Jamal were also present at the conference. Dr. Sattar also highlighted his party's achievements, giving credit to the party for the recent 12-17 per cent reduction in electricity prices announced by the prime minister. He described this as a significant relief for citizens. He revealed plans for an additional reduction of Rs6 per unit after during an upcoming MQM-P event in Karachi, where the prime minister will also be present. "Yesterday, the prime minister announced a significant reduction in electricity tariffs for consumers across the country, ranging from 12 to 17 per cent. This reduction is a considerable relief provided to the public by the coalition government." Emphasising MQM-P's priorities, Dr. Sattar stated that the party focuses on resolving public issues like water and electricity rather than pursuing ministerial positions.
Express Tribune
04-04-2025
- Business
- Express Tribune
Farooq Sattar credits MQM-P's 'major role' in power tariff reduction
Listen to article Muttahida Qaumi Movement-Pakistan (MQM-P) senior leader Farooq Sattar on Friday commended the government's recent decision to reduce electricity prices by 12 to 17 percent, calling it a significant relief for various consumer groups. Speaking to the media in Karachi, Farooq Sattar stated that the price reduction, announced by Prime Minister Shehbaz Sharif, was a direct result of MQM-P's efforts in the current coalition government. He explained that MQM-P had focused on two key issues during its participation — lowering electricity costs and resolving water supply problems — and played a crucial role in achieving the reductions. He noted that some consumers had seen their electricity bills decrease from Rs 10,000 to Rs 8,500 due to the reductions. Looking ahead, Farooq Sattar expressed hope that the upcoming budget would result in a reduction of interest rates from 12% to 9%, which would make loans more accessible for the public. He acknowledged that the impact of such measures might take time to be fully realised but stressed that they represented important progress in the government's economic policies. It should be noted here that Prime Minister Shehbaz Sharif on Thursday announced to reduce electricity prices by 15% or Rs7.41 per unit on account of seasonal tariff adjustments and by increasing budget-neutral subsidy to boost consumption from national grid and providing solace to financially struggling families The benefit has been given to about 40.3 million consumers, mainly 35 million residential users.
