Latest news with #Jawad
Business Recorder
2 days ago
- Business
- Business Recorder
PBF urges PM to address artificial control of exchange rate
KARACHI: The Pakistan Business Forum (PBF) has strongly urged the Prime Minister Shehbaz Sharif to address the artificial control of the exchange rate, asserting that the current dollar rate is being kept artificially high. Economic indicators suggested that the fair value of the dollar should be around PKR 260. PBF Chief Organiser, Ahmad Jawad called on the Prime Minister Shehbaz Sharif to take immediate notice of this situation. 'A correction of even PKR 20 in the rupee's value could significantly reduce both public debt and inflation,' Jawad stated. He emphasized that historically, Pakistan has failed to restore the rupee after depreciation, creating long-term instability. Even the Current Account Surplus ('CAS') of $2,106 million during the Jul-June period of FY25, compared to a Current Account Deficit of $2,072 million in the same period of FY24. The Forum noted that the current exchange rate of PKR 283 per dollar is unsustainable for the economy. Meaningful economic relief, they stressed, can only be achieved if the rupee is stabilized. Jawad also pointed out that inflation has dropped to 4% and the Consumer Price Index (CPI) is down to 3%, making the current interest rate of 11% unjustifiable. PBF has urged that the upcoming monetary policy, scheduled for July 30, should bring the interest rate down to at least 9%. The Forum also revealed that the government is paying 11% interest on domestic debt totalling PKR 50 trillion; 5–6% higher than the current inflation rate. This discrepancy imposes an annual burden of approximately PKR 3 trillion on the national exchequer, which could otherwise be used for public welfare and infrastructure development. Lower interest rates would also boost Pakistan's export potential in global markets, the Forum stated. The IMF itself recommends that interest rates be kept closer to the prevailing inflation rate. PBF further stressed the need to diversify Pakistan's export base beyond textiles, advocating for the exploration of new industries and markets. Additionally, the Forum urged the State Bank of Pakistan to ensure access to credit for the business community in Balochistan in the upcoming monetary policy. Jawad concluded by expressing concern over the growing frustration among the business community, citing a lack of attention to the challenges faced by productive sectors. He expressed hope that the Monetary Policy Committee will adopt a growth-friendly and pragmatic approach in its meeting on July 30th. Copyright Business Recorder, 2025
Express Tribune
3 days ago
- Business
- Express Tribune
'Artificial control' keeps dollar overvalued by Rs20
The Pakistan Business Forum (PBF) has urged Prime Minister Shehbaz Sharif to address the artificial control over currency exchange rate, asserting that the current dollar value is being kept deliberately high. Economic indicators suggest that fair value of the dollar should be around Rs260, it said. In a statement, PBF Chief Organiser Ahmad Jawad called on the premier to take immediate notice of the situation as a correction of even Rs20 in the rupee value could significantly reduce both public debt and inflation. He pointed out that historically Pakistan had failed to restore true value of the rupee after depreciation, which resulted in long-term instability. The forum noted that the current exchange rate of Rs283 to a dollar was unsustainable for the economy. "A meaningful economic relief can only be achieved if the rupee stabilises." Jawad pointed out that inflation, measured by the Consumer Price Index (CPI), had dropped to around 3%, making the current 11% interest rate unjustifiable. The PBF stressed that the upcoming monetary policy, scheduled for July 30, should bring the interest rate down to at least 9%. It added that the government was paying 11% interest on domestic debt totalling Rs50 trillion, which was 5-6% higher than the current inflation rate. "This discrepancy imposes an annual burden of approximately Rs3 trillion on the national exchequer, which can otherwise be used for public welfare and infrastructure development." Lower interest rates would also boost Pakistan's export potential in global markets, the forum stated, adding that the IMF itself recommended that interest rates be kept closer to the prevailing inflation rate. The PBF underlined the need for diversifying Pakistan's export base beyond textile and advocated the search for new industries and markets. Additionally, the State Bank of Pakistan should ensure access to credit for the business community in Balochistan in the upcoming monetary policy. Jawad concluded his remarks through expressing concern over growing frustration among the business community due to the lack of attention to challenges faced by the productive sectors. He expressed hope that the Monetary Policy Committee would adopt a growth-friendly and pragmatic approach in its upcoming meeting.
Express Tribune
23-07-2025
- Business
- Express Tribune
Industry awaits SRO on 18% cotton import tax
Listen to article The Pakistan Business Forum (PBF) has called on the Federal Board of Revenue (FBR) to immediately issue a Statutory Regulatory Order (SRO) for imposing 18% general sales tax (GST) on imported cotton, as outlined in the Finance Bill 2025. In a statement, the PBF emphasised that despite clear announcement in the federal budget to tax the imported cotton, its implementation was pending due to the absence of the required SRO. "More than three weeks have passed since approval of the budget, yet the delay continues without any justifiable reason." According to the PBF, credible reports indicate that certain influential interest groups are obstructing the issuance of the SRO. "The government must ensure transparency and move forward in the interest of local cotton growers and the economy," said PBF Chief Organiser Ahmad Jawad. The forum cautioned that cotton imports had exceeded domestic production for the first time in Pakistan's history – a development that poses serious risks to sustainability of textile and agriculture sectors. "The FBR must act urgently, keeping in view the seriousness of the issue and release the SRO without further delay," it said. The forum disclosed that importers had already entered into agreements for 7.5 million bales of cotton from international markets. "After much effort, local cotton farmers finally achieved a level playing field through legislation. The time has come to translate that into action," Jawad said. To reclaim Pakistan's status as a leading cotton-producing nation, he underlined the need for federal and provincial governments to launch a nationwide cotton revival programme. He recommended that the import of raw material, especially those impacting domestic industries, should be entirely excluded from the Export Facilitation Scheme. The forum also expressed concern over the current state of cotton crops. According to the latest figures, Sindh's performance remains particularly troubling, with reported supply of only 152,650 bales so far this year, compared to 327,666 bales in the same period of last year – a decline of 53%. In contrast, Punjab has shown relatively better results, with supply of 145,101 bales, reflecting a 27% rise over last year. Notable growth has been observed in several districts, including Khanewal (28,825 bales), Vehari (33,950 bales), Dera Ghazi Khan (19,397 bales) and Rajanpur (9,200 bales) – all recording improved yields.
Business Recorder
12-06-2025
- Business
- Business Recorder
Budget has failed to provide any relief to agri sector, business community: PBF
KARACHI: The Pakistan Business Forum (PBF) has expressed serious reservations over the federal budget for the fiscal year 2025-26. Speaking to the media, Chief Organizer of PBF, Ahmad Jawad, stated that the budget fails to provide any relief to the agriculture sector and the business community. 'Contrary to Prime Minister Shehbaz Sharif's vision, the agriculture sector has once again been overlooked. With no substantial support, how does the government plan to achieve its 4.5% agricultural growth target?' Jawad questioned. He noted that in the ongoing fiscal year (2024-25), farmers already delivered with 0.56% growth in response to government's priority, a warning sign that remains unaddressed. Jawad further criticized the government's economic strategy, pointing out that this is the fourth budget by Shehbaz Sharif's team, yet it shows no roadmap for export-led growth. 'There was an expectation for a significant reduction in super tax, but the relief provided is negligible,' he added. The PBF also voiced strong objections to certain provisions in the Finance Bill, specifically Sections 14AC, 14AD, and 37AA. 'These measures, along with the new tax collection target of PKR 14,131 billion — a nearly 9% increase from last year will fuel inflation,' Jawad warned. He also criticized the absence of any strategy to broaden the tax net, while the Federal Board of Revenue (FBR) has been granted unchecked powers that may stifle business activity. Furthermore, the PBF called for a review of the allocation of over PKR 8 trillion to the provinces. 'Provinces should contribute to national development projects and the defence budget. The Punjab government currently enjoys a cash surplus and should return part of it to the federal government,' Jawad suggested. The forum also rejected the possibility of an increased petroleum levy and opposed the introduction of a carbon levy. Jawad said the business community had hoped the government would announce a reduction in electricity tariffs to 9 cents per unit. Instead, the government plans shall take a loan of PKR 1,250 billion to settle the circular debt and the interest of that loan will be bear by consumers through electricity bills. Jawad also said that the budget is disappointing for those who thought the economic stability achieved over the last year and a half would encourage implementation of deeper structural reforms for sustainable economic growth. 'There is not much in the budget to give hope for such a structural shift.' Despite these concerns, the PBF official welcomed the reduction in Federal Excise Duty (FED) and withholding tax in the property sector and acknowledged a significant change in the regulatory duty regime as a positive step. Copyright Business Recorder, 2025
Indian Express
07-06-2025
- Politics
- Indian Express
‘Even at Rs 2,347, I couldn't say no': Gaza father buys Parle-G in war zone for daughter, shares heartbreaking viral post
Parle-G is a beloved tea-time snack in countless Indian households, a small pack usually available for just Rs 5. But in war-ravaged Gaza, the same pack is now being sold at an astronomical price of Rs 2,347.32. Due to the ongoing conflict, Gaza has been facing extreme shortages of essentials such as food, water, and electricity. In a heart-wrenching moment, a resident named Mohammed Jawad bought the biscuits at this inflated price for his daughter, Rafif. Jawad shared the moment on his X account, @Mo7ammed_jawad6, with the caption, 'After a long wait, I finally got Rafif her favorite biscuits today. Even though the price jumped from €1.5 to over €24, I just couldn't deny Rafif her favorite treat.' The post quickly went viral, gathering over 1.4 million views. After a long wait, I finally got Ravif her favorite biscuits today. Even though the price jumped from €1.5 to over €24, I just couldn't deny Rafif her favorite treat. — Mohammed jawad 🇵🇸 (@Mo7ammed_jawad6) June 1, 2025 X users were stunned. One commented, 'These are Indian Parle-G Biscuits sent free by Indian Govt as humanitarian help. Why does Hamas resell them for €24 a packet to poor Palestinian ppl?' Another user tagged India's foreign minister, saying, '@DrSJaishankar that baby is eating India's favourite biscuit. Look, I know we are neutral about the war. But can we please send more Parle-G to Palestine? These are glucose biscuits and can help civilians survive.' A third user said, 'These are Indian Parle-G biscuits which we send for free to Palestine as humanitarian aid. Why are the authorities in Palestine selling them to the people? They should be distributed for free.' Jawad replied to one comment, writing: 'Some people think the aid that comes for the people of Gaza is distributed fairly. But the truth is that the occupation has recruited many agents and thieves to steal this aid and sell it on the market at sky-high prices. For example, flour is sold for around $500, and sugar is sold for about $90 per kilogram. All basic goods are sold at insane prices. Some people, who can't afford to buy, risk their lives just to get what they need. Meanwhile, others steal large quantities and sell them in the market for huge profits.' Some people think the aid that comes for the people of Gaza is distributed fairly. But the truth is that the occupation has recruited many agents and thieves to steal this aid and sell it on the market at sky-high prices. For example, flour is sold for around $500, and sugar is… — Mohammed jawad 🇵🇸 (@Mo7ammed_jawad6) June 6, 2025 Following the October 2023 escalation and Israel's intensified military campaign, Gaza's access to food and aid has been severely restricted. From March 2 to May 19, the enclave faced a near-total blockade by Israel, with only limited humanitarian trucks allowed in, mostly due to international pressure.
