Latest news with #MalikKhudaBakhsh
Business Recorder
6 days ago
- Business
- Business Recorder
PBF urges MPC, SBP chief to announce interest rate at 6pc
KARACHI: President of Pakistan Business Forum (PBF) Karachi Division, Malik Khuda Bakhsh has urged the Monetary Policy Committee and the Governor of the State Bank of Pakistan to announce the interest rate at 6 percent in line with business community expectations. Malik Khuda Bakhsh stated that currently the country's CPI index is 0.3 percent and inflation has dropped to 4 percent. The IMF has also recommended that interest rates be kept close to the inflation rate. He said that Pakistan's current interest rate of 11% is too high, making it nearly impossible to conduct business. Reducing the rate to 6 percent is essential for the revival of business activities. He supported the demand made by United Business Group's Patron-in-Chief, S.M. Tanveer, to reduce the interest rate to 6 percent in the upcoming monetary policy. He pointed out that the government holds 8.5 trillion rupees in interest-bearing liabilities. Lowering the rate to 6 percent could save around 3.5 trillion rupees, which would positively impact the economy—especially industries struggling with high interest rates and electricity costs. He added that Pakistani exports could become more competitive globally, as international markets typically have interest rates between 4–5 perent. He criticized recent budget measures, such as Sections 37A and 37B which grant powers of arrest and detention, stating that such moves further hinder business growth. Malik Khuda Bakhsh emphasized the need for a business-friendly environment and urged the government to reconsider policies that conflict with business interests. Instead, the focus should be on creating conditions that promote growth, investment, and competitiveness. The PBF Karachi Region President further said that with inflation expected to stabilize around a long-term average of 7% in the coming quarters, a rate cut would be beneficial. Sustainable measures are needed to overcome economic challenges and restore investor confidence. Given the increase in imports and weak financial flows, pressure is mounting on the external account. Therefore, a cautious approach is necessary. Although the economy is showing signs of improvement, it still needs strengthening—and reducing the interest rate to a single digit (6 percent) is crucial to make loans more affordable and help industry grow. Copyright Business Recorder, 2025
Business Recorder
26-06-2025
- Automotive
- Business Recorder
Charging stations: Sindh govt to cooperate with investors, says minister
KARACHI: Provincial Minister for Energy and Planning, Syed Nasir Hussain Shah said that the Sindh government will extend full cooperation to investors financing manufacturing and charging plants in the province. During a meeting in his chamber with Malik Khuda Bakhsh, Chairman of Malik Group and Convener of the FPCCI Energy Committee, the minister said that in line with the vision of PPP Chairman Bilawal Bhutto Zardari, the government is promoting and supporting environmentally friendly energy projects. He said the government land will be utilised for setting up electric charging stations. He said that it has been made mandatory to include electric charging facilities in newly constructed buildings in Sindh, adding electric charging stations will be established in major cities across the province. For the convenience of those travelling outside the megacity, electric charging stations will be set up every 30 to 40 kilometres. Anyone investing in eco-friendly industries will receive full support from the government, he said. He added that special funds are being allocated for environmentally friendly projects, and the Sindh government is providing complete facilitation for such initiatives. During the meeting, Malik Khuda Bakhsh informed the minister that his group has initiated a $340 million investment for manufacturing and charging plants in collaboration with China, and that charging stations will be set up across Pakistan — including in Karachi and Lahore — with the help of the Chinese company ADN Group. He praised Syed Nasir Hussain Shah's efforts and expressed confidence that if the Chinese company begins manufacturing electric vehicles in Pakistan, the Sindh government will purchase more than 20% of the vehicles produced at the Karachi plant for its own use. He confirmed that they are actively working on both manufacturing and charging plants. Copyright Business Recorder, 2025
Business Recorder
24-06-2025
- Business
- Business Recorder
OMCs not supplying enough fuel to pumps: PPDA
KARACHI: The Senior Vice Chairman of the Pakistan Petroleum Dealers Association (PPDA), Malik Khuda Bakhsh, has alleged that oil marketing companies (OMCs) in the country are failing to supply petroleum products to petrol pumps in line with their orders, despite clear directives from the Oil and Gas Regulatory Authority (OGRA). In a statement issued on Monday, Bakhsh attributed the disruption to the prevailing geopolitical tensions in the Middle East, particularly the Iran-Israel conflict, claiming that certain OMCs are deliberately limiting supplies in anticipation of potential price hikes. 'The oil marketing companies are not delivering petroleum products to dealers as per their committed orders.' He said OGRA has already instructed these companies to maintain a minimum 20-day stock as per the conditions of their operating licenses, and currently there is no shortage of petroleum products in the country.' 'Enough POL stock present in country' He said Karachi alone consumes 2,500 metric tons of petrol daily, and oil marketing companies presently have sufficient reserves to meet this demand for more than 20 days. He revealed that while most fuel stations continue to receive regular supplies, a few pumps operated by a particular company have run dry because the company failed to fulfil orders to its dealers. He urged the government and regulatory authorities to take immediate notice of this situation, warning that any artificial shortage created by curtailing supplies would harm consumers and place undue pressure on the government. 'The government must act to prevent oil marketing companies from exploiting the situation for commercial gain. If a shortage is engineered, it will cause public hardship and damage the government's credibility.' Malik Khuda Bakhsh reassured the public that there are currently no actual supply constraints in the market and stressed that OGRA's monitoring mechanisms must be enforced to ensure uninterrupted fuel availability nationwide. Copyright Business Recorder, 2025
Business Recorder
21-06-2025
- Business
- Business Recorder
Govt urged to give special package to SMEs
KARACHI: Convener of the FPCCI Energy Committee, President of Pakistan Business Forum (Karachi Chapter), and Chairman & CEO of Malik Group, Malik Khuda Bakhsh has urged the government to introduce a special package for Small and Medium Enterprises (SMEs). He stated that this policy represents a step toward clean energy, sustainable transport, and industrial growth. He added that the government must create more opportunities for new investment, as foreign investors are willing to invest in Pakistan but currently lack the necessary facilities. He called on the government to provide full support and facilitation for investors. Bakhsh further shared that the installation of EV charging stations has already begun in Karachi and other parts of the country. A contract has been signed with a Chinese company for this purpose, which will ensure improved energy supply for vehicles. He also disclosed that CNG station owners in Sindh— including in Motorway, Nawabshah, Hala, Sukkur, and Hyderabad— as well as in other provinces, have approached them to set up EV charging stations, and several more agreements are expected soon. He expressed satisfaction over the National Electric Vehicle (NEV) Policy 30-2025 issued by the Government of Pakistan. He described the policy, presented by Haroon Akhtar Khan (Special Assistant to the Prime Minister on Industries & Production), as a historic and revolutionary step toward reforms in Pakistan's industrial, environmental, and energy sectors. Bakhsh said that the new Electric Vehicle Policy is fully aligned with Prime Minister Mian Shehbaz Sharif's vision, which aims to promote clean, sustainable, and affordable transport. Copyright Business Recorder, 2025
Business Recorder
13-06-2025
- Business
- Business Recorder
Federal budget not beneficial for industrial sector: UBG
KARACHI: United Business Group (UBG) President Zubair Tufail, Core Committee members Malik Khuda Bakhsh, Syed Mazhar Ali Nisar, Khalid Tawab, and Hanif Gohar have termed the federal budget 2025–26 as disappointing, stating that the new fiscal year's budget is not beneficial for the industrial sector, nor does it reflect public expectations. While the budget attempts to strike a balance between national security, internal stability, and fiscal responsibility, it raises concerns among the business community and investors. The targets of 4.2% GDP growth and 7.5% inflation rate are deemed unrealistic. The UBG leaders pointed out that the agriculture sector, which contributes 26% to national income, remains outside the tax net, with a contribution of less than 1% to the national tax revenue—thereby increasing pressure on other sectors. They further stated that the federal budget has increased the prices of several items, including beverages, mineral water, pet food, vehicles, petroleum products, coffee, and chocolates. Increases in levies and carbon taxes on petroleum products will impact daily life, especially for the middle and salaried classes, who will face additional financial burdens. No concrete government measures are visible for supporting industry, boosting exports, or creating employment opportunities. They acknowledged that the slight reduction in the super tax rate is a positive step but emphasized that comprehensive reforms in the tax structure were essential. Without broadening the tax base, achieving revenue targets is not possible, and doing so is vital for sustainable economic stability. The UBG representatives criticized the government for missing an important opportunity in the new fiscal year's budget to expand the tax net. Particularly, there is no clear strategy presented to formally document the economy, which includes around PKR 9 trillion in undocumented cash-based transactions—an issue that trade and industrial bodies have been persistently raising. They added that increasing revenue through tax reforms and the implementation of digital monitoring systems is possible, but it will only be effective if it is accompanied by facilitation for taxpayers. Copyright Business Recorder, 2025
