Latest news with #SardarAyazSadiq
Business Recorder
3 days ago
- Politics
- Business Recorder
Speaker highlights parliament's role in democracy
ISLAMABAD: National Assembly Speaker Sardar Ayaz Sadiq emphasised the vital role of parliaments in sustaining democracy, asserting that parliamentary supremacy is essential for the stability of democratic systems. The Speaker in his message on the occasion of the International Day of Parliamentarism said that that a functional, transparent, and effective parliament serves as a true voice of the people and plays a pivotal role in strengthening democratic institutions. Highlighting Pakistan's engagement on the global stage, He said the National Assembly remains an active and dynamic member of the Inter-Parliamentary Union (IPU), contributing positively to the promotion of democracy, human rights, and the rule of law worldwide. He stressed that fostering public participation, transparency, and accountability is indispensable for building a vibrant and responsive parliamentary system. The Speaker reaffirmed the National Assembly's commitment to safeguarding parliamentary autonomy and promoting democratic values, legal order, and fundamental human rights across the country. He further stated that Pakistan's parliament would continue to work closely with the IPU towards the achievement of global peace, democracy, and sustainable development goals. Copyright Business Recorder, 2025
Express Tribune
7 days ago
- Business
- Express Tribune
NA approves Rs9.95tr in demands for grants
The National Assembly on Wednesday completed the approval process for demands for grants pertaining to ministries, divisions and various federal departments. In total, the lower house of parliament, which met under the chairmanship of Speaker Sardar Ayaz Sadiq, approved 136 demands for grants amounting to Rs9,951.22 billion for 33 federal ministries and divisions. Meanwhile, over 750 cut motions moved by the opposition were rejected by majority vote. Finance Minister Senator Muhammad Aurangzeb, while winding up the debate, said that independent data validated by global rating agencies and reputable surveys shows a significant rise in consumer confidence, reaching its highest level since 2022. He highlighted that Pakistan's macroeconomic stability was improving, with inflation declining, policy rates reduced, foreign exchange reserves increasing, and the national currency showing signs of stability. He emphasised that the recent boost in public confidence is not based on government statistics but on independent assessments. Aurangzeb stated that the country's tax-to-GDP ratio was projected to increase to 10.4 percent by the end of the current fiscal year, compared to 8.8 percent last year. He acknowledged that throughout the year, speculation about looming debt crises and repeated calls for "mini-budgets" were widespread, but said these forecasts have proven exaggerated, as recent indicators show a more resilient and adaptive economic environment. He further added that federal expenditure this year was expected to increase by less than 2 percent, a stark contrast to the 10 to 13 percent growth seen in past years. Key reasons for this include the decline in debt servicing costs due and lower policy rates. Commenting on the government's cost-cutting measures, he remarked, "Gone are the days when the prime minister used to come and go from the office in a helicopter. Expenditures have to be reduced from the top." The minister said that major reforms are currently underway at the Federal Board of Revenue (FBR) aimed at improving transparency and reducing human intervention in the tax collection process. Speaking on tax policy in the former FATA region, he clarified that the matter is not related to any particular province. He explained that income tax in the area remains exempted, while sales tax is being implemented gradually and progressively. "This is an ongoing process and all relevant stakeholders have been engaged. There should be no misconception that decisions were made without consultation," he stated. Senator Aurangzeb also spoke about the alignment of development priorities under the Public Sector Development Programme (PSDP). He said, the federal PSDP stands at Rs1 trillion, the combined Annual Development Plans (ADPs) across all provinces amount to more than Rs4 trillion, underscoring the importance of coordinated development planning at all levels of government. The assembly approved 14 demands for grants amounting to Rs 3.55 trillion for the Finance Division to meet various expenditures for the fiscal year ending June 30, 2026.
Arab News
24-06-2025
- Business
- Arab News
Pakistan, Saudi Arabia seek to deepen parliamentary cooperation during ongoing visit of Shoura Council
ISLAMABAD: Pakistan's National Assembly on Tuesday formally welcomed a high-level delegation of Saudi Arabia's Shoura Council as the two countries seek to deepen parliamentary cooperation. The visit is one among many recent efforts to strengthen political, defense and economic links between the longtime allies, who already share robust trade and security partnerships and close cultural ties. Saudi Arabia hosts over two million Pakistani expatriates and has long been a key source of financial support for Islamabad, including during recent economic crises and through workers' remittances. 'During the National Assembly Budget Session 2025, Honorable Speaker of the National Assembly, Sardar Ayaz Sadiq, along with Members of the National Assembly, extended a warm welcome to the high-level parliamentary delegation of the Pak-Saudi Parliamentary Friendship Committee of the Saudi Shoura Council present in the Speaker's Gallery,' the National Assembly said in a statement posted on social media platform X. The Saudi delegation, led by Major General (Retd.) Dr. Abdulrahman bin Sanhat Al-Harbi, chairman of the Saudi-Pakistan Parliamentary Friendship Committee, includes Dr. Iman bint Abdulaziz Al-Jabreen and Engineer Salem bin Ali Al-Shahrani, both members of the Shoura Council. The delegation held separate meetings with Speaker Sadiq and other Pakistani parliamentarians earlier, during which both sides agreed to promote parliamentary exchanges and share legislative experience. 'The Pak-Saudi Friendship Group established in the National Assembly is playing an important role in promoting harmony between the parliaments of the two countries,' Speaker Sadiq said in an earlier statement. 'Exchanges of parliamentary delegations will give the parliamentarians of both countries an opportunity to benefit from each other's experiences.' Dr. Al-Harbi said Saudi Arabia attached great importance to its relations with Pakistan and reiterated the Kingdom's commitment to working together for peace and development in the region. Frequent visits by parliamentary delegations complement high-level diplomatic and ministerial interactions between the two nations and are seen as a way to pave the ground for greater people-to-people contacts and new Saudi investments in Pakistan's energy, mining and infrastructure sectors. The visit also comes amid Islamabad's efforts to attract foreign investment and strengthen partnerships with Gulf countries to stabilize its struggling economy.
Arab News
09-06-2025
- Business
- Arab News
Pakistan National Assembly speaker meets Saudi crown prince, urges deeper ties at Hajj luncheon
ISLAMABAD: Pakistan's National Assembly Speaker Sardar Ayaz Sadiq met Saudi Crown Prince Mohammed bin Salman on Sunday at a luncheon hosted for Muslim leaders visiting the Kingdom for Hajj, expressing hope for even stronger ties between the two countries, according to an official statement. The meeting underscored a longstanding relationship rooted in economic, diplomatic and military cooperation. Saudi Arabia has repeatedly come to Pakistan's aid during financial crises, including through multibillion-dollar deposits in Pakistan's central bank and deferred oil payment facilities in the past. Such support has helped Islamabad shore up its foreign currency reserves and even unlock International Monetary Fund (IMF) bailout programs during periods of acute external financing pressure. 'Saudi Arabia has always stood by Pakistan in times of adversity,' Sadiq said during the meeting, thanking the crown prince for Riyadh's consistent backing. 'We hope that ties between Pakistan and Saudi Arabia will grow even stronger,' he added. According to the National Assembly, Crown Prince Mohammed bin Salman reiterated his commitment to addressing challenges facing the Muslim world. The speaker's meeting follows a two-day trip to the Kingdom last week by Prime Minister Shehbaz Sharif, who performed Umrah alongside Army Chief Field Marshal Syed Asim Munir and other senior officials. During the visit, Sharif thanked Saudi leadership for its role during last month's military standoff between Pakistan and India and praised Riyadh's efforts to promote regional and global stability. Pakistan and Saudi Arabia have also been expanding their economic ties. In October last year, the two countries signed business-to-business agreements and memoranda of understanding worth $2.8 billion aimed at boosting trade and investment.
Arab News
09-06-2025
- Business
- Arab News
Pakistan to unveil economic survey today as National Assembly clears federal budget schedule
KARACHI: Pakistan's finance chief, Muhammad Aurangzeb, will present the Economic Survey 2024-25 today, Monday, a day after the National Assembly approved the schedule for the upcoming federal budget, according to the state media. Traditionally released a day before the budget announcement, the economic survey outlines key socio-economic achievements and shortfalls of an outgoing fiscal year. It serves as a snapshot of the country's economic performance across sectors such as agriculture, industry, services, energy, information technology and telecom, health, education and transport. The annual document also reviews trends in major economic indicators including inflation, trade and payments, public debt, population, employment, climate change and social protection. Invitations for the launch ceremony at the Pakistan Secretariat in Islamabad were circulated by the finance ministry on Sunday. 'Finance Minister Muhammad Aurangzeb will release the Economic Survey 2024-25 at a ceremony to be held in Islamabad on Monday,' the Radio Pakistan reported. Meanwhile, the state-run Associated Press of Pakistan (APP) news agency said Speaker of the National Assembly Sardar Ayaz Sadiq had approved the schedule for the upcoming budget sessions for the 2025–26 fiscal year. According to the schedule, the federal budget will be presented on June 10, followed by a two-day recess. A general debate will begin on June 13 and continue through June 21, with time allocated for all parliamentary parties in line with Assembly rules. No sitting will be held on June 22. Charged expenditures for the next fiscal year will be taken up on June 23, followed by discussions and voting on Demands for Grants and Cut Motions on June 24 and 25. The Finance Bill 2025 is scheduled for a vote on June 26, and supplementary grants and related matters will be finalized on June 27. The federal budget will be announced as Pakistan navigates a fragile economic recovery under a $7 billion International Monetary Fund (IMF) program. The country's annual inflation rate rose to 3.5% in May, though officials say the macroeconomic outlook has improved on the back of a stronger current account balance and increased remittances. Planning Minister Ahsan Iqbal recently said the government had earmarked Rs1 trillion ($3.5 billion) for development projects in the upcoming budget. Authorities have pledged to maintain macroeconomic stability, advance structural reforms and ensure growth translates into inclusive progress.
