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Express Tribune
4 hours ago
- Politics
- Express Tribune
Govt basks in two-thirds glory
Listen to article Finally, the Pakistan Muslim League-Nawaz (PML-N) on Friday emerged as the single largest party, with the party and its allies simultaneously securing two-thirds majority in the National Assembly after the Supreme Court allotted reserved seats to the ruling coalition. The current parliamentary as well as political equation in the country changed after the top court turned down the Pakistan Tehreek-e-Insaf (PTI)-turned Sunni-Ittehad Council (SIC)'s request for the allotment of the reserved seats after hearing a review petition. On July 12, 2024, the Supreme Court had declared PTI a parliamentary party and held that PTI was eligible to get reserved seats that were earlier distributing among other parties in the national and other assemblies by the Election Commission of Pakistan. However, the SC ruling in the review petitions has now reversed the same. At the moment, the total number of seats of the ruling alliance stands at 237, including 125 of the PML-N, 74 of PPPP, 22 of Muttahida Qaumi Movement-Pakistan (MQM-P), five of Pakistan Muslim League-Quaid (PML-Q), four of Istehkam-e-Pakistan Party (IPP), one each of Balochistan Awami Party (BAP), National Party (NP) and Pakistan Muslim League-Zia PML-Z) and four independents. On the contrary, the opposition alliance has total 99 seats, including 80 of SIC & independents – primarily PTI – 11 of the Jamiat-e-Ulmae-e-Islam-Fazl (JUIF) and one each of the Balochistan National Party-Mengal (BNP-M), Pashtunkhwa Milli Awami Party (PkMAP) and Majlis Wahdat-e-Muslimeen (MWM). After the results of the Senate elections in April 2024, the PMLN-led ruling alliance has a dominating position in the upper house of the parliament with 61 seats, including independents, as opposed to the opposition parties' 24 seats. The majority of the coalition government has put it in a commanding position in both the National Assembly and Senate as it can now even go for constitutional amendments without facing any hindrance from the opposition parties in both the houses. For any government to obtain a two-thirds majority in the 336-member National Assembly, the backing of 224 lawmakers is required. Previously, when the government had fell short of passing the 26th constitutional amendment, it had managed to win support from an opposition party JUI-F. Now, the ruling alliance won't need support from the opposition benches to pass any constitutional amendment, which requires two-third votes from the Parliament. The reserved seats had also led to a face-off between the Parliament and the Supreme Court as Speaker National Assembly, Sardar Ayaz Sadiq, had written a letter to the ECP, urging it to respect parliamentary sovereignty in the allocation of reserved seats to PTI. The letter had come after the SC had ruled that independent candidates, after winning elections, could join political parties and alter their political allegiance followed up by a note released by eight SC judges directing ECP to implement the judgment at the earliest. Through his letter, the Speaker had pointed out that Parliament passed an amendment to the election law, saying it prohibited independent candidates who join a party post-election from switching their affiliation. He had emphasized the amendments to the elections act must be applied when the ECP allocates contested seats, highlighting that the SC judgment was rendered before the new law was passed and thus become outdated in light of the legislative changes.
Business Recorder
6 hours ago
- Business
- Business Recorder
Rs818.79bn supplementary, excess demands for grants okayed by NA
ISLAMABAD: Despite fierce opposition heckling, the National Assembly on Friday approved supplementary and excess demands for grants totalling Rs818.79 billion for the financial years 2023-24 and 2024-25, greenlighting additional spending across federal ministries and divisions. The breakdown reveals Rs398.93 billion in supplementary grants approved for 2023-24, Rs389.86 billion for 2024-25, along with excess demands for grants of Rs30 billion for 2023-24. The documents tabled before the House included the Schedule of Authorized Expenditure for the fiscal year 2025-26, the Schedule of Supplementary Authorized Expenditure for the fiscal years 2023-24 and 2024-25, and the Schedule of Excess Authorized Expenditure for 2023-24. Govt to present Rs203.34bn supplementary, excess grants in NA today Minister for Finance and Revenue Muhammad Aurangzeb laid key budgetary documents before the House in accordance with Article 83 of the Constitution of Pakistan. Aurangzeb expressed heartfelt gratitude to members of both the government and opposition for their active participation and valuable input in the federal budget process for the fiscal year 2025-26. Addressing the National Assembly after the passage of budget, the finance minister said there was no doubt that contributions, and constructive feedback from both sides of the aisle had played a vital role in the successful completion of the budget process. He appreciated members of the treasury as well as the opposition for openly expressing their views during the debate, describing it as a hallmark of democratic culture. He especially thanked the speaker of the National Assembly for allowing the opposition full opportunity to share their opinions, thereby, lending greater legitimacy to the parliamentary proceedings. Senator Aurangzeb also acknowledged the efforts of parliamentary staff, officers, and other government employees who worked diligently throughout the session. He lauded the secretaries and additional secretaries of both the National Assembly and Senate, commending their dedication and professionalism. The minister made special mention of the legislative team that worked tirelessly, often through the night, to ensure error-free documentation of the budget. He also recognised the contribution of the Law and Justice Division headed by Senator AzamNazeerTarar. Further appreciation was extended to the teams of the Pakistan Institute for Parliamentary Services (PIPS), both in the opposition lobby and the National Assembly library, for their constant support and timely assistance during the budget session. In recognition of the relentless efforts of officers and employees of the National Assembly, Senate, and various government departments, the minister announced a special honorarium equivalent to five basic salaries. He also extended gratitude to the Chairman of the Senate Standing Committee on Finance. The grants approved by the House included, Airports Security Force, emergency relief and repatriation, Intelligence Bureau, atomic energy, Pakistan Nuclear Regulatory Authority, Communications Division, Defence Division, federal government educational institutions in cantonments and garrisons, Defence Production Division, Economic Affairs Division, miscellaneous expenditure of Economic Affairs Division, Power Division, Higher Education Commission, superannuation allowances and pensions, grants, subsidies and miscellaneous expenditure, Housing and Works Division, Information and Broadcasting Division, Information Technology and Telecommunication Division, Interior Division, Islamabad Capital Territory, combined civil armed forces, Law and Justice Division, National Accountability Bureau, National Food Security and Research Division, National Health Services, Regulations and Coordination Division, Railways Division, Water Resources Division, federal miscellaneous investments and other loans and advances, development expenditure of ERRA, development expenditure of Suparco, development expenditure of Power Division, development expenditure of Finance Division, development expenditure of Interior Division, development expenditure of Water Resources Division, capital outlay on Maritime Affairs Division, Climate Change and Environmental Coordination Division, Pakistan Post Office Department, defence services, Power Division, Federal Education and Professional Training Division, grants, subsidies and miscellaneous expenditure, Federal Board of Revenue, Foreign Affairs Division, National Commission for Human Rights, National Commission on the Status of Women, Industries and Production Division, Information and Broadcasting Division, Interior Division, combined civil armed forces, National Accountability Bureau, National Food Security and Research Division, National Health Services, Regulations and Coordination Division, development expenditure of Board of Investment, development expenditure of Special Investment Facilitation Council Division, development expenditure of Defence Division, development expenditure of Power Division, development expenditure of Finance Division, development expenditure of Inter Provincial Coordination Division and capital outlay on Civil Works. Copyright Business Recorder, 2025
Business Recorder
6 hours ago
- Politics
- Business Recorder
Iran-Israel war: ambassador praises Pakistan's support
ISLAMABAD: Iranian Ambassador to Pakistan Reza Amiri Moghadam said that Iranian Parliament, government and its people expressed gratitude to the Parliament, people, and government of Pakistan for their unwavering support during Iran-Israel war. The ambassador expressed these views in a meeting with Speaker National Assembly Sardar Ayaz Sadiq at Parliament House on Friday. Deputy Speaker National Assembly Syed Ghulam Mustafa Shah and Federal Minister for Interior Syed Mohsin Naqvi were also present. Iranian Ambassador expressed deep gratitude to the Speaker and the people of Pakistan for their consistent and heartfelt support. He acknowledged Pakistan as a true and reliable friend, especially in difficult times. He thanked Speaker Sadiq for being the first to express solidarity with Iran following the Israeli attack and praised Pakistan's principled stance in supporting Iran across all international platforms. Ambassador Moghadam also conveyed appreciation on behalf of the Iranian Parliament and government to Prime Minister Shehbaz Sharif, the Parliament of Pakistan, and Chief of Army Staff Field Marshal Syed Asim Munir for their unwavering support. He stated that Israel's attack was a deliberate attempt to damage Iran's nuclear programme, and that Israel's weakening position led to the United States becoming directly involved in the conflict. Finally, the Iranian ambassador lauded Pakistan's positive and constructive role in supporting peace and stability across the region. He emphasised the importance of strengthening parliamentary cooperation as a means to further deepen ties between the two countries and acknowledged the Speaker's commendable efforts in fostering bilateral engagement. National Assembly Speaker Sadiq has said that Pakistan and Iran enjoys cordial ties rooted in shared religion, history, and cultural heritage. He reaffirmed that the friendship between the two neighbouring countries continues to grow stronger with time. Welcoming the announcement of a ceasefire between Iran and Israel, the Speaker emphasised that what the world needs today is not more war, but a renewed commitment to peace. He reiterated that Pakistan has always played a proactive role in promoting peace and stability in the region. Referring to recent regional tensions, he highlighted Pakistan's firm and effective response to Indian aggression, said that the events clearly exposed the strategic alliance between India and Israel. The Speaker has also stated that a successful outcome for Iran and Pakistan in these turbulent times would further solidify their bilateral partnership. He pointed out that India's negative and unconstructive role in the Iran-Israel conflict provides Iran with an opportunity to reconsider its diplomatic and strategic ties with India. He also expressed deep sorrow over the loss of over 50,000 Palestinian lives due to Israeli aggression, calling it a tragedy that has deeply affected every Pakistani. Copyright Business Recorder, 2025
IOL News
17 hours ago
- Business
- IOL News
Stella Ndabeni unveils R2. 9 billion budget to empower small businesses
Small Business Development Minister Stella Ndabeni has outlined several financing package schemes to fund Micro, Small, and Medium Enterprises in the 2025/26 financial year Image: Simphiwe Mbokazi / Independent Newspapers Small Business Development Minister Stella Ndabeni on Friday tabled in the National Assembly her department's R2.9 billion budget for the 2025/26 financial year. Speaking during the budget vote debate, Ndabeni said the budget reflected their unwavering commitment to the spirit of the Freedom Charter. 'We are building a more inclusive economy that enables youth, women, and communities in townships and rural areas to participate meaningfully in shaping South Africa's future through Micro, Small, and Medium Enterprise (MSME) development,' she said. Ndabeni also said R2.4 billion of the budget will be transfers and subsidies to the department's entities, while the remaining R468 million was meant for compensation of employees at R265 million, R197 million for goods and services, and R6 million in capital expenditure. 'Of the R2.45 billion for transfers and subsidies, the Small Enterprise Development and Finance Agency (SEDFA) receives R1.908 billion (77.9% of the transfers and subsidies). The department manages the remaining R542.6 million, accounting for 22.1% of the total transfers.' Video Player is loading. Play Video Play Unmute Current Time 0:00 / Duration -:- Loaded : 0% Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Background Color Black White Red Green Blue Yellow Magenta Cyan Transparency Opaque Semi-Transparent Transparent Window Color Black White Red Green Blue Yellow Magenta Cyan Transparency Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Dropshadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. Advertisement Next Stay Close ✕ The minister said the department has allocated just R990m in entrepreneurship finance packages to the Development Fund, which is meant for new entrants and higher risk borrowers, and R330m to the Commercial Fund for the growth-ready MSMEs. 'We will launch a new Youth Entrepreneurship Fund, initially capitalised at R300m. This fund is aimed at harnessing the creativity and innovation of our younger generation to contribute to the country's growth through entrepreneurial ventures,' she said. 'We will launch the new Women Entrepreneurship Fund, also initially capitalised at R300 million, to enable more women to be self-employed as entrepreneurs and small business owners.' Ndabeni added that R979m in credit guarantees will be allocated for small enterprise borrowers. 'These credit guarantees remain an important part of our offerings, leveraging banks and non-bank financial institutions to take on MSME borrowers that are above their ordinary risk tolerance.' On township and rural economy development, Ndabeni said they will build 50 small business hubs for entrepreneurs and MSMEs in each district. 'Aligned to local industrialisation opportunities, these will be spread across the townships and rural areas, and will integrate the financial and non-financial services we offer as a portfolio. 'We will also refurbish small industrial parks in four provinces - North West, Mpumalanga, Eastern Cape and Northern Cape,' she said. Ndabeni also said digital transformation of small businesses will be at the centre, as township and rural enterprises often struggle to get access to reliable and affordable broadband services. 'Through SEDFA and as part of our mandate to finance small businesses, we will support 50 internet service providers across 50 districts to provide the necessary affordable, quality broadband to small enterprises and communities in rural areas. 'This intervention will not only deliver affordable broadband to small enterprises and communities, but will bring ownership of telecommunications infrastructure to people who have never owned such infrastructure before and create jobs for the youth.' The department will also support two cellphone repair centres in 50 districts. 'We have budgeted R958.7 million over the Medium-Term Expenditure Framework (MTEF), and R310.8 million for 2025/26. SEDFA will also contribute R253 million over the MTEF.' According to Ndabeni, a total of R543m has been allocated for the Township and Rural Entrepreneurship Programme to empower local businesses in order to drive economic growth and job creation in historically disadvantaged areas.
Business Recorder
17 hours ago
- Business
- Business Recorder
KSE-100 Index hits new record high on budget approval
The Pakistan Stock Exchange's (PSX) benchmark KSE-100 Index closed at record high on Friday, a day after the National Assembly (NA) passed the Finance Bill, 2025. The bulls largely maintained their grip over the market, taking the KSE-100 to an intra-day high of 125,285.05. At close, the benchmark index settled at 124,379.07, up by 2,332.60 points or 1.91%. 'Bull dominated today's trading session on aggressive buying by local institutions, as the KSE-100 Index increased 1.9% to close at its ever high level,' brokerage house Topline Securities said in its post-market report. 'This buying by local institutions can be attributed to fresh liquidity on rumored new year allocations towards equity funds,' it added. Top positive contribution to the index came from FFC, LUCK, MEBL, POL, ENGROH, EFERT and OGDC, as they cumulatively contributed 1,044 points to the index, Topline said. Ali Najib from Arif Habib Limited said the PSX had a strong momentum since Friday morning, courtesy to institutional driven buying ahead of FY26 re-allocation towards equities. 'In addition, yesterday's National Assembly budget approval also taken positively by investors community,' he said. On week-on-week basis, the KSE-100 gained 3.63%. 'This gain can be attributed to ceasefire between Israel & Iran during the week bringing an end to geopolitical tensions, which triggered buying by investors before fiscal year end,' Topline said. The NA on Thursday passed the Finance Bill, 2025, with a total outlay of Rs17.57 trillion, for fiscal year 2025-26, incorporating certain amendments, with the support of its coalition partners. The bill was passed clause by clause, with all opposition-proposed amendments rejected. The PSX experienced a turbulent session on Thursday as the KSE-100 plunged amid persistent selling pressure and cautious investor sentiment. The benchmark index lost 715.18 points, closing at 122,046.46. Internationally, Asia shares hit their highest level in more than three years on Friday as they tracked a Wall Street rally, though the dollar struggled on concerns about the Federal Reserve's independence and expectations for early rate cuts. Stock indexes worldwide look set to end the week on a positive note, with worries about tensions in the Middle East and uncertainty over tariffs and trade deals on the back burner for now. MSCI's broadest index of Asia-Pacific shares outside Japan touched its strongest level since November 2021 early in the session. It last traded 0.2% higher and is set to clock a 3% gain for the week. Japan's Nikkei jumped 1.5% and surpassed the 40,000 mark for the first time in five months. Reasons for the upbeat mood included news that Washington has reached an agreement with Beijing on how to expedite rare earth shipments to the United States. US Treasury Secretary Scott Bessent also said on Thursday that he has asked Republicans in Congress to scrap the Section 899 retaliatory tax proposal from their tax and spending bill after Washington reached an agreement with Group of Seven industrial countries. Meanwhile, the Pakistani rupee posted marginal decline against the US dollar, depreciating 0.02% in the interbank market on Friday. At close, the currency settled at 283.72, a loss of Re0.05 against the greenback. Volume on the all-share index increased to 773.41 million from 758.54 million recorded in the previous close. The value of shares rose to Rs37.57 billion from Rs29.93 billion in the previous session. Bank Makramah was the volume leader with 79.75 million shares, followed by Ghani Glo Hol with 27.67 million shares, and Pervez Ahmed Co with 24.85 million shares. Shares of 484 companies were traded on Friday, of which 334 registered an increase, 116 recorded a fall, while 34 remained unchanged.
