Fazl meets businessmen: State should ensure protection, facilitation of traders
KARACHI: Jamiat Ulema-e-Islam (JUI) Chief Maulana Fazlur Rehman has said that the business community plays a vital role in the country's development and progress, and the state should ensure their protection, facilitation, and respect.
During his visit to the residence of Federal Minister Qaiser Ahmed Sheikh in Karachi, Fazlur Rehman met prominent industrialists including Sultan Chawla, Javed Bilwani, Mirza Ikhtiar Baig, Khalid Tawab, Arif Habib, and others.
Addressing key figures from Karachi's business and industrial sectors, he stated that Karachi is the economic hub of Pakistan and that traders are the backbone of the economy. He emphasized that the trader community is crucial to national development and must be given due protection and dignity by the state.
The JUI chief noted that his party has always maintained a strong and principled relationship with the business community. He added that Islam prioritises peace and a prosperous economy in both national and communal life and peace means safeguarding human rights.
The event was also attended by Allama Rashid Soomro, Engineer Zia-ur Rehman, Maulana Nasir Mahmood Soomro, and Sami-ul-Haq Swati.
Maulana Fazlur Rehman's important meetings in Karachi are ongoing, and he is scheduled to address the JUI Sindh Digital Media Convention tomorrow.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
13 hours ago
- Business Recorder
PTI warns oil reserves may run out in 10-12 days
ISLAMABAD: The opposition leader in National Assembly Omar Ayub on Wednesday issued a stark warning that the country's oil reserves could run dry in just 10 to 12 days, underscoring what he called the government's catastrophic economic collapse and ruthless political manoeuvring. Speaking at a presser flanked by senior Pakistan Tehreek-e-Insaf (PTI) leaders Asad Qaiser, Senator Ali Zafar, Zartaj Gul, and others, Ayub tore into the government's 'flawed and inflation-fuelling' budget – accusing it of squeezing citizens with billions in fresh taxes while bungling the nation's already precarious finances. He further revealed a jaw-dropping admission by the Federal Board of Revenue (FBR) of a multi-billion-rupee miscalculation – a fiscal blunder that threatens to deepen the country's economic abyss. Ayub also alleged the government continues to conspire against PTI lawmakers despite 'stealing' the February 2024 general elections and riding to power on a rigged mandate. 'The installed regime of Shehbaz Sharif remains obsessed with election rigging,' Ayub declared, pointing to the Punjab Police's blatant manipulation during the recent by-elections in Sialkot to favour a government-backed candidate – an act he branded as 'shameful' and a direct assault on democracy. The opposition leader did not hold back on the government's crackdown on dissent either, accusing it of stifling opposition voices and tightening control over the media – highlighted by the censorship of PTI lawmakers' speeches during the budget debate and blackouts of press conferences on critical national issues, especially the faltering economy. In a dramatic revelation, Ayub disclosed that three of his nomination papers were mysteriously rejected ahead of the last year's polls and alleged that election results were tampered with after 2am – a blatant undermining of democratic norms. Asad Qaiser condemned the current administration as 'born out of Form-47 manipulation,' blasting the government's media blackout of opposition members while ruling party officials bask in prime airtime. Senator Ali Zafar added to the chorus, warning that even the Senate Chairman Syed Yousaf Raza Gilani is being sidelined in what he described as a 'serious institutional meltdown.' Meanwhile, PTI launched a scathing attack on the government's targeting of former Prime Minister Imran Khan's family – particularly his wife, Bushra Bibi – while dismissing the recent visits by foreign delegations as mere 'luxury trips' that delivered no tangible benefits to Pakistan. With jail terms dragging on for key PTI figures, including cancer patient Dr Yasmin Rashid, PTI leaders vowed to fight back hard, pledging to win the ongoing battle for 'real independence' as envisioned by the jailed party founding chairman, Imran Khan. In a separate presser, PTI spokesman Sheikh Waqas Akram, alongside MNAs Usman Mela and Mubeen Jutt, raised concerns over Pakistan's widening primary income deficit and escalating national debt. Citing economic reports, Akram said the deficit, currently estimated at $7.1 billion annually, is being driven by increased profit repatriation by foreign companies and declining returns from Pakistani firms abroad. This growing gap, he warned, is intensifying pressure on the country's external accounts. Mubeen Jutt claimed that Pakistan's total debt has surged to Rs76 trillion, up from Rs44 trillion three years ago when PTI was in power. He said that domestic banks now hold Rs51 trillion of this debt, while foreign banks account for Rs25 trillion. According to Jutt, annual interest payments total Rs7.5 trillion to local banks and Rs800 billion to foreign banks. Despite the central bank's policy rate being slashed from 22 per cent to 11 per cent and maintained at that level, domestic debt remains elevated – raising alarm among economists. Usman Mela criticised the recent budget's tax measures, which reduced levies on banks lending to the government but increased taxes on individual loans. 'The average borrower now faces a tax rate of 25%, up from 10%,' he said, calling the policy regressive. He noted domestic debt has nearly doubled from Rs28 trillion prior to the IMF programme to Rs51 trillion. While a three per cent interest rate cut could save Rs1 trillion annually, projected savings remain limited, with Rs7 trillion in interest payments expected this year. 'There appears to be disproportionate benefit to banks, with ordinary citizens effectively paying much higher rates,' Mela said, also questioning official projections of 9% industrial growth, citing a lack of on-ground expansion. Copyright Business Recorder, 2025
Business Recorder
13 hours ago
- Business Recorder
BoI successfully hosts ‘National Regulatory Reforms Conference'
ISLAMABAD: The Board of Investment (BoI), Prime Minister's Office, successfully hosted the National Regulatory Reforms Conference 2025 under the theme 'Enabling Business, Empowering Pakistan.' The conference brought together an esteemed gathering of federal ministers, government officials, regulatory authorities, international experts, development partners, and representatives from the private sector and academia to deliberate on Pakistan's evolving regulatory landscape and chart out a dynamic roadmap for future reforms. In her welcome remarks, Ambreen Iftikhar, additional secretary BOI emphasised that regulatory reforms cannot be the government's responsibility alone. A coordinated, inclusive, and consultative approach—bringing together businesses, regulators, academia, and development partners—is essential. She highlighted key reform initiatives under the Pakistan Regulatory Modernization Initiative (PRMI), projects like SMART and DEEP, Regulatory Guillotine and the Pakistan Business Portal (PBP)—all aimed at simplifying the regulatory environment and reducing business compliance costs. In his keynote address, Qaiser Ahmed Sheikh, Federal Minister for Investment candidly reflected on the challenges facing Pakistani businesses. He stressed the need for robust joint ventures and shared successful examples of his own collaboration with Korean and Malaysian firms. He called for a more efficient one-window operation and emphasised that Pakistan has the potential to compete globally—provided regulatory inefficiencies are addressed. Haroon Akhtar Khan, Special Assistant to the Prime Minister Ministry of Industries and Production emphasised the need for a policy mix that bridges academic insights with ground realities. He pointed to high power tariffs, tax rates, and lack of investor confidence as key challenges. He urged for reforms that support domestic industries and boost exports, noting that Pakistan's resilient business community must be at the heart of sustainable economic revival. Rana Ihsaan Afzal Khan, Coordinator to the Prime Minister on Commerce, discussed Pakistan's structural economic constraints, particularly the boom-bust cycles caused by current account deficits. He advocated for an export-oriented economy, rationalisation of tariffs, and a transparent customs regime to build long-term economic stability. Dr Jehanzaib Khan, secretary of the SIFC Apex Committee, called for a more balanced regulatory approach. He proposed third-party inspections, regulatory quality system and quality checks to replace overly punitive regulatory measures. International expert Scott Jacobs acknowledged Pakistan's progress and underlined the importance of a principle-based, sequenced approach to regulatory reforms. He commended BOI and the SMART team for incorporating global best practices in reform implementation in line with global best practices. A technical presentation by Ahmed Waqar, Director Reforms, BOI, detailed the journey 'From Bottlenecks to Breakthroughs,' showcasing identification of paining RLCOs (regulatory licenses, certificates, and other obligations) and the development of short, medium, and long-term reform strategies. Representing the private sector, Atif Akram Sheikh underscored the need for quarterly consultations, co-designed interventions, and mutual accountability to make Pakistan a country where doing business becomes a competitive advantage. Representing development partners, Jo Moir, Development Director at the British High Commission, reaffirmed the UK's support for Pakistan's reform efforts. She cited REMIT's ongoing technical assistance and highlighted Pakistan's untapped economic potential, especially in youth and entrepreneurship. She urged continued momentum in regulatory reforms for investment promotion in the country. Copyright Business Recorder, 2025
Express Tribune
15 hours ago
- Express Tribune
PTI criticises VIP vehicle spending
The Pakistan Tehreek-e-Insaf (PTI) has criticised the Punjab government for approving the purchase of hundreds of high-end vehicles for officials amid ongoing economic hardship and underfunded public services. In an statement, the party said the government has allocated over Rs2.1 billion for 283 official vehicles, including 10 bulletproof vehicles costing Rs500 million for senior police officers, 48 protocol vehicles priced at Rs900 million and 76 cars for ministers and senior bureaucrats at an estimated Rs710 million. Additional spending on fuel and maintenance will also be required. The PTI said the spending reflects a "growing disconnect" between the leadership and the people of Punjab who continue to face inflation, unemployment and deteriorating public services. It highlighted significant increases in allocations for elite government offices. The budget for the Governor House has increased by 870 per cent to Rs1.53 billion, while allocations for provincial ministers have more than tripled to Rs1.07 billion, it stated. The Chief Minister's Office received a 19% hike to Rs1.46 billion, and the Punjab Assembly's budget rose 47% to Rs7.38 billion. The commissioners' offices reportedly overspent Rs319 million during current financial year and are now allocated Rs1.85 billion for the next fiscal year. The Chief Minister's Inspection Team's budget also increased by 26% following unauthorised spending of Rs182 million. "These spending patterns are a political indictment of the government's misplaced priorities," the PTI said. "While basic sectors like health, education, and agriculture remain underfunded, public officials are rewarding themselves with expensive perks." The party also criticised the chief minister's prolonged absence from the assembly despite a growing budget for her office, calling it a "symbol of the administration's lack of accountability". The party demanded a forensic audit by the National Accountability Bureau (NAB) into the luxury vehicle purchases and the associated budget increases. It called for immediate reversal of unauthorised expenditures and legal action against those responsible for diverting public resources.
