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Express Tribune
4 hours ago
- Business
- 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.
Business Recorder
4 hours 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 hours ago
- Business
- Business Recorder
‘Climate snub'
EDITORIAL: It says something about the global climate conversation when the hosts of COP29 must chase the IMF and World Bank for a meeting — and still come away empty-handed. That's what Azerbaijan's lead negotiators are now warning about: a quiet but unmistakable retreat by the world's leading financial institutions from the very commitments they helped shape. This is not a technical delay or a bureaucratic glitch. It's a political message — one the poorest and most vulnerable countries can hear loud and clear. Climate finance, the one lever of justice in a warming world, is being quietly sidelined. For countries like Pakistan, which knows better than most the cost of extreme weather and broken promises, this should be deeply alarming. It was just two years ago that much of the world stood with Pakistan in the aftermath of catastrophic floods. There were donor conferences, high-level speeches, solemn declarations. Yet very little of the aid pledged at the time has actually arrived. Pakistan's experience is no exception — it is, unfortunately, becoming the norm. The sums promised at international forums rarely make their way through bureaucratic pipelines, and when they do, they come tied to layers of conditionalities that undercut their effectiveness. What's different — and more dangerous — about this moment is the growing ideological shift. At the recent spring meetings in Washington, even as COP29 negotiators tried to revive the climate finance conversation, the reception was reportedly cold. Instead of reaffirming commitments to the USD 300 billion annual pledge made last year, officials from leading economies, particularly the United States, emphasised so-called 'dependable technologies' like gas. Climate goals, it seems, are being replaced by energy realism. That would be an error of historic proportions. The developing world's transition to cleaner, more resilient infrastructure requires not just encouragement, but real capital. The estimated need of USD 1.3 trillion annually by 2035 isn't just a negotiating position — it reflects the cost of adaptation, mitigation, and survival. If multilateral lenders and the world's richest economies choose this moment to step back, the fallout won't be limited to emissions. It will deepen poverty, entrench inequality, and push fragile states toward crisis. There is also a basic moral imperative. The countries now resisting climate finance are also the ones that built their wealth on the back of centuries of carbon-intensive growth. The atmosphere's carbon budget has been disproportionately spent by the industrialised world. For them to now shrug at the consequences while the poorest nations suffer the most is not just unfair — it's untenable. Pakistan, like many countries in the Global South, is already paying the price. Its own development ambitions are repeatedly undermined by the dual burdens of extreme weather and unsustainable debt. It cannot invest in long-term resilience while being forced to borrow at punitive rates for recovery. That's why the conversation around climate finance is so critical. It's not just about cutting emissions — it's about rewriting the financial terms of survival. The world does not need more declarations. It needs enforcement mechanisms. It needs binding frameworks, credible delivery pipelines, and a reorientation of international lending priorities. That requires leadership — not just from climate ministries or environmental agencies, but from finance ministries and central banks. It also demands that institutions like the IMF and World Bank be held accountable to their own mandates. The alternative is a global system where the rich protect themselves and the poor pay twice: first with lives and livelihoods, then with debt. That is not a future anybody should accept. Copyright Business Recorder, 2025
Reuters
6 hours ago
- Business
- Reuters
IMF disburses about $448 million to Tanzania under two arrangements
June 27 (Reuters) - The International Monetary Fund has approved an immediate disbursement of approximately $448.4 million (SDR 326.47 million) to Tanzania under the Extended Credit Facility and Resilience and Sustainability Facility arrangements, the IMF said on Friday.
Arab News
13 hours ago
- Business
- Arab News
Pakistan approves 10 percent gas price hike for industry, power plants under IMF conditions
KARACHI: Pakistan on Friday approved a 10 percent increase in natural gas prices for industrial users and power plants starting next month, in line with reforms mandated by the International Monetary Fund (IMF) to ensure cost recovery and tariff rationalization, an official statement said. The decision was taken by the Economic Coordination Committee (ECC) of the Cabinet, chaired by Finance Minister Muhammad Aurangzeb. While prices for bulk consumers and gas-fired power plants will rise, household consumers will be shielded from the increase. 'To protect household consumers, gas prices will remain unchanged, with only fixed charges revised,' the Finance Division said in a statement released after the meeting. 'However, prices for bulk consumers, industrial units and power plants will be increased by an average of 10 percent.' The statement said the revised pricing structure, submitted by the Petroleum Division, complies with regulatory obligations under the OGRA Ordinance and meets structural benchmarks under Pakistan's ongoing loan program with the IMF. It also supports a shift from cross-subsidies to direct, targeted assistance for low-income consumers. DEFENSE GRANT The ECC also approved a Rs15.8 billion ($55.3 million) supplementary grant for the Ministry of Defense to cover a shortfall in salaries, allowances and pending dues. The funding includes disbursements under the prime minister's compensation package for martyrs of the recent Pakistan-India war fought last month. In a separate decision, the committee gave in-principle approval to launch a risk coverage scheme for small farmers and underserved regions by August 14. The program is expected to bring 750,000 new borrowers into the formal credit system and unlock a Rs300 billion ($1.05 billion) agricultural loan portfolio over three years (FY2026-28). The statement said the total budgetary support for the scheme, covering risk coverage and bank operating costs, is estimated at Rs37.5 billion ($131.25 million), to be disbursed between FY2027 and FY2031. The government has directed relevant ministries to incorporate additional safeguards before the official rollout.
