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

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1 year ago

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  • 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.

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Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.

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The head of the Senate’s Foreign Affairs Standing Committee and the PML-N’s parliamentary leader paid Prime Minister Muhammad Shehbaz Sharif a visit in Islamabad.

Senator Irfan Siddiqui gave the Prime Minister an update on the Parliamentary Party’s Senate performance.

Additionally, Senator Irfan Siddiqui gave the Prime Minister an update on the Senate Standing Committee on Foreign Affairs’ performance.

He complimented the Prime Minister on his outstanding efforts to bring Pakistan’s economy back on track and meet its economic objectives.

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Business

SIFC Increases Direct Foreign Investment: Investment in the Energy Sector Rises by 120%

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The Special Investment Facilitation Council is intended to help Pakistan’s energy sector attract $585.6 million in direct foreign investment in 2024–2025. The amount invested at the same time previous year was $266.3 million.

This is a notable 120% rise, mostly due to investments in gas exploration, oil, and power. Such expansion indicates heightened investor confidence and emphasizes the development potential in important areas.

The State Bank reports that foreign investment in other vital industries has increased by 48% to $771 million.

This advancement is a blatant testament to SIFC’s efficient investment procedure and quick project execution.

The purpose of the Special Investment Facilitation Council is to establish Pakistan as an investment hub by aggressively promoting regional trade and investment in the energy sector and other critical industries.

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Business

Discos report losses of Rs239 billion.

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When compared to the same period last year, the data indicates that discos have decreased their losses in the first quarter of the current fiscal year.

The distribution businesses recorded losses of Rs239 billion in the first three months of the current fiscal year, a substantial decrease from the Rs308 billion losses sustained during the same period the previous year.

Additionally, the distribution businesses’ rate of recovery has improved. It has increased to 91% in the first quarter of this year from 84% in the same period last year, indicating success in revenue collection.

Regarding circular debt, the Power division observed a notable change. Last year, between July and October, the circular debt grew by Rs301 billion. Nonetheless, this year’s first four months saw a relatively modest increase in circular debt, totaling about Rs11 billion.

These enhancements show promising developments in the electricity sector’s financial health in Pakistan, where initiatives are being made to accelerate recovery rates and slow the expansion of circular debt.

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