Business

‘Unrealistic’: PPP accuses PML-N of pushing populist budget ahead of elections

Published

2 years ago

Farwa

Finance Minister Ishaq Dar defends budget proposals.
PPP leader terms it “election-oriented budget”.
NA body chair complains about delay in budget briefing.

ISLAMABAD: Pakistan Peoples’ Party (PPP) Friday called out its ruling partner, Pakistan Muslim League-Nawaz (PML-N), for presenting an “unrealistic” and “election-oriented budget”, questioning the party’s intention behind this “populist” move despite economic uncertainty.

PPP’s Nafeesa Shah, during the debate over the budget in the meeting of the National Assembly’s Standing Committee on Finance and Revenue, said that Shehbaz Sharif-led government told the lawmakers that “tough decisions” would be taken in the budget; however, no such measure was unveiled.

Finance Minister Ishaq Dar unveiled an Rs14.5 trillion (around $50.5 billion) budget on June 9, with over half set aside to service Rs7.3 trillion of debt, raising concerns from various stakeholders about the economy’s future.

“An economic storm is looming over our heads,” she warned, lamenting that the International Monetary Fund (IMF) is pressurising Pakistan and the economy will be in more trouble in the coming days.

Committee Chairman Qaiser Ahmed Sheikh regretted that despite his important position, he wasn’t briefed, “even asked for a briefing about IMF matters but wasn’t given any update.”

Highlighting the issues which were still unaddressed, the chairman said that no action was taken against those banks which subjected businessmen to injustice and refrained from opening letters of credit (LCs) due to which containers are stuck are ports and those who manipulated the dollar rate.

Dar defends budget

At the outset of the hearing, the committee expressed displeasure over the absence of Finance Minister Ishaq Dar. “I don’t know what problem the finance minister has with this committee,” Sheikh said, adding that the entire business community was present in the meeting with their business proposals.

However, Dar arrived at the meeting later and briefed the committee about the federal budget for the fiscal year 2023-24.

The finance minister cited the delay in talks with the IMF major reason behind the delay in the preparation of the budget strategy paper.

“Even if this wouldn’t have been an election year the budget would have remained the same,” he said in response to the complaints registered by the PPP leader.

Dar claimed that the tax targets had been set according to the inflation and growth rate. He also told the NA panel that a report had been sought from the Federal Board of Revenue (FBR) chairman.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.