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Pakistan has no future sans tax policy reforms

Pakistan has no future sans tax policy reforms

Inflation and energy price hikes have bankrupted SMEs

Permitting sugar exports to increase inflation

ISLAMABAD, APR 16 /DNA/ – Samina Fazil, the founder and President of the Islamabad Women’s Chamber of Commerce and Industry (IWCCI), on Tuesday stated that Pakistan’s future appears to be dismal if significant improvements to the country’s tax policy are not implemented.

She went on to say that the harmful impacts of inflation and the sharp increase in energy prices can be ascribed to the failure of a large number of small and medium-sized businesses.

As a result of the possibility that allowing sugar exports would lead to an increase in inflation, she urged that this practice be prohibited.

During her address to the business community, Samina Fazil stated that Pakistan could not continue to exist with the current tax system, dismally low revenue and irresponsible spending which results in continued borrowing.

Therefore, the county needs short-term and long-term tax policy reforms while taxes on non-essential and luxury items should be increased.

The government must make tough decisions to fix economic problems and implement recommendations of lenders to come out of the current economic mess.

However, she regretted that so far, the elite have been spared from the impact of the IMF wish list, and the whole burden has been placed on the masses, who are reeling under unprecedented inflation and unemployment.

 Critical flaws within Pakistan’s tax system have caused an estimated loss of Rs567 billion during the last seven years in only one sector, which politicians dominate.

Lashing out on the energy policy, the business leader said that Pakistan has one of the world’s lowest per capita electricity consumption and the lowest outside of Sub-Saharan Africa.

Pakistan is plunging further into the energy poverty zone due to the wrong policy of increasing energy prices very frequently.

Despite rising urbanisation, the average consumption per electricity connection in Pakistan sits at a 20-year low, which is a real threat to prosperity.

Pakistan’s per capita income is dwindling, and unemployment is on the rise, but the effective electricity tariff for use beyond 300 units is now comparable to the USA, already higher than the UAE, and inching closer to Singapore, which is unacceptable, she said.

Samina Fazil said that the country can only develop with the unending practice of so-called energy tariff rationalisation.

She said that despite increasing tariffs, many DISCOS are involved in overbilling to the tune of billions of rupees, which should be stopped.

She said a larger, medium-term IMF bailout, with complementary financial support from friendly countries, is imperative to address its balance-of-payments troubles.

The key to unlocking fresh IMF funds is convincing the lender that Pakistan is ready to undertake real reforms.

Islamabad, Riyadh need to expedite first phase of Saudi investments: PM Shehbaz

Shehbaz Sharif

ISLAMABAD: Prime Minister Muhammad Shehbaz Sharif on Tuesday said that Islamabad and Riyadh needed to work closely to expedite the first phase of Saudi investments under the new arrangement.

The premier made these comments as he met with a high-level Saudi delegation, led by its Foreign Minister Prince Faisal bin Farhan Al Saud, who are in Pakistan on an official visit.

The two-day visit comes soon after PM Shehbaz visited Saudi Arabia, during which the Kingdom had doubled down on its pledge to speed up the initial phase of their $5 billion investment in Pakistan.

Earlier this month, Geo News also learnt via sources that Saudi Arabia was expected to invest $1 billion in the Reko Diq project.

During the meeting today, PM Shehbaz expressed his deep appreciation for the leadership of KSA and conveyed his sincerest wishes to the Custodian of the Two Holy Mosques King Salman bin Abdul Aziz Al Saud and Crown Prince Mohammed bin Salman.

Prime Minister Shehbaz Sharif meets Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO
Prime Minister Shehbaz Sharif meets Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO
Prime Minister Shehbaz Sharif meets Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO
Prime Minister Shehbaz Sharif meets Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO
Prime Minister Shehbaz Sharif meets Saudi Arabia’s delegation led by Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO
Prime Minister Shehbaz Sharif meets Saudi Arabia’s delegation led by Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO
Prime Minister Shehbaz Sharif meets Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO
Prime Minister Shehbaz Sharif meets Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud in Islamabad on Tuesday, April 16, 2024. — PMO
The prime minister also underscored the significance accorded by Pakistan to its longstanding fraternal, economic and strategic relations with Saudi Arabia. He said both countries had always stood together at all times.

While recalling his warm and productive meeting with Crown Prince Mohammed bin Salman in Makkah earlier this month, the PM stated that the visit of the Saudi delegation was a manifestation of the strong commitment of both countries to the strengthening of bilateral relations focused on mutually beneficial economic cooperation.

PM Shehbaz also informed the delegation about the Special Investment Facilitation Council (SIFC) and its initiatives to promote investment in Pakistan.

He also highlighted the key role of Chief of the Army Staff General Asim Munir and the cooperation of all institutions for the promotion of investment in the country through SIFC.

On the other hand, the Saudi foreign minister expressed gratitude for the warm welcome accorded to his delegation and highlighted that the Kingdom attached high importance to its strong and close ties with Pakistan.

The foreign minister conveyed the KSA’s commitment to an enhanced strategic and economic partnership with Pakistan. The two sides also discussed the escalating situation in Palestine.

Zardari meets Saudi delegation
Meanwhile, President Asif Ali Zardari also held a meeting with the delegation in which the two sides reiterated their resolve to build a strong partnership and further promote economic cooperation for the mutual benefit of the two brotherly countries.

“Welcoming the delegation, the president said that Pakistan and KSA enjoyed a long-standing and decades-old relationship and Pakistan wanted to transform the existing ties into a long-term strategic and economic partnership,” said the statement.

President Zardari also highlighted that the government and people of Pakistan had the highest regard for the Saudi king and would continue to stand with KSA.

He also thanked the leadership of Saudi Arabia for its support to Pakistan in difficult times.

Meanwhile, Saudi foreign minister said that Riyadh considered its relations with Islamabad very critical and was committed to building a strong partnership.

Highlight that both countries enjoyed strong bonds and had helped each other for decades, Farhan Al Saud appreciated the contributions of the Pakistani diaspora in the development of KSA.

“He conveyed the greetings of Saudi leadership and underlined the importance of Pakistan for KSA,” added the statement.

“The two sides discussed the regional dynamics and recent developments in the Middle East and called for an immediate and unconditional ceasefire and end to the Israeli atrocities in Gaza

“Both sides also exchanged views on issues of bilateral importance and the challenges being faced by the Muslim Ummah,” it added.

Pakistan, KSA resolve to build strong partnership, promote economic cooperation

Pakistan

ISLAMABAD, Apr 16 (APP/DNA): Pakistan and the Kingdom of Saudi Arabia (KSA) on Tuesday reiterated their resolve to build a strong partnership and further promote economic cooperation for the mutual benefit of two brotherly countries.

This was discussed during a meeting between President Asif Ali Zardari and Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, who called on him, at Aiwan-e-Sadr, President Secretariat Press Wing said in a press release.

Welcoming the delegation, the president said that Pakistan and KSA enjoyed a long-standing and decades-old relationship and Pakistan intended to transform the existing ties into a long-term strategic and economic partnership.

The two sides discussed the regional dynamics and recent developments in the Middle East and called for an immediate and unconditional ceasefire and end to the Israeli atrocities in Gaza.

Both sides also exchanged views on issues of bilateral importance and the challenges being faced by Muslim Ummah.

The Saudi foreign minister was accompanied by a high-powered delegation, comprising the Minister of Water and Agriculture, the Minister of Industry and Mineral Resources, the Assistant Minister of Investment, the Head of the Saudi
Special Committee and senior officials from the Ministry of Energy and Saudi Public Investment Fund.

Chairman Pakistan People’s Party (PPP) Bilawal Bhutto Zardari, Minister for Foreign Affairs Muhammad Ishaq Dar, Minister for Privatization and Board of Investment Abdul Aleem Khan, Minister of Petroleum and Water Resources Musadik Masood Malik, Minister of Industries and Production Rana Tanveer Hussain, Foreign Secretary Syrus Sajjad Qazi and senior government officials attended the meeting.

President Zardari also highlighted that the Government and the people of Pakistan had the highest regard for the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and would continue to stand with KSA.
He said that the prosperity of the Islamic world was linked to the progress of KSA.

The president lauded the courageous and visionary leadership of Crown Prince and Prime Minister of KSA Muhammad Bin Salman and the remarkable progress being made under the Vision 2030.
He also thanked the leadership of KSA for its support to Pakistan in difficult times.

The Saudi Foreign Minister said that KSA considered its relations with Pakistan very critical and was committed to building a strong partnership with Pakistan. He highlighted that both countries enjoyed strong bonds and had helped each other for decades.

He appreciated the contributions of the Pakistani diaspora in the development of KSA.

He also conveyed the greetings of Saudi leadership and underlined the importance of Pakistan for the Kingdom.

President Zardari also conveyed best wishes to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

CM Maryam Nawaz Sharif Grants Rs 10 Lac for the Treatment of Famous Singer Ghulam Abbas

DNA

Lahore, 16 Apr: On the special direction of Chief Minister Punjab Maryam Nawaz Sharif, provincial health minister Khawaja Imran Nazir reached the house of famous singer Ghulam Abbas to present him a check of Rs 10 lakh for his treatment. He also conveyed him a message of good wishes from the Chief Minister Maryam Nawaz Sharif.

Madam Chief Minister prayed for singer Ghulam Abbas’s complete and speedy recovery. She said,”Singer Ghulam Abbas is Pakistan’s cultural asset. The Punjab government will provide full support for his treatment.”

Singer Ghulam Abbas thanked Chief Minister Maryam Nawaz Sharif for her kind patronage and support.

Petrol, Diesel prices set to rise as International market trends upward

Petrol, Diesel prices set to rise as International market trends upward

ISLAMABAD, APR 16: /DNA/ – The prices of Petroleum products have seen an increasing trend in the international market during the last fortnight. The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market. The prices of Motor Spirit & HSD for the next fortnight, starting from 16th April, 2024, are accordingly being revised as follows:

                                                                                                                        (Rs. / liter)

ProductsExisting Prices w.e.f. 01.04.2024New Prices w.e.f. 16.04.2024Increase/Decrease
MS (Petrol)289.41293.94+4.53
High Speed Diesel(HSD)282.24290.38+8.14

Punjab: Marching towards a welfare society

Punjab

The provision of credible social protection, quality education, universal healthcare and enabling environment for economic growth are among the hallmarks of a welfare society. Punjab Government, under the dynamic leadership of Chief Minister Maryam Nawaz Sharif, is striving hard to ensure the
availability of these basic needs of a decent living.

The installation of high-end safe city cameras in 21 major cities of the province is a move to ensure better maintenance of law & order and crime surveillance, in order to provide people a safe and peaceful living environment.

The establishment of Special Speedy Trial Courts in Punjab, and an attempt to end a culture of lying and false accusations through a proposed amendment in the defamation law are major Government steps to provide a sense of social security to people, especially the netizens. The construction of one lakh housing units for the low income people across Punjab is a step to instill a sense of social protection in the struggling classes.

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School education reforms in Punjab is very close to the Chief Minister’s heart, who has chaired multiple marathon meetings to devise a workable reforms package for ensuring free and better education to the students of around 49000 public sector schools across Punjab. This includes optimum utilization of educational infrastructure and outsourcing of some 13000 non-performing or ghost schools in the province to the private sector to enhance their productivity and utility for the local students. A plan to start providing tetra pack flavored milk to up to class 5 students of public sector schools to stem stunting and malnutrition in the younger lot, along with the establishment of computer labs and libraries in government schools are commendable Government interventions for the development of quality human resources in the province. The provision of 20,000 motorbikes to
students on interest-free easy monthly installments is another education-friendly initiative of the Government.

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Health sector reforms under “Healthy Punjab Programme” is an endeavor to provide state-of-the-art healthcare facilities to people in Punjab. The upgradation of 2500 Basic Health Units (BHUs) and 300 Rural Health Centers (RHCs) across Punjab is a step in the right direction. Punjab’s first proposed public sector Muhammad Nawaz Sharif Cancer Hospital in Lahore, Nawaz Sharif Cardiology Hospital in Sargodha, 32 field hospitals to provide healthcare facilities in remote areas, and a program of 200 Clinics on the wheels for the provision of treatment facilities to slum dwellers in the province are remarkable initiatives of the Government that will no doubt revolutionize healthcare system in the province.

Additionally, Madam Chief Minister is also focused on building three medical cities in South, Central and North Punjab.

The proposed launch of Air ambulance service in Punjab and the start of Rescue 1122 ambulance service on motorways are no doubt historic initiatives of the Government to ensure timely treatment of patients in case of any untoward accident in far-flung areas of the province.

Pakistan to seek additional IMF climate financing as well
Provision of free quality medicines in government hospitals, and the proposed free delivery of medicines at patients’ doorsteps are other remarkable initiatives of the Government for the improvement of healthcare system in Punjab.

There is no denying the fact that secure environment, stable Government, continuity of economic policies, rapid transportation, easy communication and ease of doing business invoke investors’ confidence in the viability of any business venture, that may guarantee socio-economic uplift of the society. Keeping this thing in mind, Punjab Government fully subscribes to the decisions of Strategic
Investment Facilitation Council (SIFC), a platform that provides a whole-of-the Government response to ensure ease of doing business to attract investors, both local and foreign.

Undoubtedly, the construction, repair and rehabilitation of around 600 roads, 5 expressways and 3 motorways in Punjab under “Sarkein Bahal…Punjab Khushhal Programme” reflects the Government’s commitment to provide an enabling environment to the business community to spur economic growth in the province.

Shehbaz vows to check power theft, Nepra seeks tariff hikes amid reduced consumption
Moreover, the provision of province-wide mega solid waste management system and the improvement of water supply and drainage system under “Suthra Punjab (Clean Punjab);” the construction and repair of all major and minor roads of Lahore, pavement of streets, installation of tuff tiles, and restoration of 222,000 street lights across Lahore under “Naya Daur…Saaf Lahore (New Era…Clean
Lahore)” initiative, and the direction to make all water filtration plants of Lahore functional at the earliest are major steps for providing enabling environment for the socio-economic development of people in Punjab.

A proposed plan to launch a massive crackdown against electricity theft, hoarding and smuggling in the province through district level task forces and 600 dedicated Police teams is a milestone initiative to ensure stable supply of affordable electricity for the businesses to grow. A plan to provide interest-free loans to small farmers for buying farm inputs like seeds, fertilizer and pesticides, under the best-ever farmer cards, is another move to provide economic security to small farmers against unforeseen climate-induced weather shocks.

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To wrap up, we can hope that, with the newly-elected Government at the helm of affairs, the continuity of economic policies, a prerequisite of socio-economic development, can fairly be expected. It will, in turn, guarantee peace, stability, welfare and prosperity of the nation and people alike.

Is there any hope at the end of the tunnel?

Post-election scenario: PDM Part-II on the anvil

When contemplating the future of Chinese and other countries’ investments and involvement in Pakistan, a shift in strategy is advised. Rather than solely backing specific individuals, it’s imperative to support the establishment of free and fair elections. Historically, these nations have often thrown their weight behind individuals rather than the broader political system, leading to repercussions

Comment
Ansar M Bhatti

Amidst the monotony of each passing day, the grim tally of killings and the rampant chaos of lawlessness and poor governance appear to have surged exponentially. During Eid, the unsettling clash between police and military personnel in Bahawalnagar left the populace bewildered. This collision of state institutions compelled individuals to reluctantly draw the conclusion that the fabric of rule of law had frayed beyond recognition in our nation. The age-old adage “might is right” now seems to be the most fitting description of the prevailing state of affairs.

On April 10, 2024, a regrettable incident unfolded when police officers, in a sadly familiar scenario, intruded into the home of an army personnel. Promptly reported, the transgression led to a formal case against the offending officers. The aggrieved army personnel stormed the police station, administering a severe beating to the officers in custody. Shockingly, reports indicate that the injured officers faced further thrashing during their hospitalization. Eventually, officials from both services purportedly reached an ‘amicable’ resolution to the matter, though the scars of this altercation undoubtedly run deep.

Certainly, instances of lawlessness prevail in areas where governance is weak. Powerful individuals often arrogate unto themselves the role of law enforcers, exacerbating the situation. Regrettably, this phenomenon isn’t limited to specific entities but has entrenched itself as a pervasive norm within Pakistani society. The lack of adherence to the rule of law is a primary deterrent to foreign investment in Pakistan.

Pakistan undeniably presents promising business prospects, attracting foreign investors keen to tap into its vast potential. However, their enthusiasm wanes when confronted with daunting law and order challenges and bureaucratic hurdles. The prospect of navigating through a landscape marred by both security concerns and bureaucratic red tape dissuades potential investors, hampering the country’s economic growth.

The stability of Pakistan’s key alliances, such as those with Saudi Arabia, the UAE, and China, seems to be in a precarious state, given the escalating law and order challenges. China, in particular, is facing a significant dilemma due to its substantial investments in Pakistan, which are now under threat. The recent tragic incident involving the loss of Chinese engineers has compelled China to halt work on several projects, including those under the China-Pakistan Economic Corridor (CPEC), which has already been experiencing delays. If Pakistan wishes to retain these crucial partnerships, it must urgently address the security concerns of foreign investors.

Effectively tackling security issues necessitates a unified national effort, with all stakeholders aligning their interests. However, Pakistan currently lacks the necessary national cohesion, with state institutions, politicians, and the general public seemingly pursuing divergent agendas. This fragmentation is exacting a heavy toll on the country, particularly affecting the marginalized segments of society. To remedy this situation, Pakistan must foster greater unity and collaboration among its various stakeholders to address security challenges and safeguard the interests of both domestic and foreign investors.

This task can only be effectively achieved by entrusting genuine public representatives with control. However, this does not imply the complete elimination of the Establishment’s role. It’s an undeniable reality that entrusting all responsibilities solely to politicians may lead to chaos. History has shown that unchecked power often results in mismanagement, paving the way for interventions by the military.

The Establishment, possessing both power and expertise, can serve as a vital check on politicians. It can act as a watchdog, intervening when necessary to steer politicians back on course if they veer off track. This balanced approach ensures that public mandates are respected while also maintaining a safeguard against potential deviations from the public interest.

When contemplating the future of Chinese and other countries’ investments and involvement in Pakistan, a shift in strategy is advised. Rather than solely backing specific individuals, it’s imperative for these countries to support the establishment of free and fair elections. Historically, these nations have often thrown their weight behind individuals rather than the broader political system, leading to pitfalls. It’s time for a change in approach. Without a transparent system and authentic public representatives, their investments will invariably remain vulnerable.

A transformative shift in Pakistan’s system can only materialize when its leaders adopt a new mindset. Despite being a nation with limited resources, Pakistan finds itself governed by the affluent, who often cling to power to further enrich themselves. The stark dichotomy between the everyday lives of ordinary Pakistanis and the privileged ruling class is undeniable. It’s imperative to narrow this gap for the betterment of the entire nation.

CM Visits Girls High School Murree

PODA greets Maryam Nawaz on her groundbreaking role and commitment to women's rights

LAHORE, APR 15 (DNA) — Teachers and students of the Government Girls High School, Murree got pleasantly surprised to see Chief Minister Maryam Nawaz Sharif, who reached there in heavy rain.

Madam Chief Ministeriii inquired about the studies and other issues from the students. She asked them,”Where do you come from? If there is any problem or need, let me know.”

Madam Chief Minister expressed her love and affection for the girls, and directed to get the best medical treatment for a girl with disability in one arm. She appreciated arrangements of the school. Chief Secretary Zahid Akhtar Zaman was also present at the occasion. — DNA

Saudi Foreign Minister receives warm welcome in Islamabad

Saudi Foreign Minister receives warm welcome in Islamabad

ISLAMABAD, APR 15 /DNA/ – Foreign Minister of the Kingdom of Saudi Arabia, Prince Faisal Bin Farhan Al Saud was accorded a warm red carpet welcome upon arrival in Islamabad today.

🔷 He was received by Foreign Minister Mohammad Ishaq Dar at the tarmac reflecting the closeness and brotherhood of the two countries.

🔷 The Saudi Foreign Minister was presented bouquets by children upon arrival and he inspected the static guard as the military band played.

🔷 Pakistan and KSA have long standing fraternal relations marked by religio-cultural affinities.

🔷 The people of Pakistan hold the Custodian of the Two Holy Mosques, His Majesty King Salman and HRH Crown Prince Mohammad bin Salman in the highest esteem.

🔷 This visit will lend a positive impetus to transforming bilateral cooperation into an enduring and mutually rewarding economic partnership.

FM engages US business leaders to enhance investment climate

FM engages US business leaders to enhance investment climate

WASHINGTON DC, APR 15: /DNA/ – Federal Minister for Finance and Revenue Mr. Muhammad Aurangzeb met with a delegation from the US Pakistan Business Council (@_USPBC) today, in Washington DC to discuss the government’s commitment to improving the business climate in Pakistan.

During the meeting, the Finance Minister highlighted the government’s dedication to attracting both foreign and domestic investments in key sectors. These sectors include agriculture, IT, mines & minerals, and energy.

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