Latest news with #Islamabad
Arab News
an hour ago
- Business
- Arab News
Pakistan tax-to-GDP ratio up 1.5 percentage points as PM orders stricter oversight of informal economy
ISLAMABAD: Pakistan's tax-to-GDP ratio rose by 1.5 percentage points in fiscal year 2024–25 compared to the previous year, officials said on Wednesday, as Prime Minister Shehbaz Sharif called for stronger enforcement measures to bring the country's vast informal economy into the tax net. The tax-to-GDP ratio reached 10.6 percent by the end of June 2025, up from 9.1 percent the previous year, according to a briefing at a review meeting chaired by the prime minister in Islamabad. The government aims to continue raising the ratio under a wider economic and structural reform efforts backed by the International Monetary Fund (IMF), which includes digitization of the Federal Board of Revenue (FBR), the country's tax collection agency, to improve enforcement and expand the tax base. 'Digitization at the FBR has helped meet targets, but steps must now be taken to ensure the system becomes sustainable,' the prime minister was quoted as saying in a statement released by his office. 'Enforcement must be strengthened further to curb the informal economy.' The meeting was told that total tax revenue collected in FY2024–25 crossed Rs20.4 trillion ($71.4 billion), while the number of income tax return filers jumped from 4.5 million in 2024 to over 7.2 million by June 2025. Officials credited the increase to enhanced enforcement, including reforms in the retail sector, integration of point-of-sale systems and an expanded digital footprint. They said tax revenue from the retail sector alone rose by Rs455 billion ($1.6 billion) compared to the previous year. The prime minister instructed FBR to fast-track the restructuring of its digital wing, set deadlines for implementation and consult with all stakeholders, including taxpayers and the business community, to ensure the reform process remains inclusive. He also praised FBR officials and directed them to present actionable targets for the next phase of reforms within a week.
Arab News
4 hours ago
- Health
- Arab News
Pakistani officials push for unified climate-health strategy under comprehensive national framework
ISLAMABAD: Senior Pakistani officials on Tuesday urged stronger cross-sector coordination to address the country's rising climate-linked health risks, as stakeholders gathered in Islamabad to reaffirm support for the One Health Pakistan initiative, a national framework linking human, animal and environmental health. The meeting was held at COMSTECH and co-hosted by the Health Services Academy and the Ministry of Climate Change and Environmental Coordination. It brought together officials from the health, environment and development sectors, along with representatives from the World Health Organization, UN Food and Agriculture Organization, Asian Development Bank, World Bank, and World Wide Fund for Nature. The session focused on building a climate-resilient health workforce and integrated response systems for pandemic preparedness. 'We must reaffirm our collective commitment to the One Health Pakistan initiative,' said Federal Parliamentary Secretary for Health Dr. Nelson Azeem. 'The challenges we face are interlinked, and so must be our response.' Other speakers warned that unchecked pollution, biodiversity loss and weak institutional coordination were accelerating zoonotic disease outbreaks and undermining early warning systems. Participants proposed the creation of dedicated One Health Units within provincial and federal departments to streamline disease surveillance and climate-health response planning, potentially funded through Annual Development Plans, Public Sector Development Program or international pandemic preparedness programs. Those present also agreed to turn dialogue into concrete action by strengthening inter-agency coordination, investing in integrated surveillance systems and scaling up climate-resilient health planning nationwide.
Arab News
19 hours ago
- Politics
- Arab News
Pakistan to chair key UN Security Council debate on multilateralism, dispute resolution
ISLAMABAD: Pakistan's Deputy Prime Minister and Foreign Minister Ishaq Dar will preside over a high-level United Nations Security Council (UNSC) debate on Tuesday, reaffirming Pakistan's commitment to multilateral diplomacy and the peaceful resolution of international disputes. The open debate, titled 'Promoting International Peace and Security through Multilateralism and the Peaceful Settlement of Disputes,' is the first of two signature events planned by Pakistan during its presidency of the Security Council this month. UN Secretary-General António Guterres is expected to brief Council members, followed by statements from other member states. The meeting will underscore the role of the UN Charter in fostering dialogue and cooperation amid rising global tensions. 'The signature event reaffirms Pakistan's unwavering belief in multilateralism and the UN Charter principle of peaceful settlement of disputes,' Pakistan's foreign ministry said in a statement. Dar is also scheduled to hold bilateral meetings with senior officials, including the Saudi Minister of Economy and Planning, the UK Minister for Africa, the UN Commonwealth and Multilateral Affairs lead and the Foreign Minister of Thailand. He will also give an interview to a foreign media outlet. Additionally, Dar will attend a reception hosted by Pakistan's Permanent Representative to the UN for select ambassadors and senior UN officials.
Arab News
20 hours ago
- Business
- Arab News
Pakistan stocks hit record high as army chief backs economy — analysts
ISLAMABAD: The Pakistan Stock Exchange (PSX) hit an all-time high on Monday, buoyed by investor confidence following assurances of economic support to business leaders from the country's powerful military, analysts said. The benchmark KSE-100 index gained 1,202.03 points, or 0.87 percent, to close at a record 139,419.61, up from the previous close of 138,217.58. The rally followed a widely reported meeting between business leaders and army chief Field Marshal Asim Munir on Sunday, during which he reportedly pledged the military's backing for Pakistan's economic revival. The delegation included representatives of the All Pakistan Textile Mills Association, the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and the Lahore Chamber of Commerce and Industry (LCCI). The army has not confirmed the meeting, but it was reported by nearly all major Pakistani media outlets. Investors also reacted positively to the government's Senate gains and expectations of strong upcoming corporate earnings. 'Stocks closed at a new all-time high after business leaders' meetup with Field Marshal Asim Munir assured military's support for economic progress,' said Ahsan Mehanti, CEO of Arif Habib Commodities. Pakistan's ruling coalition, led by Prime Minister Shehbaz Sharif, also achieved a significant political victory by securing a two-thirds majority in the Senate, following the Khyber-Pakhtunkhwa assembly elections, which Mehanti said had also helped the market. Market heavyweight stocks including Engro Corporation (ENGROH), Habib Bank Limited (HBL), Fauji Fertilizer Company (FFC), Engro Fertilizers (EFERT), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company (OGDC) collectively contributed 1,142 points to the index. According to a market note from Topline Securities, the bullish momentum was driven by renewed investor confidence. 'This wave of optimism helped paint a bullish picture across the board, setting the tone for a potentially upbeat week ahead,' the brokerage house said. Trading volume remained strong, with 627 million shares changing hands and total turnover reaching Rs34.6 billion. First Dawood Properties Limited (FDPL) led the volume chart with 44 million shares traded.
Arab News
21 hours ago
- Politics
- Arab News
Pakistan signs UN treaty on protecting marine biodiversity beyond national borders
ISLAMABAD: Pakistan on Tuesday signed a landmark United Nations treaty aimed at conserving marine biodiversity in areas beyond national jurisdiction, highlighting its support for multilateral environmental frameworks and equitable ocean governance. The treaty, formally known as the Agreement under the United Nations Convention on the Law of the Sea (UNCLOS) on the Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction, was signed by Deputy Prime Minister and Foreign Minister Ishaq Dar at the UN headquarters in New York. Known as the BBNJ Agreement, the pact is the first-ever international legal framework dedicated to protecting ocean life in the high seas, areas that fall outside any single country's jurisdiction and cover nearly half the Earth's surface. 'Pakistan's signing of the BBNJ Agreement reflects its continued commitment to multilateral cooperation and to the protection and sustainable use of marine biodiversity in areas beyond national jurisdiction,' the foreign office said in a statement. The treaty provides a basis for creating marine protected areas, assessing environmental impacts and ensuring fair benefit-sharing of marine genetic resources. The foreign office said Pakistan played a central role in shaping the agreement, serving as Chair of the G77 and China during two key negotiation sessions in 2022. Representing the collective voice of developing countries, it advocated for equitable access to marine resources, technology transfer and capacity-building, in line with the principle of the common heritage of humankind. The treaty was formally adopted by UN member states in June 2023, after nearly two decades of negotiations. Pakistan's early engagement and leadership during the final talks positioned it among countries seeking stronger global frameworks to address environmental and equity concerns in ocean governance. The agreement is seen as essential to meeting the UN's Sustainable Development Goal 14, which focuses on the conservation and sustainable use of oceans, seas and marine resources.
