Country going through turbulent times, say Miftah

A day after the government presented a Rs9.5 trillion inflationary budget, Finance Minister Miftah Ismail Saturday said the target of next year's budget is fiscal consolidation and providing relief to the masses.

The finance minister said the country was going through a "very difficult" and unprecedented period. The minister, addressing the media alongside Minister of State Ayesha Ghous Pasha and Information Minister Marriyum Aurangzeb, said the government understands that this is a difficult period and "we have tried to reduce the burden on the poor and take more from the rich".

Referring to the budget presented a day earlier, Miftah maintained that the government has tried to tighten the fiscal policy and reduce the overall deficit. He said that taxes have been increased on Pakistani citizens who possess foreign assets along with new taxes on property.

Elaborating further, he said that the budget of the Benazir Income Support Program (BISP) has been increased by 35-40pc. He added that flour, sugar and ghee will be provided at discounted rates at Utility Stores throughout the year. The finance minister also said the government has taken difficult decisions keeping in view the interest of the country.

The finance minister added that the International Monetary Fund (IMF) wanted higher income tax rates but the government has tried to reduce the tax.

Referring to the tax collection target, he said over Rs700 billion has been set for the next fiscal year while the non-tax revenue target has been set at Rs2,000 billion and debt servicing has been estimated at  Rs3,950 billion.

Alluding to the soaring prices of palm oil in the international market, Miftah said a package of Rs20 billion has been given to promote the cultivation of oil seeds and added that special emphasis is being given to bolster exports, expressing confidence that exports will touch the $35 billion mark in the next fiscal year.

In response to a question regarding the feasibility of inflation and growth targets, Miftah stated “we have targets of growth and inflation but our first priority is fiscal consolidation and reducing the burden on the masses."

Answering another question regarding a revised award by the National Finance Commission (NFC), Miftah stated that the commission must sit and discuss a new award. “KP’s population has grown since the incorporation of FATA and their allocation should reflect that.”

Minister of State Ayesha Ghous Pasha said during the media briefing that the incumbent government inherited a "difficult situation", but the country needs to focus on growth.

She added that the government has regulated and subsidised the prices of wheat, sugar and ghee and the government has also given relief to the farmers.

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PM for NA resolution on BJP leaders’ ‘prophet remarks’

Prime Minister Shehbaz Sharif has asked for a resolution by the National Assembly in response to Islamophobic remarks made by the leaders of India's ruling Bharatiya Janata Party (BJP) drawing widespread condemnation.

In a tweet on Saturday, the premier asked the NA speaker to allow the lower house to hold a discussion on the Islamophobic comments on Monday. “We strongly condemn the twaddle by the BJP leader,” he said on Twitter.

The premier said the blasphemous remarks by the far-right Indian politicians hurt the sentiments of over 1 billion Muslims across the world.

Shehbaz said the National Assembly should pass a resolution against the leaders of the ruling party in India and added the resolution will “send a clear message to the world that we are ready to render any sacrifice” for the sake of the sanctity of Holy Prophet Hazrat Muhammad (PBUH).

Earlier this month, Senate had passed a unanimous resolution against these remarks. PPP Senator Saleem Mandviwalla had tabled the resolution. The Senate had expressed its strong commitment to defending the dignity of the Holy Prophet (PBUH) at national, regional, and international fora.

Like Pakistan, the rest of the Muslim world also condemned India and sought action against the individuals who made such blasphemous comments.

Furthermore, the controversy has strained India’s relationship with the Gulf countries, which are outraged by the insulting remarks. Some Arab countries have called for a boycott of Indian products.

Meanwhile, India is struggling to control the damage and countries like Qatar are seeking a public apology over the incident.

The ruling BJP suspended its spokeswoman Nupur Sharma and expelled Delhi media cell head Naveen Kumar Jindal and issued directions to the party leaders to refrain from making remarks that would hurt the religious sentiments of people.

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Country going through turbulent times, say Miftah

A day after the government presented a Rs9.5 trillion inflationary budget, Finance Minister Miftah Ismail Saturday said the target of next year's budget is fiscal consolidation and providing relief to the masses.

The finance minister said the country was going through a "very difficult" and unprecedented period. The minister, addressing the media alongside Minister of State Ayesha Ghous Pasha and Information Minister Marriyum Aurangzeb, said the government understands that this is a difficult period and "we have tried to reduce the burden on the poor and take more from the rich".

Referring to the budget presented a day earlier, Miftah maintained that the government has tried to tighten the fiscal policy and reduce the overall deficit. He said that taxes have been increased on Pakistani citizens who possess foreign assets along with new taxes on property.

Elaborating further, he said that the budget of the Benazir Income Support Program (BISP) has been increased by 35-40pc. He added that flour, sugar and ghee will be provided at discounted rates at Utility Stores throughout the year. The finance minister also said the government has taken difficult decisions keeping in view the interest of the country.

The finance minister added that the International Monetary Fund (IMF) wanted higher income tax rates but the government has tried to reduce the tax.

Referring to the tax collection target, he said over Rs700 billion has been set for the next fiscal year while the non-tax revenue target has been set at Rs2,000 billion and debt servicing has been estimated at  Rs3,950 billion.

Alluding to the soaring prices of palm oil in the international market, Miftah said a package of Rs20 billion has been given to promote the cultivation of oil seeds and added that special emphasis is being given to bolster exports, expressing confidence that exports will touch the $35 billion mark in the next fiscal year.

In response to a question regarding the feasibility of inflation and growth targets, Miftah stated “we have targets of growth and inflation but our first priority is fiscal consolidation and reducing the burden on the masses."

Answering another question regarding a revised award by the National Finance Commission (NFC), Miftah stated that the commission must sit and discuss a new award. “KP’s population has grown since the incorporation of FATA and their allocation should reflect that.”

Minister of State Ayesha Ghous Pasha said during the media briefing that the incumbent government inherited a "difficult situation", but the country needs to focus on growth.

She added that the government has regulated and subsidised the prices of wheat, sugar and ghee and the government has also given relief to the farmers.

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PTI's tenure witnessed record growth in every sector: Shaukat Tarin

Former finance minister Senator Shaukat Tarin said Saturday that PTI's tenure witnessed "record growth" in every sector and the government was misleading the people by claiming they face an uphill task on the economic front.

"All the numbers are published and public. Please take the country's economy seriously and stop misleading the people. The numbers don't lie despite your 'spin doctory'," said Senator Tarin in a press conference flanked by PTI leaders.

 

 

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PTI's tenure witnessed record growth in every sector: Shaukat Tarin

Former finance minister Senator Shaukat Tarin said Saturday that PTI's tenure witnessed "record growth" in every sector and the government was misleading the people by claiming they face an uphill task on the economic front.

"All the numbers are published and public. Please take the country's economy seriously and stop misleading the people. The numbers don't lie despite your 'spin doctory'," said Senator Tarin in a press conference flanked by PTI leaders.

 

 

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Relief has been given in the budget to ease burden of the common man,Asim Ahmad

Chairman Federal Board of Revenue Asim Ahmad says tax collection target of over 7000 billion rupees has been set for the next fiscal year.

Talking to media in Islamabad on Friday, he said in this budget, our main focus is on direct taxes as 75 percent of our proposals are linked with income tax and direct taxes.

The Chairman FBR said relief has been given in the budget to ease burden of the common man.

On the occasion, the Chairman FBR was briefed that tax rebates have been introduced for Agro-based items, packaging sector, textile, chemicals, footwear, material used in LED lights and 26 ingredients used in Pharmaceutical.

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Shehbaz Sharif and Hamza Shahbaz appeared before special court in Lahore

Prime Minister of Pakistan Shehbaz Sharif and Chief Minister Punjab Hamza Shahbaz appeared before special court in Lahore on Saturday for the hearing of money laundering case through Sugar Mills.

The father-son duo pleaded for the pre-arrest bail in the the money laundering case.

While speaking on rostrum, PM Shehbaz said, "It is my right to inform the court about facts regarding my bail. No case of corruption has been proved against me. Several cases have been made against and have been appeared before court several times because of them."

The prime minister said that FIA and NAB filed the same case against him. PM Shahbaz said he was booked in Ashiana Housing and Ramzan Sugar Mills cases.

At this, the judge asked, “Did you not have any share in them?”

“I have no share in Ashiana Housing and Ramzan Sugar Mills,” replied the prime minister. He added, “Neither I am the director of the Ramzan Sugar Mills, nor owner or shareholder.”

Giving details about the cases registered against him, PM Shahbaz said charges of abuse of powers were levelled against him in the Ashiana Housing case. He maintained that the LHC had given its ruling in the case. Later, the NAB moved the apex court against him. The NAB fled when the Supreme Court sought proof of corruption against him from the NAB.

“When I was in NAB’s custody, FIA officials visited him twice,” he said, adding that he verbally provided all the details to them.

The prime minister said that cases against him were decided on merit and he was released. “Why FIA is not reprimanded for not submitting challan?” asked the prime minister.

PM Shahbaz said that it seems that FIA was using delaying tactics to arrest him.

He said that the cases against me are false and baseless. "I have told FIA that i will not submit any answer verbally and will answer after consulting my lawyers."

In December 2021, the FIA had submitted the challan against Shehbaz and Hamza before the special court for their alleged involvement in laundering an amount of Rs16 billion in the sugar scam case.

After the hearing, the court reserved the verdict regarding the plea of extension of PM Shehbaz and CM Hamza’s pre-arrest bails.

 

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